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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 24, 2023, Vol. 27, No. 266

                            Headlines

720 EAST 2023-II: S&P Assigns Prelim BB- (sf) Rating on E Notes
AFFIRM ASSET 2023-B: DBRS Gives Prov. BB Rating on Class E Notes
AMERICAN CREDIT 2022-3: S&P Raises Class F Notes Rating to BB+ (sf)
AMERICREDIT AUTOMOBILE 2023-2: Fitch Gives BBsf Rating on E Notes
AMERICREDIT AUTOMOBILE 2023-2: Moody's Gives Ba1 Rating to E Notes

AMSR 2023-SFR3: DBRS Finalizes BB Rating on Class F-1 Certs
APEX CREDIT 2018-II: Moody's Lowers Rating on $8MM F Notes to Caa2
ARES LOAN II: S&P Assigns 'BB- (sf)' Rating on Class E-R Notes
ARES LXX: Fitch Puts 'BB+(EXP)' Rating on E Notes, Outlook Stable
ARES LXX: S&P Assigns Prelim B- (sf) Rating on Class F Notes

ATLANTIC AVENUE 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
BANK 2017-BNK6: Fitch Affirms 'B-sf' Rating on Class E Notes
BANK 2018-BNK14: DBRS Confirms BB Rating on Class F Certs
BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs
BANK 2019-BNK22: DBRS Confirms BB Rating on Class G Certs

BANK OF AMERICA 2017-BNK3: Fitch Affirms B-sf Rating on Cl. F Certs
BARROW HANLEY II: S&P Assigns BB- (sf) Rating on Class E Notes
BBCMS MORTGAGE 2019-C4: Fitch Lowers Rating on 2 Tranches to CCCsf
BENCHMARK 2019-B12: DBRS Confirms B(high) Rating on G-RR Certs
BENCHMARK 2019-B9: Fitch Lowers Rating on 4 Tranches to CCCsf

BENCHMARK 2021-B23: DBRS Confirms B(low) Rating on 360D Certs
BRAVO RESIDENTIAL 2023-RPL1: Fitch Gives B(EXP) Rating on B-2 Notes
BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes
BSPRT 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes
BSPRT 2023-FL10: Fitch Gives 'B-(EXP)sf' Rating on Class H Debt

BX 2021-PAC: DBRS Confirms B(low) Rating on Class G Certs
CARVANA 2023-P4: S&P Assigns Prelim 'BB+' Rating on Class N Notes
CARVANA AUTO 2023-N3: DBRS Gives Provisional Ratings on Notes
CHASE HOME 2023-RPL2: Fitch Puts 'B(EXP)sf' Rating on Cl. B-2 Notes
CIFC-LBC MIDDLE 2023-1: S&P Assigns BB- (sf) Rating on E Notes

CITIGROUP 2014-GC19: Fitch Affirms 'Bsf' Rating on Class F Certs
CITIGROUP 2017-P8: Fitch Affirms 'B-sf' Rating on Class F Certs
CITIGROUP COMMERCIAL 2016-C3: DBRS Confirms BB Rating on E Certs
CITIGROUP COMMERCIAL 2017-B1: DBRS Confirms B Rating on X-F Certs
COMM 2014-UBS6: Fitch Affirms CCCsf Rating on 2 Tranches

DBGS 2018-C1: DBRS Confirms B Rating on Class G-RR Certs
ELARA HGV 2021-A: Fitch Affirms Rating at 'BBsf' on Class D Notes
ELARA HGV 2023-A: Fitch Gives 'BB(EXP)sf' Rating on Class D Notes
GAGE PARK: Fitch Assigns Final BB-sf Rating on Class E Notes
GPMT 2021-FL4: DBRS Confirms B(low) Rating on Class G Notes

GS MORTGAGE 2019-GC38: Fitch Affirms B-sf Rating on H-RR Certs
JP MORGAN 2020-LOOP: Moody's Lowers Rating on Cl. F Certs to Caa2
JP MORGAN 2023-7: Fitch Gives 'B-(EXP)sf' Rating on Class B-5 Certs
JP MORGAN 2023-8: Fitch Gives 'B-(EXP)sf' Rating on Class B-5 Certs
MADISON PARK XIII: S&P Affirms CCC+(sf) Rating on Class F-R Notes

MAGNETITE XXXVII: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
MARATHON CLO X: S&P Affirms B- (sf) Rating on Class D Notes
MARATHON STATIC 2022-18: Fitch Affirms 'BB+sf' Rating on E Notes
METRONET INFRASTRUCTURE 2023-3: Fitch Rates C Notes 'BB-(EXP)'
MIDOCEAN CREDIT XI: Fitch Affirms 'BB-sf' Rating on Cl. E Notes

MOUNTAIN VIEW XVII: S&P Assigns BB- (sf) Rating on Class E Notes
NMEF FUNDING 2023-A: Moody's Assigns Ba3 Rating to Class D Notes
OCTAGON 68: Fitch Puts BB-(EXP)sf Rating on E Notes, Outlook Stable
OFSI BSL XI: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
OHA CREDIT 16: Fitch Gives 'BB+(EXP)sf' on E Notes, Outlook Stable

OHA CREDIT 16: Moody's Assigns (P)B3 Rating to Class F Notes
PPM CLO 6: Fitch Affirms BB-sf Rating on E Notes, Outlook Stable
QUALITY SENIOR: S&P Raises 2019A-B-C LT Bond Ratings to 'BB-(sf)'
RCKT MORTGAGE 2023-CES2: Fitch Rates Class B-2 Notes 'Bsf'
REGATTA II FUNDING: S&P Affirms B- (sf) Rating on Class D-R2 Notes

SANTANDER DRIVE 2021-4: Moody's Ups Rating on Cl. E Notes From Ba1
SOUND POINT VIII-R: Moody's Lowers Rating on $13MM F Notes to Caa3
SYCAMORE TREE 2023-4: S&P Assigns BB- (sf) Rating on Class E Notes
TCW CLO 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
TERWIN MORTGAGE 2005-11: Moody's Ups Rating on II-A-2 Bonds to Caa1

TOGETHER ASSET 2023-1ST2: Fitch Assigns BB+ Rating on 2 Tranches
TOWD POINT 2021-R1: Fitch Hikes Rating on 7 Tranches to 'BBsf'
UBS COMMERCIAL 2018-C9: Fitch Lowers Rating on D-RR Certs to 'BBsf'
VENTURE 35 CLO: Moody's Hikes Rating on $30MM Class E Notes to Ba2
VENTURE XXI CLO: S&P Raises Class E Notes Rating to 'BB-(sf)'

WELLS FARGO 2015-LC22: DBRS Confirms B Rating on Class F Certs
[*] DBRS Hikes 12 Ratings and Confirms 12 Ratings on DT Auto Deals
[*] Fitch Takes Various Actions on 15 U.S. CMBS 2014 Vintage Deals

                            *********

720 EAST 2023-II: S&P Assigns Prelim BB- (sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 720 East CLO
2023-II Ltd./720 East CLO 2023-II 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 Northwestern Mutual Investment
Management Co. LLC, a subsidiary of The Northwestern Mutual Life
Insurance Co.

The preliminary ratings are based on information as of Sept. 20,
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

  720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC

  Class A-1, $288.00 million: AAA (sf)
  Class A-2, $27.00 million: AAA (sf)
  Class B, $27.00 million: AA (sf)
  Class C (deferrable), $27.00 million: A (sf)
  Class D (deferrable), $27.00 million: BBB- (sf)
  Class E (deferrable), $13.50 million: BB- (sf)
  Subordinated notes, $42.55 million: Not rated



AFFIRM ASSET 2023-B: DBRS Gives Prov. BB Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following notes to
be issued by Affirm Asset Securitization Trust 2023-B (Affirm
2023-B):

-- $395,140,000 Class A Notes at AAA (sf)
-- $33,060,000 Class B Notes at AA (sf)
-- $28,150,000 Class C Notes at A (sf)
-- $21,700,000 Class D Notes at BBB (sf)
-- $21,950,000 Class E Notes at BB (sf)

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

(1) 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.

(2) The transaction's form and sufficiency of available credit
enhancement.

-- Subordination, overcollateralization, amounts held in the
Reserve Account, the Yield Supplement Overcollateralization Amount,
and excess spread create credit enhancement levels that are
commensurate with the proposed 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 Affirm 2023-B
transaction documents.

(3) Inclusion of structural elements featured in the transaction
such as the following:

-- Eligibility criteria for receivables that are permissible in
the transaction.

-- Concentration limits designed to maintain a consistent profile
of the receivables in the pool.

-- Performance-based Amortization Events that, when breached, will
end the revolving period and begin amortization.

(4) The experience, sourcing, and servicing capabilities of Affirm,
Inc. (Affirm).

(5) The experience, underwriting, and origination capabilities of
Affirm Loan Services LLC (ALS), Cross River Bank (CRB), Celtic
Bank, and Lead Bank.

(6) The ability of Nelnet Servicing to perform duties as a Backup
Servicer.

(7) The annual percentage rate charged on the loans and CRB, Celtic
Bank, and Lead Bank's status as the true lender.

-- All loans in the initial pool included in Affirm 2023-B are
originated by Affirm through its subsidiary ALS or by originating
banks, CRB, Celtic Bank, and Lead Bank, New Jersey, Utah, and
Missouri, respectively, state-chartered FDIC-insured banks.

-- Loans originated by ALS utilize state licenses and
registrations and interest rates are within each state's respective
usury cap.

-- Loans originated by CRB are all within the New Jersey state
usury limit of 30.00%.

-- Loans originated by Celtic Bank are all within the Utah state
usury limit of 36.00%.

-- Loans originated by Lead Bank are originated below 36%.

-- Loans may be in excess of individual state usury laws; however,
CRB, Celtic Bank, and Lead Bank as the true lenders are able to
export rates that preempt state usury rate caps.

-- The loan pool only includes loans made to borrowers in New York
that have Contract Rates below the usury threshold.

-- Loans originated to borrowers in Iowa will be eligible to be
included in the Receivables to be transferred to the Trust. These
loans will be originated under the ALS entity using Affirm's state
license in Iowa.

-- Loans originated to borrowers in West Virginia will be eligible
to be included in the Receivables to be transferred to the Trust.
Affirm has the required licenses and registrations that will enable
it to operate the bank partner platform in West Virginia.

-- Affirm has obtained a supervised lending license from Colorado,
permitting Affirm to facilitate supervised loans in excess of the
Colorado annual rate cap of 12%, outside of the Assurance of
Discontinuance's (AOD's) safe harbor. All loans originated on the
Affirm Platform in Colorado have Contract Rates below the usury
threshold.

-- Loans originated to borrowers in Vermont above the state usury
cap will be eligible to be included in the Receivables to be
transferred to the Trust. Affirm has the required licenses and
registrations in the state of Vermont.

-- Loans originated to borrowers in Connecticut with a Contract
Rate above the state usury cap will be ineligible to be included in
the Receivables to be transferred to the Trust until Affirm obtains
the required licenses and registrations in the state of
Connecticut. Inclusion of these Receivables will be subject to
Rating Agency Condition.

-- Under the loan sale agreement, Affirm is obligated to
repurchase any loan if there is a breach of representation and
warranty that materially and adversely affects the interests of the
purchaser.

(9) The legal structure and expected legal opinions that will
address the true sale of the unsecured consumer loans, the
nonconsolidation of the Trust, and that the Trust has a valid
perfected security interest in the assets and consistency with the
DBRS Morningstar "Legal Criteria for U.S. Structured Finance."

DBRS Morningstar's credit rating on the securities referenced
herein addresses 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 Distribution Amount and the
related Note Balance.

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. The associated contractual payment obligation that is
not a financial obligation is the portion of Note Interest
Shortfall attributable to interest on unpaid Note Interest for each
of the rated notes.

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.



AMERICAN CREDIT 2022-3: S&P Raises Class F Notes Rating to BB+ (sf)
-------------------------------------------------------------------
S&P Global Ratings raised its ratings on 34 classes and affirmed
its ratings on five class of notes from 10 American Credit
Acceptance Receivables Trust (ACAR) transactions. These
transactions are ABS backed by subprime retail auto loan
receivables originated and serviced by American Credit Acceptance
LLC (ACA).

The rating actions reflect:

-- Each transaction's collateral performance to date and its
expectations regarding future collateral performance;

-- S&P's remaining cumulative net loss (CNL) expectations for each
transaction, and the transactions' structures and credit
enhancement levels; and

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

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

S&P said, "The transactions are performing better than our
previously revised or original CNL expectations. Delinquencies are
elevated, but extensions are within historical norms. ACAR 2022-3,
with fewer months of performance and a higher pool factor, is more
exposed to the prevailing adverse economic headwinds and possibly
weaker recovery rates.

"Based on these factors and taking into consideration our
expectation of the transactions' future performance, we lowered our
expected CNL for the transactions."

  Table 1

  Collateral Performance (%) (i)

                   Pool   Current                60+ day
  Series   Mo.   factor       CNL   Extensions   delinq.

  2019-4   45     16.88     16.53         3.69      9.07
  2020-1   42     19.27     15.54         4.84      8.97
  2020-2   39     22.33     16.05         4.79     10.03
  2020-3   36     25.21     14.20         4.16      9.35
  2020-4   33     27.35     14.47         4.14      9.81
  2021-1   30     29.77     13.94         4.29      9.31
  2021-2   27     33.63     14.51         4.67     10.41
  2021-3   24     37.58     17.55         4.38     10.97
  2021-4   21     40.88     17.38         4.37     10.78
  2022-3   12     64.77     11.25         3.26     10.10

(i)As of the August 2023 distribution date.
Mo.--Month.
Delinq.--Delinquencies.
CNL--Cumulative net loss.

  Table 2

  CNL Expectations (%)

              Original      Previous        Revised
              lifetime      lifetime       lifetime
  Series      CNL exp.   CNL exp.(i)   CNL exp.(ii)

  2019-4   27.25-28.25   18.00-19.00          17.25
  2020-1   27.25-28.25   18.00-19.00          16.75
  2020-2   32.00-33.00   18.50-19.50          17.75
  2020-3   31.50-32.50   18.00-19.00          16.75
  2020-4   31.50-32.50   20.50-21.50          17.25
  2021-1   30.50-31.50   20.50-21.50          17.25
  2021-2   27.75-28.75   24.50-25.50          19.00
  2021-3   26.50-27.50   26.50-27.50          24.00
  2021-4   25.50-26.50           N/A          25.00
  2022-3   26.00-27.00           N/A          26.00

(i)Revised in August 2022
(ii)As of August 2023.
CNL exp.--Cumulative net loss expectations.
N/A–-Not applicable.

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

The raised and affirmed ratings reflect our view that the total
credit support as a percentage of the amortizing pool balance as of
the collection period ended July 31, 2023, compared with our
expected remaining losses, is commensurate with each rating.

  Table 3

  Hard Credit Support(i)(ii)

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

  2019-4   D                 20.35                95.07
  2019-4   E                 13.15                52.42
  2019-4   F                  8.30                23.69
  2020-1   D                 20.35                83.31
  2020-1   E                 13.15                45.94
  2020-1   F                  8.30                20.76
  2020-2   C                 36.25                95.05
  2020-2   D                 27.25                54.75
  2020-2   E                 23.50                37.96
  2020-3   C                 33.20               103.95
  2020-3   D                 23.95                67.26
  2020-3   E                 18.25                44.66
  2020-3   F                 13.95                27.60
  2020-4   C                 31.10                89.18
  2020-4   D                 22.50                57.74
  2020-4   E                 15.95                33.80
  2020-4   F                 13.45                24.66
  2021-1   C                 31.30                89.21
  2021-1   D                 20.10                51.58
  2021-1   E                 13.95                30.92
  2021-1   F                 11.70                23.36
  2021-2   C                 31.00                87.37
  2021-2   D                 19.00                51.68
  2021-2   E                 11.00                27.89
  2021-2   F                  8.00                18.97
  2021-3   C                 31.50                79.52
  2021-3   D                 18.35                44.53
  2021-3   E                 12.50                28.96
  2021-3   F                  7.50                15.66
  2021-4   C                 30.35                71.28
  2021-4   D                 19.35                44.38
  2021-4   E                 10.00                21.51
  2021-4   F                  6.50                12.95
  2022-3   A                 59.50                92.70
  2022-3   B                 50.50                78.81
  2022-3   C                 36.50                57.19
  2022-3   D                 22.25                35.18
  2022-3   E                 16.25                25.92
  2022-3   F                 10.50                17.04

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

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

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

"In our view, the results demonstrated that all of the classes have
adequate credit enhancement at their respective raised and affirmed
rating levels, which is based on our analysis as of the collection
period ended July 31, 2023 (the August 2023 distribution date).

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

  RATINGS RAISED

  American Credit Acceptance Receivables Trust

                       Rating
  Series   Class   To          From

  2019-4   E       AAA (sf)    A+ (sf)
  2019-4   F       AAA (sf)    BBB+ (sf)
  2020-1   D       AAA (sf)    AA+ (sf)
  2020-1   E       AAA (sf)    A (sf)
  2020-1   F       AAA (sf)    BBB (sf)
  2020-2   D       AAA (sf)    AA (sf)
  2020-2   E       AA+ (sf)    A+ (sf)
  2020-3   D       AAA (sf)    AA+ (sf)
  2020-3   E       AA+ (sf)    AA- (sf)
  2020-3   F       AA (sf)     A (sf)
  2020-4   C       AAA (sf)    AA+ (sf)
  2020-4   D       AAA (sf)    AA- (sf)
  2020-4   E       AA+ (sf)    A- (sf)
  2020-4   F       AA (sf)     BBB+ (sf)
  2021-1   D       AAA (sf)    AA- (sf)
  2021-1   E       AA+ (sf)    A- (sf)
  2021-1   F       AA (sf)     BBB+ (sf)
  2021-2   C       AAA (sf)    AA (sf)
  2021-2   D       AAA (sf)    A (sf)
  2021-2   E       AA- (sf)    BBB (sf)
  2021-2   F       A+ (sf)     BB+ (sf)
  2021-3   C       AAA (sf)    AA (sf)
  2021-3   D       AA+ (sf)    A (sf)
  2021-3   E       A+ (sf)     BBB (sf)
  2021-3   F       BBB+ (sf)   BB+ (sf)
  2021-4   C       AAA (sf)    A (sf)
  2021-4   D       AA (sf)     BBB+ (sf)
  2021-4   E       A- (sf)     BB+ (sf)
  2021-4   F       BBB (sf)    BB- (sf)
  2022-3   B       AAA (sf)    AA (sf)
  2022-3   C       AA+ (sf)    A (sf)
  2022-3   D       A+ (sf)     BBB (sf)
  2022-3   E       BBB+ (sf)   BB (sf)
  2022-3   F       BB+ (sf)    B+ (sf)

  RATINGS AFFIRMED

  American Credit Acceptance Receivables Trust

  Series   Class   Rating

  2019-4   D       AAA (sf)
  2020-2   C       AAA (sf)
  2020-3   C       AAA (sf)
  2021-1   C       AAA (sf)
  2022-3   A       AAA (sf)



AMERICREDIT AUTOMOBILE 2023-2: Fitch Gives BBsf Rating on E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to the
notes issued by AmeriCredit Automobile Receivables Trust (AMCAR)
2023-2.

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

   A-1 03065UAA7      ST  F1+sf   New Rating   F1+(EXP)sf
   A-2-A 03065UAB5    LT  AAAsf   New Rating   AAA(EXP)sf
   A-2-B 03065UAC3    LT  WDsf    Withdrawn    AAA(EXP)sf
   A-3 03065UAD1      LT  AAAsf   New Rating   AAA(EXP)sf
   B 03065UAE9        LT  AAsf    New Rating   AA(EXP)sf
   C 03065UAF6        LT  Asf     New Rating   A(EXP)sf
   D 03065UAG4        LT  BBBsf   New Rating   BBB(EXP)sf
   E 03065UAH2        LT  BBsf    New Rating   BB(EXP)sf

Fitch is withdrawing the A-2-B expected rating of 'AAA(EXP)sf' as
the note was cancelled and will not be issued; the transaction is
now fully fixed.

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 6.82% 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.


AMERICREDIT AUTOMOBILE 2023-2: Moody's Gives Ba1 Rating to E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by AmeriCredit Automobile Receivables Trust 2023-2
(AMCAR 2023-2). This is the second AMCAR auto loan transaction of
the year for AmeriCredit Financial Services, Inc. (AFS; unrated),
wholly owned subsidiary of General Motors Financial Company, Inc.
(Baa2, stable). The notes will be backed by a pool of retail
automobile loan contracts originated by AFS, who is also the
servicer and administrator for the transaction.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2023-2

$234,000,000, 5.723%, Class A-1 Notes, Definitive Rating Assigned
P-1 (sf)

$568,080,000, 6.19%, Class A-2-A Notes, Definitive Rating Assigned
Aaa (sf)

$294,510,000, 5.81%, Class A-3 Notes, Definitive Rating Assigned
Aaa (sf)

$103,450,000, 5.84%, Class B Notes, Definitive Rating Assigned Aaa
(sf)

$129,710,000, 6.00%, Class C Notes, Definitive Rating Assigned Aa2
(sf)

$124,930,000, 6.30%, Class D Notes, Definitive Rating Assigned Baa1
(sf)

$45,360,000, 0%, Class E Notes, Definitive Rating Assigned Ba1
(sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of AFS as the servicer
and administrator.

Moody's median cumulative net loss expectation for the 2023-2 pool
is 9.0% and the loss at a Aaa stress is 33.0%. Moody's based its
cumulative net loss expectation and loss at a Aaa stress on an
analysis of the credit quality of the underlying collateral; the
historical performance of similar collateral, including
securitization performance and managed portfolio performance; the
ability of AFS to perform the servicing functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

The provisional rating that was issued for Class A-2-B (floating
rate tranche) as reflected in Moody's presale report  has been
withdrawn because Class A-2-B was not issued by the issuer. Class
A-2-A is an all-fixed rate tranche.

At closing, the Class A notes, Class B notes, Class C notes, Class
D, and Class E notes are expected to benefit from 33.10%, 26.60%,
18.45%, 10.60%, and 7.75% of hard credit enhancement, respectively.
Hard credit enhancement for the notes consists of a combination of
overcollateralization, a non-declining reserve account, and
subordination, except for Class E notes which do not benefit from
subordination.  The notes may also benefit from excess spread.

PRINCIPAL METHODOLOGY

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

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

Up

Moody's could upgrade the Class C, Class D, and Class E notes if,
given current expectations of portfolio losses, levels of credit
enhancement are consistent with higher ratings. In sequential pay
structures, such as the one in this transaction, credit enhancement
grows as a percentage of the collateral balance as collections pay
down senior notes. Prepayments and interest collections directed
toward note principal payments will accelerate this build of
enhancement. Moody's expectation of pool losses could decline as a
result of a lower number of obligor defaults or appreciation in the
value of the vehicles securing an obligor's promise of payment.
Portfolio losses also depend greatly on the US job market, the
market for used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise as a result of a higher
number of obligor defaults or deterioration in the value of the
vehicles securing an obligor's promise of payment. Portfolio losses
also depend greatly on the US job market, the market for used
vehicles, and poor servicing. Other reasons for worse-than-expected
performance include error on the part of transaction parties,
inadequate transaction governance, and fraud. Additionally, Moody's
could downgrade the Class A-1 short-term rating following a
significant slowdown in principal collections that could result
from, among other things, high delinquencies or a servicer
disruption that impacts obligor's payments.


AMSR 2023-SFR3: DBRS Finalizes BB Rating on Class F-1 Certs
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Single-Family Rental Pass-Through Certificates (the Certificates)
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.

Furthermore, DBRS Morningstar reviewed the third-party participants
in the transaction, including the property manager, servicer, and
special servicer. These transaction parties are acceptable to DBRS
Morningstar. (For more details, see the Property Manager and
Servicer Summary section in the DBRS Morningstar presale report.)
DBRS Morningstar also conducted a legal review and found no
material rating concerns. (For details, see the Scope of Analysis
section in the DBRS Morningstar 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 are listed at the end of this press release.

DBRS Morningstar's credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

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

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



APEX CREDIT 2018-II: Moody's Lowers Rating on $8MM F Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Apex Credit CLO 2018-II Ltd. (the "CLO" or
"Issuer"):

US$11,600,000 Class C-1 Secured Deferrable Floating Rate Notes due
2031 (the "Class C-1 Notes"), Upgraded to A1 (sf); previously on
September 11, 2020 Confirmed at A2 (sf)

US$8,400,000 Class C-2-R Secured Deferrable Floating Rate Notes due
2031 (the "Class C-2-R Notes"), Upgraded to A1 (sf); previously on
June 30, 2021 Assigned A2 (sf)

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

US$8,000,000 Class F Secured Deferrable Floating Rate Notes due
2031 (the "Class F Notes"), Downgraded to Caa2 (sf); previously on
September 11, 2020 Confirmed at B3 (sf)

The CLO, originally issued in November 2018 and partially
refinanced in June 2021 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period will end in October 2023.

RATINGS RATIONALE

The upgrade rating action reflects 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) compared to the covenant level. Moody's modeled a WARF of
2758 compared to its current covenant level of 2872.  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 notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio.  Based on
the trustee's August 2023 [1] report, the OC ratio for the Class E
notes is reported at 105.70% versus August 2022 [2] reported level
of 107.01%. Furthermore, the trustee-reported weighted average
rating factor (WARF) and weighted average spread (WAS) have been
deteriorating and the levels are currently at 2770 and 3.79%,
compared to 2727 and 4.00%, respectively, in August 2022.

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

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

Performing par and principal proceeds balance: $386,860,599

Defaulted par: $5,900,966

Diversity Score: 77

Weighted Average Rating Factor (WARF): 2758

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.63%

Weighted Average Coupon (WAC): 13.25%

Weighted Average Recovery Rate (WARR): 46.06%

Weighted Average Life (WAL): 4.49 years

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

Methodology Used for the Rating Action:

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

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

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


ARES LOAN II: S&P Assigns 'BB- (sf)' Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 originally issued in 2022 that
is managed by Ares CLO Management LLC. At the same time, S&P
withdrew its ratings on the original class A, B, C, D, and E debt
following payment in full on the Sept. 14, 2023, refinancing date.


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

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

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

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

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

-- A two-year noncall period was 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 SOFR plus a fixed margin. We will continue to
monitor reference rate reform and consider changes specific to this
transaction and its underlying assets when appropriate."

  Ratings Assigned

  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

  Ratings Withdrawn

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

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



ARES LXX: Fitch Puts 'BB+(EXP)' Rating on E Notes, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Ares LXX CLO Ltd.

   Entity/Debt         Rating           
   -----------         ------            
Ares LXX CLO Ltd.

   A-1             LT  AAA(EXP)sf   Expected Rating
   A-2             LT  AAA(EXP)sf   Expected Rating
   B               LT  NR(EXP)sf    Expected Rating
   C               LT  NR(EXP)sf    Expected Rating
   D               LT  BBB-(EXP)sf  Expected Rating
   E               LT  BB+(EXP)sf   Expected Rating
   F               LT  NR(EXP)sf    Expected Rating
   Subordinated    LT  NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Ares LXX CLO Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Ares
U.S. CLO Management III LLC-Series A. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $650 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 24.36, which is in line with that of recent
CLOs. Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
97.99% first-lien senior secured loans and has a weighted average
recovery assumption of 74.52%. Fitch Ratings stressed the
indicative portfolio by assuming a higher portfolio concentration
of assets with lower recovery prospects and further reduced
recovery assumptions for higher rating stresses.

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

Portfolio Management (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
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings. The weighted average life (WAL) used for the
transaction stress portfolio 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-1, between
'BBB+sf' and 'AA+sf' for class A-2, between less than 'B-sf' and
'BB+sf' for class D; and between less than 'B-sf' and 'B+sf' for
class E.

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

Upgrade scenarios are not applicable to the class A-1 and A-2 notes
as those 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 'A+sf' for class D and 'BBB+sf' for class E.

DATA ADEQUACY

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

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


ARES LXX: S&P Assigns Prelim B- (sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ares LXX CLO
Ltd./Ares LXX CLO 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 Ares U.S. CLO Management III
LLC-Series A, an affiliate of Ares Management Corp.

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

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

-- The 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

  Ares LXX CLO Ltd./Ares LXX CLO LLC

  Class A-1, $399.75 million: AAA (sf)
  Class A-2, $22.75 million: Not rated
  Class B, $71.50 million: AA (sf)
  Class C (deferrable), $39.00 million: A (sf)
  Class D (deferrable), $39.00 million: Not rated
  Class E (deferrable), $22.75 million: Not rated
  Class F (deferrable), $0.65 million: B- (sf)
  Subordinated notes, $57.00 million: Not rated


ATLANTIC AVENUE 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Atlantic
Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC's floating-rate debt.
The transaction is managed by Atlantic Avenue Management L.P.
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 preliminary ratings are based on information as of Sept. 20,
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

  Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC

  Class A, $244.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D1 (deferrable), $12.00 million: BBB- (sf)
  Class D2 (deferrable), $10.00 million: BBB- (sf)
  Class E (deferrable), $12.60 million: BB- (sf)
  Subordinated notes, $38.52 million: Not rated



BANK 2017-BNK6: Fitch Affirms 'B-sf' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of BANK 2017-BNK6, commercial
mortgage pass-through certificates, series 2017-BNK6 (BANK
2017-BNK6). The Rating Outlooks remain Negative on classes E and
X-E. The under criteria observation (UCO) has been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BANK 2017-BNK6

   A-3 060352AD3    LT  AAAsf  Affirmed    AAAsf
   A-4 060352AE1    LT  AAAsf  Affirmed    AAAsf
   A-5 060352AF8    LT  AAAsf  Affirmed    AAAsf
   A-S 060352AJ0    LT  AAAsf  Affirmed    AAAsf
   A-SB 060352AC5   LT  AAAsf  Affirmed    AAAsf
   B 060352AK7      LT  AA-sf  Affirmed    AA-sf
   C 060352AL5      LT  A-sf   Affirmed     A-sf
   D 060352AV3      LT  BBB-sf Affirmed   BBB-sf
   E 060352AX9      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 affirmations reflect the impact of the criteria and the
relatively stable performance of the overall pool since Fitch's
prior rating action. The Negative Outlooks on classes E and X-E
reflect concerns with Trumbull Marriott (2.3% of pool), which
transferred to special servicing for imminent default, and Hall
Office G4 (2.1%), which has performance concerns with low
occupancy.

Nine loans (18.5%) were designated Fitch Loans of Concern (FLOCs),
including one (2.3%) in special servicing. Fitch's current ratings
incorporate a 'Bsf' rating case loss of 5.1%.

Fitch Loans of Concern: The largest contributor to loss
expectations, Trumbull Marriott (2.3%), is secured by a 325-key,
full-service hotel in Trumbull, CT. The loan, which is sponsored by
Thomas Point Ventures (private investment fund owned by the
Marriott family), transferred to special servicing in May 2020 for
imminent default as declines in performance were further
exacerbated by the pandemic.

The borrower has opted to no longer support the property and has
indicated they will be cooperative in transferring title. A
receiver was appointed in December 2021. The lender is evaluating
options and will continue to monitor operations at the property.
Occupancy and servicer-reported NOI DSCR for this amortizing loan
were 52%, and -0.79x at YE 2022.

Fitch's 'Bsf' rating case loss (prior to concentration add-on) of
79% is based on a discount to the recent servicer provided
valuation, which is significantly below the total exposure.

The second largest contributor to loss expectations, Hall Office G4
(2.1%), is secured by a 117,452 sf suburban office property in
Frisco, TX. The loan, which is sponsored by Craig Hall, was
designated a FLOC due to performance concerns from a significant
decline in occupancy. Per the June 2023 rent roll, occupancy was
20%, down from 93% at issuance. Servicer-reported NOI DSCR for this
amortizing loan was -0.12x at YE 2022, down from 1.62x at
issuance.

Fitch's 'Bsf' rating case loss (prior to concentration add-on) of
36% reflects a 10% cap rate and 50% stress to the YE 2021 NOI.
Fitch increased the probability of default to further address the
low occupancy and performance concerns.

Office Concentration/Concerns: Loans secured by office properties
comprise 15.4% of the pool, including four (12.7%) in the top 15
and three (3.6%) that were designated FLOCs. Fitch increased cap
rates and stresses for several of these loans and remains concerned
with occupancy, tenancy and rollover.

Increasing Credit Enhancement: As of the August 2023 distribution
date, the pool's aggregate balance has been reduced by 9.4% to
$845.8 million from $933.3 million at issuance. Since Fitch's prior
rating action, one loan with a $20 million balance paid at
maturity. Seven loans (5.5%) are fully defeased. Cumulative
interest shortfalls of $1.3 million are currently affecting the
non-rated G and RRI classes.

Fourteen loans (48.2%) are full-term interest only (IO) and 18
(27.4%) were structured with a partial-term IO component at
issuance. All 18 are in their amortization periods. Loan maturities
are concentrated in 2027 (88.6%). Two loans (7.0%) mature in 2024,
one (3.5%) in 2026 and one (0.8%) in 2037.

Credit Opinion Loans: Two loans representing 17.7% of the pool were
assigned credit opinions at issuance: General Motors Building
(10.7%) and Del Amo Fashion Center (7.0%). Fitch no longer
considers the performance of Del Amo Fashion Center to be
consistent with a credit opinion loan.

Co-op Collateral: Seventeen loans (5.3%) are secured by multifamily
cooperatives. Most of the co-ops are located within the greater New
York City metro area.

RATING SENSITIVITIES

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

Downgrades of classes rated in the 'AAAsf' category are not likely
due to sufficient CE and the expected receipt of continued
amortization but could occur if interest shortfalls affect the
class. Classes B, C, X-B, D and X-D would be downgraded if
additional loans become FLOCs or if performance of the FLOCs
deteriorates further. Classes E, X-E, F and X-F would be downgraded
further if loss expectations increase, become more certain or are
realized.

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

Upgrades of classes B, C, X-B, D and X-D may occur with significant
improvement in CE 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, F, and X-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.


BANK 2018-BNK14: DBRS Confirms BB Rating on Class F Certs
---------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2018-BNK14 issued by
BANK 2018-BNK14 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 X-A at AAA (sf)
-- Class A-S 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 BB (low) (sf)
-- Class G at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since the prior rating action. Per the August 2023
reporting, 61 of the original 62 loans remain in the pool with an
aggregate principal balance of $1.2 billion, representing
collateral reduction of 9.1% since issuance as a result of
scheduled loan amortization and the repayment of the fourth-largest
loan in the pool. One loan, representing 0.7% of the pool, has been
fully defeased. There are three loans, representing 8.3% of the
pool, on the servicer's watchlist, and two loans, representing 6.3%
of the pool, in special servicing; however, these loans generally
continue to exhibit healthy credit metrics. Based on the most
recent financial reporting available, loans on the servicer's
watchlist and in special servicing reported weighted-average (WA)
debt service coverage ratios (DSCRs) of 1.36 times (x) and 2.20x,
respectively.

The largest specially serviced loan, DoubleTree Grand Naniloa Hotel
(Prospectus ID#12, 3.7% of the pool) is secured by a 388-key,
full-service hotel in Hilo, Hawaii. The loan transferred to special
servicing in June 2020 for imminent monetary default, primarily
resulting from travel restrictions put in place to curb the spread
of the Coronavirus Disease (COVID-19) pandemic. While several news
articles published in June 2023 indicate that the borrower was able
to find alternative financing, the loan was delinquent as of the
August 2023 reporting, with the last debt payment made in November
2021. While litigation is ongoing, the servicer is actively
pursuing foreclosure and a receiver is in place. The servicer noted
that a potential sale was scheduled to take place toward the end of
August 2023; however confirmation has not been received as of the
date of this press release. Despite the direction of the servicer's
workout resolution, performance has recently rebounded from the
lows reported during the pandemic, leading to an improved property
valuation, which should help to minimize loss if a liquidation from
the trust were to occur.

