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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, October 1, 2023, Vol. 27, No. 273

                            Headlines

ACC TRUST 2021-1: Moody's Lowers Rating on Class D Notes to C
BAIN CAPITAL 2023-4: Fitch Gives Final BB-sf Rating on Cl. E Notes
BANK 2017-BNK5: DBRS Confirms B(low) Rating on Class G Certs
BARINGS CLO 2022-III: Fitch Affirms BB- Rating on Cl. E Notes
BARINGS CLO 2023-III: S&P Assigns BB- (sf) Rating on Class E Notes

BBAM US CLO III: S&P Assigns BB- (sf) Rating on Class D Notes
BBCMS MORTGAGE 2020-C7: DBRS Confirms B Rating on Class F Certs
BENCHMARK 2018-B7: DBRS Confirms BB Rating on Class F Certs
BENCHMARK 2019-B11: DBRS Confirms B Rating on Class G Certs
BRIGHTWOOD CAPITAL 2023-1: S&P Assigns BB- (sf) Rating on E Notes

BX 2021-21M: DBRS Confirms B(low) Rating on Class G Certs
CARVANA AUTO 2023-P4: S&P Assigns BB+ (sf) Rating on Class N Notes
CD 2017-CD6 MORTGAGE: Fitch Affirms 'B-sf' Rating on G-RR Certs
CHASE HOME 2023-1: DBRS Gives Prov. BB Rating on Class B-4 Certs
CITIGROUP 2019-GC41: DBRS Confirms B(high) Rating on G-RR Certs

COLD STORAGE 2020-ICE5: DBRS Confirms B Rating on Class HRR Certs
CUTWATER LTD 2014-I: Moody's Cuts Rating on $21.8MM D Notes to B3
DBJPM 2016-C1: DBRS Confirms C Rating on Class G Certs
DIAMETER CAPITAL 5: S&P Assigns BB- (sf) Rating on Class D Notes
DIAMETER CREDIT I: Moody's Upgrades Rating on Class E Notes to Ba2

DIAMOND CLO 2018-1: S&P Raises Class E Notes Rating to 'BB+ (sf)'
ELARA HGV 2023-A: S&P Assigns Prelim 'BB-' Rating on Class D Notes
ELEVATION CLO 2017-8: Moody's Lowers Rating on $19MM E Notes to B1
FLAGSTAR MORTGAGE 2018-1: Moody's Ups Cl. B-5 Certs Rating to Ba1
GOAL STRUCTURED 2015-1: Fitch Affirms BBsf Rating on Cl. B Notes

HMH TRUST 2017-NSS: S&P Affirms CCC (sf) Rating Class D Certs
JP MORGAN 2016-JP3: Fitch Lowers Rating on Class F Certs to CCsf
LCM XIII: S&P Affirms 'B (sf)' Rating on Class E-R Notes
MADISON PARK XI: S&P Affirms CCC+ (sf) Rating on Class F Notes
MADISON PARK XLI: S&P Assigns 'B (sf)' Rating on Class F-R Notes

MAN GLG 2018-1: Moody's Cuts Rating on $6MM Cl. E-R Notes to Caa1
MF1 2021-FL6: DBRS Confirms B(low) Rating on Class G Notes
MFA 2023-INV2: S&P Assigns B (sf) Rating on Class B-2 Certs
MORGAN STANLEY 2013-C9: DBRS Cuts Class PST Certs Rating to BB
MORGAN STANLEY 2014-150E: S&P Cuts G Certs Rating to 'B- (sf)'

MORGAN STANLEY 2017-C33: DBRS Confirms B(high) Rating on F Certs
NATIXIS 2018-OSS: S&P Lowers Class D Notes Rating to 'BB (sf)'
OCTANE RECEIVABLES 2023-3: S&P Assigns BB- (sf) Rating on E Notes
OFSI BSL VIII: S&P Lowers Class E Notes Rating to B (sf)
OFSI BSL XI: S&P Assigns BB- (sf) Rating on Class E-R Notes

ONE ANCHORAGE 3-R: S&P Lowers Class E Notes Rating to 'B+ (sf)'
ONE ANCHORAGE 4-R: S&P Lowers Class E Notes Rating to 'B+ (sf)'
PAGAYA AI 2023-1: DBRS Gives Prov. B Rating on Class G Certs
PALMER SQUARE 2023-4: S&P Assigns BB- (sf) Rating on Class E Notes
PEARL FINANCE 2020: S&P Raises Class E Notes Rating to 'BB- (sf)'

PFP LTD 2022-9: Fitch Affirms 'B-sf' Rating on Class G Debt
PRKCM 2023-AFC3: DBRS Finalizes B Rating on Class B-2 Notes
SEQUOIA INFRASTRUCTURE I: S&P Cuts E Notes Rating to 'B-(sf)'
SREIT TRUST 2021-IND: DBRS Confirms B(low) Rating on F Certs
UBS BARCLAYS 2012-C4: S&P Lowers Class F Certs Rating to 'D (sf)'

VENTURE 48 CLO: Moody's Assigns Ba3 Rating to $14MM Class E Notes
VMC FINANCE 2022-FL5: DBRS Confirms B(low) Rating on G Notes
WARWICK CAPITAL 1: S&P Assigns BB- (sf) Rating on Class E Notes
WELLS FARGO 2016-C36: DBRS Confirms CCC Rating on Class G1 Certs
[*] DBRS Reviews 147 Classes From 19 US RMBS Transactions

[*] DBRS Takes Rating Actions on 6 Multiborrower CMBS Transactions
[*] Fitch Cuts Rating on 15 Classes From 5 CMBS 2019 Vintage Deals
[*] Moody's Lowers 12 Tranches From 9 Navient FFELP Securitizations
[*] S&P Takes Various Actions on 221 Classes From 75 US RMBS Deals

                            *********

ACC TRUST 2021-1: Moody's Lowers Rating on Class D Notes to C
-------------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes
issued by ACC Trust 2021-1 (ACC 2021-1) and ACC Trust 2022-1 (ACC
2022-1). The notes are backed by pools of closed-end retail
automobile leases to non-prime borrowers originated by RAC King,
LLC, the parent company of American Car Center (ACC) and serviced
by Westlake Portfolio Management, LLC ("WPM").

The complete rating actions are as follows:

Issuer: ACC Trust 2021-1

Class D Notes, Downgraded to Caa2 (sf); previously on Jun 8, 2023
Confirmed at B3 (sf)

Issuer: ACC Trust 2022-1

Class B Notes, Downgraded to Baa3 (sf); previously on Feb 9, 2022
Definitive Rating Assigned Baa1 (sf)

Class C Notes, Downgraded to Caa3 (sf); previously on Jun 8, 2023
Downgraded to B2 (sf)

Class D Notes, Downgraded to C (sf); previously on Jun 8, 2023
Downgraded to Caa3 (sf)

RATINGS RATIONALE

The downgrade actions are primarily driven by the material declines
in credit enhancement available for the affected notes as a result
of weak pool performance, including a significant increase in
charge-off rates in August. For ACC 2022-1, the material slowdown
in collections and noteholder payments also increases the risk of
the notes not fully paying down by their respective legal final
maturity dates. The ACC 2022-1 Class B legal final maturity date is
February 20, 2025.

The rating actions consider rapidly rising net loss rates and still
elevated delinquencies. Cumulative net loss-to-liquidation
increased to 38.0% in August from 31.3% in February for ACC 2021-1,
and to 58.5% from 41.3% for ACC 2022-1 over the same period.
Delinquencies remain high following the increased charge-offs, with
17.6% of 2021-1 and 20.6% of 2022-1 pool balance more than 60 days
delinquent.

Credit enhancement levels have declined significantly for ACC
2021-1 and ACC 2022-1. Overcollateralization levels in ACC 2021-1
declined to 8.8% of the current pool balance in August from 32.3%
in February. ACC 2022-2 is currently undercollateralized, with the
total note balance exceeding the pool balance by 32.0% of the
current pool balance compared to the 18.5% overcollateralization in
February.

On Mar 10, 2023, Westlake Portfolio Management ("WPM"), took over
the servicing of the ACC leases and is responsible for processing
the lease payments and handling all lease-related customer service
needs. WPM replaced RAC Servicer, LLC as the servicer following a
servicer default within the transactions, resulting from RAC
Servicer, LLC's failure to remit trust collections within the
required two business days of receipt.

Moody's lifetime cumulative credit net loss (CNL) expectation is
38% for the 2021-1 pool and 55% for the 2022-1 pool. In Moody's
analysis, Moody's considered increases in remaining expected losses
on the underlying pools to evaluate the resiliency of the ratings
amid the uncertainty surrounding the pools' performance.

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 notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. 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 leading to a residual value gain when the
vehicle is turned in at the end of the lease and remarketed.
Portfolio losses also depend greatly on the US job markets, the
market for used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. 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 vehicles leading to higher
residual value loss when the vehicle is turned in at the end of a
lease and remarketed. Portfolio losses also depend greatly on the
US job markets and the market for used vehicles. Other reasons for
worse-than-expected performance include servicing disruption,
incorrect application of funds on the part of transaction parties,
inadequate transaction governance, and fraud.


BAIN CAPITAL 2023-4: Fitch Gives Final BB-sf Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Bain Capital Credit CLO 2023-4, Limited.

   Entity/Debt        Rating                    Prior
   -----------        ------                    -----
Bain Capital
Credit CLO
2023-4, Limited

   A-1            LT  AAAsf   New Rating   AAA(EXP)sf
   A-2            LT  AAAsf   New Rating   AAA(EXP)sf
   B              LT  AAsf    New Rating   AA(EXP)sf
   C              LT  Asf     New Rating   A(EXP)sf
   D              LT  BBB-sf  New Rating   BBB-(EXP)sf
   E              LT  BB-sf   New Rating   BB-(EXP)sf
   Subordinated   LT  NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Bain Capital Credit CLO 2023-4, Limited (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Bain Capital Credit U.S. CLO Manager II, L.P. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $450.0
million of primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor of the indicative
portfolio is 24.26, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.15. 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
98.4% first-lien senior secured loans. The weighted average
recovery rate of the indicative portfolio is 75.1% versus a minimum
covenant, in accordance with the initial expected matrix point of
71.6%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 38% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.0-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 and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period. Fitch believes 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
'B+sf' for class E.

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

Upgrade scenarios are not applicable to the class A-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'. Variability in key model assumptions, such as increases in
recovery rates and decreases in default rates, could result in an
upgrade. Fitch evaluated the notes' sensitivity to potential
changes in such metrics; the minimum rating results under these
sensitivity scenarios are 'AAAsf' for class B, 'A+sf' for class C,
'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.


BANK 2017-BNK5: DBRS Confirms B(low) Rating on Class G Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2017-BNK5 issued by BANK
2017-BNK5 as follows:

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

All trends are Stable.

The rating confirmations reflect the stable performance of the
transaction, which remains in line with DBRS Morningstar's
expectations since the last rating action. Overall, the pool
continues to exhibit healthy credit metrics, as evidenced by the
pool's weighted-average (WA) debt service coverage ratio (DSCR)
that was well above 2.25 times (x), based on the YE2022 financial
reporting. The transaction also benefits from five years of
amortization since issuance, as well as some defeasance, loan
repayments, and four loans that are shadow-rated investment grade,
as further described below.

As of the August 2023 reporting, 79 of the original 87 loans remain
in the pool with an aggregate principal balance of $1.1 billion,
representing collateral reduction of 13.1% since issuance. Four
loans, representing 1.6% of the pool, have been fully defeased. No
loans are delinquent or in special servicing, but 13 loans,
representing 21.8% of the pool, are on the servicer's watchlist.
However, the two largest loans on the watchlist, Starwood Capital
Group Hotel Portfolio (Prospectus ID#4; 6.8% of the pool) and
Gateway Net lease Portfolio (Prospectus ID#9; 4.2% of the pool),
are being monitored for deferred maintenance and/or life safety
issues that DBRS Morningstar does not deem material to the loans'
credit profile.

The pool is concentrated by property type with loans secured by
retail, office, and lodging properties representing 41.5%, 15.7%,
and 12.8% of the pool balance, respectively. Although the office
sector continues to face challenges, given the low investor
appetite for the property type and high vacancy rates in many
submarkets, five of the six loans secured by office properties in
this transaction continue to perform as expected, with generally
improved credit metrics, either long-term or granular tenancy, and
2027 loan maturities.

The office loan that is showing increased credit risk, Capital Bank
Plaza (Prospectus ID#15; 2.0% of the pool), is secured by a 148,142
square foot (sf), 15-story, Class A office tower in the central
business district of Raleigh, North Carolina. The loan is currently
being monitored on the servicer's watchlist for a decline in
occupancy and a low DSCR, resulting from the departure of the two
largest former tenants. Capital Bank, previously occupying 44.1% of
the net rentable area (NRA), was acquired by First Horizon National
Corporation in 2017, and upon lease expiration in March 2021, the
tenant vacated the property, moving its consolidated operations to
abuilding a few blocks away. Shortly thereafter, in June 2022,
Clark Nexsen (previously occupying 19.9% of the NRA) vacated the
property upon its lease expiration, moving its operations to a
building in the Smoky Hollow development in the Glenwood South
submarket.

Per the March 2023 rent roll, the property was 32.8% occupied, with
leases representing 12.2% of the NRA scheduled to expire within the
next 12 months. According to the financial reporting for the
trailing three months ended March 31, 2023, the property generated
annualized net cash flow (NCF) of just over $0.4 million
(reflecting a DSCR of 0.29x). Although cash flow has shown
improvement since YE2022 when NCF was reported at -$0.2 million (a
DSCR of -0.12x), it is still well below the issuance figure of $2.1
million (a DSCR of 1.48x). The servicer noted that the
implementation of cash management was waived until the earlier of
January 1, 2024, or the until the property begins to cash flow
again without re-tenanting the spaces formally occupied by Capital
Bank and Clark Nexsen.

As of the August 2023 reporting, the reserve accounts had a total
balance of nearly $1.0 million. In addition, the servicer noted
that the borrower has provided a $2.5 million letter of credit to
facilitate the cash sweep waiver. No updated appraisal has been
provided since issuance when the property was valued at $32.0
million; however, given the low occupancy rate, depressed cash
flow, and the general challenges for office properties in today's
environment, DBRS Morningstar notes that the collateral's as-is
value has likely declined significantly. As such, DBRS Morningstar
applied a stressed loan-to-value ratio and increased the
probability of default (POD) assumption in its analysis for the
loan, resulting in a WA expected loss (EL) that is more than four
times the pool average.

The largest loan on the servicer's watchlist, Starwood Capital
Group Hotel Portfolio, is secured by 65 hotels totaling 6,366 keys,
spread across 21 states. The majority of the rooms (59.0%) are
limited service while 35.0% are extended stay and the remaining
6.0% are full service. The portfolio is granular with no property
representing more than 2.6% of the allocated loan balance. The loan
was originally added to the servicer's watchlist in July 2020 when
the underlying collateral saw contractions in operating
performance, caused primarily by pandemic-related travel
restrictions. Forbearance was granted in the form of deferment of
non-tax, non-insurance, and non-ground rent reserves for a period
of three months to allow for those amounts to be applied to the
monthly debt service obligations. Repayment of the deferred amounts
was carried out over a 12-month period that began in February 2021.
The loan has remained current since the modification request was
granted. Although the loan is no longer being monitored on the
servicer's watchlist for performance-related declines, the servicer
did note potential life safety issues at multiple properties across
the portfolio, resulting in the loan remaining on the watchlist.

Operating performance has improved from the lows reported during
the pandemic with the portfolio reporting YE2022 occupancy rate,
NCF, and DSCR metrics of 72.7%, $44.5 million, and 1.70x,
respectively, which compare favorably with the prior year's figures
of 66.1%, $36.3 million, and 1.40x. In addition, the portfolio's
average daily rate and revenue per available room are nearing
stabilization with the YE2022 figures of $117 and $82 approaching
the issuance figures (for the trailing 12 months ended March 31,
2017) of $119 and $89. Despite these improvements, NCF remains
approximately 38.0% below the issuance figure $71.3 million.
Franchise agreements for 33 hotels, representing 40.2% of the
allocated loan balance, are scheduled to expire prior to loan
expiration; however, the sponsor, Starwood Capital Group, will
reportedly begin renegotiating the franchise renewals two years
prior to expiration and will assess the profitability of each
expiring agreement to determine if each property is appropriately
flagged. DBRS Morningstar analyzed this loan with a stressed POD
penalty, resulting in an EL nearly triple the pool average.

At issuance, four loans, representing 18.2% of the pool balance,
were shadow-rated investment grade. With this review, DBRS
Morningstar confirmed that the performance of those loans—Del Amo
Fashion Center (Prospectus ID#1; 8.4% of the pool), Olympic Tower
(Prospectus ID#5; 5.2% of the pool), Gateway Net Lease Portfolio
and Stor-It Southern California Portfolio (Prospectus ID#11; 3.1%
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.

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



BARINGS CLO 2022-III: Fitch Affirms BB- Rating on Cl. E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1, A-2, B, C,
D and E notes of Barings CLO Ltd. 2022-III (Barings 2022-III) and
the class A, B, C, D and E notes of Barings CLO Ltd. 2022-IV
(Barings 2022-IV). The Rating Outlooks on all rated tranches remain
Stable.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Barings CLO Ltd.
2022-IV

   A 06763HAA4       LT AAAsf  Affirmed   AAAsf
   B 06763HAC0       LT AAsf   Affirmed   AAsf
   C 06763HAE6       LT Asf    Affirmed   Asf
   D 06763HAG1       LT BBBsf  Affirmed   BBBsf
   E 06763JAA0       LT BB-sf  Affirmed   BB-sf

Barings CLO Ltd.
2022-III

   A-1 06762VAA4     LT AAAsf  Affirmed   AAAsf
   A-2 06762VAB2     LT AAAsf  Affirmed   AAAsf
   B 06762VAC0       LT AAsf   Affirmed   AAsf
   C 06762VAD8       LT Asf    Affirmed   Asf
   D 06762VAE6       LT BBB-sf Affirmed   BBB-sf
   E 06762YAA8       LT BB-sf  Affirmed   BB-sf

TRANSACTION SUMMARY

Barings 2022-III and Barings 2022-IV are broadly syndicated
collateralized loan obligations (CLOs) managed by Barings LLC.
Barings 2022-III closed in October 2022 and will exit its
reinvestment period in October 2027. Barings 2022-IV closed in
November 2022 and will exit its reinvestment period in October
2026. Both CLOs are secured primarily by first-lien, senior secured
leveraged loans.

KEY RATING DRIVERS

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

The affirmations are due to the portfolios' stable performance
since closing. As of August 2023 reporting, the credit quality of
both portfolios is at the 'B'/'B-' rating level. The Fitch weighted
average rating factors (WARF) for Barings 2022-III and Barings
2022-IV portfolios were 24.5 and 23.8, respectively, compared to
24.8 and 24.2, respectively, at closing.

The portfolio for Barings 2022-III consists of 259 obligors, and
the largest 10 obligors represent 7.2% of the portfolio. Barings
2022-IV has 213 obligors, with the largest 10 obligors comprising
7.7% of the portfolio. There are no defaults in either portfolio.
Exposure to issuers with a Negative Outlook and Fitch's watchlist
is 16.8% and 5.5%, respectively, for Barings 2022-III and 15.3% and
3.2%, respectively, for Barings 2022-IV.

On average, first lien loans, cash and eligible investments
comprise 99.8% of the portfolios. Fitch's weighted average recovery
rate (WARR) of the Barings 2022-III and Barings 2022-IV portfolios
was 75.7% and 77.4%, respectively, compared to 76.3% and 76.5%,
respectively, at closing.

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

Cash Flow Analysis

Fitch conducted updated cash flow analyses based on newly run Fitch
Stressed Portfolio (FSP) since both transactions are still in their
reinvestment periods. The FSP analysis stressed the current
portfolios from the latest trustee reports to account for
permissible concentration and CQT limits. The FSP analysis assumed
weighted average lives of 7.25 years and 6.31 years for Barings
2022-III and Barings 2022-IV, respectively. Fixed rate assets were
also assumed at 5.0% and 10% for Barings 2022-III and Barings
2022-IV, respectively. The weighted average spread (WAS), WARR and
WARF were stressed to all points in the current Fitch test matrices
that are included in the transactions' documents.

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

RATING SENSITIVITIES

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

Downgrades may occur if realized and projected losses of the
portfolio are higher than what was assumed at closing and the
notes' credit enhancement does 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 two rating
notches for both transactions, based on MIRs.

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

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

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


BARINGS CLO 2023-III: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Barings CLO Ltd.
2023-III/Barings CLO 2023-III LLC's floating-rate debt.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

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

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



BBAM US CLO III: S&P Assigns BB- (sf) Rating on Class D Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to BBAM US CLO III
Ltd./BBAM US CLO III LLC's floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' and lower) senior secured term
loans. The transaction is managed by RBC Global Asset Management
(U.S.) Inc., an affiliate of BlueBay Asset Management and a
subsidiary of Royal Bank of Canada.

The ratings reflect:

-- 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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

  BBAM US CLO III Ltd./BBAM US CLO III LLC

  Class A-1L loans(i), $250.00 million: AAA (sf)
  Class A-1L notes(i), $0.00 million: AAA (sf)
  Class A-2, $50.00 million: AA (sf)
  Class B (deferrable), $28.00 million: A+ (sf)
  Class C-1 (deferrable), $19.00 million: BBB (sf)
  Class C-2 (deferrable), $4.60 million: BBB- (sf)
  Class D (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $34.65 million: Not rated

(i)All or a portion of the class A-1L loans can be converted into
class A-1L notes. Any conversion of loans to notes will result in
the reduction of such amount from the class A-1L loans and a
proportionate increase in class A-1L notes. No notes may be
converted to loans. Upon all loans being converted to notes, the
class A-1L loans will cease to be outstanding.



BBCMS MORTGAGE 2020-C7: DBRS Confirms B Rating on Class F Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-C7 issued by BBCMS Mortgage
Trust 2020-C7 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-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-F at B (high) (sf)
-- Class F at B (sf)

In addition, DBRS Morningstar changed the trends on Classes E, F,
X-E, and X-F to Negative from Stable. All other trends remain
Stable.

The rating confirmations reflect the overall stable performance of
the transaction as exhibited by the weighted-average (WA) debt
service coverage ratio (DSCR) that is above 2.0 times (x) based on
the most recent year-end financials. However, there are some
challenges for the pool considering the concentration of loans
secured by office properties, with exposure to more challenged
markets in San Francisco and New York. In addition, the Meridian
One Colorado loan (Prospectus ID#17, 2.0% of the current pool
balance), which is secured by a suburban office property in
Englewood, Colorado, was recently transferred to special servicing
with the borrower looking to transfer ownership. Considering the
loan-specific challenges, the Negative trends on the most junior
bonds are supported.

As per the August 2023 remittance, all 49 of the original loans
remain in the trust, with an aggregate balance of $800.0 million,
representing minimal collateral reduction of 1.0%. Twenty-five
loans, representing 64.5% of the pool balance, are interest only
(IO). Twelve loans, representing 22.7% of the pool, are structured
with partial IO periods, of which seven loans have begun to
amortize. There are four loans that are fully defeased,
representing 1.7% of the pool. Seven loans, representing 24.8% of
the pool, are on the servicer's watchlist and are being monitored
primarily for declines in occupancy rate and/or DSCRs. There is one
loan in special servicing, representing 2.0% of the pool.

The Meridian One Colorado loan had a three-year IO period that
ended in January 2023. The loan transferred to the special servicer
in July 2023 as a result of imminent monetary default as the
largest tenant, Burns & McDonnell Engineering (67.5% of the net
rentable area (NRA)), vacated the property at its lease expiration
in June 2023. Consequently, occupancy dropped to approximately
25.0% as per the servicer's August 2023 site inspection report. The
loan is structured with a cash flow sweep that is triggered 15
months prior to the tenant's lease expiration. DBRS Morningstar has
requested information from the servicer regarding the outstanding
balance of the cash management account. The stated workout is
foreclosure, and as per the most recent servicer commentary,
discussions regarding a consensual transfer of title is ongoing.

As per Reis, office properties in the Southeast Suburban submarket
reported a vacancy rate of 20.0% in Q2 2023, compared with a Q2
2022 vacancy rate of 18.4%, indicating continued softening of the
submarket. Given the low in-place occupancy coupled with the soft
submarket and general challenges affecting the office landscape,
the property's value has likely declined from issuance when it was
appraised at $23.6 million. For this review, DBRS Morningstar
analyzed this loan with a liquidation scenario based on a stressed
haircut to the issuance value, resulting in a loss amount
approaching $6.5 million, which is well-contained in the first loss
piece of the bond stack.

The largest loan in the pool, Parkmerced (Prospectus ID#1, 7.5% of
the current pool balance), is secured by a 3,165-unit apartment
complex in San Francisco. The noncontrolling pari passu loan has
other pieces of the whole loan secured in several transactions,
including four other transactions that are also rated by DBRS
Morningstar. It was added to the servicer's watchlist in March 2021
because of performance declines with the loan reporting below
break-even DSCRs in the last several years and is currently cash
managed. Occupancy dropped from issuance levels of 94.3% to around
the 70.0% range over the last two years but had improved to 81.2%
as per the March 2023 rent roll. The transaction closed during the
height of the Coronavirus Disease (COVID-19) pandemic in 2020, and
DBRS Morningstar had noted declines in rent caused by disruptions
related to the pandemic. In addition, a portion of the units are
under the Section 8 rent subsidy program.

The subject is well located, adjacent to San Francisco University's
campus and directly east of Lake Merced and Lake Merced Park.
According to Reis, multifamily properties in the West San Francisco
submarket reported a Q2 2023 vacancy rate of 1.2%, same as the Q2
2022 vacancy rate. The property benefits from an experienced
sponsor, Maximus Real Estate Partners, and a low loan-to-value
ratio (LTV) of 25.9% at issuance. The sponsor's long-term
development plan is scheduled for after the loan term ending in
December 2024, when all the townhomes will be demolished and
replaced by apartment towers. Although stabilization efforts are
taking longer than expected following the impacts of the pandemic
and the general challenges within the San Francisco market,
occupancy at the subject has improved from prior years and the loan
has remained current despite reporting low DSCRs, suggesting that
the sponsor continues to be committed to the property. In addition,
the low issuance LTV provides cushion for any declines in value. At
issuance, the loan was shadow-rated investment grade primarily
because of the low LTV, sponsorship strength, and desirable
location. The shadow rating was maintained with this review with
the expectation that the net cash flow (NCF) should stabilize in
the near term given the uptick in occupancy, but DBRS Morningstar
will continue to closely monitor the loan for developments.

The 650 Madison Avenue is a pari passu loan with other pieces of
the whole loan secured in several transactions, including Citigroup
Commercial Mortgage Trust 2020-GC46 and three other transactions
rated by DBRS Morningstar. The loan is secured by secured by a
Class A office and retail tower at 650 Madison Avenue in the Plaza
district of New York. The property consists of approximately
544,000 square feet (sf) of office space, 22,000 sf of ground-floor
retail space, and 34,000 sf of storage and flex space. The loan was
added to the servicer's watchlist in April 2023 because of a drop
in DSCR, which was mainly driven by the departure of the former
second-largest tenant, Memorial Sloan Kettering Cancer Center, upon
its lease expiration in June 2022. As a result, the occupancy rate
dropped to 77.6%, according to the January 2023 rent roll, compared
with 90.2% at YE2021 and 97.0% at issuance. In addition, the lease
for the current second-largest tenant, BC Partners Inc. (11.7% of
the NRA) was set to expire in June 2023, but the company appears to
have remained at the subject property as the location is still
listed on its website. While there is minimal rollover risk through
the next 12 months, the lease of the largest tenant, Ralph Lauren
(40.7% of the NRA), is scheduled to expire in December 2024. The
loan is structured with a cash flow sweep in the event that the
tenant does not provide written notice of renewing its lease 18
months prior to expiration. The amount to be swept is $80 per
square foot (psf) or approximately $20.0 million. According to a
June 2023 article posted on The Real Deal, Ralph Lauren is planning
to reduce its North American footprint by 30% in the coming years,
and may downsize or vacate the subject property. DBRS Morningstar
has requested an update from the servicer, and a response is
pending as of the date of this press release.

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

At issuance, four other loans in the pool were shadow rated
investment grade. This includes 525 Market Street (Prospectus ID#2,
7.5% of the pool), The Cove at Tiburon (Prospectus ID#3, 6.2% of
the pool), Acuity Portfolio (Prospectus ID#8, 5.0% of the pool),
and F5 Tower (Prospectus ID#9, 4.9% of the pool). With this review,
DBRS Morningstar confirmed that the loan performance trends remain
consistent with investment-grade loan characteristics.

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


BENCHMARK 2018-B7: DBRS Confirms BB Rating on Class F Certs
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-B7 issued by Benchmark
2018-B7 Mortgage Trust as follows:

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

DBRS Morningstar changed the trends on Classes E, F, X-D, X-F,
G-RR, and F-RR to Negative from Stable. The trend changes are
attributed primarily to an increase in DBRS Morningstar's expected
loss for the pool, following the transfer of several loans to
special servicing since the last rating action. There are now five
loans representing 13.6% of the pool balance in special servicing,
three of which transferred after failing to secure refinancing
ahead of their respective maturity dates. There is additional
concern with the pool's high exposure to office properties, which
represents 37.6% of the pool balance. Given the current challenges
facing the office sector, DBRS Morningstar increased the
probability of default and, in certain cases, applied stressed
loan-to-value ratios (LTVs) for loans that are secured by office
properties. DBRS Morningstar's largest loans of concerns are
discussed in greater detail below.

Outside of changes noted above, the transaction's performance has
been stable since issuance. Cash flows generally remain stable and
are in line with issuance expectations, as evidenced by the pool's
weighted average (WA) debt service coverage ratio (DSCR) of 2.03
times (x) for loans that provided YE2022 financials, compared with
the DBRS Morningstar WA Term DSCR of 1.84x. Since the last rating
action, two loans have been repaid in full from the pool, both of
which were previously defeased. Excluding classes with revised
trends, all other trends remain Stable.

As of the August 2023 remittance, 49 of the original 51 loans
remain in the pool, with an aggregate principal balance of $1.12
billion, reflecting a 4.3% collateral reduction since issuance. One
loan, representing 2.3% of the pool balance, is fully defeased.
There are eight loans, representing 16.6% of the pool balance, on
the servicer's watchlist and five loans, representing 13.6% of the
pool, in special servicing; however, all five loans remain current.
DBRS Morningstar analyzed the specially serviced loans with
elevated expected losses, resulting in a WA expected loss
approximately 140.0% greater than the pool average.

The largest loan in special servicing, Aon Center (Prospectus ID#9;
3.8% of the pool), is secured by a 2.8 million-square-foot (sf)
office tower in Chicago's central business district. The loan
transferred to special servicing in February 2023 for an event of
default following the execution of a new lease to Blue Cross Blue
Shield (BCBS) without lender consent. In addition, the loan was
being monitored ahead of its July 2023 maturity, which has now
passed. According to servicer commentary, a modification agreement
has been executed, including a three-year loan extension through
July 2026, a lease extension for Aon Corporation (Aon; 39.6% of net
rentable area (NRA)) through December 2028, and a cure of the
mezzanine loan defaults by the mezzanine debtholder. Furthermore,
the sponsor has cured the BCBS lease consent default through a cash
deposit and personal guaranty for tenant improvements and leasing
commissions above reserve requirements. The loan is expected to be
returned to the master servicer in the near term.

