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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, November 5, 2023, Vol. 27, No. 308

                            Headlines

1988 CLO 3: S&P Assigns BB- (sf) Rating on $12MM Class E Notes
20 TIMES 2018-20TS: DBRS Confirms B(high) Rating on G Certs
ABPCI DIRECT XV: S&P Assigns BB- (sf) Rating on Class E Notes
AOA 2021-1177: DBRS Confirms BB(high) Rating on Class HRR Certs
BBCMS MORTGAGE 2018-C2: DBRS Confirms B(low) Rating on H-RR Certs

BBCMS MORTGAGE 2020-C8: DBRS Confirms B Rating on Class J-RR Certs
BHG SECURITIZATION 2023-B: Fitch Assigns BB(EXP) Rating on E Notes
BOSPHORUS 2015-1A: Moody's Lowers Rating on Class A Notes to B3
BPCRE 2022-FL2: DBRS Confirms B(low) Rating on Class G Notes
BRIDGECREST LENDING 2023-1: DBRS Gives Prov. BB Rating on E Notes

CARLYLE US 2022-6: Fitch Assigns 'BB-sf' Rating on Class E-R Notes
CARLYLE US 2023-4: Fitch Assigns 'BB-(EXP)' Rating on Cl. E Notes
CD 2017-CD6: DBRS Confirms B Rating on Class G-RR Certs
CEDAR CREST 2022-1: Fitch Affirms 'B-sf' Rating on Class F Notes
CITIGROUP 2018-RP2: Moody's Hikes Rating on Cl. B-2 Notes to Ba2

CITIGROUP 2019-C7: Moody's Lowers Rating on Cl. 805A Certs to B1
CITIGROUP 2019-GC43: Fitch Lowers Rating on J-RR Debt to CCC
CITIGROUP COMMERCIAL 2017-P8: DBRS Cuts F Certs Rating to B
COMM 2013-CCRE11: DBRS Confirms B(High) Rating on Class F Certs
COMM 2018-COR3: Fitch Lowers Rating on Two Tranches to 'Bsf'

CONNECTICUT AVENUE 2023-R07: DBRS Finalizes BB Rating on 4 Classes
CROSSROADS ASSET 2021-A: DBRS Hikes E Notes Rating to BB(High)
FORTRESS CREDIT VIII: S&P Assigns Prelim 'BB-' Rating on E Notes
GOLDENTREE LOAN 18: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
GS MORTGAGE 2023-PJ5: DBRS Gives Prov. B Rating on Class B-5 Notes

HOME RE 2023-1: DBRS Gives Prov. B Rating on Class B-1 Notes
HORIZON AIRCRAFT III: Fitch Lowers Rating on Cl. B Notes to 'BB-sf'
KATAYMA CLO I: S&P Assigns BB- (sf) Rating on $14MM Class E Notes
KKR CLO 48: Moody's Assigns (P)B3 Rating to $200,000 Class F Notes
LCCM 2021-FL3: DBRS Confirms B(low) Rating on Class G Notes

LOBEL AUTOMOBILE 2023-2: DBRS Gives Prov. BB Rating on D Notes
MAGNETITE XXXIX: S&P Assigns BB- (sf) Rating on Class E Notes
MAGNETITE XXXV: S&P Assigns BB- (sf) Rating on Class E-R Notes
MARBLE POINT XXV: Fitch Affirms 'BB-sf' Rating on Class E Notes
MERCHANTS FLEET 2023-1: DBRS Gives Prov. BB Rating on E Notes

MORGAN STANLEY 2015-C21: Fitch Lowers Rating on Two Tranches to BB
MORGAN STANLEY 2023-20: Fitch Assigns BB-(EXP) Rating on E Notes
MORGAN STANLEY 2023-3: Fitch Assigns B-(EXP)sf Rating on B-5 Certs
MVW LLC 2022-2: Fitch Affirms BB Rating on Class D Notes
MVW LLC 2023-2: Moody's Assigns (P)Ba2 Rating to Class D Notes

OBX TRUST 2023-J2: Moody's Assigns (P)B2 Rating to Cl. B-5 Notes
OPEN TRUST 2023-AIR: Moody's Assigns (P)Ba2 Rating to Cl. E Certs
PRESTIGE 2022-1: S&P Places 'BB-' Rating on E Notes on Watch Neg.
PRKCM 2023-AFC4: S&P Assigns Prelim B+ (sf) Rating on B-2 Notes
PRPM 2023-NQM2: DBRS Finalizes B Rating on Class B-2 Certs

REALT 2016-1: Fitch Affirms Bsf Rating on Class G Debt
REALT 2020-1: DBRS Confirms B Rating on Class G Certs
SEQUOIA MORTGAGE 2023-4: Fitch Gives Final 'BB' Rating on B-4 Certs
SHELTER GROWTH 2022-FL4: DBRS Confirms B(low) Rating on G Notes
TRANSNETWORK LLC: S&P Assigns 'B' ICR on Acquisition Of PNC

TSTAT LTD 2022-2: Fitch Affirms 'BB-sf' Rating on Class E Notes
VOYA CLO 2015-03: Fitch Affirms 'B-sf' Rating on Class E-R Notes
WESTLAKE 2023-4: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes
WOODMONT TRUST 2021-8: Fitch Affirms 'BB+' Rating on Class E Notes
[*] S&P Takes Various Actions on 13 Classes From Nine US RMBS Deals

[*] S&P Takes Various Actions on 169 Ratings From Six US RMBS Deals
[*] S&P Takes Various Actions on 61 Classes From 10 US RMBS Deals

                            *********

1988 CLO 3: S&P Assigns BB- (sf) Rating on $12MM Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned ratings to 1988 CLO 3 Ltd./1988 CLO 3
LLC's floating-rate debt. The transaction is managed by 1988 Asset
Management LLC, a subsidiary of Muzinich & Co.

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

  1988 CLO 3 Ltd./1988 CLO 3 LLC

  Class A-1, $190.50 million: AAA (sf)
  Class A-1 loans(i), $65.50 million: AAA (sf)
  Class A-2, $14.00 million: AAA (sf)
  Class B, $34.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $48.65 million: Not rated

(i)The class A-1 loans are not convertible into any notes.



20 TIMES 2018-20TS: DBRS Confirms B(high) Rating on G Certs
-----------------------------------------------------------
DBRS Limited downgraded its credit ratings on two classes of the
Commercial Mortgage Pass-Through Certificates, Series 2018-20TS
issued by 20 Times Square Trust 2018-20TS as follows:

-- Class H to CCC (sf) from B (low) (sf)
-- Class V to CCC (sf) from B (low) (sf)

In addition, DBRS Morningstar confirmed its credit ratings on the
following classes:

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

All trends are Stable with the exception of Classes H and V, which
have ratings that do not typically carry a trend in commercial
mortgage-backed securities (CMBS) ratings.

The credit rating downgrades reflect the $195,334 interest
shortfall affecting the Class H certificate as of the September
2023 remittance. Given DBRS Morningstar's interest shortfall
tolerance at the B (sf) rating category and the size of the
shortfall, the downgrade to CCC (sf) is warranted. At the B (sf)
rating category, the interest shortfall tolerance is six remittance
periods. The shortfalls were accrued with the March 2023 remittance
and listed as an Other Expense.

The credit rating confirmations and Stable trends reflect DBRS
Morningstar's view that, although the loan remains in special
servicing and is outstanding well past its May 2023 maturity date,
the mitigating factors in the confirmed willingness of the
mezzanine lender to take over the borrower's obligations, as well
as the DBRS Morningstar value that suggests the trust loan-to-value
ratio (LTV) remains just below 100%, were deemed sufficient to
support the stable credit view for the transaction overall. In
addition, the trust loan remains current, with full interest
distributed to all classes as of the September 2023 remittance and
all periods before that. The servicer is not currently reporting
any outstanding advances; however, as noted above, there is
$195,334 in interest shortfalls affecting Class H.

The trust's underlying loan represents a $600 million pari passu
participation of a $750 million whole first mortgage loan secured
by the leased-fee interest in 16,066 square feet (sf) of land under
20 Times Square. There is also a mezzanine loan in place for $150.0
million. The property's ground lease and the leased-fee financing
are senior to the leasehold interest and leasehold financing. The
99-year ground lease expires in April 2117 and has no termination
options. The initial ground rent payment was $29.3 million,
increasing 2.0% annually during the first five years and then 2.75%
per year thereafter. As of September 2022, the annualized ground
rent payment reported by the servicer was $31.5 million and
according to the September 2023 reporting for the subject trust,
there is approximately $6.4 million in reserves.

The noncollateral improvements consist of a mixed-use property at
the corner of Seventh Avenue and West 47th Street in New York's
Times Square neighborhood. The property comprises a 452-key
Marriott Edition luxury hotel, 74,820 sf of retail space (5,500 sf
of which is non-revenue-generating storage space), and 18,000 sf of
digital billboards. The debt on the noncollateral leasehold
interest went into default in December 2019, with the lender citing
numerous undischarged mechanics liens against the property as well
as a missed deadline to lease up the retail space. The leasehold
interest was foreclosed and the lender took title in January 2022.
As the outstanding mechanic's liens are a breach of the terms of
the ground lease, the subject loan was also transferred to special
servicing, in November 2022.

The subject loan is now past its May 2023 maturity date and the
special servicer has advised that payments on the mezzanine loan
ceased in December 2022. The mezzanine lender has indicated its
desire to proceed with a uniform commercial code (UCC) foreclosure
to obtain the borrower's interest in the leased fee portion of the
property. A standstill agreement between the subject trust and
mezzanine lender was put in place as of August 2023 to allow the
mezzanine lender to complete the UCC foreclosure. The standstill
agreement will remain in place until December 2023 or until the UCC
foreclosure is completed; if necessary, the standstill agreement
can be extended by the mezzanine lender for up to four successive
two-month periods. According to the special servicer, following the
completion of the UCC foreclosure, a loan modification is expected
to be finalized that will include the mezzanine lender assuming the
obligations of the subject loan and a two-year loan maturity
extension to May 2025 in exchange for a $50.0 million principal
curtailment. An additional one-year extension option will be
exercisable provided an additional $25.0 million is paid and
applied to the principal balance of the loan.

DBRS Morningstar estimated the value of the leased-fee component at
approximately $758.6 million based on the payments expected from
the ground lease at year 10 and a blended cap rate of 4.8%. Based
on the derived value, the implied senior loan LTV is 98.9%. No
positive or negative qualitative adjustments were made to the LTV
sizing benchmarks in the analysis for this review. Given the trust
loan is in default and there is some level of uncertainty
surrounding the timeline and ultimate resolution of the mezzanine
lender's UCC foreclosure, a liquidation analysis was also
considered based on a look-through cash flow analysis for the
leasehold interest. A cash flow was derived based on stressed
estimates for retail rent and hotel income, and a blended cap rate
of 7.1%. The resulting value implies an LTV of approximately 75%
for the subject loan, suggesting a liquidation scenario would yield
enough proceeds to repay the outstanding debt in full. This
analysis further supports the credit rating confirmations with
Stable trends as part of this review.

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




ABPCI DIRECT XV: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to ABPCI Direct Lending
Fund CLO XV Ltd./ABPCI Direct Lending Fund CLO XV LLC's fixed- and
floating-rate debt.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  ABPCI Direct Lending Fund XV Ltd./
  ABPCI Direct Lending Fund XV LLC

  Class A-1, $225.65 million: AAA (sf)
  Class A-2, $20.00 million: AAA (sf)
  Class B, $39.00 million: AA (sf)
  Class C (deferrable), $38.79 million: A (sf)
  Class D (deferrable), $30.20 million: BBB- (sf)
  Class E (deferrable), $21.55 million: BB- (sf)
  Subordinated notes, $57.15 million: Not rated



AOA 2021-1177: DBRS Confirms BB(high) Rating on Class HRR Certs
---------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, issued by AOA 2021-1177
Mortgage Trust as follows:

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

In addition, DBRS Morningstar changed the trends on classes E and
HRR to Negative from Stable. All other trends are Stable.

The Negative trends reflect the increased risks for the transaction
as a result of the underlying collateral's decline in performance,
as further detailed below. In addition, the office sector continues
to face challenges, driven by shifts in workplace dynamics and
end-user demand, which may impair the sponsor's efforts in
releasing vacant space and/or recapturing issuance-level cash
flows. Mitigating factors include the property's high-quality and
prime location in one of Manhattan's high-rise office corridors,
experienced sponsorship, a granular tenant roster, and considerable
land value, which was appraised at $430 million at issuance. While
the property's performance trends and other recent developments
suggest an increased level of credit risk, DBRS Morningstar's
analysis conducted at issuance continues to imply that the
higher-rated certificates in the pool are generally well insulated
against loss.

The loan is secured by the borrower's fee-simple interest in 1177
Avenue of the Americas, a 47-story, 1.0 million square-foot (sf)
office tower. The building is located between 45th Street and 46th
Street on 6th Avenue (Avenue of the Americas) in the Grand Central
submarket of Manhattan. Built in 1992, the building was acquired in
2007 by the California State Teachers' Retirement System (CalSTRS),
Silverstein Properties (Silverstein), and UBS. In June 2021,
CalSTRS acquired UBS' 50.0% equity position in the property, in a
deal that valued the asset at $865.0 million.

The interest-only floating-rate loan had an initial two-year term
with three one-year extension options. The loan was scheduled to
mature in October 2023; however, the servicer has confirmed that
the borrower intends on exercising its first extension option,
pushing the maturity date to October 2024. There are no performance
triggers, financial covenants, or fees required for the borrower to
exercise any of the three one-year extension options. However,
execution of each option is conditional upon, among other things,
no events of default and the borrower's purchase of an interest
rate cap agreement for each extension term. DBRS Morningstar notes
that the cost to purchase a rate cap has likely increased given the
current interest rate environment.

Signature Bank (Signature), a private client bank, is the
second-largest tenant occupying 8.4% of the net rentable area
(NRA). The bank, which operates its Signature Securities Group arm
out of the property, signed a lease in 2017 that expires in 2033.
In March 2023, a subsidiary of New York Community Bancorp Inc.
(NYCB) entered into an agreement with U.S. regulators to acquire
certain assets and assume certain liabilities from the New
York-based bank, following its collapse. Although DBRS Morningstar
has not received confirmation regarding the status of Signature's
lease, it seems likely that NYCB has assumed Signature's lease at
the collateral property. Signature Bank has a termination option in
2028, two years beyond the fully extended loan term. As of the date
of this press release, none of Signature's space has been subleased
or is listed as available for sublease.

The property was 87.0% occupied at issuance. As of June 2023,
occupancy at the property declined to 82.3%. The tenant roster is
relatively granular; outside of the largest tenant, Kramer Levin
Naftalis & Frankel (27.0% of NRA, lease expiry in 2035), no other
tenant accounts for more than 7.0% of NRA. Lease rollover risk is
moderate, with tenant leases representing approximately 13.0% of
the NRA scheduled to roll within the next 12 months. There are
concerns regarding the future of return to office across the
Manhattan office market. Sublease space in Midtown Manhattan
remains elevated, and vacancy rates continue to trend upwards, most
recently reported at 12.3% as of Q2 2023, according to Reis. While
uncertainty remains, DBRS Morningstar believes that the ultimate
beneficiaries will be higher quality assets with well-capitalized
sponsors who can weather short-to-medium term disruptions.

Based on the June 2023 financial reporting, the property's
annualized net cash flow (NCF) was $32.1 million, down from the
YE2022 figure of $36.7 million, and the DBRS Morningstar NCF at
issuance of $35.5 million. Despite the slight declines in occupancy
and cash flow, the loan continues to comfortably cover debt service
obligations, with a debt service coverage ratio of 5.22 times (x)
as of June 2023. At issuance, DBRS Morningstar derived a value of
$545.3 million based on a capitalization rate of 6.5% and the DBRS
Morningstar NCF of $35.5 million, resulting in a DBRS Morningstar
loan-to-value ratio (LTV) of 82.5% compared with the LTV of 52.3%
based on the appraised value at issuance. DBRS Morningstar made
positive qualitative adjustments to the final LTV sizing
benchmarks, totalling 7.5% to account for the cash flow volatility,
property quality, and market fundamentals.

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




BBCMS MORTGAGE 2018-C2: DBRS Confirms B(low) Rating on H-RR Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates issued by BBCMS
Mortgage Trust 2018-C2 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 (high) (sf)
-- Class X-B at AA (sf)
-- Class C at AA (low) (sf)
-- Class D at A (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BB (low) (sf)
-- Class G at B (high) (sf)
-- Class H-RR at B (low) (sf)

DBRS Morningstar also changed the trends on Classes A-S, B, X-B, C,
D, X-D, E, X-F, F, X-G, G, and H-RR to Negative from Stable. All
remaining trends are Stable.

The Negative trends reflect DBRS Morningstar's concerns surrounding
increased credit risks for this transaction, generally observed in
factors for a handful of loans in the pool. Those loans are showing
increased risks for various reasons, including recent or upcoming
tenant rollover, exposure to softening office markets, and/or
sustained performance declines. At the prior credit rating action
in November 2022, DBRS Morningstar noted increased risks in the
pool that were contributing to an increased expected loss for the
pool as whole, with material deviations disclosed for Classes B, C,
D, and F, which ranged between three and four notches, that were
lower than the implied credit ratings from the North American CMBS
Insight Model results for each of those classes. The rationale for
the material deviations disclosed in November 2022 was uncertain
loan-level event risk. Since that time, those risks have solidified
and in some cases, further increased, putting additional stress on
the middle and lower portions of the capital stack, as further
outlined below.

The pool is concentrated by property type, with loans secured by
office and retail property types representing 36.0% and 24.6% of
the pool balance, respectively. The pool's office concentration is
primarily represented by collateral properties located in suburban
markets—loans with those characteristics often contribute to
larger expected losses in the CMBS Insight Model, and as a result,
the subject transaction generally carries a higher expected loss as
a whole. This concentration has become more pivotal as office
sector performance has deteriorated in general following the onset
of the Coronavirus Disease (COVID-19) pandemic, with elevated
vacancy rates in many submarkets because of a shift in workplace
dynamics that have reduced demand for space. While the majority of
the office loans in the subject transaction continue to exhibit
healthy performance metrics, as evidenced by the strong
weighted-average (WA) debt service coverage ratio (DSCR) for office
properties of 2.34 times (x), DBRS Morningstar notes some office
loans are showing signs of stress. Specifically, three loans backed
by office properties, representing 8.8% of the pool, are showing
performance declines from issuance or otherwise exhibiting
increased risks from issuance. In all cases, those loans were
analyzed with stressed scenarios for this review to increase the
probability of default (PD) and/or increase the loan-to-value (LTV)
ratios, as applicable, resulting in WA losses that are more than
30% greater than the pool average expected loss. In addition to the
stressed office loans in the pool, there are also a few loans
backed by retail properties that were also analyzed with stressed
scenarios given increased risks from issuance, further contributing
to the pool's increased expected loss with this review.

At issuance, the collateral for the trust consisted of 44 loans
secured by 87 commercial and multifamily properties, with a cut off
balance of $891.9 million. As of the September 2023 remittance, all
44 loans remain in the pool, with a current balance of $877 million
and nominal collateral reduction since issuance. One loan,
representing 1.1% of the pool, is with the special servicer and no
loans are delinquent. There are eight loans, representing 19% of
the pool, on the servicer's watchlist. Three loans, representing
4.5% of the pool, have been defeased as of the September 2023
reporting.

The loans with the three largest expected-loss percentages in the
analysis for this review were all backed by office properties
located in suburban or tertiary markets. These loans are Southern
Highlands Corporate Center (Prospectus ID#29, 1.4% of the pool),
Valley Forge Corporate Center (Prospectus ID#38, 0.7% of the pool),
and Westbay Office Park (Prospectus ID#22, 1.8% of the pool). The
fourth-largest expected-loss percentage was for the Dudley Farms
Plaza (Prospectus ID#15, 2.8% of the pool) loan, which is secured
by a 230,000-square-foot (sf) retail shopping center in Charleston,
West Virginia, and was added to the servicer's watchlist because of
upcoming tenant rollover risk. Historical performance at the
property has been strong, with both the occupancy rate and DSCR as
of June 2023 healthy at 99% and 2.18x, respectively. Both figures
are in line with recent historical reporting; however, three of the
property's five largest tenants, representing 56.4% of net rentable
area (NRA), have scheduled lease expiration dates within the next
six months. One of those tenants, Office Max (10.2% of the NRA),
has confirmed plans to vacate. Kohl's, the largest tenant occupying
37.5% of NRA, has a scheduled lease expiration in February 2024 and
has not yet given notice of intent to exercise its remaining
five-year option. As the lease renewal was not secured within six
months of the expiry date, a cash management trigger has been
flipped. In addition, Books-A-Million, which represents 8.7% of
NRA, has an upcoming lease expiration in January 2024 and renewal
plans are unknown. Given the increased risk associated with the
upcoming tenant rollover, as well as the property's significant
exposure to Kohl's, which has been struggling for several years and
could be forced to reduce store counts, DBRS Morningstar analyzed
this loan with a stressed PD, resulting in an expected loss that is
more than double the pool average expected loss.

The transaction also has exposure to two mall loans in the
Christiana Mall–Trust (Prospectus ID#2, 6.3% of the pool) and
Fair Oaks Mall–Trust (Prospectus ID#30, 1.2% of the pool). The
more challenging of these is the Fair Oaks Mall–Trust loan, which
is secured by a portion of approximately 780,000 sf of a 1.5
million-sf regional mall in Fairfax, Virginia, and is sponsored by
Taubman Realty Group Limited Partnership and Morton Olshan. The
pari passu loan also has pieces in the BANK 2018-BNK13 transaction,
which is also rated by DBRS Morningstar. At issuance, the mall was
anchored by a collateral Macy's (27.6% of the NRA, lease expiration
in February 2026) and the noncollateral anchors: Macy's Furniture
Gallery, Sears, JCPenney, and Lord & Taylor. While the space
previously occupied by Sears has been backfilled by Dick's Sporting
Goods and Golf Galaxy, the Lord & Taylor box has remained vacant
since the tenant filed for bankruptcy in 2020. The mall suffers
from superior competition in the area, a factor that has
contributed to performance declines since issuance.

The loan transferred to special servicing in February 2023 for
imminent monetary default as the loan was not expected to repay at
its May 2023 maturity. The borrower has requested a maturity
extension and the terms are currently being finalized. The special
servicer notes that the borrower has noted excess funds would be
available for tenant improvements and capital expenditures, but has
also advised willingness to contribute additional capital would be
limited. The property's occupancy rate was approximately 89% as of
March 2023, with a high concentration of rollover scheduled through
the next year. While occupancy has remained relatively stable over
the past few years, the property's net cash flow (NCF) has declined
year over year, with the annualized NCF for the trailing nine
months ended September 30, 2022, at $19.6 million (reflecting a
DSCR of 1.13x). This is slightly below the YE2021 NCF of $20.1
million (reflecting a DSCR of 1.16x) and still less than the DBRS
Morningstar NCF of $22.7 million (DSCR of 1.62x). According to the
June 2023 sales report, the total mall sales for the YE2022 period
was approximately $432 per sf (psf), inclusive of Apple sales, in
comparison with the competitive set's figure of $469 psf. Without
Apple, sales averaged approximately $325 psf. 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 maturity default and sponsor's limited willingness to
contribute capital to stabilize the property, DBRS Morningstar
removed the shadow rating with this review and stressed the loan's
PD to increase the expected loss. The analyzed loan-level expected
loss was more than 1.5x the pool's average.

According to the March 2023 rent roll, the property was 88.7%
occupied, in comparison with being 89.3% occupied at YE2021 and
91.6% occupied at issuance. Additionally, tenants occupying more
than 40.0% of the NRA have leases that have expired or are
scheduled to expire in the next 12 months. However, tenants
occupying approximately 17.4% of the NRA that had lease expirations
between January 2023 and August 2023 remain in the property's
online directory, including the second-largest tenant, Forever 21
(6.7% of the NRA). There is also concern about competition, which
includes Tysons Corner Center and Tysons Galleria malls, both of
which offer luxury brands that cater to higher-income
demographics.

In addition to Fair Oaks Mall–Trust, at issuance, DBRS
Morningstar shadow rated the following loans investment grade:
Christiana Mall (Prospectus ID#2, 6.3% of the pool), Moffett
Towers–Buildings E,F,G (Prospectus ID#12, 2.9% of the pool), and
Moffett Towers II–Building 1 (Prospectus ID#16, 2.5% of the
pool). DBRS Morningstar maintains that the performance of these
three loans remains consistent with investment-grade
characteristics.

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




BBCMS MORTGAGE 2020-C8: DBRS Confirms B Rating on Class J-RR Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2020-C8 issued by BBCMS
Mortgage Trust 2020-C8 as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall steady
performance of the underlying collateral, which generally remains
in-line with DBRS Morningstar's expectations since the last credit
rating action. The transaction benefits from the stable performance
of the top 10 loans, inclusive of the two loans shadow-rated
investment grade by DBRS Morningstar: One Manhattan West
(Prospectus ID#1, 10.1% of the current pool balance) and MGM Grand
& Mandalay Bay (Prospectus ID#3, 10.1% of the current pool
balance).

As of the September 2023 reporting, 47 of the original 48 loans
remain in the pool with an aggregate trust balance of $690.3
million, representing a collateral reduction of 1.4% as a result of
scheduled loan amortization and one loan payoff. One loan,
representing 0.3% of the pool balance, is fully defeased. Eight
loans, representing 15.8% of the pool balance, are on the
servicer's watchlist; however, seven of those loans (14.4% of the
current pool balance) are being monitored for noncredit-related
reasons. One loan is monitored for a low debt service coverage
ratio. There are no loans in special servicing, nor have any loans
been as delinquent since issuance.

The pool has significant exposure to office loans, which represent
36.3% of the current pool balance. In general, the office sector
faces challenges because of rising vacancies in various submarkets
and changes in workplace dynamics. For this review, DBRS
Morningstar applied probability of default (PD) and/or loss given
default stresses, where applicable, to increase the expected losses
(ELs) for loans exhibiting increased risks from issuance. Four
loans backed by office properties were adjusted, with the resulting
ELs averaging losses that were more than six times the pool average
EL.

One office loan, Abele Business Park (Prospectus ID#7, 3.7% of the
current pool balance), is secured by a flex property (office and
industrial) totaling 301,230 square feet (sf). The property
consists of 17 buildings with approximately 82.0% of the sf
configured for office space and 18% of the sf configured for
warehouse space, located in Bridgeville, Pennsylvania. According to
the servicer's reporting, occupancy has been trending downward,
with the March 2023 occupancy rate at 78.9%, compared with the
YE2022 occupancy rate of 98.6% and issuance occupancy rate of
98.6%. As of the March 2022 rent roll, the largest tenants included
Junior Achievement (5.9% of the net rental area (NRA), lease expiry
in May 2028), Dr. Gertrude (5.9% of the NRA, lease expiry in June
2026), and RxPartners (4.4% of the NRA, lease expiry in December
2023). Based on an online listing by Property Shark as of September
2023, 60,136 sf was showing available for lease, representing
approximately 19.9% of the NRA. According to Reis, the Southwest
submarket reported a Q2 2023 vacancy rate of 13.8%, as compared
with Q2 2022 vacancy rate of 15.6%. Per the latest financials
provided by servicer for YE2022, a net operating income (NOI) of
$2.7 million was reported, compared with the YE2021 NOI of $2.6
million and DBRS Morningstar NOI of $2.7 million. Given the
declining occupancy rate and softening submarket condition, DBRS
Morningstar analyzed this loan with an elevated PD and applied a
stressed loan-to-value (LTV) ratio, resulting in an expected loss
of approximately double the pool's weighted-average (WA) EL.

Another office loan that DBRS Morningstar is monitoring is the
Airport Plaza loan (Prospectus ID#8, 3.2% of the current pool
balance), which is secured by a 150,730-sf Class A office building
located in Long Beach, California. The property is subject to a
ground lease with the City of Long Beach through December 2050 and
a $1.0 million reserve was funded at closing as part of the
borrower's plan to extend the ground lease beyond 2050. The
servicer reported an occupancy rate of 91.2% as of March 2023,
which remains unchanged since issuance. Currently, Property Shark
is marketing 13,222 sf space for lease, representing 8.8% of the
NRA. At issuance, the largest tenants include Traffic Management
(33.7% of the NRA, lease expiry in September 2027), Healthcare
Partners (21.4% of the NRA, lease expiry in October 2026), and
RedFin (16.9% of the NRA, lease expiry in December 2024). The loan
is structured with cash management provision that activates if a
major tenant, occupying more than 25.0% of the NRA or contributing
more than 25.0% of total annual rent, defaults or terminates its
lease. According to Reis, office properties in the Long Beach
submarket reported a vacancy rate of 15.9% in Q2 2023 as compared
with a Q2 2022 vacancy rate of 17.7%. While the occupancy rate
remains relatively stable, because of the increased rollover risk
over the next three years, including the three largest tenants,
combined with the current subdued submarket conditions for office
properties in Long Beach, DBRS Morningstar analyzed this loan with
a stressed LTV and PD. This resulted in an expected loss, which was
approximately 50% higher than the pool's WA EL.