Based on the YE2022 reporting, the property reported occupancy,
average daily rate (ADR), and revenue per available room (RevPAR)
metrics of 80.4%, $191.8, and $154.2, respectively, displaying
significant growth in RevPAR when compared with the YE2021 and
YE2020 figures of $105.8 and $56.9, respectively. Likewise,
reported net cash flow (NCF) has trended upward with a trailing
12-month ended June 30, 2023, figure of $7.3 million (a DSCR of
2.57x), up from the YE2021 and YE2020 figures of $3.7 million (DSCR
of 1.19x) and $2.0 million (DSCR of 0.73x), respectively. The most
recent appraisal, dated June 2022, valued the property at $64.0
million, an improvement from the August 2021 appraised value of
$56.4 million, but approximately 36.0% lower than the issuance
appraised of $100.1 million. However, with the recent improvement
in performance and a RevPAR figure in excess of $137.0, which DBRS
Morningstar analyzed at issuance, it is likely an updated valuation
would yield a higher value. While the loan has accumulated over
$7.1 million in advances, DBRS Morningstar anticipates a negligible
loss to the $44.2 million first-loss piece, if a liquidation were
to occur.

The second loan in special servicing, Navika Six Portfolio
(Prospectus ID#17, 2.6% of the pool), is secured by a portfolio of
six hotel properties, totaling 803 keys in multiple states
including Texas, California, Florida, and New Jersey. The loan had
been on the servicer's watchlist since April 2020 and was twice
granted deferrals of both reserve and escrow payments from May 2020
through October 2020. The loan subsequently transferred to special
servicing in March 2021 for payment default and remained delinquent
until October 2022. However, a loan modification was executed in
April 2023 and the loan is expected to be returned to the master
servicer in the near term. The most recent appraisal, dated
September 2022, valued the portfolio at $129.0 million, implying a
moderate whole loan-to-value ratio (LTV) of 57.8%.

The pool is concentrated by property type with loans secured by
retail, office, and lodging properties representing 41.1%, 23.3%,
and 17.3% of the pool balance, 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,
driven by the shift in workplace dynamics. While the majority of
loans secured by office properties in this transaction continue to
exhibit healthy credit metrics, reflecting a WA debt yield and DSCR
of 14.5%, and 2.2x, respectively, there are two loans showing
increased credit risk. In its analysis for this review, DBRS
Morningstar applied stressed LTV ratios or increased probability of
default (POD) assumptions for these two loans, resulting in a WA
expected loss (EL) nearly triple the pool average.

The largest loan on the servicer's watchlist, Executive Towers West
(Prospectus ID#6, 4.6% of the pool), is secured by an office campus
composed of 671,416 square feet (sf) across three Class A office
buildings. The collateral is in the suburb of Downers Grove,
Illinois, approximately 22 miles west of Chicago's central business
district. The buildings were constructed between 1983 and 1987 and
were most recently renovated between 2012 and 2017. The loan is
currently on the servicer's watchlist for a decline in occupancy,
that was primarily driven by State Farm's departure. Formerly the
largest tenant at the property, State Farm, which occupied 15.1% of
the net rentable area (NRA), exercised its lease termination option
in December 2021, pushing occupancy down to 69.0% from 86.0%.
Tenant roll-over risk is elevated, with leases totaling
approximately 22.4% of NRA set to roll within the next 12 months,
including the largest tenant at the property, Zachry Engineering
Corporation (11.5% of the NRA).

According to the YE2022 financial reporting, NCF and DSCR were $5.2
million and 1.30x, respectively, considerably lower than the prior
year's figures of $7.4 million and 1.9x. No updated appraisal has
been provided since issuance, when the property was valued at $84.9
million; however, given the low occupancy rate and general
challenges for office properties in today's environment, DBRS
Morningstar notes that the collateral's as-is value has likely
declined significantly, elevating the credit risk to the trust. As
such, DBRS Morningstar applied a stressed LTV ratio in its
analysis, resulting in an EL that was nearly four times the pool
average.

At issuance, six loans, representing 26.1% of the pool balance,
were shadow-rated investment grade. With this review, DBRS
Morningstar confirmed that the performance of five of those
loans—685 Fifth Avenue Retail (Prospectus ID#1; 8.0% of the
pool), Aventura Mall (Prospectus ID#2; 8.0% of the pool),
Millennium Partners Portfolio (Prospectus ID#9; 4.0% of the pool),
1745 Broadway (Prospectus ID#10; 4.0% of the pool), and Pfizer
Building (Prospectus ID#19; 0.5% 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.

With this review, DBRS Morningstar removed the investment-grade
shadow rating for one loan, Cool Springs Galleria (Prospectus
ID#18; 2.2% of the pool). In addition to loan-specific challenges
including the sponsor's November 2020 bankruptcy filing, the
super-regional mall, located in Franklin, Tennessee has seen a
12.5% decline in NCF between issuance and YE2022, and has exposure
to a number of large tenants who have faced recent financial
hardship, including JCPenney, Forever 21, and Belk.

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


BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs
-----------------------------------------------------------
DBRS Limited confirmed the following ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2019-BNK21 issued by
BANK 2019-BNK21:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction given the small concentration of loans on the
servicer's watchlist and no special serviced or delinquent loans as
of the most recent remittance. Cash flows have generally remained
stable and are in line with issuance expectations as evidenced by
the pool's weighted-average debt service coverage ratio (DSCR) of
2.76 times (x).

As of the August 2023 remittance, 47 of the original 49 loans
remain in the pool, with an aggregate principal balance of $1.1
billion, reflecting a collateral reduction of 4.6% since issuance.
Two loans, representing 8.7% of the current pool balance, are fully
defeased. There are six loans, representing 6.9% of the pool
balance, on the servicer's watchlist. Only two loans, representing
1.8% of the pool, are being monitored for DSCRs, while the
remaining loans are being monitored for deferred maintenance or
lack of financials provided.

In terms of property concentration, the number of loans backed by
office properties represents 38.6% of the pool, including five of
the top 10 largest loans. In general, the office sector has been
stressed recently. However, given the trust's exposure to this
property type, these loans are generally performing as expected
and, in several cases, benefit from stable long-term tenancy from
investment-grade-rated tenants. All five office loans within the
top 10 largest loans of the pool boast DSCRs above 2.00x, and four
of the five report occupancy rates above 90.0%.

All office loans have reported stable year-over-year occupancy
rates, with the exception of the Tower at Burbank loan (Prospectus
ID#5, 6.2% of the pool), which is secured by an office property in
Burbank, California. Per the March 2023 rent roll, the property was
77.2% occupied, largely as a result of the departure of WeWork,
which previously occupied 15.2% of net rentable area (NRA) and
vacated ahead of its lease expiry in Q4 2022. According to
documents provided at issuance, the WeWork lease included both a
guarantee from its parent company as well as a significant security
deposit. The loan had previously performed in line with issuance
expectations, most recently reporting a DSCR of 2.88x as of YE2022.
Following WeWork's departure, however, DSCR could fall to
approximately 2.55x, in absence of any additional leasing activity.
DBRS Morningstar analyzed this loan using a stressed loan-to-value
ratio, resulting in an expected loss that was more than double the
pool average.

There are three loans, representing 23.5% of the pool balance, that
are shadow-rated investment grade. These loans include the two
largest loans in the pool, Park Tower at Transbay (Prospectus ID#1,
10.2% of the pool) and 230 Park Avenue South (Prospectus ID#2, 9.8%
of the pool), which are backed by office properties leased to
investment-grade-rated tenants. Park Tower at Transbay is fully
leased to Meta Platforms through 2033 and is in the central
business district of San Francisco. Although Meta has listed its
entire 435,000-square-foot space at the nearby 181 Fremont property
for sublease, the tenant has not given any indication of subleasing
at subject property and continues to occupy this space. Based on
the YE2022 financials, the loan reported a healthy DSCR of 3.01x.
The 230 Park Avenue South property is in Manhattan and is nearly
fully leased to Discovery Communications. The tenant occupies 95.3%
of NRA on a lease through January 2037, eight years beyond the loan
term. Based on the YE2022 financials, the loan reported a DSCR of
2.17x. The above-mentioned loans, along with the Grand Canal
Shoppes loan (Prospectus ID#10, 3.6% of the pool) continue to be
shadow-rated by DBRS Morningstar as the loan performance trends
remain consistent with investment-grade loan characteristics.

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



BANK 2019-BNK22: DBRS Confirms BB Rating on Class G Certs
---------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2019-BNK22 issued by
BANK 2019-BNK22 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction as illustrated by the strong financial performance
of the pool with a weighted-average (WA) debt service coverage
ratio (DSCR) more than 2.0 times (x) based on the most recent
year-end financials. In addition, there are no specially serviced
or delinquent loans. As of the August 2023 remittance, all of the
original 58 loans remain in the pool, representing a marginal
collateral reduction of 1.1% since issuance, with a current trust
balance of approximately $1.2 billion. Two loans are fully
defeased, representing 7.7% of the pool balance. Only four loans
are on the servicer's watchlist, representing 7.6% of the pool; two
of which, representing only 2.2% of the pool, are being monitored
for low DSCRs and occupancy rates.

The pool is concentrated by property type with loans backed by
office and multifamily properties, representing 37.1% and 16.4% 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. There is no immediate maturity risk for the
office loans but the Tysons Tower loan (Prospectus ID#9, 3.8% of
the pool) has exhibited increased levels of credit risk given the
significant tenant rollover concerns coupled with soft submarket
conditions, as further discussed below. 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. Other loans that have illustrated increased
risk from issuance were analyzed with a stressed scenario in the
analysis.

The Tysons Tower loan is secured by a 528,730-square-foot suburban
office property in McLean, Virginia, located approximately 14 miles
west of Washington. As of the December 2022 rent roll, the property
was 92.4% occupied with tenants, representing 20.9% of its net
rentable area (NRA), that have leases that expired/will be expiring
in the next 12 months. Most notably, the third largest tenant,
Splunk Inc (10.9% of the NRA) had a lease that expired in May 2023.
According to an online article dated January 2023, the tenant was
reported to have renewed its lease for only a portion of the space.
While no updated rent roll from 2023 was provided, DBRS Morningstar
has reached out to the servicer for additional details on the new
lease terms. Other largest tenants at the subject include Intelsat
(34.6% of NRA, lease expiry in December 2030) and Deloitte (17.8%
of the NRA, lease expiry in August 2027).

The Tysons Corner/Vienna submarket is experiencing high vacancy
rates with Reis reporting a 21.4% vacancy rate for YE2022.
According to the YE2022 financials, the loan reported a net cash
flow (NCF) of $19.3 million (reflecting a DSCR of 3.00x), a
significant improvement from the YE2021 NCF of $8.9 million and
above the DBRS Morningstar NCF of $15.9 million. Although the
financial performance remains robust and has improved significantly
from YE2021, the rollover concerns combined with the soft submarket
conditions are of concern. As previously stated, DBRS Morningstar
stressed the LTV in its analysis resulting in an expected loss
nearly triple the deal average.

At issuance, DBRS Morningstar shadow-rated Park Tower at Transbay
(Prospectus ID#1, 9.6% of the pool), 230 Park Avenue South
(Prospectus ID#2, 9.3% of the pool), and Midtown Center (Prospectus
ID#3, 7.4% of the pool) as investment grade. These loans reported a
WA YE2022 DSCR of 2.95x with an occupancy rate of 99.6% with no
notable rollover concerns in the next 12 months. For this review,
DBRS Morningstar confirmed that the loan performance trends remain
in line with investment-grade loan characteristics.

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



BANK OF AMERICA 2017-BNK3: Fitch Affirms B-sf Rating on Cl. F Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Bank of America Merrill
Lynch Commercial Mortgage Trust 2017-BNK3 Commercial Mortgage
Pass-Through Certificates, Series 2017-BNK3. The under criteria
observation (UCO) has been resolved.

   Entity/Debt           Rating             Prior
   -----------           ------             -----
BACM 2017-BNK3

   A-3 06427DAR4    LT   AAAsf  Affirmed    AAAsf
   A-4 06427DAS2    LT   AAAsf  Affirmed    AAAsf
   A-S 06427DAV5    LT   AAAsf  Affirmed    AAAsf
   A-SB 06427DAQ6   LT   AAAsf  Affirmed    AAAsf
   B 06427DAW3      LT   AA-sf  Affirmed    AA-sf
   C 06427DAX1      LT   A-sf   Affirmed    A-sf
   D 06427DAC7      LT   BBB-sf Affirmed    BBB-sf
   E 06427DAE3      LT   BBsf   Affirmed    BBsf
   F 06427DAG8      LT   B-sf   Affirmed    B-sf
   X-A 06427DAT0    LT   AAAsf  Affirmed    AAAsf
   X-B 06427DAU7    LT   A-sf   Affirmed    A-sf
   X-D 06427DAA1    LT   BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the updated criteria and
relatively stable pool performance and loss expectations since
Fitch's last rating action. Fitch's current ratings incorporate a
'Bsf' rating case loss of 4.5%. Eight loans (7.5% of the pool) are
considered Fitch Loans of Concern (FLOCs).

The largest contributor to modeled losses and largest FLOC,
Calabasas Tech Center (3.8%), is secured by a 282,434-sf office
property located in Calabasas, CA. The largest tenants are Yamaha
Guitar Group (26.7% of NRA; lease expiry on Aug. 31, 2026) and
Kim's a Princess (8.6%; Jan. 31,2027). The loan was flagged as a
FLOC due to upcoming rollover, including 1.4% of the NRA in 2023
and 31.2% in 2024 (46.9% of total rent). The former second largest
tenant, Grant & Weber (11% NRA; 19% base rent) vacated ahead of its
May 2024 lease expiration in August 2022, and there is pending
litigation to recover unpaid rents. Occupancy and NOI DSCR were
reported at 80% and 2.36x, respectively, as of YE 2022. Current
occupancy is estimated to have declined to approximately 70%
excluding Grant & Weber. Fitch's 'Bsf' rating case loss (prior to
concentration adjustments) of 26.2% factors an increased
probability of default, a 10.25% cap rate and a 30% stress to YE
2022 NOI to account for the near-term rollover risk.

The second largest contributor to overall modeled losses, Rio West
Business Park (2.4%), is secured by an 296,633-sf office property
located in Tempe, AZ. The largest tenant, American Airlines (69% of
NRA), has been in the building since the property was constructed
in 2006. There are three separate leases with American Airlines
with staggered lease expirations starting in November 2024 (19%)
and August 2029 (50%). Property occupancy has remained at 100%
since issuance. DSCR was reported at 2.05x as of YE 2022. Upcoming
lease rollover includes 13.8% of the NRA in 2023) and 19% in 2024.
Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 19.6% factors in increased probability of default, an 10% cap
rate and a 20% stress to YE 2022 NOI to account for the near-term
rollover risk.

The third largest contributor to modeled losses, 8700-8714 Santa
Monica Boulevard (1.6%), is secured by 32,964 sf mixed use property
located in West Hollywood, CA. Occupancy and DSCR were reported at
86% and 1.55x, respectively, as of YTD June 30, 2023. The loan was
flagged as a FLOC due to upcoming rollover concerns. Upcoming
rollover includes 24% of the NRA expiring through 2024. Fitch's
'Bsf' rating case loss (prior to concentration adjustments) of
24.6% factors in increased probability of default, an 9% cap rate
and a 20% stress to YE 2022 NOI to account for the near-term
rollover risk.

Increase in CE: As of the August 2023 remittance reporting, the
pool's aggregate principal balance has been paid down by 10% to
$879.4 million from $977.1 million at issuance. Sixteen loans
(59.6%) are full term, interest-only. Nineteen loans (21.8%) have a
partial, interest-only component; all of which have begun
amortizing. Five loans (4.4%) have been defeased.

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 the expected continued paydowns and increasing CE relative
to loss expectations but may occur should interest shortfalls
affect these classes.

Downgrades to the 'A-sf' and 'BBB-sf' rated classes may be possible
should expected pool losses significantly increase and/or
performance of several FLOCs, including Calabasas Tech Center, Rio
West Business Park and 8700-8714 Santa Monica Boulevard, continue
to decline and/or incur outsized losses.

Downgrades to the 'BBsf' and 'B-sf' rated classes may occur with
additional FLOCs transferring to special servicing, with greater
certainty of losses from the FLOCs and/or if actual realized losses
on FLOCs exceed expectations.

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 to the 'BBB-sf' classes would be considered with increased
paydown and/or defeasance, combined with performance stabilization
of the FLOCs. Classes would not be upgraded above 'Asf' if there is
a likelihood of interest shortfalls. An upgrade to the 'BBsf' 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.


BARROW HANLEY II: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Barrow Hanley CLO II
Ltd./Barrow Hanley CLO II LLC's fixed- and floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by BH Credit 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 debt through portfolio identification
and ongoing management; and

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

  Ratings Assigned

  Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $16.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $23.00 million: A (sf)
  Class D-1 (deferrable), $20.00 million: BBB- (sf)
  Class D-2 (deferrable), $3.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $39.60 million: Not rated



BBCMS MORTGAGE 2019-C4: Fitch Lowers Rating on 2 Tranches to CCCsf
------------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed 13 classes of BBCMS
Mortgage Trust 2019-C4 Commercial Mortgage Pass-Through
Certificates, Series 2019-C4 (BBCMS 2019-C4). In addition, Fitch
has assigned a Negative Rating Outlook on classes F and X-F after
their downgrade, and revised the Outlook to Negative from Stable on
classes E and X-D. The under criteria observation (UCO) has been
resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BBCMS 2019-C4

   A-2 07335CAB0    LT  AAAsf   Affirmed    AAAsf
   A-3 07335CAC8    LT  AAAsf   Affirmed    AAAsf
   A-4 07335CAE4    LT  AAAsf   Affirmed    AAAsf
   A-5 07335CAF1    LT  AAAsf   Affirmed    AAAsf
   A-S 07335CAG9    LT  AAAsf   Affirmed    AAAsf
   A-SB 07335CAD6   LT  AAAsf   Affirmed    AAAsf
   B 07335CAH7      LT  AA-sf   Affirmed    AA-sf
   C 07335CAJ3      LT  A-sf    Affirmed    A-sf
   D 07335CAT1      LT  BBBsf   Affirmed    BBBsf
   E 07335CAV6      LT  BBB-sf  Affirmed    BBB-sf
   F 07335CAX2      LT  B+sf    Downgrade   BB-sf
   G 07335CAZ7      LT  CCCsf   Downgrade   B-sf
   X-A 07335CAK0    LT  AAAsf   Affirmed    AAAsf
   X-B 07335CAL8    LT  A-sf    Affirmed    A-sf
   X-D 07335CAM6    LT  BBB-sf  Affirmed    BBB-sf
   X-F 07335CAP9    LT  B+sf    Downgrade   BB-sf
   X-G 07335CAR5    LT  CCCsf   Downgrade   B-sf

KEY RATING DRIVERS

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

Increase in Loss Expectations: Fitch's current ratings incorporate
a 'Bsf' rating case loss of 4.6%. Fifteen loans are designated
Fitch Loans of Concern (FLOCs; 21.6% of the pool), including five
loans (6.2%) that are in special servicing. The downgrades and
Negative Outlooks reflect the impact of the updated criteria and
increased pool loss expectations, primarily due to deteriorating
performance of the office FLOCs, especially Meidinger Tower, and
lower recovery expectations on the two REO Holiday Inn Express &
Suites El Reno and Hampton Inn El Reno assets.

Specially Serviced Loans: The largest contributor to modeled loss
is the Meidinger Tower loan (2.1% of the pool), which is secured by
a 331,054-sf office property located in the CBD of Louisville, KY.
The loan transferred to special servicing in August 2023 due to
downward trending occupancy. The loan began amortizing in August
2023 after a 48-month interest-only (IO) period, and was current as
of the September 2023 payment date.

As of the March 2023 rent roll, the largest tenant, Computershare
(33.9% of the NRA), has an upcoming October 2023 lease expiration.
The servicer indicated the tenant did not provide notice of
renewal, which triggered an excess cash sweep. The second largest
tenant, MCM CPAs & Advisor LLP (11.3% of the NRA), vacated at its
May 2023 lease expiration and moved to a nearby office tower; this
drops occupancy further to an estimated 73.1%, compared with 84.4%
as of the March 2023 rent roll and 91.6% in June 2021. An
additional 12% of leases roll by early 2024. Fitch requested a
leasing update for the property but it was not received.

Fitch's 'Bsf' rating case loss of 34% (prior to concentration
adjustments) is based on an 10.25% cap rate and a 25% stress to the
annualized 2021 net cash flow due to the loss of tenant and
rollover concentration.

The second and third largest contributors to expected losses are
two REO hotel assets, Holiday Inn Express & Suites El Reno and
Hampton Inn El Reno (combined, 1.5%), located in El Reno, OK. Both
loans transferred to special servicing in March 2020 for imminent
monetary default and the assets became REO in late 2020.
Third-party property management is in place and is working to
increase RevPAR, with the servicer indicating potential asset sales
in late 2023. Fitch's expected loss has increased to 72% and 63%,
respectively, since the last rating action based on a stress to
their most recent appraisal values; the resulting stressed value
per key is approximately $52,000.

Minimal Change in CE: CE has had minimal change since issuance due
to limited amortization and loan payoffs. As of the August 2023
remittance report, the pool's aggregate balance has been paid down
by 5% to $890.5 million from $937.3 million at issuance. There are
24 loans (51.4% of the pool) that are full-term IO, 27 (21.2%) are
balloon loans and 20 (27.5%) have a partial IO component. There are
five defeased loans (4.9% of the pool).

Credit Opinion Loans: Four loans, representing 12.8% of the pool,
had credit opinions at issuance and remain credit opinion loans,
including Moffett Towers II - Buildings 3 & 4 (7.3%), 2 North 6th
Place (2.2%), ILPT Hawaii Portfolio (2.1%) and 10000 Santa Monica
Boulevard (1.1%).

RATING SENSITIVITIES

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

Downgrades to A-2 through B and IO class X-A are not likely due to
the continued expected amortization, position in the capital
structure and sufficient CE relative to loss expectations, but may
occur should interest shortfalls affect these classes. Downgrades
to classes C, D, E, X-B and X-D may occur should expected losses
for the pool increase substantially from continued underperformance
of the FLOCs, especially Meidinger Tower, or higher loss
expectations on the specially serviced loans, including Holiday Inn
Express & Suites El Reno and Hampton Inn El Reno. Downgrades to
classes F, G, X-F and X-G may occur with a greater certainty of
loss or as losses are realized.

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

Upgrades to classes B, C and X-B would only occur with significant
improvement in CE, defeasance, and/or performance stabilization of
FLOCs, especially Meidinger Tower. Classes would not be upgraded
above 'Asf' if there were likelihood of interest shortfalls.
Upgrades to class D, E and X-D may occur as the number of FLOCs are
reduced, and/or loss expectations for the specially serviced loans,
including the REO Holiday Inn Express & Suites El Reno and Hampton
Inn El Reno assets, improve. Upgrades to classes F, G, X-F and X-G
are not likely until the later years of the transaction and only if
the performance of the remaining pool stabilizes 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.


BENCHMARK 2019-B12: DBRS Confirms B(high) Rating on G-RR Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates Series 2019-B12 issued by Benchmark
2019-B12 Commercial Mortgage Trust as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 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 (low) (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 F-RR at BB (high) (sf)
-- Class G-RR at B (high) (sf)

All trends are Stable.

The rating confirmations reflect DBRS Morningstar's outlook and
loss expectations for the transaction, which remain relatively
unchanged from the last rating action in November 2022. The stable
performance of the pool is illustrated by the most recent year-end
financials, which reported a weighted-average (WA) debt service
coverage ratio (DSCR) of 2.51 times (x). Per the July 2023
reporting, 44 of the original 47 loans remain in the trust with an
aggregate principal balance of $1,139 million, reflecting a
collateral reduction of 3.7% since issuance as a result of loan
amortization and loan repayment. There are 12 loans, representing
22.5% of the pool, on the servicer's watchlist and one loan,
Greenleaf at Howell (0.9% of the pool), in special servicing. While
the servicer indicates a loan modification is being documented, the
specially serviced loan is delinquent with the last debt payment
made in October 2021, and a receiver is currently in place. In its
analysis for this review, DBRS Morningstar liquidated the loan from
the trust with an implied loss greater than $5.0 million or a loss
severity in excess of 50%.

The pool is concentrated by property type, with loans backed by
retail and office properties representing 33.8% and 22.4% of the
pool, respectively. In general, the office sector has been
challenged, given the low investor appetite for the property type
and high vacancy rates in many submarkets. However, of the 14
office loans, only two exhibited performance that suggested
increased credit risk since issuance and both were stressed in the
analysis for this review, resulting in a WA expected loss that was
nearly triple the pool average. In spite of the large office
concentration, the majority of the loans in the pool exhibit
healthy credit metrics, with the 10 largest loans (51.8% of the
pool) reporting a WA DSCR of 2.77x and a WA debt yield of 10.9%
based on the most recent year-end financials.

The largest loan on the servicer's watchlist, The Zappettini
Portfolio (Prospectus ID#3, 5.7% of the pool), is secured by a
portfolio of 10 single- or two-story office/research and
development buildings totaling 251,575 square feet (sf) in Mountain
View, California. All but two buildings are leased to individual
tenants, including Google, County of Santa Clara, and Iridex. While
the loan is currently being monitored on the watchlist only for
deferred maintenance items, DBRS Morningstar is monitoring this
loan because seven tenants, representing more than 60% of the
portfolio's net rentable area (NRA), have leases that have expired
or will be expiring prior to the loan maturity date in June 2024.

Despite the portfolio's historically stable performance, occupancy
has fallen to 87.6% as of March 2023 from 100% at issuance,
following the lease termination of Mitra Future Technologies (12.4%
of NRA) in 2021. As a result, the loan's cash flow has fallen from
the Issuer's figure of $9.5 million (reflective of a DSCR of 1.83x)
to $8.1 million (reflective of a DSCR of 1.55x) at YE2022.
According to the servicer, the borrower has agreed to a lease
extension with one tenant (11.8% of NRA) and has proposals out to
extend leases with an additional three tenants (24.3% of NRA). As
of Q2 2023, Reis reported that office properties in the Palo
Alto/Mountain View/Los Altos submarket had an average vacancy rate
of 18.9%, an average effective rental rate of $55.58 per square
foot (psf) and an average asking rental rate of $67.34 psf. While
the near-term rollover increases the loan's refinance risk,
mitigants include the portfolio's location in Silicon Valley,
strong sponsorship, and below-market rents of $44.28 psf per the
March 2023 rent roll, which are likely to ease leasing efforts for
any potential vacancy. In addition, the issuance appraisal noted
land and dark values (for nine of the 10 buildings) reflecting
going-in loan-to-value (LTV) ratios of 83% and 81%, respectively.
Despite the mitigating factors, DBRS Morningstar took a
conservative approach in its analysis and stressed the LTV given
the near-term refinance risk, resulting in an expected loss that
was nearly three times greater than the pool's WA figure.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to 3 Columbus Circle (Prospectus ID#8, 4.4% of the pool).
With this review, DBRS Morningstar confirms that the performance of
this loan remains consistent with investment-grade
characteristics.

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


BENCHMARK 2019-B9: Fitch Lowers Rating on 4 Tranches to CCCsf
-------------------------------------------------------------
Fitch Ratings has downgraded seven and affirmed 10 classes of
Benchmark 2019-B9 Mortgage Trust commercial mortgage pass-through
certificates, series 2019-B9. Fitch has assigned Negative Rating
Outlooks to three downgraded classes and revised Outlooks to
Negative from Stable on five affirmed classes.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
BMARK 2019-B9

   A-2 08160JAB3    LT AAAsf  Affirmed     AAAsf
   A-3 08160JAC1    LT AAAsf  Affirmed     AAAsf
   A-4 08160JAD9    LT AAAsf  Affirmed     AAAsf
   A-5 08160JAE7    LT AAAsf  Affirmed     AAAsf
   A-AB 08160JAF4   LT AAAsf  Affirmed     AAAsf
   A-S 08160JAH0    LT AAAsf  Affirmed     AAAsf
   B 08160JAJ6      LT AA-sf  Affirmed     AA-sf
   C 08160JAK3      LT A-sf   Affirmed     A-sf
   D 08160JAY3      LT BB+sf  Downgrade    BBBsf
   E 08160JBA4      LT BB-sf  Downgrade    BBB-sf
   F 08160JBC0      LT CCCsf  Downgrade    BB-sf
   G 08160JBE6      LT CCCsf  Downgrade    B-sf
   X-A 08160JAG2    LT AAAsf  Affirmed     AAAsf
   X-B 08160JAL1    LT A-sf   Affirmed     A-sf  
   X-D 08160JAN7    LT BB-sf  Downgrade    BBB-sf
   X-F 08160JAQ0    LT CCCsf  Downgrade    BB-sf
   X-G 08160JAS6    LT CCCsf  Downgrade    B-sf

KEY RATING DRIVERS

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

The downgrades reflect the impact of the updated criteria and
significantly higher loss expectations on the largest loan, 3 Park
Avenue (10.3% of the pool) due to sustained performance
deterioration.

The Negative Outlooks on classes A-S through E and interest-only
(IO) classes X-A, X-B, and X-D reflects the potential for further
downgrades with higher than expected losses for 3 Park Avenue or
from other deteriorating office properties.

Fitch's current ratings incorporate a 'Bsf' rating case loss of
7.1%. Nine loans (23.1% of the pool) are considered Fitch Loans of
Concern (FLOCs), including one (.9%) of which is in special
servicing.

Fitch Loans of Concern/Specially Serviced Loan: The largest
contributor to overall loss expectations and the largest increase
in loss since the last rating action is the 3 Park Avenue loan
(10.3%), which is secured by 641,186-sf of office space on floors
14 through 41 and 26,260-sf of multi-level retail space located on
Park Avenue and 34th Street in the Murray Hill office submarket of
Manhattan. The top three tenants are Houghton Mifflin Harcourt
(15.2% NRA; lease expires Dec. 31, 2027), P. Kaufman (6.9%; Dec.
31, 2030) and Return Path, Inc. (3.5%; July 31, 2025).

The property's overall performance has deteriorated. As of July
2023, occupancy declined to 54% from 85% at issuance, largely from
the departure of TransPerfect Translations (13.7%) in 2019, Icon
Capital Corporation (3.4%) in 2023 and several tenants that have
downsized their space. YE 2022 NOI has fallen 59% from Fitch's NOI
at issuance. The NOI DSCR was 0.81x as of YE 2022, down from 1.22x
at YE 2021 and 2.02x at YE 2019.

Per CoStar as of 3Q23, submarket asking rents averaged $53.89 psf,
with a vacancy rate of 20.6% and an availability rate of 27.2%. As
of the July 2023 rent roll, average rents at the property were $58
psf.

Fitch's 'Bsf' rating case loss of 30% (prior to concentration
adjustments) is based on an 8.5% cap rate to a Fitch sustainable
net cash flow that is in line with YE 2021 NOI which assumes a
lease up to 73% occupancy at a discounted market rate of $43 psf.

The second largest contributor to overall loss expectations is the
specially serviced, 735 Bedford Avenue (.9%) loan. The loan
transferred to special servicing in March 2022 for imminent
monetary default and is currently reported as in foreclosure. The
loan is secured by a 18,000-sf mixed-use property in Brooklyn, NY.
The building contains office space on the upper floors and retail
on the ground floor. As of June 2022, the property was 88%
occupied, down from 100% at YE 2021, due to Apartment Developers,
an affiliate of the sponsor at issuance, vacating prior to its 2033
lease expiration. According to the servicer, the property has been
transferred to a subordinate lienholder from the original sponsor
without approval. Fitch's 'Bsf' rating case loss (prior to
concentration add-ons) of 45% reflects a stressed value of $285 psf
and is based on a discount to the June 2023 appraisal.

The second largest FLOC is the Fairbridge Office Portfolio loan
(3.7%), which is secured by two office properties totaling 385,525
sf located in Oak Brook and Warrenville, Illinois. The loan was
flagged as a FLOC due to continued declining performance. As of
June 2023, the property was 63% occupied, down from 64% at YE 2022,
66% at YE 2021, 74% at YE 2020, and 86% at YE 2019. The NOI DSCR as
of YE 2022 was 1.27x compared to 1.37x at YE 2021, 2.12x at YE
2020, and 2.40x at YE 2019. Fitch's 'Bsf' rating case loss of 8.1%
(prior to concentration adjustments) is based on an 10.5% cap rate
and a 15% stress to the YE 2022 NOI.

Increased Credit Enhancement (CE): As of the September 2023
distribution date, the pool's aggregate balance has been paid down
by 3.7% to $850.7 million from $883.5 million at issuance. Interest
shortfalls (approximately $276,000) are currently affecting the
non-rated class J. Nineteen loans (54.3% of the pool) are
full-term, IO, and 17 loans, representing 32.4% of the pool, are
partial-term IO, with 13 of these loans (22.8%) having exited their
IO period. There have been no realized losses to date.

Property Concentrations: The pool's largest property type is office
at 40.2%, including seven loans (36%) with an office component in
the top 15. Retail and lodging represent the second and third
largest property types at 20.4% and 10.1%, respectively. Industrial
represents 10% of the pool. No other property type represents more
than 9% of the pool balance. The 21st largest loan, Aventura Mall
(1.8%), is the only regional mall and was assigned a credit opinion
of 'Asf' at issuance.

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 Sensitivity factors that lead to downgrades
include an increase in pool level losses from underperforming or
specially serviced loans.

Downgrades to the super senior 'AAAsf' rated classes are not
expected given the overall stable performance of the pool, expected
continued amortization and sufficient CE, but may occur if interest
shortfalls affect these classes or losses increase considerably.

Downgrade to the 'A-sf', 'AA-sf', and the junior 'AAAsf' rated
classes would occur should expected pool losses significantly
increase and/or several larger FLOCs transfer to special servicing
and/or incur outsized losses.

Downgrades to the 'BB+sf' and 'BB-sf' rated classes would occur
should the performance of the FLOCs, primarily 3 Park Avenue and
Fairbridge Office Portfolio, continue to deteriorate or not
stabilize, additional loans transfer to special servicing and/or
with greater certainty of losses.

Further downgrades to the '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 to the 'A-sf' and 'AA-sf' rated classes would likely occur
with significant improvement in CE and/or defeasance, and with the
stabilization of performance on the FLOCs, specifically the 3 Park
Avenue loan. However, adverse selection, increased concentrations
or the underperformance of a particular loan(s) may limit the
potential for future upgrades.

An upgrade to the 'BB-sf' and 'BB+sf' rated classes would be
limited based on the sensitivity to concentrations or the potential
for future concentrations. Classes would not be upgraded above
'Asf' if there were a likelihood for interest shortfalls.

Upgrades to the 'CCCsf' rated classes are not likely until the
later years of the transaction, and only if the performance of the
FLOCs improve significantly, and/or if there is sufficient CE,
which would likely occur if the non- rated class is 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.


BENCHMARK 2021-B23: DBRS Confirms B(low) Rating on 360D Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-B23
issued by Benchmark 2021-B23 Mortgage Trust:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-4A1 at AAA (sf)
-- Class A-4A2 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class 360A at A (low) (sf)
-- Class 360B at BBB (low) (sf)
-- Class 360C at BB (low) (sf)
-- Class 360D at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance in 2021. At closing, the transaction
consisted of 53 fixed-rate loans secured by 65 properties with the
pooled certificates totaling $1.53 billion. Per the August 2023
reporting, all 53 loans remain in the pool, with no losses or
defeasance to date. There has been minimal amortization, with only
0.8% collateral reduction since issuance. Amortization will be
limited through the life of the deal as there are 34 loans,
representing 77.9% of the pool, that are interest only (IO) for the
full term. An additional 12 loans, representing 12.1% of the pool,
have partial IO periods that remain active. As noted at issuance,
the pool is expected to pay down by only 3.6% prior to maturity.