Despite the loan's modification, DBRS Morningstar notes the loan's
underperformance relative to issuance expectations. As of December
2022, occupancy had fallen to 76.0% from 89.7% at issuance, largely
driven by the departures of Integrys Business Support, LLC (
previously 6.9% of NRA) and Daniel J. Edelman, Inc. (previously
6.6% of NRA). As of the YE2022 financial reporting, the loan's net
cash flow (NCF) had fallen to $38.8 million (debt service coverage
ratio (DSCR) of 1.10 times (x)), reflecting a 19.5% decline from
the DBRS Morningstar figure of $48.2 million (DSCR of 2.93x) at
issuance. Offsetting some of this is recent leasing activity, as
the borrower executed a renewal with Aon, and the second-largest
tenant, KPMG LLP, recently expanded its footprint at the property
to approximately 11.0% of NRA on a lease expiring in August 2029.
This loan was assigned an investment-grade shadow-rating at
issuance. As a result of decreased cash flows, and given the
asset's increased vacancy in a market with high availability, in
addition to the loan's failure to pay off at its original maturity
date, DBRS Morningstar removed the shadow rating for the loan with
this review and subsequently applied a stressed LTV scenario to
account for increased credit risks since issuance.

The second largest loan in special servicing, Workspace (Prospectus
ID#10; 3.6% of the pool), is secured by a portfolio of 146
properties, consisting of nearly 9.9 million sf of office and flex
space. Built between 1972 and 2013, the portfolio includes 87
office properties (6.5 million sf) and 59 flex buildings (3.4
million sf). The subject loan amount of $40.0 million is part of a
whole loan of $1.3 billion secured across four other transactions.
Three of these transactions are rated by DBRS Morningstar,
including JPMCC 2018-WPT (lead securitization), BMARK 2018-B5, and
BMARK 2018-B6.

The loan transferred to special servicing in April 2023 in advance
of its July 2023 maturity date as the loan was not expected to
repay. The loan was modified with a two-year extension, resulting
in a new maturity date of July 2025. Additional details regarding
the terms of the modification were requested from the servicer but
have not been provided. Per an online news article dated July 2023,
it was reported that a significant equity participation was
provided as part of the extension.

The most recent reporting for the subject transaction noted a
YE2022 NCF of $92.0 million, while the reporting for JPMCC 2018-WPT
noted an NCF of $97.4 million. Despite the discrepancy, this is
below the YE2021 figure of $101.1 million (a DSCR of 1.57x) and the
DBRS Morningstar NCF of $104.7 million derived in 2020 during the
North American Single-Asset/Single-Borrower Ratings Methodology
update for the JPMCC 2018-WPT transaction. The cash flow decline
has predominantly been the result of decreases in base rent and
expense reimbursements following a drop in occupancy in recent
years. The servicer reporting indicates an occupancy rate of 80.4%
at December 2022, down from 84.1% at YE2021 and 88.6% at issuance.
At issuance, the loan was shadow-rated investment grade; however,
given the challenges in refinancing this loan and the decline in
performance from issuance, DBRS Morningstar removed the shadow
rating with this review. The loan was analyzed with a stressed LTV
based on the DBRS Morningstar value derived with the May 2023
review of JPMCC 2018-WPT, resulting in an expected loss that is
nearly three times the pool average.

The largest loan in the pool, the DUMBO Heights Portfolio
(Prospectus ID#1; 7.2% of the pool), is secured by a portfolio of
four Class A office properties within the DUMBO neighborhood of
Brooklyn, New York. The loan is being monitored on the servicer's
watchlist due to declines in cash flow and occupancy as well as its
now past loan maturity in September 2023. Per servicer commentary,
the borrower was unable to secure financing ahead of the loan's
maturity date and has submitted a five-year loan extension request.
DBRS Morningstar expects the loan will soon transfer to special
servicing.

Per the March 2023 rent roll, the collateral was 91.0% occupied,
with the largest tenants including Etsy (29.9% of NRA, lease
expires July 2026) and WeWork (21.2% of NRA, lease expires November
2031). Although WeWork is signed to a long-term lease, DBRS
Morningstar does not rule out the possibility of the tenant
vacating early, given WeWork's current financial situation. The
property is very well located within its submarket, situated
directly between the Brooklyn and Manhattan Bridges, blocks from
the waterfront, with views of the Manhattan skyline from the higher
floors. Historical occupancy has been stable, as has cash flow. The
loan most recently reported a YE2022 NCF of $26.0 million,
representing a whole loan DSCR of 1.03x, and remaining in line with
the DBRS Morningstar NCF of $24.7 million. At issuance, the loan
was shadow-rated investment grade; however, given the refinancing
challenges and exposure to distressed tenancy in WeWork, DBRS
Morningstar removed the shadow rating with this review and analyzed
the loan with a stressed LTV, resulting in an expected loss in line
with the pool average.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to six loans: DUMBO Heights Portfolio Moffett
Towers—Buildings E, F, G (Prospectus ID#2; 4.5% of the pool),
Aventura Mall (Prospectus ID#3; 4.5% of the pool), AON Center,
Workspace, and 636 11th Avenue (Prospectus ID#11; 3.6% of the
pool). With this review, DBRS Morningstar removed the shadow
ratings on DUMBO Heights Portfolio, AON Center, and Workspace, as
outlined above, and maintained the shadow ratings on Moffett
Towers—Buildings E, F, G; Aventura Mall; and 636 11th Avenue
given the continued stable performance and ongoing expectations for
those loans.

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


BENCHMARK 2019-B11: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-B11 issued by
Benchmark 2019-B11 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-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class 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 X-G at B (high) (sf)
-- Class G at B (sf)

In addition, DBRS Morningstar changed the trends on classes A-S,
X-A, B, X-B, C, D, X-D, E, X-F, F, X-G, and G to Negative from
Stable. All other trends are Stable.

The rating confirmations reflect DBRS Morningstar's outlook and
loss expectations for the transaction, which remain relatively
unchanged from the prior rating action in November 2022. However,
there are some challenges for the pool, including a defaulted
specially serviced loan that is expected to incur a realized loss
of nearly $12.0 million upon resolution. There is also a high
concentration of loans, representing nearly 45.0% of the pool, that
are secured by office properties, some of which are exhibiting
increased levels of risk since issuance given the general
challenges faced by that sector. DBRS Morningstar notes mitigating
factors including a sizable unrated first loss piece totaling $33.9
million with no losses incurred to the trust to date. In addition,
the largest loan in the pool, which is secured by an office
property, is shadow-rated investment grade, as further described
below. Given these loan-specific challenges and the downward
ratings pressure implied by DBRS Morningstar's Commercial
Mortgage-Backed Securities (CMBS) Insight Model results on the
seven lowest-rated classes that are most exposed to loss, the
Negative trends are warranted.

As of the August 2023 reporting, 38 of the original 40 loans
remained in the pool with an aggregate principal balance of $1.1
billion, representing collateral reduction of 3.8% since issuance,
as a result of loan amortization and loan repayments. One loan,
representing 1.1% of the pool, has been fully defeased. There are
14 loans, representing 33.0% of the pool, on the servicer's
watchlist; however, five of those loans (17.0% of the pool) are
being monitored for life safety and/or deferred maintenance issues,
which DBRS Morningstar does not deem material to the loans' overall
credit profile.

The sole loan in special servicing, The Greenleaf at Howell
(Prospectus ID#15, 2.4%), is secured by a 227,045-square-foot (sf)
anchored retail center in Howell, New Jersey. At issuance, the
property was 100.0% occupied; however, at the beginning of the
Coronavirus Disease (COVID-19) pandemic, the property's
second-largest tenant, Xscape Theatres (25.0% of the net rentable
area (NRA)) closed and surrendered its space, bringing occupancy to
its current rate of 74.0%. The closure significantly impaired the
property's cash flow, as reflected by the YE2022 debt service
coverage ratio (DSCR) of 0.09 times (x). While the servicer
indicates a loan modification is being documented, the loan is
delinquent with the last debt payment made in October 2021, and a
receiver is currently in place. Based on the December 2022
appraisal, the property was valued at $33.4 million, reflecting
nearly a 50.0% reduction from the issuance value of $66.9 million.
In its analysis for this review, DBRS Morningstar liquidated the
loan from the trust with an implied loss of nearly $12.0 million or
a loss severity in excess of 50.0%.

Excluding collateral that has been defeased, the pool is
concentrated by loans that are secured by office and lodging
properties, which represent 44.9% and 15.3% of the pool,
respectively. In general, the office sector has been challenged,
given the low investor appetite for that property type and high
vacancy rates in many submarkets as a result of the shift in
workplace dynamics. While select office loans in the transaction
continue to perform as expected, several others are exhibiting
increased risk, including 101 California (Prospectus ID#4; 4.7% of
the pool), Central Tower Office (Prospectus ID#13; 3.2% of the
pool), and 57 East 11th Street (Prospectus ID#20; 1.9% of the
pool), described in further detail below. In its analysis for this
review, DBRS Morningstar applied stressed loan-to-value (LTV)
ratios or increased probability of default (POD) assumptions for
six loans backed by office properties exhibiting declines in
performance, resulting in a weighted-average expected loss (EL)
that was slightly above the pool average for the asset class.

The 101 California Street loan is secured by the borrower's
fee-simple interest in a 1.3 million-sf, Class A+, LEED Platinum
office building in the heart of San Francisco's financial district.
Between 2012 and 2018, the sponsors invested approximately $96.3
million ($77 per sf (psf)) in capital expenditures. The property
generated $49.1 million of NCF in 2022 (a DSCR of 1.58x), down from
the reported NCF of $56.5 million (a DSCR of 1.81x) at YE2021 and
$66.2 million (a DSCR of 2.10x) at issuance. The compression in NCF
has been driven by declining occupancy and increasing operating
expenses.

According to the March 2023 rent roll, the property was 75.6%
occupied compared with 92.1% at the time of issuance. The former
largest tenants, Merrill Lynch (previously 9.7% of NRA) and Cooley
LLP (previously 8.0% of NRA), vacated the building upon their lease
expirations in 2022 and 2021, respectively. In 2021, Chime
Financial (Chime) executed a 200,000-sf (16.0% of the NRA) 10-year
lease at an average rental rate of $54.50 psf. Chime has since
subleased 36,000 sf of its space; however, its direct lease is not
scheduled to expire until 2032. According to a Q1 2023 Reis report,
office properties in San Francisco's North Financial District
submarket reported a vacancy rate of 14.0% compared with the Q1
2022 vacancy rate of 12.5%. Near-term rollover risk is moderate,
with leases representing 9.0% of the NRA scheduled to roll over in
the next 12 months. Given the decline in DSCR and cash flow coupled
with soft submarket conditions, DBRS Morningstar analyzed this loan
with a stressed LTV and POD assumption, resulting in an EL that was
roughly 1.6x the pool average.

The Central Office Tower loan is secured by two office buildings in
the Financial District of downtown San Francisco. The 21-story and
six-story office buildings, which are connected, total 164,848 sf
of NRA. The collateral was most recently renovated between 2015 and
2018 with the sponsor investing approximately $30.0 million toward
capital expenditures. The loan is currently on the servicer's
watchlist because of a decline in occupancy, falling to 67.4% as of
March 2023 from 91.0% at issuance. In addition, the largest tenant,
Unity Technologies (Unity), which currently occupies 52.0% of the
NRA, has a lease expiration in August 2025, prior to the loan's
maturity in 2029. Unity, a privately held video game development
company is headquartered at the subject property and has one
five-year renewal option remaining. The loan is structured with a
cash flow sweep that will commence if the tenant fails to renew its
leases 12 months prior to lease expiration, goes dark, or files for
bankruptcy.

According to the YE2022 financial reporting, the property generated
NCF of $6.7 million (a DSCR of 1.65x), which was 18.7% and 28.8%
below the YE2021 and issuance figures, respectively. Although the
remainder of the rent roll is granular with no tenant accounting
for more than 3.5% of NRA, there is considerable tenant
concentration risk associated with Unity. Should the tenant opt to
vacate the property upon its lease expiration, backfilling the
vacant space will likely prove challenging. In its analysis for
this review, DBRS Morningstar analyzed this loan with a stressed
LTV and POD assumption, resulting in an EL almost 2.0x higher than
the pool average.

The 57 East 11th Street loan is secured by a 64,460-sf office
property in the Union Square submarket of New York, that is 100.0%
leased to WeWork Inc. (WeWork) through 2034. The property was built
in 1903 and was most recently renovated in 2018. WeWork has faced a
number of challenges the last few years, most recently announcing
plans to renegotiate nearly all of its leases in an effort to stay
solvent. WeWork's lease at the property was modified in June 2021,
terms of which included four months of rent abatements that began
in August 2021. Although WeWork resumed making full rent payments
in January 2022, NCF remains subdued, with the YE2021 and YE2022
figures 47.0% and 14.0% below the issuance figure, respectively.

WeWork's market capitalization has fallen to $286.0 million (as of
the date of this press release) from a private market peak value of
$47 billion. In mid-August, the company announced a 1-for-40
reverse stock split to get its shares trading back above $1.00— a
requirement for keeping its New York Stock Exchange listing. No
updated appraisal has been provided since issuance, when the
property was valued at $92.0 million; however, given WeWork's
operational challenges, soft submarket fundamentals, and continued
uncertainty surrounding end-user demand, 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 approximately 2.3x the pool average.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to one loan, 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.


BRIGHTWOOD CAPITAL 2023-1: S&P Assigns BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Brightwood Capital MM
CLO 2023-1 Ltd./Brightwood Capital MM CLO 2023-1 LLC's
floating-rate debt. The transaction is managed by Brightwood SPV
Advisors.

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 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

  Brightwood Capital MM CLO 2023-1 Ltd./
  Brightwood Capital MM CLO 2023-1 LLC

  Class X, $9.000 million: AAA (sf)
  Class A-1A, $129.560 million: AAA (sf)
  Class A-1B, $12.640 million: AAA (sf)
  Class A-1L, $10.000 million: AAA (sf)
  Class A-2, $0.800 million: AAA (sf)
  Class A-2L, $15.000 million: AAA (sf)
  Class B, $13.000 million: AA (sf)
  Class B-L, $20.000 million: AA (sf)
  Class C (deferrable), $27.000 million: A (sf)
  Class D (deferrable), $18.000 million: BBB- (sf)
  Class E (deferrable), $18.000 million: BB- (sf)
  Class I subordinated notes, $46.350 million: Not rated
  Class II subordinated notes, $0.001 million: Not rated



BX 2021-21M: DBRS Confirms B(low) Rating on Class G Certs
---------------------------------------------------------
DBRS Limited confirmed the following classes of BX 2021-21M
Mortgage Trust Commercial Mortgage Pass-Through Certificates as
follows:

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

All trends are stable.

The transaction's performance remains in line with issuance
expectations as evidenced by recent reporting indicating stable
occupancy and cash flow. Since issuance, there has been a
significant amount of collateral reduction due to property
releases. While performance metrics remain steady, given the
significant changes to the overall makeup of the portfolio, DBRS
Morningstar revised the loan-to-value ratio (LTV) sizing in its
analysis for this review and derived an updated DBRS Morningstar
value of $688.9 million. DBRS Morningstar's updated value is
reflective of an LTV of 140.6% on the current debt, compared with
DBRS Morningstar's Issuance LTV of 137.3%.

At issuance, the transaction was collateralized by the borrower's
fee-simple interest in a portfolio of 21 Class A and Class B
multifamily properties totalling 6,671 units in seven different
states. As of August 2023 remittance, eight of the properties
representing 25.4% of the allocated loan amount (ALA) have been
released, contributing to $331.5 million in collateral reduction
since issuance. The current loan balance has been paid down to
$968.5 million from $1.3 billion at issuance. The released
properties were all in Texas (formerly the state with the largest
concentration of ALA) within the Dallas-Fort Worth submarket. For
the first 30% of the unpaid principal balance, the sponsor must pay
a release premium of 105% and 110% thereafter. The sponsor for the
loan is the real estate fund commonly known as Blackstone Real
Estate Partners (BREP) IX. BREP IX is the firm's $20.5 billion
flagship global real estate opportunity fund that closed in August
2019.

The floating-rate loan is structured with a two-year initial term
and three one-year extension options for a fully extended maturity
date of October 2026. The loan is currently on the servicer's
watchlist for its upcoming maturity in October 2023. As per the
servicer, the borrower has indicated they will be exercising the
first of their three extension options. Aside from the condition
that there are no events of default and a requirement that the
borrower purchase a cap rate agreement, there are no performance
triggers, financial covenants, or fees required for the borrower to
exercise any of its extension options. The replacement cap rate
agreement must result in a debt service coverage ratio (DSCR) of
greater than 1.10 times (x) for each extension term.

There are 14 properties remaining in the portfolio following the
recent releases. Although YE2022 financial reporting has not yet
been made available, the remaining portfolio reported a net cash
flow and DSCR of $50.1 million and 0.92x, respectively, for the
trailing 12-month period (T-12) ending March 31, 2023. The reported
weighted average occupancy for the remaining properties as of March
2023 was 92.5% compared with 95.9% for the same properties at
issuance. Although property-level performance metrics remain in
line with issuance expectations, the DSCR has declined due to the
floating-rate nature of the loan. The loan remains current on its
payments and there have been no events of default to date.

DBRS Morningstar updated the LTV sizing in its analysis for this
review to reflect the impact of property releases and the
subsequent paydown of the transaction. The updated DBRS Morningstar
Net Cash Flow (NCF) adjusted for the property releases was $44.8
million. The analysis used a capitalization rate of 6.5%, which is
on the low end/middle range for this property type and reflective
of the portfolio's geographic diversity and above-average property
quality. DBRS Morningstar maintained positive qualitative
adjustments totalling 6.75% to account for the historically strong
performance, property quality, and market fundamentals. The
resulting DBRS Morningstar value of $688.9 million implies an LTV
of 140.6%, which is largely in line with DBRS Morningstar's LTV of
137.3% at issuance.

Overall, the borrower's plans to exercise the extension option
extending the loan to October 2024, coupled with the continued
healthy performance of the underlying assets supports the rating
actions. Each of the remaining properties have maintained strong
occupancy rates of over 90% and on a consolidated basis posted T-12
March 31, 2023, NCF figures that remain in line with the DBRS
Morningstar NCF derived at issuance. The transaction fully
comprises multifamily properties, which generally provide cash flow
stability. The portfolio remains well diversified geographically,
and the loan also benefits from an experienced sponsor in
Blackstone Real Estate Partners.

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


CARVANA AUTO 2023-P4: S&P Assigns BB+ (sf) Rating on Class N Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The availability of 13.67%, 11.06%, 9.46%, 6.02%, and 6.54%
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 final post-pricing 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 '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 our stressed cash flow modeling
scenarios, which S&P believes are appropriate for the assigned
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., which do
not constrain the 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 credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

  Ratings Assigned

  Carvana Auto Receivables Trust 2023-P4

  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(i), $5.90 million: BB+ (sf)

(i)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.



CD 2017-CD6 MORTGAGE: Fitch Affirms 'B-sf' Rating on G-RR Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of CD 2017-CD6 Mortgage
Trust.  Fitch has also affirmed the MOA 2020-CD6 E horizontal risk
retention pass through certificate (2017 CD6 III Trust).

The Rating Outlooks on classes E-RR, F-RR and MOA 2020-CD6 E class
have been revised to Negative from Stable. The Rating Outlook on
class G-RR remains Negative.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
CD 2017-CD6

   A-2 125039AB3    LT  AAAsf   Affirmed   AAAsf
   A-3 125039AC1    LT  AAAsf   Affirmed   AAAsf
   A-4 125039AE7    LT  AAAsf   Affirmed   AAAsf
   A-5 125039AF4    LT  AAAsf   Affirmed   AAAsf
   A-M 125039AH0    LT  AAAsf   Affirmed   AAAsf
   A-SB 125039AD9   LT  AAAsf   Affirmed   AAAsf
   B 125039AJ6      LT  AA-sf   Affirmed   AA-sf
   C 125039AK3      LT  A-sf    Affirmed   A-sf
   D 125039AQ0      LT  BBBsf   Affirmed   BBBsf
   E-RR 125039AS6   LT  BBB-sf  Affirmed   BBB-sf
   F-RR 125039AU1   LT  BB-sf   Affirmed   BB-sf
   G-RR 125039AW7   LT  B-sf    Affirmed   B-sf
   X-A 125039AG2    LT  AAAsf   Affirmed   AAAsf
   X-B 125039AL1    LT  AA-sf   Affirmed   AA-sf
   X-D 125039AN7    LT  BBBsf   Affirmed   BBBsf

MOA 2020-CD6 E

   E-RR 90214VAA2   LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

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

Stable Loss Expectations: Loss expectations for the pool remain
stable since Fitch's prior rating action. Nine loans (27.3% of
pool) are considered Fitch Loans of Concern (FLOCs), including two
office properties in the top 15 with upcoming rollover concerns
and/or declining performance. One loan, the Hotel Mela Times Square
(3.4%) is currently in specially servicing. Fitch's current ratings
reflect a 'Bsf' rating case loss of 3.7%.

The Negative Outlooks reflect performance concerns, particularly
larger office loans with tenant rollover and other performance
concerns: Headquarters Plaza (8.1%), Tustin Centre I & II (3.4%),
Station Place III (2.8%) and Port Gardner Building (1.4%), as well
as regional mall Gurnee Mills (1.5%). Additionally, the pool has a
high overall exposure to office properties (32.2% of the pool).

The largest contributor to loss expectations is the Headquarters
Plaza (8.1%) loan, also the largest loan in the pool, which is
secured by a mixed-use office, hotel, and retail complex located in
Morristown, NJ. The loan previously transferred to special
servicing in June 2020 for payment default as a result of
coronavirus pandemic related hardship. The borrower completed a $15
million PIP renovation for the hotel and approximately $4.8 million
renovation for the commercial portion of the property in late 2021.
The loan was brought current in May 2021 following the execution of
a forbearance agreement and returned to the Master Servicer in
October 2021. The loan was reported as current as of the September
2023 financial reporting.

Property performance declined in 2021 and the first half of 2022
due to ongoing renovations at the hotel and some vacating tenants
at the office property. As of June 2023, the property was 86%
occupied with an NOI DSCR of 1.54x. At YE 2022, the property was
88% occupied with an NOI DSCR of 0.86x. This compares to 92% and
2.26x respectively at YE 2019.

Fitch's 'Bsf' case loss of 6.9% (prior to a concentration
adjustment) is based on an 11.0% cap rate and 10% stress to the YE
2021 NOI.

The second largest contributor to loss expectations is the Gurnee
Mills (1.5%) loan, which is secured by a is secured by a 1.7
million-sf regional mall located in Gurnee, IL, approximately 45
miles north of Chicago. The mall is anchored by Marcus Cinema
(non-collateral), Burlington Coat Factory (non-collateral), Value
City Furniture (non-collateral), Bass Pro Shops Outdoor World,
Floor & Decor, Kohl's and Macy's. The loan previously transferred
to the special servicer in June 2020 for imminent monetary default
and returned to the master servicer in May 2021 after receiving a
forbearance.

The property's occupancy declined to 76.4% from 80% at YE 2022,
primarily due to Bed, Bath, and Beyond (3.3% of the NRA) vacating
at their January 2023 lease expiration, remaining below the
reported 88% occupancy at issuance. The collateral faces near-term
rollover with 5.3% of the NRA expiring in 2023 and 8.2% in 2024.

Fitch's 'Bsf' rating case loss of 29.3% (prior to a concentration
adjustment) is based on a 12% cap rate and 15% stress to the YE
2022 NOI, and factors in an increased probability of default due to
the loan's heightened maturity default risk.

Increased Credit Enhancement (CE): As of the September 2023
distribution date, the pool's aggregate principal balance has been
reduced by 12.5% to $928.9 million from $1.06 billion at issuance.
Seven loans (6.0%) are fully defeased and four loans have been paid
off (7.3% of original pool balance). Sixteen loans, representing
40.3% of the pool, are full-term interest-only. Seventeen loans,
representing 24.6% of the pool, are structured with a partial
interest-only component. To date, the trust has not incurred any
realized losses.

RATING SENSITIVITIES

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

The Negative Outlook on classes E-RR, F-RR and G-RR, as well as MOA
2020-CD6 E reflect the potential for downgrades due to concerns
surrounding the underperformance of the larger office FLOCs
Headquarters Plaza, Tustin Centre I & II, Station Place III, Port
Gardner Building, as well as Gurnee Mills mall loans. Downgrades to
these classes are expected if expected losses on these loans
increase.

Downgrades to the classes rated 'AAAsf' are not considered likely
due to position in the capital structure and continued expected
increases in CE, but may occur at 'AAAsf' or 'AA-sf' should
interest shortfalls occur.

Downgrades to classes C and D may occur if overall pool performance
declines or loss expectations increase significantly.

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

Upgrades could be triggered by significantly improved performance
coupled with paydown and/or defeasance. An upgrade to classes B and
C could occur with continued increases in credit enhancement along
with stabilization of the FLOCs, but would be limited as
concentrations increase. Classes would not be upgraded above 'Asf'
if there is likelihood of interest shortfalls.

Upgrades of classes C or D would only occur with significant
improvement in CE and stabilization of the FLOCs. An upgrade to
classes E-RR, F-RR and G-RR as well as MOA 2020-CD6 E, are not
likely unless performance of the aforementioned FLOCs improves, and
if performance of the remaining pool is stable.

ESG CONSIDERATIONS

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


CHASE HOME 2023-1: DBRS Gives Prov. BB Rating on Class B-4 Certs
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2023-1 (the
Certificates) to be issued by Chase Home Lending Mortgage Trust
2023-1 (CHASE 2023-1):

-- $375.2 million Class A-1 at AAA (sf)
-- $375.2 million Class A-1-A at AAA (sf)
-- $375.2 million Class A-1-X at AAA (sf)
-- $340.9 million Class A-2 at AAA (sf)
-- $340.9 million Class A-3 at AAA (sf)
-- $340.9 million Class A-3-X at AAA (sf)
-- $255.7 million Class A-4 at AAA (sf)
-- $255.7 million Class A-4-A at AAA (sf)
-- $255.7 million Class A-4-X at AAA (sf)
-- $85.2 million Class A-5 at AAA (sf)
-- $85.2 million Class A-5-A at AAA (sf)
-- $85.2 million Class A-5-X at AAA (sf)
-- $34.3 million Class A-6 at AAA (sf)
-- $34.3 million Class A-6-A at AAA (sf)
-- $34.3 million Class A-6-X at AAA (sf)
-- $375.2 million Class A-X-1 at AAA (sf)
-- $11.8 million Class B-1 at AA (low) (sf)
-- $6.0 million Class B-2 at A (low) (sf)
-- $3.4 million Class B-3 at BBB (sf)
-- $2.2 million Class B-4 at BB (sf)
-- $1.0 million Class B-5 at B (low) (sf)

Classes A-1-X, A-3-X, A-4-X, A-5-X, A-6-X, and A-X-1 are
interest-only (IO) certificates. The class balances represent
notional amounts.

Classes A-1, A-1-A, A-3, A-4, A-5, and A-6 are exchangeable
certificates. These classes can be exchanged for combinations of
depositable certificates as specified in the offering documents.

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

The AAA (sf) ratings on the Certificates reflect 6.45% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (sf), BB (sf), and B (low) (sf) ratings
reflect 3.50%, 2.00%, 1.15%, 0.60%, and 0.35% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of first-lien,
fixed-rate, prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 356 loans with a
total principal balance of $401,033,526 as of the Cut-Off Date
(September 1, 2023).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of primarily 30 years and a
weighted-average loan age of seven months. All of the loans are
traditional, nonagency, prime jumbo mortgage loans. In addition,
all of the loans in the pool were originated in accordance with the
new general Qualified Mortgage (QM) rule.

J.P. Morgan Chase Bank N.A (JPMCB) is the Originator and Servicer
of 100.0% of the pool.

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

U.S. Bank Trust Company, National Association (rated AA (high) with
a Negative trend by DBRS Morningstar) will act as Securities
Administrator. U.S. Bank Trust National Association will act as and
Delaware Trustee. JPMCB will act as Custodian. Pentalpha
Surveillance LLC will serve as the Representations and Warranties
Reviewer.

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

DBRS Morningstar's credit ratings on the Certificates address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Certificates are the
related Interest Distribution Amounts, the related Interest
Shortfalls, and the related Class Principal Amounts (for non-IO
Certificates).

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

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


CITIGROUP 2019-GC41: DBRS Confirms B(high) Rating on G-RR Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-GC41 issued by Citigroup
Commercial Mortgage Trust 2019-GC41 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 AS at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G-RR at B (high) (sf)

DBRS Morningstar also changed the trends on Classes X-F, F, and
G-RR to Negative from Stable. The trends on all other classes are
Stable.

The Negative trends reflect DBRS Morningstar's concern surrounding
the pool's concentration of office properties, which totals 33.9%
of the current pool balance and includes three loans on the
servicer's watchlist, representing 2.8% of the pool balance. A
primary driver of DBRS Morningstar's increased risk profile for
this pool is the Comcast Building Tucson loan (Prospectus ID#22,
1.6% of the pool). The collateral is a vacant suburban office
property composed of more than 200,000 square feet, formerly
utilized as call center space for Comcast. In general, the
performance of the office sector has deteriorated in recent months;
vacancy rates in many submarkets remain elevated because of a shift
in workplace dynamics leading companies opting for remote and
hybrid environments to vacate their spaces entirely or reduce their
footprint at or prior to their lease expiration dates. In the
analysis for this review, DBRS Morningstar applied stress scenarios
to loans backed by office and other properties that were showing
performance declines from issuance or otherwise exhibiting
heightened risks from issuance to increase the expected losses as
applicable. As a result, loans secured by office properties have a
weighted-average expected loss that is approximately 40.0% higher
than the pool's expected loss.

The rating confirmations reflect the relatively stable performance
for the majority of the remaining loans in the transaction since
DBRS Morningstar's last rating action. As of the August 2023
remittance, 42 of the original 43 loans remain in the pool with an
aggregate principal balance of $1.26 billion, representing a
collateral reduction of 1.4% since issuance. Seven loans,
representing 18.0% of the pool balance, are on the servicer's
watchlist because of declining debt service coverage ratio (DSCR)
and/or tenant rollover risk. There aren't any delinquent or
specially serviced loans. Two loans, representing 1.0% of the pool,
are secured by loans that are defeased.

The Comcast Building Tucson loan is secured by the borrower's
fee-simple interest in a 211,152-square-foot suburban property in
Tucson, Arizona. The subject was previously a large furniture
showroom and retail outlet. Comcast took occupancy in 2015 after a
major retrofit of the building, bringing more than 1,100 employees
to what was considered a state-of-the-art call center. The property
in its current state consists of a three-story building with a
movie theater, a fitness facility, and food service facilities as
well as a four-level parking garage with more than 1,000 covered
parking spaces. The loan had a cash sweep trigger if the sole
tenant, Comcast, did not renew its lease 36 months prior to the
January 2026 lease expiration.