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




BHG SECURITIZATION 2023-B: Fitch Assigns BB(EXP) Rating on E Notes
------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to the
notes issued by BHG Securitization Trust 2023-B (BHG 2023-B).

   Entity/Debt           Rating           
   -----------           ------           
BHG Securitization
Trust 2023-B

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

TRANSACTION SUMMARY

The BHG 2023-B trust is a discrete trust backed by a static pool of
consumer and commercial loans originated by Bankers Healthcare
Group, LLC (BHG). BHG 2023-B is the eighth ABS transaction
sponsored by BHG and the fourth rated by Fitch.

For the purposes of setting analytical assumptions as described in
this report, Fitch was provided with a hypothetical pool of loans
held by the grantor trust with a balance of $300,041,199 and
characteristics set forth in Schedule II (hypothetical pool) of the
preliminary offering memorandum (POM). The modelling assumptions,
cashflow analysis, expected rating sensitivity analysis, and the
assigned expected ratings are based on this pool as set forth in
schedule II of the POM.

The statistical information mentioned in the POM and this presale
is based on the characteristics of loans in the statistical loan
pool as of the statistical cutoff date (statistical pool) as
described in the POM and did not impact and was not factored into
the rating analysis and the assigned expected rating.

The actual pool of loans acquired by the grantor trust on the
closing date will include a significant amount of loans that are
not included in the statistical loan pool, as the pool upon closing
is expected to have a current principal balance of approximately
$300,041,199, while the current principal balance of the loans in
the statistical loan pool as of the statistical cutoff date is
$185,649,502. The characteristics of the loans as of the closing
date may vary from the characteristics of the loans in the
statistical loan pool as of the statistical cutoff date, although
the POM states that such variance is expected to be immaterial.

KEY RATING DRIVERS

Collateral Pool Comprised of High FICO Borrowers: The BHG 2023-B
statistical pool shared with Fitch has a weighted average (WA) FICO
score of 747; 3.06% of the borrowers have a score below 661 and
54.74% have a score higher than 740. Commercial loans represent
50.08% of the pool with the rest being consumer loans. The WA
original term of 92 months is lower than 99 months in BHG 2023-A,
which itself had declined from the previous transactions.

Default Assumption Reflects Loan and Borrower Characteristics: The
base case default assumptions based on the hypothetical pool are
12.07% and 14.87% for commercial and consumer loans, respectively,
resulting in a portfolio WA assumption of 13.47%. The default
assumption was established by loan type (commercial or consumer),
BHG's proprietary risk grade and loan term. Fitch set assumptions
on segmented performance data from 2014, which included loans that
were re-scored utilizing BHG's updated underwriting and scoring
model, which became effective in 2018. Through-the-cycle loan
performance and characteristics were also reviewed by Fitch.

Credit Enhancement Mitigates Stressed Losses: Initial hard credit
enhancement (CE) totals 55.35%, 28.50%, 19.90%, 16.10% and 10.75%
for class A, B, C, D and E notes, respectively. Initial CE is
sufficient to cover Fitch's stressed cash flow assumptions for all
classes. Fitch applied a 'AAAsf' rating stress of 4.0x the base
case default rate for commercial loans and 4.25x for consumer
loans. Fitch revised the multiples from 5.0x and 5.25x for consumer
and commercial loans, respectively, applied for BHG 2023-A,
primarily due to the higher absolute value of the base case
assumption.

The stress multiples decrease for lower rating levels according to
Fitch's "Consumer ABS Rating Criteria". The default multiple
reflects the absolute value of the default assumption, the length
of default performance history for each loan type (shorter for
consumer loans), high WA borrower FICO scores and income and the WA
original loan term, which increases the portfolio's exposure to
changing economic conditions.

Counterparty Risks Addressed: BHG has a long operational history
and demonstrates adequate abilities as the originator, underwriter
and servicer, as evidenced by historical portfolio and previous
securitization performance. Fitch deems BHG capable of servicing
this transaction. Other counterparty risks are mitigated through
the transaction structure and such provisions are in line with
Fitch's counterparty rating criteria.

True Lender Uncertainty for Partner Bank Loan Origination
Continues: BHG, similar to peers, purchases consumer loans
originated by partner banks, in this case Pinnacle Bank, a
Tennessee state-chartered bank (Pinnacle Bank) and County Bank, a
Delaware state-chartered bank (County Bank). Uncertainty regarding
who is the true lender of the loans remains a risk inherent to this
transaction, particularly for consumer loans originated at an
interest rate higher than a borrower state's usury rate. If there
are challenges to the true lender status and if such challenges are
successful, the consumer loans and certain commercial loans could
be found to be unenforceable, or subject to reduction of the
interest rate, paid or to be paid. If any such challenges are
successful trust performance could be negatively affected, which
would increase negative rating pressure.

For this risk, Fitch views as positive Pinnacle Bank's 49%
ownership of BHG and BHG 2023-B's high composition of commercial
loans, while the longer WA loan term of 92 months is viewed as
negative.

RATING SENSITIVITIES

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

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

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

Fitch conducts sensitivity analysis by stressing a transaction's
initial base case default assumption by an additional 10%, 25% and
50% and examining the rating implications. These increases of the
base case default rate are intended to provide an indication of the
rating sensitivity of the notes to unexpected deterioration of a
trusts performance. As additional sensitivity run of lowering
recoveries by 10%, 25% and 50% is also conducted.

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

Current Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'.

Increased default base case by
10%:'AA+sf'/'A+sf'/'A-sf'/'BBBsf'/'BB+';

Increased default base case by
25%:'AAsf'/'A-sf'/'BBB+sf'/'BBB-sf'/'BBsf';

Increased default base case by
50%:'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf';

Reduced recovery base case by 10%:
'AAAsf'/'A+sf'/'Asf'/'BBBsf'/'BB+sf';

Reduced recovery base case by 25%:
'AAAsf'/'A+sf'/'A-sf'/'BBBsf'/'BBsf';

Reduced recovery base case by 50%:
'AAAsf'/'A+sf'/'A-sf'/'BBB-sf'/'BBsf';

Increased default base case by 10% and reduced recovery base case
by 10%: 'AA+sf'/'Asf'/'A-sf'/'BBB-sf'/'BB+sf';

Increased default base case by 25% and reduced recovery base case
by 25%: 'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BBsf';

Increased default base case by 50% and reduced recovery base case
by 50%: 'A+sf'/'BBBsf'/'BB+sf'/'BBsf'/'CCCsf'.

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

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

Rating sensitivity from decreased defaults (class A/class B/class
C/class D/class E):

Current Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'.

Decreased default base case by 20%:
'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'.


BOSPHORUS 2015-1A: Moody's Lowers Rating on Class A Notes to B3
---------------------------------------------------------------
Moody's Investors Service downgraded the Class A Enhanced Equipment
Notes of Bosphorus Pass Through Trust 2015-1A ("Bosphorus") to B3
from B2 and the Class A Enhanced Equipment Trust Certificates, the
Class A Equipment Asset Backed Notes, the Class B Enhanced
Equipment Trust Certificates and the Class B Equipment Asset Backed
Notes of the Anatolia Pass Through Trust ("Anatolia") to B2 from
B1.  The outlook on the Bosphorus transaction maintained stable.
Moody's changed the outlook on the Anatolia transaction to stable
from negative.

RATINGS RATIONALE

The downgrade of the rating on the Bosphorus transaction reflects
Moody's estimate of a loan-to-value of about 115%. The B3 rating on
the instrument aligns with the B3 corporate family rating for Turk
Hava Yollari Anonim Ortakligi ("Turkish Airlines") rating, which is
level with the Government of Turkiye's (Turkiye) B3 long-term
issuer rating. The B3 instrument rating is also level with Moody's
B3 foreign currency country ceiling for Turkiye. This reflects
Moody's view that the negative equity in the financing mitigates
any potential piercing of the foreign currency country ceiling
because of the 18-month liquidity facility that is offshore. This
transaction is secured by three Boeing B777-300ER aircraft
delivered new to Turkish Airlines in 2015.

The downgrade of the Anatolia Class A and Class B instruments to B2
positions these ratings at one notch above Turkiye's B3 foreign
currency country ceiling. Moody's estimates the loan-to-value on
this transaction at 51% for the Class As and 54% for the Class Bs.


The significant equity cushion in the Anatolia transaction and
having a liquidity facility provided by a financial institution
outside of the Turkish banking system facilitates the piercing of
the foreign currency country ceiling by one notch.

The Bosphorus transaction, with $145.89 million outstanding, is
secured by three Boeing 777-300ERs delivered new to Turkish
Airlines in 2015. The final scheduled payment date for this
transaction is March 15, 2027. The Anatolia transaction, with
approximately $24.5 million and $1.6 million outstanding in senior
and junior classes, respectively, is secured by three Airbus
A321-200s delivered new in 2015. These amounts for the Anatolia
transaction are US dollar equivalents of the Japanese
Yen-denominated certificates, using a current exchange rate of 150
Japanese yen to the US dollar. The final scheduled payment dates
for this transaction are September 15, 2024 and September 15, 2027,
respectively.

The transactions are each subject to the Cape Town Convention as
implemented in Turkish law, which is intended to facilitate the
timely repossession of the collateral should a payment default
occur. The transactions also have the standard features found in
EETC financings, including cross-default, cross-collateralization,
18-month liquidity facilities and the issuers of the rated
certificates are bankruptcy-remote entities. Moody's EETC ratings
consider the credit quality of the airline that issues the
equipment notes in a mortgage type transaction or is the lessee in
a lease transaction. Payments on these instruments fund the
pass-through trusts that are the structural foundation of an EETC
transaction. Moody's opinion of the importance (or essentiality) of
specific aircraft models to an airline's network and its estimates
of equity cushion are also factors in its EETC ratings. Moody's
believes the 777-300ERs and the A321s will remain in Turkish
Airline's operations over the transactions' remaining lives.

The change in outlook to stable for the Anatolia transaction
reflects that the rating outlook on the Government of Turkiye is
stable, which limits the prospects of a further lowering of the
foreign currency country ceiling for Turkiye.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Changes in EETC ratings can result from any combination of changes
in Moody's estimates of aircraft market values, which will affect
estimates of loan-to-value; the underlying credit quality or
ratings of the airline issuer or lessee; Moody's opinion of the
importance of particular aircraft models to an airline's network or
changes in the Long Term Foreign Currency Issuer Rating of The
Government of Turkiye or Moody's foreign currency country ceiling
for Turkiye, which is currently B3.

The methodologies used in these ratings were Enhanced Equipment
Trust and Equipment Trust Certificates published in July 2018.

Founded in 1933, Turkish Airlines is the national flag carrier of
the Government of Turkiye and is a member of the Star Alliance
network since April 2008. Through the Istanbul Airport acting as
the airline's primary hub since early 2019, the airline operates
scheduled services to 344 international and domestic destinations
across 129 countries globally. It has a fleet of 283 narrow-body,
112 wide-body and 24 cargo planes.

The airline is 49.12% owned by the Government of Turkiye through
the Turkiye Wealth Fund while the balance is public on Borsa
Istanbul stock exchange. For the 12 months ended June 30, 2023, the
company reported revenues of $20.3 billion and a Moody's adjusted
operating profit of $3.5 billion.


BPCRE 2022-FL2: DBRS Confirms B(low) Rating on Class G Notes
------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by BPCRE 2022-FL2, Ltd. (the Issuer) 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 credit rating confirmations reflect the overall stable
performance of the transaction, which has remained in line with
DBRS Morningstar's expectations since issuance. The trust is
primarily composed of loans backed by multifamily properties, with
recently reported credit and leverage metrics that are in line with
issuance figures. There were no significant loan-level concerns
noted by DBRS Morningstar as part of this review. 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 28 floating-rate mortgages
secured by 41 mostly transitional properties with a cut-off date
balance totaling $609.4 million. Most loans were in a period of
transition with plans to stabilize performance and improve values
of the underlying assets. As of the September 2023 remittance, the
pool comprised 26 loans secured by 39 properties with a cumulative
trust balance of $609.4 million. Since issuance, two loans with a
prior cumulative trust balance of $34.0 million have been
successfully repaid in full. The transaction has an 18-month
Reinvestment Period, whereby the Issuer can purchase new loan
collateral or funded loan participations on existing loan
collateral into the trust. All new loan collateral must be
multifamily assets. The Reinvestment Period is scheduled to end
with the November 2023 Payment Date and as of September 2023, the
Reinvestment Account had a balance of $26,568.

The transaction is concentrated by property type as 24 loans,
representing 97.4% of the current trust balance, are secured by
multifamily properties, with one loan (1.4%% of the current trust
balance) secured by a manufactured housing community and one loan
(1.2% of the current trust balance) secured by a mixed-use
property. In comparison with the pool at closing, the property type
concentration of the pool remains unchanged.

The pool is concentrated in loans secured by properties in suburban
markets, with 17 loans, representing 66.2% of the pool, assigned a
DBRS Morningstar Market Rank of 3, 4, or 5. An additional seven
loans, representing 23.1% of the pool, are secured by properties
with a DBRS Morningstar Market Rank of 2, denoting tertiary
markets, while two loans, representing 10.7% of the pool, are
secured by properties with a DBRS Morningstar Market Rank of 6, 7,
or 8, denoting urban markets. These concentrations are generally in
line with the market representations at issuance.

Leverage across the pool was generally stable to slightly elevated
from issuance as of the September 2023 reporting. The current
weighted-average (WA) as-is appraised value loan-to-value ratio
(LTV) is 69.6%, with a current WA stabilized LTV of 64.3%. In
comparison, these figures were 69.5% and 56.8%, respectively, at
issuance. DBRS Morningstar recognizes that select property values
may be inflated as the majority of the individual property
appraisals were completed in 2021 or 2022 and may not reflect the
current rising interest rate or widening capitalization rate
environments. In the analysis for this review, DBRS Morningstar
applied upward LTV adjustments across 17 loans, representing 63.1%
of the current trust balance.

Through June 2023, the lender had advanced cumulative loan future
funding of $66.8 million to 10 of the 21 outstanding individual
borrowers to aid in property stabilization efforts. The largest
advance, $12.7 million, was to the borrower of the Cordillera loan,
which is secured by a multifamily property in Phoenix. The
borrower's original business plan was to purchase the remaining 118
units, collapse the condominium structure, and renovate all 228
units. The loan included $37.5 million of future funding, with
$31.3 million allocated to unit acquisition ($265,000 per unit) and
$6.2 million earmarked for the renovation of all 228 potential
units.

According to an update from the collateral manager, the borrower
does not believe it can complete the original plan of acquiring all
the remaining condominium units and as such, has reached an
agreement with the lender to reduce the full loan commitment by
$19.8 million to $25.5 million. The collateral manager's update did
not provide specifics on the number of units purchased to date, and
it is unclear if the borrower has ceased all efforts to acquire
additional units or if the total number targeted has just been
lowered. The collateral manager did confirm that the borrower had
renovated 60 units to date, with achieved monthly rental rates on
renovated units about $100 less than originally expected. An
additional $4.0 million of loan future funding remains available to
the borrower; however, specifics on how that is allocated between
unit renovations and unit acquisitions were not made available. In
the analysis for the October 2023 surveillance review, DBRS
Morningstar stressed the LTV by reducing the appraiser's stabilized
value provided at issuance given the expected reduction in loan
collateral. The adjustment resulted in a loan-level expected loss
approximately 1.5 times greater than the pool's expected loss.

An additional $30.3 million of loan future funding allocated to 19
of the outstanding individual borrowers remains available. The
largest portion, $4.1 million, is for the borrower of the Avalon
Square Apartments loan, which is secured by a multifamily property
in Bradenton, Florida. The loan included total loan future funding
of $4.3 million, allocated as $1.3 million for the borrower's
capital expenditures (capex) and $3.0 million as a property
performance based earn-out. Through June 2023, only $0.3 million
for capex costs had been advanced to the borrower. According to the
Q2 2023 collateral manager report, 54 of the planned 127 unit
renovations had been completed and net cash flow was $1.5 million
with a resulting debt yield of 7.7%. The minimum required debt
yield to achieve the performance test is 8.0%. Therefore, the
borrower may be able to achieve the earn-out by YE2023.

As of the September 2023 remittance, there were no delinquent loans
or loans in special servicing, and there were five loans on the
servicer's watchlist, representing 21.3% of the current trust
balance. All loans have been highlighted for upcoming maturity, and
according to updates from the collateral manager, all borrowers
have either initiated exit strategies or have exercised existing
loan extension options. This includes the Cordillera loan noted
above, which has been extended to October 2024, and the borrower
has purchased a new interest rate cap agreement as part of the
extension. Only one loan, Elsinore & Fitch Portfolios (4.3% of the
pool), has been modified. The modification allowed the borrower to
defer interest payments totaling $62,000 due at loan maturity in
October 2023. The update from the collateral manager noted the
borrower is working to close takeout financing; however, a
potential closing date is unknown. At issuance, DBRS Morningstar
applied a loss given default penalty to the loan as the property
was deemed as legal nonconforming use; that adjustment remained in
the analysis for this review.

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




BRIDGECREST LENDING 2023-1: DBRS Gives Prov. BB Rating on E Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of notes to
be issued by Bridgecrest Lending Auto Securitization Trust 2023-1
(the Issuer) as follows:

-- $66,000,000 Class A-1 Notes at R-1 (high) (sf)
-- $126,300,000 Class A-2 Notes at AAA (sf)
-- $126,200,000 Class A-3 Notes at AAA (sf)
-- $60,550,000 Class B Notes at AA (sf)
-- $81,550,000 Class C Notes at A (sf)
-- $94,500,000 Class D Notes at BBB (sf)
-- $43,400,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

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

(2) BLAST 2023-1 provides for the Notes' coverage multiples that
are slightly below the DBRS Morningstar range of multiples set
forth in the criteria for this asset class. DBRS Morningstar
believes that this is warranted, given the magnitude of expected
loss, company history, and structural features of the transaction.

(3) The DBRS Morningstar CNL assumption is 24.10% based on the
expected pool composition.

(4) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: September 2023 Update," published on September
28, 2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

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

-- DriveTime has an experienced and stable management team and has
had relatively stable performance in carrying economic environments
because of its expertise in the subprime auto market.

-- DBRS Morningstar has performed an operational review of
DriveTime and Bridgecrest and considers the entities acceptable
originators and servicers of subprime auto loans.

-- DBRS Morningstar did not perform an operational review of GoFi
given their relatively small contribution to the pool.

-- The Company has made substantial investments in technology and
infrastructure to continue to improve its ability to predict
borrower behavior, manage risk, and mitigate loss.

-- DriveTime has centrally developed and maintained underwriting
and loan servicing platforms. Underwriting is performed in the
DriveTime dealerships by specially trained DriveTime employees.

-- Computershare, an experienced auto-loan servicer, is the
standby servicer for the portfolio in this transaction.

(6) The quality and consistency of historical static pool data for
DriveTime originations and performance of the DriveTime auto loan
portfolio.

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

The transaction represents a securitization of a portfolio of motor
vehicle retail installment sales contracts originated by DriveTime
Car Sales Company, LLC and GoFi, LLC. DriveTime Car Sales Company,
LLC is a wholly owned subsidiary of DriveTime, a leading
used-vehicle retailer in the United States that focuses primarily
on the sale and financing of vehicles to the subprime market. GoFi
is an AI-enabled, digital-first lending platform primarily focused
on franchise dealers.

The rating on the Class A Notes reflects 56.00% of initial hard
credit enhancement provided by the subordinated notes in the pool
(40.00%), the reserve account (1.50%), and OC (14.50%). The ratings
on the Class B, C, D, and E Notes reflect 47.35%, 35.70%, 22.20%,
and 16.00% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities referenced
herein addresses the credit risk associated with the identified
financial obligations in accordance with the relevant transaction
documents. The associated financial obligations for each of the
rated notes are the related Noteholders' Monthly Accrued Interest
and the related Note Balance.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. The associated contractual payment obligations that
are not financial obligations are the related interest on unpaid
Noteholders' Interest Carryover Shortfall for each of the rated
notes.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

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



CARLYLE US 2022-6: Fitch Assigns 'BB-sf' Rating on Class E-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Carlyle
US CLO 2022-6, Ltd. refinancing notes.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
Carlyle US CLO
2022-6, Ltd.

   A-R              LT   NRsf    New Rating
   B-1 14317GAC7    LT   PIFsf   Paid In Full   AAsf
   B-2 14317GAE3    LT   PIFsf   Paid In Full   AAsf
   B-R              LT   AAsf    New Rating
   C 14317GAG8      LT   PIFsf   Paid In Full   Asf
   C-R              LT   Asf     New Rating
   D 14317GAJ2      LT   PIFsf   Paid In Full   BBB-sf
   D-R              LT   BBB-sf  New Rating
   E 14317NAA6      LT   PIFsf   Paid In Full   BB-sf
   E-R              LT   BB-sf   New Rating

TRANSACTION SUMMARY

Carlyle US CLO 2022-6, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Carlyle CLO
Management L.L.C. that originally closed in December 2022. The
CLO's secured notes will be refinanced in whole on Oct. 25, 2023
(the first refinancing date) from proceeds of new secured notes.
The secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B/B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.8, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.9. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.4% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.2% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.1%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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


CARLYLE US 2023-4: Fitch Assigns 'BB-(EXP)' Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Carlyle US CLO 2023-4, Ltd.

   Entity/Debt              Rating           
   -----------              ------           
Carlyle US CLO
2023-4, Ltd.

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

TRANSACTION SUMMARY

Carlyle US CLO 2023-4, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B/B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 26.05, versus a maximum covenant, in
accordance with the initial expected matrix point of 27.65. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.88% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 72.99% versus a
minimum covenant, in accordance with the initial expected matrix
point of 72.99%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A2, between
'BB+sf' and 'A+sf' for class B, between 'Bsf' and 'BBB+sf' for
class C, between less than 'B-sf' and 'BB+sf' for class D, and
between less than 'B-sf' and 'B+sf' for class E.

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

Upgrade scenarios are not applicable to the class A2 notes; and 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

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

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


CD 2017-CD6: DBRS Confirms B Rating on Class G-RR Certs
-------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates issued by CD 2017-CD6
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-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class X-D at A (high) (sf)
-- Class D at A (sf)
-- Class E-RR at BBB (sf)
-- Class F-RR at BB (low) (sf)
-- Class G-RR at B (sf)

All trends are Stable.

The credit rating confirmations reflect DBRS Morningstar's outlook
and loss expectations for the transaction, which remain relatively
unchanged from the last review. However, there is a high
concentration of loans secured by office properties that represent
32.2% of the current pool balance. In general, the office sector
continues to face challenges given the shifts in workplace dynamics
and end-user demand. While select office loans in the transaction
continue to perform as expected, several others are exhibiting
increased risk, including the largest loan in the pool,
Headquarters Plaza (Prospectus ID#1; 8.1% of the pool), as further
detailed below. Mitigating factors include a sizable unrated first
loss piece totalling $39.8 million with no losses incurred to the
trust to date. In addition, these loans benefit from low to
moderate going-in loan-to-value (LTV) ratios and/or established
leasing reserves. Furthermore, the majority of office loans in the
pool have a maturity date in 2027, providing borrowers with an
adequate amount of time to work toward stabilization, if required.
In its analysis for this review, DBRS Morningstar applied stressed
loan-to-value (LTV) ratios or increased probability of default
(POD) assumptions to four loans secured by office properties,
resulting in a weighted-average expected loss that was more than
double the pool average.

As of the September 2023 remittance, 54 of the original 58 loans
remain in the pool with an aggregate principal balance of $928.9
million, reflecting collateral reduction of 12.5% since issuance.
There are five fully defeased loans, representing 5.8% of the pool.
There is only one loan in special servicing, representing 3.4% of
the pool, and nine loans on the servicer's watchlist, representing
22.4% of the pool. These loans are primarily being monitored for
declines in occupancy and/or debt service coverage ratios (DSCR).

The Hotel Mela Times Square (Prospectus ID#9) loan is secured by a
234-key, full-service hotel located in the Times Square submarket
of New York. The loan initially transferred to the special servicer
in May 2022 and returned to the master servicer in August 2022
following a loan modification that extended the maturity date from
November 2022 to November 2023. Subsequently, in June 2023, the
loan transferred back to the special servicer for maturity default
after the borrower requested an additional 24-month term on the
loan, which would extend the maturity date to November 2025. The
servicer noted that the extension request is currently being
considered. The hotel operated as a homeless shelter between July
2020 and July 2021, returning to the market between August 2021 and
December 2022. Since that time, the hotel has been under a
month-to-month migrant contract with the United States Department
of Homeland Security. Rooms at the subject property are 100.0%
occupied with the city paying the borrower $185.00 per day, per
room. No updated appraisal has been provided since issuance, when
the property was valued at $81.0 million; however, given the
general volatility in operating performance evidenced over the last
few reporting periods, 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 analyzed this loan
with a stressed LTV ratio and POD assumption, with the resulting
expected loss almost double the pool average.

The largest loan on the servicer's watchlist, Headquarters Plaza,
is secured by a mixed-use property in Morristown, New Jersey. The
collateral comprises three office towers totalling 562,242 square
feet (sf), which includes 167,274 sf of ground-floor retail space
and a 256-key Hyatt Regency hotel. The loan sponsors are the
property's original developers and, at issuance, DBRS Morningstar
noted approximately $45.7 million of capital improvements had been
invested since 2005. The property's retail component features
interior and outdoor-facing retail suites, an AMC theatre, and a
Crunch Fitness.

As a result of the impact of the Coronavirus Disease (COVID-19)
pandemic, the loan transferred to the special servicer in June 2020
for payment default and a forbearance agreement was subsequently
executed in April 2021 that required the borrower to carry out a
$15.0 million property improvement plan (PIP) for the hotel and a
$4.8 million renovation for the commercial component of the
collateral, both of which were completed in January 2022. At that
time, the loan was transferred back to the master servicer. The
property was most recently appraised in June 2021 for $172.6
million, up from the August 2020 appraisal value of $158.6 million,
but a decline from the issuance valuation of $239.0 million. As of
June 2023, the office and retail components of the property were
88.7% occupied. The tenant mix is relatively granular, with the
largest tenant, Riker Danzig Sherer, occupying 9.1% of the net
rentable area (NRA) on a lease through July 2025. The largest
retail tenant, AMC Theatres, occupies 5.5% of the NRA on a lease
that runs through April 2029. Based on the trailing-six (T-6) month
period ended June 30, 2023, financials, the loan reported an
annualized DSCR of 1.34 times (x), an improvement from the last few
years when the loan was reporting DSCRs below break-even, although
the servicer noted that the reporting from the prior year may not
be reflective of all operations at the subject. Although the
subject has exhibited an improvement in performance and the
borrower continues to be committed to the property as evidence by
the PIP and renovation, considering the value decline from
issuance, DBRS Morningstar analyzed the loan with a POD penalty and
stressed LTV, resulting in an expected loss approximately 2.5x
greater than the pool average.

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



CEDAR CREST 2022-1: Fitch Affirms 'B-sf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-FL, A-FX, B,
C, D, E and F notes of Cedar Crest 2022-1 LLC (Cedar Crest 2022-1).
The Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Cedar Crest 2022-1 LLC

   A-FL 15018VAA7       LT AAAsf  Affirmed   AAAsf
   A-FX 15018VAC3       LT AAAsf  Affirmed   AAAsf
   B 15018VAE9          LT AAsf   Affirmed   AAsf
   C 15018VAG4          LT Asf    Affirmed   Asf
   D 15018VAJ8          LT BBB-sf Affirmed   BBB-sf
   E 15018VAL3          LT BB-sf  Affirmed   BB-sf
   F 15018VAN9          LT B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

Cedar Crest 2022-1 is an arbitrage middle market collateralized
loan obligation (CLO) managed by Panagram Structured Asset
Management, LLC. Cedar Crest 2022-1 closed in November 2022 and
will exit its reinvestment period in October 2026. This CLO is
secured primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

Weakening Credit Quality, But Positive Cushions Remain

The affirmations are driven by sufficient credit enhancement (CE)
levels against relevant rating stress loss levels. The credit
quality of the portfolio has declined since the initial rating
assignment, leading to diminished breakeven default rate cushions
on most classes. Despite the declining trends, the cushions remain
positive at the notes' current rating levels in the cash flow
analysis of the current portfolio.

The class F note had deferred around $0.9 million of interest on
its first payment date in April 2023, due to insufficient interest
proceeds, but was repaid on the following July 2023 payment date.
The credit quality of the portfolio is at the 'B-' level, with
Fitch's weighted average rating factor (WARF) increasing to 31.8
from 28.1 at closing, partly driven by the uptick of assets rated
'CCC+' or below to 12.0% from 5.6% of the portfolio at closing,
excluding non-rated assets.

Portfolio Composition and Management

The aggregate portfolio balance is currently 1.0% above the initial
target portfolio par amount. The portfolio consists of 72 obligors,
and the largest 10 obligors represent 31.2% of the portfolio. There
are two permitted deferrable obligations and one defaulted asset,
totaling 3.3% and 0.6% of the total portfolio par balance,
respectively. Exposure to issuers with the driving rating on
Negative Outlook is 18.0%.