The pool is concentrated with loans backed by office properties,
which represent 46.2% of the pool, followed by mixed-use and
industrial properties, which represent 22.7% and 11.6% of the pool,
respectively. In general, the office sector has been challenged,
given the low investor appetite for the property type and high
vacancy rates in many submarkets as a result of the shift in
workplace dynamics. Although the office sector has seen significant
challenges in the current economic environment, the majority of
office properties secured in this transaction continue to perform
as expected, reporting a weighted-average debt service coverage
ratio of more than 2.50 times as of the YE2022 financial
reporting.

As of the August 2023 remittance, there are no delinquent or
specially serviced loans. There are, however, seven loans on the
servicer's watchlist, representing 10.6% of the pool, including two
loans in the top 15. Four of these loans, representing 5.0% of the
pool, are being monitored for credit-related reasons, including
First Republic Center (Prospectus ID#13, 2.7% of the pool), which
was added to the watchlist in June 2023 following a cash sweep
activation triggered by First Republic Bank's (FRB) insolvency.

The loan is secured by a 70,543-square-foot (sf) office building in
Palto Alto, California, with FRB occupying 76.0% of the property's
net rentable area on a lease through October 2037. In May 2023, the
U.S. government announced it had taken control of FRB and sold the
bank to JPMorgan Chase Bank, N.A. (JPM; rated AA with a Stable
trend by DBRS Morningstar, most recently confirmed as of December
7, 2022). DBRS Morningstar has asked the servicer for confirmation
of the status of FRB's lease, which JPM has the right to affirm or
reject at the collateral property. Given the uncertainty
surrounding the status of the lease and JPM's obligation for the
remaining term, DBRS Morningstar has removed the shadow rating on
the loan, as it is no longer clear if the credit features from
issuance, namely the long-term credit-tenant treatment (LTCT)
analyzed for FRB, remain consistent with investment-grade
characteristics.

Loan proceeds of $41.6 million, along with a $38.4 million
mezzanine loan, and $26.9 million of sponsor equity was primarily
used to facilitate the $105.6 million acquisition of the property
and fund upfront reserves. The loan is IO through the 10-year
anticipated repayment date (ARD) period but is structured to
hyper-amortize sequentially first to the senior loan and second to
the mezzanine loan over six years and nine months if the loan is
not paid prior to the ARD. The property benefits from its 2016
construction and modern appearance, and institutional sponsorship
provided by KKR Real Estate Select Trust Inc., which provided 25.2%
of the financing as part of the acquisition and had $510 billion
assets under management as of Q1 2023. While the termination of the
lease would undoubtedly alter the loans performance, the
appraiser's dark value at issuance of $92.6 million implies there
is substantial value in the property without a LTCT, as the
loan-to-value ratio (LTV) based on the senior debt and dark
appraised value is equal to 44.9%. DBRS Morningstar took a
conservative approach and analyzed the loan with a stressed LTV
reflective of the dark value for this review, which had very little
impact on the overall CMBS Insight Model results.

Three additional loans—360 Spear, MGM Grand & Mandalay Bay, and
the Grace Building—were assigned investment-grade shadow ratings
at issuance. Combined, these loans represent 15.2% of the pool. As
part of this review, DBRS Morningstar concluded that current and
expected ongoing performance remains consistent with
investment-grade loan characteristics.

Classes 360A, 360B, 360C, and 360D are loan-specific certificates
(rake bonds) collateralized by the subordinate companion note for
the 360 Spear whole loan. The loan-specific certificates will only
be entitled to receive distributions from, and will only incur
losses with respect to, the trust subordinate companion loan. The
trust subordinate companion loan is included as an asset of the
issuing entity but is not part of the mortgage pool backing the
pooled certificates. No class of pooled certificates will have any
interest in the trust subordinate companion loan.

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



BRAVO RESIDENTIAL 2023-RPL1: Fitch Gives B(EXP) Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to BRAVO Residential
Funding Trust 2023-RPL1 (BRAVO 2023-RPL1):

   Entity/Debt       Rating           
   -----------       ------            
BRAVO 2023-RPL1

   A-1           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
   A-5           LT   BBB(EXP)sf   Expected Rating
   M-1           LT   A(EXP)sf     Expected Rating
   M-2           LT   BBB(EXP)sf   Expected Rating
   B-1           LT   BB(EXP)sf    Expected Rating
   B-2           LT   B(EXP)sf     Expected Rating
   B-3           LT   NR(EXP)sf    Expected Rating
   B-4           LT   NR(EXP)sf    Expected Rating
   B-5           LT   NR(EXP)sf    Expected Rating
   B             LT   NR(EXP)sf    Expected Rating
   SA            LT   NR(EXP)sf    Expected Rating
   AIOS          LT   NR(EXP)sf    Expected Rating
   X             LT   NR(EXP)sf    Expected Rating
   R             LT   NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by BRAVO Residential Funding Trust 2023-RPL1 (BRAVO
2023-RPL1) as indicated above. The transaction is expected to close
on Sept. 27, 2023. The notes are supported by one collateral group
that consists of 7,781 seasoned performing loans (SPLs) and
reperforming loans (RPLs) with a total balance of approximately
$498.58 million, which includes $37.7 million, or 7.6%, of the
aggregate pool balance in noninterest-bearing deferred principal
amounts as of the cutoff date.

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full. The
servicer will not be advancing delinquent monthly payments of P&I.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, the agency views the home price
values of this pool as 10.1% above a long-term sustainable level
(versus 7.6% on a national level as of 1Q23). The rapid gain in
home prices through the pandemic moderated in 2H22 but resumed
increasing in 2023. Driven by the declines in 2H22, home prices had
decreased 0.2% yoy nationally as of April 2023.

Seasoned Performing and Reperforming Loan Credit Quality (Mixed):
The collateral consists of 7,781 SPLs and RPLs secured by first
liens on one- to four-family residential properties, condominiums,
planned unit developments, townhouses, manufactured housing, mobile
homes and unimproved land, seasoned at approximately 194 months in
aggregate, as calculated by Fitch. The pool is 89.3% current and
10.7% delinquent (DQ).

Approximately 48.8% of the loans have been delinquent one or more
times in the past 24 months (defined by Fitch as "dirty current").
Fitch applies a probability of default (PD) penalty to dirty
current loans with the highest penalty applied to those with recent
delinquencies. Additionally, 69.8% of loans have a prior
modification. The borrowers have a weak credit profile of 662 FICO
and 45% debt-to-income ratio (DTI), and low leverage of 55%
sustainable loan-to-value ratio (sLTV). The pool consists of 93.9%
of loans where the borrower maintains a primary residence, while
6.1% are investment properties or second homes or indicated as
other/unknown.

No Advancing (Positive): The servicers will not be advancing
delinquent monthly payments of P&I. Because P&I advances made on
behalf of loans that become delinquent and eventually liquidate
reduce liquidation proceeds to the trust, the loan-level loss
severities (LS) are less for this transaction than for those where
the servicer is obligated to advance P&I.

Sequential Payment Structure (Positive): The transaction's cash
flow is based on a sequential-pay structure, whereby the
subordinate classes do not receive principal until the senior
classes are repaid in full. Losses are allocated in
reverse-sequential order. Furthermore, the provision to reallocate
principal to pay interest on the 'AAAsf' and 'AAsf' rated notes
prior to other principal distributions is highly supportive of
timely interest payments to that class with no advancing.

Additionally, the transaction includes a provision where interest
amounts otherwise allocable to subordinate classes B-3, B-4 and B-5
will prioritize payment of any unpaid net weighted average coupon
(WAC) shortfall amount for the senior class (A-1).

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 41.5% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. 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'.

CRITERIA VARIATION

The first variation is that a due diligence compliance and data
integrity review was not completed on 100% of RPLs and SPLs from
multiple unknown originators. Of the portion of the pool acquired
from various unrelated third-party sellers, approximately 0.3% by
loan count (0.1% by UPB) did not receive a due diligence compliance
and data integrity review. In aggregate, 56.0% of the loans in the
pool received due diligence review.

To estimate full due diligence results and adjustments, Fitch
applied extrapolated loss multiples based on the concentration of
loans with due diligence review, which were then applied to the
loans that did not receive due diligence review. The derived
multiple (1.02x-1.06x) was applied to each rating category. This
variation did not lead to a category-level rating change due to the
loss adjustment and de minimus amount of loans impacted.

The second variation is that AVMs were provided as updated values
for 51% of the loans that are either modified or have had multiple
prior delinquencies in the past 24 months (defined by Fitch as
RPL). Fitch does not incorporate AVM values for RPL loans. Since
the loans have significant seasoning and have a material amount of
equity build up since origination, Fitch deemed that ignoring the
updated value completely mischaracterizes the credit profile of the
pool and results in a MtM LTV north of 80, compared to the assigned
value in the mid-40s (even after Fitch's maximum 20% haircut for
AVMs).

Further, given the small loan balances, providing updated BPOs on a
large portion of the pool is cost prohibitive. This variation
resulted in a category-level rating change due to its impact in the
MtM LTV profile of the pool.

The third variation is that a tax and title review was not
completed on 100% of seasoned first lien loans. Approximately 12%
by loan count (940 loans) did not receive a tax and title review.
These loans each have a UPB of less than $10,000 and, in aggregate,
represent only 1% (by UPB) of the pool and have a weighted average
LTV of 6%. This amount was deemed immaterial relative to the pool
size. Additionally, the servicers are monitoring the tax and title
status as part of standard practice and the servicer will advance
where deemed necessary to keep the first lien position.

With respect to the sample size, no adjustment was deemed necessary
given the substantial equity of the loans, the low contribution
amount and the very low likelihood any potential liens would
materially impact recoveries. This variation did not lead to a
category-level rating change.

Fitch considered this information along with the tax, title and
lien (TTL) search results in its analysis and, as a result, Fitch
adjusted its loss expectation at 'AAAsf' by approximately 325bps to
reflect missing final HUD-1 files, tax and title issues, as well as
to address outstanding liens and taxes that could take priority
over the subject mortgage and other adjustments to estimate full
diligence review findings.

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.


BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
BSPDF 2021-FL1 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H 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 primarily
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 initial collateral consisted of 21 floating-rate mortgages
secured by 49 mostly transitional properties with a cut-off date
balance totaling $628.1 million. Most loans were in a period of
transition with plans to stabilize performance and improve the
asset value. The trust reached its maximum funded balance of $775.0
million in January 2022. The transaction is a managed vehicle with
a 24-month reinvestment period scheduled to expire with the October
2023 Payment Date.

As of the August 2023 remittance, the pool comprises 27 loans
secured by 30 properties with a cumulative trust balance of $757.4
million. The cash balance of the Reinvestment Account is $17.6
million. Currently, 15 of the original loans in the transaction at
closing, representing 68.2% of the current trust balance, remain in
the trust. Since issuance, six loans with a former cumulative trust
balance of $126.0 million have been successfully repaid from the
pool, including five loans totaling $86.5 million since the
previous DBRS Morningstar rating action in November 2022. An
additional three loans, totaling $53.1 million, have been added to
the trust since the previous DBRS Morningstar rating action.

The transaction is concentrated by property type as 19 loans,
representing 67.5% of the current trust balance, are secured by
multifamily properties; three loans, representing 21.1% of the
current trust balance, are secured by office properties; and three
loans, representing 7.4% of the current trust balance, are secured
by hotel properties. In comparison, when the previous DBRS
Morningstar Surveillance Performance Update for the transaction was
published in July 2022, multifamily properties represented 67.4% of
the collateral, office properties represented 20.6% of the
collateral, and hotel properties represented 3.1% of the
collateral.

The loans are primarily secured by properties in suburban markets
as 20 loans, representing 62.3% 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
four loans, representing 28.8% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 6 and 8, denoting
urban markets, while three loans, representing 8.8% of the pool,
are secured by properties with a DBRS Morningstar Market Rank of 1
and 2, denoting rural and tertiary markets. In comparison, at July
2022, properties in suburban markets represented 62.9% of the
collateral, properties in urban markets represented 25.0% the
collateral, and properties in rural and tertiary markets
represented 12.1% of the collateral.

Leverage across the pool has remained consistent as of August 2023
reporting when compared with issuance and July 2022 metrics as the
current weighted-average (WA) as-is appraised value loan-to-value
ratio (LTV) is 70.9%, with a current WA stabilized LTV of 62.8%. In
comparison, these figures were 71.4% and 62.9%, respectively, at
issuance and 71.4% and 63.2%, respectively, as of July 2022. DBRS
Morningstar recognizes that select property values may be inflated
as the majority of the individual property appraisals were
completed in 2021 and 2022 and may not reflect the current rising
interest rate or widening capitalization rate environments.

Through August 2023, the lender had advanced cumulative loan future
funding of $42.1 million to 20 of the 27 outstanding individual
borrowers to aid in property stabilization efforts. The largest
advance, $9.9 million, has been made to the borrower of the
Boardwalk at Morris Bridge loan. The loan is secured by a 290-unit
multifamily property in Temple Terrace, Florida. The advanced funds
have been used to fund the borrower's extensive $13.3 million
planned capital expenditure (capex) plan at the property, which
includes transitioning the property to market rate units from a
student housing property. The Q2 2023 collateral manager report
noted the borrower is behind in its business plans as the borrower
did not meet the July 1, 2023, completion milestone, stipulating
145 units (50.0% of total) were to be renovated and lease ready. As
a result, the floating interest rate spread increased to 5.75% from
4.75% and will remain elevated until the work is completed.
According to the loan agreement, the other 145 units must be
completed by YE2023. The loan matures in September 2024 with two
one-year extension options. Currently, $3.3 million of future
funding remains available to the borrower.

An additional $42.7 million of loan future funding allocated to 16
of the outstanding individual borrowers remains available. The
largest portion of available funds, $16.8 million, is allocated to
the borrower of the 5 Post Oak Park loan. The loan is secured by a
28-story, high-rise office property in Houston, east of the
Galleria and Uptown neighborhoods. The borrower's business plan is
to complete an $8.0 million capex plan and $11.4 million leasing
plan to increase occupancy and rental rates. According to the Q2
2023 update from the collateral manager, the property was 73.5%
lease and 62.5% occupied. The loan remains in a cash sweep period
as the T-12 ended May 31, 2023, debt service coverage ratio (DSCR)
was low at 0.69 times. The update did not specify completed or
ongoing capex projects beyond the chiller replacement, which was
noted to be 50.0% complete. Through August 2023, future funding of
$1.7 million had been advanced to the borrower primarily for
leasing costs associated with new tenant Thompson Coe, which signed
a 13-year lease for 10.9% of the net rentable area with a
commencement date in February 2024.

As of the August 2023 remittance, there are no delinquent loans in
special servicing and there are six loans on the servicer's
watchlist, representing 22.0% of the maximum transaction balance.
All loans are secured by multifamily properties and have been
flagged for below breakeven DSCRs. The loans remain current with
the decline in performance expected to be temporary as units are
being taken offline by the respective borrowers to complete
interior renovations. According to the collateral manager, two
loans, representing 5.1% of the maximum transaction balance, have
been modified. The modifications allowed one borrower to exercise a
loan extension option by amending loan terms and allowed a
temporary reduction in the floating interest rate spread for the
other borrower.

Seven loans, representing 28.4% of the current cumulative trust
balance, have a loan maturity date before YE2023. The largest of
these loans, 5 Post Oak Park, matured in August 2023; however,
according to the update provided by the collateral manager, the
borrower exercised the first of three potential one-year extension
options and now the loan matures in August 2024. There were no
performance tests associated with the first extension option. The
remaining three loans maturing by year-end also have extension
options available to the respective borrowers.

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



BSPRT 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of commercial
mortgage-backed notes issued by BSPRT 2022-FL8 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H 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 all loans are currently secured by
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. For
access to this report, please click on the link under Related
Documents below or contact us at info@dbrsmorningstar.com.

The transaction closed in February 2022 with the initial collateral
consisting of 26 floating-rate mortgages secured by mostly 34
transitional multifamily properties with a cut-off date balance
totaling approximately $1.03 billion (87.3% of the total fully
funded balance). Most of the loans were in a period of transition
with plans to stabilize performance and improve the asset value.
The transaction included a 180-day ramp-up acquisition period,
which allowed the issuer to contribute additional loan collateral
up to the maximum principal balance of $1.2 billion.

The transaction includes a 24-month reinvestment period, which is
expected to expire with the February 2024 Payment Date. During this
period, reinvested principal proceeds are subject to Eligibility
Criteria, which includes the stipulation that all new loans will be
secured by multifamily collateral. Since the last DBRS Morningstar
rating action in November 2022, 17 loans with a current cumulative
trust loan balance of $138.0 million have been added to the trust
(11.5% of the current pool balance). As of August 2023 reporting,
the Principal Collection Account had a balance of $2.8 million
available to the collateral manager to purchase additional loan
interests into the transaction.

As of the August 2023 reporting, the transaction consists of 42
loans with a cumulative loan balance of $1.20 billion. Since
issuance, seven loans with a former cumulative trust balance of
$147.7 million have been repaid, including six loans totaling
$147.0 million since the previous DBRS Morningstar rating action in
November 2022. 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 32 loans,
representing 67.6% 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 six loans,
representing 24.1% of the pool, are secured by properties with a
DBRS Morningstar Market Rank of 2, denoting a tertiary market, and
three loans, representing 6.2% 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 at closing,
66.2% of the collateral was located in suburban markets, 18.1% of
the collateral was located in tertiary markets, and 12.1% of the
collateral was located in urban markets.

Leverage across the pool has slightly increased from issuance
levels as the current weighted-average (WA) as-is appraised value
loan-to-value (LTV) ratio is 75.6%, with a current WA stabilized
LTV ratio of 64.4%. In comparison, these figures were 73.0% and
65.5%, respectively, at issuance. DBRS Morningstar recognizes that
select loans added to the trust since issuance property may have
been subject to the current rising interest rate or widening
capitalization rate environments, thus exhibiting higher leverage.

As part of this review, DBRS Morningstar received updates on the
business plans for all loans in the pool. Many borrowers are in the
early stages of their respective stabilization plans with business
plan progression generally in line with expectations since loan
contribution to the trust. Through August 2023, the lender had
advanced $94.4 million to 32 of the remaining individual borrowers.
All of the released funds have been for ongoing capital improvement
projects across the individual properties. An additional $61.6
million of loan future funding allocated to 29 individual borrowers
remains outstanding to fund ongoing capital improvement projects.
The loan with both the largest amount of future funding remaining
($9.7 million) and advances made the borrower ($16.4 million) is
the Cedar Grove Multifamily Portfolio loan (3.8% of the pool). The
loan is secured by a portfolio of 15 multifamily properties located
across North Carolina, South Carolina, and Oklahoma. The borrower
has used loan future funding for capital improvements, including
unit renovations, property exterior, and common area upgrades and
the remediation of deferred maintenance. According to the
collateral manager as of Q1 2023, the portfolio was 83.5% occupied
with 570 units (33.7%) having been renovated. Of the renovated unit
count, 555 units had been leased at an average rental rate of
$1,046/unit, in comparison with the in-place average rental rate at
closing of $866/unit. As the lender had advanced 62.8% of loan
future funding through Q1 2023, it suggests the borrower is
successfully implementing its business plan across the portfolio.
With loan maturity scheduled in June 2024, there remains sufficient
time for the borrower to complete the additional unit renovations
and lease-up the vacant units.

According to August 2023 reporting, five loans, representing 10.2%
of the current cumulative trust balance, have been modified. Loan
modification terms have included reallocations of existing
reserves, maturity extensions, and repair extensions, among others.
While there are no delinquent loans or loans in special servicing,
seven loans, representing 23.9% of the current cumulative trust
balance, are on the servicer's watchlist. These loans are being
monitored for low debt service coverage ratios and decreases in
occupancy rate due to ongoing renovations, per the servicer
commentary. The collateral manager identified 14 loans,
representing 31.8% of the current pool balance, with scheduled
maturity dates through the end of January 2024. The majority of the
borrowers on the loans are expected to exercise the first extension
option with the collateral manager noting the borrower on only two
loans (5.0% of the current pool balance) are expected to be repay
their respective loans prior to maturity.

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



BSPRT 2023-FL10: Fitch Gives 'B-(EXP)sf' Rating on Class H Debt
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BSPRT 2023-FL10 Issuer, LLC, series 2023-FL10, as follows:

- $461,725,000 class A 'AAAsf'; Outlook Stable;

- $143,449,000 class A-S 'AAAsf'; Outlook Stable;

- $61,638,000 class B 'AA-sf'; Outlook Stable;

- $50,431,000 class C 'A-sf'; Outlook Stable;

- $32,500,000 class D 'BBBsf'; Outlook Stable;

- $16,811,000 class E 'BBB-sf'; Outlook Stable;

- 12,327,000a class F 'BB+sf'; Outlook Stable;

- $21,293,000a class G 'BB-sf'; Outlook Stable;

- $21,294,000a class H 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following class:

- $75,086,441a class J

a) Horizontal risk retention interest, estimated to be 14.5% of the
certificates.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 29 loans secured by 48
properties with an aggregate principal balance of $896,554,441 as
of the cutoff date. This does not include an aggregate unfunded
future funding commitment of approximately $58,304,994 as of the
cutoff date. The loans were contributed to the trust by Benefit
Street Partners Realty Operating Partnership, L.P. The primary
servicer is expected to be Situs Asset Management LLC and the
special servicer is expected to be BSP Special Servicer, LLC.

KEY RATING DRIVERS

Fitch Leverage: Favorable Leverage Metrics Compared to Recent CLO
Transactions: The pool's Fitch loan-to-value ratio (LTV) is 152.6%,
lower than the weighted average Fitch LTV for recently reviewed CLO
transactions of 182.0%. The pool's Fitch debt yield (DY) is 6.7%,
higher than the weighted average Fitch DY for recently reviewed CLO
transactions of 5.9%. Additionally, the pool's Fitch term debt
service coverage ratio (DSCR) is 0.75x, higher than the weighted
average Fitch DSCR for recently reviewed CLO transactions of
0.68x.

Interest Rates: Higher Interest Rates compared to Recent CLO
Transactions. The pool's weighted average mortgage rate is 8.29%,
higher than the weighted average mortgage rate for recently
reviewed CLO transactions of 7.63%. All loans in the pool will be
floating rate loans, except two loans (4.1% of the pool) -- Insulet
Headquarters and Country Court Village MHP. All the floating rate
loans in the pool (95.9%) have caps in place, except two loans
(2.4%) -- Varsity Georgetown -- 1000 29th Street Northwest and
Varsity Georgetown -- 1111 30th Street Northwest.

Pool Concentration: Concentration In-line with Recent CLO
Transactions. The pool's concentration is in-line with recently
reviewed CLO transactions. The top 10 loans in the pool make up
64.2% of the pool with the top five loans accounting for 40.5% of
the pool. The weighted average top 10 loan percentages for recently
reviewed CLO transactions is 64.5%.

Amortization: Higher Amortization compared to recent CLO
transactions. The pool will feature a 4.3% paydown from
securitization to the fully-extended loan maturity. This is
significantly higher than the recently reviewed CLO transactions,
which feature a weighted average paydown of 0.3%. Majority of those
transactions were comprised entirely of full-term interest-only
loans.

Property Type Concentration: Lower Multifamily Concentration
compared to recent CLO transactions: The pool's multifamily
concentration is 65.4%, lower than the weighted average multifamily
concentration for recently reviewed CLO transactions of 71.1%.
Loans secured by multifamily properties have a below-average
probability of default in Fitch's multiborrower model.

RATING SENSITIVITIES

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

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

The table below indicates the model implied rating sensitivity to
changes to the same one variable, Fitch net cash flow (NCF):

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

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

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

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

The list 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'/'BB-sf';

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Cash Flow Modeling

This transaction utilizes note protection tests to provide
additional credit enhancement to the investment grade note holders,
if needed. The note protection tests comprise an interest coverage
test and a par value test at the 'BBB-' level (Class E) in the
capital structure. Should either of these metrics fall below a
minimum requirement then interest payments to the retained notes
are diverted to pay down the senior most notes. This diversion of
interest payments continues until the note protection tests are
back above their minimums.

As a result of this structural feature, Fitch's analysis of the
transaction included an evaluation of the liabilities structure
under different stress scenarios. To undertake this evaluation,
Fitch used the cash flow modeling referenced in the Fitch criteria
"U.S. and Canadian Multiborrower CMBS Rating Criteria". Different
scenarios were run where asset default timing distributions and
recovery timing assumptions were stressed.

Key inputs, including Rating Default Rate (RDR) and Rating Recovery
Rate (RRR), were based on the CMBS multiborrower model output in
combination with CMBS analytical insight. The cash flow modeling
results showed that the default rates in the stressed scenarios did
not exceed the available credit enhancement in any stressed
scenario.

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.


BX 2021-PAC: DBRS Confirms B(low) Rating on Class G Certs
---------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates issued by BX 2021-PAC as
follows:

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (sf)
-- Class D at A (high) (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
expectations. Although there has been relatively limited seasoning
with minimal updates to the financial reporting since the
transaction closed in October 2021, the loan continues to exhibit
healthy credit metrics, with the servicer reported financials for
YE2022 and Q1 2023 reflecting occupancy, revenue, and net cash flow
(NCF) figures that remain consistent with issuance.

The loan is secured by the borrower's fee-simple and leasehold
interests in a portfolio of 41 industrial properties totaling more
than 9 million square feet (sf) across six markets and three states
in some of the most densely populated areas in the U.S. The
portfolio is largely concentrated in California and the Western
U.S., with infill core assets located in leading gateway
distribution markets. The sponsor is a joint venture partnership
between Blackstone Property Partners (99.0% of ownership) and LBA
Logistics, which maintains 1.0% of ownership and controls the
day-to-day operations. DBRS Morningstar continues have a favorable
view on the long-term growth and stability of the warehouse and
logistics sector, despite the general macroeconomic headwinds
affecting most commercial real estate asset classes.

Loan proceeds of $1.2 billion repaid $676.4 million of existing
debt, funded $10.9 million in upfront reserves, and returned $495.4
million of equity to the sponsor. Based on the issuance value of
$2.3 billion, the sponsor will have $893.2 million of unencumbered
equity remaining in the transaction. The upfront reserve of $10.9
million is earmarked for outstanding free rents, unfunded tenant
improvement allowances, and leasing costs during the loan term. As
of the August 2023 reporting, there was approximately $5.6 million
remaining across all reserve accounts. The transaction features a
partial pro rata structure for the first 30.0% of the original
principal balance, where individual properties may be released from
the trust at a price of 105.0% of the allocated loan amount (ALA).
Proceeds are applied sequentially for the remaining 70.0% of the
pool balance with the release price increasing to 110.0% of the
ALA. The release provisions also require the pool to maintain a
minimum debt yield of 6.7% after each property release.

The interest-only floating-rate loan had an initial two-year term
with three one-year extension options. The loan is currently
scheduled to mature in October 2023; however, the servicer noted
that the borrower is expected to exercise its first extension
option. As of the date of this press release, confirmation has yet
to be received. In addition, a replacement interest rate cap
agreement is required as part of each extension, but the cost to
purchase a rate cap has likely increased given the current interest
rate environment.

At issuance, it was noted that the portfolio benefits from a
significant degree of tenant granularity and diversification as no
tenant comprises more than 8.9% of the portfolio's net rentable
area (NRA) or more than 5.0% of total base rent. In addition, 16.8%
of the base rent is derived from investment-grade-rated tenants.
The majority of the portfolio consists of functional bulk warehouse
space with strong functionality metrics and comparatively low
proportions of office square footage, totaling 9.4% of NRA. The
five largest tenants in the portfolio are Ingram Micro, Inc. (8.9%
of NRA); Walmart (6.3% of NRA); Hand Air Express (5.4% of NRA);
FedEx Ground Package System Inc (3.6% of NRA); and East Coast/West
Coast Logistics (3.6% of NRA). All of these tenants, with the
exception of Hand Air Express, have lease terms ending between 2026
and 2028, past the loan's initial maturity date.

Historically, the portfolio has reported strong weighted-average
occupancy rates at or above 95.0% since 2018. According to the
March 2023 rent roll, the collateral reported an occupancy rate of
95.2% with an average rental rate of $9.77 per square foot. The
portfolio generated NCF of $75.5 million (debt service coverage
ratio (DSCR) of 2.04 times (x)) and $76.9 million (DSCR of 1.07x)
as of YE2022 and Q1 2023 (annualized), respectively, slightly lower
than $77.6 million (DSCR of 4.12x) at issuance. The decline in the
DSCR was primarily driven by an increase in debt service
obligations, given the loan's floating-rate structure. At issuance,
DBRS Morningstar derived a value of $1.1 billion based on a
capitalization rate of 6.5% and DBRS Morningstar NCF of $74.7
million, resulting in a DBRS Morningstar loan-to-value ratio (LTV)
of 104.4% compared with the LTV of 52.9% based on the appraised
value at issuance of $2.3 billion.

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


CARVANA 2023-P4: S&P Assigns Prelim 'BB+' Rating on Class N Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carvana Auto
Receivables Trust 2023-P4's automobile asset-backed notes.

The note issuance is an ABS transaction backed by prime auto loan
receivables.

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

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

-- The availability of 13.45%, 10.86%, 9.32%, 5.96%, and 6.27%
credit support (hard credit enhancement and haircut to excess
spread) for the class A (class A-1, A-2, A-3, and A-4), B, C, D,
and N notes, respectively, based on stressed cash flow scenarios.
These credit support levels provide over 5.00x, 4.00x, 3.33x,
2.33x, and 1.73x coverage of S&P's expected cumulative net loss of
2.30% for the class A, B, C, D, and N notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A+ (sf)', 'BBB+ (sf)', and 'BB+
(sf)' ratings on the class A, B, C, D, and N notes, respectively,
are within its credit stability limits.

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

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

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

-- S&P's operational risk assessment of Bridgecrest Credit Co. LLC
as servicer, as well as the backup servicing agreement with Vervent
Inc.

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Carvana Auto Receivables Trust 2023-P4(i)

  Class A-1, $25.71 million: A-1+ (sf)
  Class A-2, $75.00 million: AAA (sf)
  Class A-3, $75.00 million: AAA (sf)
  Class A-4, $45.17 million: AAA (sf)
  Class B, $7.71 million: AA (sf)
  Class C, $4.04 million: A+ (sf)
  Class D, $4.99 million: BBB+ (sf)
  Class N(ii), $5.90 million: BB+ (sf)

(i)The actual interest rate and amount for each class will be
determined on the pricing date.
(ii)The class N notes will be paid to the extent funds are
available after the overcollateralization target is achieved, and
they will not provide any enhancement to the senior classes.



CARVANA AUTO 2023-N3: DBRS Gives Provisional Ratings on Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of notes to
be issued by Carvana Auto Receivables Trust 2023-N3 as follows:

-- $143,374,000 at AAA (sf)
-- $36,590,000 at AA (high) (sf)
-- $32,857,000 at A (high) (sf)
-- $38,084,000 at BBB (high) (sf)
-- $31,661,000 at BB (high) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

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

(3) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar performed an operational review of Carvana,
LLC (Carvana) and Bridgecrest Credit Company, LLC and considers the
entities to be an acceptable originator and servicer, respectively,
of auto loans.

(4) The operational history of Carvana and the strength of the
overall company and its management team.

-- Company management has considerable experience in the consumer
lending business.

-- Carvana has a technology-driven platform that focuses on
providing the customer with high-level experience, selection, and
value. Its website and smartphone app provide the consumer with
vehicle search and discovery (currently showing more than 37,000
vehicles online); the ability to trade or sell vehicles almost
instantaneously; and real-time, personalized financing. Carvana has
developed underwriting policies and procedures for use across the
lending platform that leverages technology where appropriate to
validate customer identity, income, employment, residency,
creditworthiness, and proper insurance coverage.

-- Carvana has developed multiple proprietary risk models to
support various aspects of its vertically integrated automotive
lending business. All proprietary risk models used in Carvana's
lending business are regularly monitored and tested. The risk
models are updated from time to time to adjust for new performance
data, changes in customer and economic trends, and additional
sources of third-party data.

(5) The credit quality of the collateral, which includes
Carvana-originated loans with Deal Scores of 49 or lower.

-- As of the September 3, 2023 cut-off date, the collateral pool
for the transaction is primarily composed of receivables due from
nonprime obligors with a weighted-average (WA) FICO score of 574,
WA annual percentage rate of 21.95%, and WA loan-to-value ratio of
101.83%. Approximately 42.66%, 33.31%, and 24.03% of the pool
include loans with Carvana Deal Scores greater than or equal to 30,
between 10 and 29, and between 0 and 9, respectively. Additionally,
0.82% of the collateral balance is composed of obligors with FICO
scores greater than 750, 34.17% consists of FICO scores between 601
to 750, and 65.01% is from obligors with FICO scores less than or
equal to 600 or with no FICO score.

-- DBRS Morningstar analyzed the performance of Carvana's auto
loan and retail installment contract originations and static pool
vintage loss data broken down by Deal Score to determine a
projected CNL expectation for the CRVNA 2023-N3 pool.

(6) The DBRS Morningstar CNL assumption is 15.15% based on the
cut-off date pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: June 2023 Update," published on June 30, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

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

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

The rating on the Class A Notes reflects 53.25% of initial hard
credit enhancement provided by the subordinated notes in the pool
(46.60%), the reserve account (1.25%), and OC (5.40%). The ratings
on the Class B, C, D, and E Notes reflect 41.00%, 30.00%, 17.25%,
and 6.65% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities referenced
herein addresses 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 Accrued Note Interest and the related
Note Balance.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations that are not
financial obligations.

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


CHASE HOME 2023-RPL2: Fitch Puts 'B(EXP)sf' Rating on Cl. B-2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Chase Home Lending
Mortgage Trust 2023-RPL2 (Chase 2023-RPL2).

   Entity/Debt       Rating           
   -----------       ------           
Chase 2023-RPL2

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

TRANSACTION SUMMARY

Fitch Ratings expects to rate the residential mortgage-backed
Certificates to be issued by Chase Home Lending Mortgage Trust
2023-RPL2 (Chase 2023-RPL2) as indicated above. The transaction is
expected to close on Sept. 27, 2023. The certificates are supported
by one collateral group that consists of 2,149 seasoned performing
loans (SPLs) and re-performing loans (RPLs) with a total balance of
approximately $495.81 million, which includes $58.4 million, or
11.8%, of the aggregate pool balance in non-interest-bearing
deferred principal amounts, as of the statistical calculation
date.

The majority of the loans in the transaction were originated by
J.P. Morgan Chase Bank or Washington Mutual Bank (one loan was
originated by EMC Mortgage Corp.) and all loans have been held by
J.P. Morgan Chase since origination or acquisition of Washington
Mutual Bank and Bear Stearns/EMC Mortgage Corp. All the loans have
been serviced by J.P. Morgan Chase Bank N.A. since origination or
acquisition of Washington Mutual/EMC. Chase is considered an 'Above
Average' originator by Fitch. JPMorgan Chase Bank, N.A., rated
'RPS1-' by Fitch, is the named servicer for the transaction.

Distributions of principal and interest (P&I) and loss allocations
are based on a traditional senior-subordinate, sequential
structure. The sequential-pay structure locks out principal to the
subordinated certificates until the most senior certificates
outstanding are paid in full. The servicer will not be advancing
delinquent monthly payments of P&I.

