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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 12, 2023, Vol. 27, No. 315

                            Headlines

AMSR 2023-SFR4: DBRS Gives Prov. BB Rating on Class F Certs
APPHARVEST INC: Incurs $256,401 Net Loss in September
ATTENTUS CDO I: Fitch Affirms 'B+sf' Rating on Class A-2 Notes
BALBOA BAY 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
BANK 2019-BNK16: Fitch Lowers Rating on Class X-G Certs to CCC

BANK 2019-BNK22: Fitch Affirms 'B-sf' Rating on Two Tranches
BCAP LLC 2007-AA3: Moody's Hikes Rating on 2 Tranches to B1
BELLEMEADE RE 2023-1: DBRS Gives Prov. B Rating on Class B-1 Notes
BENCHMARK 2018-B6: Fitch Lowers Rating on Cl. J-RR Certs to CCC
BENCHMARK 2019-B15: DBRS Confirms B(high) Rating on G-RR Certs

BENCHMARK 2019-B15: Fitch Affirms B- Rating on G-RR Debt
BHG SECURITIZATION 2023-B: Fitch Assigns BB Rating on Class E Notes
BMARK 2023-V4: Fitch Assigns 'B-(EXP)sf' Rating on Class J-RR Certs
BRAVO RESIDENTIAL 2023-NQM7: DBRS Gives (P) B(high) on B-2 Notes
BRAVO RESIDENTIAL 2023-NQM7: Fitch Gives 'Bsf' Rating on B-2 Notes

BSPRT 2023-FL10: Fitch Affirms 'B-sf' Rating on Class F Certs
BWAY 2015-1740: S&P Lowers Class X-B Certs Rating to 'D (sf)'
CARLYLE US 2023-4: Fitch Assigns BB-sf Final Rating on Cl. E Notes
CASTLELAKE AIRCRAFT 2018-1: Fitch Affirms Bsf Rating on Cl. C Notes
CF 2019-CF3 MORTGAGE: Fitch Lowers Rating on Cl. G-RR Certs to Bsf

CHASE HOME 2023-RPL3: DBRS Gives Prov. B(low) Rating on B-2 Certs
CHASE HOME 2023-RPL3: Fitch Assigns 'B' Rating on B-2 Certs
CIG AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes
CITIGROUP 2019-C7: Fitch Affirms B- Rating on 2 Tranches
COLT 2023-4 MORTGAGE: Fitch Assigns Final 'Bsf' Rating on B2 Certs

COLT 2023-4 MORTGAGE: Fitch Gives 'B(EXP)sf' Rating on Cl. B2 Certs
COMM 2015-CCRE27: Fitch Affirms CCC Rating on Class F Debt
COMM 2015-DC1: Fitch Lowers Rating on Cl. D Notes to BBsf
COMM 2016-NXSR: Fitch Affirms CC Rating on 4 Tranches
COMM 2019-521F: S&P Affirms 'CCC-(sf)' Rating on Class F Certs

CPS AUTO 2023-D: DBRS Gives Prov. BB Rating on Class E Notes
CROWN POINT 7: Moody's Cuts Rating on $21MM Class E Notes to B1
EXETER AUTOMOBILE 2023-5: Fitch Assigns BB(EXP)sf Rating on E Notes
FLAGSHIP 2022-4: S&P Places Cl. E Notes 'BB-' Rating on Watch Neg.
FS COMMERCIAL 2023-4SZN: DBRS Gives Prov. B Rating on HRR Certs

FS RIALTO 2022-FL4: DBRS Confirms B(low) Rating on Class G Notes
FS RIALTO 2022-FL6: DBRS Confirms B(low) Rating on Class G Notes
GALAXY 32: S&P Assigns BB- (sf) Rating on Class E Notes
GENERATE CLO 3: Moody's Upgrades Rating on $9.945MM F Notes to B2
GLS AUTO 2023-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes

GS MORTGAGE 2017-GS5: Fitch Affirms CC Rating on Class F Certs
GS MORTGAGE 2023-PJ5: Fitch Assigns 'B-sf' Rating on Cl. B-5 Certs
GSF 2023-1: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Certs
H.I.G. RCP 2023-FL1: DBRS Gives Prov. B(low) Rating on G Notes
JP MORGAN 2023-9: Fitch Assigns Final B-sf Rating on Cl. B-5 Certs

KEY COMMERCIAL 2018-S1: DBRS Confirms B Rating on Class F Certs
KKR CLO 13: Moody's Hikes Rating on $21MM Class E-R Notes From Ba2
MERCHANTS FLEET 2023-1: DBRS Finalizes BB Rating on Class E Notes
MF1 2023-FL12 LLC: DBRS Finalizes B(low) Rating on 3 Classes
MORGAN STANLEY 2014-C17: DBRS Cuts Class F Certs Rating to D

MORGAN STANLEY 2017-HR2: Fitch Affirms 'B-sf' Rating on H-RR Certs
MORGAN STANLEY 2018-L1: Fitch Affirms B- Rating on H-RR Certs
MORGAN STANLEY 2020-HR8: DBRS Confirms BB Rating on J-RR Certs
MVW LLC 2023-2: Fitch Assigns 'BB(EXP)sf' Rating on Class D Notes
N-STAR REL CDO VI: Fitch Lowers Rating on Class J Debt to 'Dsf'

NATIONAL COLLEGIATE 2005-1: S&P Raises B Notes Rating to 'B- (sf)'
OHA CREDIT 16: Fitch Assigns 'BB+sf' Rating on Class E Notes
OHA CREDIT 16: Moody's Assigns B3 Rating to $500,000 Class F Notes
OPEN TRUST 2023-AIR: Moody's Hikes Rating on Cl. E Certs to (P)Ba1
OPORTUN ISSUANCE 2022-3: DBRS Cuts Class D Notes Rating to B

PRKCM 2023-AFC4: S&P Assigns BB- (sf) Rating on Class B-2 Notes
PRMI 2023-CMG1: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Notes
RAD CLO 21: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
RAD CLO 21: Fitch Assigns 'BB-sf' Rating on Class E Notes
RCKT MORTGAGE 2023-CES3: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes

READY CAPITAL 2021-FL7: DBRS Confirms B(low) Rating on G Notes
REALT 2019-1: DBRS Confirms B Rating on Class G Certs
RIAL 2022-FL8: DBRS Confirms B(low) Rating on Class G Notes
SCF EQUIPMENT 2023-1: Moody's Assigns (P)B3 Rating to Cl. F Notes
SEQUOIA MORTGAGE 2023-5: Fitch Gives BB(EXP)sf Rating on B-4 Certs

SIXTH STREET XXIII: S&P Assigns BB- (sf) Rating on Class E Notes
SPIRIT AIRLINES 2015-1: Fitch Lowers Rating on Sec. Certs to BB+
STRATA CLO I: Moody's Ups Rating on $33MM Class E Notes From Ba2
THPT 2023-THL: S&P Assigns Prelim B- (sf) Rating on Class F Certs
TOWD POINT 2023-CES2: Fitch Assigns Final 'B-sf' Rating on B2 Notes

UBS COMMERCIAL 2017-C12: Fitch Lowers Rating on E-RR Certs to B-sf
WELLS FARGO 2015-NXS1: Fitch Affirms 'B-sf' Rating on Two Tranches
WELLS FARGO 2016-LC25: DBRS Confirms B Rating on Class F Certs
WELLS FARGO 2017-C42: Fitch Affirms CCC Rating on 2 Tranches
WELLS FARGO 2018-C43: DBRS Confirms B(low) Rating on Class F Certs

WELLS FARGO 2018-C45: DBRS Confirms BB Rating on Class G-RR Certs
WELLS FARGO 2019-C49: DBRS Confirms BB Rating on Class G-RR Certs
WELLS FARGO 2019-C53: Fitch Affirms 'B-sf' Rating on Cl. H-RR Debts
WESTGATE RESORTS 2022-1: DBRS Confirms BB Rating on D Notes
WESTLAKE AUTOMOBILE 2023-4: Fitch Gives 'BB(EXP)' Rating on E Notes

WFRBS COMMERCIAL 2014-C25: DBRS Confirms B Rating on Class F Certs
[*] DBRS Hikes 16 Credit Ratings From 5 Prestige Auto Trust Deals
[*] DBRS Reviews 39 Classes From 6 US RMBS Transactions
[*] Fitch Affirms 27 Classes From 3 Taberna Preferred CDO Deals
[*] S&P Discontinues 92 Ratings From 57 U.S. RMBS Transactions

[*] S&P Takes Various Action on 70 Classes From 11 U.S. CMBS Deals
[*] S&P Takes Various Actions on 104 Classes From 32 US RMBS Deals
[*] S&P Takes Various Actions on 13 Classes From Three Loan Trusts

                            *********

AMSR 2023-SFR4: DBRS Gives Prov. BB Rating on Class F Certs
-----------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates (the Certificates)
to be issued by AMSR 2023-SFR4 Trust (AMSR 2023-SFR4):

-- $76.5 million Class A at AAA (sf)
-- $44.1 million Class B at AA (high) (sf)
-- $3.9 million Class C at AA (sf)
-- $7.8 million Class D at A (high) (sf)
-- $28.5 million Class E-1 at BBB (sf)
-- $6.1 million Class E-2 at BBB (low) (sf)
-- $11.2 million Class F at BB (sf)

The AAA (sf) rating on the Class A Certificates reflects 60.1% of
credit enhancement provided by subordinated notes in the pool. The
AA (high) (sf), AA (sf), A (high) (sf), BBB (sf), BBB (low) (sf),
BB (sf), and BB (low) (sf) ratings reflect 38.3%, 36.3%, 32.3%,
22.6%, 17.7%, 14.6%, and 8.9% of credit enhancement, respectively.

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

The AMSR 2023-SFR4 Certificates are supported by the income streams
and values from 832 rental properties. The properties are
distributed across 15 states and 29 metropolitan statistical areas
(MSAs) in the U.S. DBRS Morningstar maps an MSA based on the ZIP
code provided in the data tape, which may result in different MSA
stratifications than those provided in offering documents. As
measured by broker price opinion value, 37.2% of the portfolio is
concentrated in three states: Missouri (14.1%), Arizona (13.0%),
and Georgia (10.1%). The average property value is $268,313. The
average age of the properties is roughly 46 years. The majority of
the properties have three or more bedrooms. The certificates
represent a beneficial ownership in an approximately four-year,
fixed-rate, interest-only loan with an initial aggregate principal
balance of approximately $195.3 million.

The sponsor intends to satisfy its risk-retention obligations under
the U.S. Risk Retention Rules. The sponsor does not make any
representation with respect to whether such risk retention
satisfies EU Risk Retention Requirements and UK Risk Retention
Requirements by retaining Class G, which is 6.3% of the initial
total issuance balance, either directly or through a majority-owned
affiliate.

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

Furthermore, DBRS Morningstar reviewed the third-party participants
in the transaction, including the property manager, servicer, and
special servicer. These transaction parties are acceptable to DBRS
Morningstar. DBRS Morningstar also conducted a legal review and
found no material rating concerns.

DBRS Morningstar's credit ratings on the Certificates address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Certificates are the
related Interest Distribution Amounts, Deferral Rate Interest
Distribution Amounts, and Principal Distribution Amounts.

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


APPHARVEST INC: Incurs $256,401 Net Loss in September
-----------------------------------------------------
AppHarvest, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for September 2023.

The Debtor's statement of operations reflected net loss of $256,401
for the month.

As of September 30, 2023, the Debtor listed $684.25 million in
total assets, $4.73 million in total liabilities, and $679.53
million in total shareholders' equity.

The Debtors listed zero receipts and disbursements for
September. 

A copy of the monthly operating report is available at the SEC at:

                 https://tinyurl.com/2s4es5m9

                     About AppHarvest, Inc.

AppHarvest, Inc. (NASDAQ: APPH, APPHW) --
https://www.appharvest.com -- is a sustainable food company in
Appalachia developing and operating some of the world's largest
high-tech indoor farms with high levels of automation to build a
reliable, climate-resilient food system. AppHarvest's farms are
designed to grow produce using sunshine, rainwater and up to 90%
less water than open-field growing, all while producing yields up
to 30 times that of traditional agriculture and preventing
pollution from agricultural runoff. AppHarvest has operated its
60-acre flagship farm in Morehead, Ky., producing tomatoes, a
15-acre indoor farm for salad greens in Berea, Ky., a 30-acre farm
for strawberries and cucumbers in Somerset, Ky., and a 60-acre farm
in Richmond, Ky., for tomatoes. The four-farm network consists of
165 acres.


ATTENTUS CDO I: Fitch Affirms 'B+sf' Rating on Class A-2 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed its ratings on the class A-1, A-2, B,
C-1, C-2A, C-2B, D and E notes of Attentus CDO I, Ltd. (Attentus
I). The Rating Outlooks on the class A-1 and A-2 notes remain
Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Attentus CDO I,
Ltd./LLC

   A-1 049730AA2     LT  BB+sf  Affirmed   BB+sf
   A-2 049730AB0     LT  B+sf   Affirmed   B+sf
   B 049730AC8       LT  CCsf   Affirmed   CCsf
   C-1 049730AD6     LT  CCsf   Affirmed   CCsf
   C-2A 049730AE4    LT  Csf    Affirmed   Csf
   C-2B 049730AF1    LT  Csf    Affirmed   Csf
   D 049730AG9       LT  Csf    Affirmed   Csf
   E 049730AH7       LT  Csf    Affirmed   Csf

TRANSACTION SUMMARY

The collateralized debt obligation (CDO) is secured by trust
preferred securities (TruPS), senior unsecured debt issued by real
estate investment trusts (REITs), corporate issuers, and tranches
of commercial mortgage-backed securities.

KEY RATING DRIVERS

The main driver behind the affirmations was the muted pace of
deleveraging from excess spread, which paid down the class A-1
notes 2% of its balance at last review.

The credit quality of the collateral portfolio deteriorated due to
negative credit migration, including one new default, representing
10% of the portfolio, that has been reported since last review.
Despite the declining trends, the cushions remain positive at the
notes' current rating levels.

The rating actions for all classes of notes are in line with their
model-implied ratings (MIRs), as defined in the U.S. Trust
Preferred CDOs Surveillance Rating Criteria, except for the class
A-2 notes. The A-2 notes are one notch lower than its MIR based on
the sector-wide migration sensitivity analysis, due to modest
cushions at MIR in the face of high portfolio concentration and
weakening macroeconomic environment.

The Stable Outlooks on the class A-1 and A-2 notes reflect Fitch's
expectation that the classes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolios in stress scenarios commensurate with the
classes' ratings.

Non-rated collateral totaled 12% of the performing pool. Non-rated
assets are assumed to have default probability corresponding to the
'CCC' quality. The non-rated assets reflect lack of information
required to evaluate these assets via credit opinions. As
transactions are deleveraging, Fitch expects increasing reliance on
non-rated assets and will continue to evaluate the adequacy of
information to maintain the ratings.

RATING SENSITIVITIES

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

Downgrades to the rated notes may occur if a significant share of
the portfolio issuers default and/or experience negative credit
migration, which would cause a deterioration in rating default
rates.

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

Future upgrades to the rated notes may occur if a transaction
experiences improvement in credit enhancement through deleveraging
from collateral redemptions and/or interest proceeds being used for
principal repayment.

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, 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.


BALBOA BAY 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Balboa Bay Loan Funding
2023-2 Ltd./Balboa Bay Loan Funding 2023-2 LLC's floating-rate
debt.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Balboa Bay Loan Funding 2023-2 Ltd./
  Balboa Bay Loan Funding 2023-2 LLC

  Class A-1, $252.00 million: AAA (sf)
  Class A-2, $12.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C, $24.00 million: A+ (sf)
  Class D, $20.00 million: BBB (sf)
  Class E, $16.00 million: BB- (sf)
  Subordinated notes, $42.75 million: Not rated



BANK 2019-BNK16: Fitch Lowers Rating on Class X-G Certs to CCC
--------------------------------------------------------------
Fitch Ratings has downgraded four classes and affirmed 12 classes
of BANK 2019-BNK16 Commercial Mortgage Pass-Through Certificates
Series 2019-BNK16 (BANK 2019-BNK16), and affirmed 48 classes of
BANK 2019-BNK24 Commercial Mortgage Pass-Through Certificates
Series 2019-BNK24 (BANK 2019-BNK24), UBS Commercial Mortgage Trust
2019-C18 Commercial Mortgage Pass-Through Certificates Series
2019-C18 (UBS 2019-C18) and Wells Fargo Commercial Mortgage Trust
Pass-Through Certificates Series 2019-C54 (WFCM 2019-C54).
Additionally, Fitch has affirmed the rating for MOA 2020-C54.

Classes F and X-F in the BANK 2019-BNK16 transaction were assigned
Negative Outlooks after their downgrades. The Rating Outlooks on 14
of the affirmed classes were revised to Negative from Stable. The
Outlooks for all other classes remain Stable.

All classes from these transactions have been removed from Under
Criteria Observation (UCO).

   Entity/Debt          Rating           Prior
   -----------          ------           -----
UBS 2019-C18

   A-1 90278PAW0    LT AAAsf  Affirmed   AAAsf
   A-2 90278PAX8    LT AAAsf  Affirmed   AAAsf
   A-3 90278PAZ3    LT AAAsf  Affirmed   AAAsf
   A-4 90278PBA7    LT AAAsf  Affirmed   AAAsf
   A-S 90278PBD1    LT AAAsf  Affirmed   AAAsf
   A-SB 90278PAY6   LT AAAsf  Affirmed   AAAsf
   B 90278PBE9      LT AA-sf  Affirmed   AA-sf
   C 90278PBF6      LT A-sf   Affirmed   A-sf
   D 90278PAG5      LT BBBsf  Affirmed   BBBsf
   E 90278PAJ9      LT BBB-sf Affirmed   BBB-sf
   F 90278PAL4      LT BB-sf  Affirmed   BB-sf
   G 90278PAN0      LT B-sf   Affirmed   B-sf
   X-A 90278PBB5    LT AAAsf  Affirmed   AAAsf
   X-B 90278PBC3    LT AA-sf  Affirmed   AA-sf
   X-D 90278PAA8    LT BBB-sf Affirmed   BBB-sf
   X-F 90278PAC4    LT BB-sf  Affirmed   BB-sf
   X-G 90278PAE0    LT B-sf   Affirmed   B-sf

BANK 2019-BNK24

   A-1 06540VAY1    LT AAAsf  Affirmed   AAAsf
   A-2 06540VAZ8    LT AAAsf  Affirmed   AAAsf
   A-3 06540VBB0    LT AAAsf  Affirmed   AAAsf
   A-S 06540VBE4    LT AAAsf  Affirmed   AAAsf
   A-SB 06540VBA2   LT AAAsf  Affirmed   AAAsf
   B 06540VBF1      LT AA-sf  Affirmed   AA-sf
   C 06540VBG9      LT A-sf   Affirmed   A-sf
   D 06540VAJ4      LT BBBsf  Affirmed   BBBsf
   E 06540VAL9      LT BBB-sf Affirmed   BBB-sf
   F 06540VAN5      LT BB-sf  Affirmed   BB-sf
   G 06540VAQ8      LT B-sf   Affirmed   B-sf
   X-A 06540VBC8    LT AAAsf  Affirmed   AAAsf
   X-B 06540VBD6    LT AA-sf  Affirmed   AA-sf
   X-D 06540VAA3    LT BBB-sf Affirmed   BBB-sf
   X-F 06540VAC9    LT BB-sf  Affirmed   BB-sf
   X-G 06540VAE5    LT B-sf   Affirmed   B-sf

MOA 2020-C54 E

   E-RR 90215RAA0   LT BBB-sf Affirmed   BBB-sf

BANK 2019-BNK16

   A-2 065405AB8    LT AAAsf  Affirmed   AAAsf
   A-3 065405AD4    LT AAAsf  Affirmed   AAAsf
   A-4 065405AE2    LT AAAsf  Affirmed   AAAsf
   A-S 065405AF9    LT AAAsf  Affirmed   AAAsf
   A-SB 065405AC6   LT AAAsf  Affirmed   AAAsf
   B 065405AG7      LT AA-sf  Affirmed   AA-sf
   C 065405AH5      LT A-sf   Affirmed   A-sf
   D 065405AL6      LT BBBsf  Affirmed   BBBsf
   E 065405AN2      LT BBB-sf Affirmed   BBB-sf
   F 065405AQ5      LT Bsf    Downgrade  BB-sf
   G 065405AS1      LT CCCsf  Downgrade  B-sf
   X-A 065405AJ1    LT AAAsf  Affirmed   AAAsf
   X-B 065405AK8    LT A-sf   Affirmed   A-sf
   X-D 065405AY8    LT BBB-sf Affirmed   BBB-sf
   X-F 065405BA9    LT Bsf    Downgrade  BB-sf
   X-G 065405BC5    LT CCCsf  Downgrade  B-sf

WFCM 2019-C54

   A-1 95001YAA2    LT AAAsf  Affirmed   AAAsf
   A-2 95001YAB0    LT AAAsf  Affirmed   AAAsf
   A-3 95001YAD6    LT AAAsf  Affirmed   AAAsf
   A-4 95001YAE4    LT AAAsf  Affirmed   AAAsf
   A-S 95001YAH7    LT AAAsf  Affirmed   AAAsf
   A-SB 95001YAC8   LT AAAsf  Affirmed   AAAsf
   B 95001YAJ3      LT AA-sf  Affirmed   AA-sf
   C 95001YAK0      LT A-sf   Affirmed   A-sf
   D 95001YAN4      LT BBBsf  Affirmed   BBBsf
   E-RR 95001YAQ7   LT BBB-sf Affirmed   BBB-sf
   F-RR 95001YAS3   LT BB-sf  Affirmed   BB-sf
   G-RR 95001YAU8   LT B-sf   Affirmed   B-sf
   X-A 95001YAF1    LT AAAsf  Affirmed   AAAsf
   X-B 95001YAG9    LT A-sf   Affirmed   A-sf
   X-D 95001YAL8    LT BBBsf  Affirmed   BBBsf

KEY RATING DRIVERS

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

The downgrades and Negative Outlooks in BANK 2016-BNK16 reflect an
increase in expected losses, primarily driven by the Fitch Loans of
Concern (FLOCs, 18% of pool) including the recent transfer of an
office loan to special servicing, as well as the impact of the
criteria. Fitch's current ratings for the transaction incorporate a
'Bsf' rating case loss of 4.6%.

The affirmations in BANK 2019-BNK24, UBS 2019-C18 and WFCM 2019-C54
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 BANK 2019-BNK24, UBS 2019-C18 and WFCM
2019-C54 incorporate a 'Bsf' rating case loss of 4%, 3.5% and 4.5%,
respectively. The Negative Outlooks reflect the concentration of
office loans with performance concerns and/or additional
sensitivity scenarios that apply higher default and/or loss
expectations to certain FLOCs.

The largest contributor to loss in the BANK 2019-BNK16 transaction
is the specially serviced Regions Tower loan (4.6% of the pool),
which is secured by 687,237-sf office building located in the CBD
of Indianapolis, IN. As of YE 2022, the NOI debt service coverage
ratio (DSCR) and occupancy were reported to be 1.60x and 77%,
respectively. The loan transferred to special servicing in August
2023 due to imminent monetary default with a scheduled maturity
date in October 2023.

Recent servicer commentary indicated there are ongoing discussions
with the sponsor (Nightingale Properties). Given the collateral
type and current interest rate environment, Fitch believes there
may be challenges facing loan refinancing.

Fitch's 'Bsf' rating case loss of 32% (prior to concentration
adjustments) is based on a 10% cap rate and 10% stress to YE 2022
NOI, and also factors a higher probability of default to account
for the refinance risk.

There are five loans (13.4%) considered FLOCs in the BANK
2019-BNK24 transaction (there are no loans in special servicing).
The largest FLOCs and contributors to modeled loss are two
Manhattan office properties, 1412 Broadway (8.3%) and Galleria 57
(4.3%). 1412 Broadway has a reported June 2023 occupancy of
approximately 97%. Per the June 2023 rent roll, the property's two
largest tenants, Jones Apparel and One Step Up, have lease
expirations in 2025 and 2024, respectively. The Galleria 57
property has experienced a decline in occupancy since issuance,
with the servicer reported occupancy of 74% as of March 2023. The
largest tenant space (Spa Castle, 22.4% of the NRA) is dark.

There are FLOCs representing 15.7% of UBS 2019-C18, including one
specially serviced loan (2% of the pool). The specially serviced
loan is secured by a 106-unit building located in Jackson Heights,
Queens. The loan is in foreclosure after transferring to the
special servicer in 2021 for monetary default. Large FLOCs in the
UBS 2019-C18 transaction include 225 Bush (4.8%), United Healthcare
Office (3.6%) and Redwood Technology Center (2.3%). Given the
occupancy concerns and refinancing risks associated with these
assets, Fitch increased the probability of default in its analysis,
which contributes to the Negative Outlooks.

There are eight FLOCs (18.6%) in WFCM 2019-C54, including one loan
in special servicing (2% of the pool) secured by a mixed-use
property in Houston, TX. The performing specially serviced loan is
current and is expected to return to the master servicer. Large
FLOCs and contributors to modeled loss include office loans 74 Kent
Street & 11-20 46th Road (4.6%) and The Tower at Burbank (3.8%).
The 74 Kent Street property, located in Brooklyn, NY, lost its
second largest tenant (47.5% of the NRA) at lease expiration in
2022 leaving the overall reported collateral occupancy at 77% as of
June 2023.

Occupancy at The Tower at Burbank, located in Burbank, CA, declined
when WeWork (15% of the NRA), vacated its' space well in advance of
its 2032 lease expiration. The reported occupancy as of June 2023
was 78%. Disney remains the largest tenant leasing 27.4% of the
NRA.

Minimal Change to Credit Enhancement (CE): As of the September
distribution date, the aggregate pool balances for the four conduit
transactions has been reduced on average 2.2%. For BANK 2019-BNK24
and WFCM 2019-54, paydown since issuance has been less than 1.5%.
The majority of loans in each transaction are either interest only
or partial interest only. The BANK 2019-BNK24 and WFCM 2019-C54
transactions have interest only loans comprising 75.9% and 67.6% of
the pools, respectively. No losses have been realized in any of the
transactions.

Limited Impact from Defeasance: The WFCM 2019-C54 has the largest
defeasance concentration at 5.6%, with the other three conduit
transactions' defeasance percentage at or below 1.1%. Fitch is
currently evaluating the treatment of defeased loans in CMBS
transactions and may consider higher stress assumptions on
government obligations that have a rating lower than 'AAA'. No
classes rated 'AAAsf' in these transactions are anticipated to be
negatively impacted by defeasance.

Credit Linked Note: Fitch affirmed the ratings on MOA 2020-C54 as
it is credit-linked to the underlying class E-RR certificates of
the WFCM 2019-C54 transaction. The Rating Outlook remains Stable.

RATING SENSITIVITIES

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

The Negative Outlooks reflect possible future downgrades stemming
from refinance and lease rollover concerns with the office loans in
each transaction that could result in higher than expected losses.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to downgrades.

Downgrades to 'Asf' and 'BBBsf' category rated classes could occur
if deal-level losses increase significantly or if the performance
of the FLOCs continues to deteriorate.

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

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 and defeasance,
coupled with stable-to-improved pool-level loss expectations and
performance stabilization of FLOCs. Upgrades of these classes to
'AAAsf' will also consider the concentration of defeased loans in
the transaction.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and there is sufficient CE to the
classes.

Classes with distressed ratings are unlikely to be upgraded absent
significantly better than expected recoveries on the specially
serviced loans.

ESG CONSIDERATIONS

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


BANK 2019-BNK22: Fitch Affirms 'B-sf' Rating on Two Tranches
------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of BANK 2019-BNK22 Commercial
Mortgage Pass-Through Certificates. The under criteria observation
(UCO) has been resolved for all classes.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
BANK 2019-BNK22

   A-1 06540XBC4    LT AAAsf  Affirmed   AAAsf
   A-2 06540XBD2    LT AAAsf  Affirmed   AAAsf
   A-3 06540XBF7    LT AAAsf  Affirmed   AAAsf
   A-4 06540XBG5    LT AAAsf  Affirmed   AAAsf
   A-S 06540XBK6    LT AAAsf  Affirmed   AAAsf
   A-SB 06540XBE0   LT AAAsf  Affirmed   AAAsf
   B 06540XBL4      LT AA-sf  Affirmed   AA-sf
   C 06540XBM2      LT A-sf   Affirmed   A-sf
   D 06540XAL5      LT BBBsf  Affirmed   BBBsf
   E 06540XAN1      LT BBB-sf Affirmed   BBB-sf
   F 06540XAQ4      LT BB-sf  Affirmed   BB-sf
   G 06540XAS0      LT B-sf   Affirmed   B-sf
   X-A 06540XBH3    LT AAAsf  Affirmed   AAAsf
   X-B 06540XBJ9    LT AA-sf  Affirmed   AA-sf
   X-D 06540XAA9    LT BBB-sf Affirmed   BBB-sf
   X-F 06540XAC5    LT BB-sf  Affirmed   BB-sf
   X-G 06540XAE1    LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the updated criteria and
stable pool performance since the prior rating action. Upgrades
were limited due to office concentration (40%). One loan (1% of the
pool) is considered a Fitch Loan of Concern (FLOC). Fitch's current
ratings incorporate a 'Bsf' rating case loss of 3%.

The largest contributor to losses, 127 West 25th Street (5.1%), has
a Long-Term Triple Net Ground Lease through 2043. The property is
fully leased through to 2043 to Bowery Residents Committee (BRC), a
nonprofit organization that provides housing and services to
homeless individuals and owns the leasehold improvements. BRC is
responsible for all operations, maintenance, and other costs at the
property. BRC is predominantly funded by contributions by New York
City and the state. The property is structured as a leasehold
condominium, which only exists during the BRC's ground lease, to
qualify for a property tax exemption. Fitch's 'Bsf' rating case
loss (prior to concentration adjustments) of 6.9% is based on a 9%
cap rate and a 10% stress to the YE 2022 NOI.

The second largest contributor to modeled losses and sole FLOC,
Columbia Hotel Portfolio (1%), is secured by two limited service
hotels located in Columbia, SC: Hampton Inn Columbia (80 rooms) and
Holiday Inn Express & Suites Columbia (65 rooms). The loan was
flagged as a FLOC due a low debt service coverage ratio (DSCR). As
of TTM June 2023, DSCR was a reported 0.90x, down from 1.26x at YE
2022 and 1.66x at YE 2021. Fitch's 'Bsf' rating case loss (prior to
concentration adjustments) of 36.5% reflects refinancing concerns,
an 11.5% cap rate and a 15% stress to the TTM June 2023 NOI.

The third largest contributor to modeled losses, 230 Park Avenue
South (9.3%), is secured by a 373,693-sf office building located in
New York, NY. The property is 100% occupied by Discovery
Communications (Fitch Rated BBB-/Stable/F3) through January 2037.
Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 2.8% is based on a 7.5% cap rate and a 10% stress to the YE 2022
NOI.

Minimal Change in Credit Enhancement (CE): As of the September 2023
remittance report, the pool's aggregate principal balance has been
paid down by 1.1% to $1.12 billion from $1.2 billion at issuance.
Two loans (7.7%) are defeased. 29 loans (85% of the pool) are
full-term interest-only (IO) and three (1.2% of the pool) had
partial IO periods; all loans are no longer in their partial IO
period and have begun amortizing.

RATING SENSITIVITIES

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

Downgrades would be triggered by an increase in pool-level losses
from underperforming assets and/or if loans transfer to special
servicing.

Downgrades to classes rated 'AAAsf' and 'AA-sf' are not expected
due to their increasing CE and continued expected amortization but
could occur if interest shortfalls affect these classes or if
expected losses for the pool increase significantly.

Downgrades to classes rated 'A-sf', 'BBBsf' and 'BBB-sf' may occur
should expected losses for the pool increase significantly and/or
if additional loans become FLOCs.

Classes rated 'BB-sf' and 'B-sf' would be downgraded with a greater
certainty of losses and/or as losses are realized.

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

Upgrades to 'AA-sf' to 'A-sf' rated classes would only occur with
significant improvement in CE and/or defeasance.

Upgrades to 'BBBsf' and 'BBB-sf' rated classes may occur as the
number of FLOCs are reduced and/or loss expectations improve.
Classes would not be upgraded above 'Asf' if there were a
likelihood of interest shortfalls.

Upgrades to 'BB-sf' and 'B-sf' rated classes are not likely until
the later years of the transaction and only if the performance of
the remaining pool stabilizes and there is sufficient CE to the
classes.

ESG CONSIDERATIONS

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


BCAP LLC 2007-AA3: Moody's Hikes Rating on 2 Tranches to B1
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six bonds
from four US residential mortgage-backed transactions (RMBS),
backed by Alt-A and subprime mortgages issued by multiple issuers.