Accordingly, the loan was added to the servicer's watchlist in June
2023 and the lockbox was activated after Comcast vacated and failed
to renew its lease as of January 2023. The borrower is actively
marketing the entire property for lease, sale, or joint venture
opportunities, with the listing brochure noting that the building
can be made available for adaptive reuse in the near term. As of
the August 2023 remittance, there were $1.5 million in reserves and
the YE2022 DSCR is healthy at 2.31 times (x). Although the loan is
current, excess cash is being swept, and Comcast is likely to
continue paying rent through lease expiration, DBRS Morningstar has
a negative outlook for this loan given the collateral's build-out
and the change in workplace dynamics combined with the upcoming
lease expiration, large footprint, and weak submarket conditions.
DBRS Morningstar believes that there is a high likelihood of this
loan transferring to special servicing before or shortly after
Comcast's lease expiration and that the subject's value has
declined significantly since issuance. With this review, DBRS
Morningstar applied an increased loan-to-value ratio and
probability of default penalty, resulting in an expected loss that
is nearly 5x the pool's average expected loss.

Another loan of concern, 505 Fulton Street (Prospectus ID#14, 3.6%
of the pool), is secured by the borrower's fee-simple interest in a
114,209-square-foot anchored retail property in Brooklyn. The loan
was added to the servicer's watchlist in July 2023 because major
tenants Nordstrom Rack, 35% of the net rentable area (NRA) and
24.7% of base rent, and TJ Maxx, 18.9% of NRA and 10.1% of base
rent, both have upcoming scheduled lease expirations in April 2024
and neither have indicated if they will renew their respective
leases. As of the March 2023 reporting, the property was 100%
occupied with a DSCR of 3.40x. In this review, DBRS Morningstar
applied a higher probability of default to reflect the increased
credit risk associated with the scheduled lease rollover, resulting
in an expected loss that is more than double the pool's average
expected loss.

Four loans, representing a combined 18.3% of the pool, are
shadow-rated investment grade by DBRS Morningstar—30 Hudson
Yards, Grand Canal Shoppes, Moffett Towers II Buildings 3 & 4, and
The Centre. With this review, DBRS Morningstar confirms that the
loans continue to perform in line with the investment-grade loan
characteristics.

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



COLD STORAGE 2020-ICE5: DBRS Confirms B Rating on Class HRR Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-ICE5 issued by Cold Storage
Trust 2020-ICE5 as follows:

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

All trends are Stable.

Classes A-Y, A-Z, and A-IO are CAST certificates that can be
exchanged for other classes of CAST certificates and vice versa.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations as exhibited by the year-over-year net cash flow (NCF)
growth. The transaction is collateralized by the borrowers'
fee-simple interest in a portfolio of 46 industrial cold storage
facilities in the United States, totaling approximately 10.3
million square feet (sf). The portfolio is well diversified as it
spans 19 states in multiple regions in favorable markets near major
population centers. The portfolio also exemplifies diversity in
terms of income and customer granularity perspectives. At issuance,
the top 10 customer accounts represented 29.9% of total revenue,
with the largest account representing just 5.5%. Property releases
are permitted at release premiums ranging from 105.0% and 115.0% of
the allocated loan amount, depending on the percentage of the
original principal balance and certain debt yield tests, but none
have been processed to date. A minor paydown occurred in March 2021
as a result of reserve disbursements, representing a collateral
reduction of 1.7%. The outstanding loan balance since then has not
changed.

The $1.3 billion floating-rate loan is interest only (IO) and has
an initial three-year term until November 2023, with two one-year
extension options, for a final maturity in November 2025. The loan
was added to the servicer's watchlist in December 2021 for
delinquent taxes and based on the August 2023 reporting,
approximately $129,000 is outstanding. This is a significant
reduction from the prior year when the collateral reported about
$1.4 million of delinquent taxes. The loan is also being monitored
on the watchlist for its upcoming maturity in November 2023. It is
likely the borrower will exercise its first extension option, which
is subject to an interest rate cap agreement, although it is worthy
to note that the cost of those agreements have increased.

The borrowers amassed the portfolio in phases across seven
acquisitions dating from October 2019 to April 2020 and used
whole-loan proceeds to recapitalize the borrowers' interest in the
portfolio, which was unencumbered by secured debt. The borrowers
lease the properties (except for the Chicago Cold - Bartlett
property) to an operating company, Lineage Logistics, LLC, pursuant
to six master leases. The rent from the master leases is the sole
source of cash flow to pay debt service for the trust loan. The six
master leases (collectively, the Master Leases) are between the
borrowers and affiliates of the borrowers. The Master Leases allow
the related master tenant (or subtenants of such master tenant), or
operators engaged by the master tenant or subtenants to operate
such properties.

The transaction benefits from property quality and functionality.
The portfolio's properties generally exhibit favorable ceiling
heights, loading capacity, and temperature configurations. The
portfolio has a weighted-average clear height of more than 30 feet,
and it benefits from a very high proportion of freezer space
(80.4%, based on the appraisal). Freezer space generally commands
higher rents and valuations and is more flexible through
down-conversion to refrigeration temperatures when necessary to
accommodate customer demand. According to a March 2023 article
published by Newmark, national cold storage development hit an
all-time high of 9.8 million sf by YE2022, growing at a rate of
approximately 7.5% from 2021 to the first half of 2022, compared
with the annual average of 2.2% observed from 2013 to 2020.

According to the trailing 12 month (T-12) ended March 31, 2023,
financials, the portfolio is fully occupied with an NCF of $170.4
million, an increase from the YE2022 NCF of $162.9 million and the
DBRS Morningstar NCF of $122.5 million. Despite the improvement in
NCF, the debt service coverage ratio (DSCR) has been declining with
the T-12 March 31, 2023, figure at 2.92 times (x), compared with
YE2022 DSCR of 3.68x, and DBRS Morningstar DSCR of 4.68x. This is
due to an increase in debt service payments due to the
floating-rate nature of the loan. According to the January 2023
appraisal, the portfolio was valued at $1.75 billion, representing
a 5.5% decline from the issuance value of $1.85 billion at
issuance. At issuance, DBRS Morningstar concluded a value of $1.4
billion based on the DBRS Morningstar NCF of $122.5 million and a
capitalization rate of 8.75%, which represents a haircut of 20.1%
from the January 2023 value and 24.5% from the issuance value. In
addition, DBRS Morningstar applied positive qualitative adjustments
totaling 7.5% to the sizing to reflect the property's quality, cash
flow volatility, and market fundamentals.

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



CUTWATER LTD 2014-I: Moody's Cuts Rating on $21.8MM D Notes to B3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following note issued by Cutwater 2014-I, Ltd.:

US$21,800,000 Class D Secured Deferrable Floating Rate Notes due
2026 (the "Class D Notes") (current outstanding balance
$23,012,352.30), Downgraded to B3 (sf); previously on September 4,
2020 Downgraded to B2 (sf)

Cutwater 2014-I, Ltd., originally issued in July 2014 and
refinanced in June 2017, 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 July 2018.

RATINGS RATIONALE

The downgrade rating action on the Class D notes reflects the
specific risks to the junior notes posed by credit deterioration
observed in the underlying CLO portfolio. Based on the trustee's
September 2023 report [1], the weighted average rating factor is
currently 6664 compared to 4888 in September 2022 [2], and Moody's
calculates a significant exposure of 69.31% to issuers rated Caa1
or lower, including to a material number of single issuers
representing over 5% of performing portfolio par each. Moody's also
notes that collections have been insufficient to completely repay
previously deferred interest on the Class D notes as of the last
payment date in July 2023.

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: $32,040,697

Defaulted par:  $3,811,385

Diversity Score: 13

Weighted Average Rating Factor (WARF): 5714

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 4.59%

Weighted Average Coupon (WAC): 10.0%

Weighted Average Recovery Rate (WARR): 44.16%

Weighted Average Life (WAL): 1.4 years

Par haircut in OC tests and interest diversion test: 27.68%

In addition to base case analysis, Moody's considered 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 this rating 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 Rating:

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.


DBJPM 2016-C1: DBRS Confirms C Rating on Class G Certs
------------------------------------------------------
DBRS Limited downgraded the ratings on three classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-C1 issued by DBJPM
2016-C1 Mortgage Trust as follows:

-- Class E to CCC (sf) from B (low) (sf)
-- Class X-D to B (low) (sf) from B (sf)
-- Class F to C (sf) from CCC (sf)

In addition, DBRS Morningstar confirmed the following ratings:

-- Class A-3A at AAA (sf)
-- Class A-3B 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 (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class D at BB (low) (sf)
-- Class X-C at BB (sf)
-- Class G at C (sf)

DBRS Morningstar changed the trends on Classes B, C, D, X-B, X-C,
and X-D to Negative from Stable. Classes E, F, and G have ratings
that do not typically carry trends in commercial mortgaged-backed
securities (CMBS) ratings. All other classes have Stable trends.

At the last rating action, DBRS Morningstar had changed the trends
on Class D, E, X-C, and X-D to Stable from Negative given the
conservative liquidation scenarios that were applied in the
analysis of the sole loan in special servicing, Sheraton Hotel
Houston (Prospectus ID#4, 5.1% of the pool balance), and a loan on
the servicer's watchlist, Hagerstown Premium Outlets (Prospectus
ID#12, 3.9% of the pool balance). The loss projections were
insulated in the first loss piece, Class H, and Class G. The March
2021 appraisal was available at the time, which reported a value of
$56.0 million, but a February 2023 appraisal has since become
available and reported a value of $44.9 million. In addition,
performance of the Hagerstown Premium Outlets loan continues to be
well below expectations and recently defaulted. Consequently, the
loss projections for these loans have increased for this review.
The loans are further discussed below. There is also a considerable
concentration of loans in the pool backed by office properties,
representing more than 30.0% of the pool balance. In general, the
office sector has been challenged given the increased vacancies in
many submarkets as well as the shift in workplace dynamics. A
notable loan is the Hall Office Park A1/G1/G3 loan (Prospectus
ID#13, 3.6% of the pool balance), which is secured by three office
properties in Frisco, Texas, and one of the buildings went dark.
For this review, this loan was analyzed with a stressed
loan-to-value ratio (LTV) and a probability of default penalty,
resulting in an expected loss that was more than triple the pool
average. Given these concerns and increased loss expectations, the
rating downgrades and Negative trends are supported. The rating
confirmations and Stable trends reflect the steady performance of
the remaining loans in the pool, which is exhibited by a
weighted-average debt service coverage ratio (DSCR) of above 2.0
times (x).

As of the August 2023 remittance, 31 of the original 33 loans
remain in the pool with an aggregate principal amount of $701.4
million, representing a collateral reduction of 14.3% since
issuance. Six loans, representing 13.5% of the pool, are fully
defeased. As previously mentioned, only one loan, representing 5.0%
of the pool balance, is in special servicing. There are four loans
on the servicer's watchlist, representing 10.7% of the pool. Two of
these four loans are being monitored for occupancy declines, and
all are being monitored for low DSCRs. Loans that have exhibited
increased credit risk, where applicable, were analyzed with
stressed scenarios to increase the expected loss.

The Sheraton North Houston loan is secured by 419-key, full-service
hotel in Houston, located within close proximity to the George Bush
Intercontinental Airport. The loan has been delinquent since
September 2020 and has been in special servicing since November
2020. The property performance has lagged from issuance
expectations even prior to the onset of the Coronavirus Disease
(COVID-19) pandemic. A receiver was appointed in April 2021 to
stabilize the property and aid in a sale scheduled for 2024.

According to the June 2023 STR, Inc. report, the property reported
a trailing 12 months (T-12) ended June 30, 2023, occupancy rate,
average daily rate, and revenue per available room (RevPAR) of
59.6%, $91.92, and $54.81, respectively. RevPAR has improved from
the T-12 ended March 31, 2022, figure of $33.41 but is still below
the issuance figure of $104.21. Cash flow performance remains
depressed with an annualized trailing three months ended March 31,
2023, net cash flow (NCF) of $0.6 million, compared with the YE2019
NCF of $3.4 million and the DBRS Morningstar NCF of $5.2 million.
As previously mentioned, the February 2023 appraisal reported a
value of $44.9 million declined from the March 2021 value of $56.0
million and issuance of $68.0 million. Given the continued decline
in value and performance, DBRS Morningstar applied a haircut to the
February 2023 appraised value in the liquidation scenario for this
review, resulting in a loss severity in excess of 45.0%.

The Hagerstown Premium Outlets loan is secured by an open-air
retail outlet center in Hagerstown, Maryland, approximately 70
miles northwest of Washington, D.C. The property is owned and
operated by Simon Property Group. The loan previously transferred
to special servicing because of a payment default in June 2020, but
the borrower brought the loan current in December 2020 upon
executing a loan. However, the loan recently defaulted with the
last payment received in July 2023. The loan has been on the
servicer's watchlist for low performance as occupancy has been
precipitously declining in the last several years, with the March
2023 rent roll reporting an occupancy rate of 40.2%. In addition,
tenants representing 12.3% of the net rentable area (NRA) have
leases that expired or will be expiring in the next 12 months,
including the two largest tenants, Gap Factory (1.9% of the NRA,
lease expiry in July 2024) and The North Face (1.8% of the NRA,
lease expiry in October 2023). The loan has been reporting DSCRs
below break-even since 2021, with the YE2022 DSCR at 0.82x. Given
the persistent low occupancies and depressed NCFs, the as-is value
has likely declined sharply from the issuance value of $150.0
million. The loan was analyzed with a liquidated scenario based on
a stressed value, resulting in a loss severity in excess of 50.0%.

At issuance, DBRS Morningstar shadow-rated two loans, 787 Seventh
Avenue (Prospectus ID#1, 11.4% of the pool balance) and 225 Liberty
Street (Prospectus ID#5, 5.8% of the pool balance), as investment
grade. With this review, DBRS Morningstar confirmed that the
performance of these loans remains consistent with investment-grade
loan characteristics.

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


DIAMETER CAPITAL 5: S&P Assigns BB- (sf) Rating on Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Diameter Capital CLO 5
Ltd./Diameter Capital CLO 5 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 Diameter CLO Advisors LLC.

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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

  Diameter Capital CLO 5 Ltd./Diameter Capital CLO 5 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $62.00 million: AA (sf)
  Class B (deferrable), $25.00 million: A (sf)
  Class C-1 (deferrable), $18.00 million: BBB (sf)
  Class C-2 (deferrable), $5.00 million: BBB- (sf)
  Class D (deferrable), $13.00 million: BB- (sf)
  Subordinated notes, $30.50 million: Not rated



DIAMETER CREDIT I: Moody's Upgrades Rating on Class E Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Diameter Credit Funding I, Ltd.  

US$12,300,000 Class C Mezzanine Secured Deferrable Fixed Rate Notes
due 2037, Upgraded to Aa3 (sf); previously on July 26, 2021
Upgraded to A1 (sf)

US$12,900,000 Class D Mezzanine Secured Deferrable Fixed Rate Notes
due 2037, Upgraded to A2 (sf); previously on July 26, 2021 Upgraded
to Baa1 (sf)

US$28,425,000 Class E Junior Secured Deferrable Fixed Rate Notes
due 2037, Upgraded to Ba2 (sf); previously on July 26, 2021
Assigned Ba3 (sf)

Diameter Credit Funding I, Ltd., originally issued in May 2019 and
partially refinanced in July 2021 is a managed cashflow CBO. The
notes are collateralized primarily by a portfolio of corporate
bonds and loans. At least 30% of the portfolio must consist of
senior secured loans, senior secured notes, and eligible
investments, up to 70% of the portfolio may consist of second lien
loans, unsecured loans, bonds, subordinated bonds, and unsecured
bonds, and up to 5% of the portfolio may consist of letters of
credit. The transaction's reinvestment period will end in July
2024.

RATINGS RATIONALE

These rating actions reflect the benefit of sustained par coverage
of the notes as indicated by the deal's overcollateralization (OC)
ratios. Based on Moody's calculation, the deal currently has excess
par of approximately $2.7 million over the initial target par of
$275 million. The current OC ratios as calculated and modeled by
Moody's for Class C, Class D, and Class E notes are 160.07%,
148.89%, and 129.03%, respectively. Additionally, the deal
currently reports passing all its covenants. The notes also benefit
from the short period of time remaining before the end of the
deal's reinvestment period in July 2024, after which note
repayments are expected to commence.

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: $275,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3400

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 35.67%

Weighted Average Life (WAL): 6.0 years

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


DIAMOND CLO 2018-1: S&P Raises Class E Notes Rating to 'BB+ (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class D and E notes
from Diamond CLO 2018-1 Ltd. At the same time, S&P removed the
class D rating from CreditWatch, where S&P placed them with
positive implications in June 2023.

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

Since S&P's October 2022 rating actions, the transaction has paid
down $4.9 million of the class D notes. This reduced its
outstanding balance to 83.60% of its original balance. The lower
balance improved the reported overcollateralization (O/C) ratios
since the September 2022 trustee report, which S&P used for its
previous rating actions:

-- The class D O/C ratio improved to 350.16% from 201.93%.

-- The class E O/C ratio improved to 151.23% from 134.22%.

-- The higher coverage ratios for both classes indicate an
increase in their credit support.

As of the August 2023 trustee report, assets with ratings in the
'CCC' category now constitute a smaller percentage of the remaining
portfolio, dropping to 19.70% from 25.10% of the performing assets.
The trustee-reported weighted average life of the portfolio fell to
2.06 years from 2.44 years.

As the result of continued amortization, the portfolio is now
highly concentrated, with only 16 unique obligors remaining. Given
that the CLO is no longer well-diversified, we did not analyze cash
flows for this transaction. Instead, our analysis and rating
decisions examined other metrics and qualitative factors, such as
the remaining assets' credit quality, the ratings of assets backing
the notes, subordination levels, and sensitivity analysis.

S&P said, "While both notes now rely on 'B-' rated assets to be
repaid in full, we also took into consideration the potential for
the portfolio's recovery under different stress scenarios. For the
class D notes, we considered that this class is currently the most
senior class note, is actively paying down its outstanding
principal, and has very strong coverage and credit support from
cash and performing collateral. Our sensitivity analysis showed
that this class is able to be paid off under a 'AAA' stress
scenario. For the class E notes, we further considered that this
class might take more time to pay off, which may introduce some
tail risk and hence, factored the additional concentration and
interest shortfall risks.

"Based on our analysis, we raised our ratings on both class D and E
notes due to their increased credit support.

"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

  Diamond CLO 2018-1 Ltd.

  Class D to 'AAA (sf)' from 'A+(sf)/Watch Pos'

  Ratings Raised

  Diamond CLO 2018-1 Ltd.

  Class E to 'BB+(sf)' from 'BB-(sf)'



ELARA HGV 2023-A: S&P Assigns Prelim 'BB-' Rating on Class D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Elara HGV
Timeshare Issuer 2023-A LLC's fixed-rate timeshare loan-backed
notes.

The note issuance is an ABS securitization backed by vacation
ownership interval (timeshare) loans.

The preliminary ratings are based on information as of Sept. 21,
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 credit enhancement available in the form of subordination,
overcollateralization, a reserve account, and available excess
spread.

-- Grand Vacation Services LLC's (GVS) servicing ability and
experience in the timeshare market.

-- The transaction's ability to pay timely interest and ultimate
principal by the notes' legal maturity under S&P's stressed cash
flow recovery rate and sensitivity scenarios.

  Preliminary Ratings Assigned

  Elara HGV Timeshare Issuer 2023-A LLC

  Class A, $95.61 million: AAA (sf)
  Class B, $57.86 million: A- (sf)
  Class C, $29.90 million: BBB- (sf)
  Class D, $7.96 million: BB- (sf)



ELEVATION CLO 2017-8: Moody's Lowers Rating on $19MM E Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Elevation CLO 2017-8, Ltd.:

US$42,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Upgraded to Aaa (sf); previously on November
5, 2021 Upgraded to Aa1 (sf)

US$20,000,000 Class C Secured Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Upgraded to Aa3 (sf); previously on
January 25, 2018 Definitive Rating Assigned A2 (sf)

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

US$19,000,000 Class E Secured Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Downgraded to B1 (sf); previously on
August 21, 2020 Confirmed at Ba3 (sf)

US$7,000,000 Class F Secured Deferrable Floating Rate Notes due
2030 (the "Class F Notes"), Downgraded to Caa3 (sf); previously on
August 21, 2020 Downgraded to Caa1 (sf)

Elevation CLO 2017-8, Ltd., originally issued in January 2018 and
partially refinanced in October 2020 and November 2021, is a
managed cashflow CLO. The notes are collateralized primarily by a
portfolio of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in October 2022.

RATINGS RATIONALE

The upgrade rating actions are primarily a result of deleveraging
of the senior notes since August 2022. The Class A-1-R2 notes have
been paid down by approximately 14.5% or $36.8 million since then.
Based on the Moody's calculation, the OC ratio for the Class A/B is
currently at 130.80%.

The downgrade rating actions reflect the specific risks to the
junior notes posed by par loss observed in the underlying CLO
portfolio. Based on August 2023 trustee report[1], the OC ratio for
the Class E notes is reported at 103.80% versus 106.93% in August
2022[2]. Additionally, Moody's calculated OC for the Class F notes
is currently at 102.91%.  Furthermore, the credit quality of the
underlying portfolio has deteriorated and based on August 2023
trustee report[1], the weighted average rating factor (WARF) is
reported at 2789 compared to 2665 in August 2022 [2].

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

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

Performing par and principal proceeds balance: $345,936,090

Defaulted par:  $4,560,289

Diversity Score: 72

Weighted Average Rating Factor (WARF): 2794

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

Weighted Average Recovery Rate (WARR): 47.06%

Weighted Average Life (WAL): 3.65 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.


FLAGSTAR MORTGAGE 2018-1: Moody's Ups Cl. B-5 Certs Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 8 classes
from three Flagstar Mortgage Trust (FSMT) transactions issued in
2018. The transactions are securitizations of fixed rate,
first-lien agency and non-agency eligible loans.
  
The complete rating actions are as follows:

Issuer: Flagstar Mortgage Trust 2018-1

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

Cl. B-4, Upgraded to A1 (sf); previously on Jan 21, 2022 Upgraded
to A3 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Jan 21, 2022 Upgraded
to Ba3 (sf)

Issuer: Flagstar Mortgage Trust 2018-2

Cl. B-2, Upgraded to Aa1 (sf); previously on Jan 21, 2022 Upgraded
to Aa2 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Jan 21, 2022 Upgraded
to A1 (sf)

Issuer: Flagstar Mortgage Trust 2018-3INV

Cl. B-2, Upgraded to Aa1 (sf); previously on Jan 21, 2022 Upgraded
to Aa2 (sf)

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

Cl. B-4, Upgraded to A3 (sf); previously on Jan 21, 2022 Upgraded
to Baa2 (sf)

RATINGS RATIONALE

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

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

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

Principal Methodologies

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

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

Up

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

Down

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

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


GOAL STRUCTURED 2015-1: Fitch Affirms BBsf Rating on Cl. B Notes
----------------------------------------------------------------
Fitch Ratings has taken various rating actions following an annual
review on the notes issued by Goal Capital Funding Trust 2006-1
(Goal 2006-1), Goal Capital Funding Trust 2007-1 (Goal 2007-1) and
Goal Structured Solutions Trust 2015-1 (Goal 2015-1). All trusts
are comprised of 100% FFELP student loans.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
Goal Structured Solutions Trust 2015-1

   A 38021FAA9     LT  AA+sf   Affirmed  AA+sf
   B 38021FAB7     LT  BBsf    Affirmed  BBsf

Goal Capital Funding Trust 2007-1

   A-4 38021DAD8   LT  AA+sf   Affirmed  AA+sf
   A-5 38021DAF3   LT  AA+sf   Affirmed  AA+sf                     
                                                                   
                                                                   
   
   B-1 38021DAJ5   LT  BBBsf   Affirmed  BBBsf

Goal Capital Funding Trust 2006-1

   A-5 38021BAE0   LT  AA+sf   Affirmed  AA+sf
   A-6 38021BAF7   LT  AA+sf   Affirmed  AA+sf
   B 38021BAG5     LT  A+sf    Affirmed  A+sf

TRANSACTION SUMMARY

Goal 2006-1: Both the class A and class B notes pass the credit and
maturity stresses with sufficient credit enhancement (CE). Trust
performance was stable and in-line with Fitch's assumptions over
the last year. Fitch has affirmed the class A-5, A-6 and B notes.

Goal 2007-1: Both the class A and class B notes pass the credit and
maturity stresses with sufficient CE. Trust performance was stable
and in-line with Fitch's assumptions over the last year. Fitch has
affirmed the class A-4, A-5 and B-1 notes.

Goal 2015-1: Fitch has revised the Rating Outlook for class A notes
to Negative from Stable. The Negative Outlook reflects increased
impact raising rates are having on Fitch's credit risk stresses,
especially the rising interest rate scenario. A secondary factor
supporting the Negative Outlook is the decrease in pool
amortization, which is shown by the weighted average remaining loan
term for the trust remained the same at approximately 178 months as
of July 31, 2023. The rating for class A is affirmed. Fitch has
also affirmed the class B notes and maintained the Negative Outlook
as the 'BBsf' cash flow results for its credit stresses indicate a
principal shortfall for the notes. The current rating is within one
rating category of the lowest rating implied by Fitch's FFELP
cashflow model, in line with the rating criteria.

KEY RATING DRIVERS

Sovereign Risk: The trust collateral comprises 100% Federal Family
Education Loan Program (FFELP) loans with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. Fitch currently rates the U.S. sovereign rating
'AA+'/Stable.

Collateral Performance

Goal 2006-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 34.00% and a
93.50%default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' and base
case default rates are unchanged. The 31-60 days past due (DPD)
have increased and the 91-120 DPD have decreased from July 31, 2022
and are currently 2.03% for 31 DPD and 0.88% for 91 DPD compared to
1.95% and 0.95% for 31 DPD and 91 DPD, respectively. Fitch
maintained the sCDR of 5.2% despite the TTM CDR remaining below
this level as Fitch expects an increase to the CDR over the next
twelve months. TTM CPR remains elevated from Public Service Loan
Forgiveness consolidation, which Fitch did not factor into the
assumption due to the temporary nature of the waiver. sCPR
(voluntary and involuntary prepayments) remained at 9.5%. Fitch
applies the standard default timing curve in its credit stress cash
flow analysis. The claim reject rate is assumed to be 0.25% in the
base case and 1.65% in the 'AA' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 2.5% (2.9% at July 31, 2022), 8.9% (9.4%), and
32.2% (30.4%), respectively. These levels are used as the starting
point in cash flow modeling and subsequent declines or increases
are modeled as per criteria. The borrower benefit is assumed to be
approximately 0.28% based on information provided by the sponsor.

Goal 2007-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 36.25% and a
99.69% default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' default
rate is 96.08%. The 31-60 DPD and the 91-120 DPD have both
decreased from May 31, 2022 and are currently 2.32% for 31 DPD and
0.78% for 91 DPD compared to 2.75% and 1.17% for 31 DPD and 91 DPD,
respectively. Fitch maintained the sCDR of 5.8% and sCPR of 10.5%,
performance was similar to Goal 2006-1. Fitch applies the standard
default timing curve in its credit stress cash flow analysis. The
claim reject rate is assumed to be 0.25% in the base case and 1.65%
in the 'AA' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 3.2% (3.7% at May 31, 2022), 9.3% (8.8%), and
approximately 27.8% (25.9%), respectively. These levels are used as
the starting point in cash flow modeling and subsequent declines or
increases are modeled as per criteria. The borrower benefit is
assumed to be approximately 0.30% based on information provided by
the sponsor.

Goal 2015-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 46.0% and a
100.0% default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' default
rate is 97.09%. The 31-60 DPD and the 91-120 DPD have both
increased from July 31, 2022 and are currently 8.21% for 31 DPD and
2.43% for 91 DPD compared to 5.18% and 2.24% for 31 DPD and 91 DPD,
respectively. CDR performance for the transaction was in-line with
the sCDR of 10.0%, which was maintained for the review. The sCPR of
18.0% was also maintained for the review. Fitch applies the
standard default timing curve in its credit stress cash flow
analysis. The claim reject rate is assumed to be 0.25% in the base
case and 1.65% in the 'AA' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 5.4% (6.1% at July 31, 2022), 13.1% (12.5%), and
approximately 26.3% (24.2%), respectively. These levels are used as
the starting point in cash flow modeling and subsequent declines or
increases are modeled as per criteria. The borrower benefit is
assumed to be approximately 0.04% based on information provided by
the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. For transactions that were
modeled for this review, Fitch applies its standard basis and
interest rate stresses as per criteria.

Payment Structure

Goal 2006-1: CE is provided by overcollateralization (OC), excess
spread and, for the class A notes, subordination. As of the latest
distribution date, reported total parity (including the reserve
account) is 104.00%. Liquidity support is provided by a reserve
account sized at its floor of $2,949,961. The transaction will
continue to release cash as long as the target parity ratio of
100.25% is maintained.

Goal 2007-1: CE is provided by OC, excess spread and, for the class
A notes, subordination. As of the latest distribution date,
reported total parity (including the reserve account) is 102.81%.
Liquidity support is provided by a reserve account sized at its
floor of $1,648,140.

Goal 2015-1: CE is provided by OC, excess spread, and for the class
A notes, subordination. As of the latest distribution date,
reported total parity (including the reserve account) is 103.31%.
Liquidity support is provided by a reserve account sized at its
floor of $150,000.

Operational Capabilities: Day-to-day servicing is provided by the
Pennsylvania Higher Education Assistance Agency (PHEAA). Fitch
believes PHEAA to be an acceptable servicer due to its extensive
track record as one of the largest servicers of FFELP loans.

RATING SENSITIVITIES

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

Fitch has revised its global economic outlook forecasts as a result
of the war in Ukraine and related economic sanctions. Downside
risks have increased and Fitch published, "What a Stagflation
Scenario Would Mean for Global Structured Finance", an assessment
of the potential rating and asset performance impact of a
plausible, albeit worse than expected, adverse stagflation
scenario. Fitch expects the FFELP student loan ABS sector to
experience mild to modest asset performance deterioration,
indicating some Outlook changes (between 5% and 20% of outstanding
ratings).

Asset performance under this adverse scenario is expected to be
more modest than the most severe sensitivity scenario below. The
severity and duration of the macroeconomic disruption and thus
portfolio performance is uncertain and is balanced by a strong
labor market and the build-up of household savings during the
pandemic, which will provide some support in the near term to
households faced with falling real incomes

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

The downgrade of the U.S. sovereign caused negative rating pressure
on the 'AAAsf' rated classes of FFELP ABS trusts, resulting in the
downgrade of 287 FFELP SLABS. If the U.S. sovereign IDR is
downgraded, this would put negative rating pressure on these
classes, likely resulting in a further downgrade. Transaction
specific performance such as increases in the sustainable default
rate, increases in remaining term and IBR, and/or decreases in the
sustainable constant prepayment rate could put pressure on the
notes.

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

Goal 2006-1

Credit Stress Sensitivity

- Default increase 25%: class A 'AA+sf'; class B 'BBBsf';

- Default increase 50%: class A 'AA+sf'; class B 'BBBsf';

- Basis spread increase 0.25%: class A 'AA+sf'; class B 'Asf';

- Basis spread increase 0.50%: class A 'AA+sf'; class B 'BBBsf'.