There is no Libor exposure in the transaction. The collateral is
98% fixed rate and 2% step loans and the A-1 bonds are fixed rate
and capped at the net weighted average coupon (WAC)/available fund
cap and the subordinate bonds are based on the net WAC/available
fund cap.

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 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 decreased -0.2% yoy nationally as
of April 2023.

Seasoned Performing and Reperforming Credit Quality (Mixed): The
collateral consists of 2,149 seasoned performing fixed-rate fully
amortizing, step and balloon mortgage loans secured by first liens
on primarily one- to four-family residential properties, planned
unit developments (PUDs), condominiums, townhouses, manufactured
homes, cooperatives and unimproved land, totaling $496 million, and
seasoned approximately 209 months in aggregate according to Fitch
(207 months per the transaction documents).

The loans were originated mainly by Chase (33%) and Washington
Mutual (67%) with one loan originated by EMC. The vast majority of
the loans originated by EMC and Washington Mutual, were modified by
Chase after they were acquired. All loans have been serviced by
J.P. Morgan Chase Bank N.A. since origination or since the loans
were acquired from Washington Mutual or EMC.

The borrower profile is typical of recent seasoned RPL transactions
that Fitch has seen recently. The borrowers have a moderate credit
profile (695 FICO according to Fitch and 702 per the transaction
documents) and low current leverage with an updated loan-to-value
(LTV) of 45.5% as determined by Fitch (original LTV of 76.3% as
determined by Fitch) and a sustainable LTV (sLTV) as determined by
Fitch of 49.8%. Borrower DTIs were not provided so Fitch assumed
each loan had a 45% DTI in its analysis.

99% of the pool has been modified, with 24% being borrower
retention modifications. In Fitch's analysis, Fitch only considered
75% of the pool as having a modification, since these modifications
were made due to credit issues (Fitch does not consider loans that
have a borrower retention modification as having been modified in
its analysis).

As of the cut-off date the pool is 100% current. 77.0% of loans
have been clean current with 22.3% being clean current for 24
months and 54.7% have been clean current for 36 months. Many of the
prior delinquencies were related to COVID-19 and the borrowers that
were impacted by COVID-19 have successfully completed their
COVID-19 relief plan.

The pool consists of 89.0% of loans where the borrower maintains a
primary residence, while 11.0% are investment properties or second
homes. Fitch viewed the high percentage of primary residences as a
positive feature in its analysis.

There are 14 loans in the pool that were affected by a natural
disaster and incurred minor damage ranging from a max of $10,000 or
$25,000. Since the damage rep carves out damage on these loans,
Fitch reduced the updated property value by the amount of the
estimated damage as determined by the property inspection. As a
result, the sLTV was increased for these loans which in turn
increased the loss severity (LS).

Geographic Concentration (Negative): Approximately 34.6% 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
(17.3%), the Los Angeles-Long Beach-Santa Ana, CA MSA (14.1%) and
the Miami-Fort Lauderdale-Miami Beach, FL MSA (9.1%). The top three
MSAs account for 40.5% of the pool. As a result, there was a 1.02x
probability of default penalty for geographic concentration, which
increased the 'AAA' loss by 0.12%.

No Advancing (Positive): The servicer will not be advancing
delinquent monthly payments of principal and interest. Because P&I
advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust, the
loan-level LS are less for this transaction than for those where
the servicer is obligated to advance P&I. Structural provisions and
cash flow priorities, together with increased subordination,
provide for timely payments of interest to the 'AAAsf' and 'AAsf'
rated classes.

Sequential Payment Structure (Positive): The transaction's cash
flow is based on a sequential-pay structure whereby the subordinate
classes do not receive principal until the senior classes are
repaid in full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated Certificates prior to other
principal distributions is highly supportive of timely interest
payments to that class with no advancing.

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.

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 review was
performed on 20.6% of the loans in the transaction pool. The
third-party due diligence described in Form 15E focused on
compliance review, payment history review, servicing comment
review, and title review. All loans in the compliance due diligence
sample set that are in the final pool received a compliance grade
of A or B with no material findings.

AMC conducted a tax and title review on 565 of the loans (26.3%).
The review found there are $939,865 in outstanding tax, municipal,
HOA liens (0.19% of the total pool balance). The servicer confirmed
they are monitoring for outstanding tax, municipal, HOA liens and
will advance as needed to maintain the first lien position.

The servicer confirmed that all liens are in first lien position
and that lien status is being monitored and will be advanced on, as
needed. All the loans are serviced by Chase, and Chase stated they
follow standard servicing practices to monitor lien status, tax and
title issues (including municipal and HOA liens) and advance as
needed to maintain the first lien status of the loans.

A custodial review was conducted on all loans. There are 766
missing or defective documents that impact 524 loans in the pool,
which Chase is actively tracking down. Chase also consulted their
foreclosure attorney who confirmed that the majority of the missing
documents would not prevent a foreclosure. If Chase is not able to
obtain the missing documents by the time the loan goes to
foreclosure, and they are not able to foreclose, they will
repurchase the loan.

A pay history review was conducted on a sample set of loans by AMC.
This review that confirmed the pay strings are accurate and the
servicer confirmed the payment history was accurate for all the
loans. As a result, 100% of the pool had the payment history
confirmed.

Fitch considered the results of the due diligence in its analysis.
Fitch did not make any adjustments to the expected losses due to
the fact that the review resulted in no material findings and
mitigating factors. The mitigating factors that Fitch took into
consideration are that the outstanding tax and tile issues are
insignificant and would not have a material impact on the losses,
JPMorgan Chase is the servicer and is monitoring for tax/title
issues in order to maintain the first lien position, the servicer
confirmed the payment history on 100% of the loans, the custodian
is actively tracking down missing documents and the missing
documents would not prevent a foreclosure, and JPMorgan Chase is
the R&W provider who holds an investment-grade rating from Fitch.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 20.6% 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 grades. Minimal exceptions
and waivers were noted in the due diligence reports. Refer to the
Third-Party Due Diligence section of the presale for more details.

AMC also performed a serving comment review, payment history
review, and data integrity review of the loans that had a
compliance review.

565 had a tax and title review performed by AMC.

For 100% of the loans in the pool, Fitch also received confirmation
from the servicer on the payment history provided in the loan tape
and confirmation that all liens are in the first lien position.

JPMorgan Chase has a very robust process for confirming the data in
loan tape is accurate based on the documentation they have in the
loan files and servicing systems, which is a mitigating factor to
the limited data integrity review by AMC in addition to the R&W
being provided by JPMorgan Chase.

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; however, this information was not provided
based on the American Securitization Forum's (ASF) data layout
format. Despite this difference in data presentation, Fitch
considered the data to be comprehensive. The data contained in the
data tape were reviewed 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.


CIFC-LBC MIDDLE 2023-1: S&P Assigns BB- (sf) Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  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 2014-GC19: Fitch Affirms 'Bsf' Rating on Class F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust 2014-GC19, commercial mortgage pass-through
certificates, Series 2014-GC19. The Rating Outlooks for classes D,
E, F and X-C have been revised to Negative from Stable. The under
criteria observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CGCMT 2014-GC19

   A-3 17322AAC6    LT  AAAsf  Affirmed   AAAsf
   A-4 17322AAD4    LT  AAAsf  Affirmed   AAAsf
   A-AB 17322AAE2   LT  AAAsf  Affirmed   AAAsf
   A-S 17322AAF9    LT  AAAsf  Affirmed   AAAsf
   B 17322AAG7      LT  AAAsf  Affirmed   AAAsf
   C 17322AAH5      LT  AAsf   Affirmed    AAsf
   D 17322AAM4      LT  BBBsf  Affirmed   BBBsf
   E 17322AAP7      LT  BBsf   Affirmed    BBsf
   F 17322AAR3      LT  Bsf    Affirmed     Bsf
   PEZ 17322AAL6    LT  AAsf   Affirmed    AAsf
   X-A 17322AAJ1    LT  AAAsf  Affirmed   AAAsf
   X-B 17322AAK8    LT  AAAsf  Affirmed   AAAsf
   X-C 17322AAV4    LT  BBsf   Affirmed    BBsf

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 affirmations reflect the impact of the updated criteria and
relatively stable pool performance and loss expectations since
Fitch's last rating action. Fitch's current ratings incorporate a
'Bsf' rating case loss of 6.1%. Seven loans (27.4% of the pool)
have been designated as Fitch Loans of Concerns (FLOCs), including
one loan (1.7%) in special servicing

The Negative Outlook revisions on classes D, E, F and X-C reflect
performance concerns on the CityScape - East Office/Retail (11.6%),
350 North Clark (3.4%), Mid-City Plaza (2.5%) and Western Crossing
(2.1%) loans. Fitch increased these loan's probability of default
to address upcoming refinance risk due to their significant
near-term tenant rollover and/or weak occupancy and cash flow
metrics.

FLOCs/Contributors to Loss: The largest contributor to overall loss
expectations is the largest loan, CityScape - East Office/Retail
(11.6%), which is secured by a 641,935-sf mixed-use development
located in Phoenix, AZ. The collateral for the loan consists of a
28-story office tower with a retail component and a five-story
subterranean parking garage. The property is part of a larger
development that includes the Hotel Palomar, a 250-room Kimpton
hotel; CityScape Residences, a 224-unit apartment building;
additional retail; and additional parking.

Per the December 2022 rent roll, occupancy was 99%, with no leases
rolling in 2024. A new lease with Snell & Willmer LLP's (19.5% NRA
through October 2037) commenced in November 2022. The other largest
tenants are Alliance Bank of Arizona (32.8%; October 2030) and
Jennings Strouss & Salmon (8.6%; December 2026).

Fitch's 'Bsf' rating case loss of 15% (prior to a concentration
add-ons) reflects a cap rate of 9% and a 5% stress to the YE 2021
NOI. The loan's probability of default was increased to 100% due to
refinance concerns amid the upcoming January 2024 maturity date.

The second largest contributor to overall loss expectations is the
specially serviced Festival Plaza loan (1.7%), which is secured by
a neighborhood retail center located in Montgomery, AL. The loan
transferred to special servicing in May 2020 for imminent default
due to AMC Theater's inability to make rental payments as a result
of pandemic-related hardships. AMC's lease was modified, including
an extension by 36 months to December 2023 and significant rental
concessions.

The borrower requested debt service relief as a result of the lower
property cash flow due to the lease modification. Despite the
property experiencing positive leasing momentum, the asset became
REO in December 2022. Fitch's base case loss of 66% incorporates a
discount to a recent appraisal, reflecting a stressed value of $46
psf.

The third largest contributor to overall loss expectations is the
350 North Clark loan (3.4%), which is secured by an 110,664-sf
office building located in the River North neighborhood of Chicago.
The property was 93% occupied as of YE 2022, an improvement from
86% in March 2022. The largest tenants at the property are
Cleverbridge Inc (26.6%; May 2024), The Good Plate Hospitality
Group (15%; June 2026) and Friedman Properties (14.0%; March 2027).
YE 2022 NOI DSCR was 1.27x compared with 1.40x at YE 2021 and 1.63x
at 2020.

Fitch's 'Bsf' rating case loss of 25% (prior to a concentration
add-ons) reflects a cap rate of 10% and a 20% stress to the
trailing twelve-month ending March 2023 NOI due to tenant rollover
and overall high submarket vacancy in the Chicago metro. The loan's
probability of default was increased to 100% due to refinance
concerns amid the upcoming February 2024 maturity date.

Improved CE: As of the August 2023 distribution date, the pool's
aggregate balance has been reduced by 35.9% to $651.0 million from
$1.0 billion at issuance. Thirty-one loans (42.1% of the pool) were
defeased. All loans in the pool mature between November 2023 and
March 2024.

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 the expected continued paydowns and sufficient CE relative
to loss expectations, but may occur should interest shortfalls
affect these classes.

Downgrades to the 'BBBsf' rated class may occur if expected losses
increase significantly for the FLOCs, especially CityScape - East
Office/Retail, 350 North Clark, Mid-City Plaza and Western
Crossing, or loans expected to repay at maturity transfer to
special servicing.

Downgrades to the 'BBsf' and 'Bsf' rated classes will occur with a
greater certainty of losses from continued performance decline of
the FLOCs or if actual realized losses exceed expectations.

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

Upgrades to the 'AAsf' and 'BBBsf' rated classes would likely occur
with significant improvement in CE and/or defeasance, and
stabilization of performance for the FLOCs, especially CityScape -
East Office/Retail, 350 North Clark, Mid-City Plaza and Western
Crossing; however, adverse selection and increased concentrations
could cause this trend to reverse.

Upgrades to the 'BBsf' and 'Bsf' rated classes are 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, 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.

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-P8: Fitch Affirms 'B-sf' Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 21 classes of Citigroup Commercial
Mortgage Trust 2017-P8 commercial mortgage pass-through
certificates (CGCMT 2017-P8). In addition, the Rating Outlooks on
eight classes were revised to Negative from Stable. The under
criteria observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CGCMT 2017-P8

   A-2 17326DAB8    LT  AAAsf  Affirmed    AAAsf
   A-3 17326DAC6    LT  AAAsf  Affirmed    AAAsf
   A-4 17326DAD4    LT  AAAsf  Affirmed    AAAsf
   A-AB 17326DAE2   LT  AAAsf  Affirmed    AAAsf
   A-S 17326DAF9    LT  AAAsf  Affirmed    AAAsf
   B 17326DAG7      LT  AA-sf  Affirmed    AA-sf
   C 17326DAH5      LT  A-sf   Affirmed    A-sf
   D 17326DAM4      LT  BBB-sf Affirmed    BBB-sf
   E 17326DAP7      LT  BB-sf  Affirmed    BB-sf
   F 17326DAR3      LT  B-sf   Affirmed    B-sf
   V-2A 17326DBF8   LT  AAAsf  Affirmed    AAAsf
   V-2B 17326DBH4   LT  AA-sf  Affirmed    AA-sf
   V-2C 17326DBK7   LT  A-sf   Affirmed    A-sf
   V-2D 17326DBM3   LT  BBB-sf Affirmed    BBB-sf
   V-3AC 17326DBR2  LT  A-sf   Affirmed    A-sf
   V-3D 17326DBV3   LT  BBB-sf Affirmed    BBB-sf
   X-A 17326DAJ1    LT  AAAsf  Affirmed    AAAsf
   X-B 17326DAK8    LT  AA-sf  Affirmed    AA-sf
   X-D 17326DAV4    LT  BBB-sf Affirmed    BBB-sf
   X-E 17326DAX0    LT  BB-sf  Affirmed    BB-sf
   X-F 17326DAZ5    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.

Stable Loss Expectations: Loss expectations for the pool remain
stable since Fitch's prior rating action. Twelve loans (30.6% of
pool) were flagged as Fitch Loans of Concern (FLOCs), including
three office properties in the top 15 with upcoming rollover
concerns and/or declining performance. According to the servicer,
the Grant Building loan (3.4%), which is also a FLOC, recently
transferred to special servicing on Sept. 18, 2023. No further
details relating to the transfer was provided by the servicer.
Fitch's current ratings reflect a 'Bsf' rating case loss of 3.60%.

The Negative Outlooks reflect performance concerns and high overall
exposure to office loans (34.5% of the pool), particularly 225 &
233 Park Avenue South (5.8%) and Bank of America Plaza (4.2%).

Fitch Loans of Concern: The largest contributor to overall expected
losses is the 440 Mamaroneck Avenue (2.9%) loan, which is secured
by a 239,156-sf suburban office property located in Harrison, NY.
The property's largest tenants include TransAmerica Life Insurance
(12.0% of NRA, leased through May 2025), Sprague HP Holdings/Castle
Oil (7.1%, May 2025), and The Plastic Surgery Center of Westchester
(4.6%, January 2033).

The property's occupancy as of the June 2023 rent roll was 55.2%,
compared to 56% at YE 2022, 69% at YE 2021, 88% at YE 2020 and 87%
at YE 2019. Occupancy declined due to several tenants vacating from
the property upon lease expiry. According to the servicer
commentary, the borrower has stated they are in negotiations with
two of the prospective tenants. Near-term lease rollover includes
2.3% of NRA in 2023, 5.0% in 2024 and 20.5% in 2025.

NOI DSCR was 0.45x as of June 2023, compared with 0.60x at YE 2022,
1.08x at YE 2021, 1.38x at YE 2020, and 1.29x at YE 2019. The loan
has remained current and reported $4.1 million ($17.29 psf) in
reserves as of August 2023.

According to CoStar, the property lies within the East I-287 Office
Submarket of the New York market area. As of Q2 2023, average
rental rates were $32.20 psf and $56.08 psf for the submarket and
market, respectively. Vacancy for the submarket and market was
15.3% and 13.2%, respectively. As of the June 2023 rent roll, the
property reported an average in-place rental rate of $24.04 psf.

Fitch's 'Bsf' case loss of 19.9% (prior to a concentration
adjustment) is based on a 10% cap rate to the YE 2022 NOI. Fitch
also assumed a higher probability of default given the subject's
low occupancy.

The second largest contributor to overall expected losses is the
Mall of Louisiana loan (4.3% of pool), which is secured by a 1.5
million-sf (776,789 sf collateral) super-regional mall located in
Baton Rouge, LA. Collateral tenants include an AMC Theater (9.4% of
NRA), Dick's Sporting Goods (9.3%), Main Event Entertainment (6.2%)
and Nordstrom Rack (3.8%). Non-collateral anchor tenants are
Macy's, JCPenney and Dillard's. A non-collateral Sears closed in
May 2021 and the borrower has not reported any leasing prospects.

Collateral occupancy was 85.2% as of the March 2023 rent roll,
compared with 88% at YE 2022, 92% at YE 2021, 89% at YE 2020 and
92.6% at YE 2019. The YE 2022 NOI improved by 6.3% from YE 2021 and
was 6.9% below the pre-pandemic YE 2019 NOI.

Comparable inline sales for tenants less than 10,000-sf was $482
psf (excluding Apple) at YE 2022, compared to $539 psf at YE 2021,
$335 psf at YE 2020, $454 psf at YE 2019 and $461 psf at YE 2018.
Including Apple, the YE 2022 comparable inline sales for tenants
less than 10,000-sf was $629 compared to $679 psf at YE 2021, $394
psf at YE 2020 and $587 psf at YE 2019. AMC Theatres reported YE
2022 sales of $134,266 per screen, compared to YE 2021 sales of
$64,467 per screen, $199,956 per screen for YE 2020, $342,833 per
screen for YE 2019, and $560,583 per screen at issuance. AMC was
closed for a significant portion of 2020 due to the pandemic.

Fitch's 'Bsf' case loss of 8.8% (prior to a concentration
adjustment) is based on a 12.50% cap rate and 5% stress to the YE
2021 NOI.

Fitch is also monitoring the performance of the Bank of America
Plaza (4.2%) loan, which is secured by a 438,996-sf, suburban
office property located in Troy, MI. The property's occupancy
declined to 56% as of March 2023, from 91% at YE 2022, unchanged
from YE 2021, 88% at YE 2020 and 89% at YE 2019. Occupancy declined
after the property's previous largest tenant, Bank of America
(previously, 35.2% of NRA; 39.3% of base rental income) vacated
upon lease expiry in January 2023.

The property's largest tenants include; Dickinson Wright (23.4% of
NRA, leased through July 2029), Caretach Solutions (7.2%, April
2023), and Horizon Global (5.9%, October 2027).

According to CoStar, the property lies within the Troy South Office
Submarket of the Detroit market area. As of Q2 2023, average rental
rates were $21.04 psf and $21.62 psf for the submarket and market,
respectively. Vacancy for the submarket and market was 18.7% and
11.9%, respectively. As of the December 2022 rent roll, the
property reported an average in-place rental rate of $27.80 psf
which is above the submarket rent.

The loan reported $7.6 million ($17.3 psf) in total reserves as of
the August 2023 loan reserve report and is scheduled to mature in
September 2024.

Fitch's 'Bsf' case loss of 2.0% (prior to a concentration
adjustment) is based on a 10.50% cap rate and 40% stress to the YE
2022 NOI to reflect the vacant Bank of America space and refinance
concerns.

Minimal Increase Credit Enhancement (CE): As of the September 2023
distribution date, the pool's aggregate principal balance has been
reduced by 4.6% to $1.04 billion from $1.09 billion at issuance.
Seven loans (9.2%) are fully defeased and one loan, Mountain Cactus
Ranch, has been prepaid via yield maintenance (0.5% of original
pool balance). Nineteen loans, representing 45.1% of the pool, are
full-term interest-only. Sixteen loans, representing 35.0% of the
pool, are structured with a partial interest-only component, all of
which have commenced amortization. The majority of the loans in the
pool (93.7%) are scheduled to mature in 2027, the Bank of America
plaza (4.2%) loan is scheduled to mature in September 2024, and the
3901 North First Street (2.1%) loan is schedule to mature in July
2029. 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 would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to the
'AA-sf' and 'AAAsf' categories are not likely due to sufficient CE
and expected continued amortization, but may occur should interest
shortfalls affect these classes. Downgrades to the 'A-sf' and
'BBB-sf' categories would occur if a high proportion of the pool
defaults and expected losses increase significantly. Downgrades to
the 'B-sf' and 'BB-sf' categories would occur should loss
expectations increase due to an increase in FLOCs or specially
serviced loans.

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

Upgrades would occur with stable to improved asset performance
coupled with pay down and/or defeasance. Upgrades to the 'A-sf' and
'AA-sf' categories would likely occur with significant improvement
in CE and/or defeasance; however, adverse selection, increased
concentrations and/or further underperformance of the FLOCs or
loans expected to be negatively affected by the coronavirus
pandemic could cause this trend to reverse. Upgrades to the
'BBB-sf' category would also take into account these factors but
would be limited based on sensitivity to concentrations or the
potential for future concentration. Classes would not be upgraded
above 'Asf' if interest shortfalls are likely. Upgrades to the
'B-sf' and 'BB-sf' 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.


CITIGROUP COMMERCIAL 2016-C3: DBRS Confirms BB Rating on E Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2016-C3 issued by
Citigroup Commercial Mortgage Trust 2016-C3, as follows:

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

All trends are Stable.

The rating confirmations reflect the overall healthy financial
performance of the pool, as exhibited by the weighted-average (WA)
debt service coverage ratio (DSCR), which, for loans that reported
YE2022 financials, was reported at 2.32 times (x). In addition, the
transaction has seen an increase in defeasance and principal
paydown since DBRS Morningstar's last review, with over 14.0% of
the pool defeased and a principal reduction of over 16.8% since
issuance.

The pool is concentrated by property type with loans backed by
office and retail properties representing 28.8% and 25.9% of the
current pool balance, respectively. One of those loans, Briarwood
Mall (Prospectus ID#1, 10.3% of the pool), which is secured by a
regional mall in Ann Arbor, Michigan, has seen deteriorations in
operating performance as evidenced by the sustained decline in net
cash flow (NCF) and occupancy since issuance, the details of which
are further discussed below. In addition, the office sector
continues to face challenges given low investor appetite for the
property type and high vacancy rates in many submarkets, as a
result of the shift in workplace dynamics. Although the office
sector has seen significant challenges in the current economic
environment, the majority of office properties secured in this
transaction continue to perform as expected, with a WA DSCR above
2.50x, based on the most recent financial reporting. Where
applicable, DBRS Morningstar increased the probability of default
(POD) and, in certain cases, applied stressed loan-to-value ratios
(LTVs) for loans that are secured by office properties and/or loans
that are showing increased risk from issuance.

As of the August 2023 remittance, 39 of the original 44 loans
remain in the pool with a trust balance of $629.4 million,
reflecting a collateral reduction of 16.8% since issuance. Ten
loans, representing 14.2% of the pool, are fully defeased. There
are no specially serviced loans; however, 10 loans, representing
34.3% of the pool, are on the servicer's watchlist. These loans are
mainly being monitored for occupancy declines, low cash flow, and
cash management initiations.

The largest loan on the servicer's watchlist, Briarwood Mall, is
secured by a 370,000-square-foot (sf) portion of a super-regional
mall in Ann Arbor, Michigan. The subject is anchored by
noncollateral tenants Macy's, JCPenney, and Von Maur, with a vacant
box formerly occupied by Sears. The loan is sponsored by a joint
venture between Simon Property Group (Simon) (50.0% beneficial
interest) and General Motors Pension Trust (50.0% beneficial
interest). Based on Simon's Q2 2023 Supplementary Report, the
property remains classified as one of Simon's core assets. The loan
has been monitored on the servicer's watchlist since September 2021
for occupancy-related concerns stemming from several tenant
departures, including H&M (3.6% of net rentable area (NRA), Gap
(3.6% of NRA), Banana Republic (1.9% of NRA), and MC Sports (6.1%
of NRA). Both occupancy and DSCR have declined every year since
issuance, most recently being reported at 66.0% and 1.87x,
respectively, as of YE2022; however, according to servicer
watchlist commentary, occupancy has declined to 45.0%. Through Q1
2023, the loan reported an annualized NCF of $8.3 million,
resulting in a DSCR of 1.53x, well-below the DBRS Morningstar DSCR
derived at issuance of 2.82x.

Although the loan is still hovering above 1.50x, concerns remain,
given the uptick in vacancy, lack of leasing activity, and dark
anchor box. Additionally, both JCPenney and Von Maur have lease
expirations in October 2023 and tenants representing 28.4% of NRA
have leases that are scheduled to expire in the next 12 months. The
borrower is reportedly working on a redevelopment plan for the
vacant Sears space. Local news articles report that a mixed-use
development could replace the old Sears box and would include a new
grocery store, additional retail space, and multifamily units. DBRS
Morningstar has inquired about the status of the development and a
response is outstanding as of the date of this press release.
Despite the potential benefits that could be realized should the
development be approved, DBRS Morningstar believes the current
value of the property is materially lower than the issuance value
of $336.0 million given the previously mentioned challenges. To
recognize the increased credit risk for this loan, DBRS Morningstar
applied an elevated POD adjustment in its analysis, resulting in an
expected loss that was more than double pools overall expected
loss.

The second-largest loan on the watchlist is 101 Hudson (Prospectus
ID#3, 8.9% of the pool), secured by a 1.3 million-sf, Class A
office property on the waterfront in Jersey City, New Jersey. The
loan has been monitored on the servicer's watchlist because of
declines in occupancy following the departure of the property's
former second-largest tenant, National Union Fire Insurance
(formerly 20.2% of NRA), which vacated in 2018. Occupancy has
remained steady since then, with the property maintaining an
occupancy rate in the mid-70.0% range. As of March 2023, the
property reported an occupancy rate of 73.0%. Despite the sustained
low occupancy, the loan's DSCR was reported at 2.35x as of YE2022
but remains below the DBRS Morningstar DSCR of 2.88x. Although DBRS
Morningstar remains concerned about the broader office market and
declines in occupancy, the collateral's value is in excess of the
current loan amount, as evidenced by The Birch Group's acquisition
of the collateral in October 2022 at a value of $346.0 million,
implying a current LTV of 72.3%.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to Potomac Mills (Prospectus ID#6, 5.6% of the pool). DBRS
Morningstar has confirmed that the performance of this loan remains
consistent with the investment-grade loan characteristics.

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



CITIGROUP COMMERCIAL 2017-B1: DBRS Confirms B Rating on X-F Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2017-B1 issued by
Citigroup Mortgage Trust 2017-B1 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which generally remains in line with DBRS
Morningstar's expectations since the last rating action in November
2022. While there are increased risks for a handful of loans,
including two specially serviced loans representing 2.0% of the
pool balance, reported performance metrics for the majority of the
pool have been strong, evidenced by the pool's healthy
weighted-average (WA) debt service coverage ratio (DSCR) of 2.44
times (x). DBRS Morningstar recognizes that the transaction's
office concentration of nine office loans, representing 32.5% of
the pool balance, poses increased credit risk as uncertainty around
the future demand for the property type looms. In the analysis for
this review, certain loans backed by office properties and other
properties exhibiting declines in performance from issuance or
demonstrating increased risks from issuance were analyzed with
stressed scenarios to increase the expected losses as applicable.
The resulting WA expected loss for the office loans in the pool is
about 45% higher than the pool's average expected loss.

As of the August 2023 remittance, 45 of the original 48 loans
remain in the pool, with an aggregate trust balance of $848.1
million, representing a collateral reduction of approximately 9.9%
since issuance as a result of repayment and scheduled loan
amortization. Five loans, representing 4.0% of the pool, have been
fully defeased. In addition to the two previously mentioned
specially serviced loans, there are six loans, representing 10.5%
of the pool, being monitored on the servicer's watchlist for
various concerns, including declining DSCR, recent and/or upcoming
tenant rollover risk, and lack of updated financials.

The largest loan on the servicer's watchlist, Wellington Commercial
Condo (Prospectus ID#10, 3.5% of the pool balance), is secured by
the borrower's fee-simple interest in a 42,380-square-foot (sf)
anchored retail property in Upper East Side Manhattan at the base
of a 156-unit luxury apartment building. The loan was added to the
servicer's watchlist in 2018 for a low DSCR. Based on the
financials for the trailing six months (T-6) ended June 30, 2023,
the loan reported a DSCR of 1.63x, an improvement from the YE 2022,
YE2021, and YE2020 figures of 0.83x, 1.08x, and 0.96x,
respectively. Servicer reported occupancy of 100% at June 2023 is
unchanged from YE2022 and represents a significant increase from
65% at YE2021 and YE2020 after new tenant 82Roses LLC took
occupancy of 43.1% of the net rentable area (NRA) in 2022 with a
lease expiration in November 2037.

The second-largest loan on the servicer's watchlist, TKG 4 Retail
Portfolio (Prospectus ID#12, 2.9% of the pool balance), is secured
by the borrower's fee-simple interests in a portfolio of two
anchored retail properties with a combined 301,530 sf located in
Ohio and Nebraska. The loan was added to the servicer's watchlist
in 2021 for a low DSCR, reported at 1.08x, which has since declined
to 0.9x as of YE2022. Occupancy has fluctuated between 80% and 91%
since YE2020 but the spikes in occupancy are attributable to a
seasonal tenant, Spirit Halloween, leaving a significant chunk of
space vacant more than half of the year. Given the concerns
surrounding the prolonged decline in DSCR and occupancy, DBRS
Morningstar applied a probability of default penalty in its
analysis, resulting in an expected loss that was nearly four times
the pool's WA expected loss.

The third-largest loan on the servicer's watchlist, 6 West 48th
Street (Prospectus ID#19, 1.8% of the pool balance), is secured by
a 78,450-sf office space in New York's Midtown neighborhood, built
in 1918 and renovated in 1989. Servicer reported occupancy and DSCR
as of YE2022 declined to 11.0% and 0.86x, respectively, from 64.0%
and 1.81x at YE2021, after multiple tenants vacated. These included
Rockefeller Philanthropy Advisory Group, which vacated a space
representing 24% of the NRA at lease expiration in October 2022,
moving its headquarters to lower Manhattan. According to the
servicer, as of June 2023, the DSCR has declined further to -1.31x.
Given the property's vintage combined with the shift in workplace
dynamics resulting in challenges for older properties, DBRS
Morningstar anticipates there will be significant challenges
stabilizing the property back to historical occupancy levels.
Consequently, DBRS Morningstar applied a stressed loan-to-value
ratio and increased the probability of default penalty, resulting
in an expected loss approximately 6.5 times that of the pool
average.

The transaction benefits from four loans that are shadow-rated
investment grade: General Motors Building (Prospectus ID#1, 10.9%
of the pool), Lakeside Shopping Center (Prospectus ID#2, 7.0% of
the pool), Two Fordham Square (Prospectus ID#5, 6.2% of the pool),
and Del Amo Fashion Center (Prospectus ID#18, 2.4% of the pool).
With this review, DBRS Morningstar confirms that the performance of
these four loans is consistent with the investment-grade shadow
ratings.

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


COMM 2014-UBS6: Fitch Affirms CCCsf Rating on 2 Tranches
--------------------------------------------------------
Fitch Ratings has affirmed 14 classes of COMM 2014-UBS6 Mortgage
Trust pass-through certificates, which were issued by Deutsche Bank
Securities, Inc. The Rating Outlooks on classes B and X-B remain
Positive, and on classes D, E and X-C have been revised to Negative
from Stable. The under criteria observation (UCO) has been
resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
COMM 2014-UBS6

   A-4 12592PBE2    LT  AAAsf   Affirmed   AAAsf
   A-5 12592PBF9    LT  AAAsf   Affirmed   AAAsf
   A-M 12592PBH5    LT  AAAsf   Affirmed   AAAsf
   A-SB 12592PBD4   LT  AAAsf   Affirmed   AAAsf
   B 12592PBJ1      LT  AAsf    Affirmed   AAsf
   C 12592PBL6      LT  A-sf    Affirmed   A-sf
   D 12592PAJ2      LT  BBsf    Affirmed   BBsf
   E 12592PAL7      LT  Bsf     Affirmed   Bsf
   F 12592PAN3      LT  CCCsf   Affirmed   CCCsf
   PEZ 12592PBK8    LT  A-sf    Affirmed   A-sf
   X-A 12592PBG7    LT  AAAsf   Affirmed   AAAsf
   X-B 12592PAA1    LT  AAsf    Affirmed   AAsf
   X-C 12592PAC7    LT  BBsf    Affirmed   BBsf
   X-D 12592PAE3    LT  CCCsf   Affirmed   CCCsf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance of the pool since the prior rating action.
Fitch's current ratings incorporate a 'Bsf' rating case loss of
5.4%. Nine loans are Fitch Loans of Concern (FLOCs; 18.1% of the
pool), including four loans (7.3%) currently in special servicing.

The Positive Outlook on classes B and X-B reflect the potential for
upgrade with continued paydown and/or additional defeasance, as
well as a higher likelihood of loans refinancing at or before
maturity.

The Negative Outlooks on classes D, E and X-C reflect the potential
for downgrades with higher than expected losses on the FLOCs, or
more loans than anticipated transfer to special servicing due to an
inability to refinance at maturity, particularly 811 Wilshire
(3.9%) and University Edge (3.6%).

The largest loan in special servicing and largest contributor to
expected losses is the Highland Oaks Portfolio loan (3.4%). The
collateral is comprised of two suburban office properties located
in Downers Grove, IL, approximately 20 miles west of Chicago.
Highland Oaks I (101,491-sf) and Highland Oaks II (218,000-sf) were
built in 1980 and 1982, respectively, and both were renovated in
1990. At issuance, the buildings' primary tenant was Health Care
Service Corporation dba Blue Cross Blue Shield (55.7% NRA);
however, the tenant exercised a termination option in 2022, ahead
of its December 2025 expiration, resulting in overall occupancy
declining to 31%. The loan transferred to special servicing due to
imminent default and subsequently defaulted on the March 2023
payment. The servicer plans to dual track foreclosure and workout
discussions with the borrower. The loan has a November 2024
maturity.

Fitch's 'Bsf' rating case loss of 46% (prior to concentration
adjustments) is based on a 10% cap rate and a 75% stress to the YE
2022 NOI to account for the loss of Blue Cross Blue Shield.

The second largest contributor to expected losses is the University
Edge loan, which is secured by a 578-bed off-campus student housing
property located in Akron, OH, across the street from the
University of Akron. The property opened in 2014 with units ranging
in size from two to four bedrooms, each with two to four bathrooms,
and includes ground-level retail leased to tenants including
Arby's, Amazon, Five Guys, Penn Station and Chipotle.

The loan transferred to special servicing in March 2022 for
imminent default, but returned to the master servicer in April 2023
as a corrected mortgage. The loan is current and under cash
management due to a low debt service coverage ratio (DSCR), which
has improved to 1.15x at YE 2022 from 0.82x at YE 2021. Subject
occupancy was reported to be 98% as of YE 2022 compared to 87% at
YE 2021 and 83% at YE 2020.