The complete rating actions are as follows:

Issuer: Aegis Asset Backed Securities Trust 2004-2

Cl. M2, Upgraded to A2 (sf); previously on May 6, 2022 Upgraded to
Baa1 (sf)

Issuer: BCAP LLC Trust 2007-AA3

Cl. I-A-1A, Upgraded to B1 (sf); previously on Feb 3, 2023 Upgraded
to B3 (sf)

Cl. I-A-1B, Upgraded to B1 (sf); previously on Feb 3, 2023 Upgraded
to B3 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF10

Cl. A1, Upgraded to Baa2 (sf); previously on Feb 3, 2023 Upgraded
to Ba1 (sf)

Cl. A5, Upgraded to A2 (sf); previously on Feb 3, 2023 Upgraded to
Baa1 (sf)

Issuer: Long Beach Mortgage Loan Trust 2006-WL2

Cl. I-A, Upgraded to Baa3 (sf); previously on Feb 3, 2023 Upgraded
to Ba2 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating upgrades are a result of the improving performance of the
related pools, and/or an increase in credit enhancement available
to the bonds.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in July 2022.

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

Up

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

Down

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

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


BELLEMEADE 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 Bellemeade Re 2023-1 Ltd. (BMIR 2023-1 or the Issuer):

-- $49.8 million Class M-1A at BBB (low) (sf)
-- $54.7 million Class M-1B at BB (high) (sf)
-- $42.3 million Class M-1C at BB (low) (sf)
-- $27.4 million Class M-2 at B (high) (sf)
-- $12.4 million Class B-1 at B (sf)

The BBB (low) (sf) credit rating reflects 5.75% of credit
enhancement, provided by subordinated notes in the transaction. The
BB (high) (sf), BB (low) (sf), B (high) (sf), and B (sf) credit
ratings reflect 4.65%, 3.80%, 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.

BMIR 2023-1 is Arch Mortgage Insurance Company's (Arch MI) and
United Guaranty Residential Insurance Company's (UGRIC;
collectively, the ceding insurers) 18th rated mortgage insurance
(MI)-linked note 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 98,926 fully amortizing first-lien fixed- and
variable-rate mortgages. They all have been underwritten to a full
documentation standard, have original loan-to-value ratios less
than or equal to 100.0%, and have never been reported to the ceding
insurer as 60 or more days delinquent. As of the Cut-Off Date,
these loans have not been reported to be in a payment forbearance
plan. The mortgage loans have MI policies effective in or after
January 2022 and in or before September 2023.

Approximately 2.5% (by balance) of the underlying insured mortgage
loans in this transaction are not eligible to be acquired by
Freddie Mac and Fannie Mae (government-sponsored enterprises (GSEs)
or agencies).

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

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

The Issuer is expected to use the proceeds from the sale of the
Notes to purchase certain eligible investments that will be held in
the reinsurance trust account. The eligible investments are
restricted to 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 MI-linked notes 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 is 7.75%. 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 7.75%, then the subordinate
Notes will be entitled to accelerated principal payments equal to 2
times the subordinate principal reduction amount, until the
subordinate percentage comes down to the target credit enhancement
of 7.75%.

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
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 the several Premium Deposit Events occur. Please refer
to the related report for more detail.

The Notes are scheduled to mature on October 2033, but will be
subject to early redemption at the option of the ceding insurer (1)
for a 10% clean-up call or (2) on or following the payment date in
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 Insurers to issue a tender offer to reduce all or a
portion of the outstanding Notes.

Arch MI and UGRIC, together, act as the ceding insurers. 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.


BENCHMARK 2018-B6: Fitch Lowers Rating on Cl. J-RR Certs to CCC
---------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed nine classes of
Benchmark 2018-B6 Mortgage Trust commercial mortgage pass-through
certificates. The Rating Outlook on the class D has been revised to
Negative from Stable. Classes E, F-RR, G-RR, and X-D have been
assigned Negative Outlooks following the downgrades.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Benchmark 2018-B6

   A-2 08162CAB6    LT AAAsf  Affirmed   AAAsf
   A-3 08162CAC4    LT AAAsf  Affirmed   AAAsf
   A-4 08162CAD2    LT AAAsf  Affirmed   AAAsf
   A-AB 08162CAE0   LT AAAsf  Affirmed   AAAsf
   A-S 08162CAF7    LT AAAsf  Affirmed   AAAsf
   B 08162CAG5      LT AA-sf  Affirmed   AA-sf
   C 08162CAH3      LT A-sf   Affirmed   A-sf
   D 08162CAL4      LT BBBsf  Affirmed   BBBsf
   E 08162CAN0      LT BBsf   Downgrade   BBB-sf
   F-RR 08162CAQ3   LT BB-sf  Downgrade   BB+sf
   G-RR 08162CAS9   LT B-sf   Downgrade   BB-sf
   J-RR 08162CAU4   LT CCCsf  Downgrade   B-sf
   X-A 08162CAJ9    LT AAAsf  Affirmed    AAAsf
   X-D 08162CAY6    LT BBsf   Downgrade   BBB-sf

KEY RATING DRIVERS

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

Increased Loss Expectations: Loss expectations for the pool have
increased since Fitch's prior rating action. Sixteen loans (33.9%)
are considered Fitch Loans of Concern (FLOCs), including seven
office properties in the top 15 with upcoming rollover concerns
and/or declining performance. There are four loans (10.1%) in
special servicing. Fitch's current ratings reflect a 'Bsf' rating
case loss of 4.5%.

The downgrades and Negative Outlooks reflect the impact of the
updated criteria, performance concerns and high overall exposure to
office loans (45.5% of the pool), particularly One American Place,
Overland Park Xchange and Concord Plaza loans. Classes with
Negative Outlooks may be downgraded should the FLOC's performance
continue to deteriorate and if the properties do not stabilize.

The largest contributor to overall expected losses is the One
American Place (2.7%) loan, which is secured by a 333,084-sf office
building located in downtown Baton Rouge, LA. The property's
largest tenants include; Breazeale, Sachse & Wilson (13.4% of NRA
in total with 11.6% leased through November 2029, 1.5% through
November 2024 and 0.3% leased month-to-month), McGlinchey Stafford
(12.9% of NRA in total with 12.6% leased through May 2024 and 0.3%
leased month-to-month), and Capital One (11.4% of NRA in total,
with 4.3% leased through May 2027 and 7.1% through January 2028).

The loan transferred to special servicing in August 2023 due to a
maturity default. The borrower has requested a one-year loan
extension, which is currently being reviewed by the special
servicer.

Property occupancy declined to 81% as of the TTM ended June 2023
from 82.1% at YE 2022, 83.9% at YE 2021, 89.3% at YE 2020 and
compared with 91.6% at YE 2019, 88.2% at YE 2018, and 87.8% at
issuance. Upcoming lease rollover includes 23.4% of NRA in 2024,
15.8% in 2025 and 4.1% in 2026. Lease rollover is 2024 is spread
across several leases, the largest of which is major tenant
McGlinchey Stafford, PLLC (12.9% of NRA in total; lease expiry in
May 2024). Fitch requested an update on the status of the lease but
did not receive a response.

According to CoStar, the property lies within the North CBD Office
submarket of the Baton Rouge market area. As of Q3 2023, average
rental rates were $21.86 psf and $20.17 psf for the submarket and
market, respectively. Vacancy for the submarket and market was 9.7%
and 6.3%, respectively.

Fitch's 'Bsf' rating case loss of 26.2% (prior to a concentration
adjustment) is based on a 10.50% cap rate and 25% stress to the TTM
ended June 2023 to reflect the upcoming lease rollover.

The second largest contributor to overall expected losses is the
Overland Park Xchange (2.6%) loan, which is secured by a 733,400-sf
office property located in Overland Park, KS, approximately 15
miles southwest of downtown Kansas City. The property's largest
tenants include United Healthcare Services (AA-/Stable; 44.7% of
NRA leased through December 2026), SelectQuote Insurance Services
(27.4%; leased through July 2029).

Collateral occupancy was 72% as of June 2023, 72.1% at YE 2022,
99.7% as of December 2021, unchanged from YE 2020 and up from 96%
at YE 2019 and 90.1% at issuance. Occupancy declined due to former
major tenant, Black & Veatch, (previously 27.6% of NRA) vacating
its space at the property ahead of the tenant's scheduled April
2026 lease expiry.

The loan reported $14.7 million ($20.1 psf) in total reserves as of
the October 2023 loan level reserve report.

Fitch's 'Bsf' rating case loss of 18.3% (prior to a concentration
adjustment) is based on a 10% cap rate and 20% stress to the YE
2022 NOI. Fitch's loss expectations factor in an increased
probability of default to account for the loss of the major tenant
and heightened term default risk.

The third largest contributor to loss expectations is the Concord
Plaza (1.8%) loan, which is secured by a 385,740-sf office property
located in Wilmington, DE. The property was built in 1968 and
renovated in 2005. The property's major tenants include Bill Me
Later (8.5% of NRA; leased through February 2024), Advance
Radiology (8.2%; January 2033), and State of Delaware (6.7%:
February 2026).

The loan transferred to special servicing in August 2023 due to
imminent monetary default as a result of the loan's maturity in
September 2023. The borrower has requested a one-year loan
extension, which is currently being reviewed by the special
servicer.

The property was 85% occupied as of the TTM ended June 2023, 82% at
YE 2022, 84% at YE 2021, 89% at YE 2020 and 88% at YE 2018.

According to CoStar, the property lies within the North New Castle
Office submarket of the Philadelphia market area. As of Q3 2023,
average rental rates were $25.16 psf and $27.47 psf for the
submarket and market, respectively. Vacancy for the submarket and
market was 11.6% and 11.0%, respectively.

Fitch's 'Bsf' rating case loss of 21.4% (prior to a concentration
adjustment) is based on a 10% cap rate and 5% stress to the YE 2021
NOI.

Increased CE: As of the October 2023 distribution date, the pool's
aggregate principal balance has been reduced by 6.7% to $1.07
billion from $1.15 billion at issuance. One loan, Magnolia Shoppes
(1.4% of the pool) is fully defeased, and three loans have been
paid off (4.7% of original pool balance) since issuance. Twenty-one
loans, representing 59.7% of the pool, are full-term,
interest-only; 17 loans (23.6%) are partial-term interest-only; and
14 loans (16.7%) have a balloon payment. To date, the trust has not
incurred any realized losses.

RATING SENSITIVITIES

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

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

- Downgrades to the senior classes (A-2 through A-S), and X-A are
not likely due to increasing CE but may occur if losses increase
substantially or if interest shortfalls affect these classes;

- Downgrades to classes B and C are possible and could occur if
expected losses for the pool increase significantly;

- Downgrades of classes D, E, F-RR, G-RR, J-RR and X-D are possible
should Fitch's projected losses increase substantially from further
declines in pool performance, additional loan defaults and/or
greater than expected losses on the FLOCs, particularly 1800 Vine
Street, One American Place, Overland Park Xchange, Carlton Plaza,
Creekside Oaks, 445 Hutchinson and Concord Plaza.

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

Sensitivity factors that could lead to upgrades to classes B and C
would only occur with significant improvement in CE, additional
paydown and/or defeasance, as well as performance stabilization of
the Fitch loans of concern. Classes would not be upgraded above
'Asf' if there were likelihood of interest shortfalls.

- Upgrades to classes D and E may occur as the number of FLOCs are
reduced, performance of the larger office FLOCs improve, and/or
there is sufficient CE to the classes;

- Upgrades to classes F-RR and G-RR are not likely until the later
years of the transaction and only if the performance of the
remaining pool is stable and/or performance of the office FLOCs
stabilize and if there is sufficient CE to the classes;

- An upgrade to class J-RR is not likely unless resolution of the
specially serviced loans is better than expected.

ESG CONSIDERATIONS

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


BENCHMARK 2019-B15: DBRS Confirms B(high) Rating on G-RR Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-B15 issued by
Benchmark 2019-B15 Mortgage Trust as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BB (sf)
-- Class F at BB (low) (sf)
-- Class G-RR at B (high) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which generally remains in line
with DBRS Morningstar's expectations since issuance. While there
are increased risks for a handful of loans, reported performance
metrics for most of the loans in the pool have been strong, as
illustrated by the weighted-average (WA) debt service coverage
ratio (DSCR) of 2.50 times (x) based on the most recent year-end
financials. As of the September 2023 remittance, all of the
original 32 loans remain in the pool, reflecting a current trust
balance of approximately $834.7 million and minimal collateral
reduction of 1.4% since issuance. There are eight loans,
representing 21.5% of the pool, on the servicer's watchlist;
however, only four of these, representing 12.6% of the pool, are
being monitored for recent or upcoming tenant rollover risk and/or
a low DSCR while the remaining four are being monitored for
deferred maintenance or tenant credit rating concerns. Two loans,
representing 5.5% of the pool balance, are delinquent. One of those
loans, representing 2.3% of the pool balance, is in special
servicing and the collateral property was recently appraised with
an implied loan-to-value ratio (LTV) of 81.2%, which suggests the
likelihood of a significant loss in a liquidation scenario remains
relatively low, as further detailed below.

The pool is concentrated by property type, with loans backed by
office properties representing 41.8% of the pool. The majority of
the office loans continue to perform in line with issuance
expectations as evidenced by the healthy WA DSCR of 3.12x. However,
the concentration of office, primarily represented by collateral
properties in suburban markets, is considered noteworthy given the
low investor appetite for the property type and the high vacancy
rates in many submarkets that have been compounded by the shift in
workplace dynamics in since the onset of the pandemic. Among the
mitigating factors are the lack of immediate maturity risk and
structural features, including cash management provisions for the
majority of the loans backed by office properties. In addition, the
three largest loans in the pool, which account for nearly 25% of
the pool balance and are secured by collateral backed by office
properties, continue to report strong financial performance with
healthy DSCRs above 3.00x as of YE2022.

In the analysis for this review, DBRS Morningstar identified four
office loans, each backed by suburban office properties and
representing only 9.4% of the pool, and one retail loan,
representing 1.4% of the pool, as exhibiting increased risks since
issuance. These loans were analyzed with stressed scenarios,
including increased probability of default (POD) penalties and/or
increased LTVs, as applicable, to increase the expected losses in
each case. The three loans with the largest increases to their
expected-loss percentages are Tysons Tower (Prospectus ID#9; 4.2%
of the pool) and 8 West Centre (Prospectus ID#19; 2.0% of the
pool), which are both secured by suburban office properties with
tenant rollover concerns in the next 18 months, along with Vineyard
Marketplace (Prospectus ID#22; 1.4% of the pool), which is secured
by a retail property also facing tenant rollover challenges.

The Tysons Tower loan is secured by a 528,730-square foot suburban
office property in McLean, Virginia, approximately 14 miles west of
Washington. As of the June 2023 rent roll, the property was 87.5%
occupied by tenants representing 10.9% of its net rentable area
(NRA) with leases that have expired or will be expiring in the next
12 months. The third-largest tenant, Splunk Inc. (previously 10.9%
of the NRA) had a lease that expired in May 2023 and was renewed
for only a portion of the space, reducing its footprint to 5.4% of
NRA. Other large tenants include Intelsat (34.6% of NRA, lease
expiry in December 2030) and Deloitte (17.8% of the NRA, lease
expiry in August 2027). The Tysons Corner/Vienna submarket is
experiencing high vacancy rates with Reis reporting a 21.3% vacancy
rate for Q1 2023. According to the YE2022 financials, the loan
reported a net cash flow (NCF) of $19.3 million (reflecting a DSCR
of 3.00x), a significant improvement from the YE2021 NCF of $8.9
million and more than the DBRS Morningstar NCF of $15.9 million.
Although the financial performance remains robust and has improved
significantly from YE2021, the lease rollovers combined with the
soft submarket conditions are of concern. Given these increased
risks, DBRS Morningstar stressed the LTV in its analysis, resulting
in an expected loss that is relatively in line with the deal
average.

The 8 West Centre loan is secured by an office property in Houston
that was added to the servicer's watchlist in February 2023 after
the second-largest tenant, Cameron International Corp. (47.0% of
NRA), confirmed it would be vacating upon lease expiration in
November 2023. Tenant reserves have accumulated to $2.7 million as
of the September 2023 reporting as a result of cash management
provisions that were triggered in November 2022, 12 months prior to
the tenant's lease expiration date. The West/Katy Freeway submarket
of Houston has a high vacancy rate of 26.6% as of Q2 2023,
according to Reis. Historical operating performance had been strong
with a DSCR of 2.09x as of YE2022 and occupancy rate of 100% since
issuance. However, given the soft submarket and occupancy concerns,
the loan was analyzed with a stressed LTV and a POD penalty
resulting in an expected loss that was more than three times the
deal average.

The Hilton Cincinnati Netherland Plaza (Prospectus ID#18; 2.3% of
the pool) is a pari passu loan secured by a 561-key full-service
hotel in Cincinnati that transferred to special servicing in
February 2021 because of imminent monetary default stemming from
performance-related disruptions following the onset of the
pandemic. While the borrower and servicer previously agreed to
settle the outstanding penalty fees, the borrower was unable to
meet the obligation under the agreement and the servicer ultimately
filed for foreclosure. The servicer reported the YE2022 DSCR dipped
to 0.31x, down from 0.53x as of YE2021, but up from the pandemic
low of -0.70x as of YE2020. As previously mentioned, despite the
decline in performance metrics, the January 2023 appraisal valued
the property at $84.5 million, a decline of less than 2.0% from the
previous appraisal of April 2021 but down by 20.0% from the
issuance appraisal of $105.5 million. Based on the outstanding
whole loan balance of $68.6 million and total outstanding advances
of $5.6 million across the two transactions holding pieces of the
loan, the appraised value remains above the total exposure of $74.2
million, suggesting a significant loss at liquidation is relatively
unlikely.

At issuance, DBRS Morningstar shadow-rated the Century Plaza Towers
(Prospectus ID#3; 7.5% of the pool), The Essex (Prospectus ID#14;
3.0% of pool), and Osborn Triangle (Prospectus ID#16; 2.4% of pool)
loans as investment-grade. As performance metrics for each of the
three loans remain in line with expectations, DBRS Morningstar
maintained the shadow rating on all three loans with this review.

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


BENCHMARK 2019-B15: Fitch Affirms B- Rating on G-RR Debt
--------------------------------------------------------
Fitch Ratings has affirmed 17 classes of BENCHMARK 2019-B15
Mortgage Trust, commercial mortgage pass-through certificates,
Series 2019-B15. The Rating Outlook on class G-RR has been revised
to Negative from Stable. The Under Criteria Observation (UCO) has
been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
BMARK 2019-B15

   A-1 08160KAA2    LT AAAsf  Affirmed   AAAsf
   A-2 08160KAB0    LT AAAsf  Affirmed   AAAsf
   A-3 08160KAC8    LT AAAsf  Affirmed   AAAsf
   A-4 08160KAD6    LT AAAsf  Affirmed   AAAsf
   A-5 08160KAE4    LT AAAsf  Affirmed   AAAsf
   A-AB 08160KAF1   LT AAAsf  Affirmed   AAAsf
   A-S 08160KAG9    LT AAAsf  Affirmed   AAAsf
   B 08160KAJ3      LT AA-sf  Affirmed   AA-sf
   C 08160KAK0      LT A-sf   Affirmed   A-sf
   D 08160KAL8      LT BBBsf  Affirmed   BBBsf
   E 08160KAN4      LT BBB-sf Affirmed   BBB-sf
   F 08160KAQ7      LT BB-sf  Affirmed   BB-sf
   G-RR 08160KAY0   LT B-sf   Affirmed   B-sf
   X-A 08160KAH7    LT AAAsf  Affirmed   AAAsf
   X-B 08160KAS3    LT AA-sf  Affirmed   AA-sf
   X-D 08160KAU8    LT BBB-sf Affirmed   BBB-sf
   X-F 08160KAW4    LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable pool performance since the last rating action. Fitch's
current ratings incorporate a 'Bsf' rating case loss of 4.4%.

The Outlook revision to Negative from Stable on class G-RR reflects
concerns with the overall office concentration (41.2% of the pool)
and performance concerns on Kildeer Village Square (5.7%) and
Elston Retail Collections loans (3.2%). Six loans are Fitch Loans
of Concern (FLOCs; 21.3%), one of which is in special servicing.

Fitch Loans of Concern: The largest contributor to overall loss
expectations is Kildeer Village Square (5.7%), which is secured by
a 199,245-sf retail property located in Kildeer, IL that was built
in 2017. Art Van Furniture (previously 20.4% of the pool) vacated
in 2020 before the 2027 lease expiration and has not been replaced.
Occupancy as of March 2023 was 71% compared with 80% at YE 2022 and
91% at issuance. The NOI DSCR as of YE 2022 was 1.43x compared with
1.22x at YE 2021 and 1.55x at YE 2020. The increase in NOI as of YE
2022 is partially due to the collection of past due rents from
COVID-19 and increased rental rates.

Fitch's Bsf' rating case loss (prior to concentration add-ons) of
22% reflects a 9.25% cap rate and the YE 2022 NOI with a 15%
stress.

The largest delinquent loan is Elston Retail Collections (3.2%),
which is secured by a 178,704-sf retail property located in
Chicago, IL. The property is 100% occupied by Kohl's, Best Buy, and
BMO Bank but the loan was 30 days delinquent in September and
October 2023. According to servicer comments, the borrower has been
in a dispute related to the property taxes. NOI DSCR was 1.43x at
YE 2022 compared with 1.42x at YE 2021, and 1.40x at YE 2020.

Fitch's Bsf' rating case loss (prior to concentration add-ons) of
1% reflects an 8.75% cap rate and the YE 2022 NOI with a 15%
stress.

Specially Serviced Loan: Hilton Cincinnati Netherland Plaza is
secured by a 561-room full-service Hilton hotel located in
Cincinnati, OH. The loan transferred to special servicing in
February 2021 due to imminent payment default, and it is 90+ days
delinquent. The borrower and lender had previously reached an
agreement in principal to settle the penalty fees, but it did not
materialize. A receiver was appointed in November 2022 to operate
the hotel and the lender is pursuing foreclosure. DSCR has remained
below 1.0x since YE 2020.

Fitch's 'Bsf' rating case loss (prior to concentration add-ons) of
7.4%, reflects a 20% stress to the most recent appraisal reflecting
a Fitch value of $120,000 per room.

Minimal Change to CE: As of October 2023, CE has increased slightly
due to amortization, with 1.4% of the original pool balance repaid
since issuance. No losses have been realized to date. No loans have
been defeased. Interest shortfalls are currently affecting the
non-rated class J-RR. Of the remaining pool balance, 17 loans
(59.5%) are full interest-only through the term of the loan and
five loans (18%) have a partial interest only period remaining.

High Office Concentration: The largest property-type concentration
is office at 41.2% of the pool, followed by mixed use at 20.5%,
retail at 16.7%, and multi-family at 10.8%.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool level losses from underperforming or specially serviced
loans/assets. Downgrades to the 'AA-sf' and 'AAAsf' categories are
unlikely due to increasing CE and expected continued amortization,
but may occur should interest shortfalls affect these classes.

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

Downgrades to the 'B-sf' and 'BB-sf' categories would occur should
the performance of the FLOCs fail to stabilize and/or losses
materialize and CE becomes eroded.

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

Sensitivity factors that could lead to upgrades include stable to
improved asset performance coupled with paydown and/or defeasance.
Upgrades of the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and further
underperformance of the FLOCs could cause this trend to reverse.

Upgrades to the 'BBB-sf' and 'BBBsf' categories would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'B-sf' and 'BB-sf' categories are not likely until the
later years in a transaction and only if the performance of the
remaining pool is stable and there is sufficient CE to the
classes.

ESG CONSIDERATIONS

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


BHG SECURITIZATION 2023-B: Fitch Assigns BB Rating on Class E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to the
notes issued by BHG Securitization Trust 2023-B (BHG 2023-B).

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

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

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Collateral Pool Comprised of High FICO Borrowers: As of the final
pool composition, the BHG 2023-B receivables pool has a weighted
average (WA) FICO score of 747; 2.46% of the borrowers have a score
below 661 and 53.23% have a score higher than 740. Commercial loans
represent 49.95% 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 as of the statistical pool cutoff
date are 11.57% and 14.85% for commercial and consumer loans,
respectively, resulting in a portfolio WA assumption of 13.21%. 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%:'AA+sf'/'Asf'/'BBB+sf'/'BBB-sf'/'BBsf';

Increased default base case by
50%:'AA-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'/'BB+sf';

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'/'BBsf';

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

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 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'.


BMARK 2023-V4: Fitch Assigns 'B-(EXP)sf' Rating on Class J-RR Certs
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BMARK 2023-V4 Mortgage Trust Commercial Mortgage Pass-Through
certificates series 2023-V4 as follows:

- $740,000 class A-1 'AAAsf'; Outlook Stable;

- $150,000,000d class A-2 'AAAsf'; Outlook Stable;

- $287,880,000d class A-3 'AAAsf'; Outlook Stable;

- $81,459,000a class A-S 'AAAsf'; Outlook Stable;

- $28,197,000 class B 'AA-sf'; Outlook Stable;

- $19,738,000 class C 'A-sf'; Outlook Stable;

- $6,266,000a class D 'BBB+sf'; Outlook Stable;

- $8,459,000a,b class E-RR 'BBBsf'; Outlook Stable;

- $6,266,000a,b class F-RR 'BBB-sf'; Outlook Stable;

- $10,965,000a,b class G-RR 'BB-sf'; Outlook Stable;

- $6,266,00a,b class J-RR 'B-sf'; Outlook Stable;

- $520,079,000c class X-A 'AAAsf'; Outlook Stable;

Fitch is not expected to rate the following classes:

- $20,365,396a,b class K-RR;

Notes:

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

(b) Classes E-RR, F-RR, G-RR, J-RR and K-RR Interest comprises the
transaction's horizontal risk retention interest.

(c) Notional amount and interest only. CE - Credit enhancement. NR
- Not rated.

(d) The initial certificate balances of classes A-2 and A-3 are
unknown and expected to be $437,880,000 in aggregate, subject to a
5% variance. The certificate balances will be determined based on
the final pricing of those classes of certificates. The expected
class A-2 balance range is $0 to $150,000,000 and the expected
class A-3 balance range is $287,880,000 to $437,880,000. Fitch's
certificate balances for classes A-2 and A-3 are assumed at the
high and low ends of their range, respectively.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 28 loans secured by 91
commercial properties with an aggregate principal balance of
$626,601,397 as of the cut-off date. The loans were contributed to
the trust by Citi Real Estate Funding Inc., German American Capital
Corporation, Goldman Sachs Mortgage Company, JPMorgan Chase Bank,
NA, Bank of Montreal, and Barclays Capital Real Estate Inc. The
master servicer is expected to be Midland Loan Services, a Division
of PNC Bank, N.A. and the special servicer is expected to be K-Star
Asset Management LLC.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions: The pool has lower
leverage compared to recent multiborrower transactions Fitch rates.
The pool's Fitch loan-to value ratio (LTV) of 87.9% is lower than
both the YTD 2023 and 2022 averages of 94.9% and 106.4%,
respectively. The pool's Fitch NCF debt yield (DY) of 11.1% is
higher than the YTD 2023 and 2022 averages of 10.8% and 9.9%,
respectively. Excluding credit opinion loans, the pool's Fitch LTV
and DY are 93.1% and 10.6%, respectively, compared to the
equivalent conduit YTD 2023 LTV and DY averages of 95.2% and 10.5%,
respectively.

Higher Pool Concentration: The pool is more concentrated than
recently rated Fitch transactions. The top 10 loans make up 68.3%
of the pool, higher than the 2023 YTD and 2022 levels of 62.8% and
55.2%, respectively. Fitch measures loan concentration risk with an
effective loan count, which accounts for both the number and size
of loans in the pool. The pool's effective loan count is 20.8.

Investment-Grade Credit Opinion Loans: Four loans representing
23.3% of the pool received an investment-grade credit opinion.
Warwick New York (9.7%) received a standalone credit opinion of
'BBB-sf*', Prime Storage Portfolio #3 (8.8%) received a standalone
credit opinion of 'A-sf*', Harborside 2-3 (2.8%) received a
standalone credit opinion of 'BBBsf*', and Gilardian NYC Portfolio
II (2.1%) received a standalone credit opinion of 'Asf*'. The
pool's total credit opinion percentage of 23.9% is above the 2023
YTD and 2022 averages of 19.6% and 14.4%, respectively.

Property Type Concentration: Loans secured by hotel properties
represent 25.1% of the pool by balance, well above the YTD 2023 and
2022 averages of 9.7% and 7.4%, respectively. Two loans (17.6% of
pool) are secured by hotels in the top five loans by cut-off
balance - Warwick New York (9.7%) and Philadelphia Marriott
Downtown (8.0%). Loans secured by office properties represent 22.0%
of the pool, lower than the YTD 2023 and 2022 averages of 28.5% and
36.2%, respectively.

Loans secured by retail properties represent 20.0%, lower than the
YTD 2023 and 2022 averages of 31.0% and 23.3%, respectively. Loans
secured by self-storage properties represent 17.3% of the pool by
balance, well above the YTD 2023 and 2022 averages of 1.0% and
6.8%, respectively.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAAsf' / 'AAAsf' / 'AAAsf' / 'AAAsf' / 'AA+sf'
/ 'A+sf' / 'Asf' /'AAAsf'

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

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

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

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

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

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

ESG CONSIDERATIONS

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


BRAVO RESIDENTIAL 2023-NQM7: DBRS Gives (P) B(high) on B-2 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2023-NQM7 (the Notes) to be issued by
BRAVO Residential Funding Trust 2023-NQM7:

-- $214.6 million Class A-1 at AAA (sf)
-- $30.2 million Class A-2 at AA (sf)
-- $28.9 million Class A-3 at A (sf)
-- $15.3 million Class M-1 at BBB (sf)
-- $10.4 million Class B-1 at BB (high) (sf)
-- $8.7 million Class B-2 at B (high) (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 34.95% of
credit enhancement provided by subordinate notes. The AA (sf), A
(sf), BBB (sf), BB (high) (sf), and B (high) (sf) ratings reflect
25.80%, 17.05%, 12.40%, 9.25%, and 6.60% of credit enhancement,
respectively.

Other than the classes specified 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 prime and non-prime first-lien residential
mortgages funded by the issuance of the Mortgage-Backed Notes,
Series 2023-NQM7 (the Notes). The Notes are backed by 787 loans
with a total principal balance of approximately $329,878,045, as of
the Cut-Off Date (September 30, 2023).

The pool is, on average, six months seasoned with loan ages ranging
from one to 95 months. The primary originator of the mortgages is
Citadel Servicing Corporation (CSC) doing business as Acra Lending
(Acra; 80.4%), the remaining originators each comprise less than
10% of the mortgage loans. ServiceMac, LLC (ServiceMac) will
sub-service all of the Citadel serviced loans (83.1%) on behalf of
CSC, while NewRez LLC d/b/a Shellpoint Mortgage Servicing will
service the other loans of (16.9%).

Nationstar Mortgage LLC (Nationstar) will act as Master Servicer.
Citibank, N.A. (rated AA (low)) with a Stable trend by DBRS
Morningstar), will act as Indenture Trustee, Paying Agent, and
Owner Trustee. Computershare Trust Company, N.A. (rated BBB with a
Stable trend by DBRS Morningstar) will act as Custodian.

Sixteen loans (1.8% of the pool) are 30 to 59 days delinquent,
according to the Mortgage Bankers Association (MBA) delinquency
calculation method. As of the Cut-Off Date, 98.2% of the loans have
been performing since origination.

In accordance with the Consumer Financial Protection Bureau (CFPB)
Qualified Mortgage (QM) rules, 50.2% of the loans by balance are
designated as non-QM. Approximately 49.2% of the loans in the pool
made to investors for business purposes are exempt from the CFPB
Ability-to-Repay (ATR) and QM rules.

There will be no advancing of delinquent principal or interest on
any mortgage loan by the servicers or any other party to the
transaction; however, each servicer is obligated to make advances
in respect of taxes and insurance, the cost of preservation,
restoration, and protection of mortgaged properties and any
enforcement or judicial proceedings, including foreclosures and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain an eligible horizontal residual
interest consisting of the Class B-3 Notes, collectively
representing at least 5.0% of the aggregate fair value of the Notes
(other than the Class SA, Class FB, and Class R Notes) to satisfy
the credit risk-retention requirements under Section 15G of the
Securities Exchange Act of 1934 and the regulations promulgated
thereunder.

The holder of the Trust Certificates may, at its option, on or
after the earlier of (1) the payment date in October 2026 or (2)
the date on which the balance of mortgage loans and real estate
owned (REO) properties falls to or below 30% of the loan balance as
of the Cut-Off Date (Optional Termination Date), purchase all of
the loans and REO properties at the optional termination price
described in the transaction documents.

The Depositor, at its option, may purchase any mortgage loan that
is 90 days or more delinquent under the Mortgage Bankers
Association (MBA) method (or in the case of any loan that has been
subject to a Coronavirus Disease (COVID-19) pandemic-related
forbearance plan, on any date from and after the date on which such
loan becomes 90 days MBA delinquent following the end of the
forbearance period) at the repurchase price (Optional Purchase)
described in the transaction documents. The total balance of such
loans purchased by the Depositor will not exceed 10% of the Cut-Off
Date balance.

The transaction's cash flow structure is similar to that of other
non-QM securitizations. The transaction employs a sequential-pay
cash flow structure with a pro rata principal distribution among
the senior tranches subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Credit Event). Principal proceeds can be used to cover
interest shortfalls on the Class A-1 and Class A-2 Notes (IIPP)
before being applied sequentially to amortize the balances of the
senior and subordinated notes. For the Class A-3 Notes (only after
a Credit Event) and for the mezzanine and subordinate classes of
notes (both before and after a Credit Event), principal proceeds
will be available to cover interest shortfalls only after the more
senior notes have been paid off in full. Also, the excess spread
can be used to cover realized losses first before being allocated
to unpaid Cap Carryover Amounts due to Class A-1 down to Class
A-3.