First lien loans, cash and eligible investments comprise 96.4% of
the portfolio. Fitch's WARR of the portfolio is 67.5%, compared to
average 67.4% at closing. All coverage tests, collateral quality
tests (CQTs), and concentration limitations were in compliance,
according to the latest trustee report.

Updated Fitch Stressed Portfolio Analysis

Fitch also updated cash flow analyses based on newly run Fitch
Stressed Portfolio (FSP) since the transaction is still in its
reinvestment period. The FSP analysis stressed the current
portfolio from the September 2023 trustee report to account for
permissible concentration and CQT limits. The weighted average
spread and weighted average recovery rate (WARR) were stressed to
the covenant Fitch test matrix point reflected in the latest
trustee report, while default assumptions correlated to the current
Fitch-calculated WARF of 31.8 in the portfolio. Fixed rate asset
exposures were also analyzed at 0% and 15%, and the FSP analysis
assumed a weighted average life of 7.24 years.

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 levels of CE to withstand potential
deterioration in the credit quality of the portfolios in stress
scenarios commensurate with each class' rating.

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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

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


CITIGROUP 2018-RP2: Moody's Hikes Rating on Cl. B-2 Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 13 bonds from
four transactions issued by Citigroup Mortgage Loan Trust between
2015 and 2019. The transactions are backed by seasoned performing
and modified re-performing residential mortgage loans (RPL). Fay
Servicing LLC is the servicer for all deals.

The complete rating actions are as follows:

Issuer: Citigroup Mortgage Loan Trust 2015-A

Cl. B-4, Upgraded to A1 (sf); previously on Jan 12, 2023 Upgraded
to A3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2018-RP2

Cl. B-1, Upgraded to Baa1 (sf); previously on Mar 16, 2022 Upgraded
to Baa3 (sf)

Cl. B-2, Upgraded to Ba2 (sf); previously on Mar 16, 2022 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to Aaa (sf); previously on Jan 12, 2023 Upgraded
to Aa2 (sf)

Cl. M-3, Upgraded to A1 (sf); previously on Jan 12, 2023 Upgraded
to A3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2018-RP3

Cl. B-1, Upgraded to Baa3 (sf); previously on Jan 12, 2023 Upgraded
to Ba1 (sf)

Cl. B-2, Upgraded to B1 (sf); previously on Sep 28, 2020 Confirmed
at B3 (sf)

Cl. M-2, Upgraded to Aa1 (sf); previously on Jan 12, 2023 Upgraded
to Aa3 (sf)

Cl. M-3, Upgraded to A3 (sf); previously on Jan 12, 2023 Upgraded
to Baa2 (sf)

Issuer: Citigroup Mortgage Loan Trust 2019-RP1

Class B-1, Upgraded to Baa3 (sf); previously on Jan 12, 2023
Upgraded to Ba1 (sf)

Class B-2, Upgraded to B1 (sf); previously on Sep 28, 2020
Confirmed at B3 (sf)

Class M-2, Upgraded to Aa2 (sf); previously on Jan 12, 2023
Upgraded to A1 (sf)

Class M-3, Upgraded to A2 (sf); previously on Jan 12, 2023 Upgraded
to Baa1 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating upgrades are a result of the improving performance of the
related pools, and/or an increase in credit enhancement available
to the bonds. In Moody's analysis, Moody's considered the
likelihood of higher future pool expected losses due to rising
borrower defaults driven by an increase in unemployment and
inflation while prepayments remain broadly subdued amid elevated
interest rates. The actions also reflect Moody's updated loss
expectations on the pools which incorporate Moody's assessment of
the representations and warranties framework of the transactions,
the due diligence findings of the third-party reviews at the time
of issuance, and the transactions' servicing arrangement.

Principal Methodologies

The methodologies used in these ratings were "Non-Performing and
Re-Performing Loan Securitizations Methodology" published in July
2022.

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

Up

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

Down

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

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


CITIGROUP 2019-C7: Moody's Lowers Rating on Cl. 805A Certs to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on three
loan-specific ("rake") CMBS securities, issued by Citigroup
Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through
Certificates, Series 2019-C7 as follows:

Cl. 805A, Downgraded to B1 (sf); previously on Mar 1, 2023
Downgraded to Ba2 (sf)

Cl. 805B, Downgraded to Caa1 (sf); previously on Mar 1, 2023
Downgraded to B2 (sf)

Cl. 805C, Downgraded to Caa3 (sf); previously on Mar 1, 2023
Downgraded to Caa1 (sf)

RATINGS RATIONALE

The ratings on the three loan-specific classes were downgraded due
to an increase in Moody's loan-to-value (LTV) ratio because of the
continued decline in loan performance, uncertainty around the
timing and the extent of the property's cash flow recovery and
weaker office fundamentals in the property's market. The
loan-specific ("rake") certificates are collateralized by a $125
million B-note, which is a junior component of a $275 million,
fixed rate mortgage loan secured by an office property in the East
Side submarket of midtown Manhattan. The property's revenue, net
cash flow (NCF) and occupancy have declined significant since
securitization causing the 2022 debt service coverage ratio (DSCR)
to be well below 1.00X for the total mortgage loan based on an
interest rate of 4.04%. Furthermore, the loan was delinquent as of
the October 2023 remittance and last paid through its August 2023
payment date.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

The rake certificates are backed by a $125 million, non-pooled
B-note, which is a junior portion of a $275 million, fixed-rate,
10-year mortgage loan collateralized by the fee simple interest in
an office property at 805 Third Avenue in New York, New York. As of
the October 17, 2023 distribution date, the whole loan's balance
remains unchanged at $275 million from securitization and the loan
matures in December 2029. The whole loan has a term of 10-year
interest only term at a fixed rate of 4.04%, which is allocated
such that the A-note has an interest rate of 4.24% and the B-note
has an interest rate of 3.80%.

The collateral under the mortgage loan is a 29-story office
building located on the east side of Third Avenue between 49th and
50th Streets. The Cohen Brothers developed 805 Third Avenue in 1982
and have owned the property since. The property contains
approximately 596,100 SF of net rentable area (NRA) consisting of:
(i) 564,329 SF of office space (94.7% of NRA); (ii) 30,659 SF of
retail space (5.1% of NRA); and (iii) 1,112 SF of storage and other
space (0.2% of NRA). The property is well located in Midtown
Manhattan, eight blocks north of Grand Central and two blocks from
the Lexington Avenue/51st Street subway station.

The property's occupancy rate has deteriorated significantly since
securitization and the property was 60% leased as of April 2023,
compared to 69% in September 2022 and 92% at securitization.
Furthermore, the largest tenant Meredith Corporation (212,594 SF,
35.7% of NRA; lease expiration in December 2026) subleases the
majority of its space to multiple tenants including KBRA, Gen II
Fund and NewMax. The lower occupancy has caused the property's 2022
NCF to decline to $6.8 million, which is 38% lower than the NCF in
2021 and 60% lower than in 2020. The NCF decline has caused the
total mortgage DSCR to be well below 1.00X based on its 2022 NCF.

The Manhattan office market vacancies have also increased since
securitization. According to CBRE, the property's East Side
submarket in Manhattan included 19.3 million SF of Class A office
space in Q3 2023 with a vacancy of 21.7%, compared to a vacancy
rate of 8.4% in 2019. The vacancy of the Manhattan Class A office
market as a whole, according to CBRE, reported an increase from
7.6% in 2019 to 14.9% in Q3 2023.

The mortgage loan balance of $275.0 million represents a Moody's
LTV of 189.4% based on Moody's Value and an Adjusted Moody's LTV of
167.9% based on Moody's Value using a cap rate adjusted for the
current interest rate environment. As of the October 2023
remittance, the loan was last paid through its August 2023 payment
date and the servicer commentary indicates the collections are in
process.


CITIGROUP 2019-GC43: Fitch Lowers Rating on J-RR Debt to CCC
------------------------------------------------------------
Fitch Ratings has downgraded 5 classes and affirmed 13 classes of
Citigroup Commercial Mortgage Trust 2019-GC43. Rating Outlooks on
classes E, and X-D were revised to Negative from Stable. Classes F,
X-F, G, and X-G were assigned Negative Rating Outlooks following
their downgrades. Fitch has also affirmed 14 classes of GS Mortgage
Securities Trust 2019-GSA1 commercial mortgage pass-through
certificates, series 2019-GSA1 and 15 classes of GS Mortgage
Securities Trust 2019-GC42" Commercial Mortgage Pass-Through
Certificates. The Under Criteria Observation (UCO) for all three
transactions has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
GSMS 2019-GC42

   A-1 36257UAH0    LT AAAsf  Affirmed   AAAsf
   A-2 36257UAJ6    LT AAAsf  Affirmed   AAAsf
   A-3 36257UAK3    LT AAAsf  Affirmed   AAAsf
   A-4 36257UAL1    LT AAAsf  Affirmed   AAAsf
   A-AB 36257UAM9   LT AAAsf  Affirmed   AAAsf
   A-S 36257UAQ0    LT AAAsf  Affirmed   AAAsf
   B 36257UAR8      LT AA-sf  Affirmed   AA-sf
   C 36257UAS6      LT A-sf   Affirmed   A-sf
   D 36257UAA5      LT BBBsf  Affirmed   BBBsf
   E 36257UAC1      LT BBB-sf Affirmed   BBB-sf
   F-RR 36257UAD9   LT BB-sf  Affirmed   BB-sf
   G-RR 36257UAE7   LT B-sf   Affirmed   B-sf
   X-A 36257UAN7    LT AAAsf  Affirmed   AAAsf
   X-B 36257UAP2    LT A-sf   Affirmed   A-sf
   X-D 36257UAB3    LT BBB-sf Affirmed   BBB-sf

Goldman Sachs
Mortgage
Securities Trust
2019-GSA1

   A-2 36261PAR3    LT AAAsf  Affirmed   AAAsf
   A-3 36261PAS1    LT AAAsf  Affirmed   AAAsf
   A-4 36261PAT9    LT AAAsf  Affirmed   AAAsf
   A-AB 36261PAU6   LT AAAsf  Affirmed   AAAsf
   A-S 36261PAX0    LT AAAsf  Affirmed   AAAsf
   B 36261PAY8      LT AA-sf  Affirmed   AA-sf
   C 36261PAZ5      LT A-sf   Affirmed   A-sf
   D 36261PAA0      LT BBBsf  Affirmed   BBBsf
   E 36261PAE2      LT BBB-sf Affirmed   BBB-sf
   F-RR 36261PAG7   LT BB-sf  Affirmed   BB-sf
   G-RR 36261PAJ1   LT B-sf   Affirmed   B-sf
   X-A 36261PAV4    LT AAAsf  Affirmed   AAAsf
   X-B 36261PAW2    LT AA-sf  Affirmed   AA-sf
   X-D 36261PAC6    LT BBB-sf Affirmed   BBB-sf

Citigroup
Commercial
Mortgage Trust
2019-GC43

   A-1 17328HBA8    LT AAAsf  Affirmed   AAAsf
   A-2 17328HBB6    LT AAAsf  Affirmed   AAAsf
   A-3 17328HBC4    LT AAAsf  Affirmed   AAAsf
   A-4 17328HBD2    LT AAAsf  Affirmed   AAAsf
   A-AB 17328HBE0   LT AAAsf  Affirmed   AAAsf
   A-S 17328HBG5    LT AAAsf  Affirmed   AAAsf
   B 17328HBH3      LT AA-sf  Affirmed   AA-sf
   C 17328HBJ9      LT A-sf   Affirmed   A-sf
   D 17328HAJ0      LT BBBsf  Affirmed   BBBsf
   E 17328HAL5      LT BBB-sf Affirmed   BBB-sf
   F 17328HAN1      LT B+sf   Downgrade  BB+sf
   G 17328HAQ4      LT B-sf   Downgrade  BB-sf
   J-RR 17328HAS0   LT CCCsf  Downgrade  B-sf
   X-A 17328HBF7    LT AAAsf  Affirmed   AAAsf
   X-B 17328HAA9    LT AA-sf  Affirmed   AA-sf
   X-D 17328HAC5    LT BBB-sf Affirmed   BBB-sf
   X-F 17328HAE1    LT B+sf   Downgrade  BB+sf
   X-G 17328HAG6    LT B-sf   Downgrade  BB-sf

KEY RATING DRIVERS

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

The downgrades and Negative Outlooks in CGCMT 2019-GC43 reflect an
increase in expected losses, primarily driven by the
underperformance of office properties (50% of the pool balance), as
well as the impact of the criteria. Fitch's current ratings for the
transaction incorporate a 'Bsf' rating case loss of 5.2%.

The affirmations in GSMS 2019-GSA1 and GSMS 2019-GC42 reflect the
generally stable pool performance since the prior rating actions,
as well as the impact of the updated criteria. Fitch's current
ratings on GSMS 2019-GSA1 incorporate a 'Bsf' rating case loss of
4%. Fitch has identified four loans (10.3%) as Fitch Loans of
Concern (FLOCs), three of which are in special servicing (6.8%) and
all of which are current as of the September 2023 distribution
date. Fitch's current ratings on GSMS 2019-GC42 incorporate a 'Bsf'
rating case loss of 4.5%. Fitch has identified four FLOCs (7.2%),
which include one loan in special servicing (2.3%).

Fitch Loans of Concern/Specially Serviced Loans: The largest
contributor to losses in the GSMS 2019-GC42 and CGCMT 2019-GC43 are
the Midland Office Portfolio and 222 Kearny Street loans. 222
Kearny Street is a 148,199sf office property located in San
Francisco, CA. The loan transferred to special servicing in July
2023 due to cash flow issues. According to servicer updates,
discussions are ongoing. The property was 73% occupied as of May
2023. The servicer reported NOI DSCR was 2.21x for the TTM June
2023 period, which is a slight decline from 2.45x at YE 2022.

Fitch's Bsf' rating case loss (prior to concentration add-on) of
approximately 35% utilized a 10% cap and increased Probability of
Default due to the loans transferring to special servicing.

The Midland Office Portfolio loan is secured by a portfolio of five
office properties located in Midland, TX. The loan transferred to
special servicing in September 2023 and remains current. Occupancy
declined to 73% as of June 2023, down from 90% at YE 2020. The
largest tenants are Enlink Midstream Operating, L.P. (19% NRA;
through June 2026) and Bank of America, N.A. (6% NRA; through
January 2028). The servicer reported NOI DSCR was 1.74x at YE
2022.

Fitch's 'Bsf' rating case loss (prior to concentration add-on) of
23% reflects a 10% cap rate with a 10% haircut to the YE 2022 NOI
as well as an increased PD due to the loans recent transfer to
special servicing.

The largest contributor to losses in GSMS 2019-GSA1 is the
Millennium Park Plaza loan (4%), which is secured by A 38-story,
560,083 sf mixed use property (multifamily, office and retail)
tower located in Chicago, Illinois. The multifamily portion of the
collateral is 80% occupied and comprises about 73% of the base
rents. The loan has been designated as a FLOC due to performance
declines. The servicer reported NOI DSCR was 1.71x at YE 2022, up
from 0.95x at YE 2021. Fitch's 'Bsf' rating case losses (prior to
concentration adjustments) is 8.8%, which utilized a 9% cap and
7.5% haircut to the YE 2022 NOI due to occupancy declines.

Minimal Change to CE: As of the September 2023 distribution date,
GSMS 2019-GSA1, GSMS 2019-GC42 and CGCMT 2019-GC43 have paid down
by 3.1%, 1.0% and 1.0%, respectively. There have been no losses to
date. Interest shortfalls are currently affecting the NR class.
Defeasance is minimal, ranging from 0% to 2.5%.

RATING SENSITIVITIES

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

Downgrades to the 'AAAsf' through 'BBB-sf' category rated classes
could occur if deal-level expected losses increase significantly.
Classes would not be upgraded above 'Asf' if there is a likelihood
of interest shortfalls.

Classes rated in the 'BBsf' rating category and below would be
downgraded should overall pool losses increase and/or one or should
the FLOCs performance continue to deteriorate. Further downgrades
to the distressed 'CCCsf' class would occur as losses are realized
or become more certain.

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

Upgrades would occur with stable to improved asset performance,
coupled with additional paydown and/or defeasance. Upgrades to the
'AA-sf' 'A-sf', 'BBBsf' and 'BBB-sf' rating categories could occur
with significant improvement in CE and/or defeasance along with the
stabilization of properties currently designated as FLOCs.

Upgrades to the 'BB+sf', 'BBsf', 'BB-sf', 'B+sf' to 'B-sf' rating
categories are not likely until the later years in the transaction
and only if the performance of the remaining pool is stable,
properties vulnerable to the pandemic stabilize, and if there is
sufficient CE.

Upgrades to the distressed 'CCCsf' class are not expected but would
be 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.


CITIGROUP COMMERCIAL 2017-P8: DBRS Cuts F Certs Rating to B
-----------------------------------------------------------
DBRS, Inc. downgraded its credit ratings on the following
Commercial Mortgage Pass-Through Certificates, Series 2017-P8
issued by Citigroup Commercial Mortgage Trust 2017-P8:

-- Class C to A (low) (sf) from A (high) (sf)
-- Class V-2C to A (low) (sf) from A (high) (sf)
-- Class V-3AC to A (low) (sf) from A (high) (sf)
-- Class X-D to BBB (low) (sf) from BBB (high) (sf)
-- Class D to BB (high) (sf) from BBB (sf)
-- Class V-2D to BB (high) (sf) from BBB (sf)
-- Class V-3D to BB (high) (sf) from BBB (sf)
-- Class X-E to BB (sf) from BBB (low) (sf)
-- Class E to BB (low) (sf) from BB (high) (sf)
-- Class X-F to B (high) (sf) from BB (sf)
-- Class F to B (sf) from BB (low) (sf)

In addition, DBRS Morningstar confirmed its credit ratings on the
following classes:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class V-2A at AAA (sf)
-- Class B at AAA (sf)
-- Class V-2B at AAA (sf)

DBRS Morningstar also changed the trends on Classes A-S, X-A, V2A,
X-B, B, V-2B, C, V-2C, V-3AC, D, X-D, V-2D, and V-3D to Negative
from Stable and maintained the Negative trends on Classes X-E, E,
X-F, and F. The trends on all remaining classes are Stable.

The credit rating downgrades and Negative trends reflect DBRS
Morningstar's concern surrounding the increased credit risk related
to the pool's exposure to office properties, which represents 33.5%
of the current pool balance, as well as the declining performance
metrics for several other loans in the pool. The credit rating
confirmations and Stable trends reflect the generally stable
performance for the remaining loans in the pool since issuance,
with no losses.

In general, the office sector has been challenged, given the low
investor appetite for the property type and high vacancy rates in
many submarkets as a result of the shift in workplace dynamics.
While select office loans in the transaction continue to perform as
expected, DBRS Morningstar identified six loans backed by office
properties, representing 17.7% of the pool, showing performance
declines from issuance or otherwise exhibiting increased risks from
issuance that were analyzed with stressed scenarios, including
increased probability of default (POD) penalties and/or increased
loan-to-value (LTV) ratios, as applicable, to increase the expected
losses. The resulting weighted-average (WA) expected loss for the
six loans secured by office properties that were adjusted was over
double the pool WA figure.

At the last credit rating action in November 2022, DBRS Morningstar
maintained Negative trends for Classes E, X-E, F, and X-F because
of the increased risk for several loans on the servicer's watchlist
and persisted material deviations suggesting downward ratings
pressure from the CMBS Insight Model for Classes B, V-2B, C, V-2C,
and V-3AC because of the associated uncertain loan-level event
risk. DBRS Morningstar's current outlook for several office loans
in the pool that have sustained performance declines combined with
challenges stemming from other loans with declining performance
metrics has resulted in further downward ratings pressure implied
by the CMBS Insight Model results for the four lowest-rated classes
along with their applicable classes that reference them, that are
most exposed to loss, warranting the downgrades and Negative
trends.

As of the September 2023 remittance, 52 of the original 53 loans
remain in the trust with an outstanding trust balance of $1.04
billion, reflecting a collateral reduction of 4.6% since issuance.
Seven loans, representing 9.2% of the trust balance, are defeased.
There are 11 loans, representing 28.1% of the trust balance, on the
servicer's watchlist, primarily because of low debt service
coverage ratios (DSCRs), declining occupancy rates, and/or tenant
rollover risk, including the largest loan in the pool. Of the loans
on the servicer's watchlist, there are three loans backed by office
properties and one loan backed by a hotel property, representing
17.6% of the pool balance, in the top 10.

In addition to the loans on the servicer's watchlist, DBRS
Morningstar's analysis reflects increased credit risk for two loans
in the top 10—Corporate Woods Portfolio (Prospectus ID#4, 4.3% of
the pool), a 2.0 million-square-foot (sf) office and retail space
located in suburban Kansas City with declining occupancy, and Mall
of Louisiana (Prospectus ID#6, 4.3% of the pool), a regional mall
in a noncore market with a vacant noncollateral anchor space,
declining net cash flow, and moderate exposure to near-term tenant
rollover—since the last credit rating action in November 2022.
These loans were analyzed with additional stresses to increase the
expected losses resulting in losses that are more than double the
pool WA expected loss.

Bank of America Plaza (Prospectus ID#5, 4.2% of the pool), the
second largest loan on the servicer's watchlist, is secured by a
438,996-sf Class A office property located in Troy, Michigan,
approximately 20.0 miles northwest of the Detroit central business
district. The loan is on the servicer's watchlist because of the
departure of Bank of America, previously occupying 35.2% of net
rentable area (NRA), vacating upon lease expiration in January
2023. While occupancy has declined to 53% as of June 2023 from 91%
at YE2022, the resulting DSCR of 1.53 times (x), down from 2.81x at
YE2022, remains relatively healthy and the remaining tenant roster
is stable with long-term leases in place and minimal near-term
rollover prior to loan maturity. The loan also benefits from a
healthy reserve with a reported September 2023 balance of $7.6
million. In its analysis for this review, DBRS Morningstar applied
a POD penalty and assumed a stressed LTV ratio to reflect the
increased credit risk ahead of the loan's upcoming maturity in
September 2024, resulting in an expected loss that was more than
double the pool WA expected loss.

The largest loan on the servicer's watchlist, 225 & 233 Park Avenue
South (Prospectus ID#1, 5.8% of the pool), is secured by a
675,756-sf Class A office property with ground-level retain in the
Gramercy Park submarket of Manhattan. As of the most recent
financial reporting in March 2023, the property reported an
occupancy and DSCR of 99% and 3.90x, respectively. However, the top
three tenants, Meta (39.4% of NRA, expiring in October 2027),
Buzzfeed (28.7% of NRA, expiring in May 2026), and STV Incorporated
(19.7% of NRA, expiring in May 2024), which account for more than
90% of NRA have confirmed that they have vacated or will be
vacating in 2024 at or before their respective scheduled lease
expiration date. While a significant portion of the building has
exposure to tenant rollover risk, mitigating factors include
structural features, including a low going-in LTV ratio of 31.3%,
leasing reserves totaling $30.0 million, and cash management
provisions.

DBRS Morningstar expects that the impact to cash flow will be
somewhat insulated by Meta's $33 million termination fee, Buzzfeed
subleasing its space, and the upside potential given STV
Incorporated's below market lease of $52 per sf (psf) as of the
June 2022 rent roll compared with the Class A average submarket
asking rent of $96 psf. While the property has historically
benefited from its strong location and high quality finishes, many
corporate tenants have been moving operations to more desirable
areas within Manhattan in recent months. Colliers International Q2
2023 Manhattan Office Market Overview report shows that the
property's Gramercy Park submarket has softened with the submarket
availability rate increasing to 19.1%, an increase of more than 200
basis points quarter-over-quarter and 300 basis points
year-over-year, increasing at a quicker pace than the broader
Midtown South market of Manhattan. At issuance, DBRS Morningstar
shadow rated the 225 & 233 Park Avenue South loan as investment
grade because of the property's quality and location. Given the
increased credit risk combined with the softening of the submarket,
in its analysis for this review DBRS Morningstar removed the shadow
rating for this loan with this review.

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




COMM 2013-CCRE11: DBRS Confirms B(High) Rating on Class F Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11
issued by COMM 2013-CCRE11 Mortgage Trust as follows:

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

The trends for all Classes remain Stable. Since DBRS Morningstar's
last credit rating action, 39 loans have repaid from the pool,
leaving the pool concentrated with only six loans outstanding. Two
of the remaining six loans, representing 75.2% of the pool, are
delinquent and in special servicing. DBRS Morningstar's projected
losses for these loans are currently contained to the unrated Class
G certificate. DBRS Morningstar remains concerned with the timing
of disposition of the outstanding loans and propensity for interest
shortfalls. As of the September 2023 remittance, all classes
received full interest payments.

The largest loan and primary driver of DBRS Morningstar's loss
projections is Oglethorpe Mall (Prospectus ID# 5, 55.5% of the
pool), secured by approximately 627,000 square feet (sf) of a
943,000-sf regional mall in Savannah, Georgia. The loan sponsor is
Brookfield Property Partners, and the mall is anchored by a
noncollateral Belk, a collateral Macy's (21.5% of the net rentable
area (NRA); lease expiry in February 2028), and JCPenney (13.7% of
the NRA; lease expiry in July 2027). A fourth anchor pad owned by
Seritage Growth Properties has been dark since Sears vacated in
2018. Seritage is reportedly in talks with the city to rezone the
site for multifamily use.

The loan transferred to special servicing in June 2023 for maturity
default. Over the past year, occupancy has declined to 83.7% for
the inline space, and 69.2% for the collateral overall. According
to a June 2023 rent roll, leases representing 14.9% of the NRA have
already expired or are scheduled to expire in the next 12 months.
Prior to the Coronavirus Disease (COVID-19) pandemic, property
revenues were largely consistent with the figures at issuance. Net
cash flow hovered in the $11.4 million–$11.7 million range
between 2020 and 2022, with debt service sufficiently covered. DBRS
Morningstar expects this will decline given the drop in occupancy.

An updated appraisal has not yet been made available, but DBRS
Morningstar expects the as-is value has likely declined
significantly given the lower occupancy rate and the lower investor
demand for regional malls, particularly those in secondary markets
such as the subject. Based on similarly positioned regional malls
for which updated appraisals have been received in the last few
years, DBRS Morningstar estimated liquidation scenarios based on
haircuts between 50% and 70% of the issuance value for the mall,
with loss severities ranging between approximately 25% and 60%.

The second loan in special servicing is Parkview Tower (Prospectus
ID#12, 19.8% of the pool), secured by an office property in King of
Prussia, Pennsylvania. The loan was originally scheduled to mature
in April 2023 but was granted an extension to September 2023. It
transferred to special servicing in June 2023 after becoming
delinquent on debt service payments. The June 2023 rent roll
indicates occupancy has declined to 63% from 82% at YE2022,
following the departure of the previous largest tenant, AmeriGas
Propane, L.P. Additionally, the second-largest tenant, Leidos Inc.
(10.0% of NRA), is expected to give back approximately half its
space, and the third-largest tenant, Qualtek USA, LLC (9.6% of
NRA), has an upcoming lease expiration in December 2023. In total,
leases representing 27.7% of the NRA have already expired or are
scheduled to expire in the next 12 months. According to Commercial
Café, approximately 67,000 sf (30% of NRA) was listed as available
for lease. No updated appraisal has been made available, but DBRS
Morningstar expects the value has declined significantly given the
low occupancy, soft submarket conditions, and upcoming rollover.
For this review, DBRS Morningstar analyzed the loan with a
liquidation scenario based on a stressed value, resulting in a loss
severity in excess of 50.0%.

The remaining four loans were performing as expected as of the
September 2023 remittance, overall. As of the most recent year-end
reporting, these loans have a weighted-average (WA) debt yield of
9.0% and a WA debt service coverage ratio (DSCR) of 1.10 times (x).
The WA DSCR is heavily weighted by one loan in particular, backed
by a multifamily portfolio in Hartford, Connecticut. The loan has
experienced cash flow declines as a result of a decrease in
revenues and increased expenses. The loan was scheduled to mature
in September 2023 but remains outstanding as of this press release.
DBRS Morningstar will continue to monitor this pool as it continues
to wind down.

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



COMM 2018-COR3: Fitch Lowers Rating on Two Tranches to 'Bsf'
------------------------------------------------------------
Fitch Ratings has downgraded 10 and affirmed three classes of COMM
2018-COR3 Mortgage Trust, commercial mortgage pass-through
certificates. After their downgrades, Negative Outlooks have been
assigned to classes A-M, B, C, D, X-A, X-B, and X-D. The Under
Criteria Observation (UCO) has been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
COMM 2018-COR3

   A-2 12595VAC1    LT AAAsf  Affirmed    AAAsf
   A-3 12595VAD9    LT AAAsf  Affirmed    AAAsf
   A-M 12595VAF4    LT AA-sf  Downgrade   AAAsf
   A-SB 12595VAB3   LT AAAsf  Affirmed    AAAsf
   B 12595VAG2      LT A-sf   Downgrade   AA-sf
   C 12595VAH0      LT BBB-sf Downgrade   A-sf
   D 12595VAN7      LT Bsf    Downgrade   BBsf
   E-RR 12595VAQ0   LT CCCsf  Downgrade   Bsf
   F-RR 12595VAS6   LT CCsf   Downgrade   CCCsf
   G-RR 12595VAU1   LT Csf    Downgrade   CCsf
   X-A 12595VAE7    LT AA-sf  Downgrade   AAAsf
   X-B 12595VAJ6    LT A-sf   Downgrade   AA-sf
   X-D 12595VAL1    LT Bsf    Downgrade   BBsf

KEY RATING DRIVERS

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

The downgrades reflect the impact of the updated criteria and
increased pool loss expectations since Fitch' prior rating action,
driven by continued performance deterioration on the specially
serviced loans (combined, 17.7% of the pool), specifically 315 West
36th Street (4.7%), Kingswood Center (6.6%), 240 East 54th Street
(4.2%) and 644 Broadway (2.1%).