Fitch's 'Bsf' rating case loss of 31% (prior to concentration
adjustments) is based on a 10.25% cap rate and a 7.5% stress to the
YE 2022 NOI, factoring a 100% probability of default due to the
continued poor cash flow, low DSCR and refinance concerns.

The third largest contributor to expected losses is the 811
Wilshire loan, which is secured by a 336,190-sf office property
located in downtown Los Angeles. The largest tenants include GSA
(11% NRA, lease expiry in April 2027) and Hathaway Dinwiddie
Construction (5%, December 2026). Subject occupancy has declined to
56% as of YE 2022; however, the DSCR remains strong at 1.94x.
Fitch's 'Bsf' rating case loss of 18% (prior to concentration
adjustments) is based on a 10% cap rate and a 5% stress to the YE
2021 NOI, factoring a higher probability of default due to the low
occupancy and refinance concerns.

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/assets. Downgrades to classes A-SB through B are not expected
due to increasing CE and expected paydown from maturing loans, but
may occur should interest shortfalls affect these classes.
Downgrades to classes C may occur if a high proportion of the pool
defaults at or prior to maturity and losses increase sizably on the
FLOCs, including Highland Oaks Portfolio, University Edge and 811
Wilshire.

Downgrades to classes D and E are possible if loans anticipated to
refinance fail to repay at maturity and transfer to special
servicing, particularly 811 Wilshire and University Edge, and/or
expected losses on the specially serviced loans are higher than
expected.

A downgrade to the distressed class F would occur with greater
certainty of losses or as losses are realized.

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

The Positive Outlook on classes B and IO class X-B reflect the
potential for upgrade with continued stable to improved asset
performance, particularly on the FLOCs, additional paydown and/or
defeasance, as well as a higher likelihood of loans refinancing at
or before maturity.

Upgrades to classes C, D and X-C could occur with large improvement
in CE and/or defeasance, and with the stabilization of performance
amongst the FLOCs and specially serviced loans.

Upgrades to class E would also consider these factors, but would be
limited based on sensitivity to concentrations or the potential for
future concentrations. The class would not be upgraded above 'Asf'
if there is a likelihood of interest shortfalls. An upgrade to
class F is 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 class.

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.


DBGS 2018-C1: DBRS Confirms B Rating on Class G-RR Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates issued by DBGS
2018-C1 Mortgage Trust:

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

DBRS Morningstar also changed the trend on Class D to Negative from
Stable, while Classes X-D, E, X-F, F, and G-RR continue to carry
Negative trends. All other trends are Stable.

The rating confirmations and Stable trends reflect the overall
stable performance of the transaction, which remains in line with
DBRS Morningstar's expectations since the last rating action.
However, there are some challenges for the pool with three loans in
special servicing and a high concentration of loans secured by
office properties, some of which have exhibited notable declines in
performance since issuance. DBRS Morningstar notes mitigating
factors including the relatively low loss severities assumed for
the specially serviced assets given the current workout strategy or
recent property valuations, and the overall performance metrics for
office loans based on the most recent reporting. The transaction
also benefits from a concentration of loans shadow-rated investment
grade, representing 30.2% of the pool, and five years of
amortization since issuance. However, given the loan-specific
challenges for some of the office loans and the downward pressure
implied by the CMBS Insight Model results, the Negative trends for
the six lowest-rated classes most exposed to loss were warranted.

Per the August 2023 reporting, 35 of the original 37 loans remained
in the trust, with an aggregate principal balance of approximately
$1.0 billion, reflecting a collateral reduction of 5.9% since
issuance as a result of scheduled loan amortization and loan
repayment. Two loans, representing 4.3% of the pool, are secured by
collateral that has been fully defeased. There are five loans,
representing 14.6% of the pool, on the servicer's watchlist, and
three loans, representing 4.6% of the pool, in special servicing,
discussed in more detail further below.

Excluding collateral that has been defeased, the pool is most
concentrated by loans that are secured by office and retail
properties, which represent 39.5% and 26.8% of the pool,
respectively. In general, the office sector has been challenged,
given the low investor appetite for the property type and high
vacancy rates in many submarkets as a result of the shift in
workplace dynamics. In its analysis for this review, DBRS
Morningstar adjusted seven loans backed by office properties
exhibiting declines in performance with stressed loan-to-value
(LTV) ratios or increased probability of default (POD) assumptions,
resulting in a weighted-average (WA) expected loss (EL) for those
loans that was more than double the pool's WA figure.

The largest loan on the servicer's watchlist, Time Square Office
Renton, is secured by a 323,737-square-foot (sf), Class B suburban
office property in Renton, Washington. The loan was added to the
servicer's watchlist in May 2023 because of a low debt service
coverage ratio (DSCR), most recently reported at 1.13 times (x) as
of Q1 2023, reflecting a 16.9% decline since issuance as a result
of increased vacancy. Per the March 2023 rent roll, the property
was 76.5% occupied, well below 90.6% at issuance, primarily
stemming from the departure of Integra Telecom (formerly 14.1% of
the net rentable area (NRA)) in June 2021. While the largest
tenant, Geico (17.7% of the NRA), renewed prior to its 2020 lease
expiration through April 2028, tenants representing approximately
22.5% of the NRA have scheduled lease expirations during the next
12 months, including the second-largest tenant, Microscan Systems
(12.7% of the NRA), which has a lease expiration in May 2024. As of
Q2 2023, Reis reported that office properties in the
Renton/Kent/Southend submarket reported an average vacancy rate of
25.1%, an average asking rental rate of $29 per sf (psf), and an
average effective rental rate of $23 psf, compared with the
subject's average in-place rental rate of $18 psf. While the
property's below-market rental rate could indicate a potential
upside if leasing momentum were to garner some traction, the
borrower would likely have to fund leasing costs out of pocket as
only $0.4 million remains in leasing reserves per the August 2023
reporting. Given the decline in performance, paired with the soft
market conditions, DBRS Morningstar analyzed this loan with a
stressed LTV and POD, resulting in an EL of more than triple the
pool average.

The second-largest loan on the watchlist, 90-100 John Street
(Prospectus ID#7, 4.2% of the pool), is secured by a 34-story,
Class B mixed-use residential and commercial building in
Manhattan's financial district. The property comprises
approximately 60.0% residential and 40.0% commercial space. The
loan was added to the watchlist in June 2021 as a result of
declining occupancy and DSCR. As of Q1 2023, the loan reported an
annualized net cash flow of $0.5 million (reflecting a DSCR of
0.28x), compared with the YE2022 figure of $1.4 million (a DSCR of
0.73x) and the Issuer's underwritten figure of $5.4 million (a DSCR
of 2.89x). The decline is primarily a result of increased vacancy;
however, operating expenses have also experienced a moderate
decline, yielding an expense ratio of 93.0% as of the Q1 2023
reporting compared with 57.0% at issuance.

The commercial portion of the collateral has experienced a
precipitous decline in performance as a result of the reduction in
demand coupled with the oversupply in the Manhattan office market.
At issuance, commercial occupancy was reported at 96.2%; however,
that figure fell to 51.4% by March 2022 and 25.2% as of March 2023,
following the departure of numerous tenants. Remaining tenants
reported an average rental rate of $62 psf per the March 2023 rent
roll, an increase from the issuance rate of $39 psf. According to
Reis, office properties in the downtown Manhattan submarket
reported an average vacancy rate of 15.3%, an average effective
rental rate of $49 psf, and an average asking rental rate of $61
psf, respectively.

The residential portion of the collateral fared better in the
economic climate post-pandemic. While occupancy has fallen to 89.5%
as of March 2023 from historical averages above 95%, rental rates
have recovered to issuance levels after a slip in 2022. As of the
March 2023 reporting, the property reported an average rental rate
per unit of $3,356, rebounding from $2,757 per unit in March 2022,
but in line with the issuance figure of $3,406 per unit. The West
Village/Downtown submarket of Manhattan reported asking and
effective rental rates of $5,612 and $5,341 per unit, respectively,
for the period ended March 31, 2023, according to Reis.

While the loan benefits from its excellent location and strong
sponsorship in The Moinian Group, performance has experienced a
sharp decline. As a result, DBRS Morningstar has removed the shadow
rating on the loan, as the loan's credit metrics no longer remain
consistent with investment-grade characteristics. In its analysis
for this review, DBRS Morningstar also applied a stressed POD,
resulting in an EL that was more than double the pool average.

At issuance, DBRS Morningstar assigned investment-grade shadow
ratings to nine loans, of which seven remain for this review:
Moffett Towers – Buildings E, F, G (Prospectus ID#1, 8.0% of the
pool), Christiana Mall (Prospectus ID#5, 5.3% of the pool),
Aventura Mall (Prospectus ID#6, 4.7% of the pool), The Gateway
(Prospectus ID#10, 3.7% of the pool), 601 McCarthy (Prospectus
ID#13, 3.1% of the pool), West Coast Albertsons (Prospectus ID#14,
2.9% of the pool), and Moffett Towers II – Building 1 (Prospectus
ID#18, 2.5% of the pool). Since the last review in November 2022,
the Carolinas 7-Eleven Portfolio loan (previously 3.9% of the pool)
was paid out. With the removal of the shadow rating on 90-100 John
Street with this review, the seven aforementioned loans (30.2% of
the pool) remain shadow-rated. As part of this review, DBRS
Morningstar confirmed that the performance of these loans remains
consistent with the investment-grade loan characteristics.

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


ELARA HGV 2021-A: Fitch Affirms Rating at 'BBsf' on Class D Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Elara HGV Timeshare
Issuer (Elara) 2017-A, 2019-A and 2021-A notes. The Rating Outlooks
for the notes remain Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Elara HGV Timeshare Issuer, 2017-A LLC

   A 28416DAA8         LT  AAAsf  Affirmed   AAAsf
   B 28416DAB6         LT  Asf    Affirmed   Asf
   C 28416DAC4         LT  BBBsf  Affirmed   BBBsf

Elara HGV Timeshare Issuer, 2019-A LLC

   A 28416TAA3         LT  AAAsf  Affirmed   AAAsf
   B 28416TAB1         LT  Asf    Affirmed   Asf
   C 28416TAC9         LT  BBBsf  Affirmed   BBBsf

Elara HGV Timeshare Issuer, 2021-A LLC

   Class A 28416LAA0   LT  AAAsf  Affirmed   AAAsf
   Class B 28416LAB8   LT  Asf    Affirmed   Asf
   Class C 28416LAC6   LT  BBBsf  Affirmed   BBBsf
   Class D 28416LAD4   LT  BBsf   Affirmed   BBsf

KEY RATING DRIVERS

The affirmation of the notes reflects loss coverage levels
consistent with their current ratings. The Stable Outlook for all
classes of notes reflects Fitch's expectation that loss coverage
levels will remain supportive of these ratings.

To date, Elara 2017-A and 2019-A have performed weaker than Fitch's
initial expectations, with higher delinquencies and default rates,
but all transactions have seen stable to improving performance over
the past year. As of the July 2023 collection period, the 61+ day
delinquency rates for Elara 2017-A, 2019-A and 2021-A are 0.89%,
1.39% and 1.77%, respectively. Cumulative gross defaults (CGD) are
currently 22.70%, 16.51% and 8.91% for Elara 2017-A, 2019-A and
2021-A, respectively.

When adjusting for cumulative substitutions (for defaults, upgrades
and ineligible loans), CGDs are 18.62%, 13.97% and 7.21%. All
transactions, with the exception of the least seasoned, Elara
2021-A, are tracking above their initial base cases of 13.50%
(2017-A) and 14.40% (2019-A). Due to optional repurchases and
substitutions made by the seller, none of the transactions have
experienced net losses to date. Hard credit enhancement (CE) for
each transaction has built to its target from close.

To account for recent performance, Fitch maintained the lifetime
CGD proxy at 20.50% and 18.50% for Elara 2017-A and 2019-A,
respectively, and revised to 16.50% down from 17.50% for 2021-A.
The updated base case default proxy for 2021-A utilizes the
conservative pool factor extrapolation.

Under Fitch's stressed cash flow assumptions, loss coverage for the
2017-A and 2019-A class A, B and C notes are slightly below the
3.50x, 2.50x and 1.75x recommended multiples for 'AAAsf', 'Asf, and
'BBBsf', respectively. Loss coverage for the 2021-A class A and B
notes is slightly below the 3.50x and 2.50x recommended multiples
for 'AAAsf' and 'Asf', respectively, while the class C and D notes
are equal to and in excess of the 1.75x and 1.25x recommended
multiples for 'BBBsf' and 'BBsf', respectively. The shortfalls are
considered nominal and are within the range of the multiples for
the current ratings.

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 Rating
Outlooks, depending on the extent of the decline in coverage. The
timeshare sector is currently more exposed to weaker asset
performance due to the strong correlation with tourism and travel
that has been severely affected by the pandemic.

In Fitch's initial review of these transactions, the notes were
found to have limited sensitivity to a 1.5x and 2.0x increase of
Fitch's base case loss expectation. For this review, Fitch updated
the analysis of the impact of a 2.0x increase of the base case loss
expectations and the results suggest consistent ratings for the
outstanding notes and in the event of such a stress, these notes
could be downgraded by up to three rating categories.


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. Fitch applied an up sensitivity, by
reducing the base case proxy by 20%. The impact of reducing the
proxies by 20% from the current proxies could result in one
category upgrades or affirmations of ratings with stronger
multiples.

CRITERIA VARIATION

There are no variations from criteria in this analysis.

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.


ELARA HGV 2023-A: Fitch Gives 'BB(EXP)sf' Rating on Class D Notes
-----------------------------------------------------------------
Fitch Ratings expects to assign ratings and Outlooks to Elara HGV
Timeshare Issuer 2023-A LLC (2023-A) notes.

   Entity/Debt            Rating           
   -----------            ------           
Elara HGV Timeshare
Issuer 2023-A, LLC

   A                 LT   AAA(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

KEY RATING DRIVERS

Borrower Risk - Marginally Stronger Collateral: The 2023-A pool has
a weighted average (WA) Fair Isaac Corp. (FICO) score of 744, up
slightly from 741 in 2021-A. The WA seasoning is 17 months, down
from 22 months in 2021-A. Overall, Fitch considers the pool's
credit quality to be stable. Furthermore, the concentration of
large original balance (greater than $100,000) loans increased to
13.7% from 12.1% in 2021-A. The share of upgraded loans declined to
64.1% from 68.5% in 2021-A.

Forward-Looking Approach on CGD Proxy — Stabilizing Performance:
The outstanding ABS transactions and the Elara managed portfolio
have experienced elevated defaults since 2016. However, the default
growth rates for 2016-2019 vintages have slowed slightly in recent
periods. The more recent 2020-2022 vintages are tracking generally
in line with earlier vintages. Fitch's initial base case cumulative
gross default (CGD) proxy for 2023-A is 17.0%, down slightly from
17.5% in 2021-A.

Single Timeshare Site: The loans are associated with a single
resort, Elara, in Las Vegas. However, these owners have the same
usage and exchange rights as other Hilton Resorts Corporation (HRC)
timeshare owners and become club members within HRC's system. As
such, the risk associated with a single-site property is
mitigated.

Structural Analysis — Adequate CE: Initial hard credit
enhancement (CE) is expected to be 54.15%, 25.80%, 11.15% and 7.25%
for class A, B, C and D notes, respectively. CE is higher for class
A and D notes, increasing from 52.4% and 3.80%, respectively, but
down for class B and C notes, decreasing from 26.80% and 12.90%,
respectively. Soft CE is also provided by excess spread and is
expected to be 6.68% per annum. Available CE is sufficient to
support stressed multiples of 3.50x, 2.25x, 1.58x and 1.25x at
'AAAsf', 'A-sf', 'BBB-sf' and 'BBsf' rating levels for class A, B,
C and D notes, respectively.

Originator Seller/Servicer — Quality of Origination/Servicing: LV
Tower and HRC have demonstrated sufficient abilities as originator
and servicer of timeshare loans, respectively. This is evidenced by
the historical delinquency and loss performance of HRC's managed
portfolio and previous transactions.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults could produce
CGD levels higher than the base case and would likely result in
declines of CE and remaining default coverage levels available to
the notes. Additionally, unanticipated increases in prepayment
activity could also result in a decline in coverage. Declining
default coverage may make certain note ratings susceptible to
potential negative rating actions, depending on the extent of the
decline in coverage.

Hence, Fitch conducts sensitivity analysis by stressing both a
transaction's initial base case CGD and prepayment assumptions and
examining the rating implications on all classes of issued notes.
The CGD sensitivity stresses the CGD 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. The prepayment
sensitivity includes 1.5x and 2.0x increases to the prepayment
assumptions representing moderate and severe stresses,
respectively. These analyses are intended to provide an indication
of the rating sensitivity of notes to unexpected deterioration of a
trust's performance.

Additionally, Fitch conducts increases of 1.5x and 2.0x to the CGD
proxy, which represents moderate and severe stresses, respectively.
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 the CGD is 20% less than the projected
proxy, the expected ratings would be maintained for class A notes
at a stronger rating multiple. For class B, C and D notes the
multiples would increase, resulting in potential upgrades of three
notches, two notches and one rating category, respectively.

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.


GAGE PARK: Fitch Assigns Final BB-sf Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Gage Park LLC.

   Entity/Debt        Rating           
   -----------        ------           
Gage Park LLC

   A             LT   AAAsf   New Rating

   B             LT   AAsf    New Rating

   C             LT   Asf     New Rating

   D             LT   BBB-sf  New Rating

   E             LT   BB-sf   New Rating
  
   Variable
   Dividend      LT   NRsf    New Rating

TRANSACTION SUMMARY

Gage Park LLC (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Panagram Structured
Asset Management, 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 29.39, versus a maximum covenant, in
accordance with the initial expected matrix point of 30. 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
92.3% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 71.79% versus a
minimum covenant, in accordance with the initial expected matrix
point of 70.0%.

Portfolio Composition (Negative): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate, while the
top five obligors can represent up to 16.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry and geographic concentrations is in line with other recent
CLOs, but obligor concentration is higher than other recent CLOs.
Fitch accounted for the obligor concentration with a haircut to its
recovery assumptions.

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBBsf' and 'AA+sf' for class A, 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 'Bsf' 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 those
notes are in the highest rating category of 'AAAsf'.

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

DATA ADEQUACY

A 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 on
for its rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.


GPMT 2021-FL4: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
GPMT 2021-FL4, 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)

The trends on Class F and Class G were changed to Negative from
Stable; the trends on all other classes remain Stable.

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 rating confirmations reflect the overall stable performance of
the transaction; however, DBRS Morningstar changed the trends on
Class F and Class G to Negative to reflect the increased risks
surrounding the concentration of loans collateralized by properties
(most of which are office property types) that have struggled to
stabilize. As of August 2023 reporting, the trust includes seven
loans secured by office properties, representing 31.0% of the
current trust balance. The concentration of loans backed by office
properties has increased from five loans with 21.5% of the balance
at transaction closing. Six of the seven current office loans in
the pool are secured by properties in the Atlanta, Denver, and Los
Angeles metropolitan areas, with the remaining asset in Greenwich,
Connecticut. Each location has been materially affected by
increasing vacancy rates in recent years. In the analysis for this
review, DBRS Morningstar reflected these risks by stressing
property values across all seven loans. The stressed loan-to-value
ratios (LTVs) ranged between 87.4% and 128.8% on an as-is basis and
78.5% and 87.0% on a stabilized basis. Based on this analysis, DBRS
Morningstar determined these increased risks are limited to the
below investment-grade rated classes given the significant cushion
against loss in the transaction structure below those classes.

There is one loan on the servicer's watchlist, 500 North Michigan
Avenue, representing 3.2% of the current trust balance. The loan
was originated in 2019 and is secured by a mixed-use office and
retail property in Chicago. The borrower's business plan to
complete a $30.0 million capital improvement and accretive leasing
program has stalled, and the loan was modified three times between
October 2021 and February 2023 to remove original members from the
ownership structure, replenish and/or reallocate operating
shortfall reserves, and to amend completion guarantees and loan
terms. As of August 2023, the loan has an outstanding balance of
$79.8 million with a $22.3 million piece in the trust and
outstanding future funding of $10.1 million. A maturity extension
option was exercised in August 2022, which required the sponsor to
contribute a $5.0 million paydown. Based on the low in-place
occupancy rate and debt yield, the requirements for the available
12-month extension option at August 2023 have not been met,
suggesting another curtailment would be required for the sponsor to
exercise. The property was last appraised in September 2022 at an
in-place valuation of $94.0 million; however, DBRS Morningstar
believes the current market value has declined. In the analysis for
this review, DBRS Morningstar applied both an LTV and probability
of default (POD) stress, which resulted in a loan-level expected
loss approximately two times the overall expected loss for the
pool.

The transaction closed in November 2021 with an initial collateral
pool of 23 floating-rate mortgage loans secured by 31 mostly
transitional real estate properties, with a cut-off pool balance
totaling approximately $621.4 million. The transaction is a managed
vehicle with a 24-month Reinvestment Period scheduled to end with
the November 2023 Payment Date. As of August 2023, the pool
comprises 24 loans secured by 32 properties with an outstanding
balance of $606.0 million. There is currently $15.4 million in the
Reinvestment Account. Since the previous DBRS Morningstar rating
action in November 2022, three loans with a cumulative trust
balance of $67.9 million, have been added to the trust, and two
loans, with a former cumulative trust balance of $73.2 million,
have been repaid from the trust. In total, five loans, with a
former cumulative trust balance of $154.8 million have been repaid
from the trust since closing.

Beyond the loans secured by office properties noted above, the
transaction is concentrated by property type as 13 loans,
representing 55.3% of the current trust balance, are secured by
multifamily properties; two loans, representing 6.2% of the current
trust balance are secured by mixed-use properties, and two loans,
representing 6.1% of the current trust balance, are secured by
student housing properties. In comparison at closing, multifamily
properties represented 62.9% of the collateral, mixed-use
properties represented 2.4% of the collateral, and student housing
properties represented 5.8% of the collateral.

The loans are primarily secured by properties in suburban markets
as 17 loans, representing 71.3% 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
four loans, representing 15.9% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 2, denoting a
tertiary market, while three loans, representing 12.7% of the pool,
are secured by properties with a DBRS Morningstar Market Rank of 6,
denoting an urban market. In comparison at closing, properties in
suburban markets represented 75.6% of the collateral, properties in
tertiary markets represented 18.7% of the collateral, and
properties in urban markets represented 5.7% of the collateral.

Through June 2023, the lender had advanced loan future funding of
$83.0 million to 17 of the outstanding individual borrowers, with
$77.7 million of future funding remaining for a total of 20
borrowers. Beyond the $19.9 million of loan proceeds advanced to
the borrower of the 500 North Michigan Avenue loan, the largest
advance ($11.3 million) has been made to the borrower of the Park
at Wakefield & Wellington loan. That loan is secured by a
multifamily property in Hoover, Alabama, with the advanced funds
used to fund the borrower's $14.7 million capital improvement
program, split evenly between in-unit renovations and amenity/
property exterior upgrades. The Q2 2023 update from the collateral
manager noted exterior renovations were substantially completed,
and all tenant amenity upgrades were expected to be completed by
YE2023. The borrower has $3.7 million of future funding remaining.

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


GS MORTGAGE 2019-GC38: Fitch Affirms B-sf Rating on H-RR Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of GS Mortgage Securities
Trust series 2019-GC38 commercial mortgage pass-through
certificates. The Rating Outlooks on classes F-RR, G-RR and H-RR
have been revised to Negative from Stable. The Under Criteria
Observation (UCO) has been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
GSMS 2019-GC38

   A-1 36252SAS6    LT  AAAsf  Affirmed    AAAsf
   A-2 36252SAT4    LT  AAAsf  Affirmed    AAAsf
   A-3 36252SAU1    LT  AAAsf  Affirmed    AAAsf
   A-4 36252SAV9    LT  AAAsf  Affirmed    AAAsf
   A-AB 36252SAW7   LT  AAAsf  Affirmed    AAAsf
   A-S 36252SAZ0    LT  AAAsf  Affirmed    AAAsf
   B 36252SBA4      LT  AA-sf  Affirmed    AA-sf
   C 36252SBB2      LT  A-sf   Affirmed     A-sf
   D 36252SAA5      LT  BBBsf  Affirmed    BBBsf
   E-RR 36252SAE7   LT  BBB-sf Affirmed   BBB-sf
   F-RR 36252SAG2   LT  BB+sf  Affirmed    BB+sf
   G-RR 36252SAJ6   LT  BB-sf  Affirmed    BB-sf
   H-RR 36252SAL1   LT  B-sf   Affirmed     B-sf
   X-A 36252SAX5    LT  AAAsf  Affirmed    AAAsf
   X-B 36252SAY3    LT  A-sf   Affirmed     A-sf
   X-D 36252SAC1    LT  BBBsf  Affirmed    BBBsf

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 affirmations reflect the impact of the criteria and generally
stable pool performance since the last rating action. Fitch's
current ratings incorporate a 'Bsf' rating case loss of 4.2%.

The Outlook revisions to Negative from Stable on classes F-RR, G-RR
and H-RR reflect performance concerns on the 3 Park Avenue (4.5% of
the pool) and 5444 & 5430 Westheimer (2.8%) loans. Nine loans are
Fitch Loans of Concern (FLOCs; 18.3%), with no loans currently in
special servicing.

Fitch Loans of Concern: The largest contributor to overall loss
expectations and the largest increase in loss since the last rating
action is the 3 Park Avenue loan (4.5%), which is secured by
641,186-sf of office space on floors 14 through 41 and 26,260-sf of
multi-level retail space located on Park Avenue and 34th Street in
the Murray Hill office submarket of Manhattan. The top three
tenants are Houghton Mifflin Harcourt (15.2% NRA; lease expires
Dec. 31, 2027), P. Kaufman (6.9%; Dec. 31, 2030) and Return Path,
Inc. (3.5%; July 31, 2025).

The property's overall performance has deteriorated. As of July
2023, occupancy declined to 54% from 85% at issuance, largely from
the departure of TransPerfect Translations (13.7%) in 2019, Icon
Capital Corporation (3.4%) in 2023 and several tenants that have
downsized their space. YE 2022 NOI has fallen 59% from Fitch's NOI
at issuance. The NOI DSCR was 0.81x as of YE 2022, down from 1.22x
at YE 2021 and 2.02x at YE 2019.

Per CoStar as of 3Q23, submarket asking rents averaged $53.89 psf,
with a vacancy rate of 20.6% and an availability rate of 27.2%. As
of the July 2023 rent roll, average rents at the property were $58
psf.

Fitch's 'Bsf' rating case loss of 30% (prior to concentration
adjustments) is based on an 8.5% cap rate to a Fitch sustainable
NCF that is in line with YE 2021 NOI which assumes a lease up to
73% occupancy at a discounted market rate of $43 psf.

The second largest contributor to expected losses is the 5444 &
5430 Westheimer loan (2.8%), which is secured by a 405,000-sf
suburban office building located in Houston, TX. Occupancy declined
to 60% as of June 2023 after the largest tenant, AECOM Technology
Corp. (14.3% of NRA), vacated at lease expiration in April 2023.
Additionally, Alliant Insurance (9.6%) notified the borrower they
will vacate at their October 2023 lease expiration, bringing
occupancy further down to approximately 50%. The NOI DSCR was 2.05x
as of TTM March 2023, down from 2.10x at YE 2022, 2.31x at YE 2021,
2.47x at YE 2020, and 2.38x at YE 2019.

Fitch's 'Bsf' rating case loss of 7.5% (prior to concentration
adjustments) is based on an 10.25% cap rate and a 25% stress to the
YE 2022 NOI due to the loss of tenants.

Minimal Change to CE: CE has increased slightly due to
amortization, with 1.2% of the original pool balance repaid since
issuance. No losses have been realized to date. Three loans (2.7%
of the pool) are fully defeased. Interest shortfalls are currently
affecting the non-rated class I-RR. Of the remaining pool balance,
19 loans (72.8%) are full interest-only through the term of the
loan and five loans (8.8%) have a partial interest only period
remaining.

Credit Opinion Loans: Two loans, representing 14.2% of the pool,
had credit opinions at issuance and remain credit opinion loans,
including 365 Bond (8.7%) and Albertsons Industrial-IL (5.5%).

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/assets. Downgrades to the 'AA-sf' and 'AAAsf' categories are
unlikely due to increasing CE and expected continued amortization,
but may occur should interest shortfalls affect these classes.

Downgrades to classes rated in the 'BBBsf' and Asf' categories may
occur should overall pool losses increase significantly with one or
more large FLOCs transfering to special servicing and/or suffer an
outsized loss.

Downgrades to the 'B-sf', 'BB-sf' and 'BB+sf' categories would
occur should the performance of the FLOCs, especially 3 Park Avenue
and 5444 & 5430 Westheimer, fail to stabilize and/or losses
materialize and CE becomes eroded.

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

Sensitivity factors that could lead to upgrades include stable to
improved asset performance coupled with paydown and/or defeasance.
Upgrades of the 'A-sf' and 'AA-sf' 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.

Upgrades to the 'BBB-sf' and 'BBBsf' categories 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 'B-sf', 'BB-sf' and 'BB+sf' 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.


JP MORGAN 2020-LOOP: Moody's Lowers Rating on Cl. F Certs to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded six classes in J.P. Morgan
Chase Commercial Mortgage Securities Trust 2020-LOOP, Commercial
Mortgage Pass-Through Certificates, Series 2020-LOOP:

Cl. B, Downgraded to A2 (sf); previously on Feb 9, 2022 Confirmed
at Aa3 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Feb 9, 2022 Confirmed
at A3 (sf)

Cl. D, Downgraded to Ba2 (sf); previously on Feb 9, 2022 Confirmed
at Baa3 (sf)

Cl. E, Downgraded to B2 (sf); previously on Feb 9, 2022 Confirmed
at Ba3 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Feb 9, 2022 Confirmed
at B3 (sf)

Cl. X-B*, Downgraded to Baa2 (sf); previously on Feb 9, 2022
Confirmed at A3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on five P&I classes were downgraded due to an increase
in Moody's loan-to-value (LTV) ratio because of the decline in loan
performance, uncertainty around the timing and the extent of the
property's cash flow recovery and weaker office fundamentals in the
property's market. The loan is secured by an office property in the
Chicago Central Loop market and both the property's net cash flow
(NCF) and occupancy have declined since securitization. The loan
has been in special servicing since November 2021 due to the
initial borrower bankruptcy, but the loan has remained current on
its debt service payments through its September 2023 remittance
date as the loan's DSCR has remained sufficient to cover its fixed
rate interest only debt service payments at 3.9% interest rate.

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

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the September 9, 2023 distribution date, the transaction's
certificate balance was $133.1 million, the same as at
securitization.  The interest only, fixed rate loan (3.9%) matures
in November 2026.  The loan is secured by a fee simple interest in
181 W. Madison Street, a 946,099 SF, Class A, multi-tenant office
building located in the Central Loop submarket of downtown Chicago,
Illinois.

The loan transferred to special servicing in November 2021 due to
the borrower filing a petition for bankruptcy with eight other
entities, related to HNA Group North America LLC of China. The
borrower and lender agreed to a cash collateral order which
required the borrower to make the monthly debt service & reserve
payments on the loan as required in the loan documents as well as
pay all lenders collection cost, legal fees, and applicable
servicer fees, as they accrue.  The special servicer closed the
mortgage loan modification agreement on August 31, 2023 that
transferred the equity interest to SinOceanic I Limited, an HNA
affiliate.

The whole loan balance is $240 million. The trust loan balance is
$133.1 million and is part of a split loan structure, consisting of
the trust loan and three other companion loans totaling $106.9
million.  The trust includes the A-1 note and the B note and
contains senior and junior note components.  The non-trust A-notes
and trust A-note are senior in right of payment to trust B note.

The property was built in 1990 and renovated in 2016.  As of July
31, 2023, the property was 83% leased compared to 88% at
securitization.  The property's historical occupancy rates have
ranged between 78% and 90% since 2008.  The three largest tenants
are The Northern Trust Company (42% of NRA; lease expiration in
December 2027), Quantitative Risk Management (11% of NRA; lease
expiration in January 2025), and GSA (4% of NRA; lease expiration
in September 2025). Quantitative Risk Management was founded while
at the property and has grown into their current space and Northern
Trust has occupied space at the property since 2000.

The Chicago Central Loop submarket fundamentals have weakened since
securitization and according to CBRE the Class A vacancy rate was
19% as of 2Q 2023 compared to 13% at securitization.

The property's net operating income (NOI) for full years 2022 and
2021 were $14.7 million and $13.0 million, respectively.  The
property was generating $21.8 million NOI prior to securitization
and the cash flow declines have been due to both a drop in revenue
and increased operating expenses.  Moody's NCF was lowered due the
declines in performance and Moody's LTV ratio for the first
mortgage balance is 152% based on Moody's Value. The Adjusted
Moody's LTV ratio for the first mortgage balance is 132% based on
Moody's Value using a cap rate adjusted for the current interest
rate environment. Moody's stressed debt service coverage ratio
(DSCR) is 0.62x.  There are no outstanding advances or interest
shortfalls of the current distribution date.


JP MORGAN 2023-7: Fitch Gives 'B-(EXP)sf' Rating on Class B-5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to JP Morgan Mortgage
Trust 2023-7 (JPMMT 2023-7).

   Entity/Debt    Rating           
   -----------    ------           
JPMMT 2023-7

   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  AA+(EXP)sf  Expected Rating
   A-6-A      LT  AA+(EXP)sf  Expected Rating
   A-6-X      LT  AA+(EXP)sf  Expected Rating
   A-X-1      LT  AA+(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 Ratings expects to rate the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-7 (JPMMT
2023-7) as indicated. The certificates are supported by 309 loans
with a total balance of approximately $318.58 million as of the
cutoff date. The pool consists of prime-quality fixed-rate
mortgages (FRMs) from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (45.8%) and loanDepot.com, LLC (10.5%) with the
remaining 43.7% of the loans originated by various originators,
each contributing less than 10% to the pool. The loan-level
representations and warranties (R&Ws) are provided by the various
originators, MAXEX or Redwood (aggregators).

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 40.8% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
Dec. 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase). Since Chase will service these loans after the transfer
date, Fitch performed its analysis assuming Chase is the servicer
for these loans. The other main servicers in the transaction are
United Wholesale Mortgage, LLC (servicing 45.8% of the loans) and
loanDepot.com, LLC (servicing 10.5% of the loans); the remaining
3.0% of the loans are being serviced by PennyMac Loan Services and
PennyMac Corp. Nationstar Mortgage LLC (Nationstar) will be the
master servicer.

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

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.6% 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 Q3 2022. Driven by the
strong gains seen in H1 2022, home prices decrease -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 up to 30 years. Most of the loans (99.2%) qualify as
SHQM or SHQM (APOR); the remaining 0.8% qualify as QM rebuttable
presumption (APOR). The loans were made to borrowers with strong
credit profiles, relatively low leverage and large liquid
reserves.

The loans are seasoned at an average of seven months, according to
Fitch (five months per the transaction documents). The pool has a
WA original FICO score of 759, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
68.1% 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 74.9%,
translating to a sustainable loan-to-value (sLTV) ratio of 79.6%,
represents moderate borrower equity in the property and reduced
default risk compared with a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans comprise 90.7%
of the pool, while the remaining 9.3% represents conforming loans.
However, in Fitch's analysis, Fitch considered HPQM
government-sponsored entity (GSE)-eligible loans to be
nonconforming; as a result, Fitch viewed the pool as having 91.5%
nonconforming loans and 8.5% conforming loans. All of the loans are
designated as QM loans, with 56.2% of the pool originated by a
retail and correspondent channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments (PUDs), and single-family attached dwellings
constitute 94.8% of the pool; condominiums and site condos make up
5.2%. The pool consists of loans with the following loan purposes,
as determined by Fitch: purchases (84.4%), cashout refinances
(12.0%) and rate-term refinances (3.7%). Fitch views favorably that
there are no loans to investment properties, and the majority of
the mortgages are purchases.