Of note, the coupon rates for the Class A-1, A-2, and A-3 Notes
step up by 100 basis points on and after the payment date in
November 2027. Also, the interest and principal otherwise payable
to the Class B-3 Notes as accrued and unpaid interest may be used
to pay the Class A-1, A-2, and A-3 Notes Cap Carryover Amounts
after the Class A coupons step up.

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


BRAVO RESIDENTIAL 2023-NQM7: Fitch Gives 'Bsf' Rating on B-2 Notes
------------------------------------------------------------------
Fitch Ratings rates the residential mortgage-backed notes issued by
BRAVO Residential Funding Trust 2023-NQM7 (BRAVO 2023-NQM7).

   Entity/Debt       Rating             Prior
   -----------       ------             -----
BRAVO 2023-NQM7

   A-1           LT AAAsf  New Rating   AAA(EXP)sf
   A-2           LT AAsf   New Rating   AA(EXP)sf
   A-3           LT Asf    New Rating   A(EXP)sf
   M-1           LT BBBsf  New Rating   BBB(EXP)sf
   B-1           LT BBsf   New Rating   BB(EXP)sf
   B-2           LT Bsf    New Rating   B(EXP)sf
   B-3           LT NRsf   New Rating   NR(EXP)sf
   AIOS          LT NRsf   New Rating   NR(EXP)sf
   FB            LT NRsf   New Rating   NR(EXP)sf
   R             LT NRsf   New Rating   NR(EXP)sf
   SA            LT NRsf   New Rating   NR(EXP)sf
   XS            LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 787 loans with a total interest-bearing
balance of approximately $330 million as of the cutoff date.

Loans in the pool were primarily originated by Acra Lending (Acra);
the remaining loans were originated by multiple entities. The loans
are primarily serviced by Acra (primarily subserviced by
ServiceMac) with a smaller portion serviced by NewRez dba
Shellpoint Mortgage Servicing.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.1% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since 4Q22). Home
prices have increased 0.9% YoY nationally as of July 2023 despite
modest regional declines, but are still being supported by limited
inventory.

Non-Qualified Mortgage Credit Quality (Mixed): The collateral
consists of 787 loans totaling $330 million and seasoned at
approximately eight months in aggregate, calculated by Fitch as the
difference between the origination date and the cutoff date. The
borrowers have a moderate credit profile — a 720 model FICO and a
42% debt to income (DTI) ratio, which includes mapping for debt
service coverage ratio (DSCR) loans — and leverage, as evidenced
by a 74% sustainable loan-to-value (sLTV) ratio. Of the pool, 49.4%
of loans are treated as owner-occupied, while 50.6% are treated as
an investor property or second home, which include loans to foreign
nationals or loans where the residency status was not confirmed.

Additionally, 2.9% of the loans were originated through a retail
channel. Of the loans, 50.2% are non-qualified mortgages (non-QMs),
while the Ability to Repay Rule is not applicable for the remaining
portion.

Loan Documentation (Negative): Approximately 91.7% of the pool
loans were underwritten to less than full documentation, as
determined by Fitch, and 51.4% were underwritten to a 12-month or
24-month bank statement program for verifying income, which is not
consistent with Appendix Q standards and Fitch's view of a full
documentation program.

A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the Consumer Financial Protections Bureau's
Ability-to-Repay/Qualified Mortgage Rule (ATR), which reduces the
risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to the
rigors of the ATR mandates regarding underwriting and documentation
of a borrower's ability to repay.

Additionally, 34.0% of the loans are a DSCR product, while the
remainder comprise a mix of asset depletion, collateral principal
amount, P&L and written verification of employment products.
Separately, 13 loans were originated to foreign nationals or the
borrower residency status of the loans could not be confirmed.

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

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bp increase to the fixed coupon but are limited by the net
weighted average coupon (WAC) rate. Fitch expects the senior
classes to be capped by the net WAC in its analysis. Additionally,
on or after November 2027, the unrated class B-3 interest
allocation will redirect toward the senior cap carryover amount for
as long as there is an unpaid cap carryover amount. This increases
the P&I allocation for the senior classes as long as class B-3 is
not written down and helps ensure payment of the 100-bp step up.

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

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

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

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 39.6% at 'AAA'. The
analysis indicates that there is some potential for rating
migration with higher MVDs for all rated classes, compared with the
model projection. Specifically, a 10% additional decline in home
prices would lower all rated classes by one full category.

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

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

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

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

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

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

- Fitch lowered its loss expectations by approximately 47bps as a
result of the diligence review.

ESG CONSIDERATIONS

BRAVO 2023-NQM7 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to increased operational risk
considering R&W, transaction due diligence and originator and
servicer results in an increase in expected losses, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


BSPRT 2023-FL10: Fitch Affirms 'B-sf' Rating on Class F Certs
-------------------------------------------------------------
Fitch Ratings has affirmed ratings and Rating Outlooks to BSPRT
2023-FL10 Issuer, LLC, series 2023-FL10, as follows:

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

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

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

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

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

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

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

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

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

Fitch has not assigned ratings to the following class:

- $75,086,441a class J.

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

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 29 loans secured by 48
commercial properties having an aggregate loan principal balance of
$896,534,301 as of the reinvestment date. This figure does not
include $20,140 which is in the reinvestment account.

Additionally, this figure does not include an aggregate unfunded
future funding commitment of approximately $52,159,821 as of the
reinvestment date. The loans were contributed to the trust by
Benefit Street Partners Realty Operating Partnership, L.P. The
servicer is expected to be Situs Asset Management LLC and the
special servicer is expected to be BSP Special Servicer, LLC.

KEY RATING DRIVERS

Since Fitch published its final ratings on Sept. 28, 2023, the
collateral manager, Benefit Street Partners, exercised its first
re-investment during the permitted re-investment period. Ashburn
Portfolio (1.9% of pool) was fully paid off and removed from the
collateral pool. Ashburn Portfolio is a two-property
Hilton-franchised hotel portfolio in Ashburn, VA. Subsequently,
Premier at Katy (2.0% of pool) was added to the collateral pool.
Premier at Katy is a newly built multifamily property in Houston,
TX. There were no other material changes to the pool.

The above changes had no impact to Fitch's ratings.

RATING SENSITIVITIES

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

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

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

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

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

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

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

The list below indicates the model implied rating sensitivity to
changes in one variable, Fitch NCF:

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

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

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

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

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.


BWAY 2015-1740: S&P Lowers Class X-B Certs Rating to 'D (sf)'
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from BWAY 2015-1740
Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS)
transaction, and removed them from CreditWatch with negative
implications.

S&P had placed its ratings on these classes on CreditWatch with
negative implications on Aug. 9, 2023, and maintained the
CreditWatch placements on Aug. 24, 2023, following interest
shortfalls affecting all the classes due to a nonrecoverable
determination made by the master servicer, Wells Fargo Bank N.A.
(Wells Fargo), according to the Aug. 10, 2023, trustee remittance
report. At that time, there was uncertainty around the magnitude
and duration of the ongoing interest shortfalls, the increase in
total loan exposure, and the ultimate liquidation proceeds and
timing of the specially serviced loan, including the potential for
principal losses on the classes in the trust.

S&P said, "As part of resolving our CreditWatch placements, our
analysis considers, among other factors, the current special
servicer's anticipated liquidation strategy, as well as the
resolution timing and the impact on the magnitude and duration of
the ongoing interest shortfalls. Furthermore, we considered the
potential for additional property protection advances that may be
necessary prior to the ultimate resolution of the loan and the
impact on the ultimate liquidation amount and the potential
principal losses to the certificate classes."

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a fixed-rate, interest-only (IO) mortgage loan secured by the
borrower's fee-simple interest in 1740 Broadway, a nearly vacant,
26-story, 603,928-sq.-ft. office building in Manhattan's Columbus
Circle office submarket.

Rating Actions

The downgrades on the class A certificates to 'CCC- (sf)' and the
class B and C certificates to 'D (sf)' reflect:

-- S&P's expectations that the ongoing interest shortfalls
affecting these classes due to a nonrecoverable determination made
by the master servicer, Wells Fargo, may be prolonged in nature
based on its recent discussions with the current special servicer,
Midland Loan Services.

-- S&P's view that the continued increase in total loan exposure
and longer resolution timing will likely lead to reduced recoveries
to the bondholders. As of the October 2023 payment period, the
$308.0 million trust loan had a reported $345.9 million exposure.
Based on the revised as-is appraised value of $175.0 million that
was released in August 2023, S&P assessed that, because servicing
advances are paid senior per the transaction waterfall, all the
classes would incur principal losses upon the eventual resolution
of the specially serviced loan.

The updated April 2023 as-is appraised value of $175.0 million,
which represented a significant decline of 71.1% from the issuance
appraised value of $605.0 million, was released in the August 2023
reporting period. As a result, the master servicer, which had
advanced $34.9 million (19.9% of the updated appraised value) for
interest, real estate taxes, insurance, and other expenses at that
time, deemed the loan nonrecoverable and did not advance any of the
interest due on the underlying mortgage loan. According to the
August 2023 trustee remittance report, none of the classes received
interest payments. The special servicer at that time, CWCapital
Asset Management LLC, informed us that it was exploring a note sale
with a targeted year-end 2023 resolution timing.

S&P said, "Since our last review in August 2023, the special
servicer was replaced by Midland Loan Services and the note sale
was subsequently cancelled. Per discussions with Midland, it is
currently reviewing the various liquidation strategies, including
marketing the property for sale in early 2024 with a targeted
disposition timing sometime by mid-2024.

"Based on the proposed revised deposition strategy and timeline and
the recently released April 2023 appraisal value, we believe that
the ongoing shortfalls on classes A, B, and C will remain
outstanding for the foreseeable future, and that based on their
positions in the payment waterfall, classes B and C would incur
principal losses upon the loan's eventual resolution. As a result,
we lowered our ratings on classes B and C to 'D (sf)' and removed
them from CreditWatch with negative implications.

"We concurrently lowered the rating on class A to 'CCC- (sf)' and
removed it from CreditWatch negative. However, if the interest
shortfalls on class A continue for a protracted period and/or the
class incurs principal losses, we will further lower the rating to
'D (sf)'."

According to the October 2023 trustee remittance report, the
monthly interest shortfalls totaled $952,671 and have affected all
the classes. To date, accumulated interest shortfalls totaled $3.1
million and have been outstanding for three consecutive months.

S&P said, "As we previously discussed, as of the October 2023
reporting period, the loan has a total reported exposure of $345.9
million, which comprises the following outstanding advances and
accruals: $9.7 million in cumulative interest advances, $5.4
million in cumulative real estate taxes and insurance advances,
$20.7 million in cumulative advances for operating and other
expenses, $245,758 in cumulative appraisal subordinate entitlement
reduction amounts related to an automatic appraisal reduction
amount that Wells Fargo effectuated in July 2023, and $1.9 million
in cumulative accrued unpaid advance interest. Since the property
is nearly vacant and does not generate sufficient cash flow to
cover operating expenses, based on the potential extended
resolution timing, we expect approximately $22.7 million of
additional advances for real estate taxes, insurance, and other
expenses until mid-2024.

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

Property-Level Analysis

The loan collateral is a 26-story, 603,928-sq.-ft. class A-/B+
office building located at 1740 Broadway, between West 55th and
West 56th Streets, in midtown Manhattan's Columbus Circle office
submarket. The property, which is in proximity to various modes of
transportation, including multiple subway lines, was constructed in
1949 as the headquarters of Mutual Life Insurance Co. (vacated in
2006). According to the prior special servicer, CWCapital Asset
Management LLC, the sponsor, Blackstone Property Partners L.P.,
commenced a $33.3 million renovation project in 2020 to, among
other items, update the lobby, modernize the elevators, repair the
roof, and construct a 12,751-sq.-ft. amenity center that includes a
gym with locker room and showers, and a bar and lounge area.

The property continues to be lowly occupied, at 12.6%, with no
material leasing prospects currently.

Transaction Summary

The 10-year, fixed-rate, IO mortgage loan had an initial and
current balance of $308.0 million (according to the Oct. 13, 2023,
trustee remittance report). The mortgage loan, which transferred to
special servicing on March 18, 2022, due to imminent monetary
default, pays an annual fixed interest rate of 3.84% and matures on
Jan. 6, 2025. The loan is paid through September 2022 and has a
reported 90-plus days delinquent payment status. There is no
additional debt, and the trust has not incurred any principal
losses to date.

  Ratings Lowered and Removed From CreditWatch Negative

  BWAY 2015-1740 Mortgage Trust

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



CARLYLE US 2023-4: Fitch Assigns BB-sf Final Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Carlyle US CLO 2023-4, Ltd.

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

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

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 25.87, versus a maximum covenant, in
accordance with the initial expected matrix point of 27.375.
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
94.69% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.7% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.678%.

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

RATING SENSITIVITIES

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

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

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.


CASTLELAKE AIRCRAFT 2018-1: Fitch Affirms Bsf Rating on Cl. C Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed Castlelake Aircraft Structured Trust
2018-1 (CLAS 2018-1) and Castlelake Aircraft Structured Trust
2019-1 (CLAS 2019-1. The under criteria observation (UCO) has been
resolved for all classes.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Castlelake Aircraft
Structured Trust
2019-1

   A 14855MAA6       LT BBBsf  Affirmed   BBBsf
   B 14855MAB4       LT BBsf   Affirmed   BBsf
   C 14855MAC2       LT CCCsf  Affirmed   CCCsf

Castlelake Aircraft
Structured Trust
2018-1

   A 14856CAA7       LT Asf    Affirmed   Asf
   B 14856CAB5       LT BBBsf  Affirmed   BBBsf
   C 14856CAC3       LT Bsf    Affirmed   Bsf

TRANSACTION SUMMARY

Both transactions are serviced by Castlelake LP and are backed by
aircraft operating leases.

These transactions, along with the other Fitch-rated operating
lease ABS transactions, were placed Under Criteria Observation 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 that the structures will
withstand rating-specific stresses under its 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. Both
transactions have recognized aircraft held in Russia or Ukraine or
leased to any Russian or Ukrainian lessee as total losses. Fitch
incorporated expected proceeds from insurance claims filed by the
lessor on one aircraft in CLAS 2018-1 and two aircraft in CLAS
2019-1 into its cash-flow analysis.

Portfolio performance for both transactions is below expectations.
Credit profiles have remained stressed with continued
delinquencies, particularly associated with APAC lessees. The debt
service coverage ratio (DSCR) is low at around 0.2x in both
transactions. CLAS 2018-1 aircraft sales since last review came in
generally below Fitch's estimates of aircraft value at time of
sale.

CLAS 2019-1's DSCR is affected by lower than expected collections
and the class A and B notes' shortfall to scheduled principal,
which amounts to 25% of the scheduled balance on class A and 119%
on class B. CLAS 2018-1's DSCR recently dropped as large one-off
inflows fell out its six-month lookback period. CLAS 2018-1's A
notes are ahead of target by 3% while class B is behind by 119%.
The class C notes are behind schedule by 602% (CLAS 2018-1) and
291% (CLAS 2019-1).

Fitch has affirmed the ratings despite the low DSCR and stressed
lessee credit quality, because it expects the cash flow generated
over the assets' remaining lives (seven years on average) to be
sufficient to repay the notes at stresses corresponding to their
ratings.

Overall Market Recovery

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

The balance between international and domestic markets has
continued to normalize, with the recovery of the international
market reaching approximately 58% of total flight activity, whereas
only a year ago it represented approximately 38%. By comparison, in
August 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 last year. Although it continues to lag other regions
in international traffic, APAC continues to make up for lost
ground, demonstrating 99% RPK growth versus August last year.
However, there is 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 as per IATA.

Macro Risks

The commercial aviation market is recovering, but the industry
faces certain unknowns and potential headwinds including workforce
shortages, supply chain issues, growing geopolitical tensions,
inflation, and recessionary concerns and associated reductions in
passenger demand. These 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 cash flows needed to meet
debt service.

KEY RATING DRIVERS

Asset Values

The aircraft in the Castlelake transactions are generally mid-aged
with a weighted-average age (by value) of between 12 years and 14
years depending on the transaction. For both transactions, the
maintenance reserve account is funded at approximately 87% of
target.

Using mean maintenance-adjusted base value in order to make
period-to-period comparisons and to account 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):

- CLAS 2018-1: A notes 59% to 60%; B notes 78% to 83%; C notes 91%
to 99%;

- CLAS 2019-1: A notes 70% to 72%; B notes 83% to 88%; C notes 97%
to 102%;

In determining the Fitch value of each pool, Fitch used the April
2023 appraisals for CLAS 2018-1 and August 2023 appraisals for CLAS
2019-1. Depreciation assumptions were applied as per 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 also used the maintenance adjusted market value for the
following assets:

- the engines in CLAS 2018-1, as Fitch expects these to be sold
after the end of the current lease;

- 777s in CLAS 2019-1's portfolio, as Fitch judges demand for these
aircraft will remain constrained so market value is a more reliable
starting point for the future value.

Fitch then used the lesser of mean and median of the given value.
The starting Fitch value for each of the transactions is:

- CLAS 2018-1: USD321.8 million

- CLAS 2019-1: USD489.2million

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,
as per Fitch's criteria, the aircraft tier will migrate one level
lower.

The weighted average age and tier for each of the transactions
(excluding engines) is:

- CLAS 2018-1: 12.8 years; Tier 1.6

- CLAS 2019-1: 13.2 years; Tier 1.4

Pool Concentration

The number of aircraft in both deals is declining as the
transactions mature and aircraft are sold when they come off lease
given their age. Since closing, CLAS 2018-1 has sold 15 aircraft
out of the closing pool of 36 and recognized one as a total loss,
while CLAS 2019-1 has sold eight aircraft out of 32 and recognized
two as a total loss.

The aircraft count and number of lessees by transaction are:

- CLAS 2018-1: 20 aircraft leased to 11 lessees

- CLAS 2019-1: 22 aircraft leased to 10 lessees

As the pools continue to age and Fitch assumes aircraft are sold at
the end of their leasable lives (generally 20 years), pool
concentration increases. Fitch stresses cash flows based on the
effective aircraft count given the increased riskiness of the
cashflows, particularly maintenance cashflows, for smaller pools.
Fitch applies rating-specific concentration haircuts 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 its last review. The modeled
credit rating Fitch assigns to the subject airlines may improve if
they demonstrate a longer record of timely payment performance,
particularly for airlines that have recently been restructured.

The lessee credit risk has particular importance for these deals,
as Castlelake has informed us that it expect end of lease payments
(EOL) of USD130 million for CLAS 2018-1 and USD200 million for CLAS
2019-1. Fitch haircuts these expected amounts for the lessee's
credit risk and the expected time to payment (rounding up to the
next full year). After this haircut, expected EOLs still yield a
USD85 million and USD93 million benefit to the transactions. Fitch
tested the transactions' sensitivity to these inflows and found the
ratings sufficiently insensitive to lower EOL inflows.

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 have 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 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 ratings, and that
all future lessees are rated 'CCC.' This scenario results in a zero
to one-notch decrease in the model-implied ratings (MIR).

Fitch conducted a sensitivity in which it reduced residual values
by 20% compared with the base run, to simulate underperformance in
sales beyond the haircuts, depreciation, and market value declines
already incorporated into Fitch's model. The sensitivities resulted
in decreases in the MIRs of one notch or less.

Fitch also ran a general sensitivity to cash flow generated by the
portfolio, decreasing the Fitch value by 10%, and found the MIRs
decreased by no more than two 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 could lead to an upgrade.
Similarly, if assets in the pool display higher values and stronger
rent generation than Fitch's stressed scenarios this could 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.


CF 2019-CF3 MORTGAGE: Fitch Lowers Rating on Cl. G-RR Certs to Bsf
------------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 14 classes of CF
2019-CF3 Mortgage Trust, commercial mortgage pass-through
certificates, series 2019-CF3. A Negative Outlook was assigned to
class G-RR following its downgrade. The Rating Outlooks for classes
E, F-RR and X-D were revised to Negative from Stable.

Fitch Ratings has affirmed 17 classes of CF 2019-CF2 Mortgage
Trust, commercial mortgage pass-through certificates, series
2019-CF2. The Rating Outlooks for classes F, G, X-F and X-G were
revised to Negative from Stable.

The Under Criteria Observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CF 2019-CF3

   A-1 12529TAT0    LT AAAsf  Affirmed   AAAsf
   A-2 12529TAU7    LT AAAsf  Affirmed   AAAsf
   A-3 12529TAW3    LT AAAsf  Affirmed   AAAsf
   A-4 12529TAX1    LT AAAsf  Affirmed   AAAsf
   A-S 12529TAY9    LT AAAsf  Affirmed   AAAsf
   A-SB 12529TAV5   LT AAAsf  Affirmed   AAAsf
   B 12529TBB8      LT AA-sf  Affirmed   AA-sf
   C 12529TBC6      LT A-sf   Affirmed   A-sf
   D 12529TAC7      LT BBBsf  Affirmed   BBBsf
   E 12529TAE3      LT BBB-sf Affirmed   BBB-sf
   F-RR 12529TAG8   LT BBsf   Affirmed   BBsf
   G-RR 12529TAJ2   LT Bsf    Downgrade  BB-sf
   H-RR 12529TAL7   LT CCCsf  Downgrade  B-sf
   X-A 12529TAZ6    LT AAAsf  Affirmed   AAAsf
   X-B 12529TBA0    LT AA-sf  Affirmed   AA-sf
   X-D 12529TAA1    LT BBB-sf Affirmed   BBB-sf

CF 2019-CF2

   A-2 12528YAB9    LT AAAsf  Affirmed   AAAsf
   A-3 12528YAD5    LT AAAsf  Affirmed   AAAsf
   A-4 12528YAE3    LT AAAsf  Affirmed   AAAsf
   A-5 12528YAF0    LT AAAsf  Affirmed   AAAsf
   A-S 12528YAJ2    LT AAAsf  Affirmed   AAAsf
   A-SB 12528YAC7   LT AAAsf  Affirmed   AAAsf
   B 12528YAK9      LT AA-sf  Affirmed   AA-sf
   C 12528YAL7      LT A-sf   Affirmed   A-sf
   D 12528YAT0      LT BBBsf  Affirmed   BBBsf
   E 12528YAV5      LT BBB-sf Affirmed   BBB-sf
   F 12528YAX1      LT BB-sf  Affirmed   BB-sf
   G 12528YAZ6      LT B-sf   Affirmed   B-sf
   X-A 12528YAG8    LT AAAsf  Affirmed   AAAsf
   X-B 12528YAH6    LT A-sf   Affirmed   A-sf
   X-D 12528YAM5    LT BBB-sf Affirmed   BBB-sf
   X-F 12528YAP8    LT BB-sf  Affirmed   BB-sf
   X-G 12528YAR4    LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

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

The downgrades and Negative Outlooks in CF 2019-CF3 reflect
increased pool loss expectations since the last rating action,
driven primarily by the specially serviced Gold Brooklyn
Multifamily Portfolio loan and underperforming Fitch Loans of
Concern (FLOC), particularly DC Mixed Use Portfolio VI, 1824 Alton
Road and Wells Fargo Place, as well as the impact of the updated
criteria and the pool's high office concentration. Fitch's current
ratings for CF 2019-CF3 incorporate a 'Bsf' rating case loss of
4.7%. Fitch identified nine FLOCs (29.8% of the pool), including
one loan in special servicing (3.2%).

The affirmations in CF 2019-CF2 reflect generally stable pool
performance since the last rating action, as well as the impact of
the updated criteria. Fitch's current ratings for CF 2019-CF2
incorporate a 'Bsf' rating case loss of 3.1%. The Negative Outlooks
reflect the potential for downgrades based on an additional
sensitivity scenario that applies higher default expectations on
the FLOCs, as well as the pool's office exposure. Fitch has
identified five FLOCs (9.8%); no loans are currently in special
servicing.

FLOCs/Largest Loss Contributors: The largest contributor to overall
loss expectations in CF 2019-CF3 is the Gold Brooklyn Multifamily
Portfolio loan (3.2%), which is secured by a portfolio of six
mid-rise multifamily properties totaling 47 units and four retail
spaces located in Northern Brooklyn throughout the neighborhoods of
Williamsburg, Greenpoint, Bushwick and Crown Heights.

The loan was transferred to a new special servicer in April 2023,
but originally first transferred to special servicing in June 2020
for payment default. A receiver that was appointed in December 2021
is currently operating and managing the property through a
third-party property manager. According to the servicer, the
collateral is approximately 96% occupied. Discussions with the
borrower on loan reinstatement were unsuccessful, and the special
servicing is moving forward with the foreclosure process. Fitch's
'Bsf' rating case loss of 27.3% (prior to concentration
adjustments) is based on a haircut to the most recent appraisal.

The second largest contributor to overall loss expectations in CF
2019-CF3 is the DC Mixed Use Portfolio VI loan (4.4%), which is
secured by a portfolio of seven mixed-use properties
(retail/office/multifamily) with six located throughout downtown
Washington D.C. and one in suburban Manassas, VA. This FLOC was
flagged for declining cash flow and DSCR since issuance. Portfolio
occupancy as of YE 2022 was 92%, compared with 90% at YE 2021 and
98% at YE 2020. Nearly half of the portfolio NA is leased to
restaurant and lounge tenants, which is an industry with high
volatility and turnover. The servicer-reported NOI DSCR was 1.27x
at YE 2022, down from 1.35x at YE 2021 and 1.68x at YE 2020. The
servicer indicated the lockbox has been activated due to the lower
DSCR. Fitch's 'Bsf' rating case loss of 16.5% (prior to
concentration adjustments) is based on a cap rate of 9% to the YE
2022 NOI.

The third largest contributor to overall loss expectations in CF
2019-CF3 is the 1824 Alton Road loan (3.4%), secured by a 31,814-sf
retail property located in Miami, FL, which was flagged for low
occupancy and declining cash flow. The largest tenant, Michael's
(71% of NRA), went dark and vacated the property in February 2021.
Michael's subsequently ceased making rental payments starting Jan.
1, 2023. Additionally, Starbucks (7% of NRA) vacated the property
ahead of its February 2030 scheduled lease expiration. Current
physical occupancy is 16%, with Citibank as the sole tenant and
having a lease expiring in September 2028. Fitch's 'Bsf' rating
case loss of 13.5% (prior to concentration adjustments) is based on
a cap rate of 8.75% and a 20% stress to the YE 2022 NOI.

The fourth largest contributor to overall loss expectations in CF
2019-CF3 is the Wells Fargo Place loan (3.9%), secured by an office
property located in St. Paul, MN, which was flagged for upcoming
lease rollover. The largest tenant, Minnesota State (13.8% of NRA),
has a lease expiring in July 2024; the tenant had previously
renewed for two years from July 2022. Occupancy as of June 2023 was
90%, compared with 88% at YE 2022, 84% at YE 2021 and 86% at YE
2020. Fitch's 'Bsf' rating case loss of 11.5% (prior to
concentration adjustments) is based on a cap rate of 10.50% and a
20% stress to the YE 2022 NOI.

The largest office FLOC and a top contributor to overall loss
expectations in CF 2019-CF2 is the Corporate Park of Doral loan
(2.2%), secured by a suburban office property in Doral, FL. This
FLOC was flagged for declining occupancy, lower cash flow driven by
higher expenses, as well as upcoming rollover risk. As of the July
2023 rent roll, the property was 82.7% occupied, down from 84% at
YE 2022, 88% at YE 2021 and 91% at YE 2019.

Minimal Change in CE: As of the October 2023 remittance report, for
CF 2019-CF2 and CF 2019-CF3, the aggregate pool balance has been
paid down by 5.5% and 1.8%, respectively, and defeasance accounts
for 1.4% and 3.8%. The majority of loans in both transactions are
either full-term interest-only or have a partial interest-only
period.

RATING SENSITIVITIES

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

The Negative Outlooks reflect possible future downgrades stemming
from concerns with potential further declines in performance that
could result in higher expected losses on FLOCs. If expected losses
do increase, downgrades to these classes are anticipated.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to downgrades.

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

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

Downgrades to distressed ratings would occur as losses become more
certain and/or as losses are incurred.

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

Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with significantly increased CE from paydowns, coupled with
stable-to-improved pool-level loss expectations and performance
stabilization of FLOCs. Upgrades of these classes to 'AAAsf' will
also consider the concentration of defeased loans in the
transaction.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and there is sufficient CE to the
classes.

Upgrades to distressed ratings are not expected, but possible with
better than expected recoveries on specially serviced loans and/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.


CHASE HOME 2023-RPL3: DBRS Gives Prov. B(low) Rating on B-2 Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the Mortgage
Certificates, Series 2023-RPL3 (the Certificates) to be issued by
Chase Home Lending Mortgage Trust 2023-RPL3 (CHASE 2023-RPL3 or the
Trust):

-- $400.1 million Class A-1-A at AAA (sf)
-- $35.3 million Class A-1-B at AAA (sf)
-- $435.4 million Class A-1 at AAA (sf)
-- $24.0 million Class A-2 at AA (low) (sf)
-- $12.8 million Class M-1 at A (low) (sf)
-- $9.3 million Class M-2 at BBB (low) (sf)
-- $6.3 million Class B-1 at BB (low) (sf)
-- $4.0 million Class B-2 at B (low) (sf)

The AAA (sf) credit rating on the Class A-1-A, Class A-1-B, and
Class A-1 Certificates reflects 12.95% of credit enhancement,
provided by subordinated notes in the transaction. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
credit ratings reflect 8.15%, 5.60%, 3.75%, 2.50%, and 1.70% of
credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of primarily
seasoned performing and reperforming first-lien residential
mortgages and funded by the issuance of mortgage certificates (the
Certificates). The Certificates are backed by 2,314 loans with a
total principal balance of $526,509,254 as of the Cut-Off Date
(September 30, 2023).

JPMorgan Chase Bank, N.A. (JPMCB) will serve as the Sponsor and
Mortgage Loan Seller of the transaction. JPMCB will act as the
Representing Party, Servicer, and Custodian. DBRS Morningstar rates
JPMCB's Long-Term Issuer Rating and Long-Term Senior Debt at AA and
its Short-Term Instruments rating R-1 (high), all with Stable
trends.

The loans are approximately 210 months seasoned on average. As of
the Cut-Off Date, 99.7% of the pool is current under the Mortgage
Bankers Association (MBA) delinquency method, and 0.3% is in
bankruptcy. All the bankruptcy loans are currently performing.
Approximately 99.5% and 83.4% of the mortgage loans have been zero
times (x) 30 days delinquent for the past 12 months and 24 months,
respectively, under the MBA delinquency method.

Within the portfolio, 99.1% of the loans are modified. The
modifications happened more than two years ago for 93.8% of the
modified loans. Within the pool, 1,011 mortgages have
non-interest-bearing deferred amounts, which equates to 9.7% of the
total principal balance. Unless specified otherwise, all statistics
on the mortgage loans in the related report are based on the
current balance, including the applicable non-interest-bearing
deferred amounts.

One of the Sponsor's majority-owned affiliates will acquire and
retain a 5% vertical interest in the transaction, consisting of an
uncertificated interest in the issuing entity, to satisfy the
credit risk retention requirements. Such uncertificated interest
represents the right to receive at least 5% of the amounts
collected on the mortgage loans (net of fees, expenses, and
reimbursements).

There will not be any advancing of delinquent principal or interest
on any mortgage by the Servicer or any other party to the
transaction; however, the Servicer is generally obligated to make
advances in respect of taxes, and insurance as well as reasonable
costs and expenses incurred in the course of servicing and
disposing of properties.

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

On any Distribution Date when the aggregate unpaid principal
balance (UPB) of the mortgage loans is less than 10% of the
aggregate Cut-Off Date UPB, the Servicer (and its successors and
assigns) will have the option to purchase all of the mortgage loans
at a purchase price equal to the sum of the UPB of the mortgage
loans, accrued interest, the appraised value of the real estate
owned properties, and any unpaid expenses and reimbursement
amounts.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Certificates, but such shortfalls on Class M-1 and more subordinate
bonds will not be paid from principal proceeds until Class A-1-A,
A-1-B, and A-2 are retired.

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


CHASE HOME 2023-RPL3: Fitch Assigns 'B' Rating on B-2 Certs
-----------------------------------------------------------
Fitch Ratings has assigned final ratings to Chase Home Lending
Mortgage Trust 2023-RPL3 (Chase 2023-RPL3).

   Entity/Debt       Rating             Prior
   -----------       ------             -----
Chase 2023-RPL3

   A-1-A         LT AAAsf  New Rating   AAA(EXP)sf
   A-1-B         LT AAAsf  New Rating   AAA(EXP)sf
   A-1           LT AAAsf  New Rating   AAA(EXP)sf
   A-2           LT AAsf   New Rating   AA(EXP)sf
   M-1           LT Asf    New Rating   A(EXP)sf
   M-2           LT BBBsf  New Rating   BBB(EXP)sf
   B-1           LT BBsf   New Rating   BB(EXP)sf
   B-2           LT Bsf    New Rating   B(EXP)sf
   B-3           LT NRsf   New Rating   NR(EXP)sf
   B-4           LT NRsf   New Rating   NR(EXP)sf
   B-5           LT NRsf   New Rating   NR(EXP)sf
   X             LT NRsf   New Rating   NR(EXP)sf
   B-X           LT NRsf   New Rating   NR(EXP)sf
   A-R           LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch assigned final ratings to the residential mortgage-backed
Certificates to be issued by Chase Home Lending Mortgage Trust
2023-RPL3 (Chase 2023-RPL3) as indicated. The transaction is
expected to close on Oct. 30, 2023. The certificates are supported
by one collateral group that consists of 2,314 seasoned performing
loans (SPLs) and re-performing loans (RPLs) with a total balance of
approximately $526.51 million, which includes $50.9 million, or
9.7%, of the aggregate pool balance in non-interest-bearing
deferred principal amounts, as of the statistical calculation
date.