Since the prior rating action, the 315 West 36th Street and
Kingswood Center loans were transferred to special servicing in
June 2023 and May 2023, respectively. In addition, an updated
appraisal valuation was reported on 315 West 36th Street, which is
67% below the valuation at issuance.

The Negative Outlooks reflect the potential for further downgrades
should performance of the FLOCs, Hyatt @ Olive 8, Grand Hyatt
Seattle and 2857 West 8th Street, fail to stabilize, and/or with
additional declines in performance or prolonged workouts of the
loans in special servicing.

Fitch's current ratings incorporate a 'Bsf' rating case loss of
10.0%. Thirteen loans (46.3% of the pool) have been designated as
Fitch Loans of Concern (FLOCs), which include four loans (17.7%) in
special servicing.

Largest Contributors to Loss: The largest contributor to overall
loss expectations and the largest increase in loss since the last
rating action is the 315 West 36th Street loan (4.7%), secured by a
143,479-sf office building with ground-floor retail located in
Midtown Manhattan, proximate to Penn Station and the Port Authority
Bus Terminal. Floors 11 and above in the building are residential
and not part of the collateral. At issuance, WeWork leases all the
office space (93% of NRA) under two separate leases, which expire
in February 2032 and May 2031.

The loan transferred to special servicing in June 2023 for payment
default. The servicer noted that WeWork ceased paying rent since
April 2023 and the space formerly occupied by WeWork is fully
vacant. Collateral occupancy is only 7%. The borrower is in pursuit
of funds from letters of credit deposited at issuance and is filing
for receivership and foreclosure. No reserves are in place, per the
servicer's most recent loan-level reserve report. Fitch's 'Bsf'
rating case loss of 51% reflects a discount to a recent appraisal
value which equates to a stressed value of $264 psf.

The second largest contributor to loss is the Kingswood Center loan
(6.6%), which is secured by a 130,218-sf mixed use
(office/retail/parking) property located in an infill location in
Brooklyn, NY. The largest tenant, the Visiting Nurse Service (44.8%
of the NRA), downsized and renewed at a discounted rental rate
through the end of 2023, but is expected to vacate at the end of
the lease term. Property occupancy had previously declined in 2020
due to the loss of New York Sports Club (15.5% of NRA), which
vacated well before its 2032 lease maturity due to the bankruptcy
of its parent company and rejection of the subject lease. Once the
largest tenant fully vacates, occupancy is expected to fall to
35%.

The sponsor indicated that it would no longer be willing to fund
operating shortfalls and the loan transferred to special servicing
in May 2023. Expenses continue to increase due to the ICIP tax
abatement ending in 2022.

Fitch's 'Bsf' rating case loss of 25% reflects a cap rate of 9.0%
with a 10% stress to YE 2022 NOI resulting in a stressed value of
$382 psf.

The next largest contributor to losses is the 240 East 54th Street
loan (4.2%), which is secured by a 29,950-sf retail property
located in Midtown Manhattan. The property is fully leased to five
tenants with only one (5% of NRA) scheduled to roll during the loan
term in 2027. Three of the tenants, Blink Fitness, Soul Cycle and
Clean Market, (93.8% of NRA) are subsidiaries of Equinox Holding,
Inc. The majority of the subject's fitness and wellness-related
tenants were closed and ceased paying rent during the pandemic and
have yet to pay rent since April 2020.

The loan transferred to special servicing in June 2020 due to
delinquency. The servicer is moving forward with foreclosure.
Fitch's 'Bsf' rating case loss of 26% factors a discount to a
recent appraisal value equating to a stressed value of $1,042 psf.

Two additional contributors to loss in the pool are secured by
hotel properties located in Seattle, with the same sponsorship,
which have recovered slowly from performance declines in 2020.

The Hyatt @ Olive 8 loan (7.9% of the pool) is secured by a
346-room full-service hotel located in Seattle, WA, near the
theater district of the Seattle CBD. The hotel reported TTM March
2023 occupancy, ADR and RevPAR of 70%, $224 and $157, respectively,
an improvement from TTM June 2022 figures of 53%, $195 and $102,
respectively, but still below TTM December 2019 figures of 85%,
$225 and $190.

The Grand Hyatt Seattle loan (5.0%) is secured by a 457-room
full-service hotel in downtown Seattle, WA and is located across
the street from the Washington State Convention Center. As of the
June 2023 STR report, the hotel reported occupancy, ADR, and RevPAR
of 63.1%, $244, and $154, respectively, which compares with 82.6%,
$218, and $180 as of TTM March 2017.

Minimal Change to CE; Limited Amortization: As of the October 2023
distribution date, the pool's aggregate principal balance has paid
down by only 1.3% to $992.9 million from $1.01 billion at issuance.
The transaction has limited amortization with only 2.9% in pay down
expected for the life of the transaction based on scheduled loan
maturity balances. Twenty-five loans (81.2% of pool) are full-term,
interest-only, while 16 loans (18.8%) are amortizing. None of the
41 loans in the transaction have paid off since issuance. Three
loans (1.9%) have defeased. No loans mature prior to 2027 (23.9%)
or 2028 (76.1%).

Major Metro Property Concentration: Six of the top 15 loans and
34.1% of the pool are located within the New York City metro area.
In addition, two of the top 10 loans (12.9%) are located within
downtown Seattle, two of the top 10 loans (10.3%) are located
within the San Francisco/Silicon Valley market and two loans (6.3%)
in the top 15 are located in the Los Angeles metro area.

High Hotel Exposure: Hotel loans account for 19.2% of the pool
balance, and includes two of the top 10 loans.

Single Tenant Concentration: Approximately 36% of the pool is
backed by properties with either a single tenant or a large tenant
comprising more than 75% of the property's NRA, including four of
the top 10 loans.

RATING SENSITIVITIES

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

Downgrades to the 'AAsf' and 'AAAsf' categories may occur with
further performance declines and deteriorating asset valuations,
particularly of loans in special servicing, including 315 West 36th
Street, Kingswood Center, 240 East 54th Street and 644 Broadway,
that have an impact on overall pool losses and may occur should
interest shortfalls affect the classes.

Downgrades to the Asf' category would occur should overall pool
losses increase further and/or one or more large FLOCs, including
Hyatt @ Olive 8, Grand Hyatt Seattle and 2857 West 8th Street, have
an outsized loss, which would erode CE. Downgrades to the 'Bsf' and
'BBBsf' categories would occur should loss expectations increase
and if performance of the FLOCs fail to stabilize or additional
loans default and/or transfer to the special servicer. The
distressed categories may be downgraded with increased and/or
greater certainty of loss.

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

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

Upgrades to the 'BBBsf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls. Upgrades to the 'Bsf' and
distressed categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable, there is sufficient CE to the classes, and with improved
resolution prospects and higher asset valuations of loans in
special servicing.

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.


CONNECTICUT AVENUE 2023-R07: DBRS Finalizes BB Rating on 4 Classes
------------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings to
the Connecticut Avenue Securities Notes, Series 2023-R07 (the
Notes) issued by Connecticut Avenue Securities Trust 2023-R07 (CAS
2023-R07):

-- $246.0 million Class 2M-1 at A (low) (sf)
-- $184.5 million Class 2M-2 at BBB (sf)
-- $105.3 million Class 2B-1 at BB (sf)
-- $61.5 million Class 2M-2A at BBB (high) (sf)
-- $61.5 million Class 2M-2B at BBB (high) (sf)
-- $61.5 million Class 2M-2C at BBB (sf)
-- $52.6 million Class 2B-1A at BBB (low) (sf)
-- $52.6 million Class 2B-1B at BB (sf)
-- $61.5 million Class 2E-A1 at BBB (high) (sf)
-- $61.5 million Class 2A-I1 at BBB (high) (sf)
-- $61.5 million Class 2E-A2 at BBB (high) (sf)
-- $61.5 million Class 2A-I2 at BBB (high) (sf)
-- $61.5 million Class 2E-A3 at BBB (high) (sf)
-- $61.5 million Class 2A-I3 at BBB (high) (sf)
-- $61.5 million Class 2E-A4 at BBB (high) (sf)
-- $61.5 million Class 2A-I4 at BBB (high) (sf)
-- $61.5 million Class 2E-B1 at BBB (high) (sf)
-- $61.5 million Class 2B-I1 at BBB (high) (sf)
-- $61.5 million Class 2E-B2 at BBB (high) (sf)
-- $61.5 million Class 2B-I2 at BBB (high) (sf)
-- $61.5 million Class 2E-B3 at BBB (high) (sf)
-- $61.5 million Class 2B-I3 at BBB (high) (sf)
-- $61.5 million Class 2E-B4 at BBB (high) (sf)
-- $61.5 million Class 2B-I4 at BBB (high) (sf)
-- $61.5 million Class 2E-C1 at BBB (sf)
-- $61.5 million Class 2C-I1 at BBB (sf)
-- $61.5 million Class 2E-C2 at BBB (sf)
-- $61.5 million Class 2C-I2 at BBB (sf)
-- $61.5 million Class 2E-C3 at BBB (sf)
-- $61.5 million Class 2C-I3 at BBB (sf)
-- $61.5 million Class 2E-C4 at BBB (sf)
-- $61.5 million Class 2C-I4 at BBB (sf)
-- $123.0 million Class 2E-D1 at BBB (high) (sf)
-- $123.0 million Class 2E-D2 at BBB (high) (sf)
-- $123.0 million Class 2E-D3 at BBB (high) (sf)
-- $123.0 million Class 2E-D4 at BBB (high) (sf)
-- $123.0 million Class 2E-D5 at BBB (high) (sf)
-- $123.0 million Class 2E-F1 at BBB (sf)
-- $123.0 million Class 2E-F2 at BBB (sf)
-- $123.0 million Class 2E-F3 at BBB (sf)
-- $123.0 million Class 2E-F4 at BBB (sf)
-- $123.0 million Class 2E-F5 at BBB (sf)
-- $123.0 million Class 2-X1 at BBB (high) (sf)
-- $123.0 million Class 2-X2 at BBB (high) (sf)
-- $123.0 million Class 2-X3 at BBB (high) (sf)
-- $123.0 million Class 2-X4 at BBB (high) (sf)
-- $123.0 million Class 2-Y1 at BBB (sf)
-- $123.0 million Class 2-Y2 at BBB (sf)
-- $123.0 million Class 2-Y3 at BBB (sf)
-- $123.0 million Class 2-Y4 at BBB (sf)
-- $61.5 million Class 2-J1 at BBB (sf)
-- $61.5 million Class 2-J2 at BBB (sf)
-- $61.5 million Class 2-J3 at BBB (sf)
-- $61.5 million Class 2-J4 at BBB (sf)
-- $123.0 million Class 2-K1 at BBB (sf)
-- $123.0 million Class 2-K2 at BBB (sf)
-- $123.0 million Class 2-K3 at BBB (sf)
-- $123.0 million Class 2-K4 at BBB (sf)
-- $184.5 million Class 2M-2Y at BBB (sf)
-- $184.5 million Class 2M-2X at BBB (sf)
-- $105.3 million Class 2B-1Y at BB (sf)
-- $105.3 million Class 2B-1X at BB (sf)

The A (low) (sf), BBB (high) (sf), BBB (sf), BBB (low) (sf), and BB
(sf) ratings reflect 3.500%, 3.000%, 2.750%, 2.125%, and 1.500%
credit enhancement, respectively. Other than the specified classes
above, DBRS Morningstar does not rate any other classes in this
transaction.

CAS 2023-R07 is the 58th benchmark transaction in the CAS series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Fannie Mae-guaranteed mortgage-backed
securities (MBS). As of the Cut-Off Date, the Reference Pool
consists of 77,088 greater-than-20-year term, fully amortizing,
first-lien, fixed-rate mortgage loans underwritten to a full
documentation standard, with original loan-to-value (LTV) ratios
greater than 80%. The mortgage loans were acquired by Fannie Mae
between June 1, 2022 and December 31, 2022 and were securitized by
Fannie Mae between June 1, 2022, and June 30, 2023.

On the Closing Date, the trust will enter into a Collateral
Administration Agreement (CAA) with Fannie Mae. Fannie Mae, as the
credit protection buyer, will be required to make transfer amount
payments. The trust is expected to use the aggregate proceeds
realized from the sale of the Notes to purchase certain eligible
investments to be held in a securities account. The eligible
investments are restricted to highly rated, short-term investments.
Cash flow from the Reference Pool will not be used to make any
payments; instead, a portion of the eligible investments held in
the securities account will be liquidated to make principal
payments to the Noteholders and return amounts, if any, to Fannie
Mae upon the occurrence of certain specified credit events and
modification events.

The coupon rates for the Notes are based on the Secured Overnight
Financing Rate (SOFR). There are replacement provisions in place in
the event that SOFR is no longer available; please see the Offering
Memorandum (OM) for more details. DBRS Morningstar did not run
interest rate stresses for this transaction as the interest is not
linked to the performance of the reference obligations. Instead,
the trust will use the net investment earnings on the eligible
investments, together with Fannie Mae's transfer amount payments,
to pay interest to the Noteholders.

In this transaction, approximately 0.06% of the loans were
originated using property values determined by using Fannie Mae's
Appraisal Waiver (AW) rather than a traditional full appraisal.
Loans where the AW is offered generally have better credit
attributes, as shown in the table below. Please see the OM for more
details about the AW.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. The scheduled and
unscheduled principal will be combined and only be allocated pro
rata between the senior and nonsenior tranches if the performance
tests are satisfied. For CAS 2023-R07, the minimum credit
enhancement test is set to pass at the Closing Date. This allows
rated classes to receive principal payments from the First Payment
Date, provided the other two performance tests—delinquency test
and cumulative net loss test—are met. Additionally, the nonsenior
tranches will also be entitled to supplemental subordinate
reduction amount if the offered reference tranche percentage
increases above 5.50%.

The interest payments for these transactions are not linked to the
performance of the reference obligations except to the extent that
modification losses have occurred.

The Notes will be scheduled to mature on the payment date in
September 2043, but will be subject to mandatory redemption prior
to the scheduled maturity date upon the termination of the CAA.

The administrator and trustor of the transaction will be Fannie
Mae. Citibank, N.A. will act as the Indenture Trustee, Exchange
Administrator, Custodian, and Investment Agent. U.S. Bank National
Association (rated AA (high) with a Stable trend and R-1 (high)
with a Stable trend by DBRS Morningstar) will act as the Delaware
Trustee.

The Reference Pool consists of approximately 7.0% of loans
originated under the HomeReady(R) program. HomeReady(R) is Fannie
Mae's affordable mortgage product designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers.

If a reference obligation is refinanced under the High LTV
Refinance Program, then the resulting refinanced reference
obligation may be included in the Reference Pool as a replacement
of the original reference obligation. The High LTV Refinance
Program provides refinance opportunities to borrowers with existing
Fannie Mae mortgages who are current in their mortgage payments but
whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this program will not constitute a credit event.

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



CROSSROADS ASSET 2021-A: DBRS Hikes E Notes Rating to BB(High)
--------------------------------------------------------------
DBRS, Inc. upgraded its credit ratings on Crossroads Asset Trust
2021-A as follows:

-- Class C Notes upgraded to AAA (sf) from AA (low) (sf)
-- Class D Notes upgraded to AA (low) (sf) from A (low) (sf)
-- Class E Notes upgraded to BB (high) (sf) from BB (sf)

The credit rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - September 2023 Update, published on September
28, 2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020.

-- The currently available hard credit enhancement in the form of
overcollateralization, subordination (as applicable), and amounts
of deposit in the cash reserve account, as well as the change in
the level of protection afforded by each form of credit enhancement
since the closing of the transaction.

-- The collateral performance of the transaction, with performance
metrics within the expected range.

-- The transaction parties' capabilities with regard to
originating, underwriting, and servicing.


FORTRESS CREDIT VIII: S&P Assigns Prelim 'BB-' Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit Opportunities VIII CLO LLC's floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by FCOO CLO Management LLC, a subsidiary of Fortress
Credit Funds.

The preliminary ratings are based on information as of Oct. 27,
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 debt through portfolio
identification and ongoing management; and

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

Relevant features of the transaction and S&P's ratings that differ
from a typical CLO include the following:

-- The preliminary rating on the class A-1R loans addresses only
the full and timely payment of principal and the base interest
amount, which includes the stated interest rate on the funded
amounts and any commitment fee due on the undrawn commitment. It
does not include any capped amounts.

-- The preliminary rating on the class A-1R loans addresses only
the full and timely payment of principal and the base interest
amount, which includes the stated interest rate on the funded
amounts and any commitment fee due on the undrawn commitment. It
does not include any capped amounts.

-- The preliminary ratings do not reflect the payment of any
increased costs on the class A-1R loans, which are additional
payments, based on changes in law, made to the lender. The costs
may not be predictable or quantifiable. Increased cost payments are
subordinate to principal and interest distributions on the rated
notes in the payment waterfall and, therefore, do not affect
scheduled distributions to the rated notes.

-- Class A-1R is a variable-funding note (VFN) that can be drawn
on to fund revolving or delayed draw obligations and to purchase
new collateral obligations during the reinvestment period. The VFN
can also be repaid. If S&P's short-term issuer credit rating on the
class A-1R loan holder falls below 'A-1', the loan holder must
fully fund its unfunded commitment for the CLO's benefit. S&P
modeled the A-1R revolving tranche as both fully funded and fully
unfunded.

-- There is no concentration limit on 'CCC' rated assets, but a
haircut is taken in the overcollateralization test if they exceed
30.00% of the pool. The transaction structure passed our cash flow
analysis, assuming a sensitivity of 92.50% exposure to 'CCC' rated
assets.

  Preliminary Ratings Assigned

  Fortress Credit Opportunities VIII CLO LLC

  Class A-1R loans(i)(ii), $54.00 million: AAA (sf)
  Class A-1T, $108.00 million: AAA (sf)
  Class A-2, $7.50 million: AAA (sf)
  Class B, $13.50 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $18.00 million: BB- (sf)
  Subordinated notes, $50.70 million: Not rated

(i)Revolving loan tranche.
(ii)The preliminary rating on the class A-1R loans addresses only
the full and timely payment of principal and the base interest
amount, and it does not consider any capped amounts.



GOLDENTREE LOAN 18: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
GoldenTree Loan Management US CLO 18, Ltd.

   Entity/Debt        Rating           
   -----------        ------           
GoldenTree Loan
Management US
CLO 18, Ltd.

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

TRANSACTION SUMMARY

GoldenTree Loan Management US CLO 18, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by GLM II, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.2, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.8. 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
99.9% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76.5% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.3%.

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

Portfolio Management (Neutral): The transaction has a 5.2-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting to the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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


GS MORTGAGE 2023-PJ5: DBRS Gives Prov. B Rating on Class B-5 Notes
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional credit ratings to
Mortgage-Backed Notes, Series 2023-PJ5 (the Notes) to be issued by
GS Mortgage-Backed Securities Trust 2023-PJ5 (GSMBS 2023-PJ5):

-- $304.4 million Class A-1 at AA (high) (sf)
-- $304.4 million Class A-1-X at AA (high) (sf)
-- $304.4 million Class A-2 at AA (high) (sf)
-- $278.9 million Class A-3 at AAA (sf)
-- $278.9 million Class A-3A at AAA (sf)
-- $278.9 million Class A-3-X at AAA (sf)
-- $278.9 million Class A-4 at AAA (sf)
-- $278.9 million Class A-4A at AAA (sf)
-- $139.5 million Class A-5 at AAA (sf)
-- $139.5 million Class A-5-X at AAA (sf)
-- $139.5 million Class A-6 at AAA (sf)
-- $167.4 million Class A-7 at AAA (sf)
-- $167.4 million Class A-7-X at AAA (sf)
-- $167.4 million Class A-8 at AAA (sf)
-- $27.9 million Class A-9 at AAA (sf)
-- $27.9 million Class A-9-X at AAA (sf)
-- $27.9 million Class A-10 at AAA (sf)
-- $69.7 million Class A-11 at AAA (sf)
-- $69.7 million Class A-11-X at AAA (sf)
-- $69.7 million Class A-12 at AAA (sf)
-- $41.8 million Class A-13 at AAA (sf)
-- $41.8 million Class A-13-X at AAA (sf)
-- $41.8 million Class A-14 at AAA (sf)
-- $209.2 million Class A-15 at AAA (sf)
-- $209.2 million Class A-15-X at AAA (sf)
-- $209,2 million Class A-16 at AAA (sf)
-- $139.5 million Class A-17 at AAA (sf)
-- $139.5 million Class A-17-X at AAA (sf)
-- $139.5 million Class A-18 at AAA (sf)
-- $111.6 million Class A-19 at AAA (sf)
-- $111.6 million Class A-19-X at AAA (sf
-- $111.6 million Class A-20 at AAA (sf)
-- $69.7 million Class A-21 at AAA (sf)
-- $69.7 million Class A-21-X at AAA (sf)
-- $69.7 million Class A-22 at AAA (sf)
-- $25.4 million Class A-23 at AA (high) (sf)
-- $25.4 million Class A-23-X at AA (high) (sf)
-- $25.4 million Class A-24 at AA (high) (sf)
-- $304.4 million Class A-X at AA (high) (sf)
-- $7.2 million Class B-1 at AA (low) (sf)
-- $7.2 million Class B-2 at A (low) (sf)
-- $4.1 million Class B-3 at BBB (low) (sf)
-- $2.3 million Class B-4 at BB (sf)
-- $1.3 million Class B-5 at B (sf)

Classes A-1-X, A-3-X, A-5-X, A-7-X, A-9-X, A-11-X, A-13-X, A-15-X,
A-17-X, A-19-X, A-21-X, A-23-X, and A-X are interest-only (IO)
notes. The class balances represent notional amounts.

Classes A-1, A-1-X, A-2, A-3, A-3A, A-3-X, A-4, A-4A, A-6, A-7,
A-7-X, A-8, A-10, A-10, A-11, A-11-X, A-12, A-14, A-15, A-15-X,
A-16, A-17, A-17-X, A-18, A-19, A-19-X, A-20, and A-24 are
exchangeable notes. These classes can be exchanged for combinations
of exchange notes as specified in the offering documents.

Classes A-3, A-3A, A-4, A-4A, A-5, A-6, A-7, A-8, A-9, A-10, A-11,
A-12, A-13, A-14, A-15, A-16, A-17, A-18, A-19, A-20, A-21, and
A-22 are super senior notes. These classes benefit from additional
protection from the senior support notes (Classes A-23 and A-24)
with respect to loss allocation.

The AAA (sf) credit ratings on the Notes reflect 15.00% of credit
enhancement provided by subordinated notes. The AA (high) (sf), AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (sf), and B (sf)
credit ratings reflect 7.25%, 5.05%, 2.85%, 1.60%, 0.90%, and 0.50%
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 Notes. The Notes are backed by 268 loans with a total principal
balance of $328,165,691 as of the Cut-Off Date (October 1, 2023).

The pool consists of first-lien, fully amortizing fixed-rate
mortgages (FRMs) with original terms to maturity of up to 30 years.
The weighted-average (WA) original combined loan-to-value ratio
(CLTV) for the portfolio is 72.9% and the minority of the pool
(9.0%) comprises loans with DBRS Morningstar calculated current
CLTVs greater than 80.0%, but not higher than 90%. The high LTV
attribute of this portfolio is mitigated by certain strengths, such
as high FICO scores, low debt-to-income (DTI) ratios, robust
income, and reserves, as well as other strengths detailed in the
Key Probability of Default Drivers section of the related presale
report. In addition, all the loans in the pool were originated in
accordance with the new general qualified mortgage (QM) rule.

The originators for the aggregate mortgage pool are United
Wholesale Mortgage, LLC (UWM) (54.9%), Cross Country Mortgage, LLC
(15.7%), Guaranteed Rate, Inc (6.1%), and various other
originators, each comprising less than 10.0% of the pool.

The mortgage loans will be serviced by Newrez, LLC doing business
as (d/b/a) Shellpoint Mortgage Servicing (96.4%) and UWM (3.6%).

Computershare Trust Company, N.A. will act as the Master Servicer,
Paying Agent, Loan Agent, Note Registrar, Rule 17g-5 Information
Provider, and Custodian. U.S. Bank Trust National Association
(rated AA (high) with a Stable trend by DBRS Morningstar) will act
as Delaware Trustee. Pentalpha Surveillance LLC will serve as the
Representations and Warranties (R&W) Reviewer.

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

This transaction allows for the issuance of Classes A-3L, A-4L,
A-16L, and A-22L loans, which are the equivalent of ownership of
Classes A-3, A-4, A-16, and A-22 Notes, respectively. These classes
as issued in the form of a loan made by the investor instead of a
note purchased by the investor. If these loans are funded at
closing, the holder may convert such class into an equal aggregate
debt amount of the corresponding Notes. There is no change to the
structure if these classes are elected.

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




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

-- $50.3 million Class M-1A at BBB (low) (sf)
-- $127.6 million Class M-1B at BB (sf)
-- $92.8 million Class M-2 at B (high) (sf)
-- $19.3 million Class B-1 at B (sf)

The BBB (low) (sf) credit rating reflects 6.10% of credit
enhancement, provided by subordinated notes in the transaction. The
BB (sf), B (high) (sf), and B (sf) credit ratings reflect 4.45%,
3.25%, and 3.00% of credit enhancement, respectively.

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

HMIR 2023-1 is Mortgage Guaranty Insurance Corporation's (MGIC or
the Ceding Insurer) seventh rated mortgage insurance (MI)-linked
note (MILN) transaction. The Notes are backed by reinsurance
premiums, eligible investments, and related account investment
earnings, in each case relating to a pool of MI policies linked to
residential loans. The Notes are exposed to the risk arising from
losses the Ceding Insurer pays to settle claims on the underlying
MI policies. As of the cut-off date, the pool of insured mortgage
loans consists of 202,154 fully amortizing first-lien fixed- and
variable-rate mortgages. They all have been underwritten to a full
documentation standard and have never been reported to the Ceding
Insurer as 60 or more days delinquent. None of the loans are
reported to be in an active payment forbearance plan. The mortgage
loans have MI policies activated on or after June 2022 and on or
before August 2023.

On March 1, 2020, a new master policy was introduced to conform to
government-sponsored enterprises' (GSEs) revised rescission relief
principles under the Private Mortgage Insurer Eligibility
Requirements (PMIERs) guidelines (see the Representations and
Warranties section for more detail). Approximately 99.98% of the
mortgage loans were originated under the new master policy.

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

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

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

The calculation of principal payments to the Notes will be based on
the reduction in aggregate exposed principal balance on the
underlying MI policy that is allocated to the Notes. The
subordinate Notes will receive their pro rata share of available
principal funds if the minimum credit enhancement test and the
delinquency test are satisfied. The minimum credit enhancement test
has been set to fail at the closing date, thus locking out the
rated classes from initially receiving any principal payments until
the subordinate percentage grows to 7.25% from 6.75%. The
delinquency test will be satisfied if the three-month average of
60+ days delinquency percentage is below 75% of the subordinate
percentage. Additionally, if these performance tests are met and
the subordinate percentage is greater than 7.25%, then the
subordinate Notes will be entitled to accelerated principal
payments equal to 2 times (x) the subordinate principal reduction
amount, until the subordinate percentage comes down to the target
credit enhancement of 7.25%. See the Cash Flow Structure and
Features section of the related report for more details.

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

On the Closing Date, the Ceding Insurer will establish a cash and
securities account, the premium deposit account. In case of the
Ceding Insurer's default in paying coverage premium payments to the
Issuer, the amount available in this account will be used to make
interest payments to the noteholders. The premium deposit account
will not be funded at closing. The Ceding Insurer will make a
deposit into this account up to the applicable target balance only
when one of several Premium Deposit Events occur. Please refer to
the related report for more details.

The HMIR 2023-1 transaction will be issued with a10-year term. The
Notes are scheduled to mature on October 25, 2033, but will be
subject to early redemption at the option of the Ceding Insurer (1)
for a 10% cleanup call or (2) on or following the payment date in
October 2028, among others. The Notes are also subject to mandatory
redemption before the scheduled maturity date upon the termination
of the Reinsurance Agreement. Additionally, there is a provision
for the Ceding Insurer to issue a tender offer to reduce all or a
portion of the outstanding Notes.