A total of 145 loans in the pool are over $1.0 million, and the
largest loan is approximately $3.00 million.

Of the pool, 35.3% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(13.7%), followed by the San Diego-Carlsbad-San Marcos, CA MSA
(8.4%) and the Miami-Fort Lauderdale-Miami Beach, FL MSA (7.2%).
The top three MSAs account for 29% of the pool. As a result, there
was no probability of default (PD) penalty applied for geographic
concentration.

Loan Count Concentration (Negative): The loan count of this pool
(309 loans) results in a loan count concentration penalty. The loan
count concentration penalty applies when the weighted average (WA)
number of loans is less than 300. The loan count concentration of
this pool results in a 1.11x penalty, which increases loss
expectations by 84 basis points (bps) at the 'AAAsf' rating
category.

Shifting-Interest Structure with Full Advancing (Mixed): The
mortgage cash flow and loss allocation are based on a
senior-subordinate, shifting-interest structure whereby the
subordinate classes receive only scheduled principal and are locked
out from receiving unscheduled principal or prepayments for five
years. The lockout feature helps 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 servicers will provide full advancing until it is deemed
nonrecoverable for the life of the transaction. 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
fewer recoveries.

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

CE Floor (Positive): A CE or senior subordination floor of 3.50%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 2.10% 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 39.9% 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.

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, Clayton, and Covius were engaged to perform the review.
Loans reviewed under this engagement were given compliance, credit
and valuation grades and assigned initial grades for each
subcategory. Minimal exceptions and waivers were noted in the due
diligence reports. Refer to the "Third-Party Due Diligence" section
for more detail.

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

ESG CONSIDERATIONS

JPMMT 2023-7 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
in JPMMT 2023-7, including strong transaction due diligence, an
'Above Average' aggregator, a large portion of the pool being
originated by an 'Above Average' originator and a large portion of
the pool being serviced by a servicer rated 'RPS1-'. All of these
attributes result in a reduction in expected losses and are
relevant to the ratings in conjunction with other factors.

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

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.


JP MORGAN 2023-8: Fitch Gives 'B-(EXP)sf' Rating on Class B-5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to JP Morgan Mortgage
Trust 2023-8 (JPMMT 2023-8).

   Entity/Debt     Rating           
   -----------     ------           
JPMMT 2023-8

   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  AA+(EXP)sf  Expected Rating
   A-6-A       LT  AA+(EXP)sf  Expected Rating
   A-6-X       LT  AA+(EXP)sf  Expected Rating
   A-X-1       LT  AA+(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 Ratings expects to rate the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-8 (JPMMT
2023-8) as indicated. The certificates are supported by 472 loans
with a total balance of approximately $518.43 million as of the
cutoff date. The pool consists of prime-quality fixed-rate
mortgages (FRMs) from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (44.2%) and Movement Mortgage, LLC (14.9%) with the
remaining 40.9% of the loans originated by various originators,
each contributing less than 10% to the pool. The loan-level
representations and warranties (R&Ws) are provided by the various
originators, MAXEX, Oceanview, or Verus (aggregators).

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 49.0% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
Dec. 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase). Since Chase will service these loans after the transfer
date, Fitch performed its analysis assuming Chase is the servicer
for these loans. The other servicers in the transaction are United
Wholesale Mortgage, LLC (servicing 44.2% of the loans) and
loanDepot.com, LLC (servicing 6.8% of the loans). Nationstar
Mortgage LLC (Nationstar) will be the master servicer.

Most of the loans (99.9%) qualify as safe-harbor qualified mortgage
(SHQM) or SHQM average prime offer rate (APOR); the remaining 0.1%
qualify as QM rebuttable presumption (APOR).

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.3% 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 3Q 2022. Driven by the
strong gains seen in 1H 2022, home prices decrease -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 up to 30 years. Most of the loans (99.9%) qualify as
SHQM or SHQM (APOR); the remaining 0.1% qualify as QM rebuttable
presumption (APOR). The loans were made to borrowers with strong
credit profiles, relatively low leverage and large liquid
reserves.

The loans are seasoned at an average of seven months, according to
Fitch (five months per the transaction documents). The pool has a
WA original FICO score of 757, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
64.0% 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 76.0%,
translating to a sustainable loan-to-value (sLTV) ratio of 80.3%,
represents moderate borrower equity in the property and reduced
default risk compared to a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans comprise 93.2%
of the pool, while the remaining 6.8% represents conforming loans.
However, in Fitch's analysis, Fitch considered HPQM
government-sponsored entity (GSE)-eligible loans to be
nonconforming; as a result, Fitch viewed the pool as having 93.3%
nonconforming loans and 6.7% conforming loans. All of the loans are
designated as QM loans, with 58.6% of the pool originated by a
retail and correspondent channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments (PUDs), and single-family attached dwellings
constitute 93.3% of the pool; condominiums and site condos make up
6.1%, and multifamily homes make up 0.7%. The pool consists of
loans with the following loan purposes, as determined by Fitch:
purchases (86.5%), cashout refinances (10.6% per the transaction
documents and 10.3% according to Fitch) and rate-term refinances
(3.2%). Fitch only considers a loan a cashout loan if the cashout
amount is greater than 3%, which explains the difference in the
cashout amount percentages. Fitch views favorably that there are no
loans to investment properties, and the majority of the mortgages
are purchases.

A total of 247 loans in the pool are over $1.0 million, and the
largest loan is approximately $2.99 million.

Of the pool, 29.4% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(10.8%), followed by the Seattle-Tacoma-Bellevue, WA MSA (7.6%) and
the Miami-Fort Lauderdale-Miami Beach, FL MSA (5.8%). The top three
MSAs account for 24% 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 servicers will provide full advancing for the life of the
transaction; each servicer is expected to advance delinquent
principal and interest (P&I) on loans that entered into a
pandemic-related forbearance plan. Although full P&I advancing will
provide liquidity to the certificates, it will also increase the
loan-level loss severity (LS) since the servicer looks to recoup
P&I advances from liquidation proceeds, which results in less
recoveries.

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

CE Floor (Positive): A CE or senior subordination floor of 1.90%
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 39.8% 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.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

JPMMT 2023-8 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
in JPMMT 2023-8, including strong transaction due diligence, an
'Above Average' aggregator, a large portion of the pool being
originated by an 'Above Average' originator and a large portion of
the pool being serviced by a servicer rated 'RPS1-'. All of these
attributes result in a reduction in expected losses and are
relevant to the ratings in conjunction with other factors.

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

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.


MADISON PARK XIII: S&P Affirms CCC+(sf) Rating on Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R2, C-R2, and
D-R2 notes from Madison Park Funding XIII Ltd. S&P also removed
these ratings 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-R2, E-R, and F-R notes from the same
transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the Aug. 15, 2023, trustee report.

The transaction has paid down $83.8 million to the class A-R2 notes
since S&P's April 2022 rating actions. These paydowns resulted in
improved reported overcollateralization (O/C) ratios since those in
the March 2022 trustee report, which S&P used for its previous
rating actions:

-- The class B-R2 O/C ratio improved to 132.95% from 129.74%.
-- The class C-R2 O/C ratio improved to 120.95% from 119.72%.

While the senior O/C ratios improved, the junior O/C ratios
declined slightly since the March 2022 trustee report:

-- The class D-R2 O/C ratio declined to 110.63% from 110.86%.
-- The class E-R O/C ratio declined to 105.32% from 106.22%.

The higher coverage tests for the class B-R2 and C-R2 reflect the
increase in their credit support following a decline in the
outstanding balance of the senior note. The decrease in junior O/C
ratios is primarily due to an uptick in defaults and haircuts that
the CLO incurred since its last rating action.

The par amount of defaulted assets has slightly increased, with
$7.03 million reported as of the August 2023 trustee report,
compared with $5.61 million as of the March 2022 trustee report.
However, the transaction has benefited from a drop in the weighted
average life due to underlying collateral's seasoning, with 2.73
years reported as of the August 2023 trustee report, compared with
3.47 years reported at the time of S&P's April 2022 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.

S&P said, "Although our cash flow analysis indicated a higher
rating for the class B-R2, C-R2, and D-R2 notes, our rating actions
reflect sensitivity runs that considered the exposure to lower
quality assets and distressed prices we noticed in the portfolio.
In addition, we considered that there is a small percentage of
long-dated assets in the portfolio and that the manager, as
permitted under the transaction documents, has been retaining part
of the unscheduled principal proceeds for further reinvestments.
Since such investments could potentially alter the portfolio's
characteristics and do not allow for the notes to get paid down
faster, we preferred more cushion.

"Though our cash flow results indicated a lower rating for the
class F-R note, we view the overall credit seasoning as an
improvement to the transaction. In addition, we also considered the
relatively stable O/C ratios, which currently still have cushion
over their minimum requirements. However, any increase in defaults
or par losses could lead to negative rating actions on the class
F-R notes in the future.

"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.

Madison Park Funding XIII 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."

  Ratings Raised And Removed From CreditWatch Positive

  Madison Park Funding XIII Ltd.

  Class B-R2 to 'AA+ (sf)' from 'AA (sf)/Watch Pos'
  Class C-R2 to 'A+ (sf)' from 'A (sf)/Watch Pos'
  Class D-R2 to 'BBB- (sf)' from 'BB+ (sf)/Watch Pos'

  Ratings Affirmed

  Madison Park Funding XIII Ltd.

  Class A-R2: AAA (sf)
  Class E-R: B+ (sf)
  Class F-R: CCC+ (sf)



MAGNETITE XXXVII: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Magnetite
XXXVII Ltd.'s floating-rate notes.

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

The preliminary ratings are based on information as of Sept. 20,
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

  Magnetite XXXVII Ltd./Magnetite XXXVII 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), $17.00 million: BB- (sf)
  Subordinated notes, $46.70 million: Not rated



MARATHON CLO X: S&P Affirms B- (sf) Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings raised its ratings on the class A2, B, and C
notes from Marathon CLO X Ltd., a U.S. CLO transaction. S&P also
removed the ratings on the class A2 and B notes from CreditWatch,
where they were placed with positive implications on June 30, 2023.
At the same time, S&P affirmed its ratings on the class A-1A-R,
A-1B-R, and D notes from the same transaction.

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

The transaction has paid down $128.43 million to the class A-1A-R
notes since our rating actions on Dec. 30, 2021. These paydowns
resulted in improved reported overcollateralization (O/C) ratios
for the class A (collectively, class A-1A-R, A-1B-R, and A2) and B
senior notes since the November 2021 trustee report, which we used
for our previous rating actions:

-- The class A O/C ratio improved to 137.46% from 130.29%.

-- The class B O/C ratio improved to 119.74% from 117.82%.

While senior O/C ratios improved, the class C and D O/C ratios
declined:

-- The class C O/C ratio declined to 108.91% from 109.72%.

-- The class D O/C ratio declined to 102.68% from 104.88%, and is
now less than its minimum requirement of 104.29%

The higher coverage tests for the class A and B notes indicate an
increase in their credit support. The decline in the class C and D
coverage tests are primarily due to an increase in haircuts on
assets in the 'CCC' category that are above the threshold as
specified in the transaction documents, and an increase in defaults
since S&P's last rating action.

Collateral obligations with ratings in the 'CCC' category have
decreased in dollar value but have increased in percentage, to
11.30% ($42.53 million) as of the August 2023 trustee report, from
8.00% ($43.38 million) as of the November 2021 trustee report. Over
the same period, the exposure to defaulted collateral increased to
2.98% ($10.96 million) from 0.87% ($4.36 million).

Despite the increased concentration of assets rated in the 'CCC'
category and defaults, the transaction has benefited from a drop in
the weighted average life due to the underlying collateral's
seasoning, with 3.38 years reported as of the August 2023 trustee
report, compared with 4.48 years reported at the time of S&P's
December 2021 rating actions. The transaction's paydowns have also
helped offset the impact from portfolio deterioration and growing
concentration for senior tranches.

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.

S&P said, "Although the class D O/C ratio is failing as of the
August 2023 trustee report by 161 basis points, we affirmed its
rating based on its passing cash flow results and existing credit
support. Any deterioration in the credit support available to the
class D notes could result in rating changes. The affirmed ratings
on the class A-1A-R and A-1B-R notes reflect adequate credit
support at the current rating level.

"On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class A2, and B notes; however,
the transaction currently has elevated exposure to collateral
obligations rated in the 'CCC' category, as well as has some assets
with low market values. Therefore, we ran additional sensitivities
and based on that, we preferred more cushion to offset any future
potential negative credit migration in the underlying collateral."

Marathon CLO X 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.

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."

  Ratings Raised And Removed From CreditWatch Positive

  Marathon CLO X Ltd.

  Class A2 to 'AA+ (sf)' from 'AA (sf)/Watch Pos'
  Class B to 'A (sf)' from 'A- (sf)/Watch Pos'

  Ratings Raised

  Marathon CLO X Ltd.

  Class C to 'BBB- (sf)' from 'BB+ (sf)'

  Rating Affirmed

  Marathon CLO X Ltd.

  Class A-1A-R: AAA (sf)
  Class A-2B-R: AAA (sf)
  Class D: B- (sf)



MARATHON STATIC 2022-18: Fitch Affirms 'BB+sf' Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Marathon
Static CLO 2022-18 Ltd. refinancing notes.

   Entity/Debt           Rating                 Prior
   -----------           ------                 -----
Marathon Static
CLO 2022-18 Ltd

   A-1 56586PAA6     LT  PIFsf  Paid In Full    AAAsf

   A-1-R             LT  AAAsf  New Rating

   A-2 56586PAC2     LT  PIFsf  Paid In Full    AAAsf

   A-2-R             LT  AAAsf  New Rating

   B-1 56586PAE8     LT  PIFsf  Paid In Full    AA+sf

   B-1-R             LT  AA+sf  New Rating

   B-2 56586PAG3     LT  AA+sf  Affirmed        AA+sf

   C 56586PAJ7       LT  A+sf   Affirmed        A+sf

   D 56586PAL2       LT  PIFsf  Paid In Full    BBB+sf

   D-R               LT  BBB+sf New Rating

   E 56587DAA2       LT  BB+sf  Affirmed        BB+sf

TRANSACTION SUMMARY

Marathon Static CLO 2022-18 Ltd is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Marathon Asset
Management, L.P., that originally closed in August 2022. The CLO's
secured notes were partially refinanced on Sept. 19, 2023 (the
first refinancing date) from the proceeds of new secured notes.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
100.0% first-lien senior secured loans and has a weighted average
recovery assumption of 76.6%.

Portfolio Composition (Positive): The largest three industries
comprise 30.9% of the portfolio balance in aggregate, while the top
five obligors represent 4.3% 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 does not have a
reinvestment period; however, the issuer has the ability to extend
the weighted average life (WAL) of the portfolio as a result of
maturity amendments. Fitch's analysis was based on a stressed
portfolio that includes a one-notch downgrade on the Fitch Issuer
Default Rating (IDR) Equivalency Rating for assets with a Negative
Outlook on the driving rating of the obligor. The shorter risk
horizon means the transaction is less vulnerable to underlying
price movements, economic conditions and asset performance.

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.

KEY PROVISION CHANGES

The refinancing is being implemented via the refinancing
supplemental indenture, which amended certain provisions of the
transaction. The changes include but are not limited to:

- The non-call period for the refinancing notes will end in March
2024.

FITCH ANALYSIS

Marathon Static CLO 2022-18 Ltd. is a static pool CLO. The issuer
is not permitted to purchase any loans after the closing date
(other than rescue financing assets). As such, there are no
collateral quality tests or concentration limitations, and Fitch's
analysis is based on the latest portfolio from the trustee.

The portfolio presented to Fitch from the trustee report as of Aug.
10, 2023 includes 202 assets from 193 primarily high yield
obligors. The portfolio balance, including the amount of positive
cash, was approximately $371.2 million. As per the latest trustee
report, the transaction passes all of its coverage tests.

The weighted average rating factor of the current portfolio is
'B'/'B+'. Fitch has an explicit rating, credit opinion or private
rating for 45.4% of the current portfolio par balance; ratings for
54.6% of the portfolio were derived from using Fitch's IDR
equivalency map. Defaulted assets, assets without a public rating
or a Fitch credit opinion represent 0.0% of the current portfolio
par balance.

In lieu of a traditional stress portfolio, Fitch rans a maturity
extension scenario on the current portfolio to account for the
issuer's ability to extend the WAL of the portfolio to 5.1 years as
a result of maturity amendments. The scenario also considers a
one-notch downgrade on the Fitch IDR Equivalency Rating for assets
with a Negative Outlook on the derived rating of the obligor, as
described in Fitch's CLO and Corporate CDO Rating Criteria.

Fitch generated projected default and recovery statistics of the
Fitch Stressed Portfolio (FSP) using its portfolio credit model
(PCM). The PCM default and recovery rate outputs for the FSP at the
'AAAsf' rating stress were 45.2% and 41.2%, respectively. The PCM
default and recovery rate outputs for the FSP at the 'AA+sf' rating
stress were 44.2% and 50.5%, respectively. The PCM default and
recovery rate outputs for the FSP at the 'A+sf' rating stress were
38.8% and 60.1%, respectively. The PCM default and recovery rate
outputs for the FSP at the 'BBB+sf' rating stress were 32.8% and
69.5%, respectively. The PCM default and recovery rate outputs for
the FSP at the 'BB+sf' rating stress were 27.3% and 74.7%,
respectively.

In the analysis of the current portfolio, the class A-1-R, A-2-R,
B-1-R, B-2, C, D-R and E notes passed the 'AAAsf', 'AAAsf',
'AA+sf', 'AA+sf', 'A+sf', 'BBB+sf' and 'BB+sf' rating thresholds in
all nine cash flow scenarios with minimum cushions of 20.2%, 16.4%,
7.4%, 7.4%, 7.20% 13.3% and 13.5%, respectively. In the analysis of
the FSP, the class A-1-R, A-2-R, B-1-R and D-R notes passed the
'AAAsf', 'AAAsf', 'AA+sf', 'AA+sf', 'A+sf', 'BBB+sf' and 'BB+sf'
rating thresholds in all nice cash flow scenarios with a minimum
cushion of 17.7%, 13.7%, 5.3%, 5.3%, 5.4%, 11.5% and 10.5%,
respectively.

The Stable Outlook on the class A-1-R, A-2-R, B-1-R, B-2, C, D-R
and E notes reflects the expectation that the notes have a
sufficient level of credit protection to withstand potential
deterioration in the credit quality of the portfolio.

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 between
'AA+sf' and 'AAAsf' for class A-1-R, between 'AA-sf' and 'AAAsf'
for class A-2-R, between 'BBB-sf' and 'AA+sf' for class B-1-R and
class B-2-R, between 'BB-sf' and 'A+sf' for class C, between 'B-sf'
and 'BBB+sf' for class D, and between less than 'B-sf' and 'BB+sf'
for class E.

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

Upgrade scenarios are not applicable to the class A-1-R and 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; results under these sensitivity scenarios are 'AAAsf' for
class B-1-R notes and class B-2 notes, 'A+sf' for class C notes,
'A+sf' for class D-R notes, and 'A-sf' for class E notes.

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

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

DATA ADEQUACY

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.


METRONET INFRASTRUCTURE 2023-3: Fitch Rates C Notes 'BB-(EXP)'
--------------------------------------------------------------
Fitch Ratings has issued a presale report for Metronet
Infrastructure Issuer LLC's Secured Fiber Network Revenue Notes,
Series 2023-3.

   Entity/Debt         Rating           
   -----------         ------           
Metronet
Infrastructure
Issuer LLC,
Secured Fiber
Network Revenue,
Series 2023-3

   Class A-2       LT A(EXP)sf    Expected Rating
   Class B         LT BBB(EXP)sf  Expected Rating
   Class C         LT BB-(EXP)sf  Expected Rating

Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

- $478,236,000 series 2023-3, class A-2, 'Asf'; Outlook Stable;

- $66,156,000 series 2023-3, class B, 'BBBsf'; Outlook Stable;

- $133,109,000 series 2023-3, class C, 'BB-sf'; Outlook Stable.

In connection with the transaction, it is also expected that the
2023-2, class A-1 variable funding note will be amended. The
ratings on all existing notes are subject to affirmation concurrent
with the transaction close and the assignment of final ratings.

TRANSACTION SUMMARY

The transaction is a securitization of contract payments derived
from an existing fiber-to-the-premises (FTTP) network. Collateral
assets include conduits, cables, network-level equipment, access
rights, customer contracts, transaction accounts and a pledge of
equity from the asset entities. Debt is secured by net revenue from
operations and benefits from a perfected security interest in the
securitized assets.

The collateral consists of high-quality fiber lines that support
the provision of internet, cable and telephone services to a
network of approximately 431,000 retail customers across 12 states;
these assets represent approximately 92.3% of the sponsor's
business, based on the percentage of revenue generated. For the
markets contributed to the transaction, the majority of the
subscriber base, comprising 31.1% of annualized run rate revenue
(ARRR), is located in Indiana, although the base is spread across a
few distinct markets in the state.

In addition to the existing collateral networks, the transaction is
now also secured by networks totaling 17.9% of ARRR from MetroNet's
May 2022 acquisition of Vexus and newly-constructed markets, which
are being contributed in connection with this issuance of notes.
The additional collateral passes approximately 310,000 households
and 106,000 new subscribers.

The ratings reflect a structured finance analysis of cash flows
from the ownership interest in the underlying fiber-optic networks,
rather than an assessment of the corporate default risk of the
ultimate parent, MetroNet Holdings, LLC.

KEY RATING DRIVERS

Net Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool
is $244.0 million, implying a 19.9% haircut to issuer NCF in the
base case. The debt multiple relative to Fitch's NCF on the rated
classes is 10.6x, versus the debt/issuer NCF leverage of 8.5x.

Inclusive of the cash flow required to draw on the maximum variable
funding note (VFN) commitment of $400 million, the Fitch NCF on the
pool is $306.2 million, implying a 17.49% haircut to issuer NCF.
The debt multiple relative to Fitch's NCF on the rated classes is
9.8x, compared with the debt / issuer NCF leverage of 8.0x.

Credit Risk Factors: The major factors affecting Fitch's
determination of cash flow and maximum potential leverage (MPL)
include: the high quality of the underlying collateral networks,
scale and diversity of the customer base, market position and
penetration, capability of the operator, and strength of the
transaction structure.

Technology-Dependent Credit: Due to the specialized nature of the
collateral and potential for changes in technology to affect
long-term demand for digital infrastructure, the senior classes of
this transaction do not achieve ratings above 'Asf'. The securities
have a rated final payment date 30 years after closing, and the
long-term tenor of the securities increases the risk that an
alternative technology —rendering obsolete the current
transmission of data through fiber optic cables — will be
developed. Fiber optic cable networks are currently the fastest and
most reliable means to transmit information and data providers
continue to invest in and utilize this technology.

RATING SENSITIVITIES

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

Declining cash flow as a result of higher expenses, contract churn,
or lower market penetration or the development of an alternative
technology for the transmission of data could lead to downgrades.

Fitch's base case NCF was 19.9% below the issuer's underwritten
cash flow. A further 10% decline in Fitch's NCF indicates the
following ratings based on Fitch's determination of MPL: Class A-2
from 'Asf' to 'BBBsf'; class B from 'BBBsf' to 'BB+sf'; class C
from 'BB-sf' to 'B-sf'.

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

Increasing cash flow without an increase in corresponding debt,
from rate increases, additional contracts, or contract amendments
could lead to upgrades.

A 10% increase in Fitch's NCF indicates the following ratings based
on Fitch's determination of MPL: Class A-2 from 'Asf' to 'Asf';
class B from 'BBBsf' to 'A-'; class C from 'BB-sf' to 'BBsf'.

Upgrades are unlikely for these transactions given the provision
for the issuer to issue additional notes, which rank pari passu or
subordinate to existing notes, without the benefit of additional
collateral. In addition, the transaction is capped in the 'Asf'
category, given the risk of technological obsolescence.

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 XI: Fitch Affirms 'BB-sf' Rating on Cl. E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings for the class A-1, A-2a,
A-2b, B, C, D and E notes of MidOcean Credit CLO XI Ltd. (MidOcean
XI). The Rating Outlooks on all of the rated tranches remain
Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
MidOcean Credit
CLO XI Ltd

   A-1 59801AAA2    LT  AAAsf  Affirmed   AAAsf
   A-2a 59801AAC8   LT  AAAsf  Affirmed   AAAsf
   A-2b 59801AAE4   LT  AAAsf  Affirmed   AAAsf
   B 59801AAG9      LT  AAsf   Affirmed    AAsf
   C 59801AAJ3      LT  A+sf   Affirmed    A+sf
   D 59801AAL8      LT  BBBsf  Affirmed   BBBsf
   E 59801CAA8      LT  BB-sf  Affirmed   BB-sf

TRANSACTION SUMMARY

MidOcean XI is a broadly syndicated collateralized loan obligation
(CLO) managed by MidOcean Credit RR Manager LLC. The transaction
closed in November 2022 and will exit its reinvestment period in
October 2025. The CLO is secured primarily by first-lien, senior
secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are driven by the portfolios' stable performance
since closing. The credit quality of the portfolio as of August
2023 reporting has remained at the 'B' rating level. The Fitch
weighted average rating factor (WARF) of the portfolio is 23.4,
compared to 23.3 at closing.

The portfolio remains fairly diversified with 248 obligors, and the
largest 10 obligors represent 9.0% of the portfolio. There are no
reported defaulted assets. Exposure to issuers with a Negative
Outlook and Fitch's watchlist is 18.2% and 4.4%, respectively.

First lien loans, cash and eligible investments comprise 94.6% of
the portfolio. Fitch's weighted average recovery rate (WARR) of the
portfolio is 75.1%, compared with 74.5% at closing.

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

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on a newly run
Fitch Stressed Portfolio (FSP) since the transaction is still in
its reinvestment period. The FSP analysis stressed the current
portfolio from the latest trustee report to account for permissible
concentration and CQT limits. The FSP analysis assumed weighted
average life of 6.0 years. Weighted average spread, WARF and WARR
were stressed to the levels indicated by the current Fitch test
matrix point. In addition, assumptions of both 0% and 5% fixed rate
assets were tested as part of the FSP's cash flow modelling.

The ratings for all the rated notes are in line with their
respective 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
a 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 three
notches, based on the 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 five
notches, based on the 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.


MOUNTAIN VIEW XVII: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Mountain View CLO XVII
Ltd./Mountain View CLO XVII LLC's floating-rate debt.

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

The ratings reflect S&P's assessment of:

-- The diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' and
lower) senior secured term loans.

-- 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.

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

  Ratings Assigned

  Mountain View CLO XVII Ltd./Mountain View CLO XVII LLC

  Class X notes, $2.00 million: AAA (sf)
  Class A notes, $180.00 million: AAA (sf)
  Class B notes, $48.00 million: AA (sf)
  Class C notes (deferrable), $18.00 million: A (sf)
  Class D notes (deferrable), $15.60 million: BBB- (sf)
  Class E notes (deferrable) $8.40 million: BB- (sf)
  Subordinated notes, $27.75 million: Not rated



NMEF FUNDING 2023-A: Moody's Assigns Ba3 Rating to Class D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by NMEF Funding 2023-A, LLC (NMEF 2023-A). North Mill
Equipment Finance LLC (NMEF) is the sponsor of the transaction and
is the servicer of the securitized loan pool. The notes are backed
by a pool of loans and leases secured by mainly new and used
trucking and transportation equipment such as vocational trucks,
trailers, heavy duty trucks, as well as medical and construction
equipment. NMEF Funding 2023-A, LLC is NMEF's 7th ABS transaction
and the second transaction rated by Moody's.

The complete rating actions are as follows:

Issuer: NMEF Funding 2023-A, LLC

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

Class A-2 Notes, Definitive Rating Assigned Aaa (sf)

Class B Notes, Definitive Rating Assigned Aa3 (sf)

Class C Notes, Definitive Rating Assigned Baa2 (sf)

Class D Notes, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The ratings for the notes are based on the credit quality of the
securitized equipment loan and lease pool and its expected
performance, the historical performance of NMEF's managed portfolio
and that of its prior securitizations, the experience and expertise
of NMEF as the originator and servicer of the underlying pool, the
back-up servicing arrangement with GreatAmerica Portfolio Services
Group LLC, the transaction structure including the level of credit
enhancement supporting the notes, and the legal aspects of the
transaction.

Moody's cumulative net loss expectation for the NMEF 2023-A
collateral pool is 5.5% and loss at a Aaa stress is 32.0%. Moody's
cumulative net loss expectation and loss at a Aaa stress is based
on its analysis of the credit quality of the underlying collateral
pool and the historical performance of similar collateral,
including NMEF's managed portfolio and transaction performance, the
track-record, ability and expertise of NMEF to perform the
servicing functions, and current expectations for the macroeconomic
environment during the life of the transaction including the
current inflationary environment, increased fuel costs, and
decreasing consumer spending leading to weakening freight demand
which is pressuring the margins of operators in the transportation
sector.

The classes of notes will be paid sequentially. At transaction
closing, the Class A, Class B, Class C, and Class D notes benefit
from approximately 35.30%, 23.75%, 16.70%, and 12.25% of hard
credit enhancement, respectively. Initial hard credit enhancement
for the notes consists of (1) subordination (except for Class D),
(2) over-collateralization (OC) of 11.25% of the initial adjusted
discounted pool balance with the transaction utilizing excess
spread to build to an OC target of 18.25% of the outstanding
adjusted discounted pool balance subject to a 0.50% OC floor, and
(3) a fully funded, non-declining reserve account of 1.00% of the
initial adjusted discounted pool balance. Excess spread may be
available as additional credit protection for the notes. The
sequential-pay structure and non-declining reserve account will
result in a build-up of credit enhancement supporting the rated
notes.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

Moody's could downgrade the notes if levels of credit enhancement
are insufficient to protect investors against current expectations
of portfolio losses. Losses could rise above Moody's original
expectations as a result of a higher number of obligor defaults or
deterioration in the value of the equipment that secure the
obligor's promise of payment. Portfolio losses also depend on the
health of the trucking and transportation industries. Other reasons
for worse-than-expected performance could include poor servicing,
error on the part of transaction parties, inadequate transaction
governance or fraud.


OCTAGON 68: Fitch Puts BB-(EXP)sf Rating on E Notes, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Octagon 68, Ltd.

   Entity/Debt         Rating           
   -----------         ------           
Octagon 68, Ltd.

   X               LT   NR(EXP)sf   Expected Rating

   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 68, 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 $500.0 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B+'/'B', which is in line with that of
recent CLOs. The weighted average rating factor of the indicative
portfolio is 23.09, versus a maximum covenant, in accordance with
the initial expected matrix point of 27.0. 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
98.3% first-lien senior secured loans. The weighted average
recovery rate of the indicative portfolio is 76.3% versus a minimum
covenant, in accordance with the initial expected matrix point of
74.0%.

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

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

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-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-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'.

At other rating levels, 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 'AAAsf' for class B, 'A+sf' for
class C, 'A+sf' for class D; and 'BBB+sf' for class E.

DATA ADEQUACY

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

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


OFSI BSL XI: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-J-R, B-R, C-R, D-R, and E-R replacement notes from OFSI
BSL CLO XI Ltd./OFSI BSL CLO XI LLC, a CLO that is managed by OFS
CLO Management LLC.

The preliminary ratings are based on information as of Sept. 20,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 28, 2023, refinancing date, the proceeds from the
replacement notes will be used to redeem the original notes. At
that time, we expect to assign ratings to the replacement notes.
However, if the refinancing doesn't occur, we may withdraw our
preliminary ratings on the replacement debt.

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

-- The replacement class A-1-R, A-J-R, B-R, and C-R notes are
expected to be issued at a lower spread over three-month CME term
SOFR than the original notes.

-- The replacement class D-R and E-R notes are expected to be
issued at a higher spread over three-month CME term SOFR than the
original notes.

-- The weighted average life test date will be extended two years,
the non-call date will be extended by approximately 2.25 years, and
the reinvestment period and stated maturity will be extended by
approximately 4.25 years.

-- At the previous transaction's closing, the class A-J, B, and E
notes were unrated by S&P Global Ratings, whereas all of the notes,
except the subordinated notes, in the reset transaction will be
rated by S&P Global Ratings.

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

-- 98.64% of the identified underlying collateral obligations have
recovery ratings assigned by S&P Global Ratings.

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1-R, $180.00 million: Three-month term SOFR + 2.05%

-- Class A-J-R, $12.00 million: Three-month term SOFR + 2.35%

-- Class B-R, $36.475 million: Three-month term SOFR + 2.80%

-- Class C-R, $18.00 million: Three-month term SOFR + 3.50%

-- Class D-R, $15.00 million: Three-month term SOFR + 5.33%

-- Class E-R, $12.00 million: Three-month term SOFR + 8.49%

Original debt

-- Class A-1, $180.00 million: Three-month term SOFR + 2.10%

-- Class A-J, $12.00 million: Three-month term SOFR + 2.50%

-- Class B, $36.00 million: Three-month term SOFR +2.95%

-- Class C, $16.50 million: Three-month term SOFR + 3.60%

-- Class D, $16.50 million: Three-month term SOFR + 4.23%

-- Class E, $12.75 million: Three-month term SOFR + 7.60%

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 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

  OFSI BSL CLO XI Ltd./OFSI BSL CLO XI LLC

  Class A-1-R, $180.00 million: AAA (sf)
  Class A-J-R, $12.00 million: AAA (sf)
  Class B-R, $36.475 million: AA (sf)
  Class C-R (deferrable), $18.00 million: A (sf)
  Class D-R (deferrable), $15.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $28.50 million: Not rated



OHA CREDIT 16: Fitch Gives 'BB+(EXP)sf' on E Notes, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
OHA Credit Funding 16, Ltd.

   Entity/Debt        Rating           
   -----------        ------           
OHA Credit
Funding 16, 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
   F               LT  NR(EXP)sf    Expected Rating
   Subordinated    LT  NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

OHA Credit Funding 16, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Oak
Hill Advisors, L.P. Net proceeds from the issuance of the secured
and subordinated notes will provide financing on a portfolio of
approximately $400 million of 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 25.02. 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 and has a weighted average
recovery assumption of 76.22%.

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

Portfolio Management (Neutral): The transaction has a 5.0-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect the 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 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-1, between
'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for
class B, between 'B+sf' and 'BBB+sf' for class C, between 'less
than B-sf' and 'BB+sf' for class D, and between 'less than B-sf'
and 'BB-sf' for class E.

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

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

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

DATA ADEQUACY

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

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


OHA CREDIT 16: Moody's Assigns (P)B3 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by OHA Credit Funding 16, Ltd. (the
"Issuer" or "OHA Credit Funding 16").

Moody's rating action is as follows:

US$246,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

US$500,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2036, Assigned (P)B3 (sf)

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

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

OHA Credit Funding 16 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 96.0% of the portfolio must
consist of first lien senior secured loans, and up to 4.0% of the
portfolio may consist of second lien loans, unsecured loans or
permitted non-loan assets. Moody's expect the portfolio to be
approximately 90% ramped as of the closing date.

Oak Hill Advisors, L.P. (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 five year reinvestment period.
Thereafter, subject to certain restrictions, the Manager may
reinvest unscheduled principal payments and proceeds from sales of
credit risk assets.

In addition to the Rated Notes, the Issuer will issue five other
classes of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes 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: 50

Weighted Average Rating Factor (WARF): 2990

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 year

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 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.


PPM CLO 6: Fitch Affirms BB-sf Rating on E Notes, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A, B-1 and B-2
notes (collectively class B notes) of PPM CLO 2018-1 Ltd. (PPM
2018-1) and the class A, B, C, D and E notes of PPM CLO 6 Ltd (PPM
6). The Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
PPM CLO 2018-1 Ltd.