All of the loans in the transaction were originated by J.P. Morgan
Chase Bank or Washington Mutual Bank and all loans have been held
by J.P. Morgan Chase since origination or acquisition of Washington
Mutual Bank. All the loans have been serviced by J.P. Morgan Chase
Bank N.A (Chase) since origination or acquisition of Washington
Mutual. J.P. Morgan Chase Bank is considered an 'Above Average'
originator by Fitch. Chase, rated 'RPS1-' by Fitch, is the named
servicer for the transaction.

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

There is no Libor exposure in the transaction. The collateral is
98.3% fixed rate and 1.7% step loans. The A-1 bonds are fixed-rate
and capped at the net WAC/Available Fund Cap and the subordinate
bonds are based on the net WAC/Available Fund Cap and the A-2, M-1,
M-2, B-1, B-2, B-3, and B-4 bonds are based on the net
WAC/Available Fund Cap. The B-5 bond is a principal-only class.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.1% above a long-term sustainable level, versus
7.6% on a national level as of 1Q23, down 0.2% since last quarter.
The rapid gain in home prices through the pandemic has seen signs
of moderating with a decline observed in 3Q22. Driven by the strong
gains seen in 1H22, home prices decreased -0.2% yoy nationally as
of April 2023.

Seasoned Performing and Reperforming Credit Quality (Mixed): The
collateral consists of 2,314 seasoned, re-performing, fully
amortizing and balloon, fixed-rate and step-rate mortgage loans
secured by first liens on primarily one- to four-family residential
properties, planned unit developments (PUDs), condominiums,
townhouses, manufactured homes, cooperatives and unimproved land,
totaling $527 million, and seasoned approximately 212 months in
aggregate according to Fitch (210 months per the transaction
documents). The loans were originated by Chase (29%) and Washington
Mutual (71%). The vast majority of the loans originated by
Washington Mutual were modified by Chase after they were acquired.
All loans have been serviced by J.P. Morgan Chase Bank N.A. since
origination or since the loans were acquired from Washington
Mutual.

The borrower profile is typical of recent seasoned RPL transactions
that Fitch has seen recently. The borrowers have a moderate credit
profile (698 FICO according to Fitch and 721 per the transaction
documents) and low current leverage with an updated LTV of 43.8% as
determined by Fitch (original LTV of 75.4% as determined by Fitch)
and a sustainable LTV as determined by Fitch of 48.0%. Borrower
DTIs were not provided so Fitch assumed each loan had a 45% DTI in
its analysis. 99% of the pool has been modified, with 27.5% being
borrower retention modifications. In Fitch's analysis, Fitch only
considered 72.5% of the pool as having a modification, since these
modifications were made due to credit issues. Fitch does not
consider loans that have a borrower retention modification as
having been modified in its analysis.

As of the cut-off date the pool is 100% current. 83.4% of loans
have been clean current with 26.1% being clean current for 24
months and 57.3% have been clean current for 36 months. Many of the
prior delinquencies were related to COVID-19 and the borrowers that
were affected by COVID-19 have successfully completed their
COVID-19 relief plan.

The pool consists of 88.5% of loans where the borrower maintains a
primary residence, while 11.5% are investment properties or second
homes. Fitch viewed the high percentage of primary residences as a
positive feature in its analysis.

There are loans in the pool with potential principal reduction
amounts, which total $199,483.50. Since these amounts will be
forgiven, Fitch increased its loss expectation by this amount (the
increase in loss was not material).

There is one loan in the pool that was affected by a natural
disaster and incurred minor damage with a maximum repair cost of
$10,000. Since the damage rep carves out loans that have damages
that are less than $30,000, Fitch reduced the updated property
value by the amount of the estimated damage as determined by the
property inspection. As a result, the sLTV was increased for this
loan, which in turn increased the loss severity.

Geographic Concentration (Negative): Approximately 33.5% of the
pool is concentrated in California. The largest MSA concentration
is in the New York-Northern New Jersey-Long Island, NY-NJ-PA MSA
(17.8%), the Los Angeles-Long Beach-Santa Ana, CA MSA (13.6%) and
the Miami-Fort Lauderdale-Miami Beach, FL MSA (7.9%). The top three
MSAs account for 39.3% of the pool. As a result, there was a 1.02x
probability of default (PD) penalty for geographic concentration,
which increased the 'AAAsf' loss by 0.09%.

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

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

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.2% 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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence review was
performed on 19.5% of the loans in the transaction pool. The
third-party due diligence described in Form 15E focused on
compliance review, payment history review, servicing comment review
and title review. All loans in the compliance due diligence sample
set that are in the final pool received a compliance grade of A or
B with no material findings.

AMC conducted a tax and title review on 584 of the loans (25.2%).
The review found there are $4,768,673 in outstanding tax,
municipal, HOA liens (0.91% of the total pool balance). The
servicer confirmed they are monitoring for outstanding tax,
municipal, HOA liens and will advance as needed to maintain the
first lien position.

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

There are loans in the pool that have missing or defective
documents, this includes the loans with missing modification
agreements, for the loans in the pool, which Chase is actively
tracking down. Chase also consulted their foreclosure attorney who
confirmed that the majority of the missing documents would not
prevent a foreclosure. If Chase is not able to obtain the missing
documents by the time the loan goes to foreclosure, and they are
not able to foreclose, they will repurchase the loan.

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

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

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 19.5% of the pool. The third-party due diligence was
generally consistent with Fitch's "U.S. RMBS Rating Criteria."
SitusAMC was engaged to perform the review. Loans reviewed under
this engagement were given compliance grades. Minimal exceptions
and waivers were noted in the due diligence reports. Refer to the
Third-Party Due Diligence section of the presale for more details.

AMC also performed a serving comment review, payment history
review, and data integrity review of the loans that had a
compliance review. 584 had a tax and title review performed by
AMC.

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

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

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. Fitch received
loan-level information; however, this information was not provided
based on the American Securitization Forum's (ASF) data layout
format. Despite this difference in data presentation, Fitch
considered the data to be comprehensive. The data contained in the
data tape were reviewed by the due diligence company and no
material discrepancies were noted.

ESG CONSIDERATIONS

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


CIG AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes
---------------------------------------------------------
DBRS, Inc. took the following credit rating actions on the notes
issued by CIG Auto Receivables Trust 2021-1.

-- Class B Notes confirmed at AAA (sf)
-- Class C Notes upgraded to AAA (sf) from AA (high) (sf)
-- Class D Notes upgraded to A (sf) from BBB (sf)
-- Class E Notes confirmed at 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 transaction parties' capabilities with regard to
originating, underwriting, and servicing.

-- The credit rating actions are the result of collateral
performance to date and DBRS Morningstar's assessment of future
performance assumptions.

-- The transaction's capital structure and the form and
sufficiency of available credit enhancement. The current level of
hard credit enhancement and estimated excess spread are sufficient
to support the DBRS Morningstar-projected remaining cumulative net
loss assumption at a multiple of coverage commensurate with the
credit ratings.


CITIGROUP 2019-C7: Fitch Affirms B- Rating on 2 Tranches
--------------------------------------------------------
Fitch Ratings has affirmed 19 classes of Citigroup Commercial
Mortgage Trust 2019-C7. Fitch has also revised Rating Outlooks for
eight classes to Negative from Stable. The under criteria
observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CGCMT 2019-C7

   A-AB 17328CAE2   LT AAAsf  Affirmed   AAAsf
   A1 17328CAA0     LT AAAsf  Affirmed   AAAsf
   A2 17328CAB8     LT AAAsf  Affirmed   AAAsf
   A3 17328CAC6     LT AAAsf  Affirmed   AAAsf
   A4 17328CAD4     LT AAAsf  Affirmed   AAAsf
   AS 17328CAF9     LT AAAsf  Affirmed   AAAsf
   B 17328CAG7      LT AA-sf  Affirmed   AA-sf
   C 17328CAH5      LT A-sf   Affirmed   A-sf
   D 17328CAV4      LT BBBsf  Affirmed   BBBsf
   E 17328CAX0      LT BBB-sf Affirmed   BBB-sf
   F 17328CAZ5      LT BB+sf  Affirmed   BB+sf
   G 17328CBB7      LT BB-sf  Affirmed   BB-sf
   H 17328CBD3      LT B-sf   Affirmed   B-sf
   X-A 17328CAJ1    LT AAAsf  Affirmed   AAAsf
   X-B 17328CAK8    LT AA-sf  Affirmed   AA-sf
   X-D 17328CAM4    LT BBB-sf Affirmed   BBB-sf
   X-F 17328CAP7    LT BB+sf  Affirmed   BB+sf
   X-G 17328CAR3    LT BB-sf  Affirmed   BB-sf
   X-H 17328CAT9    LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

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

The affirmations reflect generally stable performance since
issuance. The Negative Outlooks on classes E, F, G, H, X-D, X-F,
X-G and X-H reflect the potential for downgrades should performance
of the Fitch Loans of Concern (FLOCs) continue to deteriorate,
particularly 650 Madison Avenue (4.5%) and 805 Third Avenue (4.5%).
Fitch's current ratings incorporate a 'Bsf' rating case loss of
5.4%. Five loans have been designated as FLOCs (10.9%).

Fitch Loans of Concern: The 805 Third Avenue loan is secured by a
596,100-sf office property located in the Grand Central submarket
of Manhattan. The largest tenant, Meredith Corporation (35.7% of
NRA; lease expiry in December 2026), subleases the majority of its
space. The largest subleased tenants are Kroll Bond Rating Agency,
NewsMax and Gen II Fund Services, LLC. The loan is currently 30
days delinquent.

Fitch's net cash flow (NCF) is $10.5 million, a 34% decline from
issuance NCF due to a significant decline in occupancy. Occupancy
has declined to 60% as of YE 2022 compared with 92% at issuance;
several tenants vacated upon lease expirations in 2021/2022.
In-place rents at the property of approximately $51 psf are
well-below submarket rents of $90 psf.

Fitch's loss expectations of 25.2% (prior to concentration
adjustments) reflects an 8.50% cap rate, consistent with comparable
class B properties and given the current performance. The cap rate
is an increase from a 7.50% cap rate at issuance. The elevated loss
also reflects the current delinquency status as the loan is 30 days
past due. The loan, which received an investment-grade credit
opinion at issuance, no longer reflects characteristics considered
to be investment-grade.

The 650 Madison Avenue loan is secured by a 27-story, LEED Gold
certified, class A office building occupying the western block of
Madison Avenue between 59th and 60th Streets in the Plaza office
submarket of Midtown Manhattan. The servicer-reported YE 2022 NOI
is down 38% from YE 2021 and 22% below YE 2020. Collateral
occupancy was 82% as of the April 2023 rent roll, an improvement
from 78% at YE 2022, but lower than 97% at issuance. The decline in
occupancy was driven by MSK (16.7% of NRA) vacating one year prior
to lease expiration in June 2022 and Ralph Lauren (RL) downsizing
by 5.4% of the NRA in late 2021; the remaining RL space (40.7% of
NRA; 36.5% of gross rent) expires in December 2024. Termination
fees totaling approximately $12 million were paid by both tenants
upon departure and were placed into rollover reserves.

The updated Fitch sustainable property NCF of $43.9 million, which
is 17% below Fitch's issuance NCF of $52.7 million, reflects
leases-in-place as of the April 2023 rent roll, with credit given
to near-term contractual rent escalations. Fitch stressed the
in-place rents on the RL office space expiring in December 2024 by
25% to account for the high rollover risk. RL's office space is on
floors five through 10 and 14 of the property.

The Fitch sustainable NCF also assumes a lease up of vacant spaces
grossed up at the average in-place rent of $100 psf. Fitch's
sustainable long-term occupancy assumption of 89.4%, which is above
the submarket occupancy, reflects the strong collateral quality and
position in the market with unobstructed views of Central Park on
floors 15 through 27 of the property.

Fitch's loss expectations of 6.8% (prior to concentration
adjustments) reflects the updated Fitch NCF and a 7% cap rate.
Fitch's analysis also factors a higher default probability given
the performance decline and upcoming rollover of the largest
tenant, RL.

Minimal Change in Credit Enhancement: As of September 2023, CE has
increased slightly since issuance due to amortization, with 1.4% of
the original pool balance repaid. No losses have been realized
losses to date and 1.3% of the pool is defeased. Interest
shortfalls are currently affecting the non-rated class K-RR. Of the
remaining pool balance, 29 loans comprising of approximately 61% of
the pool are full interest-only through the term of the loan.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to the
'AA-sf' and 'AAAsf' categories are not likely due to the position
in the capital structure, but may occur should interest shortfalls
affect the classes.

Downgrades to the 'BBBsf' and A-sf' category would occur should
overall pool losses increase significantly and/or one or more large
loans have an outsized loss, which would erode CE.

Downgrades to the 'B-sf', 'BB-sf', 'BB+sf' and 'BBB-sf' categories
would occur should loss expectations increase and if performance of
the FLOCs fail to stabilize, or loans default and/or transfer to
the special servicer. Fitch Loans of Concern with potential for
further deterioration that would drive potential downgrades include
650 Madison Avenue and 805 Third Avenue.

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

Factors that could lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades of the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and further
underperformance of the FLOCs could cause this trend to reverse.

Upgrades to the '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 'BBB-sf',
'BB+sf', 'BB-sf' and 'B-sf' categories are not likely until the
later years in a transaction and only if the performance of the
remaining pool is stable and there is sufficient CE to the
classes.

ESG CONSIDERATIONS

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


COLT 2023-4 MORTGAGE: Fitch Assigns Final 'Bsf' Rating on B2 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by COLT 2023-4 Mortgage
Loan Trust (COLT 2023-4).

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

   A1           LT AAAsf New Rating   AAA(EXP)sf
   A2           LT AAsf  New Rating   AA(EXP)sf
   A3           LT Asf   New Rating   A(EXP)sf
   M1           LT BBBsf New Rating   BBB(EXP)sf
   B1           LT BBsf  New Rating   BB(EXP)sf
   B2           LT Bsf   New Rating   B(EXP)sf
   B3           LT NRsf  New Rating   NR(EXP)sf
   AIOS         LT NRsf  New Rating   NR(EXP)sf
   X            LT NRsf  New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2023-4 Mortgage Loan Trust as
indicated. The certificates are supported by 565 nonprime loans
with a total balance of approximately $307.5 million as of the
cutoff date.

Loans in the pool were originated by multiple originators,
including HomeXpress Mortgage Corp., LendSure Mortgage and others.
The loans were aggregated by Hudson Americas L.P. Loans and are
currently serviced by Select Portfolio Servicing, Inc. (SPS) and
Northpointe Bank.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% qoq). Housing
affordability is the worst it has been in decades, driven by both
high interest rates and elevated home prices driving national
overvaluation. Home prices have increased 1.0% yoy nationally as of
August 2023, despite regional declines, but are still being
supported by limited inventory.

NQM Credit Quality (Negative): The collateral consists of 565 loans
totaling $307.5 million and seasoned at approximately one month in
aggregate. The borrowers have a moderate credit profile, consisting
of a 734 model FICO, and moderate leverage with a 79.7% sustainable
loan-to-value ratio (sLTV) and a 74.1% combined original LTV
(cLTV).

The pool consists of 66.0% of loans where the borrower maintains a
primary residence, while 25.4% comprise an investor property.
Additionally, 55.6% are nonqualified mortgages (NQM) and 0.8% are
high-priced qualified mortgages (HPQM). The QM rule does not apply
to the remainder.

Fitch's expected loss in the 'AAAsf' stress is 19.5%. This is
mainly driven by the NQM collateral and the significant investor
cash flow product (debt service coverage ratio [DSCR])
concentration.

Loan Documentation (Negative): Around 86.5% of loans in the pool
were underwritten to less than full documentation and 67% were
underwritten to a bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program. A key distinction between this
pool and legacy Alt-A loans is that these loans adhere to
underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB) Ability to Repay
Rule (ATR Rule, or the Rule).

This reduces risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to the rigor of the Rule's mandates with respect to the
underwriting and documentation of a borrower's ATR. Fitch's
treatment of alternative loan documentation increased
'AAAsf'-expected losses by 525 basis points (bps) compared with a
deal of 100% fully documented loans.

High Percentage of DSCR Loans (Negative): There are 105 DSCR
products in the pool (12.6% by unpaid principal balance [UPB]).
These business purpose loans are available to real estate investors
that are qualified on a cash flow basis, rather than debt to income
(DTI), and borrower income and employment are not verified.

Compared with standard investment properties, for DSCR loans, Fitch
converts the DSCR values to a DTI and treats them as low
documentation. Fitch's treatment of DSCR loans results in a higher
Fitch-reported non-zero DTI. Fitch's average expected losses for
DSCR loans is 29.4% in the 'AAAsf' stress.

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

Advances of delinquent principal and interest (P&I) will be made on
the mortgage loans for the first 90 days of delinquency, to the
extent such advances are deemed recoverable. If the P&I advancing
party fails to make a required advance, the master servicer and
then the securities administrator will be obligated to make such
advance.

The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside to this is the additional stress
on the structure, as there is limited liquidity in the event of
large and extended delinquencies.

COLT 2023-4 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bps increase to the fixed coupon or the net weighted average
coupon (NWAC) rate. Any class B-3 interest distribution amount will
be distributed to class A-1, A-2 and A-3 certificates on and after
the step-up date if the cap carryover amount is greater than zero.
This increases the P&I allocation for the senior classes.

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

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

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 39.5% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. A 10% additional
decline in home prices would lower all rated classes by one full
category.

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

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

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

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 Consolidated Analytics, SitusAMC, Clayton, Evolve,
Selene, and Clarifii. The third-party due diligence described in
Form 15E focused on credit, compliance and property valuation
review. Fitch considered this information in its analysis and, as a
result, Fitch made the following adjustment to its analysis: a 5%
credit at the loan level for each loan where satisfactory due
diligence was completed. This adjustment resulted in a 48bps
reduction to 'AAAsf' losses.

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


COLT 2023-4 MORTGAGE: Fitch Gives 'B(EXP)sf' Rating on Cl. B2 Certs
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2023-4 Mortgage Loan Trust (COLT
2023-4).

   Entity/Debt        Rating           
   -----------        ------           
COLT 2023-4

   A1             LT AAA(EXP)sf Expected Rating
   A2             LT AA(EXP)sf  Expected Rating
   A3             LT A(EXP)sf   Expected Rating
   M1             LT BBB(EXP)sf Expected Rating
   B1             LT BB(EXP)sf  Expected Rating
   B2             LT B(EXP)sf   Expected Rating
   B3             LT NR(EXP)sf  Expected Rating
   AIOS           LT NR(EXP)sf  Expected Rating
   X              LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2023-4 Mortgage Loan Trust as
indicated. The certificates are supported by 565 nonprime loans
with a total balance of approximately $307.5 million as of the
cutoff date.

Loans in the pool were originated by multiple originators,
including HomeXpress Mortgage Corp., LendSure Mortgage and others.
The loans were aggregated by Hudson Americas L.P. Loans and are
currently serviced by Select Portfolio Servicing, Inc. (SPS) and
Northpointe Bank.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% qoq). Housing
affordability is the worst it has been in decades, driven by both
high interest rates and elevated home prices driving national
overvaluation. Home prices have increased 1.0% yoy nationally as of
August 2023, despite regional declines, but are still being
supported by limited inventory.

NQM Credit Quality (Negative): The collateral consists of 565 loans
totaling $307.5 million and seasoned at approximately one month in
aggregate. The borrowers have a moderate credit profile, consisting
of a 734 model FICO, and moderate leverage with a 79.7% sustainable
loan-to-value ratio (sLTV) and a 74.1% combined original LTV
(cLTV).

The pool consists of 66.0% of loans where the borrower maintains a
primary residence, while 25.4% comprise an investor property.
Additionally, 55.6% are nonqualified mortgages (NQM) and 0.8% are
high-priced qualified mortgages (HPQM). The QM rule does not apply
to the remainder.

Fitch's expected loss in the 'AAAsf' stress is 19.5%. This is
mainly driven by the NQM collateral and the significant investor
cash flow product (debt service coverage ratio [DSCR])
concentration.

Loan Documentation (Negative): Around 86.5% of loans in the pool
were underwritten to less than full documentation and 67% were
underwritten to a bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program. A key distinction between this
pool and legacy Alt-A loans is that these loans adhere to
underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB) Ability to Repay
Rule (ATR Rule, or the Rule).

This reduces risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to the rigor of the Rule's mandates with respect to the
underwriting and documentation of a borrower's ATR. Fitch's
treatment of alternative loan documentation increased
'AAAsf'-expected losses by 525 basis points (bps) compared with a
deal of 100% fully documented loans.

High Percentage of DSCR Loans (Negative): There are 105 DSCR
products in the pool (12.6% by unpaid principal balance [UPB]).
These business purpose loans are available to real estate investors
that are qualified on a cash flow basis, rather than debt to income
(DTI), and borrower income and employment are not verified.

Compared with standard investment properties, for DSCR loans, Fitch
converts the DSCR values to a DTI and treats them as low
documentation. Fitch's treatment of DSCR loans results in a higher
Fitch-reported non-zero DTI. Fitch's average expected losses for
DSCR loans is 29.4% in the 'AAAsf' stress.

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

Advances of delinquent principal and interest (P&I) will be made on
the mortgage loans for the first 90 days of delinquency, to the
extent such advances are deemed recoverable. If the P&I advancing
party fails to make a required advance, the master servicer and
then the securities administrator will be obligated to make such
advance.

The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside to this is the additional stress
on the structure, as there is limited liquidity in the event of
large and extended delinquencies.

COLT 2023-4 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bps increase to the fixed coupon or the net weighted average
coupon (NWAC) rate. Any class B-3 interest distribution amount will
be distributed to class A-1, A-2 and A-3 certificates on and after
the step-up date if the cap carryover amount is greater than zero.
This increases the P&I allocation for the senior classes.

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

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

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 39.5% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. A 10% additional
decline in home prices would lower all rated classes by one full
category.

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

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

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

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 Consolidated Analytics, SitusAMC, Clayton, Evolve,
Selene, and Clarifii. The third-party due diligence described in
Form 15E focused on credit, compliance and property valuation
review. Fitch considered this information in its analysis and, as a
result, Fitch made the following adjustment to its analysis: a 5%
credit at the loan level for each loan where satisfactory due
diligence was completed. This adjustment resulted in a 48bps
reduction to 'AAAsf' losses.

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


COMM 2015-CCRE27: Fitch Affirms CCC Rating on Class F Debt
----------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Deutsche Bank Securities,
Inc.'s COMM 2015-CCRE27 Mortgage Trust. The Rating Outlooks for
classes B, C and X-B have been revised to Stable from Positive, and
for classes D, E and X-C have been revised to Negative from Stable.
The Under Criteria Observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
COMM 2015-CCRE27

   A-3 12635QBF6    LT AAAsf  Affirmed   AAAsf
   A-4 12635QBG4    LT AAAsf  Affirmed   AAAsf
   A-M 12635QBJ8    LT AAAsf  Affirmed   AAAsf
   A-SB 12635QBE9   LT AAAsf  Affirmed   AAAsf
   B 12635QBK5      LT AA-sf  Affirmed   AA-sf
   C 12635QBL3      LT A-sf   Affirmed   A-sf
   D 12635QAL4      LT BBB-sf Affirmed   BBB-sf
   E 12635QAN0      LT BB-sf  Affirmed   BB-sf
   F 12635QAQ3      LT CCCsf  Affirmed   CCCsf

COMM 2015-CCRE27

   A-3 12635QBF6    LT AAAsf  Affirmed   AAAsf
   A-4 12635QBG4    LT AAAsf  Affirmed   AAAsf
   A-M 12635QBJ8    LT AAAsf  Affirmed   AAAsf
   A-SB 12635QBE9   LT AAAsf  Affirmed   AAAsf
   B 12635QBK5      LT AA-sf  Affirmed   AA-sf
   C 12635QBL3      LT A-sf   Affirmed   A-sf
   D 12635QAL4      LT BBB-sf Affirmed   BBB-sf
   E 12635QAN0      LT BB-sf  Affirmed   BB-sf
   F 12635QAQ3      LT CCCsf  Affirmed   CCCsf
   X-A 12635QBH2    LT AAAsf  Affirmed   AAAsf
   X-B 12635QAA8    LT AA-sf  Affirmed   AA-sf
   X-C 12635QAC4    LT BBB-sf  Affirmd   BBB-sf

KEY RATING DRIVERS

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

Higher Loss Expectations: The Negative Outlooks reflect the impact
of the updated criteria and increased pool loss expectations since
the prior rating action due to performance deterioration of the
Chase Park office loan (3.2% of the pool) and concerns with the
ultimate recovery prospects of the specially serviced loans/assets.
Classes with Negative Outlooks may be downgraded should the
performance of Chase Park and other retail and hotel Fitch Loans of
Concern (FLOCs) continue to deteriorate or the specially serviced
loans/assets experience higher than expected losses.

Fourteen loans (27.3%) were flagged as FLOCs, which include six
loans (11.5%) currently in special servicing. Fitch's current
ratings reflect a 'Bsf' rating case loss of 6.7%.

The largest contributor to loss expectations is the Chase Park loan
(3.2%), which is secured by a 288,382-sf suburban office building
located in Austin, TX. The property's largest tenants include Texas
Division of Emergency Management (16.9% of NRA, leased through
October 2026), Texas Facilities Commission Office of the Attorney
General (6.8%, February 2027) and Court Appointed Special Advocates
of Travis County (4.7%, March 2025).

The property was 63.4% occupied as of the March 2023 rent roll,
down from 64.5% at YE 2022, 77.6% at YE 2021 and 85% at YE 2020.
Occupancy declined after the former largest tenant, Seton Family of
Hospitals (previously 16.5% of NRA; 23.9% of base rental income),
vacated upon lease expiry in March 2023. In addition, Austin Stone
Church (previously 10.4% of NRA) vacated in June 2022.

The servicer-reported NOI DSCR as of TTM March 2023 was 1.32x,
compared with 1.45x at YE 2022, 1.96x at YE 2021, 2.89x at YE 2020
and 2.79x at YE 2019.

According to CoStar, the property lies within the Central office
submarket of the Austin market. As of Q3 2023, average rental rates
were $38.36 psf and $43.46 psf for the submarket and market,
respectively. Vacancy for the submarket and market were 13.4% and
16.8%, respectively.

Fitch's 'Bsf' rating case loss of 27.7% (prior to a concentration
adjustment) is based on an 10% cap rate and 25% stress to the YE
2022 NOI to reflect the largest tenant vacancy. Fitch's loss
expectations factor an increased probability of default due to the
loan's heightened maturity default risk.

The second largest contributor to loss expectations is the
specially serviced loan, Evergreen Square (0.8%), which is secured
by an 80,616-sf retail neighborhood center located in Peoria, IL.
The loan transferred to the special servicer in July 2020 for
imminent monetary default due to the pandemic and the asset became
REO in September 2022; the special servicer has indicated plans to
liquidate the asset during first-quarter of 2024.

The asset's occupancy has declined significantly to 16.5% as of the
May 2023 rent roll. The two tenants currently in occupancy at the
property include Dollar Tree Stores, Inc. (13.8% of NRA, leased
through January 2025) and H&R Block Enterprises LLC (2.8%, April
2024). Occupancy declined significantly due to several tenants
vacating, including TJ Maxx, Party City and Shoe Carnival. The
center was formerly anchored by a non-collateral Kmart that vacated
several years ago.

Fitch's 'Bsf' case loss of 95.8% (prior to concentration
adjustment) reflects a stress to the most recent March 2023
appraisal valuation.

Increased CE: As of the October 2023 distribution date, the pool's
aggregate principal balance has been reduced by 16.6% to $776.7
million from $931.6 million at issuance. Eighteen loans (29.7% of
the pool) are fully defeased. Ten loans, representing 24.8% of the
pool, are full-term, interest-only; 27 loans (42.7%) had a
partial-term interest-only period at issuance; and 25 loans (32.6%)
have a balloon payment. Besides two loans, University Center and
Rockford Crossing (combined, 2.4% of the pool), maturing in 2030,
all other loans in the pool mature in 2025.

RATING SENSITIVITIES

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

Factors that lead to downgrades include an increase in pool level
losses from specially serviced loans/assets and/or underperforming
loans, particularly the Chase Park and Evergreen Square loans.
Downgrades to the classes rated 'AAAsf' and 'AA-sf' are not
considered likely due to expected continued amortization and
increasing CE, but may occur should interest shortfalls affect
these classes.

Downgrades of classes C, D and X-C are possible should pool loss
expectations increase substantially from further declines in
performance, additional loan defaults or transfer to special
servicing and/or with greater than expected losses on the specially
serviced loans/assets. Downgrades of classes E and F are possible
with a greater certainty of losses and/or should the performance of
the FLOCs fail to stabilize or decline further.

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

Factors that lead to upgrades would include stable to improved
asset performance coupled with additional paydown and/or
defeasance. Upgrades of classes B and X-B may occur with a
significant improvement in CE and/or defeasance and the
stabilization of performance on the FLOCs, particularly the Chase
Park loan; however, adverse selection and increased concentrations,
or further underperformance or default of the FLOCs could cause
this trend to reverse.

Upgrades to classes C, D and X-C would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is a likelihood for interest shortfalls. Upgrades to classes E and
F are not likely until the later years in the transaction and only
if the performance of the remaining pool is stable, recoveries on
the specially serviced loans/assets are better than expected and/or
there is sufficient CE to the bonds.

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.


COMM 2015-DC1: Fitch Lowers Rating on Cl. D Notes to BBsf
---------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 11 classes of
COMM 2015-DC1 Mortgage Trust. Fitch has assigned a Negative Rating
Outlook on class D after its downgrade and revised six Outlooks to
Negative from Stable. The Under Criteria Observation (UCO) has been
resolved.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
COMM 2015-DC1

   A-3 12629NAC9    LT PIFsf  Paid In Full   AAAsf
   A-4 12629NAE5    LT AAAsf  Affirmed       AAAsf
   A-5 12629NAF2    LT AAAsf  Affirmed       AAAsf
   A-M 12629NAH8    LT AAAsf  Affirmed       AAAsf
   A-SB 12629NAD7   LT AAAsf  Affirmed       AAAsf
   B 12629NAJ4      LT AA-sf  Affirmed       AA-sf
   C 12629NAL9      LT A-sf   Affirmed       A-sf
   D 12629NAX3      LT BBsf   Downgrade      BBB-sf
   E 12629NAZ8      LT CCCsf  Affirmed       CCCsf
   PEZ 12629NAK1    LT A-sf   Affirmed       A-sf
   X-A 12629NAG0    LT AAAsf  Affirmed       AAAsf
   X-B 12629NAM7    LT AA-sf  Affirmed       AA-sf
   X-D 12629NAR6    LT CCCsf  Affirmed       CCCsf

KEY RATING DRIVERS

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

The downgrade reflects an increase in pool loss expectations since
the prior rating action. The Negative Outlooks on classes A-M, B,
C, PEZ, D, X-A and X-B reflect the potential for downgrades should
performance of the Fitch Loans of Concern (FLOCs) continue to
deteriorate, particularly the SoHo Portfolio and several loans
secured by suburban office properties, including Tintri Mountain
View, Keystone Summit Corporate Park and Legacy at Lake Park. Fitch
has identified 16 loans (48.1% of the pool) as FLOCs, which include
five loans (9.1%) in special servicing. Fitch's current ratings
incorporate a 'Bsf' rating case loss of 9.9%.

FLOCs: The largest contributor to expected losses is 115 Mercer
(FLOC, 3.7%). This real estate owned (REO) asset is an unanchored
retail condominium space located in the SoHo neighborhood of New
York, NY. The loan transferred to special servicing in March 2019
for payment default. Derek Lam (48% of the NRA) terminated its
lease and vacated in May 2019 ahead of its scheduled lease
expiration in November 2024. Foreclosure occurred in October 2022.

As of June 2023, the property was 100% occupied by The Kooples
(52%; expiry in August 2024) and Barbara Strum (48%). Per the
servicer, discussions are ongoing with The Kooples on extending its
lease, while Barbara Strum is on a short-term lease expiring in May
2024. Fitch 'Bsf' rating case loss of 78% reflects a discount to
the June 2023 appraisal value to account for near-term rollover and
the uncertainty regarding the ultimate disposition of the REO.

The second largest contributor to expected losses is SoHo Portfolio
(FLOC, 7.7%). This loan is collateralized by 459 Broadway and 427
Broadway, two office/retail mixed-use properties located on
Broadway between Grand and Canal Streets in the SoHo neighborhood
of Manhattan.