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

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



HORIZON AIRCRAFT III: Fitch Lowers Rating on Cl. B Notes to 'BB-sf'
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the outstanding Horizon I
class A, B and C notes. Fitch has also affirmed Horizon II class A
notes, and upgraded the class B and C notes from 'Bsf' and 'CCCsf'
to 'BBsf' and 'CCC+sf', respectively. Horizon III's class A and B
notes were downgraded from 'BBB+sf' and 'BB+sf' to 'BBB-sf' and
'BB-sf'. Fitch additionally affirmed the class C notes at 'CCCsf.'
The Rating Outlooks are Stable.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Horizon Aircraft
Finance III Limited

   A 44040JAA6          LT BBB-sf Downgrade   BBB+sf
   B 44040JAB4          LT BB-sf  Downgrade   BB+sf
   C 44040JAC2          LT CCCsf  Affirmed    CCCsf

Horizon Aircraft
Finance II Limited

   Series A 44040HAA0   LT BBBsf  Affirmed    BBBsf
   Series B 44040HAB8   LT BBsf   Upgrade     Bsf
   Series C 44040HAC6   LT CCC+sf Upgrade     CCCsf

Horizon Aircraft
Finance I Limited

   A 440405AE8          LT BBB-sf Affirmed    BBB-sf
   B 440405AF5          LT Bsf    Affirmed    Bsf
   C 440405AG3          LT CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

All three transactions are serviced by Babcock & Brown Aircraft
Management (BBAM) and are backed by aircraft operating leases.

These transactions, along with the other operating lease ABS
transactions rated by Fitch, were placed Under Criteria Observation
(UCO) in June 2023, following Fitch's publication of new Aircraft
Operating Lease ABS Criteria

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

Fitch's updated rating assumptions for airlines are based on a
variety of performance metrics and airline characteristics. For any
transaction exposed to aircraft held in Russia or Ukraine, or
leased to any Russian or Ukrainian lessee, Fitch incorporated
expected proceeds from insurance claims filed by the lessor into
its cash flow analysis.

Portfolio performance varies considerably. Credit profiles of all
three transactions have remained stressed with continued
delinquencies associated with APAC lessees. Horizon I and III
contain several lessees sharing common ownership that represent
nearly 55% and 39%, respectively, of reported delinquencies. For
Horizon II they represent only 8% of reported delinquencies. These
lessees are currently being restructured to transfer obligations to
the parent entity, however, this has taken longer than BBAM
originally anticipated. For Horizon II and III, an Indonesian
lessee represents 49% and 35%, respectively, of delinquencies in
which a payment plan has not been executed.

The stable outlook is reflective of several new leases in each
pool, which improved utilization and should result in more stable
payment performance going forward.

Horizon II is currently expecting insurance inflows for two total
loss aircraft, one related to the Russia-Ukraine war and one
damaged in Sudan. Fitch incorporated expected proceeds from these
claims into its analysis. Fitch has a stable outlook on the
transaction's ratings, even though credit quality could be
negatively affected if insurance proceeds are lower than expected,
as Fitch finds the ratings to be sufficiently robust to deviations
from the expected proceeds incorporated into its analysis.

Across the three Horizon transactions, the A and B notes are behind
scheduled principal payments by between 15% and 54%. The C notes
have not received principal payments and have been capitalizing
interest since mid-2020.

Overall Market Recovery:

The global commercial aviation market continues to recover with
total revenue passenger kilometers (RPKs) recovering to 95.7% of
pre-COVID levels as of August 2023 per data reported by IATA.
International RPKs have reached 88.5% of pre-COVID levels while
domestic RPKs have now exceeded pre-COVID levels by 9.2%.

The balance between international and domestic markets has
continued to normalize with recovery of the international market
reaching approximately 58% of total flight activity, whereas only a
year ago, it only represented approximately 38%. By comparison, in
August of 2019, prior to the disruption caused by the pandemic, the
international market represented approximately 64% of the total
market.

International and domestic market performance differs across
regions. APAC has seen significant growth in domestic markets, led
by China, exceeding pre-pandemic levels with a 94% increase in RPKs
versus August of last year. Although it continues to lag behind the
other regions in the international traffic, APAC continue to make
up for lost ground, demonstrating 99% RPK growth versus August of
last year. There is, however, still room for additional recovery as
it has only reached 75% of pre-pandemic levels.

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

Macro Risks:

While the commercial aviation market is recovering, the industry
faces certain unknowns and potential headwinds including workforce
shortages, supply chain issues, growing geopolitical tensions,
inflation, and recessionary concerns and any associated reductions
in passenger demand. Such events may lead to increased lessee
delinquencies, lease restructurings, defaults and reductions in
lease rates and asset values, particularly for older aircraft, all
of which would cause downward pressure on future cashflows needed
to meet debt service.

KEY RATING DRIVERS

Asset Values:

The aircraft in the Horizon transactions are generally mid-aged
with a weighted-average age (by value) of between 12 years and 14
years depending on the transaction. For each of the transactions,
the Maintenance Reserve Account is funded at approximately 50%-70%
of target.

Using mean maintenance-adjusted base value in order to make period
to period comparisons and to control for changes in Fitch's
approach to determining the Fitch Value, the loan-to-value (LTV)
for each of the notes has increased since Fitch's last review
(November 2022 for Horizons I and III and February 2023 for Horizon
II) as follows:

- Horizon I: A note 71.1% to 75.1%; B note 86.5% to 92.1%; C note
95.0% to 102.4%;

- Horizon II: A note 68.8% to 71.0%; B note 84.4% to 88.5%; C note
95.1% to 101.2%;

- Horizon III: A note 75.3% to 81.7%; B note 90.0% to 97.7%; C note
99.8% to 109.2%.

In determining the Fitch Value of each pool, Fitch used the
December 2022 appraisals for Horizon I and III and July 2023
appraisals for Horizon II. Depreciation assumptions were applied
pursuant to Fitch's criteria. Fitch employs a methodology whereby
Fitch varies the type of value per aircraft based on the remaining
leasable life:

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

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

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

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

- Horizon I: $449 million;

- Horizon II: $340 million;

- Horizon III: $360 million.

The value for Horizon II does not include MSN 29637, which was
grounded at Khartoum International Airport in Sudan and has since
been deemed a total loss by BBAM. Fitch included expected insurance
proceeds for this aircraft in its modelling.

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

Tiered Collateral Quality:

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

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

- Horizon I: 14.5 years; Tier 1.1;

- Horizon II: 12.3 years; Tier 1.2;

- Horizon III: 12.3 years; Tier 1.0.

Pool Concentration:

The number of aircraft in the Horizon I and Horizon II pools is
declining as the transactions mature and aircraft are sold when
they come off lease given their age. Horizon III consists of 18
aircraft, which has remained unchanged since closing.

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

- Horizon I: 27 aircraft leased to 15 lessees;

- Horizon II: 17 aircraft leased to 15 lessees;

- Horizon III: 18 aircraft leased to 15 lessees.

For Horizon II, Fitch assumed the following assets will be sold and
only incorporated disposition proceeds, even though they remain
listed in the investor reports:

- MSN 2129, which is only an airframe and in the process of being
sold;

- MSN 29637, which was damaged in Sudan and is deemed a total loss
by the servicer;

- ESN 896171, which is a parted-out engine whose sister engine was
recently sold for $8.4 million; Fitch assumes this engine will be
sold for the same price.

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

Lessee Credit Risk:

Fitch considers the credit risk posed by the pool of lessees to be
moderate-to-high. The portfolio composition by lessee credit rating
has not materially changed since last review. Although
delinquencies have improved since the prior review in Horizon II,
Horizon I and III are exposed to significant arrear balances which
will take time to recover. The modeled credit rating Fitch assigns
to the subject airlines may improve if they demonstrate a longer
track record of timely payment performance, particularly for
airlines that have recently been restructured.

Operation and Servicing Risk:

Fitch deems the servicer, Babcock & Brown Aircraft Management, to
be qualified based on its experience as a lessor, overall servicing
capabilities and historical ABS performance to date.

RATING SENSITIVITIES

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

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

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

Fitch ran a sensitivity related to the lessee credit quality in the
pool. Fitch assigns a credit rating of 'CCC' or lower to a high
percentage of lessees in the pools. The sensitivity assumes all
lessees are currently rated one category below their current
assigned ratings, excluding lessees rated by Fitch, and that all
future lessees are rated 'CCC.' This scenario results in a 0-1
notch decrease in the model-implied-ratings (MIR).

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

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

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

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

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.


KATAYMA CLO I: S&P Assigns BB- (sf) Rating on $14MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Katayma CLO I
Ltd./Katayma CLO I 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 KLM, a subsidiary of Kuvare.

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

  Katayma CLO I Ltd./Katayma CLO I LLC

  Class A-1, $248.00 million: AAA (sf)
  Class A-2, $16.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $38.11 million: Not rated



KKR CLO 48: Moody's Assigns (P)B3 Rating to $200,000 Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by KKR CLO 48 Ltd. (the "Issuer" or
"KKR 48").                  

Moody's rating action is as follows:

US$248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)

US$200,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2036, Assigned (P)B3 (sf)

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

RATINGS RATIONALE

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

KKR 48 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans,
unsecured loans and permitted non-loan assets. Moody's expect the
portfolio to be approximately 95% ramped as of the closing date.

KKR Financial Advisors II, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five-year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

In addition to the Rated Notes, the Issuer will issue six 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): 3190

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.10%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

The performance of the Rated 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.


LCCM 2021-FL3: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed its credit ratings on the following classes
of Offered Notes issued by LCCM 2021-FL3 Trust:

-- 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)

All trends are Stable.

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


At issuance, the initial collateral consisted of 35 floating-rate
mortgage loans secured by 48 mostly transitional properties, with a
cut-off balance totaling $729.4 million. As of the September 2023
remittance, the pool comprised 31 loans secured by 38 properties
with a cumulative trust balance of $684.9 million. Most loans are
in a period of transition with plans to stabilize and improve the
asset value.

The transaction is managed and is structured with a 24-month
Reinvestment Period ending with the December 2023 Payment Date. The
current Cash Reinvestment Account had a current balance of $42.8
million as of the September 2023 remittance. Since the previous
DBRS Morningstar credit rating action in November 2022, five loans,
representing 16.6% of the current trust balance, have been added to
the transaction. Since issuance, 11 loans, with a former cumulative
loan balance of $196.9 million, have successfully repaid from the
trust, the majority of which (10 loans, totaling $181.5 million)
repaid since November 2022.

The transaction is concentrated by property type as 13 loans,
representing 33.7% of the current trust balance, are secured by
multifamily properties, followed by six loans, representing 32.1%
of the current trust balance, secured by office properties. Given
the decline in desirability for office product across tenants,
investors, and lenders alike, there is greater uncertainty
regarding the borrowers' business plan execution and/or exit
strategies upon loan maturity. In its analysis for this review,
DBRS Morningstar evaluated these risks by increasing the
probability of default for six loans, representing 30.5% of the
current trust balance, collateralized by both office and non-office
property types. This analysis suggested the rated bonds remain
sufficiently insulated (relative to the respective credit rating
categories) against potential loan delinquency and increased credit
risk.

Beyond the multifamily and office concentration noted above, the
transaction also comprises six loans, representing 14.9% of the
current trust balance, secured by industrial properties; four
loans, representing 12.8% of the pool, secured by mixed-use
properties; and two loans, representing 6.6% of the pool, secured
by retail properties. In comparison, at issuance, multifamily
properties represented 40.9% of the pool, office properties
represented 18.9%, industrial properties represented 13.2%,
mixed-use properties represented 9.0%, and retail properties
represented 6.1%.

The loans are primarily secured by properties in urban markets as
13 loans, representing 50.6% of the pool, are secured by properties
in urban markets, as defined by DBRS Morningstar, with a DBRS
Morningstar Market Rank of 6, 7, or 8. An additional 16 loans,
representing 45.1% 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 two loans,
representing 4.2% of the pool, are secured by properties with a
DBRS Morningstar Market Rank of 1 or 2, denoting rural and tertiary
markets, respectively. In comparison, at issuance, properties in
urban markets represented 54.3% of the collateral, suburban markets
represented 39.5% of the collateral, and properties in tertiary
markets represented 6.2% of the collateral. Leverage across the
pool has remained in line with issuance levels as the current
weighted-average (WA) as-is appraised value loan-to-value ratio
(LTV) is 67.4%, with a current WA stabilized LTV of 63.1%. In
comparison, these figures were 67.3% and 63.1%, respectively, at
issuance. DBRS Morningstar recognizes that select property values
may be inflated as the majority of the individual property
appraisals were completed in 2021 or 2022 and may not reflect the
current rising interest rate or widening capitalization rate
environments.

Through September 2023, the collateral manager had advanced $38.5
million in loan future funding to 24 of the outstanding individual
borrowers to aid in property stabilization efforts. In total, an
additional $88.9 million of loan future funding allocated to 16
borrowers to further aid in property stabilization efforts remains
outstanding. The loan with both the largest amount of future
funding remaining ($26.9 million) and advanced to date ($10.4
million) is the Citigroup Center loan (Prospectus ID#1; 9.5% of the
pool). The loan is secured by an office tower in downtown Miami.
The loan is pari passu with accompanying notes secured in one other
commercial real estate collateralized loan obligation transaction,
LCCM 2021-FL2, also rated by DBRS Morningstar. The funds are
available to the borrower to fund costs associated with the ongoing
capital improvement and lease-up plan. Additionally, $9.4 million
is allocated to the borrower of the Renasant loan, which is secured
by an office property in Birmingham, Alabama. Since loan closing,
the lender has advanced approximately $2.0 million to the borrower,
which has been used to finance the planned capital improvement
projects and leasing costs.

As of the September 2023 remittance, no outstanding loans have been
modified or are flagged as delinquent or specially serviced. There
are two loans, however, representing 2.6% of the pool, that
surpassed the respective September 2023 maturity dates and are
deemed nonperforming matured balloons. The larger of the two loans,
Northeast Philly Last Mile Portfolio (Prospectus ID#23; 1.8% of the
pool), is secured by a portfolio of five industrial properties
totaling 118,509 square feet throughout Philadelphia. According to
the Q2 2023 business plan update provided by the collateral
manager, the borrower is likely to exercise the loan's first
extension option, which is subject to a minimum debt yield (DY)
hurdle of 8.0%. According to the financials for the T-12 period
ended March 31, 2023, the net cash flow DY was reported to be 8.4%.
The 4411 Bibb Boulevard loan (Prospectus ID#37; 0.7% of the pool)
is secured by an industrial warehouse and distribution facility in
Tucker, Georgia. Although an update regarding a potential loan
extension has not been provided, the loan is structured with two
one-year extension options. The first extension is not subject to a
performance test; however, the second extension is subject to a
minimum DY hurdle of 8.0%. An additional loan matured in September
2023 but has not been flagged by the servicer. The 22 Gateway loan
(Prospectus ID#34; 1.1% of the pool) is secured by an industrial
property in Edwardsville, Illinois. According to the Q2 2023
business plan update, the property had been marketed for sale at a
list price of $13.0 million. While the highest bid received of
$12.6 million is above the issuance as-is and stabilized appraisal
values of $10.2 million and $12.5 million, respectively, a property
sale was not executed and the borrower is reportedly currently
evaluating other offers.

According to September 2023 reporting, there were 15 loans,
representing 39.7% of the pool, on the servicer's watchlist for a
variety of reasons, including pending loan maturity as well as low
debt service coverage ratios and occupancy rates. While these
figures do not include the Citigroup Center loan, a pari passu
piece of the A note is on the servicer's watchlist as of September
2023 reporting for the LCCM 2021-FL2 transaction. Regarding the
loans being monitored for upcoming maturity, according to the
individual Q2 2023 business plan updates provided by the collateral
manager and the latest servicer commentary, most of the affected
borrowers are expected to exercise loan extension options or
execute exit strategies. The borrower of only one loan,
representing 1.7% of the pool, had not indicated a resolution.
Despite the performance declines of the loans on the watchlist, in
most instances DBRS Morningstar expected temporary declines in
property performance at issuance as borrowers worked toward
completing the respective business plans. DBRS Morningstar does
recognize, however, that select borrowers may face additional
headwinds because of specific property type challenges and current
economic headwinds such as rising interest rates and expanding
capitalization rates.

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



LOBEL AUTOMOBILE 2023-2: DBRS Gives Prov. BB Rating on D Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes (the Notes) to be issued by Lobel Automobile Receivables
Trust 2023-2 (the Issuer or LOBEL 2023-2):

-- $130,690,000 Class A Notes at AA (sf)
-- $28,894,000 Class B Notes at A (sf)
-- $8,960,000 Class C Notes at BBB (sf)
-- $30,574,000 Class D Notes at BB (sf)

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

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

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

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

(2) The DBRS Morningstar CNL assumption is 17.50% based on the
expected pool composition.

(3) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: September 2023 Update," published on September
28, 2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

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

(5) The quality and consistency of historical static pool data for
Lobel originations since 2012.

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

Lobel is an indirect auto finance company focused primarily on
independent dealers. The company provides financing to subprime
borrowers who are unable to obtain financing through traditional
sources, such as banks, credit unions, and captive finance
companies.

The rating on the Class A Notes reflects 43.15% of initial hard
credit enhancement provided by the subordinated Notes in the pool,
the reserve account (1.50%), and overcollateralization (11.10%).
The ratings on the Class B, C, and D Notes reflect 30.25%, 26.25%,
and 12.60% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities referenced
herein addresses the credit risk associated with the identified
financial obligations in accordance with the relevant transaction
documents. The associated financial obligations for each of the
rated notes are the related Noteholders' Monthly Interest
Distributable Amount and the related Outstanding Amount.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. The associated contractual payment obligation that is
not a financial obligation is the related interest on unpaid
Noteholders' Interest Carryover Amount for each of the rated
notes.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

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



MAGNETITE XXXIX: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to Magnetite XXXIX
Ltd./Magnetite XXXIX 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 BlackRock Financial Management Inc.

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.

  Preliminary Ratings Assigned

  Magnetite XXXIX Ltd./Magnetite XXXIX LLC

  Class A, $264.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C (deferrable), $28.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $12.40 million: BB- (sf)
  Subordinated notes, $37.70 million: Not rated



MAGNETITE XXXV: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class B-R, C-R, D-R,
and E-R replacement notes from Magnetite XXXV Ltd./Magnetite XXXV
LLC, a CLO originally issued in August 2022 that is managed by
BlackRock Financial Management Inc. and was not rated by S&P Global
Ratings.

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

-- The transaction is collateralized by at least 90.0% senior
secured loans, cash, and eligible investments, with a minimum of
80.0% of the loan borrowers required to be based in the U.S.

-- A maximum of 60.0% of the loans in the collateral pool can be
covenant-lite.

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

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

-- Of the identified underlying collateral obligations, 96.58%
have recovery ratings (which may include confidential and private
ratings) assigned by S&P Global Ratings.

-- After analyzing the changes to the transaction, S&P assigned
its ratings to the replacement class B-R, C-R, D-R, and E-R notes.

-- All or some of the notes issued by this CLO transaction contain
stated interest at SOFR plus a fixed margin.

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

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

  Ratings Assigned

  Magnetite XXXV Ltd./Magnetite XXXV LLC

  Class X, $5.00 million: Not rated
  Class A-R, $320.00 million: Not rated
  Class B-R, $60.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-R (deferrable), $30.00 million: BBB- (sf)
  Class E-R (deferrable), $17.50 million: BB- (sf)
  Subordinated notes, $44.85 million: Not rated



MARBLE POINT XXV: Fitch Affirms 'BB-sf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1A, A-1B,
A-2, B, C, D and E notes of Marble Point CLO XXV Ltd (Marble Point
XXV). The Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Marble Point
CLO XXV Ltd.

   A-1A 565923AA7   LT AAAsf  Affirmed   AAAsf
   A-1B 565923AL3   LT AAAsf  Affirmed   AAAsf
   A-2 565923AC3    LT AAAsf  Affirmed   AAAsf
   B 565923AE9      LT AAsf   Affirmed   AAsf
   C 565923AG4      LT Asf    Affirmed   Asf
   D 565923AJ8      LT BBB-sf Affirmed   BBB-sf
   E 565915AA3      LT BB-sf  Affirmed   BB-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

STABLE COLLATERAL PERFORMANCE

The affirmations are driven by the portfolios' stable performance
since closing. The credit quality of the portfolio as of the most
recent monthly trustee report has remained at the 'B/B-' rating
level. The Fitch weighted average rating factor (WARF) of the
portfolio is 24.3, compared to 24.6 at closing.

The portfolio remains fairly diversified with 167 obligors, and the
largest 10 obligors represent 11.5% of the portfolio. There are no
reported defaulted assets. Exposure to issuers with a Negative
Outlook and Fitch's watchlist is 15.0% and 1.8%, respectively.

First lien loans, cash and eligible investments comprise 97.0% of
the portfolio. Fitch's weighted average recovery rate (WARR) of the
portfolio is 75.3%, compared with 75% at closing.

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

CASH FLOW ANALYSIS

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

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

RATING SENSITIVITIES

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

- Downgrades may occur if realized and projected losses of the
portfolio are higher than what was assumed at closing and the
notes' credit enhancement 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 four
notches, based on the MIRs.

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

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

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

DATA ADEQUACY

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

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

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


MERCHANTS FLEET 2023-1: DBRS Gives Prov. BB Rating on E Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes to be issued by Merchants Fleet Funding LLC, Series 2023-1
(the Transaction):

-- $327,360,00 Class A Notes at AAA (sf)
-- $15,780,000 Class B Notes at AA (sf)
-- $23,160,000 Class C Notes at A (sf)
-- $21,060,000 Class D Notes at BBB (sf)
-- $12,640,000 Class E Notes at BB (sf)

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

-- Transaction capital structure, proposed credit ratings, and
form and sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS
Morningstar stressed loss assumptions under various scenarios.

-- The yield supplement account is established to supplement the
yield from any lease that does not meet a minimum yield
requirement.

-- The Transaction's ability to withstand stressed cash flow
assumptions and repay investors according to the terms in which
they have invested. The credit ratings address the payment of
timely interest on a monthly basis and principal by the Legal Final
Maturity.

-- Merchants Fleet Funding LLC's (Merchants) capabilities with
regard to originations, underwriting, and servicing.

-- DBRS Morningstar continues to deem Merchants as acceptable
originators and servicers of fleet leases.

-- The high credit quality obligors given strong historical
performance of the collateral.

-- The leased vehicles are essential use vehicles for customers;
therefore, such leases are likely to be affirmed by an obligor in a
bankruptcy proceeding.

-- These leases are hell-or-high water and triple net with no
set-off language. The lessee is responsible to pay all taxes,
title, and registration charges.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns: September 2023 Update, published on September 28,
2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

DBRS Morningstar's credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the Class Monthly Interest and Class
Invested Amount.

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. For example, the Class A Additional Interest, Class B
Additional Interest, Class C, Additional Interest, Class D
Additional Interest, and Class E Additional Interest.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

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



MORGAN STANLEY 2015-C21: Fitch Lowers Rating on Two Tranches to BB
------------------------------------------------------------------
Fitch Ratings has upgraded two, downgraded two and affirmed 10
classes of Morgan Stanley Bank of America Merrill Lynch Trust,
commercial mortgage pass-through certificates, series 2015-C21
(MSBAM 2015-C21). In addition, Fitch has assigned Negative Outlooks
to two classes following their downgrades.

Fitch has also affirmed 13 classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2015-C26 (MSBAM 2015-C26). In addition, Fitch
has revised the Outlook to Negative from Stable on four of the
affirmed classes.

The Under Criteria Observation (UCO) has been resolved for all
classes in these two transactions.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
MSBAM 2015-C26

   A-3 61690VAX6    LT AAAsf  Affirmed   AAAsf
   A-4 61690VAY4    LT AAAsf  Affirmed   AAAsf
   A-5 61690VAZ1    LT AAAsf  Affirmed   AAAsf
   A-S 61690VBB3    LT AAAsf  Affirmed   AAAsf
   A-SB 61690VAW8   LT AAAsf  Affirmed   AAAsf
   B 61690VBC1      LT AAsf   Affirmed   AAsf
   C 61690VBD9      LT Asf    Affirmed   Asf
   D 61690VAE8      LT BBB-sf Affirmed   BBB-sf
   E 61690VAG3      LT BB-sf  Affirmed   BB-sf
   F 61690VAJ7      LT B-sf   Affirmed   B-sf
   X-A 61690VBA5    LT AAAsf  Affirmed   AAAsf
   X-B 61690VAA6    LT AAsf   Affirmed   AAsf
   X-D 61690VAC2    LT BBB-sf Affirmed   BBB-sf

MSBAM 2015-C21

   555A 61764XBA2   LT BBB-sf Affirmed   BBB-sf
   A-3 61764XBH7    LT AAAsf  Affirmed   AAAsf
   A-4 61764XBJ3    LT AAAsf  Affirmed   AAAsf
   A-S 61764XBL8    LT AAAsf  Upgrade    AAsf
   A-SB 61764XBG9   LT AAAsf  Affirmed   AAAsf
   B 61764XBM6      LT Asf    Affirmed   Asf
   C 61764XBP9      LT BBsf   Downgrade  BBBsf
   D 61764XAN5      LT CCCsf  Affirmed   CCCsf
   E 61764XAQ8      LT CCsf   Affirmed   CCsf
   F 61764XAS4      LT Csf    Affirmed   Csf
   PST 61764XBN4    LT BBsf   Downgrade  BBBsf
   X-A 61764XBK0    LT AAAsf  Upgrade    AAsf
   X-B 61764XAA3    LT Asf    Affirmed   Asf
   X-E 61764XAG0    LT CCsf   Affirmed   CCsf

KEY RATING DRIVERS

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

MSBAM 2015-C21: Fitch's current ratings on MSBAM 2015-C21
incorporate a 'Bsf' rating case loss of 12.1%. Seven loans (20.8%)
have been designated as FLOCs, including three loans (12.4%) in
special servicing. The upgrades reflect the impact of the updated
criteria and increased CE since the last rating action. The
downgrades and Negative Outlooks reflect higher pool loss
expectations driven by the specially serviced loans, Westfield Palm
Desert Mall (8.6% of the pool), Stone Ridge Plaza (2.4%) and
Fairfield Inn - Morgantown (1.3%), as well as performance and
refinance concerns on four additional Fitch Loans of Concern
(FLOCs, combined 8.4%), including International Park, WM Portfolio,
Verizon Wireless Building and Commerce Green One.

MSBAM 2015-C26: Fitch's current ratings on MSBAM 2015-C26
incorporate a 'Bsf' rating case loss of 3.7%. The affirmations
reflect the impact of the updated criteria and generally stable
overall pool performance since the last rating action. The Negative
Outlooks reflect performance and refinance concerns on the two
FLOCs, Herald Center (11.3%) and Palmer Center (7.1%).

Largest Contributors to Losses: The largest contributor to overall
loss expectations in MSBAM 2015-C21 is the specially serviced
Westfield Palm Desert Mall loan, which is secured by a 572,724-sf
portion of a 977,888-sf regional mall located in Palm Desert, CA.
The nearest enclosed regional mall is approximately 60 miles away.
Non-collateral anchors include Macy's and JC Penney. A
non-collateral Sears closed in early 2020, and the box remains
vacant. The loan transferred to special servicing in June 2020 for
payment default. After failed debt relief negotiations, the special
servicer moved forward with foreclosure and a receiver was
appointed in October 2021. The disposition timing of the asset has
yet to be determined.

The property reported an occupancy of 91% as of August 2023,
compared with 81% as of June 2022, 77% at YE 2021, 88% at YE 2020
and 93% at YE 2019. YE 2022 NOI DSCR was 1.83x, compared with 1.96x
at YE 2021, 2.00x at YE 2020 and 2.13x at YE 2019. According to the
borrower, in-line sales were projected to be $513 psf for 2022,
compared with $468 psf at YE 2021, $346 psf at July 2020, $418 psf
at YE 2019, $384 psf at YE 2018 and $357 psf at issuance.

Fitch's 'Bsf' rating case loss of 63% (prior to concentration
add-ons) was based on a discount to the July 2022 appraisal value,
reflecting a stressed value of $95 psf.

The second largest contributor to overall loss expectations in
MSBAM 2015-C21 is the specially serviced Stone Ridge Plaza loan,
which is secured by a 178,915-sf shopping center located in the
Rochester, NY metro. The loan transferred to special servicing in
2020 for payment default shortly after Rochester Athletic Club for
Women (11.8% of NRA) and Pet Saver (4.5%) vacated, reducing
occupancy from 86% to 68%. A foreclosure action was initiated in
April 2022 and a receiver is in place for the property.

In 2018, Toys R Us (26.4%) vacated the property as a result of
their bankruptcy, but the vacant space was demised and a portion
was backfilled by Roc City Furniture (15.2%; lease expiry of July
2024) in 2019. Goodwill (5.9%) also vacated at YE 2021. As of July
2023, the property was 67.1% occupied, compared to 63% at June
2022, 68% at YE 2021 and 86% at YE 2019. The trailing six-month
June 2022 NOI DSCR was 1.00x, compared to 0.13x at YE 2021 and
1.07x at YE 2019.