   A 69355DAA5       LT  AAAsf  Affirmed    AAAsf
   B-1 69355DAC1     LT  AA+sf  Affirmed    AA+sf
   B-2 69355DAL1     LT  AA+sf  Affirmed    AA+sf

PPM CLO 6 Ltd.

   A 69377WAA7       LT  AAAsf  Affirmed    AAAsf
   B 69377WAC3       LT  AA+sf  Affirmed    AA+sf
   C 69377WAE9       LT  A+sf   Affirmed     A+sf
   D 69377WAG4       LT  BBB+sf Affirmed   BBB+sf
   E 69377XAA5       LT  BB-sf  Affirmed    BB-sf

TRANSACTION SUMMARY

PPM 2018-1 and PPM CLO 6 are broadly syndicated collateralized loan
obligations (CLOs) managed by PPM Loan Management Company 2, LLC.
PPM 2018-1 closed in August 2018 and exited its reinvestment period
in July 2023. PPM 6 is a static deal that closed in December 2022.
Both CLOs are secured primarily by first-lien, senior secured
leveraged loans.

KEY RATING DRIVERS

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

The affirmations are driven by the portfolios' stable performance
since last review or closing in 2022. The credit quality of both
portfolios as of the July 2023 trustee reporting is generally at
the 'B'/'B-' rating level. The Fitch weighted average rating
factors (WARF) of the performing portfolios for PPM 6 and PPM
2018-1 were 23.7 and 24.2, respectively, compared to 23.0 and 25.0,
respectively, at last rating actions. Approximately 7.8% of the
original class A note balance of PPM 6 has amortized since closing,
slightly increasing credit enhancement (CE) levels.

The portfolio for PPM 2018-1 consists of 280 obligors, and the
largest 10 obligors represent 8.4% of the portfolio. PPM 6 has 273
obligors, with the largest 10 obligors comprising 5.6% of the
portfolio. There are no defaulted assets in PPM 6, while two
issuers comprise 0.5% defaulted exposure in PPM 2018-1 portfolio.
Exposure to issuers with a Negative Outlook and Fitch's watchlist
is 15.8% and 5.3%, respectively, for PPM 6 and 23.5% and 8.3%,
respectively, for PPM 2018-1.

First lien loans, cash and eligible investments comprised 99.3% on
average. Fitch's weighted average recovery rate (WARR) of the
portfolios averaged 75.5%, compared to average 75.8% at the last
rating actions.

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on both the
current portfolio and a stressed portfolio that incorporated a
one-notch downgrade on the Fitch Issuer Default Rating Equivalency
Rating for assets with a Negative Outlook on the driving rating of
the obligor. In addition, the stressed analysis extended the
weighted average life (WAL) for PPM 6 to the current maximum WAL
covenant of 5.4 years to reflect the issuers' ability to consent to
maturity amendments.

The rating actions for all classes of notes are in line with the
model-implied ratings (MIRs) as defined in Fitch's CLOs and
Corporate CDOs Rating Criteria, except for the class B notes of PPM
2018-1 and class E notes of PPM 6. The aforementioned notes were
affirmed one notch below their MIRs, due to limited positive
cushions at their respective MIR rating levels amid recessionary
macroeconomic headwinds.

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' CE 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 portfolios, would lead to downgrades of one notch for
the class B notes in both transactions, and downgrades of at least
three notches for the class C, D and E notes in PPM 6, based on
MIRs. There would be no rating impact on the class A notes for both
transactions, based on MIRs.

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

- Except for 'AAAsf' rated notes which are at the highest level on
Fitch's rating scale, 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 portfolios, would lead to upgrades of up to one
notch for the class B notes in both transactions, three notches for
the class D notes in PPM 6, and five notches for the class E notes
in PPM 6, based on the MIRs. There would be no rating impact for
the class C notes in PPM 6, 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.


QUALITY SENIOR: S&P Raises 2019A-B-C LT Bond Ratings to 'BB-(sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its long-term ratings on New Hope
Cultural Education Facilities Finance Corp., Texas' series 2019A,
2019B, and 2019C senior living revenue bonds (Quality Senior
Housing Foundation of East Texas Inc. project) to 'BBB-(sf)',
'BB+(sf)', and 'BB(sf)', from 'BB+(sf)', 'BB(sf)', and 'BB-(sf)',
respectively. The outlook is stable.

"The upgrade reflects our opinion of improved debt service coverage
ratios for all three classes of debt following annual increases in
net operating income over the past three years, partly caused by
higher occupancy," said S&P Global Ratings credit analyst John
Mariotti.

S&P said, "The stable outlook reflects our opinion of the project's
expected financial performance, supported by oversight from an
experienced property manager in the senior-living sector. While a
degree of competition within the facilities' respective housing
markets has the potential to strain occupancy or increase operating
costs, these factors have not kept net cash flow from increasing
over the past three fiscal years. We believe our assessment of
coverage and liquidity will remain consistent during the outlook
period, based in part on the transaction's structure related to
recoveries upon foreclosure and the degree to which a reserve fund
is available for each class of debt.

"Should the series B and C bonds demonstrate material financial
strengthening, as evidenced by increases in debt service coverage,
or should our view of management and governance or market position
strengthen, we could take positive rating action.

"We could take a negative rating action if the project experiences
higher-than-expected operating expenses, lower-than-expected rent
collections, or material decreases in occupancy to the extent our
assessment of coverage and liquidity weakens, or if market position
deteriorates below current levels in our opinion."




RCKT MORTGAGE 2023-CES2: Fitch Rates Class B-2 Notes 'Bsf'
----------------------------------------------------------
Fitch Ratings has assigned ratings to the residential
mortgage-backed notes issued by RCKT Mortgage Trust 2023-CES2 (RCKT
2023-CES2).

   Entity/Debt       Rating                  Prior
   -----------       ------                  -----
RCKT 2023-CES2

   A-1           LT  AAAsf   New Rating    AAA(EXP)sf
   A-1A          LT  AAAsf   New Rating    AAA(EXP)sf
   A-1B          LT  AAAsf   New Rating    AAA(EXP)sf
   A-2           LT  AAsf    New Rating    AA(EXP)sf
   A-3           LT  AAsf    New Rating    AA(EXP)sf
   A-4           LT  Asf     New Rating    A(EXP)sf
   M-1           LT  Asf     New Rating    A(EXP)sf
   M-2           LT  BBBsf   New Rating    BBB(EXP)sf
   A-5           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
   LT-R          LT  NRsf    New Rating    NR(EXP)sf
   R             LT  NRsf    New Rating    NR(EXP)sf
   XS            LT  NRsf    New Rating    NR(EXP)sf
   A-1L          LT  WDsf    Withdrawn     AAA(EXP)sf

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.

Fitch has withdrawn the expected rating of 'AAA(EXP)sf' for the
previous class A-1L notes as the loan was not funded at close and
is no longer being offered.

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 with 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 with 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.

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 AMC Diligence, LLC. The third-party due diligence
described in Form 15E focused on credit, regulatory compliance, and
property valuation. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment to
its analysis: a 5% PD credit to the 25% of the pool by loan count
in which diligence was conducted. This adjustment resulted in a
19bps reduction to the 'AAAsf' expected loss.

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.


REGATTA II FUNDING: S&P Affirms B- (sf) Rating on Class D-R2 Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2F-R3,
A-2L-R3, and B-R3 notes from Regatta II Funding L.P. CLO. At the
same time, S&P removed the class A-2F-R3 and A-2L-R3 ratings from
CreditWatch, where it placed them with positive implications on
June 30, 2023. S&P also affirmed its rating on the class A-1-R3,
C-R2, and D-R2 notes from the same transaction.

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

Since our March 2021 rating actions, the transaction has paid down
$155.46 million to the class A-1-R3 notes. Since the February 2021
trustee report, which we used for our previous rating actions, the
reported overcollateralization (O/C) ratios have changed:

-- The class A O/C ratio improved to 148.04% from 128.00%.

-- The class B O/C ratio improved to 125.05% from 117.32%.

-- The class C O/C ratio improved to 112.56% from 110.73%.

-- However, the class D O/C ratio declined to 103.51% from
105.53%.

While the senior O/C ratios experienced positive movement due to
the lower balances of the senior notes, the class D O/C ratio
declined and is failing due to an increase in haircuts for excess
'CCC' exposure and an uptick in defaults.

Collateral obligations with ratings in the 'CCC' category have
decreased in terms of absolute value to $27.59 million as of the
August 2023 trustee report from $29.55 million reported as of the
February 2021 trustee report. However, the concentration of the
'CCC (sf)' rated assets have increased to 12.05% from 7.52%, while
defaults have decreased to $2.74 million from $5.49 million.
However, despite the slightly larger concentrations in the 'CCC'
category and an increase in defaults and par losses, the
transaction's paydowns have offset their impact for the senior
tranches.

The raised ratings reflect the improved credit support available to
the notes at the prior rating levels. The affirmed rating reflects
adequate credit support at the current rating level.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on all the non-'AAA' rated classes.
However, due to the exposure to 'CCC (sf)' rated collateral
obligations, defaulted assets, and long-dated assets, 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
rated outstanding classes have adequate credit enhancement
available at the rating levels associated with these rating
actions."

Regatta II Funding L.P. CLO 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 will continue to review whether, in its view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and will take rating actions as it deems
necessary.

  Ratings Raised And Removed From CreditWatch Positive

  Regatta II Funding L.P. CLO

  Class A-2F-R3 to 'AA+ (sf)' from 'AA (sf)/Watch Pos'
  Class A-2L-R3 to 'AA+ (sf)' from 'AA (sf)/Watch Pos'

  Ratings Raised

  Regatta II Funding L.P. CLO

  Class B-R3 to 'A+ (sf)' from 'A (sf)'

  Ratings Affirmed

  Regatta II Funding L.P. CLO

  Class A-1-R3: AAA (sf)
  Class C-R2: 'BBB- (sf)'
  Class D-R2: B- (sf)



SANTANDER DRIVE 2021-4: Moody's Ups Rating on Cl. E Notes From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded 30 classes of bonds issued
from 19 non-prime and two prime auto securitizations. The bonds are
backed by pools of retail automobile non-prime and prime loan
contracts originated and serviced by multiple parties.             
    

The complete rating actions are as follows:

Issuer: American Credit Acceptance Receivables Trust 2021-4

Class D Asset Backed Notes, Upgraded to A1 (sf); previously on
Jun 14, 2023 Upgraded to A3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2019-2

Class E Notes, Upgraded to Aa2 (sf); previously on Mar 17, 2022
Upgraded to A1 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2022-2

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 22, 2022
Definitive Rating Assigned Aa2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jun 22, 2022
Definitive Rating Assigned Baa1 (sf)

Issuer: CarMax Auto Owner Trust 2022-1

Class B Asset-backed Notes, Upgraded to Aaa (sf); previously on
Oct 12, 2022 Upgraded to Aa1 (sf)

Class C Asset-backed Notes, Upgraded to Aa2 (sf); previously on
Oct 12, 2022 Upgraded to A1 (sf)

Issuer: CarMax Auto Owner Trust 2022-2

Class B Asset-backed Notes, Upgraded to Aaa (sf); previously on
Feb 13, 2023 Upgraded to Aa1 (sf)

Class C Asset-backed Notes, Upgraded to Aa2 (sf); previously on
Feb 13, 2023 Upgraded to A1 (sf)

Class D Asset-backed Notes, Upgraded to A3 (sf); previously on
Apr 28, 2022 Definitive Rating Assigned Baa2 (sf)

Issuer: CPS Auto Receivables Trust 2021-D

Class D Notes, Upgraded to Aa2 (sf); previously on Jun 14, 2023
  Upgraded to A1 (sf)

Issuer: CPS Auto Receivables Trust 2022-B

Class B Notes, Upgraded to Aaa (sf); previously on Apr 20, 2022
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Apr 20, 2022
Definitive Rating Assigned A1 (sf)

Class D Notes, Upgraded to Baa2 (sf); previously on Apr 20, 2022
Definitive Rating Assigned Baa3 (sf)

Issuer: Exeter Automobile Receivables Trust 2021-4

Class D Notes, Upgraded to A2 (sf); previously on Jun 14, 2023
Upgraded to Baa1 (sf)

Issuer: Exeter Automobile Receivables Trust 2022-3

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 22, 2022
Definitive Rating Assigned Aa3 (sf)

Issuer: Foursight Capital Automobile Receivables Trust 2022-1

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 14, 2023
Upgraded to Aa2 (sf)

Issuer: Santander Drive Auto Receivables Trust 2021-2

Class D Notes, Upgraded to Aaa (sf); previously on Sep 12, 2022
Upgraded to Aa1 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Sep 12, 2022
Upgraded to Baa2 (sf)

Issuer: Santander Drive Auto Receivables Trust 2021-3

Class D Notes, Upgraded to Aaa (sf); previously on Sep 12, 2022
Upgraded to Aa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jul 14, 2022
Upgraded to Baa3 (sf)

Issuer: Santander Drive Auto Receivables Trust 2021-4

Class D Notes, Upgraded to Aa1 (sf); previously on Sep 12, 2022
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Sep 12, 2022
Upgraded to Ba1 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-1

Class C Notes, Upgraded to Aaa (sf); previously on Feb 23, 2022
Definitive Rating Assigned Aa1 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-2

Class C Notes, Upgraded to Aa1 (sf); previously on Mar 30, 2022
Definitive Rating Assigned Aa2 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-3

Class C Notes, Upgraded to Aa1 (sf); previously on May 18, 2022
Definitive Rating Assigned Aa2 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-4

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 20, 2022
Definitive Rating Assigned Aa2 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-5

Class C Notes, Upgraded to Aaa (sf); previously on Aug 24, 2022
Definitive Rating Assigned Aa1 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-6

Class C Notes, Upgraded to Aaa (sf); previously on Sep 21, 2022
Definitive Rating Assigned Aa1 (sf)

Issuer: Santander Drive Auto Receivables Trust 2022-7

Class C Notes, Upgraded to Aa1 (sf); previously on Nov 22, 2022
Definitive Rating Assigned Aa3 (sf)

Issuer: Santander Drive Auto Receivables Trust 2023-1

Class C Notes, Upgraded to Aaa (sf); previously on Jan 25, 2023
Definitive Rating Assigned Aa1 (sf)

RATINGS RATIONALE

The rating actions are primarily driven by the buildup of credit
enhancement due to structural features including a sequential pay
structure, non-declining reserve account and
overcollateralization.

Moody's lifetime cumulative net loss expectations are noted below
for the transaction pools. The loss expectations reflect updated
performance trends on the underlying pools. In Moody's analysis,
Moody's also considered the likelihood of higher future pool
expected losses due to rising borrower defaults driven by high
inflation and declining borrower excess savings, as well as lower
recoveries driven by softening used vehicle prices.

Non-prime:

American Credit Acceptance Receivables Trust 2021-4: 29.00%

AmeriCredit Automobile Receivables Trust 2019-2: 6.00%

AmeriCredit Automobile Receivables Trust 2022-2: 9.00%

CPS Auto Receivables Trust 2021-D: 18.00%

CPS Auto Receivables Trust 2022-B: 22.00%

Exeter Automobile Receivables Trust 2021-4: 22.00%

Exeter Automobile Receivables Trust 2022-3: 25.00%

Foursight Capital Automobile Receivables Trust 2022-1: 9.50%

Santander Drive Auto Receivables Trust 2021-2: 9.50%

Santander Drive Auto Receivables Trust 2021-3: 10.50%

Santander Drive Auto Receivables Trust 2021-4: 11.50%

Santander Drive Auto Receivables Trust 2022-1: 14.00%

Santander Drive Auto Receivables Trust 2022-2: 14.50%

Santander Drive Auto Receivables Trust 2022-3: 16.00%

Santander Drive Auto Receivables Trust 2022-4: 17.00%

Santander Drive Auto Receivables Trust 2022-5: 17.00%

Santander Drive Auto Receivables Trust 2022-6: 17.00%

Santander Drive Auto Receivables Trust 2022-7: 17.00%

Santander Drive Auto Receivables Trust 2023-1: 17.00%

Prime:

CarMax Auto Owner Trust 2022-1: 2.50%

CarMax Auto Owner Trust 2022-2: 2.50%

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

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


SOUND POINT VIII-R: Moody's Lowers Rating on $13MM F Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sound Point CLO VIII-R, Ltd.:

US$63,000,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on May
12, 2022 Upgraded to Aa1 (sf)

US$25,000,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2030 (the "Class C-1-R Notes"), Upgraded to Aa3
(sf); previously on May 12, 2022 Upgraded to A1 (sf)

US$6,000,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2030 (the "Class C-2-R Notes"), Upgraded to Aa3 (sf);
previously on May 12, 2022 Upgraded to A1 (sf)

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

US$13,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class F Notes"), Downgraded to Caa3 (sf); previously
on July 10, 2020 Downgraded to Caa2 (sf)

Sound Point CLO VIII-R, Ltd., originally issued in April 2019 and
partially refinanced in February 2021, is a managed cashflow CLO.
The notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The upgrade rating actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since August 2022. The Class A-R
notes have been paid down by approximately 38% or $148.5 million
since August 2022. Based on the trustee's August 2023 [1] report,
the OC ratios for the Class A-R/B-R and Class C notes are reported
at 134.41% and 122.20%, respectively, versus August 2022 [2] levels
of 126.19% and 118.21% respectively.

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, after taking into account principal payments
on the Class A-R notes, the transaction has lost approximately
$34.2 million of par as compared to the initial par amount targeted
during the deal's ramp-up. Additionally, the interest payments on
the Class F notes are deferring and the notes currently carry the
cumulative deferred interest balance of $937,758. Furthermore, the
August 2023 [3] trustee-reported weighted average rating factor
(WARF) has been deteriorating and the current level is 2873
compared to 2636 in August 2022 [4], failing the trigger of 2621.

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: $417,105,162

Defaulted par:  $7,172,293

Diversity Score: 71

Weighted Average Rating Factor (WARF): 2862

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.47%

Weighted Average Recovery Rate (WARR): 46.54%

Weighted Average Life (WAL): 3.39 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.


SYCAMORE TREE 2023-4: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Sycamore Tree CLO 2023-4
Ltd./Sycamore Tree CLO 2023-4 LLC's floating-rate notes.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Sycamore Tree 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC

  Class A-1, $240.000 million: AAA (sf)
  Class A-2, $10.000 million: AAA (sf)
  Class B, $50.000 million: AA (sf)
  Class C (deferrable), $24.000 million: A (sf)
  Class D (deferrable), $24.000 million: BBB- (sf)
  Class E (deferrable), $14.000 million: BB- (sf)
  Subordinated notes, $43.050 million: Not rated



TCW CLO 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to TCW CLO 2023-2 Ltd./TCW
CLO 2023-2 LLC's fixed- and floating-rate debt.

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 TCW Management Co. 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

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

  Class A-1, $208.00 million: AAA (sf)
  Class A-1L, $48.00 million: AAA (sf)
  Class A-J, $8.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $18.50 million: BBB (sf)
  Class D-F (deferrable), $3.50 million: BBB (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $37.45 million: Not rated



TERWIN MORTGAGE 2005-11: Moody's Ups Rating on II-A-2 Bonds to Caa1
-------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of two bonds from
two US residential mortgage-backed transactions (RMBS), backed by
second lien mortgages.

Issuer: GMACM Home Loan Trust 2004-HLTV1

Cl. A-4, Upgraded to Baa1 (sf); previously on Nov 6, 2018 Upgraded
to Baa3 (sf)

Underlying Rating: Upgraded to Baa1 (sf); previously on Nov 6, 2018
Upgraded to Baa3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Issuer: Terwin Mortgage Trust 2005-11

Cl. II-A-2, Upgraded to Caa1 (sf); previously on Oct 20, 2010
Downgraded to Caa3 (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 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.


TOGETHER ASSET 2023-1ST2: Fitch Assigns BB+ Rating on 2 Tranches
----------------------------------------------------------------
Fitch Ratings has assigned Together Asset Backed Securitisation
2023-1ST2 PLC (TABS2023-2) final ratings.

   Entity/Debt              Rating                Prior
   -----------              ------                -----
Together Asset
Backed Securitisation
2023-1ST2 PLC

   A XS2663588064       LT  AAAsf   New Rating   AAA(EXP)sf
   B XS2663588221       LT  AA-sf   New Rating   AA-(EXP)sf
   C XS2663588650       LT  A+sf    New Rating   A(EXP)sf
   D XS2663590557       LT  BBB+sf  New Rating   BBB(EXP)sf
   E XS2663596240       LT  BBB-sf  New Rating   BB(EXP)sf
   F XS2663596919       LT  BB+sf   New Rating   B(EXP)sf
   Loan Note            LT  AAAsf   New Rating   AAA(EXP)sf
   X XS2663597214       LT  BB+sf   New Rating   BB+(EXP)sf
   Z GB00BN0VYK19       LT  NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

TABS2023-2 is a securitisation of buy-to-let (BTL) and
owner-occupied (OO) mortgages backed by properties in the UK,
originated by Together Personal Finance and Together Commercial
Finance, two fully owned subsidiaries of Together Financial
Services Limited (Together; BB-/Stable/B). The transaction includes
recent originations up to May 2023.

KEY RATING DRIVERS

Specialised Lending: Together focuses on borrowers who do not
necessarily qualify on the automated scorecard models of
high-street lenders. It attracts a higher proportion of borrowers
with complex income, notably self-employed and borrowers with
adverse credit histories, than is typical for prime UK lenders.

It allows more underwriting flexibility than other specialist
lenders by permitting interest-only (IO) OO lending flexible exit
strategies (such as downsizing when plausible). It also uses BTL
borrowers' personal income for affordability calculations without
minimum rental income coverage.

Performance Stabilised, Close to Peers: The performance of
Together's books has generally been volatile since 2004 but has
stabilised recently. It is worse than that of prime lenders, but
generally in line with specialist lenders'. Fitch has applied an
originator adjustment of 1.50x to its prime and 1.40x to its BTL
assumptions, resulting in comparable foreclosure frequency (FF)
assumptions with other specialist lenders'.

Low LTVs Driving Recoveries: The pool is 100% composed of
first-lien mortgage loans, 45.7% of which are regulated by the
Financial Conduct Authority. It includes a portion of OO
right-to-buy loans (7.5%), OO shared ownership loans (5.4%) and
consumer BTL (CBTL; 3.8%). The remaining portfolio comprises BTL
loans (49.4%). Seasoning is low as most the loans were originated
in 2022 and 2023.

The weighted average (WA) original loan-to-value (OLTV) of the
portfolio is 53.5%, lower than that of comparable specialist
lenders, for which Fitch usually sees values of 70%-75%, and lower
than the two predecessor deals (TABS 22-1: 62.2% and TABS 23-1:
68.3%). This is the main driver of Fitch's recovery rates, which
are higher than peers'.

High-Yield Assets: The underlying assets earn higher interest rates
than is typical for prime mortgage loans and can generate
substantial excess spread to cover losses. The WA yield at closing
was 7.6%. Prior to the step-up date, excess spread is used to pay
down the class X notes. On and after the step-up date, the
available excess spread is diverted to the principal waterfall and
can be used to amortise the rated notes.

Fixed Interest Rate Hedging Schedule: Fixed-rate loans make up
54.4% of the pool (reverting to a variable rate, on a WA of 11.0%)
and are hedged through an interest-rate swap. The swap features a
scheduled notional balance that could lead to over-hedging in the
structure due to defaults or prepayments. Over-hedging results in
additional available revenue funds in rising interest-rate
scenarios but reduced available revenue funds in decreasing
interest-rate scenarios.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit enhancement
(CE) available to the notes.

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain note ratings susceptible
to negative rating action depending on the extent of the decline in
recoveries. Fitch found that a 15% increase in WA foreclosure
frequencies (FF) and 15% decrease in WA recovery rate (RR) would
result in downgrades of up to three notches to the class B and C
notes, two notches to the class A and D notes and one notch to the
class E and F notes.

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, potentially,
upgrades. A decrease in the WAFF of 15% and an increase in the WARR
of 15% would result in upgrades of up to four notches to the class
E and F notes, three notches to the class D notes and two notches
to the class B notes.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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.

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.


TOWD POINT 2021-R1: Fitch Hikes Rating on 7 Tranches to 'BBsf'
--------------------------------------------------------------
Fitch Ratings has taken various rating actions on 37 classes across
four U.S. RMBS Re-REMIC transactions. All of the transactions were
issued between 2016 and 2021 and all underlying transactions are
Re-Performing (RPL) transactions issued between 2015 and 2020.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
FirstKey Master
Funding 2020-ML1

   A 33768LAA4       LT  AAAsf   Affirmed   AAAsf
   B 33768LAB2       LT  AAAsf   Affirmed   AAAsf
   C 33768LAC0       LT  AAAsf   Upgrade    AAsf
   D 33768LAD8       LT  AAsf    Upgrade    Asf
   E 33768LAE6       LT  Asf     Upgrade    BBBsf
   F 33768LAF3       LT  BBBsf   Upgrade    BBsf

Towd Point
Mortgage trust
2016-R1

   A 89173DAA3       LT  AAAsf  Affirmed    AAAsf

Mill City
Securities
2021-RS1 Ltd.

   A1 59982YAA1      LT  BBBsf  Affirmed    BBBsf
   A2 59982YAB9      LT  BBsf   Affirmed    BBsf

Towd Point
Mortgage Trust
2021-R1

   A1 89179TAA2      LT  AAsf   Upgrade     Asf
   A1A 89179TAJ3     LT  AAsf   Upgrade     Asf
   A1AX 89179TAK0    LT  AAsf   Upgrade     Asf
   A1B 89179TAL8     LT  AAsf   Upgrade     Asf
   A1BX 89179TAM6    LT  AAsf   Upgrade     Asf
   A1C 89179TAN4     LT  AAsf   Upgrade     Asf
   A1CX 89179TAP9    LT  AAsf   Upgrade     Asf
   A2 89179TAB0      LT  Asf    Upgrade     BBBsf
   A2A 89179TAQ7     LT  Asf    Upgrade     BBBsf
   A2AX 89179TAR5    LT  Asf    Upgrade     BBBsf
   A2B 89179TAS3     LT  Asf    Upgrade     BBBsf
   A2BX 89179TAT1    LT  Asf    Upgrade     BBBsf
   A2C 89179TAU8     LT  Asf    Upgrade     BBBsf
   A2CX 89179TAV6    LT  Asf    Upgrade     BBBsf
   M1 89179TAC8      LT  BBBsf  Upgrade     BBsf
   M1A 89179TAW4     LT  BBBsf  Upgrade     BBsf
   M1AX 89179TAX2    LT  BBBsf  Upgrade     BBsf
   M1B 89179TAY0     LT  BBBsf  Upgrade     BBsf
   M1BX 89179TAZ7    LT  BBBsf  Upgrade     BBsf
   M1C 89179TBA1     LT  BBBsf  Upgrade     BBsf
   M1CX 89179TBB9    LT  BBBsf  Upgrade     BBsf
   M2 89179TAD6      LT  BBsf   Upgrade     Bsf
   M2A 89179TBC7     LT  BBsf   Upgrade     Bsf
   M2AX 89179TBD5    LT  BBsf   Upgrade     Bsf
   M2B 89179TBE3     LT  BBsf   Upgrade     Bsf
   M2BX 89179TBF0    LT  BBsf   Upgrade     Bsf
   M2C 89179TBG8     LT  BBsf   Upgrade     Bsf
   M2CX 89179TBH6    LT  BBsf   Upgrade     Bsf

TRANSACTION SUMMARY

Re-REMIC Transactions are structured with underlying assets
consisting of RMBS bonds, in this review, all underlying REMICs are
RPL bonds.

The transactions reviewed include: (1) Towd Point Mortgage Trust
2016-R1, which is supported by a single transaction issued by First
Key from 2015, (2) Towd Point Mortgage Trust 2021-R1, which is
supported by all of First Key issuance from 2015, (3) FirstKey
Master Funding 2020-ML1 supported by First Key issuance from 2016
through 2020, and (4) Mill City Securities 2021-RS1 Ltd backed by
Mill City issuance from 2016 through 2019. The majority of the
underlying transactions are Fitch-rated.

KEY RATING DRIVERS

Buildup of Credit Enhancement (Positive): Upgraded classes have
seen an average growth in credit enhancement (CE) of 834bps since
issuance and 179bps since the start of 2023. The high levels of CE
are supporting transactions despite the slow prepayment
environment; currently 1M CPR trends between 4.5% and 7.5%.

The Re-REMIC follows a turbo structure where all interest and
principal collections from the underlying bonds are distributed
sequentially. To the extent that there is excess cashflow available
at the Re-REMIC level, it is distributed to the most senior bond
then outstanding until reduced to zero. Buildup of CE and paydown
of first pay bonds have been especially supportive for FirstKey
Master Funding 2020-ML1 and Towd Point Mortgage Trust 2016-R1,
which are backed by senior tranches as compared with Mill City
Securities 2021-RS1 Ltd and Towd Point Mortgage Trust 2021-R1,
which are supported by subordinated bonds.

Stable Underlying Mortgage Pool Performance (Positive): Borrowers
backing RPL transaction have demonstrated stable performance. As of
August 2023, the average 30+DQ for the RPL sector is 13.8%, in
comparison the underlying mortgage pools for this review have an
average 30+ DQ rate of 8.1%.

Home Price Appreciation (Positive): Mark-to-market current LTVs
(mtm CLTV) continue to decline as a result of home price
appreciation (HPA), resulting in lower expected losses due to the
increased amount of borrower equity. Since issuance, the underlying
transactions have benefited from an average 63% of home price
indexation (HPI). Average mtm cLTV is 49.3% and all underlying
transactions have a mtm cLTV of less than 70%.

Less Upgrade Pressure for Mill City Re-REMIC: There is less upgrade
pressure for the Mill City Securities 2021-RS1 Ltd Re-REMIC
transaction due slightly weaker performance and structuring.
Overall, the Mill City classes have experienced significant build
up in CE A-1 1047bps and A-2 880bps since issuance. However, with
slow prepayment speeds for underlying mortgage pools the average
factor for the underlying tranches is greater than 86%.

RATING SENSITIVITIES

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

This defined negative stress 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 decline at the base case.
This analysis indicates some potential rating migration with higher
MVDs compared with the model projection.

The RMBS Surveillance team is able to consider an additional 5%
property value sensitivity as a result of the volatile market
environment per the Additional Scenario Analysis section of the
U.S. RMBS Loan Loss Model Criteria.

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 with no
assumed overvaluation. The analysis assumes positive home price
growth of 10.0%. Excluding the senior classes already rated 'AAAsf'
as well as classes that are constrained due to qualitative rating
caps, the analysis indicates there is potential positive rating
migration for all of the other rated classes.

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. For enhanced disclosure of Fitch's
stresses and sensitivities, please refer to U.S. RMBS Loss
Metrics.

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.


UBS COMMERCIAL 2018-C9: Fitch Lowers Rating on D-RR Certs to 'BBsf'
-------------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed 11 classes of UBS
Commercial Mortgage Trust (UBSCM) 2018-C9 Commercial Mortgage
Pass-Through Certificates. Fitch has assigned a Negative Rating
Outlook on one class after its downgrade, revised one Outlook to
Negative from Stable and maintained the Negative Outlook on another
class. The under criteria observation (UCO) has been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
UBS 2018-C9

   A3 90291JAV9     LT  AAAsf   Affirmed    AAAsf
   A4 90291JAW7     LT  AAAsf   Affirmed    AAAsf
   AS 90291JAZ0     LT  AAAsf   Affirmed    AAAsf
   ASB 90291JAU1    LT  AAAsf   Affirmed    AAAsf
   B 90291JBA4      LT  AA-sf   Affirmed    AA-sf
   C 90291JBB2      LT  A-sf    Affirmed    A-sf
   D 90291JAC1      LT  BBB-sf  Affirmed    BBB-sf
   D-RR 90291JAE7   LT  BBsf    Downgrade   BBB-sf
   E-RR 90291JAG2   LT  B-sf    Affirmed    B-sf
   F-RR 90291JAJ6   LT  CCCsf   Affirmed    CCCsf
   XA 90291JAX5     LT  AAAsf   Affirmed    AAAsf
   XB 90291JAY3     LT  AA-sf   Affirmed    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.

The downgrade reflects the impact of the criteria and deterioration
in performance of the office loans in the pool, including Aspen
Lakes Office Portfolio (8.6%) and City Square and Clay Street
(5.9%). The Negative Outlooks on classes D, D-RR and E-RR reflect
the potential for downgrades should performance of these loans
continue to deteriorate and/or additional loans transfer to special
servicing.

Fitch's current ratings incorporate a 'Bsf' rating case loss of
6.4%. Six loans are Fitch Loans of Concern (FLOCs; 30% of the
pool), including four loans (19%) in special servicing.

Fitch Loans of Concern: The largest contributor to expected losses
is the specially serviced IMG Building loan (2.1%), which is
secured by a 232,908-sf office property located downtown Cleveland,
OH. The loan transferred to special servicing in March 2019 after
cash management was not established and a receiver was assigned in
November 2019. Per the master servicer's watchlist commentary, the
lender is awaiting court approval for summary judgement of
foreclosure.

MAI Wealth Advisors and RE Capital (combined 20.1% of the NRA)
vacated their spaces in July 2022 and December 2022, respectively.
The collateral reported negative NOI for the November 2022
reporting period. Fitch's loss expectations of 89% (prior to
concentration adjustments) includes a 20% stress to the November
2022 appraised value to account for the occupancy declines and
tenant rollover.

The second largest contributor to expected losses is another
specially serviced loan, 22 W. 38th Street (4.6%). The loan is
secured by a 69,026-sf office property located in NYC's Garment
District and includes two ground floor retail spaces. The largest
tenant at issuance, Knotel (previously 51.5% of NRA; 55% of gross
rents), filed for bankruptcy in February 2021 and vacated.

Per the September 2022 rent roll, leases with Prudential Financial
Services (8.5% of the NRA; December 2026), Reachdesk Inc. (8.5%;
April 2023), and Reliant Fund Services (8.5%; November 2027) were
signed in August 2022, April 2022, and September 2022,
respectively. Fitch's loss expectations of 22% (prior to
concentration adjustments) includes a 20% stress to the November
2022 appraised value.

The third largest contributor to expected losses and largest loan
in the pool is Aspen Lakes Office Portfolio, which is secured by a
portfolio of three adjacent suburban office properties totaling
381,588-sf and located in northwest Austin, TX. The portfolio has
experienced occupancy declines since issuance, including Q2
Software (previously 17% of the NRA) which vacated at their April
2021 lease expiration. A cashflow sweep has been in place since
April 2020 as result of the Q2 vacancy.

The property has seen recent leasing momentum with 20% of the NRA
leased to 12 different tenants in the second half of 2022,
increasing occupancy to 79% as of September 2022, compared to
pre-pandemic occupancy of 94% at YE 2019. Fitch's loss expectations
of 10% (prior to concentration adjustments) reflects a 10% stress
to the YE 2021 NOI and a 10% cap rate.

The fourth largest contributor to expected losses is City Square
and Clay Street. The loan is secured by a 246,136-sf mixed use
property consisting of 151,304 sf of office space, 94,832 sf of
retail space and a 1,154-stall parking garage. At issuance, office
space generated the majority (~52%) of overall revenue. The
property is located in the center of downtown Oakland, CA, adjacent
to the 12th St/Oakland stop of the BART system. The loan
transferred to special servicing in April 2023 due to borrower
declared imminent monetary default. According to the servicer, the
borrower has signed a pre-negotiation letter and has submitted a
relief request; discussions remain ongoing. As of September 2022,
the NOI DSCR and occupancy were reported to be 0.98x and 64%,
respectively. Fitch's loss expectations of 13% (prior to
concentration adjustments) reflects a 15% stress to the YE 2021 NOI
and a 10% cap rate.