The loan transferred to special servicing in June 2021 due to
imminent monetary default as a result of coronavirus-pandemic
related hardship. Occupancy had fallen to 33% at YE 2020 due to
multiple tenants vacating ahead of their scheduled lease
expirations. The loan returned to the master servicer in September
2023 following portfolio occupancy improving to 100% as of June
2023 and the borrower bringing the loan current. Fitch's 'Bsf'
rating case loss of 15% reflects a 9% cap rate and a 15% stress to
YE 2019 NOI to account for a decline in overall rental income from
the new leases.

The third largest contributor to expected losses is 200 West Second
Street (FLOC, 2.6%). The collateral is a leased fee interest in a
parcel of land in downtown Winston-Salem, NC encumbered by a
20-story, 239,854-sf suburban office property known as the BB&T
Financial Center. The loan transferred to special servicing in
January 2018 for imminent default.

The special servicer continues to monitor ongoing litigation
surrounding one of the sponsors. As of September 2023, the property
remains fully vacant. The former tenant, Truist, moved out several
years ago and the lease expired March 2023. Fitch's 'Bsf' rating
case loss of 35% reflects the deteriorating office sector, building
vacancy and expected prolonged workout due to sponsor litigation
contributing to an increasing loan exposure.

Increasing CE: The pool's aggregate balance has been reduced by
29.5% to $997.6 million as of the September 2023 remittance from
$1.4 billion at issuance. Defeasance has increased to 17 loans
totaling $256.1 million (26% of the pool) from 16 loans at the
prior rating action. Fifty-one loans (88% of the pool) have a
scheduled maturity between August 2024 and February 2025. There are
four loans (12%) that are structured as anticipated repayment date
loans. There are nine loans remaining (27%) that are full-term,
interest-only (IO).

RATING SENSITIVITIES

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

Downgrades to classes A-SB, A-4 and A-5 are not likely due to
increasing CE and expected continued paydown and amortization, but
may occur should interest shortfalls occur. Downgrades to classes
A-M, X-A, B, X-B, C and PEZ could occur if deal-level losses
increase significantly due to continued underperformance of the
FLOCs and/or loans anticipated to refinance default at maturity.

A downgrades to class D is possible with higher expected losses
from loans in special servicing. Downgrades to classes E and X-D
could 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 classes B, X-B, C and PEZ are not likely, but may occur
with stabilization of the FLOCs, combined with additional paydown
or defeasance. An upgrade to class D is considered unlikely and
would be limited based on the sensitivity to concentrations or the
potential for future concentrations. Classes would not be upgraded
above 'Asf' if there is a likelihood of interest shortfalls.

Upgrades to classes E and X-D are not expected but would be
possible with better than expected recoveries on specially serviced
loans and stabilization of the 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.


COMM 2016-NXSR: Fitch Affirms CC Rating on 4 Tranches
-----------------------------------------------------
Fitch Ratings has affirmed 16 classes of COMM 2016-CCRE28 Mortgage
Trust. The Rating Outlooks were also revised to Negative from
Stable for five classes and to Stable from Positive for one class.

Fitch downgraded two and affirmed 16 classes of CSMC 2016-NXSR
Commercial Mortgage Trust. In addition, Negative Outlooks were
assigned to two classes following their downgrades. The Outlook
remains Negative for two affirmed class. The Outlooks were also
revised to Negative from Stable for three classes.

Fitch has removed all classes from these transactions from Under
Criteria Observation (UCO).

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CSMC 2016-NXSR

   A-2 12594PAT8    LT AAAsf  Affirmed   AAAsf
   A-3 12594PAU5    LT AAAsf  Affirmed   AAAsf
   A-4 12594PAV3    LT AAAsf  Affirmed   AAAsf
   A-S 12594PAZ4    LT AAAsf  Affirmed   AAAsf
   A-SB 12594PAW1   LT AAAsf  Affirmed   AAAsf
   B 12594PBA8      LT AA-sf  Affirmed   AA-sf
   C 12594PBB6      LT BBBsf  Downgrade  A-sf
   D 12594PAG6      LT BB-sf  Affirmed   BB-sf
   E 12594PAJ0      LT CCsf   Affirmed   CCsf
   F 12594PAL5      LT CCsf   Affirmed   CCsf
   V-1B 12594PBD2   LT AA-sf  Affirmed   AA-sf
   V-1C 12594PBE0   LT BBBsf  Downgrade  A-sf
   V1-A 12594PBC4   LT AAAsf  Affirmed   AAAsf
   V1-D 12594PBF7   LT BB-sf  Affirmed   BB-sf
   X-A 12594PAX9    LT AAAsf  Affirmed   AAAsf
   X-B 12594PAY7    LT AA-sf  Affirmed   AA-sf
   X-E 12594PAA9    LT CCsf   Affirmed   CCsf
   X-F 12594PAC5    LT CCsf   Affirmed   CCsf

COMM 2016-CCRE28

   A-3 12593YBD4    LT AAAsf  Affirmed   AAAsf
   A-4 12593YBE2    LT AAAsf  Affirmed   AAAsf
   A-HR 12593YBF9   LT AAAsf  Affirmed   AAAsf
   A-M 12593YBK8    LT AAAsf  Affirmed   AAAsf
   A-SB 12593YBC6   LT AAAsf  Affirmed   AAAsf
   B 12593YBL6      LT AA-sf  Affirmed   AA-sf
   C 12593YBM4      LT A-sf   Affirmed   A-sf
   D 12593YBN2      LT BBBsf  Affirmed   BBBsf
   E 12593YAL7      LT BBB-sf Affirmed   BBB-sf
   F 12593YAN3      LT Bsf    Affirmed   Bsf
   G 12593YAQ6      LT CCCsf  Affirmed   CCCsf
   X-A 12593YBH5    LT AAAsf  Affirmed   AAAsf
   X-C 12593YAC7    LT BBB-sf Affirmed   BBB-sf
   X-D 12593YAE3    LT Bsf    Affirmed   Bsf
   X-HR 12593YBJ1   LT AAAsf  Affirmed   AAAsf
   XP-A 12593YBG7   LT AAAsf  Affirmed   AAAsf

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 affirmations in COMM 2016-CCRE28 reflect the impact of the
updated criteria and generally stable overall pool performance
since the last rating action. Fitch's current ratings incorporate a
'Bsf' rating case loss of 4.6%.

The downgrades in CSMC 2016-NXSR reflect the impact of the updated
criteria and significantly higher loss expectations since the last
rating action on the 681 Fifth Avenue loan (3.1%), which
transferred to special servicing in September 2023 and is showing
continued performance deterioration. In addition, the transaction
also has exposure to two regional mall loans in the pool, which are
showing high loss expectations, including Gurnee Mills (11.5%) and
Wolfchase Galleria (5.8%). Both loans have heightened maturity
default and/or refinance concerns. Fitch's current ratings
incorporate a 'Bsf' rating case loss of 9.0%.

The Negative Outlooks in COMM 2016-CCRE28 reflect the potential for
downgrades with further performance deterioration and/or lack of
stabilization on two larger Fitch Loans of Concern (FLOCs),
Promenade Gateway (6.9%) and 32 Avenue of the Americas (6.9%). The
pool also has a high concentration of loans secured by office
properties, representing approximately 39.0% of the pool. Seven
loans have been designated as FLOCs (34.2%).

The Negative Outlooks in CSMC 2016-NXSR reflect the potential for
downgrades with further performance deterioration and/or lack of
stabilization on the FLOCs, particularly Gurnee Mills, Wolfchase
Galleria, 681 Fifth Avenue, and Best Western O'Hare. Nine loans
have been designated as FLOCs (32.1%), including three loans (5.7%)
in special servicing.

FLOCs/Specially Serviced Loans: The largest contributor to overall
loss expectations in COMM 2016-CCRE28 is the Hall Office Park - A2
loan (2.7%), which is secured by a 147,868-sf suburban office
property located in Frisco, TX. This is a Fitch Loan of Concern due
to lower occupancy and upcoming lease rollover.

The property was 76% occupied as of the July 2023 rent roll;
compared with the July 2022 occupancy of 79%. ThyssenKrupp Elevator
(17.1% of NRA; 15% of total base rents) went dark and vacated ahead
of its scheduled June 2022 lease expiration date. Previously, the
property was 94.5% occupied in July 2021, 93.3% in January 2021 and
91.6% in January 2020.

According to the servicer, Premier Business Centers (17.2%)
extended its lease to March 2028 from October 2022 expiration, but
will be downsizing. The second largest tenant, The Haskell Group
(11.6%) executed a seven-year renewal to December 2030, from its
lease expiration in December 2023 and Pond Robinson and Associates
(5%) executed a six-year renewal to November 2029, from its lease
expiration in November 2023.

According to the July 2023 rent roll, upcoming lease rollover
includes 11.6% in 2023 and 8.9% in 2024. The 2023 rollover is
mostly concentrated in the September 2023 expiration of Greenhills
Software (7.7%) and a leasing update is pending.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 34% reflects a 10% cap rate and a 30% stress to YE 2022 NOI.
Fitch's analysis also factors in an increased probability of
default on the loan.

The second largest contributor to overall loss expectations in COMM
2016-CCRE28 is the 19925 Stevens Creek loan, which is secured by a
74,984-sf office property located in Cupertino, CA. This is a Fitch
Loan of Concern due to near-term rollover risk with the second
largest tenant, American Executive Center (23.4%) expiring in
November 2023. The property remains 100% occupied by two tenants,
Apple (76.6% of NRA; 75% of total base rents; leased through August
2025) and American Executive Center (25% of total base rents).
Apple's headquarters are located less than a mile from the
property.

According to the servicer, Apple renewed its lease to August 2025
that was expected to expire in February 2023. In addition, American
Executive Center completed a short-term renewal of its lease to
November 2023, which was set to expire in March 2023. A leasing
update for the tenant has been requested, but not provided.

The loan is structured with a major tenant lease sweep tied to
Apple and any replacement lease covering a majority of the space.
During a sweep event (including non-renewal, early termination
notice or if a tenant ceases operating), all excess cash flow would
be swept into a reserve account to be available to pay for costs to
re-tenant the space. The loan began amortizing in December 2020.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 27% reflects a 9.5% cap rate and a 25% stress to YE 2022 NOI.
Fitch's analysis also factors in an increased probability of
default on the loan.

The third largest contributor to overall loss expectations in COMM
2016-CCRE28 is the Phoenix Center loan, which is secured by a
retail property in Washington, MO. This Fitch Loan of Concern was
flagged due to performance decline and upcoming lease rollover. The
property was 90% occupied as of June 2023, compared with 90.8% as
of the April 2022 rent roll, unchanged from June 2021 and 91.7% in
December 2020.

The property's largest tenants include Dick's Sporting Goods (17.6%
of NRA leased through January 2026), Ross Dress for Less (11%;
January 2025), Marshalls (11%; September 2028, recently renewed its
lease by five years) and JoAnn Fabrics (6.6%; April 2024).

As of the August 2023 rent roll, upcoming lease rollover includes
0.7% in 2023 and 16.5% in 2024. The 2024 rollover is mostly
concentrated in the expiration of JoAnn Fabrics (6.6%; April 2024)
and Shoe Carnival (4.0%; September 2024).

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 24% reflects a 9.0% cap rate and a 20% stress to YE 2022 NOI.
Fitch's analysis also factors in an increased probability of
default on the loan.

Other FLOCs include Promenade Gateway and 32 Avenue of the
Americas. Promenade Gateway, the third largest loan in the pool, is
secured by a 131,470-sf mixed use property located in Santa Monica,
CA. Major property tenants include AMC Theaters (21.9% of the
commercial space NRA through October 2024) and exposure to
co-working tenant, WeWork (13.7% of the NRA). As of the June 2023
servicer provided rent roll, 28 of the 32 multifamily units were
leased.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 2.4% is based on a 9.0% cap rate and a 15% stress to the YE 2022
NOI. Fitch also considered an additional sensitivity scenario that
factors in an increased probability of default on the loan.

32 Avenue of the Americas, the fourth largest loan in the pool, is
secured by a 1.2 million-sf office property/data center in
Manhattan. The loan was flagged as a FLOC due to low occupancy,
which declined to 76% in 2021 from 100% at YE 2019, primarily due
to the two largest tenants downsizing. Dentsu Holdings USA and
CenturyLink Communications reduced their spaces by 8.5% and 8.2%,
respectively. Occupancy continued to decline to 62% as of March
2023 after AMFM Operating, Inc. (14.4%) vacated at its September
2022 lease expiration. Debt service coverage ratio (DSCR) was 1.90x
as of YE 2022, compared to 2.08x at YE 2021, 2.13x at YE 2020, and
2.11x at YE 2019.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 3.0% is based on a 9.5% cap rate and a 10% stress to the YE 2022
NOI. Fitch also considered an additional sensitivity scenario that
factors in an increased probability of default on the loan.

The largest contributor to overall loss expectations in CSMC
2016-NXSR is the Gurnee Mills loan, which is secured by a 1.7
million-sf portion of a 1.9 million-sf regional mall located in
Gurnee, IL, approximately 45 miles north of Chicago. Non-collateral
anchors include Burlington Coat Factory, Marcus Cinema and Value
City Furniture. Collateral anchors include Macy's, Bass Pro Shops,
Kohl's and a vacant anchor box previously occupied by Sears. The
loan previously transferred to the special servicer in June 2020
for imminent monetary default, returning to the master servicer in
May 2021 after receiving forbearance.

Occupancy declined to 76.4% from 80% at YE 2022, primarily due to
Bed, Bath, and Beyond (3.3%) vacating at their January 2023 lease
expiration, remaining below the reported 88% occupancy at issuance.
The collateral faces moderate near-term rollover with 5.3% of the
NRA expiring in 2023 and 8.2% in 2024. The NOI DSCR reported at YE
2022 was 2.06x, compared to 1.86x at YE 2021, 1.24x at YE 2020, and
1.42x at YE 2019.

Fitch's 'Bsf' rating case loss of approximately 29% (prior to
concentration add-ons) reflects a 15% stress to the YE 2022 NOI and
a 12% cap rate, and factors an increased probability of default due
to the loan's heightened maturity default risk.

The second largest contributor to overall loss expectations in CSMC
2016-NXSR is the Wolfchase Galleria loan (5.8%), which is secured
by a 391,862-sf interest in a regional mall located in Memphis, TN.
The subject is anchored by Macy's (non-collateral), Dillard's
(non-collateral), J.C. Penney (non-collateral) and Malco Theatres.
The loan transferred to special servicing in June 2020 due to a
monetary default, but was subsequently returned to the master
servicer in May 2021.

Occupancy has steadily declined yoy at the collateral. Per the
April 2023 rent roll, occupancy was reported at 78%, which compares
to 77.5% at YE 2021, 78.8% at YE 2020, 81.3% at YE 2019 and 84% at
YE 2018. Leases represented 10.9% of the NRA roll in 2023, followed
by 10.2% in 2024, 9.6% in 2025 and 18% in 2026. The servicer
reported NOI debt service coverage ratio was 1.75x at YE 2022
compared to 1.24x at YE 2021, 1.17x at YE 2020, 1.29x at YE 2019
and 1.35x at YE 2018. While the subject is the dominant mall in its
trade area, it is also located in a secondary market with fewer
demand drivers. Fitch requested a recent sales report from the
servicer, but has not received one to date.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 35% reflects a 15% cap rate and a 5% stress to YE 2021 NOI.
Fitch's analysis also recognized the heightened probability of
default due to sustained performance declines and expected
refinance challenges.

The third largest contributor to overall loss expectations in CSMC
2016-NXSR is the 681 Fifth Avenue loan, which is secured by a
mixed-use retail and office property located in the Manhattan Plaza
District in New York, NY. The loan transferred to special servicing
in September 2023 and according to the servicer, counsel has been
engaged and is in discussions with the borrower on the terms of the
PNL. The loan was 60 days delinquent in September 2023, and is less
than one-month delinquent, as of October 2023.

The loan was identified as a Fitch Loan of Concern due to sustained
occupancy and performance declines. The majority of rental income,
78% of total base rents, came from the dark retail tenant, Tommy
Hilfiger (27.3% of the NRA), who vacated in April 2019, but
continued to pay rent. The lease expired in May 2023. Occupancy
declined to 51.5% as of May 2023 from 59% at YE 2022 after office
tenant Apex (7.2% of the NRA) did not renew their lease and vacated
at their March 2023 lease expiration. Office tenant Altum Capital
Management (7.0%) extended their lease through March 2031. Per the
servicer's most recent commentary, the borrower is attempting to
release the vacant office and retail space.

Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 36% reflects a 9.50% cap rate and a 25% total stress to the YE
2022 NOI to account for the reduction in rental income due to the
expiration of the Tommy Hilfiger lease, the largest contributor to
rental revenue. Fitch's analysis factors an increased probability
of default due to the loan's transfer to special servicing.

Minimal Change in CE: As of the October 2023 distribution date,
COMM 2016-CCRE28 and CSMC 2016-NXSR have paid down by 15.9% and
19.5%, respectively. COMM 2016-CCRE28 has nine defeased loans
representing 18.1% of the pool and CSMC 2016-NXSR has six defeased
loans representing 8.9%. Cumulative interest shortfalls are
currently affecting class J in COMM 2016-CCRE28 and Class NR in
CSMC 2016-NXSR. COMM 2016-CCRE28 has realized losses of 0.12% of
the original pool balance and CSMC 2016-NXSR has realized losses of
0.17% of the original pool balance.

RATING SENSITIVITIES

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

The Negative Outlooks reflect possible future downgrades stemming
from concerns with potential further declines in performance that
could result in higher expected losses on FLOCs. If expected losses
do increase, downgrades to these classes are anticipated.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to downgrades.

Downgrades to 'Asf' and 'BBBsf' category rated classes could occur
if deal-level losses increase significantly on non-defeased loans
in the transactions and with outsized losses on FLOCs, particularly
Hall Office Park - A2, 19925 Stevens Creek, Phoenix Center, 32
Avenues of Americas, and Promenade Gateway in COMM 2016-CCRE28, and
Gurnee Mills, Wolfchase Galleria, 681 Fifth Avenue, and Best
Western O'Hare in CSMC 2016-NXSR.

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

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

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

Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with significantly increased CE from paydowns, coupled with
stable-to-improved pool-level loss expectations and performance
stabilization of FLOCs, particularly Hall Office Park - A2, 19925
Stevens Creek, Phoenix Center, 32 Avenues of Americas, and
Promenade Gateway in COMM 2016-CCRE28, and Gurnee Mills, Wolfchase
Galleria, 681 Fifth Avenue, and Best Western O'Hare in CSMC
2016-NXSR. Upgrades of these classes to 'AAAsf' will also consider
the concentration of defeased loans in the transaction.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and there is sufficient CE to the
classes.

Upgrades to distressed ratings of 'CCCsf' and 'CCsf' 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.


COMM 2019-521F: S&P Affirms 'CCC-(sf)' Rating on Class F Certs
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from COMM 2019-521F
Mortgage Trust, a U.S. CMBS transaction. At the same time, S&P
affirmed its 'CCC- (sf)' rating on the class F certificates from
the transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in 521 Fifth Avenue, a 39-story,
495,636-sq.-ft. class A- office building in midtown Manhattan's
Grand Central office submarket.

Rating Actions

The downgrades on classes A, B, C, D, and E, and affirmation on
class F reflect:

-- The borrower's inability to materially increase the property's
occupancy and net cash flow (NCF) since our last review in March
2023.

-- S&P's expected-case valuation, which, while unchanged from its
last review, is 28.3% lower than the valuation it derived at
issuance due primarily to reported decreases in occupancy and NCF
at the property.

-- S&P's belief that due to weakened office submarket fundamentals
the borrower will continue to face challenges re-tenanting vacant
spaces in a timely manner.

S&P said, "Our concerns with the borrower's ability to make timely
debt service payments and refinance the loan at its June 2024
maturity date if the property's NCF does not improve. The loan is
on the master servicer's watchlist due to its cash management
provision being triggered and low reported occupancy and debt
service coverage (DSC), which were 74.3% and 0.90x, respectively,
as of the trailing 12 months (TTM) ended June 30, 2023.

"In our last review in March 2023, we noted that the servicer
reported declining occupancy and NCF at the property following the
COVID-19 pandemic. While the property has had some leasing
activity, the borrower was not able to increase the property's
occupancy rate to historical or market occupancy levels. As a
result, at that time, we revised and lowered our sustainable NCF to
$12.3 million assuming a 75.5% occupancy rate, an S&P Global
Ratings' $73.85-per-sq.-ft. gross rent, and a 49.2% operating
expense ratio. Using an S&P Global Ratings' capitalization rate of
6.75%, we arrived at an expected-case value of $182.2 million or
$368 per sq. ft."

As of the July 1, 2023, rent roll, the property's reported
occupancy rate was unchanged from year-end 2022's 74.3%. Likewise,
the reported $11.1 million NCF for the TTM ended June 30, 2023, is
comparable to the $11.2 million NCF reported for year-end 2022.
According to the master servicer, KeyBank Real Estate Capital,
there is no leasing update currently. S&P said, "Resultingly,
assuming a 74.3% occupancy rate, an S&P Global Ratings'
$70.35-per-sq.-ft. base rent and $77.20-per-sq.-ft. gross rent, a
48.6% operating expense ratio, and higher tenant improvement costs,
we derived a sustainable NCF of $12.3 million, the same as in our
last review, and 10.9% higher than the NCF as of TTM ended June 30,
2023. Using an S&P Global Ratings' capitalization rate of 6.75%,
unchanged from the last review, we arrived at an S&P Global
Ratings' expected case value that is the same as in our last review
of $182.2 million, or $368 per sq. ft., 53.9% lower than the
issuance appraisal value of $395.0 million." This yielded an S&P
Global Ratings loan-to-value ratio of 132.8% on the trust balance.

S&P said, "Specifically, we lowered our rating on class E to 'CCC
(sf)' and affirmed our rating on class F at 'CCC- (sf)' to reflect
our view that, due to current market conditions and their positions
in the payment waterfall, these classes are or remain at heightened
risks of default and loss and susceptible to liquidity
interruption."

According to the Oct. 16, 2023, trustee remittance report, class F
had accumulated interest shortfalls outstanding totaling $2,950 due
mainly to the trustee/certificate administrator incurring legal
expenses in connection with the transition of LIBOR to a new
benchmark rate.

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

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

-- The potential that the property's operating performance could
improve above S&P's revised expectations;

-- The relatively high appraised land value of $250 million in
2019;

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

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

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

S&P said, "We will continue to monitor the tenancy and performance
of the property and loan as well as the borrower's ability to
refinance the loan by June 2024. If we receive information that
differs materially from our expectations, such as reported negative
changes in the performance beyond what we already considered or the
loan is transferred to special servicing, we may revisit our
analysis and take further rating actions, as we deem necessary."

Property-Level Analysis

The loan collateral consists of 521 Fifth Avenue, a 39-story,
495,636-sq.-ft. class A- art deco-designed, LEED gold certified
office building located at the northeast corner of Fifth Ave. and
43rd St. in midtown Manhattan's Grand Central office submarket. The
property, built in 1929, is one block from Grand Central Terminal,
Bryant Park, and the New York City Public Library and is accessible
via multiple transportation modes. The property has outdoor terrace
space on the upper floors and was acquired by the sponsor, Savanna
Real Estate Fund IV L.P., from SL Green in May 2019 for $381.0
million, or $769 per sq. ft. At issuance in 2019, S&P noted that
the sponsor planned to invest about $16.1 million into the property
to enhance its street presence and tenant experience as well as
apply for the Industrial and Commercial Abatement Program (ICAP)
tax abatement program. The capital improvement plan would include a
lobby renovation, facade work, and signage and rebranding. The
servicer did not provide an update on the status of any recent
renovations or the ICAP tax abatement program.

The property's occupancy rate was 74.3% as of the July 1, 2023,
rent roll and year-end 2022, down from 80.8% in 2021, 89.6% in
2020, and 92.8% in 2019. The five largest tenants at the property
comprised 22.8% of net rentable area (NRA) and included:

-- Urban Outfitters Inc. (5.2% of NRA, 17.3% of gross rent as
calculated by S&P Global Ratings, February 2026 lease expiration).

-- Equinox (5.1%, 3.5%, January 2035).

-- Major, Lindsey & Africa (4.2%, 4.3%, April 2024).

-- CTBC Bank Co. Ltd. New York Branch (4.2%; 4.3%, January 2029).
-- Laidlaw Holdings Ltd. (4.2%, 5.7%, February 2029). According to
CoStar, the tenant's space is being marketed for sublease.

The property's notable rollover risk is in 2024 (14.9% of NRA,
18.4% of S&P Global Ratings' in-place gross rent), 2026 (8.2%,
21.3%), 2029 (15.7%, 19.0%), and 2030 (10.2%, 11.1%). The rollover
in 2024 is primarily attributable to Major, Lindsey & Africa (4.2%
of NRA, April 2024 lease expiry), Tilting Point Media LLC (2.1%,
December 2024), and 360 Trading Networks Inc. (2.1%, November
2024).

According to CoStar, vacancy and availability rates in the Grand
Central office submarket, where the property is located, remain
elevated with no signs of near-term turnaround. Office leasing
demand and utilization in New York are still below pre-pandemic
averages, and these weakened conditions are expected to continue
into next year as companies continue to embrace remote and hybrid
work arrangements. However, due to its proximity to Grand Central
Terminal, a main commuter hub that services Westchester County,
Fairfield, and New Haven counties in Connecticut, the submarket
rental rate (which, on average, is above $70 per sq. ft.) is one of
the highest in New York City. As of year-to-date November 2023, the
four- and five-star office properties in the submarket had a 16.2%
vacancy rate, 17.7% availability rate, and $78.51-per-sq.-ft.
asking rent versus a 7.3% vacancy rate and $80.58-per-sq.-ft.
asking rent at issuance in 2019. CoStar projects vacancy to rise to
18.3% in 2024 and 20.1% in 2025 and asking rent to contract to
$76.85 per sq. ft. and $75.21 per sq. ft. for the same periods.
CoStar noted that the peer properties in the submarket had a
$58.36-per-sq.-ft. asking rent, 25.1% vacancy rate, and 29.4%
availability rate. This compares with the property's in-place 25.7%
vacancy rate and $77.20-per-sq.-ft. gross rent, as calculated by
S&P Global Ratings.

Transaction Summary

The IO mortgage loan had an initial and current balance of $242
million (as of the Oct. 16, 2023, trustee remittance report) and,
commencing in July 2023, pays an annual floating interest rate
indexed to one-month term SOFR plus a 1.46% adjusted spread. Prior
to July 2023, the loan, which was originated with an initial
two-year term and three one-year extension options, referenced a
LIBOR-based interest rate plus a 1.36% spread. The borrower has
exercised all its extension options. The loan currently matures on
June 9, 2024, and there are no extension options remaining. S&P
believes that unless the property performance improves, the
borrower will face significant headwind obtaining refinancing
proceeds to pay off the loan at the maturity date. The loan, which
has a current payment status, is on the master servicer's watchlist
due to its cash-management provision as specified in the loan
documents being triggered (the debt yield, as calculated by the
master servicer, is less than the required 7.00% threshold).
KeyBank Real Estate Capital reported a DSC of 0.90x for the TTM
ended June 30, 2023, down from 1.59x in 2022 and 4.48x in 2021. As
of the October 2023 CRE Finance Council Investor Reporting Package
reserve report, there is $139,258 held in various reserve accounts.
To date, the trust has not incurred any principal losses.

  Ratings Lowered

  COMM 2019-521F Mortgage Trust

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

  Rating Affirmed

  COMM 2019-521F Mortgage Trust

  Class F: CCC- (sf)



CPS AUTO 2023-D: DBRS Gives Prov. BB Rating on Class E Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of notes to
be issued by CPS Auto Receivables Trust 2023-D (the Issuer) as
follows:

-- $131,113,000 Class A Notes at AAA (sf)
-- $38,490,000 Class B Notes at AA (sf)
-- $49,686,000 Class C Notes at A (sf)
-- $33,737,000 Class D Notes at BBB (sf)
-- $33,123,000 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
(OC), subordination, amounts held in the reserve fund, and excess
spread. Credit enhancement levels are sufficient to support the
DBRS Morningstar-projected cumulative net loss (CNL) assumption
under various stress scenarios.

-- The 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.

-- The increase in CNL from the CPS 2023-C transaction is
attributed to observed credit deterioration, loss and recovery
performance of some of the more recent vintages.

-- The DBRS Morningstar CNL assumption is 17.00% based on the
expected pool composition.

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

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

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

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

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

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

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

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

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

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

The rating on the Class A Notes reflects 58.25% of initial hard
credit enhancement provided by the subordinated notes in the pool
(50.55%), the reserve account (1.00%), and OC (6.70%). The ratings
on the Class B, C, D, and E Notes reflect 45.70%, 29.50%, 18.50%,
and 7.70% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities 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 Note Balance.

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

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

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



CROWN POINT 7: Moody's Cuts Rating on $21MM Class E Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Crown Point CLO 7 Ltd.:

US$54,000,000 Class B Senior Secured Floating Rate Notes Due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on October
30, 2018 Definitive Rating Assigned Aa2 (sf)

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

US$21,825,000 Class E Secured Deferrable Junior Floating Rate Notes
Due 2031 (the "Class E Notes"), Downgraded to B1 (sf); previously
on September 14, 2020 Confirmed at Ba3 (sf)

Crown Point CLO 7 Ltd., issued in October 2018 is a managed
cashflow CLO. The notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in October 2023.

RATINGS RATIONALE

The upgrade rating action on the Class B notes reflects the
expectation that the deal's notes will soon begin to be repaid in
order of seniority given the deal's reinvestment period ended in
October 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF) compared to the covenant level. Moody's modeled a WARF of
2741 compared to its current covenant level of 2856.

The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's October 2023
report [1], the OC ratio for the Class E notes is reported at
104.45% versus October 2022 [2] level of 105.89%.  Based on Moody's
calculation, the total collateral par balance, including recoveries
from defaulted securities, is $432.4 million, or $17.6 million less
than the $450 million initial par amount targeted during the deal's
ramp-up.

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

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

Performing par and principal proceeds balance: $431,089,608

Defaulted par: $5,501,345

Diversity Score: 79

Weighted Average Rating Factor (WARF): 2741

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.38%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 3.99 years

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

Methodology Used for the Rating Action

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

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

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


EXETER AUTOMOBILE 2023-5: Fitch Assigns BB(EXP)sf Rating on E Notes
-------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
Exeter Automobile Receivables Trust (EART) 2023-5.

   Entity/Debt         Rating           
   -----------         ------           
Exeter Automobile
Receivables Trust
2023-5

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

KEY RATING DRIVERS

Collateral Performance — Subprime Credit Quality: EART 2023-5 is
backed by collateral with subprime credit attributes, including a
weighted average (WA) FICO score of 576, a WA loan-to-value (LTV)
ratio of 113.60% and WA APR of 22.35%. In addition, 97.65% of the
pool is backed by used vehicles and the WA payment-to-income (PTI)
ratio is 11.96%. The pool is consistent with recent EART series.

Forward-Looking Approach to Derive Rating Case Proxy: Fitch
considered economic conditions and future expectations by assessing
key macroeconomic and wholesale market conditions to derive the
series loss proxy. Although recessionary performance data from
Exeter are not available, the initial rating case cumulative net
loss (CNL) proxy was derived utilizing 2006-2009 data from
Santander Consumer — as proxy recessionary static-managed
portfolio data — and 2016-2017 vintage data from Exeter to arrive
at a forward-looking rating case CNL proxy of 20.00%.

Fitch's base case loss expectation, which does not include a margin
of safety and is not used in Fitch's quantitative analysis to
assign ratings, is 19.00%, based on Fitch's Global Economic
Outlook, recent securitization performance, and revisions to
eligible collateral requirements.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) levels are 60.35%, 44.60%, 30.65%, 17.60%
and 8.60% for classes A, B, C, D and E, respectively. The class A,
B, C, D and E CE levels are down from the prior 2023 transaction CE
levels. Excess spread is expected to be 11.40%, up from 11.29% per
annum in 2023-4. Loss coverage for each class of notes is
sufficient to cover the respective multiples of Fitch's rating case
CNL proxy of 20.00%.

Seller/Servicer Operational Review — Adequate
Origination/Underwriting/Servicing: Exeter demonstrates adequate
abilities as the originator, underwriter and servicer, as evidenced
by historical portfolio and securitization performance. Fitch does
not rate Exeter but deems the company as capable to service this
transaction. In addition, Citibank, N.A., rated 'A+'/Stable/'F1',
has been contracted as backup servicer for this transaction.

RATING SENSITIVITIES

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

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

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Ernst & Young LLP. The third-party due diligence
described in Form 15E focused on comparing or recomputing certain
information with respect to 150 loans from the statistical data
file. Fitch considered this information in its analysis and it did
not have an effect on Fitch's analysis or conclusions.

ESG CONSIDERATIONS

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

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


FLAGSHIP 2022-4: S&P Places Cl. E Notes 'BB-' Rating on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings placed its ratings on the class E notes from
Flagship Credit Auto Trust (FCAT) 2021-3,  2022-3, and 2022-4, the
class D and E notes from FCAT 2022-1, and the class C, D, and E
notes from FCAT 2021-4 and 2022-2 on CreditWatch with negative
implications.

The CreditWatch placements reflect each 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, as well as each transaction's
structure and current level of credit enhancement. Additionally,
S&P incorporated its most recent macroeconomic outlook that
incorporates a baseline forecast for U.S. GDP and unemployment.