Fitch's 'Bsf' rating case loss of 83% (prior to concentration
add-ons) was based on a discount to the March 2023 appraisal value,
which reflects a stressed value of $40 psf.

The third largest contributor to overall loss expectations in MSBAM
2015-C21 is the specially serviced Fairfield Inn - Morgantown loan.
The property is a 95-key limited service hotel located in
Morgantown, WV. The loan transferred to special servicing in
October 2020 for imminent monetary default. After several years of
underperformance, the borrower indicated that they were no longer
willing to fund shortfalls. Foreclosure was completed and the asset
became REO in May 2021.

The property is approximately four miles northwest of the
University of West Virginia, with the school's football games being
a demand driver for the property. Although 2022 performance fell
below forecasted and historical figures, property performance has
been improving in 2023. The trailing six-month occupancy ending
June 2023 was 75%, compared to 54% at YE 2022, 43% at YE 2021, 50%
at YE 2020 and 69% at YE 2019. The servicer-reported year-to-date
(YTD) June 2023 NOI DSCR was 1.37x, compared to -0.14x at YE 2022,
-0.20x at YE 2021, 0.24x at YE 2020 and 1.23x at YE 2019.

Fitch's 'Bsf' rating case loss of 85% (prior to concentration
add-ons) was based on a discount to a March 2023 appraisal value,
which reflects a stressed value of approximately $50,000 per key.

The largest contributor to overall loss expectations in MSBAM
2015-C26 is the Palmer Center loan, a 480,390-sf office complex
located in Colorado Springs, CO. The property consists of two
enclosed corridor-connected office towers (1st Bank Tower and the
Wells Fargo Tower), an adjoining two story office building (the
Atrium Building) and a 1,642-stall subterranean parking structure.

Major tenants at the property include Bluestaq LLC (14.0%; March
2029) and Davita Medical Group (8.8%; December 2027). Per the June
2023 rent roll, the property was 78.2% occupied, compared to 77% at
YE 2022, 91% at both YE 2021 and YE 2020, and 89% at YE 2019.
Occupancy at the property fell when Well Fargo (formerly 9.2% NRA
vacated the majority of its space upon June 2022 lease expiration)
and Colorado Springs Health Care (formerly 8.8% NRA vacated the
majority of its space upon December 2022 lease expiration). There
is 9.8% of the NRA rolling in 2023, 11.5% in 2024, and 3.2% in
2025. NOI DSCR was 1.40x at YE 2022, compared to 1.63x at YE 2021,
1.67x at YE 2020 and 1.69x at YE 2019.

Fitch's 'Bsf' rating case loss of approximately 25% (prior to
concentration add-ons) reflects a 25% stress to YE 2022 NOI and a
9.5% cap rate, due to the recent decline in occupancy and upcoming
rollover concerns. Based on performance and refinance concerns, the
analysis incorporated an increased probability of default.

The second largest contributor to overall loss expectations in
MSBAM 2015-C26 is the Herald Center loan, which is secured by an
approximately 250,000-sf mixed use property located at 34th Street
and Broadway in the Herald Square retail corridor of Manhattan. The
previous largest tenant, ASA College (66.4%), closed in 2023. H&M,
the primary retail tenant (25.2%), remains open and has a lease
expiration in 2041. The property benefits from its location near
various transit lines including Penn Station.

The sponsor is working to lease up the vacant office space. The
Joint Industry Board of the Electrical Industry (23.0%) took
occupancy in April 2023. The property was 52.6% occupied as of June
2023, compared to 97% in 2021, 2020, and 2019. The YTD June 2023
NOI DSCR was 1.36x, compared to 2.45x at YE 2022, 2.55x at YE 2021,
2.38x at YE 2020, and 2.29x at YE 2019. The loan is scheduled to
mature in January 2024.

Fitch's 'Bsf' rating case loss of approximately 8% (prior to
concentration add-ons) reflects a 17.5% stress to YE 2022 NOI and
an 8.5% cap rate. Based on performance and refinance concerns, the
analysis incorporated an increased probability of default.

Increased CE: As of the September 2023 distribution date, the
pool's aggregate balance for MSBAM 2015-C21 has been reduced by
16.3% to $754.2 million from $901.2 million at issuance. Interest
shortfalls are currently affecting classes D through H. 11 loans
(9.6% of the pool) were defeased. Seven loans (30%) are full-term
IO, and the remaining 70% of the pool is amortizing. Scheduled loan
maturities include six loans (25%) in 2024 and 50 loans (71%) in
2025. One loan is scheduled to mature in 2030 and another in 2035.

As of the September 2023 distribution date, the pool's aggregate
balance for MSBAM 2015-C26 has been reduced by 15.9% to $881.6
million from $1.0 billion at issuance. Seventeen loans (15.4% of
the pool) were defeased. Eight loans (38%) are full-term IO, and
the remaining 62% of the pool is amortizing. Scheduled loan
maturities include one loan (11%) in 2024 and 58 loans (89%) in
2025.

Credit Opinion Loan: One loan in MSBAM 2015-C26, 11 Madison Avenue
(10.4%), received an investment-grade credit opinion. Based on
collateral quality and continued stable performance, the loan
remains consistent with a credit opinion loan.

Non-pooled Asset; Generally Stable Performance: The MSBAM 2015-C21
transaction contains a $30 million non-pooled senior B note related
to 555 11th NW Street, the second largest loan in the pool. The
loan is secured by a 414,204-sf office building in Washington, D.C.
Property occupancy was 85.3% as of the May 2023 rent roll, compared
to 85% at YE 2022, 90% at YE 2021 and 97% at YE 2020. Major tenants
include Latham & Watkins (58.1% NRA; Jan. 2031) and Silver Cinemas
(9.7%; March 2032). The third largest tenant, Future US Inc (5.4%,
Oct. 2023) is expected to vacate at lease expiration. The
servicer-reported NOI DSCR at YE 2022 was 1.62x, compared to 1.80x
at YE 2021, and 2.44x at YE 2020.

RATING SENSITIVITIES

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

Outlooks for the senior classes remain Stable due to the
amortization, defeasance, and stable performance of the majority of
the remaining pool. Downgrades to the classes with Negative
Outlooks are possible should performance of the FLOCs continue to
decline and should additional loans transfer to special servicing.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur.

Downgrades to the 'Asf' category rated class could occur if
deal-level losses increase significantly on the remaining loans in
the transactions and with outsized losses on larger FLOCs in each
transaction.

Downgrades to 'BBsf' and 'Bsf' category rated classes are possible
with higher expected losses from continued underperformance of the
FLOCs or with greater certainty of near-term losses on specially
serviced assets.

Downgrades to 'CCCsf', 'CCsf', and 'Csf' could occur should
additional loans transfer to special servicing and/or default, or
should losses be realized or become more certain.

An upgrade to class 555A in MSBAM 2015-C21 is unlikely but could
occur with sustained occupancy and cash flow improvement at 555
11th Street NW and more clarity on the borrower's refinancing of
the loan.

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 paydown, coupled with
stable-to-improved pool-level loss expectations and improved
performance 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 could 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 could occur
only if the performance of the remaining pool is stable, recoveries
are larger than expected and there is sufficient CE to the
classes.

Upgrades to 'CCCsf', 'CCsf', and 'Csf' are possible with better
than expected recoveries on specially serviced loans or
significantly higher values on FLOCs.

Class 555A could be downgraded with significant and sustained
occupancy and cash flow deterioration at 555 11th Street NW.

ESG CONSIDERATIONS

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


MORGAN STANLEY 2023-20: Fitch Assigns BB-(EXP) Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Morgan Stanley Eaton Vance CLO 2023-20, Ltd.

   Entity/Debt              Rating           
   -----------              ------           
Morgan Stanley
Eaton Vance CLO
2023-20, Ltd.

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

TRANSACTION SUMMARY

Morgan Stanley Eaton Vance CLO 2023-20, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Morgan Stanley Eaton Vance CLO Manager LLC. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $400 million
of primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.5, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.5. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.8% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.0% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.4%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 42.5% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent U.S. CLOs.

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

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

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


MORGAN STANLEY 2023-3: Fitch Assigns B-(EXP)sf Rating on B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Morgan Stanley
Residential Mortgage Loan Trust 2023-3 (MSRM 2023-3).

   Entity/Debt      Rating           
   -----------      ------           
MSRM 2023-3

   A-1          LT AAA(EXP)sf  Expected Rating
   A-1-IO       LT AAA(EXP)sf  Expected Rating
   A-2          LT AAA(EXP)sf  Expected Rating
   A-2-IO       LT AAA(EXP)sf  Expected Rating
   A-3          LT AAA(EXP)sf  Expected Rating
   A-3-IO       LT AAA(EXP)sf  Expected Rating
   A-4          LT AAA(EXP)sf  Expected Rating
   A-4-IO       LT AAA(EXP)sf  Expected Rating
   A-5          LT AAA(EXP)sf  Expected Rating
   A-6          LT AAA(EXP)sf  Expected Rating
   A-6-IO       LT AAA(EXP)sf  Expected Rating
   A-7          LT AAA(EXP)sf  Expected Rating
   A-8          LT AAA(EXP)sf  Expected Rating
   A-8-IO       LT AAA(EXP)sf  Expected Rating
   A-9          LT AAA(EXP)sf  Expected Rating
   A-10         LT AAA(EXP)sf  Expected Rating
   A-10-IO      LT AAA(EXP)sf  Expected Rating
   A-11         LT AAA(EXP)sf  Expected Rating
   A-12         LT AAA(EXP)sf  Expected Rating
   B-1          LT AA-(EXP)sf  Expected Rating
   B-2          LT A-(EXP)sf   Expected Rating
   B-3          LT BBB-(EXP)sf Expected Rating
   B-4          LT BB-(EXP)sf  Expected Rating
   B-5          LT B-(EXP)sf   Expected Rating
   B-6          LT NR(EXP)sf   Expected Rating
   R            LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
issued by Morgan Stanley Residential Mortgage Loan Trust 2023-3
(MSRM 2023-3), as indicated above.

This is the 14th post-crisis transaction off the Morgan Stanley
Residential Mortgage Loan Trust shelf; the first transaction was
issued in 2014. This is the 12th MSRM transaction to comprise loans
from various sellers that were acquired by Morgan Stanley in its
prime-jumbo aggregation process and their third prime transaction
in 2023.

The certificates are supported by 326 prime-quality loans with a
total balance of approximately $362.13 million as of the cutoff
date. The pool consists of 100% fixed-rate mortgages (FRMs) from
various mortgage originators. The top four largest originators are
CrossCountry Mortgage, LLC (CrossCountry) at 24.4%, United
Wholesale Mortgage, LLC (UWM) at 14.9%, Fairway Independent
Mortgage Corp. (Fairway) at 13.6% and Guaranteed Rate Inc. (GRI)
and Guaranteed Rate Affinity LLC (GRA), together the "Guaranteed
Rate Companies," at 11.3%. The servicer for this transaction is
Specialized Loan Servicing, LLC (SLS). Nationstar Mortgage LLC
(Nationstar) will be the master servicer.

Of the loans, 99.8% qualify as Safe Harbor qualified mortgage
(SHQM) average prime offer rate (APOR) loans. The remaining 0.2%
are higher-priced QM (HPQM) APOR loans.

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

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, it views the home price values of
this pool as 7.5% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% qoq). The rapid gain in
home prices through the pandemic has seen signs of moderating with
a decline observed in 3Q22. Driven by the strong gains seen in
1H22, home prices decreased -0.2% yoy nationally as of April 2023.

High Quality Mortgage Pool (Positive): The collateral consists of
100% first-lien, prime-quality mortgage loans with terms of mainly
30 years. More specifically, the collateral consists of 30-year,
fixed-rate fully amortizing loans seasoned at approximately 5.4
months in aggregate as determined by Fitch (three months per the
transaction documents). Of the loans, 74.2% were originated through
the sellers' retail channels. The borrowers in this pool have
strong credit profiles with a 775 weighted average (WA) FICO (FICO
scores range from 652 to 840) and represent either owner-occupied
homes or second homes. Of the pool, 96.6% of loans are
collateralized by single-family homes, including single-family,
planned unit development (PUD) and single-family attached homes,
while condominiums make up the remaining 3.4%. There are no
investor loans or multifamily homes in the pool, which Fitch views
favorably.

The WA combined loan-to-value ratio (CLTV) is 75.0%, which
translates into an 80.4% sustainable LTV (sLTV) as determined by
Fitch. The 75.0% CLTV is driven by the large percentage of purchase
loans (95.1%), which have a WA CLTV of 75.5%.

A total of 169 loans are over $1.0 million, and the largest loan
totals $3.0 million. Fitch considered 100% of the loans in the pool
to be fully documented loans.

Nine loans in the collateral pool for this transaction have an
interest rate buydown feature. Fitch increased its loss
expectations on these loans to address the potential payment shock
that the borrower may face.

Lastly, four loans in the pool comprise nonpermanent residents, and
none of the loans in the pool were made to foreign nationals. Based
on historical performance, Fitch found that nonpermanent residents
performed in line with U.S. citizens; as a result, these loans did
not receive additional adjustments in the loss analysis.

Approximately 33% of the pool is concentrated in California with
moderate MSA concentration for the pool as a whole. The largest MSA
concentration is in the San Francisco MSA (13.3%), followed by the
Los Angeles MSA (6.1%) and the Phoenix MSA (5.8%). The top three
MSAs account for 25% of the pool. There was no adjustment for
geographic concentration.

Loan Count Concentration (Negative): The loan count for this pool
(326 loans) results in a loan count concentration penalty. The loan
count concentration penalty applies when the WA number (WAN) of
loans is less than 300; in this pool, the WAN is 281. The loan
count concentration for this pool results in a 1.04x penalty, which
increases loss expectations by 21 basis points (bps) at the 'AAAsf'
rating category.

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

The servicer will provide full advancing for the life of the
transaction. Although full P&I advancing will provide liquidity to
the certificates, it will also increase the loan-level loss
severity (LS) since the servicer looks to recoup P&I advances from
liquidation proceeds, which results in less recoveries.

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

Credit Enhancement Floor (Positive): A CE or senior subordination
floor of 2.30% has been considered to mitigate potential tail-end
risk and loss exposure for senior tranches as the pool size
declines and performance volatility increases due to adverse loan
selection and small loan count concentration. Additionally, a
junior subordination floor of 1.50% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the model
projected MVD, which is 39.9% in the 'AAAsf' stress. The analysis
indicates that there is some potential rating migration with higher
MVDs, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence described in
Form 15E focused on four areas: compliance review, credit review,
valuation review and data integrity. Fitch considered this
information in its analysis and, as a result, Fitch did not make
any adjustment(s) to its analysis based on the findings. Due to the
fact that there was 100% due diligence provided and there were no
material findings, Fitch reduced the 'AAAsf' expected loss by
0.29%.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


MVW LLC 2022-2: Fitch Affirms BB Rating on Class D Notes
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of MVW Owner Trust 2017-1
(2017-1), MVW Owner Trust 2018-1 (2018-1), MVW 2019-1 LLC (2019-1),
MVW 2019-2 LLC (2019-2), MVW 2020-1 LLC (2020-1), MVW 2021-1W LLC
(2021-1W), MVW 2021-2 LLC (2021-2) MVW 2022-1 LLC (2022-1), and MVW
2022-2 LLC (2022-2). The Rating Outlook remains Stable on all
classes.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
MVW 2019-2 LLC

   A 55400DAA9         LT AAAsf  Affirmed   AAAsf
   B 55400DAB7         LT Asf    Affirmed   Asf
   C 55400DAC5         LT BBBsf  Affirmed   BBBsf

MVW 2022-2 LLC

   A 55400VAA9         LT AAAsf  Affirmed   AAAsf
   B 55400VAB7         LT Asf    Affirmed   Asf
   C 55400VAC5         LT BBBsf  Affirmed   BBBsf
   D 55400VAD3         LT BBsf   Affirmed   BBsf

MVW 2022-1 LLC

   A 55400UAA1         LT AAAsf  Affirmed   AAAsf
   B 55400UAB9         LT Asf    Affirmed   Asf
   C 55400UAC7         LT BBBsf  Affirmed   BBBsf
   D 55400UAD5         LT BBsf   Affirmed   BBsf

MVW 2019-1 LLC

   A 55389PAA7         LT AAAsf  Affirmed   AAAsf
   B 55389PAB5         LT Asf    Affirmed   Asf
   C 55389PAC3         LT BBBsf  Affirmed   BBBsf

MVW Owner Trust 2017-1

   A 553896AA9         LT AAAsf  Affirmed   AAAsf
   B 553896AB7         LT Asf    Affirmed   Asf
   C 553896AC5         LT BBBsf  Affirmed   BBBsf

MVW 2020-1

   Class A 55400EAA7   LT AAAsf  Affirmed   AAAsf
   Class B 55400EAB5   LT Asf    Affirmed   Asf
   Class C 55400EAC3   LT BBBsf  Affirmed   BBBsf
   Class D 55400EAD1   LT BBsf   Affirmed   BBsf

MVW 2021-1W LLC

   A 55389TAA9         LT AAAsf  Affirmed   AAAsf
   B 55389TAB7         LT Asf    Affirmed   Asf
   C 55389TAC5         LT BBBsf  Affirmed   BBBsf
   D 55389TAD3         LT BBsf   Affirmed   BBsf

MVW 2021-2 LLC

   A 55400KAA3         LT AAAsf  Affirmed   AAAsf
   B 55400KAB1         LT Asf    Affirmed   Asf
   C 55400KAC9         LT BBBsf  Affirmed   BBBsf

MVW Owner Trust 2018-1

   A 62848BAA9         LT AAAsf  Affirmed   AAAsf
   B 62848BAB7         LT Asf    Affirmed   Asf
   C 62848BAC5         LT BBBsf  Affirmed   BBBsf

KEY RATING DRIVERS

The affirmations of the class A, B, C and D notes for all
outstanding transactions reflect loss coverage levels consistent
with their current ratings. The Stable Outlook reflects Fitch's
expectation that loss coverage levels will remain supportive of
these ratings.

As of the September 2023 collection period, 61+ day delinquency
rates for 2017-1, 2018-1, 2019-1, 2019-2, 2020-1, 2021-1W, 2021-2,
2022-1 and 2022-2 are 2.48%, 1.51%, 1.92%, 1.70%, 1.53%, 2.28%,
2.18%, 2.27% and 1.67%, respectively. Cumulative gross defaults
(CGDs) are currently at 9.47%, 9.82%, 11.92%, 12.31%, 10.44%,
9.15%, 7.21%, 6.53% and 4.70%, respectively. The transactions are
tracking generally in line with Fitch's expectations. As a result
of optional repurchases and substitutions of the defaulted loans by
the seller, none of the transactions have experienced a net loss to
date.

To account for the recent performance, Fitch maintained
conservative base case lifetime CGD proxies of 10.5%, 14.5%, 15.5%,
15.0% and 16.25% for 2017-1, 2019-1, 2019-2, 2020-1 and 2021-1W,
respectively, and revised the CGD proxy to 11.5% from 11.75% for
2018-1 given the stabilizing performance trends for these
transactions. The CGD proxies for 2021-2 and 2022-1 were increased
to 15.5% from 15.0% and 16.0% from 15.25%, respectively, due to a
slight increase in Fitch's CGD projections since last review. For
2022-2, the lifetime CGD proxy was maintained at 13.5% due to low
seasoning of the pool.

For 2017-1 and 2021-2, loss coverages for the class A, class B and
class C notes are able to support multiples in excess of 3.50x,
2.50x and 1.75x for 'AAAsf', 'Asf' and 'BBBsf'. For 2021-1, 2022-1
and 2022-2, loss coverages for the class A, class B, class C and
class D notes are able to support multiples in excess of 3.50x,
2.50x, 1.75x and 1.25x for 'AAAsf', 'Asf', 'BBBsf' and 'Bsf'. For
2018-1, 2019-1 and 2019-2, the class A and class B loss coverages
are slightly short of the 3.50x and 2.50x multiples for 'AAAsf' and
'Asf'; however, the class C loss coverage is able to support a
multiple in excess of 1.75x for 'BBBsf'. For 2020-1, the class A
and class B loss coverages are slightly short of the 3.50x and
2.50x multiples for 'AAAsf' and 'Asf'; however, the class C and
class D loss coverages are able to support the multiple in excess
of 1.75x for 'BBBsf' and 1.25x for 'Bsf'.

The shortfalls are considered marginal and are still within the
range of the multiples for their current ratings. Additionally,
Fitch also accounted for the seller's optional repurchase and
substitution activities across all these transactions, resulting in
zero net losses to date.

The ratings also reflect the quality of Marriot Vacations Worldwide
Corporation timeshare receivable originations, the sound financial
and legal structure of the transaction, and the strength of the
servicing provided by Marriott Ownership Resorts, Inc. Fitch will
continue to monitor economic conditions and their impact as they
relate to timeshare ABS and the trust level performance variables
and update the ratings accordingly.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults could produce
default levels higher than the current projected base case default
proxy and impact available loss coverage and multiples levels for
the transaction. Weakening asset performance is strongly correlated
to increasing levels of delinquencies and defaults that could
negatively impact credit enhancement (CE) levels.

Lower loss coverage could affect ratings and Outlooks, depending on
the extent of the decline in coverage. Conversely, stable to
improved asset performance driven by stable delinquencies and
defaults would lead to increasing CE levels and consideration for
potential upgrades. Fitch utilizes the break-even loss coverage to
solve for the CGD level required to reduce each rating by one full
category, to non-investment grade (BBsf) and to 'CCCsf'.

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

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. Fitch applied an up sensitivity, by
reducing the base case proxy by 20%. The impact of reducing the
proxies by 20% from the current proxies could result in up to one
category upgrade or affirmations of ratings with stronger
multiples.

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.


MVW LLC 2023-2: Moody's Assigns (P)Ba2 Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by MVW 2023-2 LLC. MVW 2023-2 LLC is backed by a
pool of timeshare loans originated by Marriott Ownership Resorts,
Inc. (MORI, Ba3 stable) who also serviced the transaction. Marriott
Vacations Worldwide Corporation (MVW) is the ultimate parent of
MORI.  MVW is a public global vacation company that offers vacation
ownership, exchange, rental, resort management and other related
businesses.  MVW is also the performance guarantor. Computershare
Trust Company, N.A. (Computershare, Baa2 stable) is the backup
servicer.

Issuer: MVW 2023-2 LLC

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

Class B Notes, Assigned (P)A3 (sf)

Class C Notes, Assigned (P)Baa2 (sf)

Class D Notes, Assigned (P)Ba2 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the capital structure, and the
experience and expertise of MORI as servicer and the back-up
servicing arrangement with Computershare.

Moody's expected median cumulative net loss expectation for MVW
2023-2 LLC is 13% and the loss at a Aaa stress is 46%. Moody's
based its net loss expectations on an analysis of the credit
quality of the underlying collateral; the historical performance of
similar collateral, including securitization performance and
managed portfolio performance; the ability of MORI to perform the
servicing functions and Computershare to perform the backup
servicing functions; and current expectations for the macroeconomic
environment during the life of the transaction.

At closing, the Class A notes, Class B notes, Class C notes and
Class D notes are expected to benefit from 36.50%, 20.75%, 10.75%
and 4.50% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of
overcollateralization, a reserve account and subordination. The
notes may also benefit from excess spread. For the purpose of
calculating initial hard credit enhancement, Moody's use a reserve
of 2.50% even though the initial reserve starts at 5.00%. The notes
may also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "US Vacation
Timeshare Loan Securitizations Methodology" published in July
2022.

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

Up

Moody's could upgrade the Class B, C and D notes if, given current
expectations of portfolio losses, levels of credit enhancement are
consistent with higher ratings. This transaction has a pro-rata
structure with sequential pay triggers. Moody's expectation of pool
losses could decline as a result of better than expected
improvements in the economy, changes to servicing practices that
enhance collections or refinancing opportunities that result in
prepayments.

Down

Moody's could downgrade the ratings of the notes if pool losses
exceed its expectations and levels of credit enhancement are
consistent with lower ratings. Credit enhancement could decline if
excess spread is not sufficient to cover losses in a given month.
Moody's expectation of pool losses may increase, for example, due
to performance deterioration stemming from a downturn in the US
economy, deficient servicing, errors on the part of transaction
parties, inadequate transaction governance or fraud.


OBX TRUST 2023-J2: Moody's Assigns (P)B2 Rating to Cl. B-5 Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 36
classes of residential mortgage-backed securities (RMBS) to be
issued by OBX 2023-J2, and sponsored by Onslow Bay Financial LLC.

The securities are backed by a pool of prime jumbo (59.0% by
balance) and GSE-eligible (41.0% by balance) residential mortgages
that OBX purchased from Bank of America, National Association
(BANA), who in turn aggregated them from multiple originators and
also from aggregators MAXEX Clearing LLC (MAXEX; 6.2% by loan
balance) and Redwood Residential Acquisition Corporation (Redwood;
2.5% by balance). NewRez LLC d/b/a Shellpoint Mortgage Servicing
(Shellpoint; 91.5% by balance), PennyMac Loan Services LLC and
PennyMac Corp (PennyMac; 8.6% by balance) are the servicers of the
pool.

The complete rating actions are as follows:

Issuer: OBX 2023-J2 Trust

Cl. A-1, Assigned (P)Aaa (sf)

Cl. A-2, Assigned (P)Aaa (sf)

Cl. A-3, Assigned (P)Aaa (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aaa (sf)

Cl. A-6, Assigned (P)Aaa (sf)

Cl. A-7, Assigned (P)Aaa (sf)

Cl. A-8, Assigned (P)Aaa (sf)

Cl. A-9, Assigned (P)Aaa (sf)

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aa1 (sf)

Cl. A-14, Assigned (P)Aa1 (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-X-1*, Assigned (P)Aaa (sf)

Cl. A-X-2*, Assigned (P)Aaa (sf)

Cl. A-X-3*, Assigned (P)Aaa (sf)

Cl. A-X-4*, Assigned (P)Aaa (sf)

Cl. A-X-5*, Assigned (P)Aaa (sf)

Cl. A-X-6*, Assigned (P)Aaa (sf)

Cl. A-X-7*, Assigned (P)Aaa (sf)

Cl. A-X-8*, Assigned (P)Aa1 (sf)

Cl. A-X-9*, Assigned (P)Aaa (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

Cl. B-X-1*, Assigned (P)Aa3 (sf)

Cl. B-1A, Assigned (P)Aa3 (sf)

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-X-2*, Assigned (P)A2 (sf)

Cl. B-2A, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

Cl. B-5, Assigned (P)B2 (sf)

Cl. A-1A Loans, Assigned (P)Aaa (sf)

Cl. A-2A Loans, Assigned (P)Aaa (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings are based on the credit quality of the mortgage loans,
the structural features of the transaction, the origination quality
and the servicing arrangement, the third-party review, and the
representations and warranties framework.

Moody's expected loss for this pool in a baseline scenario-mean is
0.49%, in a baseline scenario-median is 0.28% and reaches 4.73% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY


The principal methodology used in rating all classes except
interest-only classes 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 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 original 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.


OPEN TRUST 2023-AIR: Moody's Assigns (P)Ba2 Rating to Cl. E Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CMBS securities, to be issued by OPEN Trust 2023-AIR,
Commercial Mortgage Pass-Through Certificates, Series 2023-AIR:

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

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

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

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

Cl. E, Assigned (P)Ba2 (sf)

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

RATINGS RATIONALE

The certificates are collateralized by a single loan backed by a
first lien mortgage on the borrower's fee simple and/or leasehold
interests in 38 open-air retail centers totaling approximately 8.5
million collateral SF across 15 states. Moody's ratings are based
on the credit quality of the loan and the strength of the
securitization structure.

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

The collateral portfolio consists of 38 open-air retail centers
located across 15 states and 25 distinct markets. Together, the
properties offer approximately 8,535,929 SF of aggregate NRA.
Individual properties average 224,630 SF in size, ranging from a
low of 41,066 SF to a high of 495,400 SF. As of August 7, 2023, the
portfolio is approximately 93.5% occupied by approximately 654
distinct tenants operating across a variety of industries such as
services, electronics, food, and entertainment. Approximately 23
properties are anchored by a grocer and/or pharmacy and 15 are
big-box anchored.

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

The Moody's first mortgage DSCR is 1.03x, which is lower than
Moody's first mortgage stressed DSCR at a 9.25% constant is 1.08x.
Moody's DSCR is based on Moody's stabilized net cash flow.

Moody's LTV ratio for the first mortgage balance is 94.4% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 83.7% using a cap rate adjusted for the current interest
rate environment.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The property quality
grade is 2.45.

Notable strengths of the transaction include: strong anchor
tenancy, high occupancy with granular tenancy, strong leasing
spreads, geographic diversity, multiple-property pooling, and
capital expenditures.

Notable concerns of the transaction include: rollover risk,
secondary/tertiary market exposure, floating-rate interest-only
loan profile, prior bankruptcy, dated third party reports, and
credit negative legal features.

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

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

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.


PRESTIGE 2022-1: S&P Places 'BB-' Rating on E Notes on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on classes B and C, placed
its rating on class E on CreditWatch with negative implications,
and affirmed its rating on classes A and D from Prestige Auto
Receivables Trust 2022-1 (PART 2022-1).