Maturity Stress Sensitivity

- CPR decrease 25%: class A 'AA+sf'; class B 'A+sf';

- CPR decrease 50%: class A 'AA+sf'; class B 'A+sf';

- IBR usage increase 25%: class A 'AA+sf'; class B 'A+sf';

- IBR usage increase 50%: class A 'AA+sf'; class B 'A+sf';

- Remaining term increase 25%: class A 'AA+sf'; class B 'A+sf';

- Remaining term increase 50%: class A 'Asf'; class B 'Asf'.

Goal 2007-1

Credit Stress Sensitivity

- Default increase 25%: class A 'AA+sf'; class B 'BBsf';

- Default increase 50%: class A 'AA+sf'; class B 'BBsf';

- Basis Spread increase 0.25%: class A 'AA+sf'; class B 'BBBsf';

- Basis Spread increase 0.50%: class A 'Asf'; class B 'BBsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'AA+sf'; class B 'BBBsf';

- CPR decrease 50%: class A 'AA+sf'; class B 'BBBsf';

- IBR usage increase 25%: class A 'AA+sf'; class B 'BBBf';

- IBR usage increase 50%: class A 'AA+sf'; class B: 'BBBsf';

- Remaining term increase 25%: class A 'AA+sf'; class B 'BBBsf';

- Remaining term increase 50%: class A 'AAsf'; class B 'BBBsf'.

Goal 2015-1

Credit Stress Sensitivity

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

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

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

- Basis Spread increase 0.50%: class A 'BBsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'AAsf'; class B 'BBsf';

- CPR decrease 50%: class A 'AAsf'; class B 'BBsf';

- IBR usage increase 25%: class A 'AAsf'; class B 'BBsf';

- IBR usage increase 50%: class A 'AAsf'; class B: 'BBsf';

- Remaining term increase 25%: class A 'AAsf'; class B 'Bsf';

- Remaining term increase 50%: class A 'AAsf'; class B 'Bsf'.

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

Goal 2006-1

No upgrade credit or maturity stress sensitivity is provided for
the notes, as the class A notes are at their highest achievable
ratings. The ratings below are for class B.

Credit Stress Rating Sensitivity

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

- Basis spread decrease 0.25%: class B 'Asf'.

Maturity Stress Rating Sensitivity

- CPR increase 25%: class B 'AA+sf';

- IBR usage decrease 25%: class B 'AA+sf';

- Remaining term decrease 25%: class B 'AA+sf'.

Goal 2007-1

No upgrade credit or maturity stress sensitivity is provided for
the notes, as the class A notes are at their highest achievable
ratings. The ratings below are for class B.

Credit Stress Rating Sensitivity

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

- Basis spread decrease 0.25%: class B 'BBBsf'.

Maturity Stress Rating Sensitivity

- CPR increase 25%: class B 'AA+sf';

- IBR usage decrease 25%: class B 'AA+sf';

- Remaining term decrease 25%: class B 'AA+sf'.

Goal 2015-1

Credit Stress Rating Sensitivity

- Default decrease 25%: class A 'Asf'; class B 'Bsf';

- Basis spread decrease 0.25%: class A 'Asf'; class B 'BBsf'.

Maturity Stress Rating Sensitivity

- CPR increase 25%: class A 'AAsf'; class B 'BBsf';

- IBR usage decrease 25%: class A 'AAsf'; class B 'Bsf';

- Remaining term decrease 25%: class A AA+sf'; class B 'Bsf'.

ESG CONSIDERATIONS

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


HMH TRUST 2017-NSS: S&P Affirms CCC (sf) Rating Class D Certs
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on three classes of
commercial mortgage pass-through certificates from HMH Trust
2017-NSS, a U.S. CMBS transaction. At the same time, S&P affirmed
its rating on one other class from the same transaction.

This U.S. stand-alone (single borrower) CMBS transaction is backed
by a fixed-rate, interest-only (IO), five-year mortgage loan
secured by the borrower's fee simple interest in one
limited-service hotel and the borrower's leasehold interests in 21
limited-service and extended-stay hotel properties totaling 2,883
guestrooms in nine U.S. states.

Rating Actions

S&P said, "The downgrades on classes A, B, and C reflect our view
that the continued increase in the total loan exposure since our
last review on May 24, 2023, due to the extended resolution timing
of the specially serviced loan further reduces the liquidity and
ultimate recovery to the bondholders. At the time of our last
review, servicer advances for loan interest, taxes and insurance,
and other expenses totaled $20.6 million, interest thereon totaled
$1.8 million, and cumulative appraisal subordinate entitlement
reductions (ASERs) totaled $3.9 million." Since that time, the
servicer advanced an additional $2.1 million, interest on advances
increased by $664,993, and cumulative ASERs increased by $1.5
million, resulting in a total loan exposure of $234.7 million.

The special servicer, Mount Street US, indicated that the
deed-in-lieu (referenced in S&P's May 2023 published press release)
is near-finalized, and the expectation is that the master servicer,
Wells Fargo Bank N.A., will continue to make these advances at
least until the deed-in-lieu is closed and a few of the assets have
been disposed. S&P's concern is that without a meaningful
improvement in the performance and valuation of the underlying
hotel portfolio to support the repayment of servicer advances, the
uncertain disposition timing and the continued servicer advancing
build-up will reduce liquidity and recovery to the bondholders
since servicer advances are paid senior per the transaction
waterfall.

S&P said, "Since our May 2023 review, an August 2023 appraisal
value was released, indicating a $180.0 million ($62,435 per room)
value for the portfolio, in-line with the July 2022 appraisal value
of $186.2 million ($64,589 per room). We also received July 2023
STR reports for 21 of the 22 collateral properties (representing
91.9% of the total allocated loan amount [ALA])." The STR reports
indicate that 20 properties (89.8% of total ALA) experienced
positive year-over-year revenue per available room (RevPAR) growth
for the trailing 12 months ended July 31, 2023.

The reports also show that 14 properties (66.3% of total ALA) each
have a RevPAR penetration rate (which measures the RevPAR of the
hotel relative to its competitors, with 100% indicating parity with
competitors) of over 100%. Four hotels (11.7%) each have a RevPAR
penetration rate between 82.1% and 98.5%, while three (14.0%) each
have a RevPAR penetration rate of 66.8% to 77.6%. Year-to-date
(YTD) March 31, 2023, financial reporting provided by Mount Street
US shows portfolio occupancy of 66.7%, an average daily rate of
$157.37, and RevPAR of $104.91. These are all up versus full-year
Dec. 31, 2022, figures of 64.4%, $131.16, and $84.52, respectively
(YTD March 31, 2022, figures weren't available to make a better
aligned comparison).

S&P said, "Given the reported figures, which indicates the
portfolio's continued performance recovery, our current net cash
flow (NCF) of $16.2 million and expected-case value of $152.2
million ($52,806 per room) are unchanged from our last review.

"Our downgrade on class C to 'B- (sf)' from 'B (sf)' and our
affirmation on class D at 'CCC (sf)' both represent rating outcomes
below the respective model-indicated levels. These actions reflect
our view that the susceptibility of liquidity interruption and risk
of default and loss for these classes are elevated based on
additional exposure build-up, potentially lower liquidation
proceeds, and current market conditions.

"We will continue to monitor for further updates, including
resolution timing (along with additional loan exposure build-up),
the outcome of any piecemeal property sales, and the reported
performance of the portfolio. If there are negative changes in the
situation beyond what we have already considered, we may revisit
our analysis and further adjust our ratings as necessary."

Transaction Summary

S&P said, "The fixed-rate, IO, five-year mortgage loan had an
initial and current balance of $204.0 million (according to the
Sept. 8, 2023, trustee remittance report), pays a per annum
fixed-rate equal to 4.78%, and matured on July 1, 2022. At
issuance, there was a $25.0 million mezzanine loan, which,
according to the servicer, remains outstanding. The loan's reported
debt service coverage was 0.86x for 2022, up from 0.04x for 2021
(the 0.86x is a restatement from the 1.27x cited in our last
review, as the servicer revised its reporting subsequent to our
last review). The special servicer indicated that the portfolio's
NCF (after paying operating expenses) is being reserved for
potential change-of-ownership-related property improvement plan
(PIP) expenses, as well as other potential quality assurance and
brand requirement updates, resulting in the continued increase in
exposure build-up. There's approximately $5.0 million in funds held
by the receiver, and potential PIP-related outlays were considered
in our recent reviews.

At issuance, to comply with risk retention regulations, the sponsor
deposited $10.2 million into an eligible horizonal cash reserve
(HCR) account, which is maintained by the certificate
administrator. On the final distribution date, the certificate
administrator will be required to remit funds from the account to
reimburse certain trust fund expenses to the extent the trust has
insufficient funds to pay such amounts. After trust expenses are
paid in full, the certificate administrator will be required to
remit funds to the distribution account to make payments on the
certificates to the extent necessary, including the reimbursement
of principal losses that do not exceed the amount of the HCR
account. After these disbursements, any amounts remaining in the
HCR account will be remitted back to the sponsor. A loan default
could indirectly accelerate the disbursement of funds in the HCR
account by accelerating the final distribution date. The loan going
into receivership may also result in an earlier final distribution
date.

To date, the trust has not incurred any principal losses.

The loan transferred to special servicing on May 28, 2020, due to
monetary default, and a receiver was appointed in August 2020. The
loan has a reported non-performing matured balloon payment status
and is paid through its September 2021 payment date. The special
servicer is currently pursuing deed-in-lieu of foreclosure.

  Ratings Lowered

  HMH Trust 2017-NSS

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

  Rating Affirmed

  HMH Trust 2017-NSS

  Class D: CCC (sf)



JP MORGAN 2016-JP3: Fitch Lowers Rating on Class F Certs to CCsf
----------------------------------------------------------------
Fitch Ratings has downgraded five classes of J.P. Morgan Chase
(JPMCC) Commercial Mortgage Securities Trust 2016-JP3 commercial
mortgage pass-through certificates and affirmed seven classes.
Fitch has also assigned a Negative Rating Outlook to three classes
following the downgrades. The under criteria observation (UCO) has
been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
JPMCC 2016-JP3

   A-4 46590RAD1    LT  AAAsf   Affirmed  AAAsf
   A-5 46590RAE9    LT  AAAsf   Affirmed  AAAsf
   A-S 46590RAJ8    LT  AAAsf   Affirmed  AAAsf
   A-SB 46590RAF6   LT  AAAsf   Affirmed  AAAsf
   B 46590RAK5      LT  AA-sf   Affirmed  AA-sf
   C 46590RAL3      LT  BBB+sf  Downgrade A-sf
   D 46590RAP4      LT  BB-sf   Downgrade BBB-sf
   E 46590RAR0      LT  CCCsf   Downgrade BBsf
   F 46590RAT6      LT  CCsf    Downgrade B-sf
   X-A 46590RAG4    LT  AAAsf   Affirmed  AAAsf
   X-B 46590RAH2    LT  AA-sf   Affirmed  AA-sf
   X-C 46590RAM1    LT  BB-sf   Downgrade BBB-sf

KEY RATING DRIVERS

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

Increased Loss Expectations: The downgrades primarily reflect an
increase in expected losses since the prior rating action driven by
underperforming Fitch Loans of Concern (FLOCs), most notably the
Westfield San Francisco Centre (6.5% of the pool). Including
specially serviced loans, FLOCs total 37.1% of the pool. Fitch's
current ratings incorporate a 'Bsf' rating case loss of 7.1%.

The Negative Outlook assignments on classes C, X-C and D reflect
the potential for further downgrades with higher than expected
losses for Westfield San Francisco Centre or from other loans in
special servicing. In affirming the senior classes, Fitch also
considered higher stressed losses on the Westfield San Francisco
Centre of 50%.

There are three loans in special servicing, two of which
transferred into special servicing since Fitch's prior review
(Westfield San Francisco Centre and National Business Park). There
were four specially serviced loans at Fitch's last review; three of
the loans were disposed since the last review (693 Fifth Avenue,
100 East Wisconsin Avenue and Arkansas Hotel Portfolio).

The largest contributor to loss expectations is the specially
serviced Westfield San Francisco Centre, a 1,445,449-sf super
regional mall located in San Francisco's Union Square neighborhood.
The loan is currently due for the June 2023 payment, following its
recent transfer to the special servicer and an announcement that
the non-collateral Nordstrom store would be closing. A resolution
has not been agreed to, and Fitch considers it highly likely that a
deed in lieu of foreclosure (DIL) will be arranged in the near
future, given various media reports.

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

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

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

The second largest contributor to expected losses is 415 West 13th
Street (2%, FLOC). The loan is secured by a single tenant ground
floor retail condo located in the Meatpacking district area of
Manhattan. The space was leased to All Saints USA Limited. The loan
transferred to special servicing in August 2020 due to the impact
of the coronavirus on the property. The tenant had begun Chapter 13
insolvency proceedings in the United Kingdom and was closed. All
Saints then opened and was paying amended rent; however, All Saints
has vacated the property. Per the latest servicer update, the asset
is under contract and is expected to sell by the end of September
2023.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 72% reflects a 20% stress to the most recent appraised value
from June 2022 and a cap rate of 10.50%.

The third largest contributor to expected losses is National
Business Park (3.2%, FLOC). The loan transferred to the special
servicer in August 2023 due to imminent monetary default. Cash is
being trapped following the second largest tenant, SES Americom
(13.4% NRA; exp. December 2023), giving its intention to vacate a
portion of its space, along with a DSCR test under the threshold.
SES Americom is approximately 23% of the total annual rent at the
property.

Per the March 2023 rent roll, the property was 68% occupied,
consistent with YE 2022 and down from 77% at YE 2021 and 84% at
issuance. Rollover consisted of 17.5% in 2023 (including SES
Americom) and 23.7% in 2024. Fitch requested a leasing update and
has not received one to date. Per CoStar, as of 2Q23 the Brunswick
West Office Submarket had a 22.9% vacancy rate and market rent psf
of $33.54. The subject property had a 32% vacancy rate and average
in-place rents of $26.46 psf.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 23% reflects a 20% stress to YE 2022 NOI given rollover concerns
and a 10% cap rate.

Increase to Credit Enhancement: As of the September 2023
distribution date, the pool's aggregate principal balance has paid
down by 24.5% to $919.7 million from $1.22 billion at issuance.
There are 12 full-term, IO loans (57.7% of pool) remaining, while
nine loans are defeased (22.5%) which is up from two loans (3.9%)
at Fitch's last review.

ADDITIONAL CONSIDERATIONS

Investment-Grade Credit Opinion Loans: At issuance, 9 West 57th
Street (10.9%) had an investment-grade credit opinion and remains a
credit opinion loan. The Westfield San Francisco Centre loan has
seen performance declines, and Fitch no longer considers it to have
an investment-grade credit opinion.

RATING SENSITIVITIES

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

Downgrades would be triggered by an increase in pool-level losses
from underperforming or specially serviced loans. Downgrades to
classes with a Negative Rating Outlook are expected if expected
losses on FLOCs increase, most notably on Westfield San Francisco
Centre.

Downgrades to 'AAAsf' rated classes are not expected due to their
high CE and continued expected amortization and paydown but could
occur if interest shortfalls affect these classes or if expected
losses increase significantly. Classes rated in the 'AAsf' to
'BBBsf' rating category would be downgraded should overall pool
losses increase and/or one or more of the larger FLOCs have an
outsized loss, which would erode CE.

Downgrades to the classes in the 'Bsf' rating categories would
occur with a greater certainty of losses and/or as losses are
realized.

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

Upgrades would occur with stable to improved asset performance,
coupled with additional paydown and/or defeasance. Upgrades to the
'AAsf' and 'BBBsf' rating categories could occur with significant
improvement in CE and/or defeasance and with the stabilization of
properties currently designated as FLOCs. Upgrades to the 'Bsf'
rating categories are not likely until the later years in the
transaction and only if the performance of the remaining pool is
stable and/or properties vulnerable to the pandemic stabilize, and
there is sufficient CE.

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.


LCM XIII: S&P Affirms 'B (sf)' Rating on Class E-R Notes
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R3, C-R3, and
D-R notes from LCM XIII L.P. S&P also removed the class B-R3 and
C-R3 ratings from CreditWatch, where it placed them with positive
implications on June 30, 2023. At the same time, S&P affirmed its
ratings on the class A-R3 and E-R notes and removed the class E-R
rating from CreditWatch, where it was placed with negative
implications on June 30, 2023.

The rating actions follow S&P's review of the transaction's
performance using data from the Aug. 10, 2023, trustee report and
consider rating actions on the underlying collateral and portfolio
trades that might have occurred subsequently.

The transaction has paid down $188.02 million to the class A-R3
notes since S&P's December 2021 rating actions. The reported
overcollateralization (O/C) ratios have changed since the Nov. 10,
2021, trustee report, which it used for its previous rating
actions:

-- The senior note O/C ratio improved to 159.75% from 131.35%.
-- The class C O/C ratio improved to 128.05% from 117.62%.
-- The class D O/C ratio improved to 113.89% from 110.39%.
-- The class E O/C ratio declined to 104.45% from 105.12%.

While the senior O/C ratios experienced a positive movement due to
the lower balances of the senior notes, the junior O/C ratio
declined due to a combination of par loss, an increase in defaults,
and an increased O/C haircut due to the exposure of long-dated
assets in the portfolio as reported by the trustee.

In addition to the factors impacting the O/C ratios, the
portfolio's credit quality has deteriorated since our last rating
actions. Despite collateral obligations with ratings in the 'CCC'
category decreasing on a nominal basis, this amount has increased
on a percentage basis with the portfolio shrinkage, at 6.08% as of
the August 2023 trustee report from 4.50% as of the November 2021
report. Over the same period, the par amount of defaulted
collateral has increased to $2.28 million from $1.71 million,
representing 0.91% and 0.37% respectively.

The class B-R3, C-R3, and D-R notes benefited from senior note
paydowns and a drop in the weighted average life, with 2.63 years
reported as of the August 2023 trustee report, compared with 3.75
years reported at the time of S&P's December 2021 rating actions.
The upgraded ratings of the class B-R3, C-R3, and D-R notes reflect
the improved credit support available at the prior rating levels
and each tranche's ability to withstand higher rating level
stresses. The affirmed ratings on the class A-R3 and E-R reflect
adequate credit support at the current rating levels, though any
changes in the credit support available to the notes could result
in ratings changes.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class C-R3 and D-R notes. However,
S&P's rating actions also reflect additional sensitivity runs that
considered the CLO's exposure to lower quality assets and
distressed prices it noticed in the portfolio. Additionally, the
transaction currently has exposure to 'CCC' rated, defaulted, and
long-dated collateral obligations and has experienced some par
loss. Therefore, S&P limited the upgrades on the class C-R3 and D-R
notes 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.

"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."

LCM XIII L.P. 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. The asset credit spread adjustments were
considered in our cash flow analysis.

  Ratings Raised And Removed From CreditWatch Positive

  LCM XIII L.P.

  Class B-R3 to 'AAA (sf)' from 'AA (sf)/Watch Pos'
  Class C-R3 to 'AA (sf)' from 'A (sf)/Watch Pos'

  Rating Raised

  LCM XIII L.P.

  Class D-R to 'BBB (sf)' from 'BBB- (sf)'

  Rating Affirmed And Removed From CreditWatch Negative

  LCM XIII L.P.

  Class E-R to 'B (sf)' from 'B (sf)/Watch Neg'

  Rating Affirmed

  LCM XIII L.P.

  Class A-R3: AAA (sf)



MADISON PARK XI: S&P Affirms CCC+ (sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings raised its rating on the class D-R note from
Madison Park Funding XI Ltd. S&P also removed the rating from
CreditWatch, where S&P placed it with positive implications on June
30, 2023. At the same time, S&P affirmed its ratings on the class
A-R-2, B-R-2, C-R-2, 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. 09, 2023, trustee report.

The transaction has paid down $23.47 million to the class A-R-2
notes since S&P's March 25, 2021, rating actions. These paydowns
resulted in improved reported overcollateralization (O/C) ratios to
the class A/B test, but the class C, D, and E tests still saw a
slight O/C decrease since the Feb. 9, 2021, trustee report, which
S&P used for its previous rating actions. A comparison to the 2021
report shows:

-- The class A/B O/C ratio improved to 132.59% from 131.99%.
-- The class C O/C ratio decreased to 119.33% from 119.51%.
-- The class D O/C ratio decreased to 110.76% from 111.36%.
-- The class E O/C ratio decreased to 105.71% from 106.53%.

The higher coverage tests for the class A/B notes indicate an
increase in their credit support. While the class A/B O/C ratio
improved, the class C, D, and E O/C ratios have declined. Although
the class C, D, and E O/C ratios have declined, these tranches
remain current on interest and have cushion above their test O/C
thresholds.

S&P said, "While the O/C ratios decreased for some classes, the
collateral portfolio's credit quality has improved since our last
rating actions. Collateral obligations with ratings in the 'CCC'
category have decreased, with $24.65 million reported in the Aug.
9, 2023, trustee report, compared with $69.53 million reported in
the Feb. 9, 2021, trustee report. Over the same period, the par
amount of defaulted collateral has decreased to $5.91 million from
$8.91 million. Additionally, the transaction has benefited from a
drop in the weighted average life due to the underlying
collateral's seasoning, with 3.34 years reported in the Aug. 9,
2023, trustee report, compared with 4.49 years reported at the time
of the Feb. 9, 2021, trustee report.

The raised rating reflects the improved credit support available to
the notes at the prior rating levels.

The affirmed ratings reflect adequate credit support at the current
rating levels, though any further deterioration in the credit
support available to the notes could results in further ratings
changes.

S&P said, "Although our cash flow analysis indicated higher ratings
for the class B-R-2, C-R-2, and E-R notes, our rating actions
consider 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 does not
allow for the notes to get paid down faster, we preferred to
maintain more cushion when assigning ratings.

"On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the class F-R notes than the rating
action reflects. However, we affirmed the rating on class F-R after
considering the small margin of failure and the relatively minor
decline in the O/C ratio since our last rating action on the
transaction.

"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 XI 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.

  Rating Raised And Removed From CreditWatch

  Madison Park Funding XI Ltd.

  Class D-R to 'BBB- (sf)' from 'BB+ (sf)/Watch Pos'

  Ratings Affirmed

  Madison Park Funding XI Ltd.

  Class A-R-2: AAA (sf)
  Class B-R-2: AA (sf)
  Class C-R-2: A (sf)
  Class E-R: B (sf)
  Class F-R: CCC+ (sf)



MADISON PARK XLI: S&P Assigns 'B (sf)' Rating on Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R, C-R, D-R,
E-R, and F-R notes from Madison Park Funding XLI 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-R notes from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the July 11, 2023, trustee report.

The transaction has paid down $232.9 million to the class A-R notes
since our September 2020 rating actions. These paydowns resulted in
the following improvements in reported overcollateralization (O/C)
ratios compared to those in the July 2020 trustee report, which S&P
used for its previous rating actions:

-- The class B-R O/C ratio improved to 148.25% from 128.90%.
-- The class C-R O/C ratio improved to 129.71% from 118.50%.
-- The class D-R O/C ratio improved to 112.69% from 107.98%.
-- The class E-R O/C ratio improved to 107.82% from 104.78%.

The higher coverage tests for the class B-R, C-R, D-R, and E-R
notes reflect the increase in their credit support following a
decline in the outstanding balance of the senior note.

In addition, S&P notes that exposure to both 'CCC' and defaulted
collateral decreased since the time of its last rating actions, and
that also improved the credit support. The par amount of defaulted
assets decreased to $2.01 million reported in the July 2023 trustee
report, compared with $18.22 million in the July 2020 trustee
report; the par amount of 'CCC' collateral is at $46.16 million
reported in the July 2023 trustee report, down from $115.09 million
in the July 2020 trustee report.

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.

S&P said, "Although our cash flow analysis indicated a higher
rating for the class B-R, C-R, D-R, E-R, and F-R 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 to maintain more cushion when
assigning the ratings.

"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 XLI 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

  Madison Park Funding XLI Ltd.

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

  Rating Affirmed

  Madison Park Funding XLI Ltd.

  Class A-R: AAA (sf)



MAN GLG 2018-1: Moody's Cuts Rating on $6MM Cl. E-R Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Man GLG US CLO 2018-1 Ltd.:

US$56,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2030 (the "Class A-2-R Notes"), Upgraded to Aaa (sf); previously on
February 21, 2023 Upgraded to Aa1 (sf)

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

US$6,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class E-R Notes"), Downgraded to Caa1 (sf);
previously on August 19, 2020 Confirmed at B2 (sf)

Man GLG US CLO 2018-1 Ltd., originally issued in April 2015 and
refinanced in March 2018, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2023.

RATINGS RATIONALE

The upgrade rating action on the Class A-2-R notes is primarily a
result of deleveraging of the senior notes since February 2023.

The Class A-1-R notes have been paid down by approximately 2.46% or
$7.75 million since that time. The deal has also benefited from a
shortening of the portfolio's weighted average life since February
2023.

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the OC ratio for the Class E-R notes is
currently 104.11% versus 105.71% in February 2023. Furthermore,
based on Moody's calculation, the weighted average rating factor
(WARF) has deteriorated and currently the WARF level is at 2832
compared to 2738 in February 2023.

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: $474,447,362

Defaulted par: $3,954,552

Diversity Score: 76

Weighted Average Rating Factor (WARF): 2832

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.36%

Weighted Average Recovery Rate (WARR): 46.99%

Weighted Average Life (WAL): 4.3

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.


MF1 2021-FL6: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
MF1 2021-FL6, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance as evidenced by stable performance and
leverage metrics. 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 37 floating-rate mortgages
secured by 50 mostly transitional properties with a cut-off date
balance totaling $993.2 million. Most loans were in a period of
transition with plans to stabilize performance and improve values
for the underlying assets. The trust reached its maximum funded
balance of $1.30 billion in October 2021. The transaction was a
managed vehicle with a 24-month reinvestment, which expired with
the August 2023 Payment Date.

As of the August 2023 remittance, the pool comprises 44 loans
secured by 100 properties with a cumulative trust balance that has
amortized down to $1.29 billion, representing minimal collateral
reduction of 0.5%. Currently, 21 of the original loans in the
transaction at closing, representing 44.8% of the current trust
balance, remain in the trust. Since issuance, 16 loans with a prior
cumulative trust balance of $426.9 million have been successfully
repaid from the pool, including seven loans totaling $195.4 million
that have repaid since the previous DBRS Morningstar rating action
in November 2022. An additional seven loans, totaling $229.7
million, have been added to the trust since the previous DBRS
Morningstar rating action.

The transaction is concentrated by property type as 42 loans,
representing 93.0% of the current trust balance, are secured by
multifamily properties with the remaining two loans (7.0% of the
current trust balance) secured by healthcare properties. In
comparison, when the previous DBRS Morningstar Surveillance
Performance Update for the transaction was published in April 2022,
multifamily properties represented 91.5% of the collateral, student
housing properties represented 6.9% of the collateral, and
healthcare properties represented 1.6% of the collateral.

The pool is primarily secured by properties in suburban markets, as
defined by DBRS Morningstar, with 27 loans, representing 60.0% of
the pool, assigned a DBRS Morningstar Market Rank of 3, 4, or 5. An
additional 13 loans, representing 31.4% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 6 and 8, denoting
urban markets, while four loans, representing 8.6% of the pool, are
secured by properties with a DBRS Morningstar Market Rank of 2,
denoting tertiary markets. In comparison, at April 2022, properties
in suburban markets represented 57.0% of the collateral, properties
in urban markets represented 34.2% the collateral, and properties
in tertiary markets represented 8.8% of the collateral.

Leverage across the pool has remained consistent as of August 2023
reporting when compared with issuance and April 2022 metrics. The
current weighted-average (WA) as-is appraised value loan-to-value
ratio (LTV) is 70.5%, with a current WA stabilized LTV of 65.1%. In
comparison, these figures were 70.6% and 65.5%, respectively, at
issuance and 76.7% and 66.5%, respectively, as of April 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 $158.3 million to 29 of the 44 outstanding individual
borrowers to aid in property stabilization efforts. The largest
advance, $14.9 million, has been made to the borrower of the SF
Multifamily Portfolio III loan. The loan is secured by a portfolio
of 10 multifamily properties, totaling 308 units, located in San
Francisco. The advanced funds have been used to fund the borrower's
extensive $33.9 million planned capital expenditure (capex) plan
across the portfolio. The Q1 2023 collateral manager report noted
the borrower had completed 136 unit upgrades with another 27 units
in progress. The sponsor, Veritas Investment Group (Veritas), backs
four portfolio loans in the MF1 2021-FL6 transaction with a current
cumulative trust balance of $72.6 million (5.6% of the pool). The
loans are secured by multifamily properties in Los Angeles and San
Francisco. All four loans mature in January 2024 with three
one-year extension options, and according to the collateral
manager, each loan is expected to be extended. The collateral
manager expects that the performance of each collateral portfolio
will meet any required performance extension hurdles. Currently,
$23.9 million of future funding remains available to the borrower
on the SF Multifamily Portfolio III loan, which includes a
potential $5.0 million earnout.

An additional $115.4 million of loan future funding allocated to 11
of the outstanding individual borrowers remains available. The vast
majority of available funding ($100.0 million) is allocated across
the four portfolio loans sponsored by Veritas, ranging from $22.0
million for the SF Multifamily Portfolio I loan to $27.0 million
for the LA Multifamily Portfolio III loan. The business plan for
each loan is similar with available funds to renovate properties
with a small portion of dollars allocated for potential
performance-based earnouts.

As of the August 2023 remittance, there are no delinquent loans, no
loans in special servicing, and there are 20 loans on the
servicer's watchlist, representing 46.8% of the current trust
balance. The loans have primarily been flagged for below breakeven
debt service coverage ratios and upcoming loan maturity.
Performance declines noted in the pool are expected to be temporary
as multifamily units are being taken offline by respective
borrowers to complete interior renovations. In the next six months,
13 loans, representing 26.4% of the current trust balance are
scheduled to mature. According to the collateral manager, 11 of the
individual borrowers are expected to exercise loan extension
options, while the two remaining borrowers are expected to
successfully execute exit strategies.

Eighteen loans, representing 39.2% of the current trust balance,
have been modified. The modifications have generally allowed
borrowers to exercise loan extension options by amending loan terms
in return for fresh equity deposits and the purchase of a new
interest rate cap agreement. The most common amendments include the
removal of performance-based tests and changes to the required
strike price on the purchase of a new interest rate cap agreement.
The four Veritas loans were modified to extend the maximum maturity
date to January 2027 to allow the sponsor additional time to
complete its business plan, which was significantly delayed by the
Coronavirus Disease (COVID-19) pandemic and the resulting eviction
moratorium in Los Angeles and San Francisco.

Three loans, representing 8.1% of the current trust balance, are
sponsored by Tides Equities (Tides). In a June 2023 article
published by The Real Deal, the principals of the firm noted it
would likely need to conduct a capital call from its investors in
order to fund debt service shortfalls across its portfolio given
the rise in floating interest rate debt. All three loans are
current; however, the Tides on Country Club and Copper Creek (now
known as Tides on Oakland Hills) loans have been modified.
Modification terms included changes to interest reserve minimums
and interest rate terms as well as the removal of automatic monthly
loan future funding disbursements by the lender. All future loan
funding must be requested by the borrower and approved by the
lender. Additionally, an affiliate of the Issuer made a preferred
equity investment in the Tides on Oakland Hills loan to cover
operating and debt service shortfalls. In its analysis, DBRS
Morningstar made a negative adjustment to the sponsor strength
across all three Tides sponsored loans, resulting in individual
loan expected loss levels approximately 1.5 times greater than the
overall pool-wide MF1 2021-FL6 expected loss.