S&P said, "Each transaction's performance is trending worse than
our original or, in some cases, our adjusted CNL expectations.
Cumulative gross losses are in some cases significantly higher than
expected which, coupled with lower cumulative recoveries, are
resulting in elevated CNLs. As a result, in some cases we observe
that excess spread after covering net losses is insufficient to
build overcollateralization (O/C), and that the build in O/C, as
well as the O/C amount, has either stagnated or declined.

"Some of the classes that have been placed on CreditWatch negative
from series 2021-3, 2021-4, 2022-1, and 2022-2 had been previously
upgraded from their original ratings. However, the acceleration of
losses in the last few months and decline in O/C calls into
question whether those classes are adequately enhanced at their
current ratings relative to potentially higher losses than we
expected at the time of those upgrades."


  Table 1

  FCAT 2021-3 collateral performance (%)

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

  Jan-23    56.14    6.92   41.79   4.03      9.10   3.75
  Feb-23    54.31    7.52   41.33   4.41      9.48   4.28
  Mar-23    52.50    8.12   41.91   4.72      8.75   3.73
  Apr-23    50.39    8.75   42.95   4.99      7.58   4.01
  May-23    48.44    9.50   42.92   5.42      7.95   3.92
  Jun-23    46.79   10.02   42.89   5.72      7.75   5.24
  Jul-23    45.27   10.53   42.51   6.05      9.26   2.91
  Aug-23    43.71   11.06   41.95   6.42     10.03   4.33
  Sep-23    41.87   11.73   41.68   6.84      9.21   5.56
  Oct-23    40.34   12.40   41.25   7.28      8.38   4.80

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 2

  FCAT 2021-4 collateral performance (%)

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

  Jan-23    63.55    6.01   37.37   3.77      7.42   4.22
  Feb-23    61.46    6.82   37.07   4.29      7.99   4.19
  Mar-23    59.45    7.48   37.94   4.65      7.53   3.27
  Apr-23    57.14    8.16   39.91   4.90      6.55   2.85
  May-23    55.28    8.80   40.25   5.26      7.15   3.14
  Jun-23    53.21    9.46   40.42   5.64      7.34   4.15
  Jul-23    51.22   10.20   40.13   6.11      8.90   2.68
  Aug-23    49.36   10.84   39.32   6.58      9.89   4.87
  Sep-23    47.40   11.67   38.57   7.17      9.24   5.74
  Oct-23    45.65   12.45   38.52   7.65      7.68   5.27

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 3

  FCAT 2022-1 collateral performance (%)

             Pool                         60+ day
  Mo.(i)   factor     CGL     CRR    CNL   delinq.   Ext.
  Jan-23    72.91    5.13   38.49   3.15      5.75   5.82
  Feb-23    70.50    5.98   38.17   3.70      6.64   4.59
  Mar-23    68.49    6.68   39.27   4.06      6.44   3.98
  Apr-23    66.13    7.36   40.77   4.36      6.11   3.62
  May-23    63.92    8.15   41.42   4.77      6.63   3.38
  Jun-23    61.54    8.90   42.11   5.15      7.22   3.61
  Jul-23    59.37    9.65   42.23   5.57      9.36   1.90
  Aug-23    57.15   10.50   41.33   6.16     10.50   3.89
  Sep-23    54.88   11.52   40.07   6.90      9.66   5.26
  Oct-23    52.83   12.44   40.11   7.45      8.24   5.57

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL—Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 4

  FCAT 2022-2 collateral performance (%)

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

  Jan-23    82.51    5.05   29.00   3.59      7.28   8.88
  Feb-23    79.91    6.36   30.82   4.40      6.36   7.81
  Mar-23    77.62    7.31   33.35   4.87      5.67   4.87
  Apr-23    75.02    8.27   35.89   5.30      5.30   4.50
  May-23    72.77    9.08   37.72   5.65      6.01   4.25
  Jun-23    70.43    9.92   38.77   6.07      7.15   4.31
  Jul-23    68.23   10.81   39.54   6.53      9.22   2.30
  Aug-23    65.82   11.90   38.41   7.33     10.66   3.62
  Sep-23    63.35   13.09   37.76   8.15     10.45   4.37
  Oct-23    61.20   14.19   37.74   8.84      9.59   4.59

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 5

  FCAT 2022-3 collateral performance (%)

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

  Jan-23   90.28     1.75   23.57   1.34      5.61   3.43
  Feb-23   87.67     2.82   25.70   2.10      6.40   5.47
  Mar-23   85.23     3.85   28.96   2.73      6.04   6.30
  Apr-23   82.59     4.79   32.44   3.24      5.19   6.85
  May-23   80.19     5.68   35.32   3.67      5.07   5.96
  Jun-23   77.55     6.62   37.70   4.12      5.38   5.74
  Jul-23   75.28     7.57   37.82   4.71      7.14   2.97
  Aug-23   72.92     8.51   36.83   5.38      9.03   4.29
  Sep-23   70.32     9.70   36.36   6.17      9.46   4.67
  Oct-23   68.14     10.68  36.77   6.76      9.28   4.80

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 6

  FCAT 2022-4 collateral performance (%)

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

  Jan-23    97.49    0.00    1.73   0.00      1.36   0.61
  Feb-23    96.01    0.09   40.03   0.05      3.00   0.77
  Mar-23    94.06    0.54   29.07   0.39      3.94   0.84
  Apr-23    91.36    1.33   30.54   0.92      4.29   2.26
  May-23    88.94    2.14   34.28   1.41      5.22   4.49
  Jun-23    86.15    3.04   37.33   1.90      5.73   7.03
  Jul-23    83.66    4.08   38.34   2.52      6.28   4.93
  Aug-23    80.88    5.27   35.86   3.38      6.91   6.39
  Sep-23    78.13    6.43   35.52   4.14      6.83   6.45
  Oct-23    75.63    7.52   35.50   4.85      6.71   5.04

  (i)As of the monthly distribution date.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.


  Table 7

  FCAT 2021-3 overcollateralization

           Current    Target    Target     Current      Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)    ($)(iii)     ($)(iv)

  Jan-23      3.40      3.40      1.00   7,251,674   7,251,674
  Feb-23      3.40      3.40      1.00   7,014,749   7,014,749
  Mar-23      3.40      3.40      1.00   6,780,828   6,780,828
  Apr-23      3.40      3.40      1.00   6,507,844   6,507,844
  May-23      3.40      3.40      1.00   6,257,007   6,257,007
  Jun-23      3.40      3.40      1.00   6,043,237   6,043,237
  Jul-23      3.40      3.40      1.00   5,846,779   5,846,779
  Aug-23      3.40      3.40      1.00   5,645,883   5,645,883
  Sep-23      3.40      3.40      1.00   5,407,891   5,407,891
  Oct-23      3.30      3.40      1.00   5,055,315   5,210,086

  (i)As of the monthly distribution date.
  (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 2021-3 is equal to the greater of (i) 3.40% of  

  the current pool balance and (ii) 1.00% of the initial pool
  balance.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.


  Table 8

  FCAT 2021-4 overcollateralization

           Current    Target    Target     Current      Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)    ($)(iii)     ($)(iv)

  Jan-23      4.00     4.00       1.00   7,895,284   7,895,284
  Feb-23      4.00     4.00       1.00   7,636,269   7,636,269
  Mar-23      4.00     4.00       1.00   7,385,831   7,385,831
  Apr-23      4.00     4.00       1.00   7,099,815   7,099,815
  May-23      4.00     4.00       1.00   6,868,394   6,868,394
  Jun-23      4.00     4.00       1.00   6,611,511   6,611,511
  Jul-23      3.97     4.00       1.00   6,322,909   6,363,288
  Aug-23      4.00     4.00       1.00   6,132,107   6,132,107
  Sep-23      3.76     4.00       1.00   5,541,669   5,888,907
  Oct-23      3.72     4.00       1.00   5,270,094   5,671,381

  (i)As of the monthly distribution date.
  (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 2021-4 is equal to the greater of (i) 4.00% of  

  the current pool balance and (ii) 1.00% of the initial pool   
  balance.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.


  Table 9

  FCAT 2022-1 overcollateralization

           Current    Target    Target      Current       Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)     ($)(iii)      ($)(iv)

  Jan-23      4.40      4.40      1.00   11,279,637   11,279,637
  Feb-23      4.40      4.40      1.00   10,905,963   10,905,963
  Mar-23      4.40      4.40      1.00   10,595,810   10,595,810
  Apr-23      4.40      4.40      1.00   10,230,444   10,230,444
  May-23      4.40      4.40      1.00    9,889,042    9,889,042
  Jun-23      4.40      4.40      1.00    9,519,760    9,519,760
  Jul-23      4.40      4.40      1.00    9,184,556    9,184,556
  Aug-23      4.36      4.40      1.00    8,769,417    8,841,354
  Sep-23      3.96      4.40      1.00    7,640,901    8,489,924
  Oct-23      3.85      4.40      1.00    7,157,103    8,173,048

  (i)As of the monthly distribution date.
  (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 greater of (i) 4.40% of   

  the current pool balance and (ii) 1.00% of the initial pool   
  balance.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.


  Table 10

  FCAT 2022-2 overcollateralization

           Current    Target    Target      Current       Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)     ($)(iii)      ($)(iv)

  Jan-23      4.11      7.25      1.00   20,689,194   36,494,707
  Feb-23      3.88      7.25      1.00   18,925,383   35,345,643
  Mar-23      4.08      7.25      1.00   19,302,221   34,331,319
  Apr-23      4.35      7.25      1.00   19,929,387   33,183,471
  May-23      4.58      7.25      1.00   20,345,198   32,185,796
  Jun-23      4.74      7.25      1.00   20,347,546   31,150,104
  Jul-23      4.74      7.25      1.00   19,747,897   30,179,285
  Aug-23      4.39      7.25      1.00   17,642,639   29,114,452
  Sep-23      3.92      7.25      1.00   15,167,293   28,021,293
  Oct-23      3.59      7.25      1.00   13,392,470   27,070,015

  (i)As of the monthly distribution date.
  (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 2022-2 is equal to the greater of (i) 7.25% of
  the current pool balance and (ii) 1.00% of the initial pool
  balance.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.

  Table 11

  FCAT 2022-3 overcollateralization

           Current    Target    Target      Current       Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)     ($)(iii)      ($)(iv)

  Jan-23      4.31      6.70      1.00   21,320,932   33,126,219
  Feb-23      4.33      6.70      1.00   20,806,386   32,168,599
  Mar-23      4.45      6.70      1.00   20,754,891   31,275,422
  Apr-23      4.73      6.70      1.00   21,412,994   30,306,317
  May-23      4.98      6.70      1.00   21,858,744   29,426,206
  Jun-23      5.22      6.70      1.00   22,173,262   28,457,538
  Jul-23      5.17      6.70      1.00   21,298,005   27,624,602
  Aug-23      5.17      6.70      1.00   20,658,976   26,756,063
  Sep-23      5.00      6.70      1.00   19,240,086   25,803,013
  Oct-23      5.05      6.70      1.00   18,842,337   25,002,755

  (i)As of the monthly distribution date.
  (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 2022-3 is equal to the greater of (i) 6.70% of  

  the current pool balance and (ii) 1.00% of the initial pool   
  balance.
  FCAT--Flagship Credit Auto Trust.
  Mo.--Month.

  Table 12

  FCAT 2022-4 overcollateralization

         Current    Target    Target      Current       Target
  Mo.(i)   (%)(ii)   (%)(iv)   (%)(iv)     ($)(iii)      ($)(iv)

  Jan-23      6.00      9.90      1.00   24,549,897   40,537,361
  Feb-23      6.78      9.90      1.00   27,333,812   39,922,736
  Mar-23      7.27      9.90      1.00   28,712,409   39,108,336
  Apr-23      7.62      9.90      1.00   29,222,564   37,988,237
  May-23      7.85      9.90      1.00   29,327,888   36,981,865
  Jun-23      8.09      9.90      1.00   29,280,676   35,822,730
  Jul-23      8.06      9.90      1.00   28,332,271   34,784,336
  Aug-23      7.92      9.90      1.00   26,902,274   33,631,418
  Sep-23      7.84      9.90      1.00   25,724,851   32,485,472
  Oct-23      7.80      9.90      1.00   24,774,317   31,445,401

(i)As of the monthly distribution date.
(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 2022-4 is equal to the greater of (i) 9.90% of the
current pool balance and (ii) 1.00% of the initial pool balance.
FCAT--Flagship Credit Auto Trust.
Mo.--Month.

Notwithstanding the stagnation or decrease in O/C, the
transactions' sequential principal payment structures have led to
an increase in the other components of hard credit
enhancement--subordination and non-amortizing reserve amounts as a
percentage of the current collateral pool balance--which benefit
the senior notes as their collateral pools amortize.

Although hard credit enhancement for each class has increased since
issuance, each class remains highly dependent upon excess spread
and is vulnerable to continued losses, which can exacerbate the
decline in O/C.

Looking forward, S&P believes the evolving economic headwinds and
potential negative impact on consumers, could result in a greater
proportion of delinquencies and extensions ultimately defaulting,
which are risks to excess spread and O/C.

  Table 13

  Hard credit enhancement(i)

                                 Total hard     Current total
                   Current            CE at           hard CE
  Series   Class   rating      issuance (%)    (% of current)

  2021-3   A       AAA (sf)           30.40             77.42
  2021-3   B       AA+ (sf)           22.70             58.34
  2021-3   C       A (sf)             12.40             32.80
  2021-3   D       BBB (sf)            5.60             15.95
  2021-3   E       BB (sf)(ii)         1.50              5.78

  2021-4   A       AAA (sf)           31.00             70.53
  2021-4   B       AA+ (sf)           23.05             53.12
  2021-4   C       AA (sf)(ii)        12.50             30.01
  2021-4   D       A- (sf)(ii)         5.50             14.67
  2021-4   E       BB (sf)(ii)         1.50              5.91

  2022-1   A       AAA (sf)           32.70             64.80
  2022-1   B       AA+ (sf)           24.80             49.85
  2022-1   C       AA- (sf)(ii)       14.25             29.88
  2022-1   D       BBB+ (sf)(ii)       6.65             15.49
  2022-1   E       BB (sf)(ii)         2.35              7.35

  2022-2   A2      AAA (sf)           34.85             57.83
  2022-2   A3      AAA (sf)           34.85             57.83
  2022-2   B       AA+ (sf)           27.45             45.74
  2022-2   C       AA- (sf)(ii)       17.35             29.24
  2022-2   D       BBB+ (sf)(ii)       9.25             16.00
  2022-2   E       BB- (sf)(ii)        2.70              5.30

  2022-3   A2      AAA (sf)           34.05             52.97
  2022-3   A3      AAA (sf)           34.05             52.97
  2022-3   B       AA (sf)            27.00             42.62
  2022-3   C       A (sf)             16.20             26.77
  2022-3   D       BBB (sf)            9.20             16.50
  2022-3   E       BB- (sf)(ii)        2.40              6.52

  2022-4   A2      AAA (sf)           37.70             51.70
  2022-4   A3      AAA (sf)           37.70             51.70
  2022-4   B       AA (sf)            31.00             42.84
  2022-4   C       A (sf)             20.10             28.43
  2022-4   D       BBB (sf)           14.00             20.36
  2022-4   E       BB- (sf)(ii)        5.50              9.12

  (i)As of the October 2023 distribution date.
  (ii)Being placed on CreditWatch with negative implications.
  CE--Credit enhancement.


S&P will continue to monitor these transactions and plan to resolve
each CreditWatch as soon as practicable after it has gathered
sufficient data to more accurately project future losses, develop a
loss-timing forecast, and conduct cash flow analysis.


  RATINGS PLACED ON CREDIT WATCH NEGATIVE

  Flagship Credit Auto Trust

                             Rating
  Series    Class    To                     From

  2021-3    E        BB (sf)/Watch Neg      BB (sf)
  2021-4    C        AA (sf)/Watch Neg      AA (sf)
  2021-4    D        A- (sf)/Watch Neg      A- (sf)
  2021-4    E        BB (sf)/Watch Neg      BB (sf)
  2022-1    D        BBB+ (sf)/Watch Neg    BBB+ (sf)
  2022-1    E        BB (sf)/Watch Neg      BB (sf)
  2022-2    C        AA- (sf)/Watch Neg     AA- (sf)
  2022-2    D        BBB+ (sf)/Watch Neg    BBB+ (sf)
  2022-2    E        BB- (sf)/Watch Neg     BB- (sf)
  2022-3    E        BB- (sf)/Watch Neg     BB- (sf)
  2022-4    E        BB- (sf)/Watch Neg     BB- (sf)



FS COMMERCIAL 2023-4SZN: DBRS Gives Prov. B Rating on HRR Certs
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2023-4SZN to be issued by FS Commercial Mortgage Trust 2023-4SZN
(FS 2023-4SZN):

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

All trends are Stable.

The FS 2023-4SZN transaction is secured by the borrower's
fee-simple interests in The Four Seasons Palm Beach and The Four
Seasons Surf Club properties, encompassing 309 keys. The two luxury
hotel and resort properties are well located on the eastern
seaboard of South Florida and offer direct frontage on the Atlantic
Ocean. The hotels are the epitome of luxury and considered to be
among the top hotels in Florida as well as the country. DBRS
Morningstar has a positive view of the portfolio considering the
excellent quality of the collateral, prime beachfront location of
the portfolio, and the commitment and experience of the Sponsor
within the Southern Florida market.

The 207-key Four Seasons Palm Beach offers 500 feet of direct ocean
frontage, presenting sweeping views of the Atlantic Ocean. The
hotel offers exceptional accommodations as well as luxurious
amenities, such as two outdoor resort-style swimming pools,
beachfront cabanas on Palm Beach, a full-service spa and salon with
11 treatment rooms, and a fitness center. Mauro Colagreco,
world-renowned chef, operates Florie's, one of the F&B outlets at
the property. In 2019, the Sponsor completed an intensive $74
million capital improvement project that included the renovation of
all 207 rooms and suites, new landscape architecture, the
re-conception of the F&B outlets, and renovation of the pool deck.
As of 2023, the Sponsor completed an additional $6.3 million
capital improvement plan to refresh the ballrooms and meeting
spaces. Given the exceptional caliber of the asset, the Four
Seasons Palm Beach has been acknowledged as a AAA Five Diamond
Hotel since 2009 and a Forbes Travel Guide Five Star award winner
for more than 40 consecutive years. DBRS Morningstar contends that
the significant capital invested in the property with continued
near-term investment will maintain the asset's position as a luxury
destination and its status as a competitive leader within the Palm
Beach market.

The Four Seasons Surf Club is an iconic luxury hotel and resort
that provides 815 feet of direct ocean frontage. The luxury resort
features 102 keys—77 guestrooms and 25 condominiums owned by
third parties. The 25 condominium keys are managed by the Sponsor
with a revenue-sharing program. The original Surf Club was
established as a private social club for celebrities and socialites
in the early 1930s, and the Sponsor developed the adjacent property
as the Four Seasons Surf Club in 2017. The property presents guests
with luxurious accommodations as all 102 keys offer impressive
ocean views. Amenities include three outdoor resort-style swimming
pools, beachfront cabanas, beachfront lawns and gardens, a
full-service spa with six treatment rooms, and a fitness center.
F&B outlets at the property include Lido Restaurant and Terrace,
Winston's on the Beach, the Champagne Bar, and the Surf Club
Restaurant, which is led by world-renowned Michelin star chef,
Thomas Keller. F&B revenue accounts for 32.9% of DBRS Morningstar's
revenue assumption of the collateral, highlighting the resort's
popularity with non-guests to dine and visit. Ranked as the top
hotel in the world and the number one hotel in Florida by Condé
Nast Traveler, the collateral is also an AAA Five Diamond Hotel and
a Forbes Travel Guide Five Star award winner. DBRS Morningstar has
a favorable outlook on the asset considering its recent build,
historical reputation, and excellent property quality.

The portfolio's local markets benefit from its strong base in
tourism, proximity to the Atlantic Ocean, and access to Miami. The
collateral attracts visitors from around the world as a result of
the excellent amenities and accommodation, and reputation as two of
the most luxurious hotels and resorts in the U.S. Local
demographics are generally favorable and show an affluent
community. There is limited competition and currently no new
construction or development of similar products in the area. DBRS
Morningstar believes that the portfolio will remain a leader in the
luxury hotel and resort market within Miami and the U.S.

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

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations (for example, Yield Maintenance Premiums or Default
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.


FS RIALTO 2022-FL4: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by FS Rialto 2022-FL4 Issuer, LLC (the Issuer) as follows:

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

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 mortgage loans
and participation interests in mortgage loans secured by 36 mostly
transitional properties with a cut-off balance totaling $1.1
billion. 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 25 loans
secured by 35 properties with a cumulative trust balance of $1.1
billion. Since issuance, two loans with a prior cumulative trust
balance of $133.1 million have been successfully repaid in full
from the pool. In addition, three loans totaling $102.0 million
have been added into the pool since issuance.

The transaction is managed with a two-year Reinvestment Period,
whereby the Issuer can purchase new loans and funded loan
participations into the trust. The Reinvestment Period is scheduled
to end with the April 2024 Payment Date. As of September 2023, the
Reinvestment Account had a balance of $1.1 million.

The transaction is concentrated by property type as 17 loans,
representing 72.8% of the current trust balance, are secured by
multifamily properties; three loans, representing 13.9% of the
current trust balance, are secured by hotel properties; and three
loans, representing 8.3% of the current trust balance, are secured
by office properties. The pool is primarily secured by properties
in suburban markets, with 17 loans, representing 62.3% of the pool,
with a DBRS Morningstar Market Rank of 3, 4, or 5. An additional
seven loans, representing 33.6% of the pool, are secured by
properties in urban markets, with a DBRS Morningstar Market Rank of
6, 7, or 8, while one loan, representing 4.0% of the pool, is
secured by a property with a DBRS Morningstar Market Rank of 2,
denoting a tertiary market. In comparison, at closing, properties
in suburban markets represented 57.7% of the collateral, properties
in urban markets represented 39.3% of the collateral, and
properties in tertiary markets represented 3.0% of the collateral.

Leverage across the pool was generally stable 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
60.8%, with a current WA stabilized LTV of 61.5%. In comparison,
these figures were 65.6% and 60.1%, respectively, at issuance. DBRS
Morningstar recognizes that select property values may be inflated
as the majority of the individual property appraisals were
completed in 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 five loans, representing 13.1% of the current trust
balance.

Through September 2023, the lender had advanced cumulative loan
future funding of $70.8 million to 17 of the 19 outstanding
individual borrowers to aid in property stabilization efforts. The
largest advance has been made to the borrower of the Nob Hill
Apartments ($17.7 million) loan, which is secured by a 1,326-unit
garden-style multifamily complex in Houston. The borrower's
business plan is to complete a significant capital expenditure
(capex) project totaling $23.9 million, of which $9.1 million is
being allocated toward unit renovations, $1.4 million is allocated
toward deferred maintenance, and $10.7 million is allocated toward
exterior renovations. The sponsor appears to be progressing with
the capex plan as the project was 74.0% funded as of September
2023. According to the June 2023 rent roll, the property was 82.9%
occupied with an average rental rate of $940 per unit. Since
January 2023, the sponsor is achieving monthly rental premiums of
$125 per unit on leases across the renovated units.

An additional $96.1 million of future loan funding allocated to 18
of the outstanding individual borrowers remains available. The
largest portion of available funds ($15.2 million) is allocated to
the borrower of the Buckhead Centre loan, which is secured by a
Class B office building totaling 168,856 square feet (sf) in
Atlanta. The sponsor's business plan is to complete a $16.0 million
capex plan to improve the property's quality and convert the
building into boutique Class A office product. The property's
occupancy rate slightly decreased to 64.8% as of June 2023 from
66.9% as of January 2023 after a ground-level restaurant totaling
8,283 sf vacated in May 2023.

As of the September 2023 remittance, one loan, representing 3.4% of
the current trust balance, was in special servicing. The loan,
Pacific Building, transferred to special servicing in July 2023 for
payment default. The loan is secured by a 23-story, Class B office
building in downtown Seattle. The sponsor's business plan was to
increase the property's occupancy rate and rental rates to market
levels by using loan future funding dollars to complete a $2.3
million capex plan throughout the property and using up to $7.4
million for leasing costs to offer competitive leasing packages to
prospective tenants. According to the collateral manager, the
loan's $9.6 million future funding remains unfunded to date as the
sponsor has paused any capex work while exploring a potential sale
of the property. As of the March 2023 rent roll, the property was
41.9% occupied, down from 48.2% at issuance. At issuance, the
property was appraised for $69.0 million on an as-is basis,
resulting in an LTV of 52.9%. Given the outstanding default, DBRS
Morningstar analyzed the loan with a stressed scenario, which
resulted in an expected loss in excess of the pool average.

There are 10 loans on the servicer's watchlist, representing 32.8%
of the current trust balance. The loans have primarily been flagged
for below-breakeven debt service coverage ratios, low occupancy
rates, and deferred maintenance issues. All loans on the servicer's
watchlist remain current, with performance declines expected to be
temporary as the majority of borrowers are in the midst of
completing planned capex programs as part of the respective
business plans.

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


FS RIALTO 2022-FL6: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of notes
issued by FS Rialto 2022-FL6 Issuer, LLC (FS RIAL 2022-FL6) as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations.

The transaction closed in August 2022 with a cut-off pool balance
totalling $750.0 million, excluding approximately $175.4 million of
future funding commitments and $1.3 billion of pari passu debt. At
issuance, the pool consisted of 24 floating-rate mortgage loans
secured by 58 mostly transitional properties. Two loans (NYC
Multifamily Portfolio and NYC Midtown West Multifamily Portfolio)
are cross-collateralized loans but are treated as a single loan in
DBRS Morningstar's analysis, resulting in a modified loan count of
23. All figures noted below reflect this modified loan count. As of
September 2023, the pool's composition remains unchanged. No loans
have been fully repaid, nor have any been added to the trust since
issuance.

The transaction is a managed vehicle, structured with a 24-month
reinvestment period, that is scheduled to end with the August 2024
payment date. During this period, the issuer may acquire
reinvestment collateral interests, which may include funded
companion participations, subject to the eligibility criteria and
acquisition criteria as defined at closing. As of the September
2023 remittance, there are no funds in the reinvestment account.
The loans are mostly secured by cash-flowing assets, many of which
are in a period of transition with plans to stabilize and improve
underlying asset value.

In general, borrowers are making progress toward completing their
stated business plans at loan closing. Through September 2023, the
collateral manager had advanced cumulative loan future funding of
$64.4 million to 14 of the outstanding individual borrowers. The
two loans with the largest future funding advances to date are the
NYC Multifamily Portfolio loan ($17.2 million) and Nob Hill
Apartments loan ($17.7 million). These loans are secured by
multifamily properties in New York and Houston, with the borrowers
using future funding advances to renovate and upgrade unit
interiors and tenant amenities as well as upgrade exterior items
across the respective properties. An additional $119.3 million of
loan future funding allocated to 16 individual borrowers remains
outstanding. The largest individual allocation of unadvanced future
funding, $25.7 million, is to the borrower of the Ashcroft
Portfolio loan. The Ashcroft Portfolio consists of five multifamily
properties totalling 1,688 units throughout Georgia and Texas. At
issuance, the borrower's business plan contemplated a $30.9 million
capital improvement plan to renovate 100.0% of unit interiors and
exteriors to achieve both average renovation premiums above current
market rents and a stabilized occupancy rate of 95.0%. As of
September 2023, 604 units have been renovated with another 71 units
currently undergoing renovations. The borrower noted that completed
units are achieving average rent premiums that are relatively
in-line with expectations.

The pool is concentrated by multifamily properties as 18 loans,
representing 82.4% of the current trust balance, are secured by
traditional multifamily assets. The remaining property type
concentrations are relatively granular with two loans, representing
9.3% of the current pool balance secured by industrial assets; one
loan, representing 4.5% of the current pool balance secured by a
lodging property; and the remaining two loans, representing 3.8% of
the current pool balance, secured by office assets. The pool is
composed of properties located primarily in suburban markets, i.e.,
those identified with a DBRS Morningstar Market Rank of 3, 4, and
5. As of September 2023, these includes 18 loans, representing
68.9% of the current trust balance. The transaction is also
concentrated by loan size, as the 10 largest loans represent 56.1%
of the pool. According to the September 2023 reporting, the
weighted-average (WA) as-is appraised loan-to-value ratio (LTV) was
69.89% and the WA stabilized appraised LTV was 63.3%. This compares
with 69.7% and 63.0%, respectively, at closing.

As of the September 2023 reporting, there are no delinquent or
specially serviced loans; however, nine loans, representing 40.3%
of the current pool balance, are on the servicer's watchlist. The
majority of these loans were added to the servicer's watchlist
between June and August 2023 as a result of declining debt service
coverage ratios, primarily related to increases in debt service
obligations on the floating-rate loans. Three loans have been
modified, the largest of which, 2704 CDMX Apartments, was modified
to allow the property to enter a Public Facility Corporation
program, an economic tool designed to promote the development of
mixed-income housing in Texas. The two other loans, Nob Hill and La
Mirada, were modified to allow the borrowers the ability to
purchase shorter term interest-rate cap agreements. To date, there
have not been any payment-related loan modifications.

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


GALAXY 32: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to Galaxy 32 CLO
Ltd./Galaxy 32 CLO LLC's floating-rate debt.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Galaxy 32 CLO Ltd./Galaxy 32 CLO LLC

  Class A Loans, $150.00 million: AAA (sf)
  Class A Notes, $102.00 million: AAA (sf)
  Class B notes, $52.00 million: AA (sf)
  Class C notes (deferrable), $24.00 million: A (sf)
  Class D notes (deferrable), $23.60 million: BBB- (sf)
  Class E notes (deferrable), $12.40 million: BB- (sf)
  A subordinated notes, $40.60 million: Not rated
  B subordinated notes, $0.10 million: Not rated



GENERATE CLO 3: Moody's Upgrades Rating on $9.945MM F Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Generate CLO 3 Ltd.:

US$35,750,000 Class C-R Deferrable Floating Rate Notes due 2029
(the "Class C-R Notes"), Upgraded to Aa1 (sf); previously on
September 30, 2021 Upgraded to A1 (sf)

US$39,650,000 Class D-R Deferrable Floating Rate Notes due 2029
(the "Class D-R Notes"), Upgraded to Baa1 (sf); previously on
August 23, 2017 Assigned Baa3 (sf)

US$31,655,000 Class E-R Deferrable Floating Rate Notes due 2029
(the "Class E-R Notes"), Upgraded to Ba2 (sf); previously on August
23, 2017 Assigned Ba3 (sf)

US$9,945,000 Class F Deferrable Floating Rate Notes due 2029 (the
"Class F Notes"), Upgraded to B2 (sf); previously on August 23,
2017 Assigned B3 (sf)

Generate CLO 3 Ltd., originally issued in June 2016 and refinanced
in August 2017, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in October 2021.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since October 2022. The Class
A-R notes have been paid down by approximately 42.2% or $172.2
million since October 2022. Based on the trustee's October 2023
report [1], the OC ratios for the Class A/B, Class C, Class D,
Class E notes, and Interest Diversion Test representing the OC
ratio for the Class F notes are reported at 143.98%, 130.66%,
118.51%, 110.32%, and 107.97%, respectively, versus October 2022
[2] reported levels of 132.22%, 122.99%, 114.16%, 107.97%, and
106.16%, respectively. Moody's notes that the October 2023
trustee-reported OC ratios do not reflect the October 2023 payment
distribution, when approximately $46.4 million of principal
proceeds were used to pay down the Class A-R Notes.

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

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

Performing par and principal proceeds balance: $457,248,722

Defaulted par: $2,750,968

Diversity Score: 68

Weighted Average Rating Factor (WARF): 2770

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.28%

Weighted Average Coupon (WAC): 7.5%

Weighted Average Recovery Rate (WARR): 47.78%

Weighted Average Life (WAL): 3.0 years

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

Methodology Used for the Rating Action:

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

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

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


GLS AUTO 2023-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GLS Auto
Receivables Issuer Trust 2023-4's automobile receivables-backed
notes.

The note issuance is an ABS securitization backed by subprime auto
loan receivables.

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

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

-- The availability of approximately 56.24%, 47.61%, 37.10%,
27.69%, and 22.54% of credit support (hard credit enhancement and
haircut to excess spread) for the class A (classes A-1, A-2, and
A-3, collectively), B, C, D, and E notes, respectively, based on
stressed cash flow scenarios (including excess spread). These
credit support levels provide at least 3.20x, 2.70x, 2.10x, 1.55x,
and 1.27x S&P's 17.50% expected cumulative net loss (ECNL) for the
class A, B, C, D, and E notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.60x 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 series' subprime
automobile loans, including the representation in the transaction
documents that all contracts in the pool have made at least one
payment, 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 UMB Bank N.A., which do not
constrain the preliminary ratings.

-- S&P's operational risk assessment of Global Lending Services
LLC, as servicer, and its view of the company's underwriting and
backup servicing arrangement with UMB Bank N.A.

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors that are in
line with our sector benchmark.

-- The transaction's payment and legal structures.