S&P said, "The rating action reflects the transaction's collateral
performance to date and our expectation regarding future collateral
performance, including an increase in the series' cumulative net
loss (CNL) expectation range. This rating action also accounts for
the transaction's structure and level of credit enhancement.
Additionally, we incorporated secondary credit factors, including
credit stability, payment priorities under various scenarios, and
sector- and issuer-specific analyses, including our most recent
macroeconomic outlook, which incorporates a baseline forecast for
U.S. GDP and unemployment.

"The transaction's collateral performance is trending worse than
our original CNL expectation. Cumulative gross losses are
significantly higher than prior transactions at this point in time,
which, coupled with lower cumulative recoveries, is resulting in
elevated CNLs. Excess spread has largely been used to cover net
losses, leaving very little or no funds available to build the
transaction's overcollateralization amount in dollar terms. In view
of the series weaker performance, on April 10, 2023, Prestige
contributed $3.1 million capital to PART 2022-1 and forwent its
servicing fee from the February to September collection periods.
Together, these credit positive actions slowed the decline in the
overcollateralization amount during these months. Nevertheless,
PART 2022-1 remains below its overcollateralization target.
Prestige has also submitted a written plan to contribute additional
capital—-a one-time cash infusion--into PART 2022-1."

  Table 1

  PART 2022-1 Collateral Performance (%)

             Pool                          60+ day
  Mo.(i)   factor     CGL     CRR    CNL   delinq.   Ext.

  Oct-22    98.86    0.00    0.00   0.00      0.11   0.78
  Nov-22    97.42    0.04    0.00   0.04      1.75   1.40
  Dec-22    95.79    0.39    2.80   0.38      3.07   2.30
  Jan-23    93.15    1.67    5.35   1.58      3.26   3.62
  Feb-23    90.45    3.00    9.96   2.71      3.10   3.41
  Mar-23    87.74    4.19   15.90   3.53      2.73   4.38
  Apr-23    85.54    5.20   20.30   4.15      2.73   5.39
  May-23    83.10    6.15   21.80   4.81      3.14   5.97
  Jun-23    80.83    7.09   25.21   5.30      3.34   5.91
  Jly-23    78.60    8.09   25.08   6.06      3.97   5.81
  Aug-23    76.62    8.95   25.73   6.65      4.93   5.57
  Sep-23    74.39   10.07   24.75   7.58      5.75   5.61

(i)As of the monthly collection period.
PART--Prestige Auto Receivables Trust.
Mo.--Month.
CGL--Cumulative gross loss.
CRR--Cumulative recovery rate.
CNL--Cumulative net loss.
Delinq.--Delinquencies.
Ext.--Extensions.

  Table 2

  PART 2022-1 Overcollateralization

            Current    Target    Target   Current    Target
    Mo.       (%)      (%)        (%)    ($ mil.)   ($ mil.)
    (i)       (ii)      (iv)      (iv)      (iii)      (iv)
  Oct-22      9.95     16.75      2.00     40.90       77.14
  Nov-22     10.84     16.75      2.00     43.91       76.15
  Dec-22     11.50     16.75      2.00     45.77       75.01
  Jan-23     11.32     16.75      2.00     43.83       73.17
  Feb-23     11.42     16.75      2.00     42.95       71.29
  Mar-23     12.76     16.75      2.00     46.53       69.40
  Apr-23     13.20     16.75      2.00     46.94       67.87
  May-23     13.69     16.75      2.00     47.29       66.17
  Jun-23     14.44     16.75      2.00     48.52       64.59
  Jly-23     14.75     16.75      2.00     48.18       63.04
  Aug-23     15.34     16.75      2.00     48.87       61.66
  Sep-23     15.49     16.75      2.00     47.90       60.11

(i)As of the monthly collection period.
(ii)Percentage of the current collateral pool balance.
(iii)Amount of overcollateralization for the collection month.
(iv)The target overcollateralization amount on any distribution
date for series 2022-1 is equal to the sum of 16.75% of the current
pool balance and 2.00% of initial collateral balance.
PART--Prestige Auto Receivables Trust.
Mo.--Month.

Although the transaction's overcollateralization amount is not at
its specified target, its sequential principal payment structure
has led to an increase in the other components of hard credit
enhancement--subordination and non-amortizing reserve amount as a
percentage of the current collateral pool balance--which benefit
the senior notes as the collateral pool amortize.

  Table 3

  Hard credit support(i)

                     Total hard CE     Current total hard CE
  Series   Class       at issuance (%)        (% of current)
  2022-1   A-2/A-3           51.25                   72.78
  2022-1   B                 41.50                   59.18
  2022-1   C                 30.70                   44.66
  2022-1   D                 19.45                   29.54
  2022-1   E                 10.25                   17.17

(i)As of the collection period ended Sept. 30, 2023. Calculated as
a percentage of the total gross receivable pool balance, which
consists of a subordination, reserve account and
overcollateralization. Excess spread is excluded from the hard
credit support and can also provide additional enhancement.

In view of the series' performance to date, which is trending worse
than S&P's initial CNL expectation, along with adverse economic
headwinds and possibly continued weaker recovery rates, it revised
and raised its expected CNL range for the series.

  Table 4

  PART 2022-1 CNL Expectations (%)(i)

  Original         Prior        Revised
  lifetime      lifetime       lifetime
  CNL exp.      CNL exp.(i)     CNL exp.(ii)

   16.00           N/A      24.00-25.00

(i)As of the October 2023 distribution date.
CNL exp.--Cumulative net loss expectations.
N/A--Not applicable.

S&P said, "Based on of our revised CNL range, we undertook a cash
flow analysis to assess the loss coverage levels for the series
2022-1 notes, giving credit to stressed excess spread. Our various
cash flow scenarios included forward-looking assumptions on
recoveries, the timing of losses, and voluntary absolute prepayment
speeds that we believe are appropriate, given the transaction's
performance to date. Additionally, we conducted a sensitivity
analysis for the series to determine the impact a moderate ('BBB')
stress scenario would have on our ratings if losses began trending
higher than our revised base-case loss expectations.

"In our view, the cash flow results demonstrated that classes A, B,
C, and D have adequate credit enhancement at the raised and
affirmed rating levels, which is based on our analysis as of the
collection period ended September 2023. Although hard credit
enhancement for the class E notes has increased since issuance, it
remains highly dependent upon excess spread and is vulnerable to
elevated losses at the upper end of our revised ECNL range. As
such, we placed our rating on the class E notes on CreditWatch with
negative implications while we conduct further analysis around
class E's sensitivity across various loss timing scenarios.

"We believe the evolving economic headwinds and potential negative
impact on consumers could result in a greater proportion of
delinquencies and extensions ultimately defaulting, which, if not
offset by recovery, are risks to excess spread and
overcollateralization.

"We plan to resolve the class E CreditWatch placement over the
course of the next 90 days as we conduct further analysis and
consider the impact, if any, of the issuer's submitted action plan
in support of this transaction. We will continue to monitor the
performance of the outstanding transaction to ensure that the
credit enhancement remains sufficient, in our view, to cover our
CNL range expectation under our stress scenarios for each of the
rated classes."

  RATINGS RAISED

  Prestige Auto Receivables Trust 2022-1

             Rating
  
  Class   To         From

  B       AA+ (sf)   AA (sf)
  C       A+ (sf)    A (sf)


  RATING PLACED ON CREDIT WATCH NEGATIVE

  Prestige Auto Receivables Trust 2022-1

                   Rating
  Class   To                   From

  E       BB- (sf)/Watch Neg   BB- (sf)

  RATINGS AFFIRMED

  Prestige Auto Receivables Trust 2022-1

  Class   Rating

  A-2     AAA (sf)
  A-3     AAA (sf)
  D       BBB (sf)



PRKCM 2023-AFC4: S&P Assigns Prelim B+ (sf) Rating on B-2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to PRKCM
2023-AFC4 Trust's mortgage-backed notes.

The note issuance is an RMBS transaction backed by first- and
second-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans to both prime and nonprime borrowers
(some with interest-only periods). The loans are secured by
single-family residential properties, planned unit developments,
condominiums, townhomes, and two- to four-family residential
properties. The pool consists of 865 loans, which are
ability-to-repay (ATR) exempt, non-qualified mortgage/ATR
compliant, QM/average prime offer rate (APOR; safe harbor), and
QM/APOR (rebuttable presumption).

The preliminary ratings are based on information as of Oct. 30,
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 pool's collateral composition;

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

-- The mortgage originator, AmWest Funding Corp.; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "Per our latest macroeconomic update, after
stronger-than-expected growth so far, the U.S. economy is poised to
slow down for the rest of 2023 and come in below trend for the next
two years. While we now expect the economy to expand 2.3% this year
(up from 1.7% in our June forecast), we see growth slowing to 1.3%
in 2024 and 1.4% in 2025 before approaching trend-like growth of
1.8% in 2026. The balance of risk to our baseline forecast is
tilted to the downside, and the policy interest rate appears to be
at or close to a peak. We anticipate one more rate hike in this
tightening cycle, but the monetary stance will continue to tighten
in real terms, peaking in the second quarter of next year. We
updated our market outlook as it relates to the 'B' projected
archetypal loss level and therefore revised and lowered our 'B'
foreclosure frequency to 2.50% from 3.25%, which reflects the level
prior to April 2020 preceding the COVID-19 pandemic. The update
reflects our benign view of the mortgage and housing market as
demonstrated through general national level home price behavior,
unemployment rates, mortgage performance, and underwriting."

  Preliminary Ratings Assigned(i)

  PRKCM 2023-AFC4 Trust

  Class A-1, $239,892,000: AAA (sf)
  Class A-2, $36,490,000: AA (sf)
  Class A-3, $26,713,000: A+ (sf)
  Class M-1, $16,063,000: BBB+ (sf)
  Class B-1, $12,047,000: BB+ (sf)
  Class B-2, $8,205,000: B+ (sf)
  Class B-3, $9,778,203: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The collateral and structural information in this report reflect
the preliminary private placement memorandum sheet dated Oct. 20,
2023. The ratings address the ultimate payment of interest and
principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $349,188,203.



PRPM 2023-NQM2: DBRS Finalizes B Rating on Class B-2 Certs
----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Certificates, Series 2023-NQM2 (the Certificates)
issued by PRPM 2023-NQM2 Trust (the Issuer):

-- $178.7 million Class A-1 at AAA (sf)
-- $28.4 million Class A-2 at AA (sf)
-- $21.2 million Class A-3 at A (sf)
-- $13.8 million Class M-1 at BBB (sf)
-- $8.7 million Class B-1 at BB (sf)
-- $8.6 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 35.45% of
credit enhancement provided by subordinated notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 25.20%, 17.55%,
12.55%, 9.40%, and 6.30% 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 first-lien residential
mortgages funded by the issuance of the Certificates. The
Certificates are backed by 615 mortgage loans with a total
principal balance of $276,774,030 as of the Cut-Off Date (August
31, 2023).

PRPM 2023-NQM2 represents the third securitization issued from the
PRPM NQM shelf, which is backed by both non-qualified mortgages
(non-QM) and business purpose investment property loans
underwritten using debt service coverage ratios (DSCR). PRP-LB V
AIV, LLC, a fund owned by the aggregator, Balbec Capital LP & PRP
Advisors, LLC (PRP), serves as the Sponsor of this transaction.

Nexera Holding LLC d/b/a Newfi Lending (30.0%) and NMSI, Inc.
(27.2%) are the top two originators for the mortgage pool. The
remaining originators each comprise less than 15.0% of the mortgage
loans. Fay Servicing, LLC (100.0%) is the Servicer of the loans in
this transaction. PRP acts as the Servicing Administrator. U.S.
Bank Trust Company, National Association (rated AA (high) with a
Negative trend by DBRS Morningstar) will act as the Trustee and
Securities Administrator. U.S. Bank National Association (rated AA
(high) with a Negative trend by DBRS Morningstar) will act as the
Custodian.

For 41.8% of the pool, the mortgage loans were underwritten to
program guidelines for business-purpose loans that are designed to
rely on property value, the mortgagor's credit profile, and the
DSCR, where applicable. In addition, 5.3% of the pool comprises
investment property loans underwritten using debt-to-income ratios.
Because these loans were made to investors for business purposes,
they are exempt from the Consumer Financial Protection Bureau's
(CFPB) Ability-to-Repay (ATR) rules and the TILA/RESPA Integrated
Disclosure rule.

For 51.9% of the pool, the mortgage loans were originated to
satisfy the CFPB's ATR rules, but 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, these loans are designated as non-QM. The
remaining loans subject to the ATR rules are designated as QM Safe
Harbor (0.7%) and QM Rebuttable Presumption (0.2%) by unpaid
principal balance (UPB).

The Depositor, a majority-owned affiliate of the Sponsor, will
retain the Class B-3 and XS Certificates, representing an eligible
horizontal interest of at least 5% of the aggregate fair value of
the Certificates to satisfy the credit risk-retention requirements
under Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder. Such retention aligns Sponsor
and investor interest in the capital structure.

On or after the earlier of (1) the distribution date in September
2026 or (2) the date when the aggregate UPB of the mortgage loans
is reduced to 30% of the Cut-Off Date balance, the Depositor, at
its option, may redeem all of the outstanding Certificates at a
price equal to the class balances of the related Certificates plus
accrued and unpaid interest, including any Cap Carryover Amounts,
any post-closing deferred amounts, and other fees, expenses,
indemnification and reimbursement amounts described in the
transaction documents (Optional Redemption). An Optional Redemption
will be followed by a qualified liquidation.

The Sponsor will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 60 or more days
delinquent under the Mortgage Bankers Association method 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.

For this transaction, the Servicer will not fund advances of
delinquent principal and interest on any mortgage. However, the
Servicer is obligated to make advances in respect of taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing of properties (servicing advances).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior classes (Class
A-1, A-2, and A-3) subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Trigger Event). After a Trigger Event, principal
proceeds can be used to cover interest shortfalls on Class A-1 and
then Class A-2 before being applied sequentially to amortize the
balances of the certificates (IIPP). For all other classes,
principal proceeds can be used to cover interest shortfalls after
the more senior classes are paid in full (IPIP).

Excess spread can be used to cover realized losses before being
allocated to unpaid Cap Carryover Amounts due to Class A-1, A-2,
and A-3. For this transaction, the Class A-1, A-2, and A-3 fixed
rates step up by 100 basis points on and after the payment date in
October 2027. On or after October 2027, interest and principal
otherwise payable to the Class B-3 may also be used to pay Cap
Carryover Amounts.

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



REALT 2016-1: Fitch Affirms Bsf Rating on Class G Debt
------------------------------------------------------
Fitch Ratings has upgraded 22 and affirmed 18 classes from five
Canadian CMBS conduit transactions. In addition, following their
upgrades, classes were assigned Stable Rating Outlooks. The Rating
Outlook for Class G of REAL-T 2016-1 was revised to Negative from
Stable given concerns regarding the transaction's third largest
loan, Ste. Catherine Street Retail Montreal (7.3% of the pool). The
Outlooks for all other classes remain Stable. Fitch has removed all
classes from these transactions from Under Criteria Observation
(UCO).

   Entity/Debt         Rating           Prior
   -----------         ------           -----
REAL-T 2018-1

   A-1 75585RQE8   LT AAAsf  Affirmed   AAAsf
   A-2 75585RQF5   LT AAAsf  Affirmed   AAAsf
   B 75585RQH1     LT AAAsf  Affirmed   AAAsf
   C 75585RQJ7     LT AA+sf  Upgrade    Asf
   D-1 75585RQK4   LT A-sf   Upgrade    BBBsf
   D-2             LT A-sf   Upgrade    BBBsf
   E               LT BBB-sf Affirmed   BBB-sf
   F               LT BBsf   Affirmed   BBsf
   G               LT Bsf    Affirmed   Bsf

REAL-T 2017

   A-2 75585RPZ2   LT AAAsf  Affirmed   AAAsf
   B 75585RQB4     LT AAAsf  Affirmed   AAAsf
   C 75585RQC2     LT AAAsf  Upgrade    Asf
   D-1 75585RQD0   LT A+sf   Upgrade    BBBsf
   D-2             LT A+sf   Upgrade    BBBsf
   E               LT A-sf   Upgrade    BBB-sf
   F               LT BBBsf  Upgrade    BBsf
   G               LT BB+sf  Upgrade    Bsf    

REAL-T 2016-1

   A-1 75585RMW2   LT AAAsf  Affirmed   AAAsf
   A-2 75585RMY8   LT AAAsf  Affirmed   AAAsf
   B 75585RNC5     LT AAAsf  Upgrade    AAsf
   C 75585RNE1     LT AA-sf  Upgrade    Asf
   D 75585RNG6     LT BBB+sf Upgrade    BBBsf
   E 75585RNJ0     LT BBB-sf Affirmed   BBB-sf
   F 75585RNL5     LT BBsf   Affirmed   BBsf
   G 75585RNM3     LT Bsf    Affirmed   Bsf

REAL-T 2016-2

   A-2 75585RNR2   LT AAAsf  Affirmed   AAAsf
   B 75585RNZ4     LT AAAsf  Affirmed   AAAsf
   C 75585RPA7     LT AAAsf  Upgrade    AAsf
   D 75585RPB5     LT AA+sf  Upgrade    Asf
   E 75585RPC3     LT AA-sf  Upgrade    BBB-sf
   F 75585RPD1     LT BBB+sf Upgrade    BBsf
   G 75585RPE9     LT BB+sf  Upgrade    Bsf

IMSCI 2016-7

   A-1 45779BEA3   LT AAAsf  Affirmed   AAAsf
   A-2 45779BEB1   LT AAAsf  Affirmed   AAAsf
   B 45779BED7     LT AAAsf  Affirmed   AAAsf
   C 45779BDX4     LT AAAsf  Upgrade    AAsf
   D 45779BDY2     LT AA-sf  Upgrade    Asf
   E 45779BDZ9     LT A-sf   Upgrade    BBB-sf
   F 45779BDU0     LT BBB-sf Upgrade    BBsf
   G 45779BDV8     LT BBsf   Upgrade    Bsf

KEY RATING DRIVERS

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

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 2.0% to 2.8%. These transactions have
concentrations of Fitch Loans of Concern (FLOCs) ranging from 8.1%
to 30.0% and no specially serviced loans.

Upgrades in the transactions reflect the impact of the criteria as
well as increased CE since Fitch's prior rating action.

The Rating Outlook for Class G of REAL-T 2016-1 was revised to
Negative from Stable given concerns regarding the transaction's
third largest loan, Ste. Catherine Street Retail Montreal (7.3% of
the pool). The property is vacant but the loan remains current. The
loan matures in September of 2025, and the Negative Outlook
reflects the potential downgrade if the loan defaults and expected
losses increase.

Change to Credit Enhancement: As of the October 2023 distribution
date, the majority of the transactions' pool balances have been
reduced significantly, ranging from 62.2% to 45.3% paydown since
issuance. No losses have been incurred in any of the transactions.

RATING SENSITIVITIES

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

- Downgrades to 'AAAsf' and 'AAsf' category rated classes are not
expected, but could occur if deal-level expected losses increase
significantly and/or interest shortfalls occur;

- Downgrades to 'Asf' and 'BBBsf' category rated classes could
occur if deal-level losses increase significantly on non-defeased
loans in the transactions including outsized losses on larger
FLOCs;

- Downgrades to 'BBsf' and 'Bsf' category rated classes are
possible with higher expected losses from FLOCs and/or if loans are
unable to refinance and default at maturity;

- Downgrades to distressed ratings of 'CCCsf' through 'Csf' would
occur as losses become more certain and/or as losses are incurred.

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

- Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with increased credit enhancement resulting from amortization and
paydowns, coupled with stable-to-improved pool-level loss
expectations and performance stabilization of FLOCs. Classes would
not be upgraded above 'Asf' if there is likelihood for interest
shortfalls;

- Upgrades to the 'BBBsf', 'BBsf' and 'Bsf' category rated classes
would be limited based on sensitivity to concentrations of the
pools, including maturity dates.

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.


REALT 2020-1: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------
DBRS Limited confirmed its credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2020-1
issued by Real Estate Asset Liquidity Trust (REALT) Series 2020-1:

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

All trends are Stable.

The credit rating confirmations reflect the overall performance
since DBRS Morningstar's last review. The pool benefits from
favorable pool diversity, no delinquencies, no specially serviced
loans, and a low pool-level expected loss (EL). Since the last
credit rating action, LBC Carrefour Retail (Prospectus ID#2,
previously 6.9% of the pool) matured and was repaid in full. DBRS
Morningstar maintains a cautious outlook on two watchlist loans in
the top five, representing 9.6% of the pool combined. In addition,
DBRS Morningstar notes a small concentration of upcoming loan
maturities in 2024, representing 11.6% of the pool. Mitigating
factors include the pool's low office concentration; 40 loans,
representing 65.7% of the pool, having partial or full recourse;
and the pool's overall stable performance that remains in line with
issuance expectations. The weighted-average pool debt service
coverage ratio (DSCR) was 1.36 times (x) as of YE2022, compared
with the 1.37x figure at issuance.

As of the September 2023 reporting, 51 of the original 52 loans
remain in the pool, with an aggregate balance of $458.0 million,
representing a collateral reduction of approximately 13.9% since
issuance as a result of loan repayment and amortization. To date,
there has been no defeasance. Six loans, representing 16.4% of the
pool are on the servicer's watchlist. The pool comprises mainly
retail and multifamily properties, making up 30.1% and 26.0% of the
pool, respectively. Office properties represent just 10.2% of the
pool.

The largest loan on the watchlist is O'Shaughnessy Tower
(Prospectus ID#3, 5.3% of the pool), which is secured by a
145,074-square-foot office tower in Montréal. The servicer added
it to the watchlist in June 2021 for a low DSCR, which remains well
below breakeven as of the YE2022 reporting. In an effort to improve
curb appeal, the borrower spent approximately $2.1 million in
capital expenditures throughout 2021, replacing windows and
improving the exterior structure of the building. The YE2022
occupancy decreased to 71.0% from the YE2021 and issuance figures
of 73.9% and 93.6%, respectively. Alongside a slip in occupancy,
net cash flow (NCF) fell approximately 23.0% to $0.87 million from
the YE2021 figure of $1.0 million and 51.9% from the DBRS
Morningstar NCF of $1.81 million at issuance. The property reported
an in-place average rental rate of $18.70 per square foot (psf),
according to the June 2023 rent roll, compared with the Q2 2023
reported Colliers average rental rate within the Montréal office
market of $19.70 psf. Given the shift in demand for office space
and collateral performance that remains below issuance levels, DBRS
Morningstar applied a stressed loan-to-value ratio scenario in its
analysis for this review. The resulting EL exceeded that of the
pool by approximately 300.0%.

The second-largest loan on the servicer's watchlist, Rossignol
Drive Retirement Residence (Prospectus ID#4, 4.3% of the pool), is
secured by a 119-unit senior housing property in Ottawa. The
servicer added the loan to the watchlist in June 2021 for a low
DSCR, which, alongside occupancy and cash flow figures, has
steadily declined since issuance. DBRS Morningstar reached out to
the servicer for updated financials; however, none have been
provided as of this writing. The most recently available NCF was
for YE2021 at $1.1 million (reflecting a DSCR of 0.90x), a decline
from the YE2020 figure of $1.3 million (reflecting a DSCR of 1.05x)
and the DBRS Morningstar NCF of $1.6 million at issuance. Operating
expenses simultaneously increased to 78.0% at YE2021 from 69.0% at
issuance. Occupancy exhibited similar deterioration, falling to the
YE2021 figure of 78.0% from 90.1% at issuance. The March 2023 rent
roll indicates occupancy fell further to approximately 76.0%, with
29 of the 119 units listed as vacant. DBRS Morningstar believes
current cash flows have further declined from the last reported
figures, so it analyzed this loan with a stressed probability of
default scenario, which resulted in an EL that exceeded that of the
pool by approximately 100.0%.

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




SEQUOIA MORTGAGE 2023-4: Fitch Gives Final 'BB' Rating on B-4 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates issued by Sequoia Mortgage Trust
2023-4 (SEMT 2023-4).

   Entity/Debt      Rating             Prior
   -----------      ------             -----
SEMT 2023-4

   A-1          LT AAAsf  New Rating   AAA(EXP)sf
   A-2          LT AAAsf  New Rating   AAA(EXP)sf
   A-3          LT AAAsf  New Rating   AAA(EXP)sf
   A-4          LT AAAsf  New Rating   AAA(EXP)sf
   A-5          LT AAAsf  New Rating   AAA(EXP)sf
   A-6          LT AAAsf  New Rating   AAA(EXP)sf
   A-7          LT AAAsf  New Rating   AAA(EXP)sf
   A-8          LT AAAsf  New Rating   AAA(EXP)sf
   A-9          LT AAAsf  New Rating   AAA(EXP)sf
   A-10         LT AAAsf  New Rating   AAA(EXP)sf
   A-11         LT AAAsf  New Rating   AAA(EXP)sf
   A-12         LT AAAsf  New Rating   AAA(EXP)sf
   A-13         LT AAAsf  New Rating   AAA(EXP)sf
   A-14         LT AAAsf  New Rating   AAA(EXP)sf
   A-15         LT AAAsf  New Rating   AAA(EXP)sf
   A-16         LT AAAsf  New Rating   AAA(EXP)sf
   A-17         LT AAAsf  New Rating   AAA(EXP)sf
   A-18         LT AAAsf  New Rating   AAA(EXP)sf
   A-19         LT AAAsf  New Rating   AAA(EXP)sf
   A-20         LT AAAsf  New Rating   AAA(EXP)sf
   A-21         LT AAAsf  New Rating   AAA(EXP)sf
   A-22         LT AAAsf  New Rating   AAA(EXP)sf
   A-23         LT AAAsf  New Rating   AAA(EXP)sf
   A-24         LT AAAsf  New Rating   AAA(EXP)sf
   A-25         LT AAAsf  New Rating   AAA(EXP)sf
   A-IO1        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO2        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO3        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO4        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO5        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO6        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO7        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO8        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO9        LT AAAsf  New Rating   AAA(EXP)sf
   A-IO10       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO11       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO12       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO13       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO14       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO15       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO16       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO17       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO18       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO19       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO20       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO21       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO22       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO23       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO24       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO25       LT AAAsf  New Rating   AAA(EXP)sf
   A-IO26       LT AAAsf  New Rating   AAA(EXP)sf
   B-1          LT AA-sf  New Rating   AA-(EXP)sf
   B-2          LT A-sf   New Rating   A-(EXP)sf
   B-3          LT BBB-sf New Rating   BBB-(EXP)sf
   B-4          LT BBsf   New Rating   BB(EXP)sf
   B-5          LT NRsf   New Rating   NR(EXP)sf
   A-IO-S       LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by Sequoia Mortgage Trust 2023-4 (SEMT 2023-4)
as indicated. The certificates are supported by 353 loans with a
total balance of approximately $369 million as of the cutoff date.
The pool consists of prime jumbo fixed-rate mortgages acquired by
Redwood Residential Acquisition Corp. (Redwood) from various
mortgage originators. Distributions of principal and interest (P&I)
and loss allocations are based on a senior-subordinate,
shifting-interest structure.

Following the publication of its presale, Redwood upsized the B-1
class to create more credit enhancement for the Senior classes.
Fitch's ratings remain unchanged.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral consists of
353 loans totaling approximately $369 million and seasoned
approximately five months in aggregate. The borrowers have a strong
credit profile (776 model FICO and 34.6% debt to income ratio
[DTI]) and moderate leverage (78.4% sustainable loan to value ratio
[sLTV] and 71.8% mark-to-market combined LTV ratio [cLTV]).

Overall, the pool consists of 94.4% of loans where the borrower
maintains a primary residence, while 5.6% are of a second home;
88.5% of the loans were originated through a retail channel.
Additionally, 99.7% are designated as qualified mortgage (QM) loans
and 0.3% are designated as QM rebuttable assumption.

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.1% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since last quarter).
Home prices increased 1.0% yoy nationally as of August 2023 despite
regional declines, but are still being supported by limited
inventory.

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

Interest Reduction Risk (Negative): The transaction incorporates a
structural feature most commonly used by Redwood's program for
loans more than 120 days delinquent (a stop-advance loan). Unpaid
interest on stop-advance loans reduces the amount of interest that
is contractually due to bondholders in reverse-sequential order.
While this feature helps to limit cash flow leakage to subordinate
bonds, it can result in interest reductions to rated bonds in high
delinquency scenarios.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.3% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Clayton, AMC, and Digital Risk. The third-party due
diligence described in Form 15E focused on credit, compliance, and
property valuation. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment to
its analysis: a 5% reduction in its analysis. This adjustment
resulted in a 14bps reduction to the 'AAAsf' expected loss.

DATA ADEQUACY

Fitch relied in its analysis on an independent third-party due
diligence review performed on about 88.2% of the pool. The
third-party due diligence was consistent with Fitch's "U.S. RMBS
Rating Criteria." Clayton, AMC and Digital Risk were engaged to
perform the review. Loans reviewed under this engagement were given
credit, compliance and valuation grades and assigned initial grades
for each subcategory. Minimal exceptions and waivers were noted in
the due diligence reports. Refer to the Third-Party Due Diligence
section of the presale report for further details.