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



MFA 2023-INV2: S&P Assigns B (sf) Rating on Class B-2 Certs
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to MFA 2023-INV2 Trust's
mortgage pass-through certificates series 2023-INV2.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and hybrid adjustable-rate, primarily fully
amortizing, and interest-only residential mortgage loans secured by
single-family residences, condominiums, townhomes, two- to
four-unit properties, and five-plus multifamily residential
properties to both prime and nonprime borrowers. The pool consists
of 945 business-purpose investor loans backed by 1,460 properties
(including 174 cross-collateralized loans backed by 689 properties)
that are exempt from the qualified mortgage and ability-to-repay
rules.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator and mortgage originator; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "Per our latest macroeconomic update, we
continue to expect that the U.S. will fall into recession in 2023.
Although safeguards from the Federal Reserve and other regulators
have stabilized conditions, banking concerns increase risks of a
worse outcome. Chances for a worsening recession have increased,
with inflation moderating faster than expected in our baseline
forecast. As a result, we continue to maintain the revised outlook
per the April 2020 update to the guidance to our RMBS criteria,
which increased the archetypal 'B' projected foreclosure frequency
to 3.25% from 2.50%."

  Ratings Assigned(i)

  MFA 2023-INV2 Trust

  Class A-1, $117,559,000: AAA (sf)
  Class A-2, $22,439,000: AA (sf)
  Class A-3, $23,941,000: A (sf)
  Class M-1, $15,031,000: BBB (sf)
  Class B-1, $12,453,000: BB (sf)
  Class B-2, $9,985,000: B (sf)
  Class B-3, $13,313,152: Not rated
  Class XS, Notional(ii): Not rated
  Class R: Not rated

(i) The ratings address the ultimate payment of interest and
principal and do not address payment of the cap carryover amounts.


(ii)The notional amount equals the loans' aggregate unpaid
principal balance.



MORGAN STANLEY 2013-C9: DBRS Cuts Class PST Certs Rating to BB
--------------------------------------------------------------
DBRS, Inc. downgraded ratings on eight classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-C9 issued by Morgan
Stanley Bank of America Merrill Lynch Trust 2013-C9 as follows:

-- Class C to BB (sf) from AA (sf)
-- Class D to CCC (sf) from A (low) (sf)
-- Class E to CCC (sf) from BBB (high) (sf)
-- Class F to CCC (sf) from BBB (sf)
-- Class G to C (sf) from BB (high) (sf)
-- Class H to C (sf) from B (sf)
-- Class X-B to BB (high) (sf) from AA (high) (sf)
-- Class PST to BB (sf) from AA (sf)

In addition, DBRS Morningstar confirmed the following ratings:

-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-A at AAA (sf)

With this rating action, all Classes have been removed from Under
Review with Negative Implications where they were placed on May 17,
2023, as a result of interest shortfalls up through Class D with
the April 2023 remittance. The trends on Classes A-S, B, C, X-A,
X-B, and PST are Negative. The remaining Classes D, E, F, G, and H
are assigned ratings which typically do not carry trends in
commercial mortgage backed securities (CMBS) ratings.

These rating actions and the May 2023 rating actions that placed
all classes Under Review with Negative Implications are generally
the direct result of the non-recoverability determination made by
the master servicer, Midland Loan Services, a Division of PNC Bank,
for the pool's largest remaining loan, Milford Plaza Fee
(Prospectus ID #1; 58.4% of the pool). That determination, made
following the April 2023 remittance, resulted in a loss of $17.8
million for the unrated Class J and interest shortfalls through
Class D. The shortfalls extended into Class C starting with the May
2023 remittance. The master servicer's non-recoverability
determination does not appear to be related to the updated
appraised values obtained to date for the collateral property,
which have generally been in line with the appraised value at
issuance, as further described below. The master servicer's
response to inquiries about this matter has noted that the
determination was made based on the extended length of time in
special servicing and the uncertainty regarding the time to
resolution. DBRS Morningstar expects the wind-down status of the
subject transaction and the uncertainty surrounding the timing of
the repayment of the second-largest remaining loan were also
factors.

At the time of the non-recoverability determination, the total
advances and cumulative appraisal subordinate entitlement reduction
(ASER) amounts outstanding for the Milford Plaza Fee loan were
$49.4 million, with an additional $12.1 million outstanding for the
MSBAM 2013-C10 transaction (not rated by DBRS Morningstar). The
advances for the Milford Plaza Fee loan represented nearly all of
the outstanding advances for the subject trust, and combined for
15.3% of the ending trust balance of $321.1 million at the April
2023 remittance. As mentioned, the transaction is in wind-down with
the two largest loans, which combine for approximately 78% of the
outstanding pool balance, in special servicing. As such, DBRS
Morningstar believes the servicer's willingness to advance could
remain in question, supporting the Negative trends on the six
Classes rated BB (sf) and above with this review.

Prior to the April 2023 remittance, shortfalls of $1.3 million were
outstanding, all attributed to the unrated Class J certificate. As
of the August 2023 remittance, the shortfalls outstanding totaled
$3.9 million and continued up the capital stack as high as the
Class C certificate, which received partial interest payments for
May, June, July, and August 2023. The cumulative ASER, advanced
interest, and total advances for the Milford Plaza Fee loan were
reported at $24.7 million with the August 2023 remittance. The
interest shortfalls that began in April 2023 have been outstanding
for periods that exceed DBRS Morningstar's maximum shortfall
tolerance for the respective rating categories assigned prior to
this rating action, driving the downgrades with this review. DBRS
Morningstar notes the possibility that the pool's second-largest
loan (Dartmouth Mall, Prospectus ID #4; 18.6% of the pool) will be
repaid in the near term, which would repay the remaining balance of
Class A-S and a significant portion of Class B. These factors and
the credit outlook for the pool's three smallest remaining loans
provide support for the rating confirmations, but the situation
will be closely monitored for developments. In addition, DBRS
Morningstar notes that, as of the August 2023 remittance, the Class
C certificate had been shorted interest for four consecutive months
and, should those shortfalls continue through the November 2023
remittance period, DBRS Morningstar's shortfall tolerance for the
BB (sf) rating category of six remittance periods will be exceeded
and further downgrades could be warranted.

The Milford Plaza Fee loan is secured by the borrower's leased fee
interest in the ground beneath the 1,331-key hotel most recently
known as Row NYC (and formerly known as the Milford Plaza Hotel) in
the Times Square-Theatre District in New York City. The $275
million whole loan, which has a pari passu structure with pieces
contributed to the subject transaction ($165 million) and also to
the non-DBRS Morningstar-rated MSBAM 2013-C10 transaction ($110
million), has been in special servicing since June 2020 when it
reached 60 days delinquent. At the time of the loan's transfer to
special servicing, it was noted that the ground rent payments were
no longer being made by the leasehold owner, a joint venture
between Highgate Holdings and Rockpoint Group. The sponsors for the
subject loan are David Werner and the Los Angeles County Employees
Retirement Association, which own 25% and 75% of the borrowing
entity, respectively. The ground lease runs through February 2112,
with the last rent roll on file with DBRS Morningstar showing an
annual ground lease payment of $17.1 million due in 2017.

The hotel was initially closed in the very early stages of the
Coronavirus Disease (COVID-19) pandemic, but was subsequently
contracted by NYC Health + Hospitals (NYCHH), which has housed
migrants in some or all of the hotel rooms since the spring of
2020. Most recently, NYCHH confirmed in its March 2023 Report to
the Board of Directors that the contract with the subject property
had been renewed for a 12-month term. The contract rate is not
disclosed in NYCHH's report, but prior news reports have noted the
contract was in place at a rate of $190 per night per room. For
reference, the hotel last reported an average daily rate (ADR) of
$169 in 2019, down from an ADR of $190 in 2013 when the subject
loan closed.

At issuance, the subject collateral was valued at $386 million,
with a loan-to-value ratio of 71.2%. After the loan's transfer to
special servicing, the first appraisal obtained by the special
servicer, LNR Partners, LLC, was dated August 2020, with an as-is
value estimate of $378 million. The July 2021 appraisal showed an
as-is value estimate of $324 million, but appraisals obtained since
then have generally trended back in line with the August 2020
appraisal. The June 2022 appraisal valued the collateral at $365
million and, most recently, a value of $375 million was estimated
in a May 2023 appraisal obtained by the special servicer. Although
the ongoing delinquency and the special servicer's sometimes vague
updates about the status of the workout were noted concerns, the
consistency in the valuations and the implied recovery well beyond
the total loan amount of $275 million supported DBRS Morningstar's
general expectation prior to the non-recoverability determination
that the master servicer would continue to advance the bulk of the
interest due through the remainder of the workout period. These
assumptions also supported the prior rating confirmations, with
surveillance reviews conducted by DBRS Morningstar between the 2020
transfer to special servicing and the February 2023 rating action.
DBRS Morningstar notes that the trend on Class H was changed to
Negative in February 2023 to reflect the growing advance amount and
general uncertainty for the final resolution of the Milford Plaza
Fee and other loans exhibiting increased credit risks amid the
transaction's wind-down status.

The special servicer continues to report ongoing efforts to pursue
legal remedies while maintaining negotiations with both the subject
borrower and the leasehold owner regarding the resolution strategy.
DBRS Morningstar located a court filing dated November 8, 2022,
submitted on behalf of the subject trust in response to the
leasehold owner's efforts to stipulate the installation of a
receiver; it is unclear what the status of those efforts are since
that time. In addition, DBRS Morningstar does not know who is
collecting the money being paid by the city as part of the contract
to house migrants, as the mortgage and, apparently, the ground
lease remain in default. DBRS Morningstar has requested specific
details on the efforts to pursue legal remedies and, as of the date
of this press release, the special servicer's response is pending.

The Dartmouth Mall loan, secured by a regional mall in Dartmouth,
Massachusetts, transferred to special servicing for a maturity
default in June 2023. The sponsor is an affiliate of Pennsylvania
Real Estate Investment Trust (PREIT) and, according to the
servicer, a replacement loan is in the works with ongoing
negotiations between the special servicer and PREIT to document a
short-term forbearance. Cash management has been initiated and
excess funds are being trapped. As of the YE2022 reporting, the
loan had a debt service coverage ratio (DSCR) of 1.98 times (x), in
line with DSCRs reported since issuance, and an occupancy rate of
98% was reported for the property. Although DBRS Morningstar
believes the subject's secondary location and general decline in
investor appetite for regional mall property types have likely
contributed to a significant value decline from issuance, it
appears the sponsor remains committed to the property and the
subject loan and a refinance is ultimately expected to be achieved
in the near to moderate term.

As of the August 2023 remittance, four of the original 60 loans
remain in the pool. The initial pool balance of $1.28 billion has
been reduced by 77.9%, to $282.4 million, which includes $18.2
million in realized losses to date.

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



MORGAN STANLEY 2014-150E: S&P Cuts G Certs Rating to 'B- (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on three classes of
commercial mortgage pass-through certificates from Morgan Stanley
Capital I Trust 2014-150E, a U.S. CMBS transaction. At the same
time, S&P affirmed its ratings on seven other classes from the
transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a $525.0 million, 10-year, fixed-rate, interest-only (IO)
mortgage loan secured by the borrower's ground leasehold and
sub-subleasehold interests in a 1.71 million-sq.-ft., class A,
office property located at 150 East 42nd Street in midtown
Manhattan's Grand Central office submarket.

Rating Actions

The downgrades on the class E, F, and G certificates reflect:

-- S&P's revised valuation on the property, which is lower than
the valuation we derived in our last review in April 2020, due
primarily to our higher vacancy assumptions.

-- S&P's belief that, due to weakened office sub-market
fundamentals reinforced by companies continuing to embrace remote
and hybrid work arrangements, the borrower may face challenges
re-tenanting vacant spaces in a timely manner.

-- S&P's concerns with the borrower's ability to refinance the
loan by its maturity date in September 2024.

The affirmations on classes A, A-S, B, C, and D consider the
comparatively low to moderate debt per sq. ft. (about $242 per sq.
ft. through class D), among other factors.

S&P said, "In our last review in April 2020, the property was 96.8%
occupied, and we assumed a 10.0% vacancy rate, which was on par
with the office submarket fundamentals at that time. Since then,
the property's reported occupancy rate remained over 90%. As of the
March 31, 2023, rent roll, the property was 93.9% occupied,
however, after excluding a tenant comprising 5.1% of net rentable
area (NRA), which vacated upon its May 2023 lease expiration, the
property is currently 88.8% occupied.

"As a result, coupled with the softened property's office
submarket, in our current property-level analysis, we assumed a
higher vacancy rate of 15.0%, an S&P Global Ratings' base and gross
rent of $58.71 and $61.95 per sq. ft., respectively, 62.8%
operating expense ratio, and higher tenant improvement costs to
revise and lower our long-term sustainable net cash flow (NCF) by
15.7%, to $28.3 million from $33.6 million in our last review. The
higher operating expense ratio is due primarily to using a ground
rent expense amount that is 10 years beyond the loan term or $26.0
million (versus $22.0 million as of year-end 2022). Utilizing an
S&P Global Ratings' 6.25% capitalization rate (unchanged from our
last review), we arrived at an expected-case value of $520.0
million or $303.00 per sq. ft., which includes $55.1 million for
the present value of future rent steps for investment-grade rated
tenants and $12.4 million for the present value of the difference
between our assumed ground rent and the actual ground rent expense.
Our revised valuation is 15.2% lower than the $613.4 million value
in our last review, and a 42.2% decline from the issuance appraised
value of $900.0 million. This yielded an S&P Global Ratings'
loan-to-value (LTV) ratio of 101.0% on the mortgage loan.

Although the model-indicated ratings were lower than the classes'
current or revised ratings, we affirmed our ratings on classes A,
A-S, B, C, and D, and tempered our downgrades on classes E, F, and
G based on certain qualitative considerations. These include:

-- The property's desirable location in the Grand Central office
submarket;

-- The potential that the property continues to perform above our
revised expectations. According to the March 2023 rent roll, the
property does not have any meaningful tenant rollover until four
years after the loan matures in 2028, when 61.4% of NRA rolls. In
addition, according to the September 2023 Commercial Real Estate
Finance Council (CREFC) reserve report, there is approximately
$15.4 million in numerous reserve accounts.

-- The significant market value decline that would be needed
before these classes experience principal losses;

-- The liquidity support provided in the form of servicer
advancing; and

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

S&P said, "While the servicer-reported debt service coverage (DSC)
was 2.20x for the three months ended March 31, 2023, 1.76x as of
year-end 2022, and 1.82x as of year-end 2021, we note that the
existing mortgage interest rate of 4.30% is well below prevailing
rates for office properties. We will continue to monitor interest
rates in tandem with the property's tenancy, cash flows, and value,
as DSC considerations may constrain the size of a refinance
mortgage at the loan maturity in 2024.

"If we receive information that differs materially from our
expectations or if the property's performance declines, we may
revisit our analysis and take further rating actions as we deem
necessary.

"Further, according to the Sept. 11, 2023, trustee remittance
report, class G had an accumulated interest shortfalls totaling
$1,349 outstanding, which we deemed de minimis. Most of the
shortfalls, which occurred between 2020 and 2021, were due to
interest on real estate tax advances made by the servicer. This is
due to a timing mismatch, and the borrower subsequently repaid in
full the servicer's advances. However, if the accumulated interest
shortfall amount continues to grow, we may re-visit our analysis
and take rating actions, as we deem appropriate.

"We affirmed our ratings on the class X-A and X-B IO certificates
based on our criteria for rating IO securities, in which the
ratings on the IO securities would not be higher than that of the
lowest-rated reference class. The notional amount of class X-A
references classes A and A-S, while class X-B references class B."

Property-Level Analysis

The loan collateral consists of a 42-story, class A, 1.71
million-sq.-ft. office building located at 150 East 42nd Street in
the Grand Central office submarket of midtown Manhattan. The
building occupies an entire city block between Third and Lexington
Avenues and East 41st and East 42nd Streets and is across the
street from Grand Central Terminal, connected via its own
underground entrance, which serves the commuter railroads and
multiple subway lines, making the property an attractive location
for companies with workers commuting from different areas. The
property has 1.55 million sq. ft. of office space on the mezzanine
(second) through the 42nd floor, 49,633 sq. ft. of ground floor
retail space, and 115,857 sq. ft. of concourse and sub-concourse
space. The office tower was constructed in 1954 and originally
served as Mobil Oil Corp.'s global headquarters until 1987. The
office building was acquired by the current sponsor, a joint
venture between 601W Cos. and Berkley Properties in 2014 for a
total cost of approximately $959.5 million.

The property is subject to a 99-year ground lease that expires on
Dec. 31, 2113, with the Goelet family as ground lessor. The ground
rent payments are fixed for the first 15 years and, thereafter,
based on the greater of a fixed amount and at least 20.0% of the
average net operating income. The ground rent expense was $22.0
million as of year-end 2022; however, in our property level
analysis, S&P assumed the ground rent expense 10 years from the
loan maturity or $26.0 million.

The servicer (Berkadia Commercial Mortgage LLC) reported stable
occupancy and NCF at the property: 97.0% and $40.3 million,
respectively, in 2019, 97.0% and $41.3 million in 2020, 94.4% and
$41.6 million in 2021, 96.9% and $40.2 million in 2022, and 93.9%
and $12.4 million as of the three months ending March 31, 2023.

As mentioned above, after excluding former tenant Marubeni America
Corp. (5.1% of NRA) and Berkadia confirming it vacated upon its
lease expiration on May 31, 2023, the property was 88.8% leased as
of the March 31, 2023, rent roll. The five largest tenants comprise
77.3% of the NRA and include:

-- Wells Fargo Bank N.A. (27.0% of NRA; 29.2% of gross rent as
calculated by S&P Global Ratings; December 2028 lease expiration).
At issuance, it was noted that the subject property serves as the
tenant's New York City headquarters. However, recent news articles
indicated that the tenant signed a lease to occupy about 500,000
sq. ft. at 30 Hudson Yards;

-- Mount Sinai Hospital (26.3%; 24.1%; March 2046);

-- Dentsu International (12.1%; 12.7%; December 2028);

-- Wilson Elser (7.4%; 7.1%; December 2028); and

-- Unicredit Bank AG (4.6%; 4.3%; December 2028).

The property faces minimal rollover risk in the near term until
2028 when 61.4% of NRA rolls. The material rollover in 2028 is
mainly attributable to 15 tenants, including the aforementioned
four largest tenants.

According to CoStar, the Grand Central office submarket vacancy and
availability rates remain elevated; however, asking rents are still
one of the highest in New York City. Companies continue to be
attracted to this submarket due to its proximity to Grand Central
Terminal. As of year-to-date September 2023, the four- and
five-star office properties in the submarket had a 15.9% vacancy
rate, 19.1% availability rate, and a $78.10 per sq. ft. asking
rent. CoStar projects vacancy to rise to 18.6% in 2024 and 20.3% in
2025 and asking rent to contract to $74.59 per sq. ft. and $73.15
per sq. ft. for the same periods.

To reflect the concentrated tenant rollover concerns and
deteriorated market conditions, S&P utilized a 15.0% vacancy rate
(in line with the current submarket fundamentals) to determine its
long-term sustainable NCF.

Transaction Summary

The 10-year, fixed-rate, IO mortgage loan had an initial and
current balance of $525.0 million (according to the Sept. 11, 2023,
trustee remittance report), pays a per annum fixed rate of 4.298%,
and matures on Sept. 5, 2024. In addition, the borrower's equity
interest secures a $175.0 million mezzanine loan, which is
coterminous with the senior trust loan. Including the mezzanine
loan, the S&P Global Ratings' LTV ratio increases to 134.6%. At
origination, the mezzanine lender was Teachers Insurance and
Annuity Assn. of America. To date, the trust has not incurred any
principal losses.

  Ratings Lowered

  Morgan Stanley Capital I Trust 2014-150E

  Class E to 'BB (sf)' from 'BB+ (sf)'
  Class F to 'B+ (sf)' from 'BB- (sf)'
  Class G to 'B- (sf)' from 'B (sf)'

  Ratings Affirmed

  Morgan Stanley Capital I Trust 2014-150E

  Class A: AAA (sf)
  Class A-S: AA (sf)
  Class B: AA- (sf)
  Class C: A- (sf)
  Class D: BBB- (sf)
  Class X-A: AA (sf)
  Class X-B: AA- (sf)



MORGAN STANLEY 2017-C33: DBRS Confirms B(high) Rating on F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-C33 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2017-C33 as follows:

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

In addition, DBRS Morningstar changed the trends on Classes X-D, D,
E, and F to Negative from Stable. All other trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since last review, as exhibited by the
weighted-average debt service coverage ratio (DSCR) for the pool
that is above 2.0 times (x), based on the most recent year-end
financials. In addition, there is a small concentration of loans on
the servicer's watchlist. However, DBRS Morningstar is concerned
with the sole loan in special servicing, Key Center Cleveland
(Prospectus ID#5, 6.3% of the pool), as well as the largest loan on
the watchlist, D.C. Office Portfolio (Prospectus ID#8, 5.9% of the
pool balance). Both loans are backed by office properties and have
reported performance declines. In general, the office sector has
been challenged given the increase in vacancy rates in many
submarkets and the shift in office space demand. Considering the
loan-specific concerns, the Negative trends on the most junior
bonds are supported.

Per the August 2023 reporting, 42 of the original 44 loans remain
in the trust, with an aggregate principal balance of $577.6
million, reflecting a collateral reduction of 17.8% since issuance.
There are three loans on the servicer's watchlist, representing
9.8% of the pool balance. These loans are primarily monitored for
low DSCRs or occupancy rates.

Key Center Cleveland is secured by a 2.1 million square foot (sf),
mixed-use property in Cleveland, comprising a 400-key hotel, two
Class A office buildings, and an underground parking garage. The
loan was transferred to special servicing at the borrower's request
in November 2020 because of imminent default as a result of the
Coronavirus Disease (COVID-19) pandemic. The loan has remained
current as of the August 2023 remittance, although the borrower has
requested for a payment deferral to help fund capital expenditures,
which is likely tied to the franchise agreement with Marriott in
order to align with brand standards. The discussions are currently
ongoing between the borrower and mezzanine lender. The year-end
(YE) 2022 financials reported a net cash flow (NCF) of $21.3
million (reflecting a DSCR of 1.34x), a slight decrease from YE2021
at $23.5 million (a DSCR of 1.63x) and the DBRS Morningstar NCF of
$25.3 million. Per the May 2023 STR report, the hotel portion of
the subject reported trailing-twelve-month (T-12) occupancy rate,
average daily rate (ADR) and revenue per available room (RevPAR)
figures of 66.7%, $185 and $123, respectively. All three metrics
exhibited a healthy recovery from pandemic lows with the T-12 May
2023 RevPar exceeding the issuance figure of $108.

According to the May 2023 rent roll, the office portion of the
collateral was 79.8% occupied, a notable decline from the October
2021 figure of 88.7% and issuance of 92.9%. The largest tenant,
KeyBank (31.8% of the net rentable area (NRA), lease expiring in
June 2030), downsized by 44,000 sf (3.2% of the NRA) in July 2020
after providing the required 12-month notice and paying a $2.1
million fee. Although KeyBank's lease has a three-year lockout
period before the tenant can contract its footprint further, the
tenant has two options remaining to further downsize a total of
103,000 sf. Rollover risk is rather limited in the next 12 months
with tenants representing less than 5.0% of NRA scheduled to roll.
In addition, four new leases were recently signed, totaling 13.8%
of NRA and are expected to take occupancy in 2023, which would
increase occupancy levels to approximately 94.0%. According to
Reis, office properties located in the Downtown submarket reported
a Q2 2023 average vacancy rate of 20.1%, average asking rental rate
of $20.4 per square foot (psf) and average effective rental rate of
$15.8 psf, compared with the subject's average rental rate of $30.4
psf. Given the loan's prolonged stay with the special servicer
since 2020 and performance continues to be below DBRS Morningstar
expectations, DBRS Morningstar maintained a stressed probability of
default (PoD) in its analysis for this review. The resulting
expected loss was more than double the pool average.

The largest loan on the servicer's watchlist, D.C. Office
Portfolio, is secured by three Class B office buildings in
Washington, D.C. The loan is being monitored for a low DSCR with
the YE2022 figure at 0.92x. Occupancy has dropped from the issuance
level of 87.8% to 70.8% as per the March 2023 rent roll with an
average rental rate of $44.9 psf. According to Reis, the Q2 2023
average asking rental rate and vacancy figures within a one-mile
radius of the subject were reported at $56.7 psf and 18.0%,
respectively, while the Downtown submarket reported figures of
$55.2 psf and 16.1%, respectively. Servicer commentary indicated
leasing activity remained slow and marketing efforts were
relatively unsuccessful. Given the current climate for the office
sector in the midst of shifts in workplace dynamics and higher
interest rates, DBRS Morningstar remains cautious regarding the
property type. For this review, DBRS Morningstar applied a stressed
loan-to-value ratio in its analysis, resulting in an expected loss
that exceeded the pool average by approximately 30.0%.

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


NATIXIS 2018-OSS: S&P Lowers Class D Notes Rating to 'BB (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from Natixis
Commercial Mortgage Securities Trust 2018-OSS, a U.S. CMBS
transaction. At the same time, S&P affirmed its rating on class A
from the transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a fixed-rate, interest-only (IO) mortgage whole
loan secured by the borrower's fee-simple interest in a 35-story,
class B+ office building located at One State Street Plaza in the
Financial District office submarket of downtown Manhattan.

Rating Actions

The downgrades on classes B, C, and D reflect:

-- S&P revised valuation, which is lower than the valuation we
derived in our last review in October 2020 due primarily to
declining occupancy;

-- S&P's belief that the borrower will continue to face challenges
re-tenanting the vacant space in a timely manner due to weakened
office market fundamentals; and

-- S&P concerns with the borrower's ability to make its debt
service payments timely if the property's net cash flow (NCF) does
not improve or continues to decline. The loan was recently placed
on the master servicer's watchlist due to a low reported debt
service coverage (DSC), which was 0.93x as of the six months ended
June 30, 2023.

The affirmation on class A considers its comparatively low debt per
sq. ft. (about $139 per sq. ft.), among other factors.

S&P said, "In our last review, in October 2020, we assumed an 84.4%
physical and 87.3% economic occupancy rate. Since that time, the
servicer reported a physical occupancy rate of 83.9% in 2021 and
78.0% in 2022, after two tenants, Mizuho Corporate Bank USA (3.0%
of net rentable area [NRA]) and The TelX Group (2.9% of NRA)
vacated upon their lease expirations in 2022. As of the March 31,
2023, rent roll, the property was 79.8% physically and 79.5%
economically occupied. We have yet to receive an update from the
servicer on the property's utilization rate and any dark or sublet
spaces. However, CoStar identified three tenants at the property
that are currently marketing a portion or all their spaces for
sublease: Source Media Inc. (8.9% of NRA, February 2025 lease
expiration), Integro USA Inc. (6.0%, September 2032), and Sterling
Infosystems Inc. (2.8%, February 2029).

"As a result, in our current property-level analysis, we utilized
an in-place occupancy rate of 79.8%, an S&P Global Ratings' base
rent of $48.22 per sq. ft. and gross rent of $56.53 per sq. ft.,
51.9% operating expense ratio, and higher tenant improvement costs
assumptions to revise and lower our long-term sustainable NCF by
9.0%, to $16.8 million from $18.5 million in our last review. We
also increased our S&P Global Ratings' capitalization rate by 75
basis points since our last review, from 6.75% to 7.50%, to account
for the adverse office submarket conditions, a lack of leasing
momentum, and a lack of any clear catalyst for demand. Our
expected-case value of $236.8 million or $266 per sq. ft., which
includes $12.5 million for the present value of future rent steps
for an investment-grade rated tenant, is 23.6% lower than our value
of $310.0 million in our last review and a 57.7% decline from the
issuance appraised value of $560.0 million. This yielded an S&P
Global Ratings' loan-to-value (LTV) ratio of 87.2% on the trust
balance and 152.0% on the whole loan balance.

"Although the model-indicated ratings were lower than the classes'
current or revised ratings, we affirmed our rating on class A and
tempered our downgrades on classes B, C, and D based on certain
qualitative considerations." These include:

-- The potential that the property's operating performance could
improve above our revised expectations. According to the September
2023 Commercial Real Estate Finance Council (CREFC) reserve report,
there is $3.9 million in various reserve accounts;

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

-- The liquidity support provided in the form of servicer
advancing; and

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

S&P said, "We will continue to monitor the tenancy and performance
of the property as well as the overall office submarket conditions.
If we receive information that differs materially from our
expectations, we may revisit our analysis and take further rating
actions, as we deem necessary.

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

Property-Level Analysis

The loan collateral consists of a 35-story, class B+,
891,573-sq.-ft. office tower located at One State Street Plaza in
the Financial District office submarket of downtown Manhattan and a
leasehold interest in certain air rights for an adjacent parcel
used as a public plaza at 17 State Street. The office building was
originally built in 1970 by the current sponsor, the Wolfson
Family. It is located across from Battery Park, near multiple
transportation modes, including the Staten Island Ferry and
Downtown Manhattan Heliport, and has great views of New York
Harbor. The sponsor most recently invested about $10.0 million to
redesign and renovate the lobby, which was completed in 2017.
Amenities include a tenant-only fitness center, concierge, and
on-site property management.

The master servicer, KeyBank Real Estate Capital (KeyBank),
reported generally stable to declining NCF at the property: $19.9
million in 2018, $21.0 million in 2019, $19.8 million in 2020,
$20.9 million in 2021, $19.1 million in 2022, and $7.6 million as
of year-to-date June 30, 2023. The lower NCF reported for
year-to-date 2023 is primarily attributable to lower reported
expense reimbursements for that period. As S&P discussed
previously, occupancy has fallen over time at the property. As of
the March 2023 rent roll, the property was 79.8% occupied. The five
largest tenants comprise 53.4% of NRA and include:

-- State of New York OGS (29.6% of NRA, 34.4% of in-place gross
rent, as calculated by S&P Global Ratings; October 2031 lease
expiration);

-- Source Media Inc. (8.9%, 12.3%; February 2025). According to
CoStar, 11,278 sq. ft. of the tenant's space is currently marketed
for sublease;

-- Integro USA Inc. (6.0%, 8.1%; September 2032). CoStar noted
that the entire tenant's space is listed for sublease;

-- Continental Stock Transfer & Trust Company (5.4%, 5.5%; October
2030); and

-- McAloon & Friedman, PC (3.5%, 4.3%; May 2035).

The property faces staggered tenant rollover (under 10.0% of NRA)
through 2030, when 10.6% of NRA (12.8% of S&P Global Ratings' gross
rent) rolls.

According to CoStar, the Financial District office submarket, like
the overall New York City office market, continues to experience
limited leasing activity as office utilization remains below
pre-pandemic levels. Vacancy and availability rates in the
submarket continue to climb and asking rents remain generally
stagnant since the COVID-19 pandemic. As of year-to-date September
2023, the overall office properties in the submarket had a $53.49
per sq. ft. asking rent, 21.5% vacancy rate, and 27.1% availability
rate. This compares with a $56.53 per sq. ft. asking rent and 20.2%
vacancy rate at the property currently. CoStar projects vacancy to
continue to increase to 24.8% in 2024 and 26.4% in 2025 and asking
rent to contract to $50.95 per sq. ft. and $49.86 per sq. ft. for
the same periods.