S&P's ECNL for GCAR 2023-4 is 17.50%, which is unchanged from GCAR
2023-3. It reflects:

-- GCAR's more recent outstanding series, particularly series
2021-3 through 2023-1, which are showing signs of performance
deterioration with higher losses and delinquencies, and lower
recovery rates compared with the more seasoned transactions;

-- S&P's view that the GCAR 2023-4 collateral characteristics are
comparable to those of GCAR 2023-3; and

-- S&P's forward-looking view of the auto finance sector,
including its outlook for a shallower and more attenuated economic
slowdown in 2023 and lower recovery rates.

  Preliminary Ratings Assigned

  GLS Auto Receivables Issuer Trust 2023-4

  Class A-1, $58.50 million: A-1+ (sf)
  Class A-2, $126.00 million: AAA (sf)
  Class A-3, $41.50 million: AAA (sf)
  Class B, $68.99 million: AA (sf)
  Class C, $63.80 million: A (sf)
  Class D, $65.03 million: BBB- (sf)
  Class E, $45.25 million: BB- (sf)



GS MORTGAGE 2017-GS5: Fitch Affirms CC Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of GS Mortgage Securities
Trust, commercial mortgage-pass-through certificates, series
2017-GS5 (GSMS 2017-GS5). Additionally, the Rating Outlooks for
classes B, C and D and their respective interest-only classes X-B,
X-C, and X-D remain Negative. The Under Criteria Observation (UCO)
has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
GS Mortgage
Securities Trust
2017-GS5

   A-3 36252HAC5    LT AAAsf  Affirmed   AAAsf
   A-4 36252HAD3    LT AAAsf  Affirmed   AAAsf
   A-AB 36252HAE1   LT AAAsf  Affirmed   AAAsf
   A-S 36252HAH4    LT AAAsf  Affirmed   AAAsf
   B 36252HAJ0      LT AA-sf  Affirmed   AA-sf
   C 36252HAK7      LT A-sf   Affirmed   A-sf
   D 36252HAL5      LT BBsf   Affirmed   BBsf
   E 36252HAQ4      LT CCCsf  Affirmed   CCCsf
   F 36252HAS0      LT CCsf   Affirmed   CCsf
   X-A 36252HAF8    LT AAAsf  Affirmed   AAAsf
   X-B 36252HAG6    LT AA-sf  Affirmed   AA-sf
   X-C 36252HAY7    LT A-sf   Affirmed   A-sf
   X-D 36252HAN1    LT BBsf   Affirmed   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 affirmations reflect the updated criteria and overall pool
performance relatively stable since the prior rating action. The
Negative Outlooks on classes B, C, D, X-B, X-C, and X-D reflect the
potential for downgrades should performance of Fitch Loans of
Concerns (FLOCs) and loans in special servicing deteriorate
further, namely Writer's Square (6.2% of the pool), Simon Premium
Outlets (3.1%) and 604 Mission Street (1.7%). Fitch's current
ratings incorporate a 'Bsf' ratings case loss of 5.2%. Fitch
identified five loans (24.3%) as FLOCs, which includes two loans
(7.9%) in special servicing.

Largest Contributors to Loss Expectations: The largest contributor
to loss is the Writers Square loan (6.2% of the pool) which is
secured by a 180,705-sf mixed-use office/retail building located in
Denver, CO and is sponsored by The Kroenke Group. The loan
transferred to special servicing for imminent monetary default in
December 2021 at the borrower's request. A Profit and Loss (PNL)was
executed in October 2022, and the special servicing is assessing
resolution options. The largest remaining tenants include Blue Moon
Digital (17.2% of NRA), Cresa Global (5.0%) and Overland Sheepskin
(3.7%).

Occupancy has continued to decline to 57% as of June 2023 from 68%
at June 2022, 75% at September 2021, 77% at YE 2020, and 81% at YE
2019. The NOI DSCR has remained slightly lower than a 1.00x since
YE 2020. Per the June 2023 rent roll, upcoming rollover includes
8.1% of the NRA in 2023 and 19.4% of the NRA in 2024. According to
CoStar, the LoDo Office submarket of the Denver MSA has a vacancy
rate of 15.6% with a higher availability rate of 23.9%.

Fitch's 'Bsf' rating case loss of 32.8% (prior to concentration
add-ons) reflects a 10% cap rate and a 20% stress to the YE 2019
NOI to account for sustained performance declines.

The Simon Premium Outlets loan (3.1%) is secured by a portfolio of
two outlet malls which include a 289,667-sf mall located in
Queenstown, MD and a 148,229-sf mall located in Pismo Beach, CA.
Portfolio occupancy remains lower at 73.9% as of June 2023 from
74.7% at March 2022, 76.5% at March 2021 and pre-pandemic levels of
87.9% at YE 2019. The amortizing NOI DSCR has declined to 1.90x as
of YE 2022 from 2.73x at YE 2021, 2.93x at YE 2020, 2.13x at YE
2019, and 2.45x at issuance.

The Queenstown mall has substantial near-term rollover with 17.3%
of the NRA expiring in 2023 and an additional 19.3% in 2024.
Rollover at the Pismo Beach mall includes 8.4% of the NRA in 2023
and 19.1% of the NRA in 2024.

Due to the performance declines and upcoming rollover, Fitch's
'Bsf' rating case loss of 28.2% (prior to concentration add-ons) is
based on a 15% cap rate and a 10% stress to the YE 2022 NOI.

604 Mission Street is secured by a 26,794-sf office property
located in San Francisco, CA. The loan transferred to special
servicing in August 2023 due to nonmonetary default resulting from
noncompliance with cash management. The largest remaining tenants
include King Street Labs (19.6% of the NRA, lease expiration in
August 2023), Canopy Labs (9.8%, November 2023), and Codefied
(9.8%, June 2023).

Occupancy has declined to 68.9% as of June 2023 from 75% at YE
2021, 85% at YE 2020 and issuance levels of 90%. Cash flow is
insufficient to cover debt service with NOI DSCR declining to 0.22x
as of YE 2022 from 0.38x at YE 2021, and 0.84x (YE 2020).

Fitch's loss expectations of 25% (prior to concentration add-ons)
is based on a 10% cap rate to a stabilized cash flow and includes
an additional stress to account for upcoming rollover.

Changes to Credit Enhancement: The pool's aggregate balance has
been reduced by 9.3% to $962.9 million from $1.062 billion. There
are 10 loans (4.5% of the pool) that have fully defeased. There are
13 loans (64.9% of the pool) that are full-term interest-only (IO)
and 23 loans (34.1% of the pool) that are currently amortizing.
Interest shortfalls of $160,393 are currently impacting the
non-rated class G and VRR classes.

RATING SENSITIVITIES

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

Downgrades of classes rated in the 'AAAsf' category are not likely
due to sufficient CE and the expected receipt of continued
amortization but could occur if interest shortfalls affect the
class.

Downgrades of the 'AA-sf' and 'A-sf' rated categories may occur
should overall pool loss expectations increase significantly from
further performance deterioration of the FLOCs and/or one or more
larger loans have a substantial outsized loss, which would erode
CE. FLOCs with potential for further deterioration that would drive
potential downgrades include Writer Square, Lafayette Center, Simon
Premium Outlets and 604 Mission Street.

Further downgrades of the 'BBsf' rated classes may occur if
additional loans become FLOCs or if performance of the current
FLOCs deteriorate further and/or additional loans transfer to
special servicing. The 'CCCsf' and 'CCsf' rated classes would be
downgraded as losses are realized and/or become more certain.

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

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

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

Upgrades of the 'CCCsf' and 'CCsf' categories are not likely until
the later years in the transaction and only if the performance of
the remaining pool is stable and/or properties vulnerable to the
coronavirus return to pre-pandemic levels, and there is sufficient
CE to the classes.

ESG CONSIDERATIONS

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


GS MORTGAGE 2023-PJ5: Fitch Assigns 'B-sf' Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned ratings to the residential
mortgage-backed certificates issued by GS Mortgage-Backed
Securities Trust 2023-PJ5 (GSMBS 2023-PJ5).

   Entity/Debt      Rating             Prior
   -----------      ------             -----
GSMBS 2023-PJ5

   A-1          LT AA+sf  New Rating   AA+(EXP)sf
   A-1-X        LT AA+sf  New Rating   AA+(EXP)sf
   A-10         LT AAAsf  New Rating   AAA(EXP)sf
   A-11         LT AAAsf  New Rating   AAA(EXP)sf
   A-11-X       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-13-X       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-15-X       LT AAAsf  New Rating   AAA(EXP)sf
   A-16         LT AAAsf  New Rating   AAA(EXP)sf
   A-16L        LT WDsf   Withdrawn    AAA(EXP)sf
   A-17         LT AAAsf  New Rating   AAA(EXP)sf
   A-17-X       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-19-X       LT AAAsf  New Rating   AAA(EXP)sf
   A-2          LT AA+sf  New Rating   AA+(EXP)sf
   A-20         LT AAAsf  New Rating   AAA(EXP)sf
   A-21         LT AAAsf  New Rating   AAA(EXP)sf
   A-21-X       LT AAAsf  New Rating   AAA(EXP)sf
   A-22         LT AAAsf  New Rating   AAA(EXP)sf
   A-22L        LT WDsf   Withdrawn    AAA(EXP)sf
   A-23         LT AA+sf  New Rating   AA+(EXP)sf
   A-23-X       LT AA+sf  New Rating   AA+(EXP)sf
   A-24         LT AA+sf  New Rating   AA+(EXP)sf
   A-3          LT AAAsf  New Rating   AAA(EXP)sf
   A-3-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-3A         LT AAAsf  New Rating   AAA(EXP)sf
   A-3L         LT WDsf   Withdrawn    AAA(EXP)sf
   A-4          LT AAAsf  New Rating   AAA(EXP)sf
   A-4A         LT AAAsf  New Rating   AAA(EXP)sf
   A-4L         LT WDsf   Withdrawn    AAA(EXP)sf
   A-5          LT AAAsf  New Rating   AAA(EXP)sf
   A-5X         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-7-X        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-9-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-X          LT AA+sf  New Rating   AA+(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 BB-sf  New Rating   BB-(EXP)sf
   B-5          LT B-sf   New Rating   B-(EXP)sf
   B-6          LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 268 prime loans with a total balance of
approximately $328 million as of the cutoff date.

Classes A-3L, A-4L, A-16L and A-22L are no longer being offered and
the previously assigned expected ratings are being withdrawn.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% since last quarter).
Housing affordability is the worst it has been in decades driven by
both high interest rates and elevated home prices. Home prices have
increased 0.9% yoy nationally as of July 2023 despite modest
regional declines, but are still being supported by limited
inventory.

High-Quality Mortgage Pool (Positive): The collateral consists of
30-year, fixed-rate mortgage (FRM) fully amortizing loans seasoned
at approximately six months in aggregate (calculated as the
difference between the cut-off date and origination date). The
average loan balance is $1,224,499. The collateral comprises
primarily prime-jumbo loans and 32 agency conforming loans.
Borrowers in this pool have strong credit profiles (a 761 model
FICO) but lower than what Fitch has observed for earlier vintage
prime-jumbo securitizations.

The sustainable loan to value ratio (sLTV) is 77.6% and the
mark-to-market (MTM) combined LTV ratio (CLTV) is 71.8%. Fitch
treated 100% of the loans as full documentation collateral, and all
the loans are qualified mortgages (QMs). Of the pool, 83.5% are
loans for which the borrower maintains a primary residence, while
16.5% are for second homes. Additionally, 53.6% of the loans were
originated through a retail channel or a correspondent's retail
channel.

Loan Concentration (Negative): Fitch adjusted the expected losses
due to concentration concerns due to small loan counts. Fitch
increased the losses at the 'AAAsf' level by 123 bps, due to the
low loan count. The loan count is 268, with a weighted average
number (WAN) of 213. As a loan pool becomes more concentrated,
there is a greater risk the pool will exhibit default
characteristics.

Shifting-Interest Deal Structure (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 deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

Due to the leakage to the subordinate bonds, the shifting-interest
structure requires more CE. While there is only minimal leakage to
the subordinate bonds early in the life of the transaction, the
structure is more vulnerable to defaults occurring at a later stage
compared with a sequential or modified-sequential structure.

To help mitigate tail risk, which arises as the pool seasons and
fewer loans are outstanding, a subordination floor of 3.30% of the
original balance will be maintained for the senior notes, and a
subordination floor of 2.30% of the original balance will be
maintained for the subordinate notes.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model projected 39.5% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC. The third-party due diligence described in Form
15E focused on a review of credit, regulatory compliance and
property valuation for each loan and is consistent with Fitch
criteria for RMBS loans. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment(s)
to its analysis: a 5% reduction to each loan's probability of
default. This adjustment resulted in a 33bps reduction to the
'AAAsf' expected loss.

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.


GSF 2023-1: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Certs
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Ratings Outlooks to
GSF 2023-1, Mortgage Pass-Through Certificates as follows:

- $29,056,000 class A-1 'AAA(EXP)sf'; Outlook Stable;

- $58,120,000 class A-2 'AAA(EXP)sf'; Outlook Stable;

- $3,891,000 class A-S 'AAA(EXP)sf'; Outlook Stable;

- $17,381,000 class B 'AA-(EXP)sf'; Outlook Stable;

- $19,339,000 class C 'A-(EXP)sf'; Outlook Stable;

- $26,194,000 class D 'BBB-(EXP)sf'; Outlook Stable;

- $16,157,000 class E 'BB-(EXP)sf'; Outlook Stable;

- $127,787,000 class X 'A-(EXP)sf'; Outlook Stable.

The following classes are not rated by Fitch:

- $25,707,000 class F.

The ratings are based on information provided by the issuer as of
Oct. 30, 2023.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are expected to be 10 loans secured
by 11 commercial properties with an aggregate principal balance of
$195,845,000 as of the cutoff date. The primary and special
servicer is expected to be KeyBank, National Association. The
Trustee and backup advancing agent is expected to be US Bank
Trust.

KEY RATING DRIVERS

Highly concentrated by Loan Count. The pool is relatively small
from a loan count perspective, 10 loans, and has a higher pool
concentration compared to recent CLO transactions. The top 5 loans
account for 71.67% of the pool. The top 10 loan percentage for deal
comps were as follows: BSPRT 2023-FL10 accounted for 64.2% of pool
size.

Higher interest rates compared to recent CLO Transactions. The
transaction's weighted average note rate is 8.41%, higher than the
BSPRT 2023-FL10 WA note rate of 8.29%.

Additionally, the pool is comprised of fixed-rate, five-year term
loans. the pool's term debt service coverage ratio (DSCR) is 1.10x,
higher than the BSPRT 2023-FL10 term DSCR of 0.86x. The pool's term
DSCR is lower than BMO 2023-5C2 term DSCR of 1.29x, a five-year
fixed rate conduit transaction.

Leverage compared to recent CLO transactions. The pool's Fitch
LTV-SR is 98.5%, which is lower than BSPRT 2023-FL10's LTV-SR of
152.6%.

Additionally, the pool's Fitch DY-Sr is 10.0%, BSPRT 2023-FL10's
Fitch DY-Sr of 6.7%.

GSF 2023-1 has an effective property type count of 2.15, which is
in-line with recent CLO transactions. BSPRT 2023-FL10 has an
effective property type count of 2.1.

The delayed-close loans may not close into the transaction. The
transaction has the unique feature of loans funding directly into
the transaction structure. If a loan shown by the issuer does not
close, it will not be placed into the transaction. GSF 2023-1 has a
weighted average (WA) Qualitative Risk Score (QRS) of 3.86, higher
than the BSPRT 2023-FL10 WA QRS of 3.00.

When the loans close into the transaction, Fitch will re-examine
the closed loans and re-perform analysis with full information.

Actual loans may be of lower quality. The transaction has the
unique feature of loans funding directly into the transaction
structure. When proposed loans are shown to Fitch, they have not
yet fully completed the origination/underwriting process. As such,
the WA Fitch Cap rate of 9.44% is higher than comparable CRE-CLO
transactions. BSPRT 2023-FL10 has WA Fitch cap rate of 9.02.

When the loans close into the transaction, Fitch will re-examine
the closed loans and re-analyze with finalized information.

RATING SENSITIVITIES

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

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

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

- 10% Decline to Fitch NCF: 'AAAsf' / 'Asf' / 'BBBsf' / 'BBsf' /
'B-sf'.

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

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

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

- 10% Increase to Fitch NCF: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'.

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

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

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.


H.I.G. RCP 2023-FL1: DBRS Gives Prov. B(low) Rating on G Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of notes (the Notes) to be issued by H.I.G. RCP 2023-FL1
LLC (the Issuer):

-- 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 initial collateral pool consists of 16 floating-rate mortgage
loans secured by 35 mostly transitional properties with a cut-off
date balance of approximately $672.6 million. The loans have an
approximate aggregate $645.6 million of funded companion
participation, $80.8 million in future funding, and $30.9 million
in junior participations. Of these junior participations,
approximately $29.9 million has been funded with approximately $1.0
million in future funding.

The transaction will consist of a fully identified static pool of
assets with no ability to add unidentified assets after the closing
date other than the limited right to acquire related pari passu
debt. The Issuer may use permitted proceeds to acquire Eligible
Companion Participations, subject to the Eligible Companion
Participation Acquisition Criteria being met, including a
no-downgrade rating agency confirmation (RAC) by DBRS Morningstar
for all funded companion participations. This can be done from the
closing date up to the payment date in October 2025. The holder of
the future funding companion participations, which will be an
affiliate of H.I.G. Realty, has full responsibility to fund the
future funding companion participations. The transaction will have
a sequential-pay structure.

The loans are mostly secured by cash flowing assets, many of which
are in a period of transition with plans to stabilize and improve
the asset value. In total, nine loans, or 53.4% of the initial pool
balance, have remaining future funding participations totaling
approximately $80.8 million. All loans have closed with origination
dates ranging from October 27, 2020 (Vancouver Tech Center) to
August 25, 2023 (Kauai Beach Resort). There are seven loans,
representing 41.8% of the initial pool balance, with maturity dates
within the next 18 months. This includes two loans, or
approximately 10.9% of the initial pool balance, that are less than
a year away from their initial maturity dates.

Seven of the 16 loans in the pool, or 44.4%, are secured by
multifamily properties. Generally, multifamily properties benefit
from lower expense ratios and staggered lease rollover compared
with other property types. While revenue is quick to decline in a
downturn because of the short-term nature of the leases, it is also
quick to recover when the market improves. The pool also benefits
from good property quality scores and MSA Group designations. Two
loans, comprising 14.5% of the initial pool balance, are secured by
properties DBRS Morningstar deemed Above Average in quality; seven
loans, representing 43.8% of the initial pool balance were deemed
Average + in quality. The remaining loans were deemed Average
quality. Eight loans, representing 54.3% of the pool balance, have
collateral in the DBRS Morningstar MSA Group 3, which is the
best-performing group in terms of historical CMBS default rates
among the top 25 MSAs.

DBRS Morningstar analyzed the transitional loans to a stabilized
cash flow that is, in most instances, above the in-place cash flow.
It is possible that the sponsor will not successfully execute its
business plan and that the higher stabilized cash flow will not
materialize during the loan term. The sponsor's failure to execute
the business plans could result in a term default or the inability
to refinance the fully funded loan balance. DBRS Morningstar
sampled all of the loans in the pool except for one, representing
95.2% of the initial pool balance. Additionally, DBRS Morningstar
conducted site inspections for 10 of the 16 loans in the pool,
representing 68.5% of the initial pool balance.

This transaction is H.I.G. Capital's inaugural capital markets
financing transaction and is expected to be the first in a series
of floating Rate CRE CLO issuances for the sponsor. A
majority-owned affiliate of H.I.G. Realty Credit Investments, LLC
will retain the most subordinate Class F, Class G, and Class H
notes, which represent 14.0% of the total principal balance.
Affiliates of the seller will also retain on the closing date 100%
of the junior Companion Participations, which have an aggregate
cut-off date principal balance of $29.9 million and a maximum
principal balance of approximately $30.9 million.

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


JP MORGAN 2023-9: Fitch Assigns Final B-sf Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-9 (JPMMT 2023-9).

   Entity/Debt      Rating             Prior
   -----------      ------             -----
JPMMT 2023-9

   A-2          LT AAAsf  New Rating   AAA(EXP)sf
   A-3          LT AAAsf  New Rating   AAA(EXP)sf
   A-3-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-4          LT AAAsf  New Rating   AAA(EXP)sf
   A-4-A        LT AAAsf  New Rating   AAA(EXP)sf
   A-4-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-5          LT AAAsf  New Rating   AAA(EXP)sf
   A-5-A        LT AAAsf  New Rating   AAA(EXP)sf
   A-5-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-6          LT AA+sf  New Rating   AA+(EXP)sf
   A-6-A        LT AA+sf  New Rating   AA+(EXP)sf
   A-6-X        LT AA+sf  New Rating   AA+(EXP)sf
   A-X-1        LT AA+sf  New Rating   AA+(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 BB-sf  New Rating   BB-(EXP)sf
   B-5          LT B-sf   New Rating   B-(EXP)sf
   B-6          LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-9 (JPMMT
2023-9) as indicated above. The certificates are supported by 479
loans with a total balance of approximately $468.55 million as of
the cutoff date. The pool consists of prime-quality fixed-rate
mortgages from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (60.9%) with the remaining 39.1% of the loans
originated by various originators, each contributing less than 10%
to the pool. The loan-level representations and warranties (R&Ws)
are provided by the various originators, as well as MAXEX and
Redwood (the aggregators).

NewRez LLC (fka New Penn Financial, LLC), dba Shellpoint Mortgage
Servicing (Shellpoint), will act as interim servicer for
approximately 29.1% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
Dec. 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase).

Since Chase will service these loans after the transfer date, Fitch
performed its analysis assuming Chase is the servicer for the
loans. The other servicers in the transaction are United Wholesale
Mortgage, LLC (servicing 60.9% of loans), loanDepot.com, LLC
(6.4%), PennyMac Corp (2.3%) and PennyMac Loan Services, LLC
(1.3%). Nationstar Mortgage LLC (Nationstar) will be the master
servicer.

Most of the loans (99.7%) qualify as safe-harbor qualified mortgage
(SHQM) or SHQM average prime offer rate (APOR); the remaining 0.3%
qualify as QM rebuttable presumption (APOR).

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, it views the home price values of
this pool as 7.1% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% since last quarter). The
rapid gain in home prices through the pandemic has seen signs of
moderating with a decline observed in 3Q22. Following the strong
gains seen in 1H22, home prices decreased 0.2% YOY nationally as of
April 2023.

High-Quality Mortgage Pool (Positive): The pool consists of
high-quality, fixed-rate, fully amortizing prime-quality loans with
maturities of up to 30 years. Most of the loans (99.7%) qualify as
SHQM or SHQM (APOR); the remaining 0.3% qualify as QM rebuttable
presumption (APOR). The loans were made to borrowers with strong
credit profiles, relatively low leverage and large liquid
reserves.

The loans are seasoned at an average of seven months, according to
Fitch (five months, per the transaction documents). The pool has a
WA original FICO score of 762, as determined by Fitch, which is
indicative of very high credit-quality borrowers. Approximately
68.4% of the loans, as determined by Fitch, have a borrower with an
original FICO score equal to or above 750. In addition, the
original WA combined loan-to-value (CLTV) ratio of 75.2%,
translating to a sustainable LTV (sLTV) ratio of 79.4%, represents
moderate borrower equity in the property and reduced default risk
compared to a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans constitute 91.9%
of the pool, while the remaining 8.1% represent conforming loans.
However, in its analysis, Fitch considered HPQM
government-sponsored entity-eligible loans to be nonconforming; as
a result, Fitch viewed the pool as having 92.0% nonconforming loans
and 8.0% conforming loans. All the loans are designated as QM
loans, with 44.7% of the pool originated by a retail and
correspondent channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments (PUDs) and single-family attached dwellings constitute
90.5% of the pool; condominiums and site condos make up 7.3%, and
multifamily homes make up 2.2%. The pool consists of loans with the
following loan purposes, as determined by Fitch: purchases (86.7%),
cashout refinances (10.7%) and rate-term refinances (2.6%). Fitch
views favorably that there are no loans to investment properties,
and a majority of the mortgages are purchases.

A total of 223 loans in the pool are over $1.0 million, and the
largest loan is approximately $2.99 million.

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

Of the pool loans, 29.6% are concentrated in California. The
largest MSA concentration is in the Los Angeles-Long Beach-Santa
Ana, CA MSA (8.4%), followed by the Phoenix-Mesa-Scottsdale, AZ MSA
(7.0%) and the San Diego-Carlsbad-San Marcos, CA MSA (6.8%). The
top three MSAs account for 22% of the pool. As a result, there was
no probability of default (PD) penalty applied for geographic
concentration.

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

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

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

CE Floor (Positive): A CE or senior subordination floor of 2.10%
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 1.20% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 39.6% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC and Clayton. 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
decreased its loss expectations by 0.32% at the 'AAAsf' stress due
to 100% due diligence with no material findings.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

JPMMT 2023-9 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
in JPMMT 2023-9, including strong transaction due diligence, an
'Above Average' aggregator, a large portion of the pool being
originated by an 'Above Average' originator and a large portion of
the pool being serviced by a servicer rated 'RPS1-'. All of these
attributes result in a reduction in expected losses and are
relevant to the ratings in conjunction with other factors.

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

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


KEY COMMERCIAL 2018-S1: DBRS Confirms B Rating on Class F Certs
---------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2018-S1, issued by Key
Commercial Mortgage Trust 2018-S1 as follows:

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

DBRS Morningstar also changed the trends on Classes E and F to
Negative from Stable. All other trends are Stable.

The Negative trends reflect the increased loss expectations for the
sole specially serviced loan, 775 West Jackson Boulevard
(Prospectus ID#25; 2.2% of the pool), as well as the ongoing
concerns related to St. Charles Executive Center (Prospectus ID#11;
5.1% of the pool), both of which are discussed in detail below. In
addition, the capital structure of the transaction is noteworthy as
the junior tranches carry small balances, providing less cushion to
mitigate against any additional loss and/or performance volatility
for the remaining loans in the pool, supporting the Negative trends
on the most at-risk certificates.

The credit rating confirmations reflect the otherwise stable
performance of the remaining loans in the pool, which remain
in-line with DBRS Morningstar's expectations, reflecting healthy
performance metrics as evidenced by the pool's weighted-average
(WA) debt service coverage ratio (DSCR) of nearly 2.00 times (x)
based on the most recent year-end financials available. The pool
also benefits from diversity by property type, with retail and
self-storage properties making up the largest concentrations and
each representing less than 20.0% of the pool balance. Lastly, the
pool benefits from principal paydown as five loans repaid from the
trust since last review. As of the September 2023 remittance, 23 of
the original 31 loans remain in the pool, representing a collateral
reduction of 35.1% since issuance. Two loans are fully defeased,
representing 6.5% of the pool balance. Four loans, representing
22.5% of the pool balance, are on the servicer's watchlist being
monitored for a variety of reasons, including low DSCRs, tenant
rollover risk, and/or deferred maintenance items.

The 775 West Jackson Boulevard loan is secured by a mixed-use
property comprising retail and office space in Chicago's Greektown
neighborhood. The loan transferred to the special servicer in May
2020 for monetary default related to performance decline stemming
from the effects of the Coronavirus Disease (COVID-19) pandemic,
with the borrower's last debt payment made in January 2021. In
December 2020, the borrower declared bankruptcy and was initially
working toward a loan modification; however, the court dismissed
the bankruptcy claim in August 2023 and the special servicer
resumed foreclosure proceedings. The property was most recently
valued at $2.0 million based on the January 2021 appraisal, which
represents a 44.3% decline from the issuance value of $3.5 million.
Since last review, total loan exposure has grown by nearly $0.5
million to $2.7 million as of the September 2023 reporting,
indicating a loan to value ratio above 130% based on total loan
exposure. In its analysis for this review, DBRS Morningstar
liquidated this loan from the trust with an implied loss of nearly
$1.2 million, or a loss severity in excess of 60.0%.

The St. Charles Executive Center loan is secured by two suburban
office properties (one low-rise office and one medical office) in
St. Charles, Illinois, approximately 40 miles west of downtown
Chicago. The loan was added to the watchlist in November 2021 for
low occupancy, resulting in a low DSCR. As of June 2023, the
property was 63.7% occupied with the YE2022 DSCR reported at 0.57x,
which remains relatively unchanged since last year and well below
the DBRS Morningstar DSCR figure of 1.22x derived at issuance.
According to Reis, office properties in the Northwest Suburbs
submarket reported an average vacancy rate of 29.3% as of Q2 2023,
with a future forecast of around 30% for the next five years. Given
the poor operating performance, high vacancy rate, and soft
submarket conditions, the value of the property has likely declined
significantly from issuance. As such, DBRS Morningstar analyzed the
loan with a stressed loan-to-value ratio, resulting in an expected
loss that was nearly four times the pool WA figure.

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


KKR CLO 13: Moody's Hikes Rating on $21MM Class E-R Notes From Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by KKR CLO 13 Ltd.:

US$20,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Upgraded to Aaa (sf);
previously on July 15, 2022 Upgraded to Aa1 (sf)

US$24,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class D-R Notes"), Upgraded to Aa1 (sf);
previously on July 15, 2022 Upgraded to A1 (sf)

US$21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class E-R Notes"), Upgraded to Baa3 (sf);
previously on July 15, 2022 Upgraded to Ba2 (sf)

KKR CLO 13 Ltd., originally issued in December 2015 and refinanced
in March 2018 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in January 2020.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since September 2022. The Class
A-1-R notes have been paid down by approximately 77.1% or 50.8
million since then. Based on the trustee's September 2023 report
[1], the OC ratios for the Class A/B, Class C, Class D and Class E
notes are reported at 207.65%, 165.76%, 133.46% and 114.02%,
respectively, versus September 2022 [2] levels of 173.99%, 148.74%,
126.68% and 112.12%, respectively.   Moody's notes that the
September 2023 trustee-reported OC ratios do not reflect the
October 2023 payment distribution, when $17.1 million of principal
proceeds were used to pay down the Class A-1-R Notes.

The portfolio includes a number of investments in securities that
mature after the notes do. Based on Moody's Calculation, securities
that mature after the notes do currently make up approximately
15.5% of the portfolio. These investments could expose the notes to
market risk in the event of liquidation when the notes mature.

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

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

Performing par and principal proceeds balance: $150,523,372

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2988

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.30%

Weighted Average Coupon (WAC):10.00%

Weighted Average Recovery Rate (WARR): 47.62%

Weighted Average Life (WAL): 2.68 years

Par haircut in OC tests and interest diversion test:  2.17%

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

Methodology Used for the Rating Action

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

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

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


MERCHANTS FLEET 2023-1: DBRS Finalizes BB Rating on Class E Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes (together, the Notes) 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.

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


MF1 2023-FL12 LLC: DBRS Finalizes B(low) Rating on 3 Classes
------------------------------------------------------------
DBRS, Inc. finalized provisional credit ratings to the following
classes of notes (the Notes) to be issued by MF1 2023-FL12 LLC (the
Issuer):

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

All trends are Stable.

The initial collateral consists of 21 floating-rate mortgage loans
secured by 21 transitional multifamily properties, totaling $895.2
million, excluding $129.2 million of future funding commitments and
$369.1 million (27.3% of the total fully funded balance) of pari
passu debt.

Five loans, representing 19.3% of the total trust balance, are
categorized as Delayed Collateral Interests, which are identified
in the data tape and included in the DBRS Morningstar analysis.
Three of the Delayed Collateral Interests, i.e., Metro Edgewater,
Broadstone Axis, and Mossdale Landing, are identified as Delayed
Close Collateral Interests, representing approximately 13.6% of the
initial pool, and having not yet closed. The remaining two of the
Delayed Collateral Interests, i.e., Elements Apartments and 1110 S
Hobart, have been categorized as Delayed CO Collateral Interests,
which have closed, but the borrowers have not yet obtained a
certificate of occupancy for at least 51% of the units at the
related Mortgaged Property.

The Issuer has 45 days postclosing to acquire the Delayed
Collateral Interests into the pool (Delayed Purchase Termination
Date). Delayed CO Collateral Interests will need to have obtained a
temporary or final certificate of occupancy for at least 51% of the
units at the respective property, in order to be brought into the
pool. If a Delayed Close Collateral Interest is not expected to
close or fund prior to the Delayed Purchase Termination Date, the
Issuer may acquire any Delayed Collateral Interests during the
reinvestment period, subject to the Eligibility Criteria and
Acquisition Criteria.

The loans are secured by cash-generating assets, many of which are
in a period of transition with plans to stabilize and improve the
asset value. In total, 15 loans, representing 77.8% of the pool,
have remaining future funding participations totaling $129.2
million, which the Issuer may acquire in the future. DBRS
Morningstar's credit rating on the Notes addresses the credit risk
associated with the identified financial obligations in accordance
with the relevant transaction documents. The associated financial
obligations are listed at the end of this press release.

The managed transaction includes an 18-month reinvestment period.
Reinvestment of principal proceeds during this period is subject to
eligibility criteria, which, among other criteria, includes a
no-downgrade Rating Agency Confirmation (RAC) by DBRS Morningstar
for all new collateral interests and funded companion
participations. The eligibility criteria indicate that future
collateral interests can be secured only by multifamily,
manufactured housing, and student housing property types during the
stated reinvestment period. Additionally, the eligibility criteria
establish minimum debt service coverage ratio, loan-to-value ratio,
and Herfindahl scores. Furthermore, certain events within the
transaction require the Issuer to obtain RAC. DBRS Morningstar will
confirm that a proposed action or failure to act or other specified
event will not, in and of itself, result in the downgrade or
withdrawal of the current credit rating. The Issuer is required to
obtain RAC for acquisitions of all collateral interests.