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

ESG CONSIDERATIONS

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


SHELTER GROWTH 2022-FL4: DBRS Confirms B(low) Rating on G Notes
---------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by Shelter Growth CRE 2022-FL4 Issuer Ltd (SGCP 2022-FL4),
as follows:

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

The initial collateral consisted of 23 floating-rate mortgages
secured by 24 mostly transitional properties with a cut-off date
balance totaling $400.7 million. Most loans were in a period of
transition with plans to stabilize performance and improve values
of the underlying assets. As of the September 2023 remittance, the
pool comprised 21 loans secured by 22 properties with a cumulative
trust balance of $388.4 million. Since issuance, two loans with a
prior cumulative trust balance of $32.4 million have been
successfully repaid in full from the pool.

The transaction is static with no reinvestment period; however, the
Issuer has the right to use principal proceeds to acquire funded
pari passu companion participations subject to stated Acquisition
Criteria during the Permitted Funded Companion Participation
Acquisition period, which ends on the payment date in December
2023. As of September 2023, the Replenishment Account has a balance
of $12.3 million.

The transaction is concentrated by property type as 19 loans,
representing 81.3% of the current trust balance, are secured by
multifamily properties. The remaining two loans are secured by a
student-housing property, representing 9.8% of the trust balance,
and a mixed-use property, representing 8.9% of the trust balance
The pool is primarily secured by properties in suburban markets,
with 12 loans, representing 47.4% of the pool, assigned a DBRS
Morningstar Market Rank of 3, 4 or 5. An additional five loans,
representing 28.2% of the pool, are secured by properties in urban
markets, with a DBRS Morningstar Market Rank of 6, while four
loans, representing 24.4% of the pool, are secured by properties
with a DBRS Morningstar Market Rank of 1 or 2, denoting rural and
tertiary markets. In comparison, at closing, properties in suburban
markets represented 50.7% of the collateral, properties in urban
markets represented 27.1% of the collateral, and properties in
tertiary markets represented 22.1% of the collateral.

Leverage across the pool was generally stable to slightly elevated
as of the September 2023 reporting when compared with issuance
metrics. The current weighted-average (WA) as-is appraised
loan-to-value ratio (LTV) is 72.0%, with a current WA stabilized
LTV of 64.9%. In comparison, these figures were 72.3% and 65.7%,
respectively, at issuance. DBRS Morningstar recognizes that select
property values may be inflated as the majority of the individual
property appraisals were completed in 2022 and may not reflect the
current rising interest rate or widening capitalization rate
environment. In the analysis for this review, DBRS Morningstar
applied upward LTV adjustments across eight loans, representing
49.7% of the current trust balance.

Through September 2023, the lender had advanced cumulative loan
future funding of $26.5 million to 14 of the 16 outstanding
individual borrowers to aid in property stabilization efforts. The
largest advances have been made to the borrowers of the Phoenix
Huron Campus ($10.4 million) and Amalie Point & Greenbriar
Apartments ($4.1 million) loans. The Phoenix Huron Campus loan is
secured by a 3.1 million-sf, mixed-use property consisting of 34
rentable buildings across 130 acres in Endicott, New York. The
collateral comprises 517,484 sf (17.0% of NRA) of office; 955,841
sf (31.0% of NRA) of industrial; and 1,582,532 sf (52.0% of NRA) of
flex space, used for both manufacturing and warehousing. The
borrower's business plan is to complete a significant capital
expenditure (capex) program to improve the operational efficiency
and attractiveness of the property and to increase occupancy and
rental rates to market. According to the July 2023 rent roll, the
property was 71.7% occupied with an average base rental rate of
$5.80 psf. Beyond the funds advanced to date, DBRS Morningstar
received an update from the collateral manager noting the remaining
$6.5 million of future loan funding was force-funded into an
account controlled by the lender. The collateral manager expects
the borrower to continue to request advances as capex work remains
ongoing. The Amalie Point & Greenbriar Apartments loan is secured
by a portfolio of two garden-style multifamily properties totaling
169 units in Nashville, Tennessee. The borrower's business plan is
to increase rental rates to market levels by completing unit
renovations and exterior upgrades across both properties. According
to the collateral manager, the collateral was 100.0% occupied as of
June 2023 and the planned capex project was 88.4% complete.

An additional $22.3 million of future loan funding allocated to 16
of the outstanding individual borrowers remains available. The
largest portion of available funds ($6.5 million) is allocated to
the borrower of the aforementioned Phoenix Huron Campus loan.
Additionally, the borrower of the pool's largest loan, City Club
Crossroads KC loan, has $3.9 million of outstanding future funding
available. The loan is secured by the borrower's leasehold interest
in a 283-unit multifamily property in downtown Kansas City,
Missouri. The unfunded future funding component is an earnout
advance the borrower may draw upon once per quarter, subject to
various performance tests. Through Q2 2023, there have been no
advances. The borrower's business plan is to lease up the property
to stabilized levels, and to increase rental rates to market upon
tenant renewals as concession loss burns off. According to the
August 2023 rent roll, the property was 87.6% occupied and 90.5%
leased.

As of the September 2023 remittance, there were no delinquent loans
or loans in special servicing, and there were two loans on the
servicer's watchlist, representing 5.9% of the current trust
balance. The loans are being monitored for upcoming maturity risk.
The larger of the two loans, Canterbury Square, matures in December
2023 and the loan includes three 12-month extension options. The
remaining loan, AEM Detroit Portfolio, also matures in December
2023 and DBRS Morningstar expects the loan to be repaid in full
prior to maturity.

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




TRANSNETWORK LLC: S&P Assigns 'B' ICR on Acquisition Of PNC
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Houston, Texas-based cross-border transaction processor
Transnetwork LLC.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '3' recovery rating to the proposed term loan, which indicates
our expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a payment default.

"The stable outlook reflects our expectation that Transnetwork will
continue to maintain organic revenue growth in the low- to
mid-single-digit percent range with leverage well below 5x."

Transnetwork plans to issue a $300 million senior secured term loan
to fund the acquisition of PNC Payment Holdings Inc. (PGT), a
subsidiary of PNC Financial Group Services.

S&P's rating reflects Transnetwork's small scale and narrow
business focus on the niche U.S.-to-Latin America (LATAM)
remittance corridor and its relatively high leverage under
financial-sponsor ownership. These factors are partially offset by
the company's leading market position in several LATAM countries,
favorable industry conditions, and solid free operating cash flow
(FOCF) generation.

Transnetwork has a niche business focus facilitating the flow of
funds between the U.S. and LATAM, which is the largest remittance
corridor in the world. The company has relatively small scale and
limited geographic diversity. It provides business-to-business
(B2B) cross-border payment processing and settlement between a
network of retail and financial payors in LATAM, and North America-
and Europe-based traditional and digital money transfer operators
(MTOs).

While the company has significant concentration specifically in the
U.S.-Mexico remittance corridor, it has a leading position and
generates revenue through a fixed-fee per transaction model. This
model has benefitted the company with growth in immigration from
LATAM to the U.S. The company has a leading market position in most
of LATAM, but the majority of its remittance transactions, on a pro
forma combined basis, are sent by U.S immigrants to family members
in Mexico.

Still, Transnetwork's future growth depends on increasing its
remittance transaction volumes. The company demonstrated
transaction and revenue growth despite border closures during the
COVID-19 pandemic, and while we believe it is unlikely, any policy
changes that reduce migration patterns into the U.S. could pose a
longer-term risk to the business.

The acquisition of PGT strengthens Transnetwork's leading position
processing remittance payments from the U.S. to LATAM. The
company's proposed acquisition will increase its revenue 63%,
establishing it as the leading B2B cross-border payment processer
between the U.S. and LATAM. While Transnetwork has demonstrated a
strong track record of successfully integrating acquisitions in the
past, including Citi Remeas in 2014, Remesas y Traslados in 2018,
Pagos Intermex in 2020, and Teledolar in 2022, PGT is the largest
acquisition in the company's history, and S&P views integration
execution risk is greater given the size and scale of the
transaction.

S&P said, "Still, we believe the business combination improves
Transnetwork's competitive positioning with an enhanced network.
This will allow it to process more transactions in the LATAM region
and increase the value proposition for both payors and MTOs because
the expanded network will connect each MTO to more payors and vice
versa. We anticipate mid-single-digit percent organic revenue
growth in 2024 and 2025 as the company continues to expand its
network and benefits from rising migration trends."

Increased adoption of banking services across LATAM could decrease
transaction volume over time. Most transactions the company
facilitates are cash based, as LATAM has a large population of
unbanked and underbanked consumers. While cash payment transactions
in Mexico only declined to about 84% in 2022 from 90% in 2017, an
increase in consumer bank accounts could not only present a
challenge for Transnetwork's cash remittance business, but also
entice new competitive entrants into the digital payments space.

Following its acquisition of PGT, 37% of Transnetwork's transaction
volume will be direct to bank account, increasing from about 20%.
S&P said, "In our view, this is a more competitive market and the
company could face greater competition from new entrants and
existing financial institutions in LATAM. Still, we believe these
risks are relatively remote over the next two to three years based
on the slow adoption of banking services and digital currency in
LATAM."

Transnetwork has significant concentration with its top payor
relationships, but S&P believes multiyear contracts and its
extensive relationship history will mitigate near-term risk of
payor attrition. The company's long-term partnerships with payors
are at the core of its network expansion, and its proposed
acquisition of PGT will expand its payor network to over 100 payors
in 17 LATAM countries. Still, Transnetwork has significant
concentration with its top 5 payor accounts.

S&P said, "We believe risks are mitigated over our forecast horizon
because the company has long term agreements and multiyear
contracts with many payors. In addition, it has a history of high
retention rates given the value add to payors through its
integrated network and marketing arrangements. However, with
Transnetwork's increasing command of this market, we believe MTOs
may become increasingly interested in penetrating this market by
creating direct relationships with payors. This could result in
pricing pressure on Transnetwork's future contracts with payors.

"We anticipate the financial-sponsor owners will maintain a
financial policy that will limit leverage from significantly
exceeding the low-4x area. We expect the transaction to close in
the first quarter of 2024, increasing leverage about 0.5x to the
low-4x area. Furthermore, as integration costs and higher interest
expense burden its cash flow, we expect the company's FOCF to debt
to decline to the high-single-digit percent area in 2024 from the
low-double-digit percent area in 2023.

"The company has a track record of maintaining leverage well below
5x, and we believe its sponsors are unlikely to pursue large,
debt-funded acquisitions or shareholder returns that would increase
leverage above this level. We expect EBITDA growth and strong cash
flow generation to support deleveraging after the acquisition
closes and forecast the company will generate $30 million-$50
million of FOCF in 2024 and 2025.

"The stable outlook reflects our expectation for low- to
mid-single-digit percent revenue growth and a sustained EBITDA
margin over 25%, resulting in S&P Global Ratings-adjusted leverage
in the low-4x area following its acquisition of PGT, with
deleveraging upon earnings growth thereafter.

"Governance is a moderately negative consideration, as is the case
for most rated entities owned by private-equity sponsors. We
believe Transnetwork's relatively high leverage points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects the generally finite holding periods and
a focus on maximizing shareholder returns."



TSTAT LTD 2022-2: Fitch Affirms 'BB-sf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class B, C, D-1 and
D-2 notes (collectively class D notes) and E notes of TSTAT 2022-2
Ltd (TSTAT 2022-2). Fitch has also revised the Rating Outlook on
class C to Positive from Stable. The Outlook remains Stable for all
other rated tranches.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
TSTAT 2022-2, Ltd.

   B 87300FAE0      LT AA+sf   Affirmed   AA+sf
   C 87300FAG5      LT Asf     Affirmed   Asf
   D-1 87300FAJ9    LT BBB+sf  Affirmed   BBB+sf
   D-2 87300FAL4    LT BBB+sf  Affirmed   BBB+sf
   E 87300GAA6      LT BB-sf   Affirmed   BB-sf

TRANSACTION SUMMARY

TSTAT 2022-2 is a broadly syndicated collateralized loan obligation
(CLO) managed by Trinitas Capital Management, LLC. TSTAT 2022-2 is
a static deal that closed in November 2022, and is secured
primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

Cash Flow Analysis and Continued Deleveraging

The Outlook revision to Positive for class C notes is due to
continued deleveraging and stable portfolio performance since last
review. Approximately 17.1% of the original class A-1 note balance
has amortized since closing (including October 2023 payment),
increasing credit enhancement (CE) levels for all debt tranches.

In addition to modelling the current portfolio, cash flow modelling
included a one-notch downgrade for assets with a Negative Outlook
on the Fitch Issuer Default Equivalency Rating. In addition, the
stressed analysis extended the weighted average life (WAL) to the
current maximum WAL covenant of 5.3 years to reflect the issuers'
ability to consent to maturity amendments. This analysis underpins
Model Implied Ratings (MIRs) in this review.

The current ratings are in line with their respective MIRs, except
for class C that is passing a notch higher than its current rating.
The cushion at the MIR for this class was considered as supportive
of a Positive Outlook, but not sufficient for an upgrade, in view
of a potential portfolio deterioration in the context of weakening
macroeconomic environment. The Stable Outlooks for the remaining
tranches 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.

Stable Asset Performance

As of October 2023 reporting, the credit quality of the portfolios
is generally at the 'B'/'B-' rating level. The Fitch weighted
average rating factors (WARF) of the performing portfolios was 24,
compared to 23.7, at the time of closing.

The portfolio for TSTAT 2022-2 consists of 197 obligors, and the
largest 10 obligors represent 8.2% of the portfolio. There are no
defaulted assets in the portfolio. Exposure to issuers with a
Negative Outlook and Fitch's watchlist is 15% and 1.8%,
respectively.

First lien loans, cash and eligible investments comprised 96.3%.
Fitch's weighted average recovery rate (WARR) of the portfolios is
76.5%, compared to 74.9% at closing.

RATING SENSITIVITIES

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

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

- A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolios, would lead to downgrades of two notches for
the class B and C notes, three notches for the class D notes and
four notches for the class E notes, 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 portfolios, would lead to upgrades of one notch for
the class B and C notes, three notches for the class D notes in and
five notches for the class E notes, based on MIRs.

DATA ADEQUACY

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

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

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


VOYA CLO 2015-03: Fitch Affirms 'B-sf' Rating on Class E-R Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1-R, A-2A-R,
A-2B-RR, A-3-R, and E-R notes of Voya CLO 2015-3, Ltd. (Voya
2015-3) and the class B, C, D-1, D-2, and E notes of Voya CLO
2022-4, Ltd. (Voya 2022-4). The Rating Outlooks on all rated
tranches remain Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Voya CLO 2015-3, Ltd.

   A-1-R 92913UAN6     LT AAAsf  Affirmed   AAAsf
   A-2A-R 92913UAQ9    LT AAAsf  Affirmed   AAAsf
   A-2B-RR 92913UBA3   LT AAAsf  Affirmed   AAAsf
   A-3-R 92913UAS5     LT AA+sf  Affirmed   AA+sf
   E-R 92913DAL8       LT B-sf   Affirmed   B-sf

Voya CLO 2022-4 Ltd.

   B 92920LAC1         LT AAsf   Affirmed   AAsf
   C 92920LAE7         LT Asf    Affirmed   Asf
   D-1 92920LAG2       LT BBB-sf Affirmed   BBB-sf
   D-2 92920LAJ6       LT BBB-sf Affirmed   BBB-sf
   E 92920MAA3         LT BB-sf  Affirmed   BB-sf

TRANSACTION SUMMARY

Voya 2015-3 and Voya 2022-4 are broadly syndicated collateralized
loan obligations (CLOs) managed by Voya Alternative Asset
Management LLC. Voya 2015-3 originally closed in September 2015,
and subsequently reset and partially refinanced in November 2018
and February 2021, respectively. The deal exited its reinvestment
period on Oct. 20, 2023. Voya 2022-4 closed in November 2022 and
will exit its reinvestment period in October 2025. Both CLOs are
secured primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

Sufficient Credit Enhancement and Cash Flow Analysis

The affirmations are supported by credit enhancement (CE) levels
against relevant rating stress loss levels.

Fitch conducted cash flow analysis for Voya 2015-3 based on the
current portfolio and an updated Fitch Stressed Portfolios (FSP)
due to the ability of the CLO to continue to reinvest after the end
of its reinvestment period, subject to certain conditions. The FSP
analysis stressed the current portfolio to account for permissible
concentration and CQT limits. The FSP analysis assumed a weighted
average life (WAL) of 4.25 years, fixed rate asset exposure of 5%,
and non-first priority senior secured exposure of 7.5%.

The cash flow analysis for Voya 2022-4 included the current
portfolio and an updated FSP since the deal is still in its
reinvestment period. The FSP analysis assumed a WAL of 6.1 years
and fixed rate asset exposure of 5%. The deal's weighted average
spread (WAS), WARF, and WARR were all stressed to permissible
combinations determined by the Fitch test matrix.

The rating actions for both deals are in line with their respective
model-implied ratings 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.

Asset Credit Quality, Asset Security, and Portfolio Composition

As of the August 2023 reporting, the credit quality of the Voya
2015-3 portfolio remains in the 'B'/B-' rating level with a Fitch
weighted average rating factor (WARF) of 25.3, an increase from
24.9 at last review. The WARF for the Voya 2022-4 portfolio remains
in the 'B+'/'B' rating level with a Fitch WARF of 23.0, compared to
22.6 at closing.

Voya 2015-3 exceeds the S&P 'CCC+' or below concentration limit of
7.5%, with an exposure of 8.0%. The remaining coverage tests,
collateral quality tests (CQTs), and concentration limitations for
Voya 2015-3 are in compliance. Voya 2022-4 is in compliance with
all coverage tests, CQTs, and concentration limitations.

The portfolio for Voya 2015-3 consists of 482 obligors and the
largest 10 comprise 6.7% of the portfolio. Voya 2022-4 has 343
obligors, with the largest 10 obligors comprising 5.4% of the
portfolio. Fitch considers 1.5% of the Voya 2015-3 portfolio in
default while there are no defaults in Voya 2022-4. Exposure to
issuers with a Negative Outlook and Fitch's watchlist is 19.1% and
8.7%, respectively, for Voya 2015-3 and 14.2% and 2.3%,
respectively, for Voya 2022-4.

On average, first lien loans, cash and eligible investments
comprise 99.3% of the portfolios. Fitch's weighted average recovery
rate (WARR) of the Voya 2015-3 portfolio was 75.8%, compared to
75.2% at last review, and the WARR of the Voya 2022-4 portfolio was
77.8%, compared to 77.0% at closing.

RATING SENSITIVITIES

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

Downgrades may occur if realized and projected losses of the
portfolio are higher than what was assumed at closing and the
notes' CE 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 Voya 2015-3 and Voya 2022-4, based on model implied
ratings (MIRs).

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

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

A 25% reduction of the mean default rate across all ratings, along
with a 25% increase of the recovery rate at all rating levels for
the current portfolio, would lead to upgrades of up to five rating
notches for Voya 2015-3 and seven rating notches for Voya 2022-4,
based on MIRs, except for the 'AAAsf'-rated debt, which is at the
highest level on Fitch's scale and cannot be upgraded.


WESTLAKE 2023-4: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Westlake
Automobile Receivables Trust 2023-4's automobile receivables-backed
notes series 2023-4.

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

The preliminary ratings are based on information as of Nov. 1,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 44.11%, 37.93%, 29.30%,
22.33%, and 19.04% credit support (hard credit enhancement and
haircut to excess spread) for the class A (classes A-1,
A-2-A/A-2-B, and A-3, collectively), B, C, D, and E notes,
respectively, based on stressed cash flow scenarios. These credit
support levels provide at least 3.50x, 3.00x, 2.30x, 1.75x, and
1.50x coverage of S&P's expected cumulative net loss of 12.50% for
the class A, B, C, D, and E notes, respectively.

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

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

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

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

-- S&P's operational risk assessment of Westlake Services LLC as
servicer and its view of the company's underwriting and the backup
servicing arrangement with Computershare Trust Co. N.A.

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

-- The transaction's payment and legal structures

  Preliminary Ratings Assigned

  Westlake Automobile Receivables Trust 2023-4

  Class A-1, $272.80 million: A-1+ (sf)
  Class A-2-A/A-2-B, $404.80 million: AAA (sf)
  Class A-3, $111.87 million: AAA (sf)
  Class B, $85.93 million: AA (sf)
  Class C, $140.30 million: A (sf)
  Class D, $116.80 million: BBB (sf)
  Class E, $67.50 million: BB (sf)



WOODMONT TRUST 2021-8: Fitch Affirms 'BB+' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A, B-1, B-2, C,
D and E notes of Woodmont 2021-8 Trust (Woodmont 2021-8). The
Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Woodmont 2021-8 Trust

   A 97988MAA1          LT AAAsf  Affirmed   AAAsf
   B-1 97988MAC7        LT AAsf   Affirmed   AAsf
   B-2 97988MAN3        LT AAsf   Affirmed   AAsf
   C 97988MAE3          LT Asf    Affirmed   Asf
   D 97988MAG8          LT BBB+sf Affirmed   BBB+sf
   E 97988MAJ2          LT BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

Woodmont 2021-8 is a middle-market (MM) collateralized loan
obligation (CLO) managed by MidCap Financial Services Capital
Management, LLC. The transaction closed in December 2021 and will
exit its reinvestment period in January 2026. The CLO is secured
primarily by first lien, senior secured MM loans.

KEY RATING DRIVERS

Stable Asset Performance

The affirmations are driven by the portfolio's stable performance
since last review. As of October 2023 reporting, the credit quality
of the portfolio has remained at the 'B'/'B-' level, and the Fitch
weighted average rating factor (WARF) of the performing portfolio
increased to 30.5 from 29.7 at last review.

The portfolio contains 116 obligors, with the top 10 obligors
comprising 20.2% of the portfolio. Assets with Fitch Issuer Default
Ratings or credit opinions of 'CCC+' or lower represent 10.1% of
the portfolio, excluding non-rated assets. First lien loans, cash
and eligible investments comprise 100% of the portfolio. Fitch's
weighted average recovery rate (WARR) of the portfolio is 64.1%,
compared with 64.3% at last review.

There is one deferring asset and one defaulted asset representing
0.7% and 1.2% of the total portfolio par balance, respectively.
There are also five permitted deferrable assets, consisting 3.5% of
the portfolio. All coverage tests, collateral quality tests (CQTs),
and concentration limitations are in compliance.

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on newly run
Fitch Stressed Portfolio (FSP) since the transaction is still in
its reinvestment period. The FSP analysis stressed the current
portfolio to account for permissible concentration limits and
assumed a weighted average life (WAL) of 6.0 years. The deal's
weighted average spread (WAS), WARF, and WARR were all stressed to
permissible combinations determined by the Fitch test matrix. The
ratings are in line with their respective model-implied ratings
(MIRs), as defined in Fitch's CLOs and Corporate CDOs Rating
Criteria.

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

RATING SENSITIVITIES

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

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

- A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to downgrades of up to one rating
notch for the rated notes 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 upgrade of up to four
rating notches for the rated notes based on MIRs. Upgrade scenarios
are not applicable for the class A notes as the tranche is already
at the highest rating level.

DATA ADEQUACY

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

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

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


[*] S&P Takes Various Actions on 13 Classes From Nine US RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 13 classes from nine
U.S. RMBS transactions issued between 2004 and 2010, including five
U.S. RMBS re-securitized real estate mortgage investment conduit
(re-REMIC) transactions. The review yielded eight upgrades, one
affirmation, and four discontinuances.

Analytical Considerations

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

-- Collateral performance or delinquency trends,

-- Underlying collateral performance or delinquency trends,

-- An expected short duration, and

-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "The upgrades and discontinuations reflect our view
regarding the associated transaction-specific collateral
performance and/or structural characteristics, as well as the
application of specific criteria applicable to these classes. See
the ratings list below for the specific rationales associated with
the classes with rating transitions.

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


  Ratings List

  ISSUER
                                              RATING
     SERIES     CLASS       CUSIP        TO           FROM    


  Bear Stearns Structured Products Inc. Trust 2007-R8

     2007-R8    V-A-1      07402PAJ2    BBB (sf)     BBB (sf)


Bear Stearns Structured Products Inc. Trust 2007-R8
  
     2007-R8    V-A-2      07402PAK9    NR           D (sf)

  MAIN RATIONALE: Discontinued because an upgrade to a rating
higher than 'D' is unlikely in the future.


  Citigroup Mortgage Loan Trust 2009-11

     2009-11    1A2        17314QAB3    BB+ (sf)     BB- (sf)

  MAIN RATIONALE: Underlying bond performance.


  CMO Holdings III Ltd.

     2007-R2    A-2 Notes  12587PBZ2    NR           D (sf)

  MAIN RATIONALE: Discontinued because an upgrade to a rating
higher than 'D' is unlikely in the future.


  CSMC Series 2010-3R, Ltd.

     2010-3R    2-A-4       12643HAM2   B- (sf)      CCC (sf)

  MAIN RATIONALE: Increased credit support.


CSMC Series 2010-3R, Ltd.

     2010-3R    2-A-12      12643HAV2   B- (sf)      CCC (sf)

  MAIN RATIONALE: Increased credit support.


  CWABS Revolving Home Equity Loan Trust Series 2004-O

     2004-O    1-A          126673KR2    AAA (sf)    A+ (sf)

  MAIN RATIONALE: Expected short duration and increased credit
support.


  CWABS Revolving Home Equity Loan Trust Series 2004-Q
  
     2004-Q    1-A          126673MX7    AA+ (sf)    A- (sf)

  MAIN RATIONALE: Expected short duration and increased credit
support.


  CWHEQ Revolving Home Equity Loan Trust Series 2005-G

     2005-G    1-A          126685AL0    AA+ (sf)    A+ (sf)

  MAIN RATIONALE: Expected short duration and increased credit
support.


  Irwin Home Equity Loan Trust 2007-1

     2007-1    IIA-3        46412RAD7    B+ (sf)     CCC (sf)

  MAIN RATIONALE: Increased credit support.


  Irwin Home Equity Loan Trust 2007-1

     2007-1    IIA-4        46412RAE5    B+ (sf)     CCC (sf)

  MAIN RATIONALE: Increased credit support.


  Irwin Home Equity Loan Trust 2007-1

     2007-1    VFN                       NR          D (sf)    

  MAIN RATIONALE: Paid down.


  Residential Asset Securitization Trust 2004-R2

     2004-R2   A-3          45660NW68    NR          D (sf)

  MAIN RATIONALE: Discontinued because an upgrade to a rating
higher than 'D' is unlikely in the future.

NR--Not rated.



[*] S&P Takes Various Actions on 169 Ratings From Six US RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of the ratings on 169
classes from six U.S. RMBS prime transactions. The review yielded
14 upgrades and 155 affirmations. We also removed 11 ratings that
were placed on CreditWatch with positive implications on Oct. 17,
2023; the upgrades include all 11 classes.

A list of Affected Ratings can be viewed at:

           https://rb.gy/abrkn

S&P said, "Five of the six transactions had one or more classes
that were placed on CreditWatch positive following the revision to
our 'B' foreclosure frequency for an archetypal pool of U.S.
mortgage loans to 2.50% from 3.25%--the level prior to the COVID-19
pandemic and our April 2020 update. The revision reflects our
benign view of the state of the U.S. residential mortgage and
housing market, based on general national level home price
behavior, unemployment rates, mortgage performance, and
underwriting. The rating actions resolve the CreditWatch
placements.

"In addition to our revised 'B' foreclosure frequency, we
considered changes in collateral performance, credit enhancement
levels, payment mechanics, and other credit drivers. The upgrades
primarily reflect the revised archetypal foreclosure frequency
assumption, a growing percentage of credit support, low
delinquencies, and very low accumulative losses to date.

"The affirmations reflect our view that the projected collateral
performance relative to our projected credit support on these
classes remains relatively consistent with our prior projections.

"For all transactions, we used the same mortgage operational
assessment, representation and warranty, and due diligence factors
that were applied at issuance."

Analytical Considerations

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

-- Collateral performance or delinquency trends,
-- Priority of principal payments,
-- Priority of loss allocation,
-- Available subordination and/or credit enhancement floors, and
-- Large balance loan exposure/tail risk.



[*] S&P Takes Various Actions on 61 Classes From 10 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 61 ratings from 10 U.S.
RMBS transactions issued between 2003 and 2006. The review yielded
seven upgrades, two downgrades, 40 affirmations and 12
withdrawals.

A list of Affected Ratings can be viewed at:

          https://rb.gy/bmbsc

Analytical Considerations

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

-- Collateral performance or delinquency trends;

-- An increase or decrease in available credit support;

-- Available subordination and/or overcollateralization;

-- Expected duration; and

-- Small loan count.

Rating Actions

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

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

S&P said, "In addition, we withdrew our ratings on 12 classes from
three transactions due to the small number of loans remaining in
the related group. Once a pool has declined to a de minimis amount,
its future performance becomes more difficult to project. As such,
we believe there is a high degree of credit instability that is
incompatible with any rating level."


                            *********

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