S&P's current analysis considers the current property performance
and market conditions to arrive at our revised NCF and valuation.

Transaction Summary

The 10-year, fixed rate, IO mortgage whole loan had an initial and
current balance of $360.0 million, pays a weighted average annual
fixed interest rate of 4.49%, and matures on Dec. 6, 2027. The
whole loan is split into multiple notes:

-- 11 senior A notes (at a per annum rate of 4.0956%) totaling
$122.0 million;

-- A senior subordinate trust A-B note (at a rate of 4.25%)
totaling $84.5 million; and

-- Three junior subordinate nontrust B notes (at a rate of 5.00%)
totaling $153.5 million.

The $94.5 million trust balance (according to the Sept. 15, 2023,
trustee remittance report) comprises a $10.0 million senior A and
$84.5 million senior subordinate A-B notes. The remaining 10 senior
A notes totaling $112.0 million are in CSAIL 2018-CX11 Commercial
Mortgage Trust and UBS Commercial Mortgage Trust 2017-C7, both U.S.
CMBS conduit transactions. The senior A notes are pari passu to
each other and senior to the A-B and B notes. The trust A-B note is
subordinate to the senior A notes but senior to the nontrust junior
B notes. The nontrust junior B notes are subordinate to the A and
A-B notes.

The loan has a reported current payment status, as of the Sept. 15,
2023, trustee remittance report. However, as we previously
mentioned, KeyBank placed the loan on its watchlist because the
whole loan DSC dropped to 0.93x for the six months ended June 30,
2023, from 1.16x as of year-end 2022 and 1.28x as of year-end 2021.
To date, the trust has not incurred any principal losses.

  Ratings Lowered

  Natixis Commercial Mortgage Securities Trust 2018-OSS

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

  Rating Affirmed

  Natixis Commercial Mortgage Securities Trust 2018-OSS

  Class A: AAA (sf)



OCTANE RECEIVABLES 2023-3: S&P Assigns BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Octane Receivables Trust
2023-3's asset-backed notes.

The note issuance is an ABS securitization backed by consumer
powersport receivables.

The ratings reflect S&P's view of:

-- The availability of approximately 33.97%, 26.89%, 19.84%,
13.19%, and 9.49% in credit support, including excess spread, for
the class A (A-1 and A-2), B, C, D, and E notes, respectively,
based on final post-pricing stressed cash flow scenarios. These
credit support levels provide at least 5.00x, 4.00x, 3.00x, 2.00x,
and 1.43x coverage of our stressed net loss levels for the class A,
B, C, D, and E notes, respectively.

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

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x S&P's expected loss level), all else being equal, its
ratings will be within the credit stability limits specified by
section A.4 of the Appendix contained in "S&P Global Ratings
Definitions," published June 9, 2023.

-- The collateral characteristics of the consumer powersport
amortizing receivables securitized.

-- The transaction's credit enhancement in the form of
subordination, overcollateralization (O/C) that builds to a target
level of 3.50% of the initial receivables balance, a nonamortizing
reserve account, and excess spread.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

-- The transaction's payment and legal structure.

  Ratings Assigned

  Octane Receivables Trust 2023-3

  Class A-1, $56.100 million: A-1+ (sf)
  Class A-2, $214.549 million: AAA (sf)
  Class B, $30.630 million: AA (sf)
  Class C, $29.670 million: A (sf)
  Class D, $28.306 million: BBB (sf)
  Class E, $20.745 million: BB- (sf)



OFSI BSL VIII: S&P Lowers Class E Notes Rating to B (sf)
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R and C-R
notes from OFSI BSL VIII Ltd. S&P also removed those ratings from
CreditWatch with positive implications, where it placed them in
June 2023. Moreover, S&P lowered its rating on the class E notes
and removed it from CreditWatch with negative implications. At the
same time, S&P affirmed its ratings on the class A-R and D-R notes
from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the August 2023 trustee report and
consider all rating actions and defaults on the underlying
collateral that might have occurred subsequently.

Although the same portfolio backs all of the tranches, there can be
circumstances 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 a
decrease in the portfolio's weighted average spread and weighted
average recovery rates affected the cash flow results of the junior
tranche.

The transaction has paid down $179.24 million to the class A-R
notes since our March 2021 rating actions, leaving the class at
approximately 28.87% of its original balance. 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/B O/C ratio improved to 156.21% from 125.37%.
-- The class C O/C ratio improved to 135.21% from 117.73%.
-- The class D O/C ratio improved to 119.18% from 110.96%.
-- The class E O/C ratio improved to 106.56% from 104.93%.

Over the same period, collateral obligations with ratings in the
'CCC' category have decreased in dollar value but have increased in
percentage, with 7.29% ($15.01 million) reported as of the August
2023 trustee report, compared with 6.16% ($24.04 million) reported
as of the February 2021 trustee report. Similarly, the exposure to
defaulted collateral increased to 2.03% ($4.18 million) from 1.40%
($5.46 million) as a percentage of the total performing assets.

S&P said, "The upgrades reflect the improved credit support at the
prior rating levels and the affirmations reflect our view that the
credit support available is commensurate with the current rating
levels.

The downgrade of the class E notes reflects failing cash flows at
the previous rating as the portfolio's weighted average spread and
weighted average recovery rates decreased since our last rating
action. Incremental reductions in weighted average spread can have
outsized impacts on junior classes, as these classes tend to be
heavily reliant upon excess spread. The class E downgrade also
considers the quality of the assets backing it, which is now mostly
assets rated within the 'CCC' category. The cash flow results for
the class E notes pointed to a downgrade to 'B- (sf)', but we
considered the increase in the O/C, which indicates that the
tranche may be benefitting from senior note paydowns, as a reason
to hold back and to only downgrade by one notch.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class C-R and D-R notes. However,
because the transaction currently has greater relative exposure to
'CCC' and 'D' rated collateral obligations compared to the exposure
at the time of our last rating action, S&P's rating actions reflect
additional sensitivity runs that consider such exposures and offset
future potential credit migration in the underlying collateral.
Additionally, there are still substantial balances on the more
senior notes that must be paid before proceeds are cascaded to the
payment of the class C-R and D-R notes.

OFSI BSL VIII 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 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

  OFSI BSL VIII Ltd.

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

  Rating Lowered And Removed From CreditWatch Negative

  OFSI BSL VIII Ltd.

  Class E to B (sf) from B+ (sf)/Watch Neg

  Ratings Affirmed

  OFSI BSL VIII Ltd.

  Class A-R: AAA (sf)
  Class D-R: BBB (sf)



OFSI BSL XI: S&P Assigns BB- (sf) Rating on Class E-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its 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 transaction managed by OFS CLO
Management LLC that was originally issued in 2022. At the same
time, S&P withdrew its ratings on the original class A-1, A-J, B,
C, D, and E notes following payment in full on the Sept. 28, 2023,
refinancing date.

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

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

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

-- The weighted average life test date was extended two years, the
non-call date was extended by approximately 2.25 years, and the
reinvestment period and stated maturity were 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 are rated
by S&P Global Ratings.

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

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

  Replacement And Original Note Issuances

  Replacement notes

  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 notes

  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."

  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

  Ratings Withdrawn

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

  Class A-1 to NR from 'AAA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'

  NR--Not rated.



ONE ANCHORAGE 3-R: S&P Lowers Class E Notes Rating to 'B+ (sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its rating on the class E notes from
Anchorage Capital CLO 3-R Ltd. and removed it from CreditWatch,
where S&P placed it with negative implications in June 2023. S&P
also affirmed its ratings on the class A, B, C, and D notes from
the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the July 2018 trustee report and
considers any rating actions in the underlying collateral or any
trades that might have occurred subsequently.

Since S&P's January 2018 rating actions, the class A notes had
total paydowns of $44.92 million that reduced its outstanding
balance to 85.03% of its original balance. The changes in the
reported overcollateralization (O/C) ratios since the July 2018
trustee report are as follows:

-- The class A/B O/C ratio declined to 138.13% from 138.83%.

-- The class C O/C ratio declined to 119.04% from 121.74%.

-- The class D O/C ratio declined to 109.82% from 113.28%.

-- The class E O/C ratio declined to 104.66% from 108.47%.

Despite these paydowns, all O/C ratios declined. This is
attributable to some par losses in the transaction, an increase in
defaults, and increased haircuts following an increase in the
portfolio's exposure to assets rated 'CCC' or lower.

Although there have been paydowns on the senior classes, the
collateral portfolio's credit quality has slightly deteriorated
since our last rating actions. Collateral obligations with ratings
in the 'CCC' category have increased, with $40.88 million reported
as of the August 2023 trustee report, compared with $6.84 million
reported as of July 2018 trustee report. Over the same period, the
par amount of defaulted collateral has increased to $1.4 million
compared with no defaults. There has also been some par loss since
the reset date, which has adversely impacted all O/C ratios.

The lowered rating reflects deteriorated credit quality of the
underlying portfolio and the decrease in credit support available
to the class E notes. The affirmed ratings reflect adequate credit
support at the current rating levels, though any further
deterioration in the credit support available to the notes could
results in further rating changes.

On a standalone basis, the cash flow results indicate lower ratings
('BB+ (sf)' and 'B (sf)', respectively) on the class D and E notes.
However, S&P expects that the continued paydowns of the class A
notes are likely to improve the credit support and cash flow for
the class D and E notes.

S&P said, "We also note that the results of the cash flow analysis
indicate a higher rating on the class B notes. However, due to the
decline in all O/C ratios, an increase in defaults, an uptick in
exposure to assets rated 'CCC', and insignificant paydowns after
the transaction entered the amortizing phase, we limited our
ratings on some classes to offset future potential credit migration
in the underlying collateral.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. 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."

Anchorage Capital CLO 3-R 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 on any asset, our cash
flow analysis considered the same."

S&P Global Ratings 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 take rating actions as it
deems necessary.

  Rating Lowered And Removed From CreditWatch Negative

  Anchorage Capital CLO 3-R Ltd.

  Class E to 'B+ (sf)' from 'BB- (sf)/WatchNeg'

  Ratings Affirmed

  Anchorage Capital CLO 3-R Ltd.

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



ONE ANCHORAGE 4-R: S&P Lowers Class E Notes Rating to 'B+ (sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its rating on the class E notes from
Anchorage Capital CLO 4-R Ltd., a U.S. CLO managed by Anchorage
Capital Group LLC, and removed it from CreditWatch with negative
implications, where S&P placed it with negative implications on
June 30, 2023. S&P also affirmed its ratings on the class A, B, C
and D notes from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the August 2023 trustee report and
considers any rating actions in the underlying collateral or any
trades that might have occurred subsequently

The class A notes had total paydowns of $61.2 million that reduced
its outstanding balance to 83.02% of its original balance. The
changes in the reported overcollateralization (O/C) ratios have
changed since the July 2018 trustee report:

-- The class A/B O/C ratio improved to 140.20% from 140.18%.
-- The class C O/C ratio declined to 119.40% from 121.97%.
-- The class D O/C ratio declined to 109.84% from 113.33%.
-- The class E O/C ratio declined to 104.82% from 108.73%.

While the senior-most O/C ratio stayed in line with the O/C ratio
as of the July 2018 trustee report due to the lower balances of the
senior notes, the rest of the O/C ratios declined as the
accumulated par losses and increases in defaults and 'CCC' category
asset concentration have offset the benefit of the paydowns. The
class E O/C coverage ratio started failing as of the August 2023
trustee report.

Though paydowns have helped the senior classes, the collateral
portfolio's credit quality has slightly deteriorated since the deal
was reset in 2018. Collateral obligations with ratings in the 'CCC'
category have increased, with $47.37 million reported as of the
August 2023 trustee report, compared with $7.98 million reported as
of the July 2018 trustee report. Over the same period, the trustee
also reported an increase in defaulted assets to $1.65 million from
zero.

However, despite the slightly larger concentrations in the 'CCC'
category and defaulted collateral, the transaction has also
benefited from a drop in the weighted average life due to
underlying collateral's seasoning. Also, the rate of paydowns has
only picked up since the April 2023 payment date, and if they
continue at the same pace, the deal will further benefit and the
cushions on the O/C ratios will improve.

The lowered rating reflects deteriorated credit quality of the
underlying portfolio and the decrease in credit support available
to the class E notes.

The affirmed ratings reflect adequate credit support at the current
rating levels, though any further deterioration in the credit
support available to the notes could results in further ratings
changes.

S&P said, "Although our cash flow analysis indicated higher ratings
for the class B and C notes, our rating actions consider that the
manager, as permitted under the transaction documents, has been
retaining part of the unscheduled principal proceeds for further
reinvestments. This has resulted in the class A notes still having
approximately 83.02% of their original balance outstanding. Since
April 2023 payment date, the rate of paydowns has increased. 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.

"On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the class D notes than the rating
action reflects. However, we affirmed the rating on class D after
considering the margin of failure and that the transaction has
recently picked up the rate of paydowns. Based on the latter, we
expect the credit support available to all rated classes to
increase as principal is collected and paydowns to the senior notes
occur. However, any continued decline in credit support or par
losses could lead to potential negative rating actions on the class
D notes. We believe it is not currently exposed to large risks that
would impair the notes at their current rating level. In line with
this, we affirmed the rating on the class D notes to remain in line
with our credit stability framework.

"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 this rating action."

Anchorage Capital CLO 4-R 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 on any asset, our cash
flow analysis considered the same."

S&P Global Ratings 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 take rating actions as it
deems necessary.

  Rating Lowered And Removed From CreditWatch Negative

  Anchorage Capital CLO 4-R Ltd.

  Class E to 'B+ (sf)' from 'BB- (sf)/Watch Neg'

  Ratings Affirmed

  Anchorage Capital CLO 4-R Ltd.

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



PAGAYA AI 2023-1: DBRS Gives Prov. B Rating on Class G Certs
------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates to be issued by
Pagaya AI Technology in Housing Trust 2023-1 (PATH 2023-1):

-- $140.5 million Class A at AAA (sf)
-- $48.3 million Class B at AA (high) (sf)
-- $20.4 million Class C at A (high) (sf)
-- $24.7 million Class D at A (low) (sf)
-- $26.8 million Class E-1 at BBB (high) (sf)
-- $33.3 million Class E-2 at BBB (low) (sf)
-- $26.8 million Class F at BB (sf)
-- $34.3 million Class G at B (sf)

The AAA (sf) rating on the Class A Certificates reflects 66.9% of
credit enhancement provided by subordinated notes in the pool. The
AA (high) (sf), A (high) (sf), A (low) (sf), BBB (high) (sf), BBB
(low) (sf), BB (sf), and B (sf) ratings reflect 55.6%, 50.8%,
44.9%, 38.6%, 30.8%, 24.5%, and 16.4% of credit enhancement,
respectively.

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

The PATH 2023-1 Certificates are supported by the income streams
and values from 1,149 rental properties. The properties are
distributed across 11 states and 32 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, 65.5% of the
portfolio is concentrated in three states: Georgia (25.6%), Florida
(24.5%), and Arizona (15.4%). The average value is $373,503. The
average age of the properties is roughly 24 years. All properties
in the collateral pool 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 $424.9 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 I, which is 9.1% 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. DBRS Morningstar also conducted a legal review and
found no material rating concerns.

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.

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.


PALMER SQUARE 2023-4: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Palmer
Square CLO 2023-4 Ltd./Palmer Square CLO 2023-4 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 Palmer Square Capital Management
LLC.

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

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

-- The 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.

  Preliminary Ratings Assigned

  Palmer Square CLO 2023-4 Ltd./Palmer Square CLO 2023-4 LLC

  Class A, $330.00 million: AAA (sf)
  Class B, $50.00 million: AA (sf)
  Class C, $35.00 million: A (sf)
  Class D, $30.00 million: BBB- (sf)
  Class E, $12.50 million: BB- (sf)
  Subordinated notes, $42.50 million: Not rated



PEARL FINANCE 2020: S&P Raises Class E Notes Rating to 'BB- (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)', 'AA+ (sf)', 'A+ (sf)', 'A-
(sf)', and 'BB+ (sf)' from 'AA+ (sf)', 'AA- (sf)', 'A- (sf)', 'BBB-
(sf)', and 'BB- (sf)' its credit ratings on Pearl Finance 2020
DAC's class A2, B, C, D, and E notes, respectively. At the same
time, S&P affirmed its 'AAA (sf)' rating on the class A1 notes.

Rating rationale

The rating actions follow the collateralized logistic assets'
enhanced capability to generate cash flow and our view of the
portfolio's likely recovery value, with its S&P Global Ratings'
value 11% higher than at closing in October 2020.

S&P reviewed the transaction's five key rating factors (the
securitized assets' credit quality, legal and regulatory risks,
operational and administrative risks, counterparty risks, and
payment structure and cash flow mechanisms).

Transaction overview

The transaction is backed by one senior loan, which is now secured
by a pan-European portfolio of 60 light industrial and warehouse
properties (initially 61). The transaction's securitized balance
has decreased to EUR300.8 million from EUR318.6 million at closing,
following the disposal of one French property in fourth-quarter
(Q4) 2021.

The interest-only loan is in the first of three potential extension
periods and will mature in November 2023. As of June 30, 2023, the
transaction reported a modest loan-to-value (LTV) ratio of 44.2%
(including a 5% portfolio premium in valuation) and a solid debt
yield of 12.6%. There is a 68.4% LTV ratio cash trap trigger and
9.5% debt yield. The transaction also benefits from interest rate
protection. As a precondition for the extension options, the
borrower will need to obtain a new interest rate hedge.

Property performance

The loan is secured by a portfolio of 60 logistics properties
across France (37% of market value), followed by Finland (27%),
Denmark (12%), Germany (10%), Ireland (8%), and the Netherlands
(7%). The assets are generally well located and close to key cities
and population centers. The total market value is EUR682.2 million
(without portfolio premium), per the latest valuation as of January
2023, notably higher than the EUR531.7 million closing valuation
(on a like-for-like basis).

The securitized property portfolio has maintained a stable
occupancy level of above 96% since closing (96.4% in the second
quarter of 2023). This meets the relatively low market vacancy of
the relevant European markets, which reflects quality logistics
assets' desirability for occupiers, given their healthy demand and
supply shortage. In the meantime, the weighted-average lease
term-to-break is trending slightly down to 3.4 years from 4.2
years. New leases have likely been signed for shorter terms to
capture positive reversionary potential, although S&P has observed
recent contractual rent gradually approaching estimated rental
value. As of Q2 2023, the portfolio's 12-month net rental income
has increased by about 9% year-on-year, thanks to effective
lease-ups and expense control.

The tenant profile remains broadly stable since closing and the top
five tenants generate approximately 41.2% of rental income. Some
400 tenants provide a granular income stream, although the largest
tenant--M.A.J, under the Elis Group--represents 14.8% of the total
contractual rent (about 4% lower than at closing). The same top
three assets in Finland and Denmark form approximately 29% of the
reported market value.

Credit evaluation

The portfolio's total S&P Global Ratings' net cash flow (NCF) is
EUR37.4 million. This is based on a fully let rent of EUR43.9
million, sitting between the most recent grossed-up, in-place rent
and the market rate. S&P said, "Unlike our underwriting at closing
where we applied the lower of the two figures above, we give credit
for lease ups, supported by the portfolio's track record of
realizing rent uplift in the current European logistics real estate
market, in line with peers. We assumed a 6.5% vacancy given a large
portion of leases at near-term maturities (37% in 2023/2024 by
rent), higher than the actual vacancy rate the portfolio has
demonstrated over time, as well as market vacancy rates for
individual countries. We then deducted 8.6% of non-recoverable
expenses, based on the subportfolio expense ratios broken down by
jurisdictions. Like our assumption at closing, this figure is
higher than the in-place expense of roughly 5% because we applied
minimum expenses by country in accordance with our criteria. In
addition, we deducted EUR0.1 million from our NCF to incorporate
the foreign exchange risk for the Danish assets whose rent is paid
in Danish Krone."

S&P said, "We applied a weighted-average capitalization (cap) rate
of 8.7% against the S&P Global Ratings' NCF, almost the same as our
previous assumption. After deducting 5% of purchase costs, our S&P
Global Ratings' value for the portfolio is EUR408.9 million, 40.1%
below the appraised value. Overall, our assumptions are similar to
those at closing except for explicitly higher fully-let rent."

  Key assumptions (like-for-like)

                                      CURRENT          CLOSING
                                     (SEPTEMBER       (OCTOBER
                                    2023 ANALYSIS)  2020 ANALYSIS)

  S&P Global Ratings' rent
  fully let (mil. EUR)                    43.9            39.5

  S&P Global Ratings' vacancy (%)          6.5             6.9

  S&P Global Ratings' expenses (%)         8.6             8.4

  S&P Global Ratings' additional
   deduction (mil. EUR)                    0.1             0.1

  S&P Global Ratings' NCF (mil. EUR)      37.4            33.6

  S&P Global Ratings' cap rate (%)         8.7             8.7

  S&P Global Ratings' value (mil. EUR)*  408.9           367.5

  Haircut-to-market value (%)             40.1            30.9

  S&P Global Ratings' LTV ratio
  (before recovery rate adjustments, %)   77.4            87.9

*Exclusive of portfolio premium.
NCF--Net cash flow.
Cap--Capitalization.
LTV--Loan-to-value.


  Loan and collateral summary               CURRENT    CLOSING

  Senior loan balance (mil. EUR)             316.6      335.4

  Securitized loan balance (mil. EUR)*       300.8      318.6

  Debt yield (%)                              12.6       11.7

  LTV ratio (%)§                              46.4       59.5

  Gross rental income (12-month) (mil. EUR)   41.1       38.1†

  Vacancy rate (%)                             3.6        5.6†

  Market value (mil. EUR)                    682.2**    531.7†

*Excluding issuer loan.
†Refer to 60 remaining properties on a like-for-like basis.

Other analytical considerations

S&P said, "Our rating analysis covers the transaction's payment
structure and cash flow mechanics. We assess whether the cash flow
from the securitized assets would be sufficient, at the applicable
rating levels, to make timely payments of interest and ultimate
repayment of principal by the legal maturity date for each class of
notes, after considering available credit enhancement and allowing
for transaction expenses and external liquidity support. The risk
of interest shortfalls is mitigated by a EUR20.1 million liquidity
facility to cover senior expenses and interest payments on the
class A1, A2, B, C, and D notes, and the corresponding VRR loan
allocated amounts. Based on the credit metrics alone, our rating on
the class E notes could be higher. However, this class is not
supported by the liquidity facility. We therefore do not believe
its credit risk is commensurate with an investment-grade rating.

"The EUR69 million mezzanine loan at closing was fully repaid in
April 2022, marginally increasing the transaction's recovery rate,
as indicated by our criteria.

"We also analyzed the transaction's counterparty exposure. The
maximum rating achievable for this transaction under our
counterparty criteria is 'AAA (sf)'.

"Our analysis also included a full review of the legal, regulatory,
operational, and administrative risks. Our assessment of these
risks remains unchanged since closing and is commensurate with the
ratings assigned."

Rating actions

S&P said, "Our ratings address the timely payment of interest,
payable quarterly, and the payment of principal no later than the
legal final maturity dates.

"Our opinion on the logistics properties' long-term sustainable
value on a like-for-like basis is 11% higher than about three years
ago, following the sale of one asset. The higher S&P Global
Ratings' NCF is attributed to lease-up activities pushing up rent
rates market to market, along with well-managed non-recoverable
costs. We therefore raised our ratings on the class A2 to E notes
and affirmed our rating on the class A1 notes."



PFP LTD 2022-9: Fitch Affirms 'B-sf' Rating on Class G Debt
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of PFP 2022-9, Ltd. The
Rating Outlook remains Stable for all classes. The under criteria
observation (UCO) has been resolved.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
PFP 2022-9

   A 69291QAA3     LT  AAAsf   Affirmed    AAAsf
   A-S 69291QAC9   LT  AAAsf   Affirmed    AAAsf
   B 69291QAE5     LT  AA-sf   Affirmed    AA-sf
   C 69291QAG0     LT  A-sf    Affirmed    A-sf
   D 69291QAJ4     LT  BBBsf   Affirmed    BBBsf
   E 69291QAL9     LT  BBB-sf  Affirmed    BBB-sf
   F 69291RAA1     LT  BB-sf   Affirmed    BB-sf
   G 69291RAC7     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 issuance.

The affirmations reflect the impact of the updated criteria and
overall stable pool loss expectations since issuance. Loan-level
performance and progression of sponsors' business plans remain in
line with Fitch's analysis at issuance. There have been no
delinquent or specially serviced loans since issuance. Fitch's
current ratings incorporate a 'Bsf' rating case loss of 9.8%.

Largest Loans: The M3 Portfolio (7.8% of the pool) consists of
three early 1980s vintage, garden-style apartment properties
totaling 1,134 units and located in three different submarkets of
Houston, TX. The full loan amount is $87.51 million ($77,169 per
unit) with the trust cutoff balance of $70.5 million
($62,169/unit), which was used to acquire the portfolio for $108
million ($95,238/unit). Future funding of $17.01 million is
available for the sponsor's capital improvement plan. The M3
Portfolio reported stable occupancy of 83.33% as of January 2023,
compared with 83.67% in October 2022.

The Vines at Riverpark (7.7%) is a 164-unit townhouse community in
Oxnard, CA. The trust cutoff balance is $69.75 million ($425,305
per unit). The borrower used the loan to purchase the property for
$93 million ($567,073/unit), pay for closing costs and inject an
equity contribution of $27.4 million ($167,145/unit) at closing.
The Vines at Riverpark reported an occupancy of 93.9% as of January
2023, compared with 94.51% in October 2022.

The Latitude at Presidio (7.7%) is a 377-unit multifamily property
located in Austin, TX. The trust cutoff balance is $69.3 million
($205,638 per unit). The borrower used the loan to purchase the
property for $99.7 million ($295,972 per unit), fund reserves of
$1.5 million for carrying costs and $576,024 for capital
improvements and inject an equity contribution of $35.8 million
($94,944 per unit) at closing. The Latitude at Presidio reported an
occupancy of 90.8% as of January 2023, compared with 92.28% in
October 2022.

Collateral Attributes: The pool is secured by properties that have
not yet completely stabilized, are in varying stages of lease-up or
are undergoing renovation. The associated risks, including cash
flow interruption during renovation, lease-up and completion, are
mitigated by experienced sponsorship, credible business plans and
loan structural features that include guaranties, reserves, cash
management and performance triggers, and additional funding
mechanisms.

Loan Structure: The loans in the pool are typically structured with
two-year initial terms, with three one-year extension options.

No Change to CE: The transaction's CE remains unchanged from
issuance. The entire pool contains full-term IO loans.

RATING SENSITIVITIES

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

Downgrades to 'AAAsf' rated classes are not expected due to their
high CE and continued expected amortization and paydown but could
occur if interest shortfalls affect these classes or if expected
pool losses increase significantly. Classes rated in the 'AAsf'
through 'BBBsf' categories may be downgraded should overall pool
losses increase significantly from performance deterioration, if
sponsors' business plans are not executed as expected and/or one or
more underperforming loans incur an outsized loss, which would
erode CE. Downgrades to the classes in the 'BBsf' and 'Bsf' rating
categories would occur with a greater certainty of losses and/or as
losses are realized.

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

Upgrades to classes rated in the 'AAsf' and 'Asf' category may
occur with significant improvement in CE due to loan payoffs;
however, adverse selection and increased concentrations could cause
this trend to reverse. Classes would not be upgraded above 'Asf' if
there were any likelihood of interest shortfalls. Upgrades to
classes rated 'BBBsf' and below may occur with sustained improved
performance and loss expectations since issuance.

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.


PRKCM 2023-AFC3: DBRS Finalizes B Rating on Class B-2 Notes
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2023-AFC3 (the Notes) issued by PRKCM
2023-AFC3 Trust (the Trust or the Issuer):

-- $213.7 million Class A-1 at AAA (sf)
-- $32.7 million Class A-2 at AA (sf)
-- $31.9 million Class A-3 at A (low) (sf)
-- $14.3 million Class M-1 at BBB (sf)
-- $10.7 million Class B-1 at BB (sf)
-- $8.3 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 33.40% of
credit enhancement provided by subordinated notes. The AA (sf), A
(low) (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 23.20%,
13.25%, 8.80%, 5.45%, and 2.85% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, expanded prime and nonprime, primarily first-lien
(95.1%) residential mortgages funded by the issuance of the Notes.
The Notes are backed by 816 mortgage loans with a total principal
balance of $320,817,595 as of the Cut-Off Date (August 1, 2023).

This is the seventh securitization by the Sponsor, Park Capital
Management Sponsor LLC, an affiliate of AmWest Funding Corp.
(AmWest). AmWest is the Seller, Originator, and Servicer of the
mortgage loans.

The pool is about two months seasoned on a weighted-average basis,
although, seasoning may span from zero to 10 months. All loans in
the pool are current as of the Cut-Off Date.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's (CFPB) Qualified Mortgage (QM) and
Ability-to-Repay (ATR) rules where applicable, they were made to
borrowers who generally do not qualify for agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, approximately 57.7% of the
loans are designated as non-QM.

Approximately 39.7% of the loans are made to investors for business
purposes and, hence, are not subject to the QM/ATR rules. The
mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on the
property-level cash flows for approximately 25.9% of the loans, and
the mortgagor's credit profile and debt-to-income ratio, property
value, and the available assets, where applicable, for
approximately 13.8% of the loans. Since the loans were made to
investors for business purposes, they are exempt from the CFPB ATR
rules and Truth in Lending Act (TILA) and the Real Estate
Settlement Procedures Act (RESPA) Integrated Disclosure rule.

For investor loans originated to investors under debt service
coverage ratio (DSCR) programs (25.9% of the pool), lenders use
property-level cash flow or the DSCR to qualify borrowers for
income. The DSCR is typically calculated as market rental value
(validated by an appraisal report) divided by the principal,
interest, taxes, insurance, and association dues (PITIA).

Also, approximately 6.9% of the pool comprises residential investor
loans underwritten to the property focused underwriting guidelines.
The loans were underwritten to program guidelines for
business-purpose loans where the lender generally expects the
property (or its value) and the borrower assets to be the primary
source of repayment. The lender reviews the mortgagor's credit
profile, though, it does not rely on the borrower's income to make
its credit decision.

In addition, the pool contains nine temporary buy-down mortgage
loans (approximately 0.81%). The initial 12 or 24 monthly payments
made by the borrowers for their respective loans will be less than
their scheduled payments due to the Trust, with the difference (for
each borrower) compensated from funds held in a related account
funded by the seller of the mortgaged property, the mortgage
originator, or another party. The funds are not eligible for use to
offset potential missed payments; however, if a loan is prepaid in
full during its buy-down period, any remaining related funds will
be credited to the related borrower.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until loans become 90 days delinquent
or are otherwise deemed unrecoverable. Additionally, the Servicer
is obligated to make advances with respect to taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties (Servicing Advances). If the Servicer
fails in its obligation to make P&I advances, the Master Servicer
(Nationstar Mortgage, LLC) will be obligated to fund such advances.
In addition, if the Master Servicer fails in its obligation to make
P&I advances, Citibank, N.A. (rated AA (low) with a Stable trend by
DBRS Morningstar) as the Paying Agent, will be obligated to fund
such advances. The Master Servicer and Paying Agent are only
responsible for P&I Advances; the Servicer is responsible for P&I
Advances and Servicing Advances.