Increasing Credit Enhancement and Defeasance: CE has improved since
Fitch's prior rating action due to loan payoffs and amortization.
In addition, six loans are fully defeased (12.5% of the current
pool balance).

As of the August 2022 distribution date, the pool's aggregate
balance has been paid down by 9.5% to $760.1 million from $839.9
million. There are 13 loans (48.6% of the pool) that are
interest-only; the remaining loans are currently amortizing.
Interest shortfalls of $1.94 million are currently impacting the
E-RR class.

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 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 and D are possible should expected losses
for the pool increase significantly, and/or performing loans begin
to experience performance declines.

Downgrades to class D-RR and E-RR would occur should loss
expectations increase from continued performance decline of the
FLOCs, specifically Aspen Lakes Office Portfolio and City Square
and Clay Street, additional loans transfer to special servicing
and/or higher losses are incurred on the specially serviced loans
than expected. A further downgrade to class F-RR would occur with
increased certainty of losses or as losses are realized.

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

Upgrades to classes B, C and X-B would only occur with significant
improvement in CE, defeasance, and/or performance stabilization of
FLOCs. Classes would not be upgraded above 'Asf' if there were
likelihood of interest shortfalls.

Upgrades to classes D and D-RR may occur as the number of FLOCs are
reduced, and/or loss expectations for specially-serviced loans
improve.

Upgrades to classes E-RR and F-RR are not likely until the later
years of the transaction and only if the performance of the
remaining pool stabilizes 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.


VENTURE 35 CLO: Moody's Hikes Rating on $30MM Class E Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Venture 35 CLO, Limited:

US$30,525,000 Class B-FR Senior Secured Fixed Rate Notes due 2031
(the "Class B-FR Notes"), Upgraded to Aaa (sf); previously on April
22, 2021 Upgraded to Aa1 (sf)

US$36,475,000 Class B-LR Senior Secured Floating Rate Notes due
2031 (the "Class B-LR Notes"), Upgraded to Aaa (sf); previously on
April 22, 2021 Assigned Aa1 (sf)

US$40,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to Aa2 (sf);
previously on April 22, 2021 Upgraded to A2 (sf)

US$32,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Upgraded to Baa1 (sf);
previously on April 22, 2021 Upgraded to Baa3 (sf)

US$30,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Upgraded to Ba2 (sf); previously on
April 22, 2021 Upgraded to Ba3 (sf)

Venture 35 CLO, Limited, originally issued in November 2018 and
last refinanced in April 2021 is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period 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), higher weighted average spread (WAS) and diversity levels
compared to their respective covenant levels.  Moody's modeled a
WARF of 2636, a WAS of 3.88% and a diversity level of 95 compared
to their respective current covenant levels of 2917, 3.70% and 90.

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: $580,386,858

Defaulted par:  $15,572,634

Diversity Score: 95

Weighted Average Rating Factor (WARF): 2636

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.88%

Weighted Average Coupon (WAC): 10.44%

Weighted Average Recovery Rate (WARR): 46.68%

Weighted Average Life (WAL): 4.54 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, 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.


VENTURE XXI CLO: S&P Raises Class E Notes Rating to 'BB-(sf)'
-------------------------------------------------------------
S&P Global Ratings raised its ratings on the class C-R, D-R, and E
notes from Venture XXI CLO Ltd., a U.S. CLO transaction. S&P also
removed these ratings from CreditWatch, where it placed them with
positive implications in June 2023. At the same time, S&P lowered
its rating on the class F notes and affirmed its rating on the
class B-R notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance based on 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 in the 'CCC' category
assets (as a percentage of the total performing assets) reduced the
junior credit support.

The transaction has paid down approximately $175.83 million in
collective paydowns to the class A-R (completely paid down as of
the August 2023 trustee report) and B-R notes since our November
2021 rating actions. Since the October 2021 trustee report, which
we used for our previous rating actions, the reported
overcollateralization (O/C) ratios have changed:

-- The class A/B O/C ratio improved to 524.83% from 162.11%.
-- The class C O/C ratio improved to 188.16% from 131.88%.
-- The class D O/C ratio improved to 132.06% from 117.38%.
-- The class E O/C ratio declined to 105.18% from 107.27%.

While the senior O/C ratios increased due to the lower balances of
the senior notes, the junior O/C ratio declined due to an increase
in the portfolio's exposure to defaulted assets and assets rated in
the 'CCC' category, as well as par loss, all of which outweighed
the benefit of the senior note paydowns. The class E O/C test ratio
declined from 107.14% in the April 2023 trustee report, which was
used at the time of S&P's CreditWatch placement. It is currently
passing by a cushion of approximately 0.48%.

Collateral obligations with ratings in the 'CCC' category have
decreased in dollar value but have increased in percentage, with
13.50% ($22.84 million) reported as of the August 2023 trustee
report, compared with 9.50% ($37.45 million) reported as of the
October 2021 trustee report. Over the same period, the exposure to
defaulted collateral increased to 3.34% from 1.82% as a percentage
of the total performing assets.

However, despite larger concentrations of assets rated in the 'CCC'
category and defaulted collateral, the transaction, especially at
the senior tranches, has benefited from a drop in the weighted
average life due to the underlying collateral's seasoning, with
2.22 years reported as of the August 2023 trustee report, compared
with 3.46 years reported at the time of S&P's November 2021 rating
actions.

The upgraded ratings reflect the improved credit support available
to the notes at the prior rating levels; the affirmation reflects
S&P's view that the credit support available is commensurate with
the current rating level. The lowered rating reflects deteriorated
credit quality of the underlying portfolio and decrease in credit
support available to the class F notes.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class D-R and E notes. However,
because the transaction currently has increased exposure to 'CCC'
rated collateral obligations, defaulted assets, long-dated assets,
and assets currently priced at distressed levels, our rating
actions reflect additional sensitivity runs that considered the
CLO's exposure to the above, and our preference for more cushion to
offset any future potential negative credit migration in the
underlying collateral.

S&P said, "Although on a standalone basis, the cash flow results
indicated a lower rating for the class F notes, we view the overall
credit seasoning as an improvement, and the transaction has been
paying down the notes consistently. At this time, the downgrade is
limited to one notch within the 'CCC' category, as we believe that
the payment of principal or interest for this class continues to be
dependent upon favorable market conditions based on our 'CCC'
criteria. Our decision also considered that the class is still
current on interest payments and the presence of equity-like
securities that the transaction currently holds." While these
equity-like securities are not part of the transaction's principal
balance, such securities have the potential to provide some support
when monetized. However, any continued decline in credit support
and/or par losses could lead to potential negative rating actions
on the class F notes in the future.

Venture XXI CLO 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

  Venture XXI CLO Ltd.

  Class C-R to 'AAA (sf)' from 'AA (sf)/Watch Pos'
  Class D-R to 'AA+(sf)' from 'A (sf)/Watch Pos'
  Class E to 'BB-(sf)' from 'B+ (sf)/Watch Pos'

  Rating Affirmed

  Venture XXI CLO Ltd.

  Class B-R: AAA (sf)

  Rating Lowered

  Venture XXI CLO Ltd.

  Class F to 'CCC (sf)' from 'CCC+ (sf)'



WELLS FARGO 2015-LC22: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-LC22 issued by Wells Fargo
Commercial Mortgage Trust 2015-LC22 as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect the overall
stable performance of this transaction, bolstered by the improved
overall outlook of loans, which posed concerns during the pandemic.
Although there remain loans with challenges that will likely
complicate refinance prospects in 2025, the pool as a whole
benefits from an unrated class that insulates the rated classes
from losses. In addition, DBRS Morningstar rates an additional
$32.5 million of the bond stack below investment grade, providing a
total cushion of $70.7 million for the BBB (low) (sf) rated Class D
certificate.

As of the August 2023 remittance, 90 of the original 100 loans
remain in the trust, with an aggregate balance of $763.8 million,
representing a collateral reduction of 20.8% since issuance. The
pool benefits from 20 loans that are fully defeased, representing
24.4% of the pool. Courtyard Memphis East Lenox (Prospectus ID#44)
was liquidated from the trust in May 2023 with a realized loss of
$3.2 million, above the loss estimate of $778,468 assumed by DBRS
Morningstar at the last review. The source of the delta between our
projected loss and the realized loss was an updated appraised value
of $4.8 million made available in November 2022, compared with the
March 2022 appraised value of $7.5 million, which was used in our
liquidation scenario. Furthermore, Clearwater Collection
(Prospectus ID#17), previously specially serviced, was paid off in
full in November 2022. Previously, DBRS Morningstar analyzed this
loan with a liquidation scenario, resulting in estimated losses of
$4.9 million, thereby offsetting the undershoot in loss projections
for Courtyard Memphis East Lenox. There are 17 loans, representing
23.5% of the pool, on the servicer's watchlist primarily for
declines in the collateral property's occupancy rate and/or the
loan's debt service coverage ratio (DSCR).

Homewood Suites Austin (Prospectus ID#21, 1.3% of the current pool
balance) is the sole loan in special servicing, secured by a
96-room limited-service hotel in Austin, Texas. The loan
transferred to the special servicer in June 2020 because of
imminent monetary default resulting from the pandemic. The special
servicer executed a forbearance agreement, which included a
12-month deferral period of principal, interest, and replacement
reserve payments in October 2021. The borrower was compliant and
performed under the terms of the agreement; as of the August 2023
remittance, the loan is current and still with the special
servicer. The borrower is currently in the process of establishing
a cash management account, following which the loan will be
returned to the master servicer. The most recent appraisal, dated
December 2022, valued the property at $17.0 million, a relatively
moderate 8.6% decline from its appraised value of $18.6 million at
issuance.

The largest loan on the servicer's watchlist is the Donald J.
Trump-sponsored 40 Wall Street (Prospectus ID#1, 9.6% of the
current pool balance), also the largest loan in the pool. It is
secured by the leasehold interest in a 71-story, 1.2
million-square-foot (sf) office building at 40 Wall Street in Lower
Manhattan, one block from the New York Stock Exchange building. The
loan is on the watchlist because of occupancy and DSCR concerns.
Most recently, the April 2023 rent roll reported an occupancy rate
of 77.4% with an average rental rate of $40.39 per sf (psf) as well
as approximately 6.3% of scheduled rollover risk in the upcoming 12
months. The occupancy rate has been declining year over year, with
YE2022, YE2021, and issuance occupancy rates of 82.9%, 86.0%, and
97.8%, respectively.

The third-largest tenant, Duane Reade (formerly occupied 4.7% of
the net rentable area (NRA)), vacated the premises at the March
2023 expiry date. In addition, Thornton Tomasetti (5.2% of the NRA,
lease expires in January 2033), had previously publicly indicated
its plans of relocating to another building in the vicinity, and
per the company's website, the official address is no longer listed
as the subject. It is not clear if Thornton Tomasetti had a
termination option available, but given its departure, the implied
physical occupancy rate at the building is approximately 67.5%.
Other large tenants remaining at the property include Green Ivy
(7.4% of NRA, lease expires in November 2061) and Country Wide
Insurance (4.6% of NRA, downsized approximately by 32,000 sf since
2022, lease expires in August 2036).

The trailing three months ended March 31, 2023, DSCR was 1.40x,
compared with the YE2022, YE2021, and DBRS Morningstar DSCRs of
0.52x, 1.12x, and 1.53x, respectively. Despite the improvement in
performance as compared with prior years, the DSCR remains well
below the issuer's figure, because of a combination of a drop in
revenue with the decline in the occupancy rate, and increased
expenses. The YE2022 operating expense ratio was 80%, with a
management fee of $6.5 million included in the servicer's analysis.
Given management fees were capped at $1.0 million at issuance, DBRS
Morningstar is questioning the servicer's 2022 figure and has asked
for clarification. The Q1 2023 management fee expense annualizes to
$877,604, suggesting the reporting has come back in line with the
historical expense for that line item. Revenue has increased in
2023, with the annualized effective gross income at $37.8 million,
up from around $34.0 million in 2021 and 2022, but below issuance.

Reis reports that office properties in the Downtown submarket
reported a Q2 2023 vacancy rate of 15.6% with an average effective
rent of $48.75 psf and average asking rent of $61.39 psf, both
above the property's average rental rate of $40.39 psf. The
submarket is weakening, with vacancy increasing; the YE2022,
YE2021, and YE2020 vacancy rates were 14.3%, 11.4%, and 11.5%,
respectively. Given the likelihood that leasing momentum will be
slow and cash flows will remain below issuance expectations, DBRS
Morningstar has analyzed this loan with a stressed loan-to-value
ratio (LTV) and an elevated probability of default adjustment in
the analysis for this review. This resulted in an expected loss
that was almost 150% the pool's average expected loss.

The transaction is concentrated by property type, with 26.6% of the
loans in the pool backed by multifamily properties, followed by
24.6% and 21.2% secured by office and retail properties,
respectively. In the analysis for this review, DBRS Morningstar
stressed office loans to increase the expected loss amounts given
the increased risks for the office sector in the current
environment and the generally decreased investor appetite for this
property type. As a result of these stressed scenarios, the office
loans in the pool had a weighted-average (WA) expected loss that
was approximately 165% greater than the WA pool expected loss.

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



[*] DBRS Hikes 12 Ratings and Confirms 12 Ratings on DT Auto Deals
------------------------------------------------------------------
DBRS, Inc. upgraded 12 ratings and confirmed 12 ratings from seven
DT Auto Owner Trust transactions.

The Affected Ratings Are Available at https://bit.ly/3t80Ku4

Here is the list of the Issuers:

-- DT Auto Owner Trust 2020-1
-- DT Auto Owner Trust 2019-3
-- DT Auto Owner Trust 2021-1
-- DT Auto Owner Trust 2022-3
-- DT Auto Owner Trust 2022-1
-- DT Auto Owner Trust 2021-3
-- DT Auto Owner Trust 2020-2

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.

Notes: The principal methodology applicable to the ratings is DBRS
Morningstar Master U.S. ABS Surveillance (July 20, 2023).



[*] Fitch Takes Various Actions on 15 U.S. CMBS 2014 Vintage Deals
------------------------------------------------------------------
Fitch Ratings, on Sept. 18, 2023, downgraded 19, upgraded six and
affirmed 167 classes from 15 U.S. CMBS 2014 vintage conduit
transactions.

The Rating Outlooks were revised to Negative, from Stable, for 13
classes and to Positive, from Stable, for two classes. Stable
Outlooks were assigned to six classes following upgrades. Negative
Outlooks were assigned to 14 classes following downgrades. The
Rating Outlooks remain Negative on 13 and Positive on two of the
affirmed classes. Fitch has removed all classes from these
transactions from Under Criteria Observation (UCO).

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Morgan Stanley
Bank of America
Merrill Lynch
Trust 2014-C16

   A-4 61763MAE0    LT AAAsf  Affirmed    AAAsf
   A-5 61763MAF7    LT AAAsf  Affirmed    AAAsf
   A-S 61763MAH3    LT AAAsf  Affirmed    AAAsf
   A-SB 61763MAC4   LT AAAsf  Affirmed    AAAsf
   B 61763MAJ9      LT Asf    Affirmed      Asf
   C 61763MAL4      LT BBBsf  Affirmed    BBBsf
   D 61763MAR1      LT CCCsf  Affirmed    CCCsf
   E 61763MAT7      LT CCsf   Affirmed     CCsf
   PST 61763MAK6    LT BBBsf  Affirmed    BBBsf
   X-A 61763MAG5    LT AAAsf  Affirmed    AAAsf
   X-B 61763MAM2    LT Asf    Affirmed      Asf

WFRBS 2014-C24

   A-3 92939KAC2    LT AAAsf  Affirmed    AAAsf
   A-4 92939KAD0    LT AAAsf  Affirmed    AAAsf
   A-5 92939KAE8    LT AAAsf  Affirmed    AAAsf
   A-S 92939KAG3    LT AAsf   Affirmed     AAsf
   A-SB 92939KAF5   LT AAAsf  Affirmed    AAAsf
   B 92939KBR8      LT A-sf   Downgrade     Asf
   C 92939KAK4      LT BB+sf  Downgrade   BBBsf
   D 92939KAT5      LT Csf    Affirmed      Csf
   E 92939KAV0      LT Dsf    Affirmed      Dsf
   F 92939KAX6      LT Dsf    Affirmed      Dsf
   PEX 92939KAL2    LT BB+sf  Downgrade   BBBsf
   X-A 92939KAH1    LT AAsf   Affirmed     AAsf
   X-C 92939KAM0    LT Dsf    Affirmed      Dsf
   X-D 92939KAP3    LT Dsf    Affirmed      Dsf

JPMBB 2014-C19

   A-4 46641WAV9    LT AAAsf  Affirmed    AAAsf
   A-S 46641WAZ0    LT AAAsf  Affirmed    AAAsf
   A-SB 46641WAW7   LT AAAsf  Affirmed    AAAsf
   B 46641WBA4      LT AA-sf  Affirmed    AA-sf
   C 46641WBB2      LT A-sf   Affirmed     A-sf
   D 46641WAG2      LT BBB-sf Affirmed   BBB-sf
   E 46641WAJ6      LT B-sf   Affirmed     B-sf
   EC 46641WBC0     LT A-sf   Affirmed     A-sf
   F 46641WAL1      LT CCCsf  Affirmed    CCCsf
   X-A 46641WAX5    LT AAAsf  Affirmed    AAAsf
   X-B 46641WAY3    LT AA-sf  Affirmed    AA-sf

COMM 2014-LC17

   A-4 12592MBJ8    LT AAAsf  Affirmed    AAAsf
   A-5 12592MBK5    LT AAAsf  Affirmed    AAAsf
   A-M 12592MBM1    LT AAAsf  Affirmed    AAAsf
   A-SB 12592MBG4   LT AAAsf  Affirmed    AAAsf
   B 12592MBN9      LT AAAsf  Affirmed    AAAsf
   C 12592MBQ2      LT AAsf   Upgrade       Asf
   D 12592MAN0      LT BBsf   Affirmed     BBsf
   E 12592MAQ3      LT CCCsf  Affirmed    CCCsf
   F 12592MAS9      LT CCsf   Affirmed     CCsf
   PEZ 12592MBP4    LT AAsf   Upgrade       Asf
   X-A 12592MBL3    LT AAAsf  Affirmed    AAAsf
   X-B 12592MAA8    LT AAAsf  Affirmed    AAAsf
   X-C 12592MAC4    LT BBsf   Affirmed     BBsf
   X-D 12592MAE0    LT CCCsf  Affirmed    CCCsf
   X-E 12592MAG5    LT CCsf   Affirmed     CCsf

GSMS 2014-GC20

   A-4 36252WAW8    LT AAAsf  Affirmed    AAAsf
   A-5 36252WAX6    LT AAAsf  Affirmed    AAAsf
   A-AB 36252WAY4   LT AAAsf  Affirmed    AAAsf
   A-S 36252WBB3    LT AAAsf  Affirmed    AAAsf
   B 36252WBC1      LT Asf    Upgrade      A-sf
   C 36252WBE7      LT BBB-sf Affirmed   BBB-sf
   D 36252WAE8      LT CCCsf  Affirmed    CCCsf
   E 36252WAG3      LT Dsf    Affirmed      Dsf
   PEZ 36252WBD9    LT BBB-sf Affirmed   BBB-sf
   X-A 36252WAZ1    LT AAAsf  Affirmed    AAAsf
   X-B 36252WBA5    LT Asf    Upgrade      A-sf
   X-C 36252WAA6    LT Dsf    Affirmed      Dsf

COMM 2014-CCRE19

   A-4 12592GBC6    LT AAAsf  Affirmed    AAAsf
   A-5 12592GBD4    LT AAAsf  Affirmed    AAAsf
   A-M 12592GBF9    LT AAAsf  Affirmed    AAAsf
   A-SB 12592GBB8   LT AAAsf  Affirmed    AAAsf
   B 12592GBG7      LT AAAsf  Affirmed    AAAsf
   C 12592GBJ1      LT AAsf   Upgrade       Asf
   D 12592GAG8      LT BBB-sf Affirmed   BBB-sf
   E 12592GAJ2      LT BBsf   Affirmed     BBsf
   PEZ 12592GBH5    LT AAsf   Upgrade       Asf
   X-A 12592GBE2    LT AAAsf  Affirmed    AAAsf
   X-B 12592GAA1    LT AAAsf  Affirmed    AAAsf

CGCMT 2014-GC23

   A-3 17322VAS5    LT AAAsf  Affirmed    AAAsf
   A-4 17322VAT3    LT AAAsf  Affirmed    AAAsf
   A-AB 17322VAU0   LT AAAsf  Affirmed    AAAsf
   A-S 17322VAV8    LT AAAsf  Affirmed    AAAsf
   B 17322VAW6      LT AAsf   Affirmed     AAsf
   C 17322VAX4      LT A-sf   Affirmed     A-sf
   D 17322VAE6      LT BBsf   Downgrade  BBB-sf
   E 17322VAG1      LT Bsf    Downgrade   BB-sf
   F 17322VAJ5      LT CCCsf  Affirmed    CCCsf
   PEZ 17322VBA3    LT A-sf   Affirmed     A-sf
   X-A 17322VAY2    LT AAAsf  Affirmed    AAAsf
   X-B 17322VAZ9    LT A-sf   Affirmed     A-sf
   X-C 17322VAA4    LT Bsf    Downgrade   BB-sf

JPMBB 2014-C22

   A-3A1 46642NBC9  LT AAAsf  Affirmed    AAAsf
   A-3A2 46642NAA4  LT AAAsf  Affirmed    AAAsf
   A-4 46642NBD7    LT AAAsf  Affirmed    AAAsf
   A-S 46642NBH8    LT AA-sf  Affirmed    AA-sf
   A-SB 46642NBE5   LT AAAsf  Affirmed    AAAsf
   B 46642NBJ4      LT A-sf   Affirmed     A-sf
   C 46642NBK1      LT BBsf   Downgrade   BBBsf
   D 46642NAJ5      LT CCsf   Downgrade   CCCsf
   E 46642NAL0      LT Csf    Downgrade    CCsf
   EC 46642NBL9     LT BBsf   Downgrade   BBBsf
   X-A 46642NBF2    LT AA-sf  Affirmed    AA-sf
   X-C 46642NAC0    LT Csf    Downgrade    CCsf

JPMBB 2014-C25

   A-4A1 46643PBD1  LT AAAsf  Affirmed    AAAsf
   A-4A2 46643PAA8  LT AAAsf  Affirmed    AAAsf
   A-5 46643PBE9    LT AAAsf  Affirmed    AAAsf
   A-S 46643PBJ8    LT AAAsf  Affirmed    AAAsf
   A-SB 46643PBF6   LT AAAsf  Affirmed    AAAsf
   B 46643PBK5      LT AA-sf  Affirmed    AA-sf
   C 46643PBL3      LT A-sf   Affirmed     A-sf
   D 46643PAN0      LT B-sf   Affirmed     B-sf
   E 46643PAQ3      LT CCsf   Affirmed     CCsf
   EC 46643PBM1     LT A-sf   Affirmed     A-sf
   F 46643PAS9      LT Csf    Affirmed      Csf
   X-A 46643PBG4    LT AAAsf  Affirmed    AAAsf
   X-B 46643PBH2    LT AA-sf  Affirmed    AA-sf
   X-D 46643PAE0    LT B-sf   Affirmed     B-sf
   X-E 46643PAG5    LT CCsf   Affirmed     CCsf
   X-F 46643PAJ9    LT Csf    Affirmed      Csf

COMM 2014-CCRE17

   A-4 12631DBA0    LT AAAsf  Affirmed    AAAsf
   A-5 12631DBB8    LT AAAsf  Affirmed    AAAsf
   A-M 12631DBD4    LT AAAsf  Affirmed    AAAsf
   A-SB 12631DAZ6   LT AAAsf  Affirmed    AAAsf
   B 12631DBE2      LT AA-sf  Affirmed    AA-sf
   C 12631DBG7      LT BBBsf  Downgrade    A-sf
   D 12631DAG8      LT B+sf   Downgrade    BBsf
   E 12631DAJ2      LT B-sf   Affirmed     B-sf
   F 12631DAL7      LT CCCsf  Affirmed    CCCsf
   PEZ 12631DBF9    LT BBBsf  Downgrade    A-sf
   X-A 12631DBC6    LT AAAsf  Affirmed    AAAsf
   X-B 12631DAA1    LT BBBsf  Downgrade    A-sf
   X-C 12631DAC7    LT CCCsf  Affirmed    CCCsf

JPMBB 2014-C21

   A-4 46642EAX4    LT AAAsf  Affirmed    AAAsf
   A-5 46642EAY2    LT AAAsf  Affirmed    AAAsf
   A-S 46642EBC9    LT AAAsf  Affirmed    AAAsf
   A-SB 46642EAZ9   LT AAAsf  Affirmed    AAAsf
   B 46642EBD7      LT AA-sf  Affirmed    AA-sf
   C 46642EBE5      LT BBBsf  Affirmed    BBBsf
   D 46642EAJ5      LT CCCsf  Affirmed    CCCsf
   E 46642EAL0      LT CCsf   Affirmed     CCsf
   EC 46642EBF2     LT BBBsf  Affirmed    BBBsf
   F 46642EAN6      LT Csf    Affirmed      Csf
   X-A 46642EBA3    LT AAAsf  Affirmed    AAAsf
   X-B 46642EBB1    LT AA-sf  Affirmed    AA-sf
   X-C 46642EAE6    LT CCsf   Affirmed     CCsf

MSBAM 2014-C15

   A-4 61763KBA1    LT AAAsf  Affirmed    AAAsf
   A-S 61763KBC7    LT AAAsf  Affirmed    AAAsf
   A-SB 61763KAY0   LT AAAsf  Affirmed    AAAsf
   B 61763KBD5      LT AAAsf  Affirmed    AAAsf
   C 61763KBF0      LT AAsf   Affirmed     AAsf
   D 61763KAE4      LT BBB-sf Affirmed   BBB-sf
   E 61763KAG9      LT BB+sf  Affirmed    BB+sf
   F 61763KAJ3      LT BB-sf  Affirmed    BB-sf
   PST 61763KBE3    LT AAsf   Affirmed     AAsf
   X-A 61763KBB9    LT AAAsf  Affirmed    AAAsf
   X-B 61763KAA2    LT AAAsf  Affirmed    AAAsf

JPMBB 2014-C24

   A-3 46643GAC4    LT AAAsf  Affirmed    AAAsf
   A-4A1 46643GAD2  LT AAAsf  Affirmed    AAAsf
   A-4A2 46643GAQ3  LT AAAsf  Affirmed    AAAsf
   A-5 46643GAE0    LT AAAsf  Affirmed    AAAsf
   A-S 46643GAJ9    LT AAAsf  Affirmed    AAAsf
   A-SB 46643GAF7   LT AAAsf  Affirmed    AAAsf
   B 46643GAK6      LT Asf    Affirmed      Asf
   C 46643GAL4      LT BBB-sf Affirmed   BBB-sf
   D 46643GAY6      LT CCCsf  Affirmed    CCCsf
   E 46643GBA7      LT CCsf   Affirmed     CCsf
   EC 46643GAM2     LT BBB-sf Affirmed   BBB-sf
   F 46643GBC3      LT Csf    Affirmed      Csf
   X-A 46643GAG5    LT AAAsf  Affirmed    AAAsf
   X-B1 46643GBJ8   LT Asf    Affirmed      Asf
   X-B2 46643GAH3   LT CCCsf  Affirmed    CCCsf
   X-C 46643GAS9    LT CCsf   Affirmed     CCsf
   X-D 46643GAU4    LT Csf    Affirmed      Csf

COMM 2014-CCRE18

   A-4 12632QAW3    LT AAAsf  Affirmed    AAAsf
   A-5 12632QAX1    LT AAAsf  Affirmed    AAAsf
   A-M 12632QAZ6    LT AAAsf  Affirmed    AAAsf
   B 12632QBA0      LT AAAsf  Affirmed    AAAsf
   C 12632QBC6      LT Asf    Affirmed      Asf
   D 12632QAE3      LT BBsf   Affirmed     BBsf
   E 12632QAG8      LT B-sf   Affirmed     B-sf
   PEZ 12632QBB8    LT Asf    Affirmed      Asf
   X-A 12632QAY9    LT AAAsf  Affirmed    AAAsf
   X-B 12632QAA1    LT AAAsf  Affirmed    AAAsf

GSMS 2014-GC18

   A-3 36252RAJ8    LT AAAsf  Affirmed    AAAsf
   A-4 36252RAM1    LT AAAsf  Affirmed    AAAsf
   A-AB 36252RAQ2   LT AAAsf  Affirmed    AAAsf
   A-S 36252RAZ2    LT Asf    Affirmed      Asf
   B 36252RBC2      LT B+sf   Downgrade    BBsf
   C 36252RBJ7      LT Csf    Downgrade    CCsf
   D 36252RAG4      LT Dsf    Affirmed      Dsf
   E 36252RAK5      LT Dsf    Affirmed      Dsf
   F 36252RAN9      LT Dsf    Affirmed      Dsf
   PEZ 36252RBF5    LT Csf    Downgrade    CCsf
   X-A 36252RAT6    LT Asf    Affirmed      Asf
   X-B 36252RAW9    LT B+sf   Downgrade    BBsf
   X-C 36252RAA7    LT Dsf    Affirmed      Dsf

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 its prior rating
action of these transactions between January and April 2023.

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 2.3% to 13.8%. These transactions have
concentrations of Fitch Loans of Concern (FLOCs) averaging 29.1%
(ranging from 7.7% to 53.8%) and specially serviced loans averaging
4.5% (ranging from 0.0% to 14.2%).

Downgrades reflect the impact of the criteria and higher expected
losses on FLOCs, most notably larger top-15 loans and specially
serviced assets in the transactions. The five transactions with
downgrades have concentrations of FLOCs in excess of 13.0%,
averaging 22.4%, primarily consisting of underperforming office and
retail loans/assets. The transactions with downgrades are Citigroup
Commercial Mortgage Trust 2014-GC23, COMM 2014-CCRE17 Mortgage
Trust, GS Mortgage Securities Trust 2014-GC18, JPMBB Commercial
Mortgage Securities Trust 2014-C22 and WFRBS Commercial Mortgage
Trust 2014-C24.

Five of the downgraded classes were from JPMBB 2014-C22, which has
a FLOC concentration of 33.7% and a weighted-average Fitch-stressed
loan to value (LTV) and debt service coverage ratio (DSCR) of
104.7% and 1.51x, respectively. Four of the downgraded classes were
from COMM 2014-CCRE17, which has a FLOC concentration of 15.8% and
a weighted-average Fitch-stressed LTV and DSCR of 95.8% and 1.43x,
respectively. An additional four of the downgraded classes were
from GSMS 2014-GC18, which has a FLOC concentration of 24.2% and
weighted-average Fitch stressed LTV and DSCR of 70.9% and 1.39x,
respectively.

Upgrades reflect the impact of the criteria on six classes in three
transactions with increased CE and stable performance since Fitch's
prior rating action. These upgrades also considered improved
performance since issuance and/or these classes' resiliency to
withstand an additional sensitivity scenario that incorporated
higher stress sensitivities on underperforming FLOCs. Transactions
with upgrades are COMM 2014-CCRE19 Mortgage Trust, COMM 2014-LC17
Mortgage Trust, and GS Mortgage Securities Trust 2014-GC20.

Two of the upgraded classes were from the COMM 2014-CCRE19
transaction, which has a FLOC concentration of 31.6%, and a
weighted-average Fitch-stressed LTV and DSCR of 70.1% and 1.68x,
respectively. Two of the upgraded classes were from the COMM
2014-LC17 transaction, which has a FLOC concentration of 17.6%, and
a weighted-average Fitch-stressed LTV and DSCR of 70.4% and 1.87x,
respectively. Additionally, two of the upgraded classes were from
the GSMS 2014-GC20 transaction, which has a FLOC concentration of
29.2%, and a weighted-average Fitch-stressed LTV and DSCR of 101.3%
and 1.35x, respectively.

The Positive Outlooks on classes in COMM 2014-CCRE18 and JPMBB
2014-C22 reflects possible upgrade with improved CE from loan
repayments and amortization and higher recoveries than expected
from loan dispositions.

The Negative Outlooks in the following 11 transactions reflect
office, retail, and/or hospitality concentrations and performance
issues and/or an additional sensitivity scenario that applies
higher default and/or loss expectations on the loans noted below.

- CGCMT 2014-GC23: Selig Portfolio (15.7%), Chula Vista Center
(7.0%), Centre Properties Portfolio (3.3%), 5185 MacArthur
Boulevard (1.2%) and Waterlick Plaza (0.5%).

- COMM 2014-CCRE17: Cottonwood Mall (9.7%), Crowne Plaza Houston
River Oaks (2.4%) and Kunkel Portfolio (0.9%).

- GSMS 2014-GC18: CityScape - East Office/Retail (13.9%) and The
Shops at Canal Place (15.4%)

- JPMBB Commercial Mortgage Securities Trust 2014-C19: The Outlets
at Orange (19.9%), Arundel Mills & Marketplace (14.3%) and Muncie
Mall (5.0%).

- JPMBB Commercial Mortgage Securities Trust 2014-C21: Residence
Inn Silicon Valley I (6.7%), Miami International Mall (6.6%),
Westminster Mall (5.0%), Residence Inn San Mateo (5.0%), Point
Plaza (3.7%) and 200 West Monroe (2.6%).

- JPMBB 2014-C22: Las Catalinas Mall (8.4%) and 10333 Richmond
(3.7%).

- JPMBB Commercial Mortgage Securities Trust 2014-C24: The classes
assigned Negative Outlooks are reliant on FLOCs based upon a
sensitivity and liquidation analysis, which grouped the remaining
loans by their perceived likelihood of repayment and/or loss
expectation. Fitch assumed the two regional mall loans, The Mall of
Victor Valley (11.6%) and North Riverside Park Mall (6.8%), and the
specially serviced loans, Hilton Houston Post Oak (3.2%), 635
Madison Avenue (8.5%) and Anchor Industrial Park (0.2%), are the
last remaining loans in the pool.

- JPMBB Commercial Mortgage Securities Trust 2014-C25: Mall at
Barnes Crossing and Market Center Tupelo (6.7%), Spectra Energy
Headquarters (5.8%), Hilton Houston Post Oak (4.5%), 9525 West Bryn
Mawr Avenue (2.9%), and Park Place (2.2%).

- Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15:
Arundel Mills & Marketplace (22.8%).

- Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16:
State Farm Portfolio (11.8%), Outlets of Mississippi (7.3%), and
Arundel Mills & Marketplace (17.0%).

- WFRBS 2014-C24: Crossings at Corona (7.6%) and Natomas Corporate
Center (1.0%).

Change to Credit Enhancement: As of the July 2023 distribution
date, the aggregate pool balance has been reduced on average 34.0%
(ranging from 21.1% to 55.4%). Losses ranging from 0.09% to 11.05%
of the original pool balance have been incurred to date on 13
transactions.

Defeasance: On average, the transactions have a 22.8% concentration
of defeasance, with largest concentrations in the following
transactions: COMM 2014-CCRE19 (41.8%), COMM 2014-CCRE17 (31.1%),
GSMS 2014-GC20 (30.8%), COMM 2014-CCRE18 (29.9%), CGCMT 2014-GC23
(28.2%) and GSMS 2014-GC18 (27.3%).

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'. No
classes rated 'AAAsf' in these transactions are anticipated to be
negatively impacted by defeasance.

RATING SENSITIVITIES

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

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

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to significant concentrations of defeased
collateral could cause downgrades.

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

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

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

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

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

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

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

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


                            *********

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