The Sponsor, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of the Class B-3 Notes and Class XS Notes,
collectively representing at least 5% of the fair value of the
Notes, to satisfy the credit risk-retention requirements under
Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

On any date on or after the earlier of (1) the payment date
occurring in August 2026 or (2) on or after the payment date when
the aggregate stated principal balance of the mortgage loans is
reduced to less than or equal to 20% of the Cut-Off Date balance,
the Sponsor may terminate the Issuer (Optional Termination) by
purchasing the loans, any real estate owned (REO) properties, and
any other property remaining in the Issuer at the optional
termination price, specified in the transaction documents. After
such a purchase, the Sponsor will have to complete a qualified
liquidation, which requires a complete liquidation of assets within
the Trust and the distribution of proceeds to the appropriate
holders of regular or residual interests.

The Controlling Holder in the transaction is a majority holder (or
majority holders if there is no single majority holder) of the
outstanding Class XS Notes, initially, the Seller. The Controlling
Holder will have the option, but not the obligation, to repurchase
any mortgage loan that becomes 90 or more days delinquent under the
Mortgage Banker Association (MBA) Method (or in the case of any
mortgage loan that has been subject to a forbearance plan related
to the impact of the Coronavirus Disease (COVID-19) pandemic, on
any date from and after the date on which such loan becomes 90 or
more days delinquent under the MBA Method from the end of the
forbearance period) at the repurchase price (par plus interest),
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal payment among the Class A-1, A-2, and A-3 Notes
(senior classes of Notes) subject to certain performance triggers
related to cumulative losses or delinquencies exceeding a specified
threshold (Credit Event). Also, principal proceeds can be used to
cover interest shortfalls on the senior classes of Notes (IIPP)
before being applied sequentially to amortize the balances of the
Notes. For the Class A-3 Notes (only after a Credit Event) and for
the mezzanine and subordinate classes of notes, principal proceeds
can be used to cover interest shortfalls after the more senior
tranches are paid in full. Also, the excess spread can be used to
cover realized losses first before being allocated to unpaid Cap
Carryover Amounts due to Class A-1 down to Class A-3 Notes. Of
note, the interest and principal otherwise available to pay the
Class B-3 Notes interest and interest shortfalls may be used to pay
the Class A Notes coupons' Cap Carryover Amounts on any payment
date.

The ratings reflect transactional strengths that include the
following:

-- Improved underwriting standards,
-- Robust loan attributes and pool composition,
-- Compliance with the ATR rules, and
-- Comprehensive third-party due-diligence review.

The transaction also includes the following challenges:

-- Alternative documentation loans and loans to self-employed
borrowers;
-- Nonprime, non-QM, and investor loans;
-- Representations and warranties framework;
-- The Servicer's financial capability; and
-- The Servicer's advances of delinquent P&I.

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

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

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

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

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

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



SEQUOIA INFRASTRUCTURE I: S&P Cuts E Notes Rating to 'B-(sf)'
-------------------------------------------------------------
S&P Global Ratings raised its rating on the class B notes from
Sequoia Infrastructure Funding I Ltd., a broadly syndicated CLO
with exposure to infrastructure project finance loans. At the same
time, S&P lowered its ratings on the class D and class E notes and
removed the removed the rating on class E from CreditWatch, where
S&P placed it with negative implications in June 2023. S&P also
affirmed its ratings on the class A and class C notes from the same
transaction.

S&P said, "The rating actions follow our review of the
transaction's performance using data from the August 2023 trustee
report. Although the same portfolio backs all of the tranches,
there can be circumstances, such as this one, where the ratings on
the tranches may move in opposite directions due to changes in
credit support and in the portfolio. This transaction is
experiencing opposing rating movements because principal paydowns
improved the senior credit support, while an increase in defaults
and a decline in credit quality reduced the junior credit support.

"The transaction has seen approximately $97 million in paydowns to
the class A notes since we assigned initial ratings to the
transaction in April 2021, as well as approximately $5 million in
par losses." The reported overcollateralization (O/C) ratios have
changed since the June 2021 trustee report:

-- The class A/B O/C ratio improved to 153.46% from 131.13%.
-- The class C O/C ratio improved to 130.27% from 121.53%.
-- The class D O/C ratio improved to 115.69% from 114.55%.
-- The class E O/C ratio worsened to 106.19% from 109.51%

While the senior note paydowns boosted the senior and mezzanine O/C
ratios, the junior O/C ratio declined. This was because an increase
in the portfolio's exposure to defaulted assets and assets rated in
the 'CCC' category, as well as the par loss, outweighed the benefit
of the senior note paydowns at this level of the capital structure.
The class E O/C test is currently passing by a cushion of 0.29%.

S&P said, "The collateral portfolio's credit quality has
deteriorated since our last rating actions. Exposure to collateral
obligations with ratings from S&P Global Ratings in the 'CCC'
category increased to $10.91 million from $4.50 million, or to
8.94% of total performing assets from 4.63%. In addition, since our
last rating actions at closing, the par amount of defaulted
collateral has increased to $9.70 million (about 7.56% of the
portfolio) from zero. We also note that 17.89% of portfolio assets
are currently priced at or less than 80.00% of par. As the assets
mature, the portfolio has also become more concentrated, with only
37 unique obligors in the portfolio, compared with 64 when the
transaction closed in April 2021."

Despite the high exposure to assets rated in the 'CCC' category,
defaulted assets, and assets priced at distressed levels, the
transaction has benefited from a drop in weighted average life
owing to the underlying collateral's seasoning, with 3.30 years
reported as of the August 2023 trustee report, compared with 4.78
years reported in June 2021. The senior note paydowns have also
helped offset the impact from credit deterioration and growing
concentration in the portfolio for the senior tranches.

S&P said, "The rating upgrade reflects the improved credit support
at the prior rating level; the affirmations reflect our view that
the credit support available is commensurate with the current
rating levels. The lowered ratings reflect the deteriorated credit
quality of the underlying portfolio and the decrease in credit
support available to the class E notes.

"On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class B, C, D, and E notes.
However, because the transaction currently has high exposure to
'CCC' rated collateral obligations, as well as increased exposure
to defaulted assets and assets currently priced at distressed
levels, our rating actions reflect additional sensitivity runs that
considered the CLO's exposure to these lower-quality assets and
distressed prices, our preference for more cushion to offset any
future potential negative credit migration in the underlying
collateral, and the increasing concentration risk in the
portfolio.

"Meanwhile, on a standalone basis, the results of our largest
obligor test pointed to ratings that were lower than the cash flow
results for the class B, C, D, and E notes, as well as to ratings
that were lower than the ratings on the class D and class E notes
following the downgrades. But given the strong coverage levels at
the class D level of the structure, as well as the coverage levels
at the class E, which indicate this tranche could withstand a
steady state scenario and does not yet fit our definition of a
'CCC+' or lower rating, we chose to hold back the degree of
downgrades indicated by our largest obligor test for these two
classes. However, any continued deterioration in credit quality or
par losses could lead to additional negative rating actions 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."

Sequoia Infrastructure Funding I Ltd. has transitioned its
liabilities to three-month CME term SOFR as its underlying index
with the Alternative Reference Rates Committee-recommended credit
spread adjustment. S&P's cash flow analysis reflects this change
and assumes that the underlying assets have also transitioned to a
term SOFR as their respective underlying index.

  Rating Raised

  Sequoia Infrastructure Funding I Ltd.

  Class B to 'AA+ (sf)' from 'AA (sf)'

  Rating Lowered And Removed From CreditWatch

  Sequoia Infrastructure Funding I Ltd.

  Class E to 'B- (sf)' from 'BB- (sf)/Watch Neg'

  Rating Lowered

  Sequoia Infrastructure Funding I Ltd.

  Class D to 'BBB- (sf)' from 'BBB (sf)'

  Ratings Affirmed

  Sequoia Infrastructure Funding I Ltd.

  Class A: AAA (sf)
  Class C: A (sf)



SREIT TRUST 2021-IND: DBRS Confirms B(low) Rating on F Certs
------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-IND
issued by SREIT Trust 2021-IND:

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

All trends are Stable.

These rating actions reflect the overall stable performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. The transaction benefits from tenant
granularity, institutional sponsorship, favorable asset quality,
and strong leasing trends, all of which contribute to potential
cash flow stability over time.

The loan is secured by the fee-simple interest in a portfolio of 15
industrial properties totaling nearly 2.5 million square feet,
concentrated throughout infill areas of the Phoenix (11 properties
representing 85.9% of the portfolio's net rentable area (NRA)) and
Las Vegas (four properties representing 14.1% of the portfolio's
NRA) metropolitan statistical areas. Both markets are generally
high-growth markets with favorable industrial demand trends.

Loan proceeds of $341.2 million along with $165.4 million of
borrower equity financed the borrower's acquisition of the
underlying portfolio for $485.3 million and covered closing costs
associated with the transaction. The portfolio benefits from
institutional-quality sponsorship from Starwood Capital Group
Holdings, L.P. (Starwood), which indirectly controls the sponsor,
Starwood Real Estate Income Trust, Inc. Starwood is a private
investment firm that has raised more than $75.0 billion of equity
capital since its inception in 1991 and reported management
interests in at least $115.0 billion in assets at the time of this
publication.

The floating-rate interest-only loan has an initial term of 24
months, with three one-year extension options available and a fully
extended maturity date in October 2026. The servicer has confirmed
that the borrower has exercised its first one-year extension
option, extending the loan's maturity through October 2024. The
loan has a partial pro rata/sequential-pay structure that allows
for pro rata paydowns associated with property releases for the
first 20% of the unpaid principal balance. The borrower can release
individual properties with a prepayment premium of just 105% of the
allocated loan amount until the original principal balance has been
reduced to 85% of the original loan balance, at which point,
release premiums increase to 110% of the allocated loan amount for
individual property releases. DBRS Morningstar applied a penalty to
the transaction's capital structure to account for the partial pro
rata structure and weak release premiums.

According to the March 2023 rent roll, the portfolio reported an
average occupancy rate of 98.8%, up from the 98.0% at issuance.
While there is a concentration of tenants, representing 19.1% of
the NRA, rolling prior to 2024, and 48.2% of the NRA, with
scheduled lease expirations during the fully extended loan term,
the portfolio has historically averaged an occupancy rate of
approximately 95.0% since 2018 and benefits from a diverse tenant
composition, with only two tenants occupying more than 5.0% of the
NRA. As of the YE2022 financials, the portfolio reported a net cash
flow (NCF) of $17.4 million (reflecting a debt service coverage
ratio (DSCR) of 1.46 times (x), compared with the DBRS Morningstar
NCF of $16.4 million (reflecting a DSCR of 2.40x) derived at
issuance. While the loan's DSCR has fallen as a result of the
rising interest rates, revenue has shown a moderate growth of 3.2%
since issuance.

At issuance, DBRS Morningstar derived a value of $233.6 million,
based on a capitalization rate of 7.0% and a DBRS Morningstar NCF
of $16.4 million, resulting in a loan-to-value ratio (LTV) of
146.0%, compared with the LTV of 72.6% based on the appraised value
at issuance. The properties benefit from tenant granularity and
strong leasing trends helping to reduce cash flow volatility as
well as favorable asset quality, property type, and market
fundamentals. DBRS Morningstar made positive qualitative
adjustments to the final LTV sizing benchmarks, totaling 6.0% to
account for the cash flow volatility, properties' quality, and
market fundamentals.

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



UBS BARCLAYS 2012-C4: S&P Lowers Class F Certs Rating to 'D (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of
commercial mortgage pass-through certificates from six U.S. CMBS
transactions.

S&P said, "The downgrades on seven of the affected classes reflect
material accumulated interest shortfalls that have been outstanding
for at least four consecutive months. Specifically, our downgrades
on the principal- and interest-paying certificate classes from six
U.S. CMBS transactions to 'D (sf)' are due to accumulated interest
shortfalls that we expect to remain outstanding for the foreseeable
future as well as our assessment that some of these classes may
also incur principal losses upon the eventual liquidation of the
specially serviced assets in the respective transactions."

The downgrade to 'D (sf)' on the class X-B interest-only (IO)
certificates from COMM 2012-LTRT reflects S&P's criteria for rating
IO securities.

The interest shortfalls are primarily due to one or more factors:

-- The appraisal subordinate entitlement reduction (ASER) amounts
in effect for specially serviced assets,

-- The lack of servicer advancing for loans or assets where the
servicer has made nonrecoverable advance declarations,

-- The special servicing fees, or

-- The recovery of prior servicing advances.

S&P said, "Our analysis primarily considered ASER amounts based on
appraisal reduction amounts (ARAs) calculated using recent Member
of the Appraisal Institute (MAI) appraisals. We also considered
servicer-nonrecoverable advance declarations and special servicing
fees, which are likely, in our view, to cause recurring interest
shortfalls."

The servicer implements ARAs and resulting ASER amounts according
to each transaction's terms. Typically, these terms call for an ARA
equal to 25% of the loan's stated principal balance to be
implemented when it is 60 days past due and an appraisal or other
valuation is not available within a specified time frame. S&P
primarily considered ASER amounts based on ARAs calculated from MAI
appraisals when deciding which classes from the affected
transactions to downgrade to 'D (sf)'. This is because ARAs based
on a principal balance haircut are highly subject to change, or
even reversal once the special servicer obtains the MAI
appraisals.

Servicer-nonrecoverable advance declarations can prompt shortfalls
due to a lack of debt-service advancing, the recovery of previously
made advances after an asset was deemed nonrecoverable, or the
failure to advance trust expenses when nonrecoverable declarations
have been determined. Trust expenses may include, but are not
limited to, property operating expenses, property taxes, insurance
payments, and legal expenses.

Palisades Center Trust 2016-PLSD

S&P said, "We lowered our rating on class A to 'D (sf)' from
Palisades Center Trust 2016-PLSD, a U.S. stand-alone
(single-borrower) CMBS transaction, due to accumulated interest
shortfalls that we expect to be outstanding for the foreseeable
future until the eventual resolution of the specially serviced
asset. Based on our analysis, we also expect this class to incur a
principal loss upon the eventual resolution of the specially
serviced asset."

According to the Sept. 14, 2023, trustee remittance report, the
current monthly interest shortfalls totaled $871,768 due to an ASER
amount based on a $217.8 million ARA on the underlying trust loan.
The class has experienced interest shortfalls for 10 consecutive
months.

The current reported interest shortfalls have affected all classes
in the transaction.

GS Mortgage Securities Corp. Trust 2018-3PCK

We lowered our rating to 'D (sf)' on class HRR from GS Mortgage
Securities Corp. Trust 2018-3PCK, U.S. stand-alone
(single-borrower) CMBS transaction, due to material accumulated
interest shortfalls that have been outstanding for 34 consecutive
months.

According to the Sept. 15, 2023, trustee remittance report, class
HRR had accumulated interest shortfalls outstanding totaling
$373,182. The accumulated interest shortfalls resulted primarily
from the increase of 25 basis points to the interest rate on the
certificates, resulting in the certificates to have an overall
higher interest rate than the mortgage loan. The interest rate
increase on the certificates corresponds with a 25-basis-point
increase in the interest rate on the mortgage loan upon a maturity
extension exercisable by the borrower. However, the borrower on the
mortgage loan was unable to extend the maturity of the mortgage
loan, resulting in the loan transferring to the special servicer.
The interest rate increase on the certificates caused class HRR to
experience interest shortfalls from August 2022 through February
2023. In March 2023, the mortgage loan was modified, and the
interest shortfalls to the certificates ceased. However, S&P does
not expect these shortfalls outstanding on class HRR to be repaid.

The current reported interest shortfalls have affected class HRR.

J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC

S&P said, "We lowered our rating to 'D (sf)' on class HRR from J.P.
Morgan Chase Commercial Mortgage Securities Trust 2018-PTC, U.S.
stand-alone (single-borrower) CMBS transaction, due to accumulated
interest shortfalls related to special servicing fees that we
expect to be outstanding for the foreseeable future until the
eventual resolution of the specially serviced asset. Based on our
analysis, we also expect this class to incur a principal loss upon
the eventual resolution of the specially serviced asset."

According to the Sept. 15, 2023, trustee remittance report, class
HRR experienced current monthly interest shortfalls totaling
$24,822 due to special servicing fees on the specially serviced
asset and accumulated interest shortfalls outstanding totaling
$426,168 for 37 consecutive months.

The current reported interest shortfalls have affected class HRR.

J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-FL12

S&P said, "We lowered our rating to 'D (sf)' on rake class EYT3
from J.P. Morgan Chase Commercial Mortgage Securities Trust
2019-FL12, U.S. stand-alone (single-borrower) CMBS transaction, due
to accumulated interest shortfalls that we expect to be outstanding
for the foreseeable future until the eventual resolution of the
specially serviced loan. Although the servicer stated that the
shortfalls will eventually be repaid upon the ultimate resolution
of the specially serviced loan, we expect the shortfalls to
continue in the near term since there is currently no definitive
time horizon on when the loan is expected to be resolved.
Additionally, based on our analysis, we also expect this class to
incur a principal loss upon the eventual resolution of the
specially serviced asset."

According to the Sept. 15, 2023, trustee remittance report, the
trust did not incur any interest shortfalls this month, but class
EYT3 has accumulated interest shortfalls outstanding totaling
$2,700 for 29 consecutive months.

COMM 2012-LTRT

S&P said, "We lowered our rating to 'D (sf)' on class E from COMM
2012-LTRT, U.S. CMBS conduit transaction, due to accumulated
interest shortfalls that we expect to be outstanding for the
foreseeable future as there is currently no definitive time horizon
on when the shortfall is expected to be repaid by the borrower."

According to the Sept. 8, 2023, trustee remittance report, class E
experienced current monthly interest shortfalls totaling $15,825
and has accumulated interest shortfalls outstanding totaling
$30,462 for six consecutive months. The current shortfalls are due
to other expenses. S&P reached out to the special servicer, KeyBank
Real Estate Capital, confirming the nature of the expenses but did
not receive a response.

S&P lowered its rating on the class X-B IO certificates to 'D (sf)'
based on our criteria for rating IO securities, in which the
ratings on the IO securities would not be higher than that of the
lowest-rated referenced class. Class X-B references classes B, C,
D, and E.

The current reported interest shortfalls have affected class E.

UBS Barclays Commercial Mortgage Trust 2012-C4

S&P lowered its ratings on the class E and F certificates to 'D
(sf)' from UBS Barclays Commercial Mortgage Trust 2012-C4, a U.S.
CMBS conduit transaction, due to accumulated interest shortfalls
that are expected to remain outstanding until the eventual
resolution of the three remaining specially serviced assets that
make up 100% of the remaining asset pool.

According to the Sept. 9, 2023, trustee remittance report, the
current monthly interest shortfalls from the collateral totaled
$311,345 and resulted primarily from interest not advanced due to
nonrecoverable determination on the three specially serviced
assets--Newgate Mall ($55.7 million; 60.51% of pool), Evergreen
Plaza ($22.5 million; 24.37% of pool), and Fashion Square ($13.93
million; 15.12% of pool). Newgate Mall and Fashion Square are real
estate occupied (REO), and Evergreen Plaza has been in foreclosure
since March 2023. Per the special servicer, Rialto Capital Advisors
LLC, there is no confirmation on the near-term liquidation timing
for the specially serviced assets.

The current reported interest shortfalls have affected classes E
and F.

  Ratings Lowered

  Palisades Center Trust 2016-PLSD

   Class A to 'D (sf)' from 'CCC- (sf)'

  GS Mortgage Securities Corp. Trust 2018-3PCK

   Class HRR to 'D (sf)' from 'CCC- (sf)'

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC

   Class HRR to 'D (sf)' from 'CCC- (sf)'

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-FL12

   Class EYT3 to 'D (sf)' from 'CCC (sf)'

  COMM 2012-LTRT

   Class E to 'D (sf)' from 'CCC- (sf)'
   Class X-B to 'D (sf)' from 'CCC- (sf)'

  UBS Barclays Commercial Mortgage Trust 2012-C4

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



VENTURE 48 CLO: Moody's Assigns Ba3 Rating to $14MM Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
notes issued and one class of loans incurred by Venture 48 CLO,
Limited (the "Issuer" or "Venture 48").  

Moody's rating action is as follows:

US$192,736,842 Class A1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

US$50,000,000 Class A1 Loans maturing 2036, Definitive Rating
Assigned Aaa (sf)

US$5,263,158 Class AF Senior Secured Fixed Rate Notes due 2036,
Definitive Rating Assigned Aaa (sf)

US$14,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2036, Definitive Rating Assigned Ba3 (sf)

The notes and loans listed are referred to herein, collectively, as
the "Rated Debt."  

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.

Venture 48 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of second lien loans,
unsecured loans and permitted debt securities. The portfolio is
approximately 95% ramped as of the closing date.

MJX Venture Holdings II LP (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 Debt, the Issuer issued 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: 70

Weighted Average Rating Factor (WARF): 2777

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 46.50%

Weighted Average Life (WAL): 8.1 years

Methodology Underlying the Rating Actions

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

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

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


VMC FINANCE 2022-FL5: DBRS Confirms B(low) Rating on G Notes
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of notes issued
by VMC Finance 2022-FL5 LLC as follows:

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

The trends on all ratings are 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 since DBRS Morningstar's last review in November
2022. Although the overall performance has remained stable in the
last year, DBRS Morningstar does note performance challenges for
several loans secured by office collateral. As of the August 2023
reporting, the trust includes six loans, representing 29.5% of the
pool, secured by office collateral. Several of these loans have
struggled to stabilize, with borrowers progressing with their
respective business plans slower than originally anticipated at
issuance. Given the shift in demand for office space, DBRS
Morningstar anticipates upward pressure on vacancy rates in the
broader office market, presenting an additional challenge in
leasing these properties to market levels and increasing the
potential for value declines. In the analysis for this review, DBRS
Morningstar reflected these risks by stressing property values
across all these six loans. The stressed loan-to-value ratios
(LTVs) ranged from 96.4% to 200.0% on an as-is basis and 69.2% to
120.9% on a stabilized basis, resulting in a weighted-average
expected loss that is 23.0% greater than the pool average.

The transaction closed in March 2022 with an initial collateral
pool of 20 floating-rate mortgage loans secured by 20 mostly
transitional real estate properties, with a cut-off pool balance
totaling $650.0 million. The transaction is a managed vehicle with
a 24-month Reinvestment Period scheduled to end with the March 2024
Payment Date. As of August 2023, the pool comprises 21 loans
secured by 21 properties with an outstanding balance of $636.8
million. There is currently $13.2 million in the Reinvestment
Account. The pool composition remains unchanged since DBRS
Morningstar's last rating action in November 2022. Since issuance,
one loan with a former trust balance of $49.3 million was repaid
from the trust and two loans with a cumulative trust balance of
$48.9 million have been added to the trust.

Beyond the loans secured by office properties noted above, the
transaction is concentrated by property type as 11 loans,
representing 52.2% of the current trust balance, are secured by
multifamily properties. Outside of those loans secured by
multifamily or office collateral; two loans, representing 8.7% of
the current trust balance, are secured by hotel properties; one
loan, representing 6.8% of the current trust balance, is secured by
a mixed-use property; and one loan, representing 2.8% of the pool,
is secured by an industrial property. The property type composition
remains relatively unchanged from issuance, with the exception of
hotel loans, which increased to two loans representing 8.7% of the
pool as of the August 2023 remittance, from one loan, representing
3.8% of the pool at issuance.

The loans are primarily secured by properties in suburban markets
as 14 loans, representing 72.3% 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. The remaining
seven loans, representing 27.7% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 6, 7, or 8,
denoting urban markets. In comparison at closing, properties in
suburban markets represented 70.9% of the pool and properties in
urban markets represented 29.1% of the pool.

Through August 2023, the lender had advanced loan future funding of
$38.8 million to 12 of the outstanding individual borrowers, with
$38.2 million of future funding remaining allocated to 13
borrowers. Available loan proceeds for each respective borrower are
for planned capital expenditures or tenant improvements, with the
largest portion of available funds, $10.0 million, allocated to the
borrower of the Mountain View Corporate Center loan (Prospectus
ID#7, 5.8% of the pool). The loan is secured by a four-building,
Class A office park in Broomfield, Colorado. Loan future funding is
available to the borrower to help fund leasing costs in order to
manage tenant rollover and lease up vacant space. According to the
Q1 2023 collateral manager update, the sponsor sold one of the four
buildings, resulting in a principal paydown of $14.0 million. Two
of the three remaining buildings have reached stabilized occupancy,
while the third is just 30.0% occupied. According to the T-12 ended
March 31, 2023, financials, the loan reported a debt service
coverage ratio (DSCR) of 1.24 times (x) with a debt yield of 8.1%.

The largest cumulative advance to one borrower, totaling $10.7
million, has been made to the borrower of the Rolling Hills loan
(Prospectus ID#11, 4.3% of the pool). The loan is secured by a
107-unit, Class C multifamily property in Torrance, California. The
advanced funds have been used to fund the borrower's extensive
$10.0 million gut renovation of the property, which includes
interior renovations and the addition of 14 new units. According to
the Q1 2023 update from the collateral manager, 80 units had been
fully renovated with 15 additional units in progress and scheduled
for completion shortly thereafter. Of the renovated units, 40 had
been leased, with one- and two-bedroom units averaging rental rates
of $3,056 per unit and $3,908 per unit, respectively, exceeding the
issuer's underwritten renovated rental rates of $2,588 per unit and
$3,038 per unit, respectively. There remains an additional $252,000
of available future funding.

As of the August 2023 reporting, six loans, representing 30.0% of
the pool, had received some form of loan modification. The loan
modifications were generally related to the adjustments of interest
rate cap agreements; however, one loan, 1700 California (Prospectus
ID#2, 6.8% of the pool), was modified twice to amend various
collateral release provisions, extend the loan's maturity one year
to June 2025, and convert the loan into an A/B note structure. No
loans are delinquent or in special servicing, but six loans,
representing 36.1% of the current trust balance, are on the
servicer's watchlist. The loans have been flagged for performance
issues with low occupancy rates and below breakeven DSCRs.

The largest loan on the servicer's watchlist, Elements on 3rd
(Prospectus ID#1, 10.5% of the pool), is secured by a 431-unit
multifamily apartment complex in St. Petersburg, Florida. The loan
was added to the watchlist for a below breakeven DSCR and low
occupancy rate. The property reported a May 2023 occupancy rate of
77.3% and was achieving rental rate premiums for renovated units
between 12.0% and 24.0% over the issuer's underwritten figures. The
renovation project continues to progress in line with issuance
expectations, with an expected stabilization by Q2 2024. Only one
of the six loans on the servicer's watchlist is secured by an
office property. Wilshire Palm (Prospectus ID#9, 5.0% of the pool),
is secured by a Class A office building in Beverly Hills. The
sponsor's business plan was to complete a series of capital
improvements in order to raise in-place rental rates and attract
new tenants to lease the property to market levels. As of the Q1
2023 collateral manager update, the sponsor had only been able to
lease up 3.8% of NRA since issuance, with occupancy falling to
43.0% in April 2023 after Avalon Entertainment (formerly 6.0% of
NRA) vacated its space. Another tenant, Mozaic (4.2% of NRA) will
vacate its space at lease expiration in December 2023. The sponsor
is reportedly actively negotiating with a prospective tenant that
is looking to occupy 8.8% of NRA and continues to fund all debt
service shortfalls with equity. DBRS Morningstar analyzed this loan
with stressed in-place and stabilized loan-to-value ratios as well
as an additional probability of default penalty to reflect the
current risk profile.

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


WARWICK CAPITAL 1: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Warwick Capital CLO 1
Ltd./Warwick Capital CLO 1 LLC's floating-rate debt.

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

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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

  Warwick Capital CLO 1 Ltd./Warwick Capital CLO 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 D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $38.00 million: Not rated



WELLS FARGO 2016-C36: DBRS Confirms CCC Rating on Class G1 Certs
----------------------------------------------------------------
DBRS Limited downgraded its ratings on nine of the Commercial
Mortgage Pass-Through Certificates, Series 2016-C36 issued by Wells
Fargo Commercial Mortgage Trust 2016-C36 as follows:

-- Class X-D to BBB (sf) from BBB (high) (sf)
-- Class D to BBB (low) (sf) from BBB (sf)
-- Class E-1 to BB (high) (sf) from BBB (low) (sf)
-- Class E-2 to B (sf) from B (high) (sf)
-- Class E to B (sf) from B (high) (sf)
-- Class F-1 to B (low) (sf) from B (sf)
-- Class F-2 to CCC (sf) from B (low) (sf)
-- Class EF to CCC (sf) from B (low) (sf)
-- Class F to CCC (sf) from B (low) (sf)

DBRS Morningstar also confirmed its ratings on the remaining
classes 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 X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class G1 at CCC (sf)
-- Class G2 at C (sf)
-- Class EFG at C (sf)
-- Class G at C (sf)

DBRS Morningstar also changed the trends on Classes C, X-D and D to
Negative from Stable. The trends on classes E-1, E-2, E and F-1
remain Negative. Classes F-2, F, EF, G-1, G2, G and EFG have
ratings that do not typically carry a trend for commercial
mortgage-backed securities (CMBS) ratings. All other trends are
Stable.

The rating actions primarily reflect DBRS Morningstar's increased
concerns over the transactions' implied credit deterioration,
driven by the implied losses for two specially serviced loans that
were liquidated from the trust and a high concentration of loans
backed by office and retail properties exhibiting declines in
performance and/or projected values since issuance, including the
three largest loans, which represent 28.9% of the pool.

While the concentration of loans in special servicing has been
reduced since last review to three loans, representing 2.8% of the
pool, following the reinstatement of Conrad Indianapolis
(Prospectus ID#6, 3.9% of the pool) to the master servicer and a
principal curtailment for Mall at Turtle Creek (Prospectus ID#7,
1.7% of the pool) funded through insurance proceeds, DBRS
Morningstar liquidated the two REO loans from the trust, resulting
in an implied loss of more than $16.0 million. Based on these
results, the balance of second loss-piece, Class H-1, would be
written down by more than 60%, significantly eroding the
transaction's credit support, particularly toward the bottom of the
capital stack. While many office and retail loans in the
transaction continue to perform as expected, several others are
exhibiting increased risk, and as such, DBRS Morningstar applied
stressed loan-to-value ratios (LTV) or increased probability of
default (POD) assumptions, resulting in a weighted-average (WA)
expected loss (EL) for the pool that was nearly 1.4 times (x)
greater than the previous review. When compounded with DBRS
Morningstar's liquidation analysis, the CMBS Insight Model results
indicate significant downward pressure, supporting the rating
actions.

Aside from the changes noted above, the transactions' collateral
composition remains relatively unchanged since last review. Per the
August 2023 reporting, 66 of the original 73 loans in the pool,
with a trust balance of $717.8 million, represented a collateral
reduction of 16.4% since issuance as a result of scheduled loan
amortization and loan repayment. There are 14 loans, representing
9.0% of the pool, that are secured by collateral that has been
fully defeased. Nine loans, representing 20.1% of the pool are on
the servicer's watchlist, and three loans, representing 2.8% of the
pool, are in special servicing.

The largest specially serviced loan, Mall at Turtle Creek, is a
pari passu loan secured by a portion of a regional mall in
Jonesboro, Arkansas. Following a period of gradual decline in
performance since issuance, exacerbated by business interruptions
from the pandemic and significant damage from a tornado, which
destroyed the majority of the mall, the loan was transferred to
special servicing in August 2020 for monetary default. The trust
took title of the property in December 2022 through an agreement
that provided nearly $14.0 million of principal curtailment, which
reduced the loan's total exposure, reported to be $12.5 million per
the August 2023 reporting. While an August 2023 news article
indicates that the Spinoso Real Estate Group (SREG) has plans to
revive the property, which is currently being demolished, a major
redevelopment would need to be undertaken, requiring a significant
amount of capital. According to the servicer, a sale of the site is
expected to occur no earlier than Q4 2023. DBRS Morningstar has
requested an update from the servicer to indicate if SREG is the
receiver or has acquired interest in the mall collateral, in
addition to an updated appraisal in light of the ongoing
demolition. Given the current condition of the property without any
clarity surrounding potential redevelopment plans, DBRS Morningstar
liquidated the loan from the trust with an implied loss matching
the loan's total exposure, or a loss severity of 100%.

Excluding collateral that has been defeased, the pool is
concentrated by loans secured by retail and office properties,
which represent 32.6% and 24.7% of the pool, respectively. Given
the uncertainty related to the end-user demand and investor
appetite for office properties, DBRS Morningstar anticipates upward
pressure on vacancy rates in the broader office market, challenging
landlords' efforts to backfill vacant space. In certain instances,
this pressure can contribute to value declines, particularly for
assets in noncore markets and/or with disadvantages in location,
building quality, or amenities offered. While select office loans
in the transaction continue to perform as expected, DBRS
Morningstar applied stressed LTVs or increased POD assumptions to
four loans backed by office properties exhibiting declines in
performance, resulting in a WA EL that was approximately 80.0%
greater than the pool average.

The second largest office loan, Plaza America I & II (Prospectus
ID#3, 9.1% of the pool), is secured by a 514,615-square foot (sf),
Class A, office complex in Northern Virginia, about 20 miles
northwest of Washington, D.C. Occupancy at the subject property has
declined from 88.0% at issuance to 80.1% as of June 2023 following
the loss of a few smaller tenants and the downsizing of the
property's largest tenant, Software AG (currently 12.1% of net
rentable area (NRA)), which relinquished 11,218 sf (2.1% of NRA) in
February 2020. While Software AG retains two five-year renewal
options, servicer commentary indicates that the tenant will be
vacating upon its lease expiration in February 2024, further
reducing occupancy to an implied rate below 70.0%, with an
additional 19 tenants (34% of NRA) scheduled to roll prior to loan
maturity in August 2026. According to LoopNet, the borrower is
currently marketing 236,323 sf (45.9% of NRA) of the property's
space, with asking rates between $42.5 per square foot (sf) and $44
psf, compared with the subject properties' average rental rate of
$31.25. As of Q2 2023, Reis reported that office properties in the
Reston submarket had an average vacancy rate of 18.2%, an average
effective rental rate of $30.7, psf and an average asking rental
rate of 36.5 psf, respectively, compared with the Q2 2022 figures
of 16.4%, $30.6 psf, and $36.6 psf, respectively. While loan
performance has historically been healthy, the trailing-six month
financials ended June 30, 2023, reported a debt service coverage
ratio of 1.77 times (x), exhibiting nearly a 10% decline in cash
flow from the Issuer's underwritten figure of 1.96x, with a
property availability rate of nearly 50%. Given the potential
volatility coupled by the soft market conditions, which could
significantly elevate the loans' refinance risk, DBRS Morningstar
analyzed this loan with a stressed LTV and POD assumption that
resulted in an EL nearly 2.5x the pool average.

The largest loan in the pool, Gurnee Mills (Prospectus ID#1, 10.4%
of the pool), is secured by a portion of a regional mall in Gurnee,
Illinois. Simon Property Group (Simon) owns and operates the
collateral portion of the property. At issuance, the largest
tenants were Sears, Bass Pro Shops, and Macy's. The Sears closed in
2018, and the sponsor has yet to backfill the space. The loan was
transferred to special servicing in June 2020 as a result of
monetary default related to the effects of the coronavirus
pandemic; however, following forbearance and loan modification, the
loan was returned to the master servicer in May 2021. While there
has been moderately improved performance since the lows of the
Coronavirus Disease (COVID-19) pandemic, net cash flow was reported
at $19.7 million, reflecting a decline of nearly 20% from the
Issuer's underwritten NCF of $25.1 million. Occupancy at the
subject property has declined from 91.1% at issuance to 76.0% as of
March 2023, following the loss of such tenants as Sears (formerly
12.0% of NRA) in 2018, Rink Side (formerly 3.3% of NRA) in 2021,
and most recently, Bed Bath & Beyond (formerly 3.6% of NRA) in
2022. Given that occupancy and NCF at the property have remained
stressed for an extended period of time, DBRS Morningstar notes
that the collateral's as-is value has likely declined significantly
since issuance, elevating the credit risk to the trust. As such,
DBRS Morningstar increased POD assumption for this loan and derived
a stressed value based on the property's in-place cash flow, using
the high end of DBRS Morningstar's cap rate range for retail
properties, with the resulting LTV well above 100.0% and the
adjusted EL that was 2.3x the pool average.

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



[*] DBRS Reviews 147 Classes From 19 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 147 classes from 19 U.S. residential
mortgage-backed securities (RMBS) transactions. These transactions
consist of non-Qualified Mortgage and three-year revolving
warehouse facility collateral. Of the 147 classes reviewed, DBRS
Morningstar upgraded 60 ratings and confirmed 87 ratings.

The Affected Ratings Are Available at https://bit.ly/3RseSbX

Here is the list of the Issuers:

MFA 2022-NQM3 Trust
MFA 2021-INV2 Trust
CTDL 2020-1 Trust
PRKCM 2022-AFC2 Trust
Verus Securitization Trust 2021-6
PRKCM 2021-AFC1 Trust
Mello Warehouse Securitization Trust 2021-3
Angel Oak Mortgage Trust 2019-6
BRAVO Residential Funding Trust 2021-NQM3
Verus Securitization Trust 2019-4
Residential Mortgage Loan Trust 2019-3
Residential Mortgage Loan Trust 2019-2
Galton Funding Mortgage Trust 2020-H1
Spruce Hill Mortgage Loan Trust 2020-SH1
Starwood Mortgage Residential Trust 2020-2
Barclays Mortgage Loan Trust 2021-NQM1
Homeward Opportunities Fund I Trust 2020-1
Angel Oak Mortgage Trust 2019-5
Starwood Mortgage Residential Trust 2019-INV1

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

Notes: The principal methodology applicable to the ratings is the
U.S. RMBS Surveillance Methodology (March 3, 2023).



[*] DBRS Takes Rating Actions on 6 Multiborrower CMBS Transactions
------------------------------------------------------------------
DBRS Limited conducted its surveillance review of 149 classes of
commercial mortgage pass-through certificates from six
multiborrower commercial mortgage-backed securities (CMBS)
transactions including BANK 2022-BNK39, Benchmark 2022-B34 Mortgage
Trust (BMARK 2022-B34), Benchmark 2022-B35 Mortgage Trust (BMARK
2022-B35), Benchmark 2022-B36 Mortgage Trust (BMARK 2022-B36), BANK
2022-BNK41, and BBCMS Mortgage Trust 2022-C16 (BBCMS 2022-C16).

The Affected Ratings Are Available at https://bit.ly/3Lzs8rv

Here is the list of the Issuers:

-- BANK 2022-BNK41
-- BANK 2022-BNK39
-- 2022-B35 Mortgage Trust
-- BBCMS Mortgage Trust 2022-C16
-- Benchmark 2022-B34 Mortgage Trust
-- Benchmark 2022-B36 Mortgage Trust

DBRS Morningstar confirmed its ratings on 148 classes and upgraded
its rating on one class. The rating confirmations reflect the
overall stable performance of the transactions, based on the
information made available since issuance. DBRS Morningstar
upgraded its rating on Class X-B from the BMARK 2022-B36
transaction to AAA (sf) from AA (low) (sf) in accordance with the
Rating North American CMBS Interest-Only Certificates methodology,
which allows the rating on interest-only (IO) certificates that
reference a single rated tranche or multiple rated traches to
mirror the lowest-rated applicable reference obligation tranche and
possibly be adjusted upward by one notch if senior in the
waterfall. All trends are Stable.

All six transactions closed in 2022, and, given their recent
vintage, there is limited updated financial reporting available and
negligible collateral reduction since issuance. These pools are
fairly concentrated with loans backed by office properties, which
represents the largest property type in five of the transactions.
While DBRS Morningstar has a cautious outlook on this asset type
given the recent challenges with the office sector, the majority of
these loans continue to perform in line with issuance expectations.
Loans that have exhibited increased risk were analyzed with a
stressed probability of default (POD) assumption with this review.

At issuance, the following loans (some of which are pari passu
loans) were shadow-rated investment grade:

-- 601 Lexington Avenue - Trust
-- 333 River Street
-- CX - 350 & 450 WaterStreet - Trust
-- Park Avenue Plaza - Trust
-- One Wilshire
-- ILPT Logistics Portfolio - Trust
-- Yorkshire & Lexington Towers - Trust
-- Constitution Center - Trust
-- Journal Squared Tower 2 - Trust
-- 1888 Century Park East
-- 70 Hudson Street - Trust
-- The Summit - Trust

With this review, DBRS Morningstar confirms that the loan
performance trends remain consistent with investment-grade loan
characteristics.

BANK 2022-BNK39

The subject transaction comprises 66 loans, all of which remain in
the pool, representing a negligible collateral reduction of 0.2%
since issuance based on the August 2023 remittance. There are no
defeased, specially serviced, or delinquent loans. Nine loans are
on the servicer's watchlist, representing 14.8% of the pool
balance; however, only two of these loans, representing 3.9% of the
pool balance, are being monitored for credit-related reasons,
including low debt service coverage ratios (DSCRs) and/or occupancy
declines. The remaining loans are being monitored for deferred
maintenance or a failure to submit updated property financials. The
pool is concentrated by property type with loans backed by
multifamily and retail properties representing 26.8% and 26.5% of
the pool balance, respectively. Four loans are shadow-rated
investment grade, representing 22.8% of the pool balance.

BMARK 2022-B34

The subject transaction comprises 37 loans, all of which remain in
the pool, representing a negligible collateral reduction of 0.3%
since issuance based on the August 2023 remittance. There are no
defeased loans. Eight loans are on the servicer's watchlist,
representing 18.2% of the pool balance, and are being monitored for
a variety of reasons including low DSCRs, delinquent tax payments,
deferred maintenance, and other servicing trigger events. The pool
is concentrated by property type with loans backed by office and
retail properties making up 55.7% and 22.3% of the pool balance,
respectively. Two loans are shadow-rated investment grade,
representing 18.6% of the pool balance.

Only one loan, Arlington Green Executive Plaza (Prospectus ID#29,
1.0% of the pool balance) is in special servicing. The loan is
secured by a 62,835-square-foot (sf) medical office property in
Arlington Heights, Illinois, and transferred to the special
servicer in June 2023 for payment default with its last debt
payment made in March 2023. According to the servicer, the property
was 77% occupied and no updated financials have been provided. The
official workout strategy has yet to be determined, while the
special servicer continues to gather additional information. For
this review, a stressed POD was applied, resulting in an expected
loss that was nearly five times the pool average.

BMARK 2022-B35

The subject transaction comprises 37 loans, all of which remain in
the pool, representing a negligible collateral reduction of 0.1%
since issuance based on the August 2023 remittance. There are no
defeased, specially serviced, or delinquent loans. Four loans are
on the servicer's watchlist, representing 19.2% of the pool
balance. These loans are primarily being monitored for low DSCRs or
items of deferred maintenance. The pool is concentrated by property
type with loans backed by office and retail properties representing
47.4% and 16.5% of the pool balance, respectively. Three loans are
shadow-rated investment grade, representing 18.0% of the pool
balance.

BMARK 2022-B36

The subject transaction comprises 31 loans, all of which remain in
the pool, representing a negligible collateral reduction since
issuance based on the August 2023 remittance. There are no
defeased, specially serviced, or delinquent loans. One loan is on
the servicer's watchlist, representing 4.3% of the pool balance,
because of an outstanding tax balance. The pool is concentrated by
property type with loans backed by office and retail properties
representing 32.6% and 16.9% of the pool balance, respectively. One
loan is shadow-rated investment grade, representing 8.8% of the
pool balance.

BANK 2022-BNK41

The subject transaction comprises 69 loans, all of which remain in
the pool, representing a negligible collateral reduction of 0.2%
since issuance based on the August 2023 remittance. There are no
defeased, specially serviced, or delinquent loans. Two loans are on
the servicer's watchlist, representing 0.3% of the pool balance for
non-credit-related reasons. The pool is concentrated by property
type with loans backed by office and retail properties representing
36.6% and 24.5% of the pool balance, respectively. Three loans are
shadow-rated investment grade, representing 17.1% of the pool
balance.

BBCMS 2022-C16

The subject transaction comprises 60 loans, all of which remain in
the pool, representing a negligible collateral reduction of 0.3%
since issuance based on the August 2023 remittance. There are no
defeased, specially serviced, or delinquent loans. Ten loans are on
the servicer's watchlist, representing 16.6% of the pool balance.
These loans are primarily being monitored for low DSCRs, tenant
rollover risk, and/or lockbox triggers. The pool is concentrated by
loans backed by office and retail properties representing 28.5% and
28.2% of the pool balance, respectively. Five loans are
shadow-rated investment grade, representing 21.7% of the pool
balance.

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



[*] Fitch Cuts Rating on 15 Classes From 5 CMBS 2019 Vintage Deals
------------------------------------------------------------------
Fitch Ratings, on Sept. 27, 2023, downgraded 15 and affirmed 61
classes from five U.S. CMBS 2019 vintage conduit transactions. The
Rating Outlooks for 19 classes across five transactions were
revised to Negative from Stable and 14 classes were assigned
Negative Outlooks following downgrades of those classes. All
classes from these transactions have been removed from Under
Criteria Observation (UCO).

   Entity/Debt          Rating             Prior
   -----------          ------             -----
BANK 2019-BNK19

   A-1 06540WBA0    LT  AAAsf   Affirmed     AAAsf
   A-2 06540WBC6    LT  AAAsf   Affirmed     AAAsf
   A-3 06540WBD4    LT  AAAsf   Affirmed     AAAsf
   A-S 06540WBE2    LT  AAAsf   Affirmed     AAAsf
   A-SB 06540WBB8   LT  AAAsf   Affirmed     AAAsf
   B 06540WBF9      LT  AA-sf   Affirmed     AA-sf
   C 06540WBG7      LT  BBBsf   Downgrade    A-sf
   D 06540WAJ2      LT  BB+sf   Downgrade    BBBsf
   E 06540WAL7      LT  B+sf    Downgrade    BBB-sf
   F 06540WAN3      LT  B-sf    Downgrade    BBsf
   X-A 06540WBH5    LT  AAAsf   Affirmed     AAAsf
   X-B 06540WBJ1    LT  AA-sf   Affirmed     AA-sf
   X-D 06540WAA1    LT  B+sf    Downgrade    BBB-sf

BANK 2019-BNK17

   A-2 065403AZ0    LT AAAsf  Affirmed       AAAsf
   A-3 065403BB2    LT AAAsf  Affirmed       AAAsf
   A-4 065403BC0    LT AAAsf  Affirmed       AAAsf
   A-S 065403BF3    LT AAAsf  Affirmed       AAAsf
   A-SB 065403BA4   LT AAAsf  Affirmed       AAAsf
   B 065403BG1      LT AA-sf  Affirmed       AA-sf
   C 065403BH9      LT A-sf   Affirmed       A-sf
   D 065403AJ6      LT BBBsf  Affirmed       BBBsf
   E 065403AL1      LT BBB-sf Affirmed       BBB-sf
   F 065403AN7      LT BB-sf  Affirmed       BB-sf
   G 065403AQ0      LT B-sf   Affirmed       B-sf
   X-A 065403BD8    LT AAAsf  Affirmed       AAAsf
   X-B 065403BE6    LT AA-sf  Affirmed       AA-sf
   X-C 065403BJ5    LT A-sf   Affirmed       A-sf
   X-D 065403AA5    LT BBB-sf Affirmed       BBB-sf
   X-F 065403AC1    LT BB-sf  Affirmed       BB-sf
   X-G 065403AE7    LT B-sf   Affirmed       B-sf

BANK 2019-BNK21

   A-3 06540BBB4    LT AAAsf  Affirmed       AAAsf
   A-4 06540BBC2    LT AAAsf  Affirmed       AAAsf
   A-5 06540BBD0    LT AAAsf  Affirmed       AAAsf
   A-S 06540BBG3    LT AAAsf  Affirmed       AAAsf
   A-SB 06540BBA6   LT AAAsf  Affirmed       AAAsf
   B 06540BBH1      LT AA-sf  Affirmed       AA-sf
   C 06540BBJ7      LT A-sf   Affirmed       A-sf
   D 06540BAJ8      LT BBBsf  Affirmed       BBBsf
   E 06540BAL3      LT BBB-sf Affirmed       BBB-sf
   F 06540BAN9      LT BB-sf  Affirmed       BB-sf
   G 06540BAQ2      LT B-sf   Affirmed       B-sf
   X-A 06540BBE8    LT AAAsf  Affirmed       AAAsf
   X-B 06540BBF5    LT A-sf   Affirmed       A-sf
   X-D 06540BAA7    LT BBB-sf Affirmed       BBB-sf
   X-F 06540BAC3    LT BB-sf  Affirmed       BB-sf
   X-G 06540BAE9    LT B-sf   Affirmed       B-sf

BANK 2019-BNK18

   A-1 065402AY5    LT AAAsf  Affirmed       AAAsf
   A-2 065402AZ2    LT AAAsf  Affirmed       AAAsf
   A-3 065402BB4    LT AAAsf  Affirmed       AAAsf
   A-4 065402BC2    LT AAAsf  Affirmed       AAAsf
   A-S 065402BF5    LT AAAsf  Affirmed       AAAsf
   A-SB 065402BA6   LT AAAsf  Affirmed       AAAsf
   B 065402BG3      LT AA-sf  Affirmed       AA-sf
   C 065402BH1      LT A-sf   Affirmed       A-sf
   D 065402AJ8      LT BBBsf  Affirmed       BBBsf
   E 065402AL3      LT BBsf   Downgrade      BBB-sf
   F 065402AN9      LT Bsf    Downgrade      BBsf
   G 065402AQ2      LT B-sf   Downgrade      Bsf
   X-A 065402BD0    LT AAAsf  Affirmed       AAAsf
   X-B 065402BE8    LT A-sf   Affirmed       A-sf
   X-D 065402AA7    LT BBsf   Downgrade      BBB-sf
   X-F 065402AC3    LT Bsf    Downgrade      BBsf
   X-G 065402AE9    LT B-sf   Downgrade      Bsf

BANK 2019-BNK20

   A-2 06540AAC5    LT AAAsf  Affirmed      AAAsf
   A-3 06540AAD3    LT AAAsf  Affirmed      AAAsf
   A-S 06540AAG6    LT AAAsf  Affirmed      AAAsf
   A-SB 06540AAB7   LT AAAsf  Affirmed      AAAsf
   B 06540AAH4      LT AA-sf  Affirmed      AA-sf
   C 06540AAJ0      LT A-sf   Affirmed      A-sf
   D 06540AAM3      LT BBBsf  Affirmed      BBBsf
   E 06540AAP6      LT BBsf   Downgrade     BBB-sf
   F 06540AAR2      LT B-sf   Downgrade     BB-sf
   G 06540AAT8      LT CCCsf  Downgrade     B-sf
   X-A 06540AAE1    LT AAAsf  Affirmed      AAAsf
   X-B 06540AAF8    LT A-sf   Affirmed      A-sf
   X-D 06540AAK7    LT BBsf   Downgrade     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 actions of these transactions.

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 3.67% to 5.41%. Across these five
transactions, Fitch has identified 25 loans as Fitch Loans of
Concern (FLOCs) due to performance declines, borrower-related
issues and lease rollover concerns. The weighted-average
concentration of FLOCs is 16.1% (ranging from 8.9% to 27.8%) with
one transaction having 3.2% of loans in special servicing.

Downgrades reflect the impact of the criteria and higher expected
losses on FLOCs, most notably larger office loans with
deteriorating performance and exposure to WeWork. The three
transactions with downgrades are BANK 2019-BNK18, BANK 2019-BNK19,
and BANK 2019-BNK20.

Six of the downgraded classes were from BANK 2019-BNK18, which has
a FLOC concentration of 17.3% and a weighted-average Fitch-stressed
loan-to-value (LTV) and debt service coverage ratio (DSCR) of 87.7%
and 1.79x, respectively. Five of the downgraded classes were from
BANK 2019-BNK19, which has a FLOC concentration of 27.8% and a
weighted-average Fitch-stressed LTV and DSCR of 83.0% and 1.97x,
respectively. An additional four of the downgraded classes were
from BANK 2019-BNK20, which has a FLOC concentration of 10.6% and
weighted-average Fitch stressed LTV and DSCR of 79.5% and 2.25x,
respectively.

The Negative Outlooks in the following transactions reflect
elevated office concentration levels and performance issues and/or
an additional sensitivity scenario that applies higher default
and/or loss expectations on the loans noted below.

- BANK 2019-BNK17: office, 30.0% of the pool, 350 Rhode Island
South (7.7%);

- BANK 2019-BNK18: office, 56.0%, 350 Bush Street (9.8%), Central
Tower (6.2%), Marriott Hanover (5.9%), 801 Barton Springs (3.4%),
Hilton Garden Inn Las Colinas (1.8%);

- BANK 2019-BNK19: office, 51.8%, 350 Bush Street (6.6%), One
Financial Plaza (3.7%), 29 West 35th Street (3.2%), 450-460 Park
Avenue South (2.3%), Eleven Seventeen Perimeter (1.2%);

- BANK 2019-BNK20: office, 43.4%, 214-224 West 29th Street (6.4%),
Eleven Seventeen Perimeter (1.5%);

- BANK 2019-BNK21: office, 46.7%, 2621 Van Buren (2.0%), Holiday
Inn / Crowne Plaza Shenandoah (1.4%), Bond Street 20 (1.3%), 420
South Beverly Drive (0.8%).

WeWork Exposure: Four loans across the five transactions have
exposure to WeWork. Three loans have notable concentrations greater
than 40% of the square footage in their respective buildings,
including 214-224 West 29th Street (51% of NRA, New York, NY), 801
Barton Springs (100% of NRA, Austin, TX), and 450-460 Park Avenue
South (42% of NRA, New York, NY). The fourth loan, Tower at Burbank
(Burbank, CA), has WeWork exposure of 15% of the NRA in the
building.

Change to Credit Enhancement: As of the July 2023 distribution
date, the aggregate pool balance has been reduced on average 3.4%
(ranging from 1.4% to 7.2%). The BANK 2019-BNK21 transaction has
incurred losses of 0.10% of the original pool balance.

Defeasance: On average, the transactions have a 4.8% concentration
of defeasance, with largest concentrations in the BANK 2019-BNK17
(11.1%) and BANK 2019-BNK21 (8.6%) transactions.

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 concerns 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 defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to 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 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.


[*] Moody's Lowers 12 Tranches From 9 Navient FFELP Securitizations
-------------------------------------------------------------------
Moody's Investors Service, on Sept. 25, 2023, downgraded the
ratings of twelve classes of notes issued by nine FFELP loan
securitizations sponsored and administered by Navient Solutions,
LLC (Navient). The securitizations are backed by student loans
originated under the Federal Family Education Loan Program (FFELP)
that are guaranteed by the US government for a minimum of 97% of
defaulted principal and accrued interest.

The complete rating actions are as follows:

Issuer: SLM Student Loan Trust 2007-1

Cl. A-6, Downgraded to Aa2 (sf); previously on Nov 1, 2016
Downgraded to Aa1 (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Aug 6, 2019 Downgraded
to Baa3 (sf)

Issuer: SLM Student Loan Trust 2007-6

Cl. A-5, Downgraded to Baa1 (sf); previously on Jun 23, 2023
Downgraded to A3 (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Nov 1, 2016 Downgraded
to Baa3 (sf)

Issuer: SLM Student Loan Trust 2007-7

Cl. B, Downgraded to Baa1 (sf); previously on Aug 20, 2021
Downgraded to Aa2 (sf)

Issuer: SLM Student Loan Trust 2008-2

Cl. B, Downgraded to Baa1 (sf); previously on Nov 1, 2016 Upgraded
to A1 (sf)

Issuer: SLM Student Loan Trust 2008-3

Cl. B, Downgraded to Baa1 (sf); previously on Aug 20, 2021
Downgraded to Aa2 (sf)

Issuer: SLM Student Loan Trust 2008-5

Cl. B, Downgraded to Baa1 (sf); previously on Mar 7, 2017 Upgraded
to A1 (sf)

Issuer: SLM Student Loan Trust 2008-6

Cl. B, Downgraded to Baa1 (sf); previously on Jul 29, 2021 Upgraded
to A3 (sf)

Issuer: SLM Student Loan Trust 2008-7

Cl. B, Downgraded to Baa1 (sf); previously on Apr 23, 2019 Upgraded
to A1 (sf)

Issuer: Navient Student Loan Trust 2015-1

Floating Rate Class A-2 Notes, Downgraded to A1 (sf); previously on
Jun 23, 2023 Downgraded to Aa3 (sf)

Floating Rate Class B Notes, Downgraded to A1 (sf); previously on
Sep 16, 2016 Confirmed at Aa1 (sf)

RATINGS RATIONALE

The rating actions are prompted by correction of errors and also
reflect the latest performance and Moody's updated expected loss on
the tranches across Moody's cash flow scenarios. Moody's
quantitative analysis derives the expected loss for a tranche using
28 cashflow scenarios with weights accorded to each scenario.

Moody's have downgraded the ratings to Baa1 for the Class B notes
in SLM Student Loan Trust 2007-7, SLM Student Loan Trust 2008-2,
SLM Student Loan Trust 2008-3, SLM Student Loan Trust 2008-5, SLM
Student Loan Trust 2008-6, and SLM Student Loan Trust 2008-7,
considering the possible period of deferred interest on these
notes. Moody's analysis considers both the current suspension of
interest payments to the Class B notes due to the failure of the
Class A notes to pay down by their legal final maturity, as well as
the ultimate expected loss for the Class B notes. The maturity
dates for the Class B notes range from 2070 to 2083. These notes
have or are likely to experience suspension of interest payments
for more than 12 months. However, because the loans underlying
these transactions benefit from a government guarantee, Moody's
expect that interest payments (with deferred interest and interest
on interest) will resume for the Class B notes when the Class A
notes are paid in full. Moody's modeling of the Class B notes
indicates expected loss levels commensurate with ratings equal to
or higher than Baa1. In Moody's previous analysis, however, more
weight should have been given to the time period for which these
notes will not receive any interest payments.

For the Class B notes from Navient Student Loan Trust 2015-1, the
downgrade reflects the correction of Moody's previous review of
this rating, which did not properly reflect the maximum rating of
A1 applicable to this security given that seven of the 28 modeled
scenarios resulted in an output lower than Baa3.

The rating action also reflects the correction of Moody's analysis
of Class A-6 of SLM Student Loan Trust 2007-1, Class A-5 of SLM
Student Loan Trust 2007-6 and Class A-2 of Navient Student Loan
Trust 2015-1. In assessing these bonds, Moody's considered the
impact of a data format change introduced by Navient in 2018. For
such bonds with long dated legal final maturities (more than five
years), Moody's makes adjustments to model outputs to normalize the
impact of the collateral data format on modeled cashflows. In
previous rating reviews on these notes, however, along with these
adjustments Moody's inappropriately gave additional credit to the
potential for accelerated paydowns on the notes. In the rating
action, Moody's have reevaluated this additional credit and
downgraded the ratings on the notes.

In the rating action, Moody's have also downgraded the ratings of
the Class B notes in SLM Student Loan Trust 2007-1 and SLM Student
Loan Trust 2007-6 to Ba1, reflecting the uncertainty in Navient's
willingness and ability to support the notes by paying them off
prior to their legal final maturity dates. Based on Moody's
cashflow modeling projection, in Moody's most likely scenario that
does not consider Navient's support, the Class B notes from these
transactions will not pay off prior to their legal final dates.
The transaction documents include a 10% optional call provision by
Navient, which if exercised by Navient, would pay down the notes.
In addition, Navient had also previously amended SLM Student Loan
Trust 2007-6 to allow for 10% additional purchase of collateral and
to establish a revolving credit facility, that enables the trust to
borrow money from Navient Corporation on a subordinated basis, in
order to pay off the notes ahead of their final maturity dates.
Although, Navient has previously supported other similar
transactions by exercising the optional call provision or doing
additional loan purchases, more recently, Navient did not support
some deals due to limited current market interest in FFELP loans.
The rating downgrade to Ba1 reflects the higher likelihood for the
Class B bonds to miss pay off by their legal final maturity dates
should Navient not exercise the optional call provision prior to
those dates.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

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


[*] S&P Takes Various Actions on 221 Classes From 75 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 221 classes from 75 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
165 downgrades and 56 discontinuances.

A list of Affected Ratings can be viewed at:

                 https://rb.gy/6bqov

https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3059144

S&P said, "The rating actions reflect our assessment of observed
interest shortfalls/missed interest payments on the affected
classes during recent remittance periods. The lowered ratings that
are due to interest shortfalls/missed interest payments are
consistent with our "S&P Global Ratings Definitions," published
June 9, 2023, which imposes a maximum rating threshold on classes
that have incurred missed interest payments resulting from credit
or liquidity erosion. In applying our ratings definitions, we
looked to see if the respective class received additional
compensation beyond the imputed interest due as direct economic
compensation for the delay in interest payments (e.g., interest on
interest) and if the missed interest payments will be repaid by the
maturity date. The majority of the downgrades are from 'CC (sf)' to
'D (sf)'."

Of the 165 classes that were downgraded, 164 classes from 51
transactions, received additional compensation for outstanding
interest shortfalls. S&P said, "Our analysis considers the
likelihood that the missed interest payments, including the
capitalized interest, would be reimbursed under our various rating
scenarios. One class from another transaction was downgraded
because it did not receive additional compensation for outstanding
interest shortfalls. Our analysis focuses on our expectations
regarding the length of the interest payment interruptions to
assign the rating on the class."

S&P said, "Additionally, in accordance with our surveillance and
withdrawal policies, we discontinued 56 ratings from 23
transactions with observed interest shortfalls/missed interest
payments during recent remittance periods. We previously had
lowered the ratings on these classes to 'D (sf)' because of
principal losses, accumulated interest shortfalls/missed interest
payments, and/or credit-related reductions in interest due to loan
modifications. We view a subsequent upgrade to a rating higher than
'D (sf)' to be unlikely under the relevant criteria for the classes
within this review.

"We will continue to monitor our ratings on securities that
experience interest shortfalls/missed interest payments, and we
will further adjust our ratings as we consider appropriate."



                            *********

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