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 listed at the end of this press release.

DBRS Morningstar's credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations (for example, Default 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 2014-C17: DBRS Cuts Class F Certs Rating to D
------------------------------------------------------------
DBRS Limited downgraded its credit rating on one class of the
Commercial Mortgage Pass-Through Certificates, Series 2014-C17
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2014-C17 as follows:

-- Class F to D (sf) from C (sf)

In addition, the credit rating on Class F was simultaneously
discontinued and withdrawn.

The credit rating downgrade and discontinuation of Class F were
made because of a loss to the trust that was reflected with the
September 2023 remittance. The Holiday Inn Houston
Intercontinental, previously 2.9% of the pool, was liquidated from
the trust at a loss of approximately $18.6 million, a portion of
which affected Class F. For more information on this transaction,
please see the press release dated June 21, 2023.

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


MORGAN STANLEY 2017-HR2: Fitch Affirms 'B-sf' Rating on H-RR Certs
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Morgan Stanley Capital I
Trust 2017-HR2 commercial mortgage pass-through certificates(MSC
2017-HR2). In addition, Fitch has affirmed the rating for the 2017
HR2 III Trust horizontal risk retention pass-through certificate
(MOA 2020-HR2 EClass E-RR). The Rating Outlooks on classes B, C and
X-B have been revised to Stable from Positive. The under criteria
observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
MOA 2020-HR2 E

   E-RR 90217BAA3   LT  BBB-sf Affirmed   BBB-sf

MSC 2017-HR2

   A-3 61691NAD7    LT  AAAsf  Affirmed   AAAsf
   A-4 61691NAE5    LT  AAAsf  Affirmed   AAAsf
   A-S 61691NAH8    LT  AAAsf  Affirmed   AAAsf
   A-SB 61691NAC9   LT  AAAsf  Affirmed   AAAsf
   B 61691NAJ4      LT  AA-sf  Affirmed   AA-sf
   C 61691NAK1      LT  A-sf   Affirmed   A-sf
   D 61691NAN5      LT  BBB-sf Affirmed   BBB-sf
   E-RR 61691NAQ8   LT  BBB-sf Affirmed   BBB-sf
   F-RR 61691NAS4   LT  BB+sf  Affirmed   BB+sf
   G-RR 61691NAU9   LT  BB-sf  Affirmed   BB-sf
   H-RR 61691NAW5   LT  B-sf   Affirmed   B-sf
   X-A 61691NAF2    LT  AAAsf  Affirmed   AAAsf
   X-B 61691NAG0    LT  AA-sf  Affirmed   AA-sf
   X-D 61691NAL9    LT  BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance of the pool since the prior rating action.
Fitch's current ratings incorporate a 'Bsf' rating case loss of
4.86%.

Five loans (16.06%) have been identified as Fitch Loans of Concern
(FLOCs). All loans in the pool are current and there are no loans
in special servicing.

The largest driver to expected loss is the 260-272 Meserole loan
(2.97%), secured by a five-story commercial loft and retail
building totaling 70,425-sf located in the East Williamsburg
neighborhood of Brooklyn, NY. The loan transferred to special
servicing in September 2020 due to payment default. The loan was
brought current in July 2021 after a full restatement closed in
June 2021, returning to the master servicer in September 2021.
Occupancy was reported to be 95% as of YE 2022 and has remained
been stable since issuance. However, the debt service coverage
ratio (DSCR) has declined to 0.77x from 1.55x at issuance primarily
due to higher operating expenses that have nearly doubled since
issuance.

Fitch's loss expectations of 33.53% (prior to concentration
adjustments) reflects a 10% stress to the YE 2022 NOI and a 10% cap
rate.

The second largest driver to expected losses is Totowa
Commons(6.29%), secured by a 271,488-sf multi-tenant power center
retail plaza located in Totowa, Passaic County, New Jersey,
approximately 20 miles west of New York City. The July 2023 rent
roll reflects a current vacancy rate 51.1% primarily due to the
departure of Bed Bath & Beyond (34.5% of NRA) following the
company's bankruptcy filing. The property's current anchor tenant
is Home Depot (37.4% NRA; lease expiry in April 2025).

Fitch's 'Bsf' rating case loss of 11.86% (prior to concentration
adjustments) is based on a 9% cap rate and a 40% stress to the YE
2022 NOI to reflect reduced rental income and higher vacancy.

The third largest driver to expected losses is Pebble Place & Paseo
Verde Portfolio (2.39%), which is secured by two office buildings
located in Nevada. Portfolio occupancy has declined to 72% as of
June 2023 due to the loss of tenant Credit Acceptable Corporate
(previously 24% of portfolio NRA), which vacated up on lease
expiration in December 2022.

Fitch's 'Bsf' rating case loss of 26.6% (prior to concentration
adjustments) reflects a stressed cap rate of 11% to account for the
property quality and suburban location and a 15% stress to the YE
2022 NOI to reflect the increased portfolio vacancy.

Increasing Credit Enhancement: CE has increased since the prior
rating action due to amortization and paydown and defeasance. The
pool's outstanding balance has been reduced by 14.4% since
issuance. Since the prior rating action, one loan has been
disposed. Three loans(3.50%) have been defeased since issuance. No
realized losses have incurred to date. Zero loans are in special
servicing and/or delinquent.

RATING SENSITIVITIES

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

Downgrades to A-1 through B and the associated IO class X-A are not
likely due to the continued expected amortization, position in the
capital structure and sufficient CE relative to loss expectations,
but may occur should interest shortfalls affect these classes.

Downgrades to classes C, D, X-B and X-D may occur should expected
losses for the pool increase substantially from continued
underperformance of the FLOCs, particularly 260-272 Meserole and
Pebble Place & Paseo Verde Portfolio.

Downgrades to classes E-RR, F-RR, G-RR, H-RR and pass through MOA
2020-HR2 E-RR will occur with a greater certainty of loss from
continued performance decline of the FLOCs and/or loans transfer to
special servicing.

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

Factors that could lead to upgrades would include stable to
improved asset performance, coupled with additional paydown and/or
defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated classes would
likely occur if the performance of the FLOCs stabilizes or if there
is significant improvement in CE and/or defeasance; however,
adverse selection and increased concentrations, or further
underperformance or default of the FLOCs could cause this trend to
reverse.

Upgrades to the 'BBB-sf' and 'BBBsf' rated classes are considered
unlikely and would be limited based on the sensitivity to
concentrations or the potential for future concentrations. Classes
would not be upgraded above 'Asf' if there were likelihood of
interest shortfalls. Upgrades to the 'BB-sf' and 'B-sf' rated
classes are not likely until the later years in the transaction and
only if the performance of the remaining pool is stable and/or
there is sufficient CE to the bonds.

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 2018-L1: Fitch Affirms B- Rating on H-RR Certs
-------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Morgan Stanley Capital I
Trust commercial mortgage pass-through certificates, series
2018-L1. The Rating Outlooks for classes F-RR, G-RR and H-RR have
been revised to Negative from Stable. The under criteria
observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
MSC 2018-L1

   A-2 61691QAB4    LT AAAsf  Affirmed   AAAsf
   A-3 61691QAD0    LT AAAsf  Affirmed   AAAsf
   A-4 61691QAE8    LT AAAsf  Affirmed   AAAsf
   A-S 61691QAH1    LT AAAsf  Affirmed   AAAsf
   A-SB 61691QAC2   LT AAAsf  Affirmed   AAAsf
   B 61691QAJ7      LT AA-sf  Affirmed   AA-sf
   C 61691QAK4      LT A-sf   Affirmed   A-sf
   D 61691QAN8      LT BBBsf  Affirmed   BBBsf
   E 61691QAQ1      LT BBB-sf Affirmed   BBB-sf
   F-RR 61691QAS7   LT BB+sf  Affirmed   BB+sf
   G-RR 61691QAU2   LT BB-sf  Affirmed   BB-sf
   H-RR 61691QAW8   LT B-sf   Affirmed   B-sf
   X-A 61691QAF5    LT AAAsf  Affirmed   AAAsf
   X-B 61691QAG3    LT AA-sf  Affirmed   AA-sf
   X-D 61691QAL2    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance of the pool. Fitch's current ratings incorporate
a 'Bsf' rating case loss of 3.99%. Five loans are Fitch Loans of
Concern (FLOCs; 14.5% of the pool), which include two loans (6.3%)
currently in special servicing.

The Negative Outlooks incorporate an additional sensitivity
scenario on the Alex Park South loan (3.1%) that factors a heighted
probability of default given upcoming rollover concerns.

Fitch Loans of Concern: Regions Tower (3.4%), a FLOC and the
largest contributor to loss expectations, is secured by 687,237-sf
office building located within the CBD of Indianapolis, IN. The
servicer-reported YE 2022 NOI debt service coverage ratio (DSCR)
was 1.60x, and occupancy as of the June 2023 rent roll was 77%,
compared to 76% in March 2022, 78% at YE 2021 and 81% at YE 2019.
The loan transferred to special servicing in August 2023 due to
imminent monetary default. The servicer is in discussions with the
borrower (Elchonon Schwartz and Simon Singer, founders of
Nightingale Properties) to determine an appropriate workout
strategy.

Fitch's 'Bsf' rating case loss of 32% is based on a 10% cap rate
and 10% stress to YE 2022 NOI, and also factors in the loan
defaulting at its October 2023 maturity.

The Alex Park South loan (3.1%) is the second largest contributor
to loss expectations. The loan is secured by a 353,685-sf office
building in Rochester, NY and is considered a FLOC due to declining
occupancy and upcoming rollover. As of December 2022, the property
was 90.1% occupied, but the largest tenant, MVP (28.3% NRA),
vacated the property in May 2023, dropping current occupancy to an
estimated 62%. Three additional tenants also have leases rolling in
2023 (combined, 3.1% NRA) and the property's largest tenant, GRHSF,
also has a portion of its lease (30.1% NRA) expiring in February
2024.

Fitch's 'Bsf' rating case loss of 17.7% is based on a 10% cap rate
and 50% stress to YE 2022 NOI, and also factors in a higher
probability of default to account for rollover risks.

Minimal Change in CE: As of the August 2022 distribution date, the
pool's aggregate balance has been reduced by 3.03%. No loans have
paid off since issuance and one loan (0.85%) has been defeased. At
issuance, based on the scheduled balance at maturity, the pool was
expected to pay down by 6.3% prior to maturity, which is lower than
the average for transactions of a similar vintage. Twenty-two loans
55.3% of the pool) are interest-only (IO) for the full term. An
additional 13 loans (29.0%) were structured with partial IO
periods. The remaining 12 loans (15.6%) are amortizing balloon
loans.

Investment-Grade Credit Opinion Loans: At issuance, Fitch assigned
Aventura Mall (6.8%), Millennium Partners Portfolio (6.3%) and The
Gateway (4.5%) investment-grade credit opinions; all remain credit
opinion loans.

RATING SENSITIVITIES

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

Downgrades to A-2 through B and the associated IO classes X-A and
X-B are not likely due to the continued expected amortization and
sufficient CE relative to loss expectations, but may occur should
interest shortfalls affect these classes. Downgrades to classes C,
D, E and X-D may occur should expected losses for the pool increase
substantially. Downgrades to classes F-RR, G-RR, and H-RR would
occur with continued underperformance of the FLOCs, particularly
Regions Tower and Alex Park South, and/or the transfer of
additional loans to special servicing.

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

Factors that could lead to upgrades would include stable to
improved asset performance, coupled with additional paydown and/or
defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated classes would
likely occur with significant improvement in CE and/or defeasance
and stabilization of performance on the FLOCs, particularly Regions
Tower and Alex Park South; however, adverse selection and increased
concentrations could cause this trend to reverse.

Upgrades to the 'BBB-sf' and 'BBBsf' rated classes would be limited
based on the sensitivity to concentrations or the potential for
future concentrations. Classes would not be upgraded above 'Asf' if
there were likelihood of interest shortfalls. Upgrades to the
'BB+sf', 'BB-sf' and 'B-sf' rated classes are not likely until the
later years in the transaction and only if the performance of the
remaining pool is stable and/or there is sufficient CE to the
bonds.

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 2020-HR8: DBRS Confirms BB Rating on J-RR Certs
--------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2020-HR8,
issued by Morgan Stanley Capital I Trust 2020-HR8 (MSC 2020-HR8):

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

All trends are Stable.

The credit rating confirmations reflect performance that remains in
line with DBRS Morningstar's expectations in the three years since
issuance, with a small concentration of loans on the servicer's
watchlist and no loans in special servicing or delinquent as of the
most recent remittance. Credit metrics are overall stable, with the
largest 15 loans in the pool generally reporting cash flows in line
with issuance figures. The weighted-average (WA) debt service
coverage ratio (DSCR) for the 39 loans that reported YE2022
financials was 2.79 times (x).

The trust consists of 43 loans with a current aggregate balance of
$685.7 million, representing a 0.8% collateral reduction since
issuance. One loan representing 0.6% of the pool has been defeased.
As of the September 2023 remittance, three loans representing 12.5%
of the pool are on the servicer's watchlist; only one of which is
being monitored for performance-related concerns and is described
in further detail below.

The pool is relatively concentrated by loan amount, as the largest
10 loans represent 59.1% of the current pool balance. Additionally,
the pool is concentrated by property type, with loans secured by
multifamily and office collateral comprising 33.9% and 28.5% of the
pool, respectively. Despite the significant office concentration,
DBRS Morningstar notes that, overall, the office loans are
generally performing in line with issuance expectations. For office
loans that DBRS Morningstar identified as exhibiting increased
credit risk since issuance, stressed loan-to-value ratios (LTVs)
and elevated probabilities of default were applied in the analysis
to reflect the elevated risk. Following these adjustments, the WA
DBRS Morningstar expected loss for office loans in the pool was
approximately 2x greater than the pool average.

The only loan being monitored on the watchlist for credit reasons
is UHG Optum Health Campus (Prospectus ID#8, 3.9% of the pool). The
loan is secured by a suburban office property in Eden Prairie,
Minnesota. The YE2022 DSCR and net cash flow (NCF) were reported to
be 3.57x and $3.9 million, respectively, which represents a slight
improvement over the DBRS Morningstar DSCR and NCF of 3.34x and
$3.1 million, respectively, from issuance. The loan is on the
servicer's watchlist because the sole tenant, United HealthCare
Services, has a lease scheduled to expire at the end of 2023, and
has not given any indication of whether or not it intends to renew.
DBRS Morningstar has inquired about the status of the lease
negotiations, and a response is still pending as of the date of
this press release. According to online news sources, UnitedHealth
Group, the parent company of United HealthCare Services, is
planning to consolidate its operations around the Minneapolis area
to a single property in Eden Prairie; however, it is unclear
whether that will be the subject property. Mitigating some of this
uncertainty is a $3.6 million Letter of Credit (LOC) in place, as
well as approximately $700 thousand in tenant reserves to offset
leasing costs should the tenant vacate. Per Reis, the
Southwest/Northeast Scott County submarket has been experiencing
rising vacancy as the Q2 2023 vacancy rate increased to 20.5% from
17.6% in Q2 2022. Given the upcoming lease expiry and soft
submarket, DBRS Morningstar analyzed this loan using a stressed LTV
resulting in an expected loss approximately 3.6x greater than the
pool average.

DBRS Morningstar identified two additional loans secured by office
properties that have notable upcoming tenant rollover. Bayview
Corporate Tower (Prospectus ID#2, 8.4% of the pool) is secured by
an office property in Fort Lauderdale. The second largest tenant,
Whole Foods Market (8.2% of the NRA) had a lease expiry in August
2023. According to the servicer, Whole Foods Market extended its
lease one year to August 2024. The servicer notes that a
longer-term lease is currently being negotiated; however, given the
short-term lease extension, DBRS Morningstar believes Whole Foods
Market's commitment to the space may not be as strong as initially
believed. Per the reported financials for the trailing three-month
period ended March 31, 2023, the property was 80.6% occupied, and
the annualized DSCR was 1.56x.

Katella Corporate Center (Prospectus ID#15, 2.5% of the pool),
backed by an office property in Los Alamitos, California, saw its
largest tenant, Discovery Practice Management, Inc. (formerly 22.0%
of NRA), give back a significant portion of its space in June 2023.
The tenant now occupies 8.6% of NRA on two leases that are set to
expire in September 2025. An update from the servicer notes that
the property is currently 78.0% occupied with one additional tenant
that will take occupancy in November 2023, and is expected to bring
occupancy to 82.0%. Following the downsizing of Discovery Practice
Management and not accounting for any additional leasing activity,
DBRS Morningstar estimates the loan's DSCR will drop to
approximately 1.83x. In its analysis for this review, DBRS
Morningstar analyzed both the Bayview Corporate Tower loan and the
Katella Corporate Center loan with stressed LTVs resulting in
expected losses approximately 3.9x and 1.5x greater than the pool
average, respectively.

Two of the 10 largest loans, 525 Market Street (Prospectus ID#5,
5.8% of the pool) and Bellagio Hotel and Casino (Prospectus ID#6,
5.7% of the pool), were assigned investment-grade shadow ratings at
issuance. A major tenant at 525 Market Street, Sephora (10.8% of
NRA), is expected to vacate at the end of its lease in October
2023. Excluding this tenant and in the absence of any additional
significant leasing activity, DBRS Morningstar projects the
resulting NCF will remain in line with DBRS Morningstar's NCF at
issuance. With this review, DBRS Morningstar confirmed that the
respective performance of each loan remains consistent with the
characteristics of an investment-grade loan.

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


MVW LLC 2023-2: Fitch Assigns 'BB(EXP)sf' Rating on Class D Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
notes to be issued by MVW 2023-2 LLC (MVW 2023-2).

   Entity/Debt       Rating           
   -----------       ------           
MVW 2023-2 LLC

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

TRANSACTION SUMMARY

The notes are backed by a pool of fixed-rate timeshare loans
originated by Marriott Ownership Resorts, Inc. (MORI) or one of its
wholly owned subsidiaries or affiliates. MORI is a subsidiary of
Marriott Vacations Worldwide Corporation (MVW).

The MVW 2023-2 pool includes timeshare loans relating to Marriott
Vacation Club Resorts, Sheraton Vacation Club Resorts, Westin
Vacation Club Resorts, Hyatt Vacation Club Platinum Program
(formerly referred to as the WHV Platinum Program or legacy Welk)
Resorts and Hyatt Vacation Club Heritage (formerly referred to as
the Hyatt Residence Club) Resorts.

While all the brands are owned by MVW, due to exclusive license
agreements with the respective hotel brands, each will remain
separately branded under one VO business owned by MVW. This is
MORI's 29th term securitization.

KEY RATING DRIVERS

Borrower Risk — Slightly Stronger Collateral Pool: This is the
ninth transaction to include timeshare loans relating to Marriott
Vacation Club Resorts, Sheraton Vacation Club Resorts and Westin
Vacation Club Resorts. Overall, the statistical pool is slightly
stronger than the 2023-1 pool, as the weighted average (WA) FICO
score of 735 is up slightly from 732 in 2023-1. Fifteen-year loans
declined slightly to 42.3% from 43.7% in 2023-1. The concentration
of foreign obligors is at 3.1%, comparable with 3.5% in 2023-1.
Furthermore, approximately $32 million of called collateral from
the MVW 2017-1 transaction is expected to be added via prefunding
with significant seasoning of 81 months.

The 2023-2 statistical pool includes 58.4% of Marriott Vacation
Club collateral, up from 52.0% in 2023-1, which performs stronger
than other brands except Westin Vacation Club. The Sheraton
Vacation Club and Hyatt Vacation Club Platinum Program collateral,
which have historically had higher forecast losses compared with
other brands, is down to 14.3% and 10.2% from 19.7% and 11.17%,
respectively. This is also the seventh transaction to include Hyatt
Vacation Club Heritage loans, which represent 3.9% of the initial
pool.

Forward-Looking Approach on CGD Proxy — Varied Performance: With
the exception of certain foreign segments, the Marriott Vacation
Club 2010-2016 vintages continue to display improved performance
relative to the weaker 2007-2009 periods, although more recent
vintages remain under stress. The other portfolios also experienced
stress during the recession. Since then, the Westin Vacation Club
loan performance has improved but has experienced elevated defaults
in recent periods.

The Sheraton Vacation Club loan performance has deteriorated in
recent years, driven by Sheraton Flex and the longer 15-year term
loans, with the newly included Hyatt Vacation Club Heritage loans
since the 2020-1 transaction showing overall high projected losses
on par with, and in some cases, exceeding the Sheraton Vacation
Club loans.

The Hyatt Vacation Club Platinum Program loan performance in recent
vintages has been tracking consistently below that of the
recessionary 2006-2009 vintages but has been weaker compared with
the 2010-2013 periods. Fitch's base case cumulative gross default
(CGD) proxy is 12.50% for 2023-2.

Structural Analysis — Sufficient CE Structure: Initial hard
credit enhancement (CE) is 39.00%, 23.25%, 13.25% and 7.00% for
class A, B, C and D notes, respectively. CE is slightly down from
39.30% for the class A notes relative to 2023-1, but up for the
class B, C and D notes from 22.65%, 10.15% and 2.50%, respectively.
Available CE is sufficient to support stressed 'AAAsf', 'Asf',
'BBBsf' and 'BBsf' multiples of Fitch's base case CGD proxy of
12.50%.

Originator/Seller/Servicer Operational Review — Adequate
Origination/Servicing: MVW/MORI has demonstrated sufficient
abilities as originator and servicer of timeshare loans, as
evidenced by the historical delinquency and default performance of
securitized trusts and of the managed portfolio.

RATING SENSITIVITIES

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

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

Hence, Fitch conducts sensitivity analysis by stressing both a
transaction's initial base case CGD and prepayment assumptions and
examining the rating implications on all classes of issued notes.
The CGD sensitivity stresses the CGD proxy to the level necessary
to reduce each rating by one full category, to non-investment
grade, 'BBsf' and to 'CCCsf' based on the break-even loss coverage
provided by the CE structure. The prepayment sensitivity includes
1.5x and 2.0x increases to the prepayment assumptions representing
moderate and severe stresses, respectively. These analyses are
intended to provide an indication of the rating sensitivity of
notes to unexpected deterioration of a trust's performance.

Additionally, Fitch conducts increases of 1.5x and 2.0x to the CGD
proxy, which represents moderate and severe stresses, respectively.
These analyses are intended to provide an indication of the rating
sensitivity of notes to unexpected deterioration of a trust's
performance.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If cumulative net loss (CNL) is 20% less
than the projected proxy, the expected ratings would be maintained
for the class A note at a stronger rating multiple. For the class
B, C, and D notes, the multiples would increase, resulting in
potential upgrade of one rating category, one notch, and one notch,
respectively.

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

Fitch was provided with due diligence information from Ernst &
Young LLP. The due diligence information was provided on Form ABS
Due Diligence-15E and focused on a comparison and recalculation of
certain characteristics with respect to 250 sample loans by Ernst &
Young LLP. Fitch considered this information in its analysis, and
the findings did not have an impact on the agency's analysis.

ESG CONSIDERATIONS

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


N-STAR REL CDO VI: Fitch Lowers Rating on Class J Debt to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed 30 classes from five
commercial real estate loan (CREL) collateralized debt obligations
(CDOs). These five transactions represent Fitch's entire portfolio
of outstanding CREL CDO transactions.

   Entity/Debt             Rating                Prior
   -----------             ------                -----
Nomura CRE CDO
2007-2, Ltd./LLC

  D Fltg Notes Due 2042 65537HAF4   LT Dsf    Affirmed   Dsf
  E Fltg Notes Due 2042 65537HAG2   LT Csf    Affirmed   Csf
  F Fltg Notes Due 2042 65537HAH0   LT Csf    Affirmed   Csf
  G Fltg Notes Due 2042 65537HAJ6   LT Csf    Affirmed   Csf
  H Fltg Notes Due 2042 65537HAK3   LT Csf    Affirmed   Csf
  J Fltg Notes Due 2042 65537HAL1   LT Csf    Affirmed   Csf
  K Fltg Notes Due 2042 65537HAM9   LT Csf    Affirmed   Csf
  L Fltg Notes Due 2042 65537GAA7   LT Csf    Affirmed   Csf
  M Fltg Notes Due 2042 65537GAB5   LT Csf    Affirmed   Csf
  N Fltg Notes Due 2042 65537GAC3   LT Csf    Affirmed   Csf
  O Fltg Notes Due 2042 65537GAD1   LT Csf    Affirmed   Csf

CapitalSource Real
Estate Loan Trust
2006-A

   C 140560AD5                     LT PIFsf  Paid In Full   Bsf
   D 140560AE3                     LT PIFsf  Paid In Full   CCCsf
   E 140560AF0                     LT PIFsf  Paid In Full   CCCsf
   F 140560AG8                     LT Csf    Affirmed       Csf
   G 140560AH6                     LT Csf    Affirmed       Csf
   H 140560AJ2                     LT Csf    Affirmed       Csf
   J 140560AK9                     LT Csf    Affirmed       Csf

Gramercy Real
Estate CDO
2005-1, Ltd./LLC

   J 385000AK0                     LT Dsf    Affirmed       Dsf
   K 385000AL8                     LT Csf    Affirmed       Csf

N-Star REL CDO
VI, Ltd./LLC

   J                               LT Dsf    Downgrade      Csf
   K                               LT Csf    Affirmed       Csf

N-Star REL CDO
VIII, Ltd./LLC

   B 62940FAD1                     LT CCCsf  Affirmed       CCCsf
   C 62940FAE9                     LT Csf    Affirmed       Csf
   D 62940FAF6                     LT Csf    Affirmed       Csf
   E 62940FAG4                     LT Csf    Affirmed       Csf
   F 62940FAH2                     LT Csf    Affirmed       Csf
   G 62940FAJ8                     LT Csf    Affirmed       Csf
   H 62940FAK5                     LT Csf    Affirmed       Csf
   J 62940BAA6                     LT Csf    Affirmed       Csf
   K 62940BAB4                     LT Csf    Affirmed       Csf
   L 62940BAC2                     LT Csf    Affirmed       Csf
   M 62940BAE8                     LT Csf    Affirmed       Csf
   N 62940BAF5                     LT Csf    Affirmed       Csf


KEY RATING DRIVERS

N-Star REL CDO VI; Event of Default: The downgrade of class J in
N-Star REL CDO VI to 'Dsf' reflects the declaration of an Event of
Default by the trustee in June 2023 as principal and interest
proceeds received were insufficient to pay timely interest to the
class.

N-Star REL CDO VIII; Rating Cap; Pool Concentration and Adverse
Selection: The rating of class B was capped at 'CCCsf' due to its
reliance for repayment on the Healthcare Pref preferred equity
position, which comprises 63.6% of the collateral pool. The
affirmation of classes C through N at 'Csf' indicates default is
considered inevitable. Overall pool loss expectations for N-Star
REL CDO VIII of 63.8% exceed the credit enhancement (CE) for
classes C through F, and classes G through N have negative CE. The
CDO is undercollateralized in excess of $275 million. Further,
classes B, C and D require timely payment of interest; these
classes are susceptible to default from missed timely interest
payment in the event of potential collateral interest shortfalls.

Undercollateralization: Classes affirmed at 'Csf' indicate default
is considered inevitable. Many of the classes in these CREL CDOs
are undercollateralized due to substantial incurred realized
losses; these include class K in of Gramercy Real Estate CDO
2005-1, class K in N-Star REL CDO VI and classes E through O in
Nomura CRE CDO 2007-2.

Classes affirmed at 'Dsf' are due to the declaration of an Event of
Default as they are non-deferrable classes that have experienced
interest payment shortfalls.

RATING SENSITIVITIES

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

- A downgrade to the 'CCCsf' rated class in N-Star REL CDO VIII
would occur should performance of the Healthcare Pref loan
experience significant performance deterioration, the class misses
a timely interest payment and/or as further losses in the
transaction are realized.

- Classes already rated 'Csf' have limited sensitivity to downgrade
given their highly distressed rating level. However, there is
potential for classes to be downgraded to 'Dsf' at or prior to
legal final maturity if they are non-deferrable classes that
experience any interest payment shortfalls or should an Event of
Default (as set forth in the transaction documents) occur.

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

- An upgrade to the 'CCCsf' rated class in N-Star REL CDO VI is
unlikely due to significant pool concentration and adverse
selection, but may occur with substantially improved performance
and/or higher recovery expectations of the underlying assets.

- Upgrades to the 'Csf' rated classes are not expected as these
classes are either undercollateralized and/or rely on poorly
performing collateral, where minimal to no recoveries are expected,
for repayment. Upgrades to the classes rated 'Dsf' are not possible
as they are non-deferrable classes that have already experienced a
timely interest payment shortfall.

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.


NATIONAL COLLEGIATE 2005-1: S&P Raises B Notes Rating to 'B- (sf)'
------------------------------------------------------------------
S&P Global Ratings raised the rating on the class B notes from The
National Collegiate Student Loan Trust 2005-1 to 'B- (sf)' from
'CCC (sf)'.

S&P said, "The rating action reflects our views regarding
collateral performance and associated credit enhancement levels.
Collateral performance since the last review has remained stable.
The pace of increase in cumulative defaults continues to decline,
and the percentage of loans that are in current repayment status is
stable. The rating actions also considered the results of a cash
flow analysis and the transaction's relevant structural
features--in particular, the transaction's cost of funds, capital
structure, payment waterfall, transaction triggers, and available
credit enhancement."

In determining the ratings, S&P considered its "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', and 'CC' Ratings," published Oct.
1, 2012.

Trust Performance

The pace of increase in cumulative defaults for the trust continues
to slow, and the percentage of loans in current repayment status is
stable. This collateral performance indicates that the trust is
likely past its peak default period. Currently the recoveries are
outpacing defaults helping to build the credit enhancement.
However, the historical impact of poor collateral performance, as
measured by the level of realized cumulative net losses, has led to
significant undercollateralization for the trust.

As a result of overall trust performance, class parity for the
class B notes increased to approximately 113% as of October 2023
due to deleveraging and the subordination of class C interest
payments below class B principal payments in the transaction
waterfall. The class B parity is calculated as a ratio of the sum
of the pool balance, including interest to be capitalized, and the
reserve account over the class B note balance. It does not reflect
deterioration that could occur if existing or future class C
interest shortfalls were to be paid prior to class B principal if
the class C interest reprioritization trigger is cured.

Structural Features

The transaction's remaining class B and C notes are all indexed to
one-month term SOFR. Due to breaches of the various transaction
performance triggers, the notes are paid sequentially from all
available funds (i.e., full turbo) for the transaction's remaining
life. The note factors as of October 2023 for the class B and C
notes are 89.4% and 100.0%, respectively.

Credit enhancement available to support the class B notes primarily
includes a reserve account and subordination of the class C notes.
The reserve account for the trust is currently at its floor. The
reserve account is available to pay note interest and fees, as well
as principal at final maturity. At issuance, the trust was
structured to provide excess spread over the trust's life as
additional credit enhancement. Excess spread levels have been under
pressure for most of the life of the transaction, primarily because
of undercollateralization due to previous collateral performance
issues.

The class B notes are also supported by the class C interest
reprioritization trigger. This trigger is generally defined to
breach when the class B notes are undercollateralized (i.e., the
pool balance is less than the balance of the class A and B notes).
When the pool balance is below 10.0%, the pool balance definition
for the trigger excludes the reserve account. When this trigger is
breached, interest payments to the class C notes are subordinated
to principal payments to the class B notes until they become
collateralized again. The trigger was first breached in January
2010. This trigger cured in March 2020, after which the trust used
available funds and the entire reserve account to pay unpaid
interest shortfalls. The trigger breached again in April 2020, and,
since that time, payments to replenish the reserve account to its
floor and to reduce the class B note balance have been made prior
to paying class C interest. The trust has been accruing class C
interest shortfalls, and S&P expects this to continue over the near
term, particularly since the pool balance fell below 10.0% in
November 2021 and the trigger parity calculation will now exclude
the reserve account.

Rationale

S&P ran break-even cash flow scenarios on class B notes that
maximized defaults under various interest rate and rating stress
assumptions. Some of the major assumptions we modeled are:

-- A five-year flat default curve;

-- Recovery rates ranging from 15%-20%, taken evenly over 10
years;

-- A constant prepayment speed of 9% for the trust's life;

-- Non-paying loans (i.e., deferment and forbearance) as
percentage of the loan pool of 3% for five years; and

-- Two interest rate scenarios for the stress levels commensurate
to the ratings of the liabilities created by a credit rating model
based on the Cox-Ingersoll-Ross framework rising then falling
interest rates (up/down curve) and falling then rising interest
rates (down/up curve), as well as an additional scenario using a
forward curve.

S&P said, "In our break-even cashflow analysis, the class B notes
were able to withstand (receive timely interest and full principal)
a level of defaults relative to our base case default rate that
supports a rating in the 'B' rating category. Additionally, we
observed that at very low default levels the class C interest
trigger would cure and pay class C interest, including interest
shortfalls, prior to class B principal payments in the transaction
waterfall. At these low default levels, credit enhancement was not
sufficient to pay the class B principal in full prior to legal
maturity.

"In recent periods, we observed that recoveries received are higher
than defaults taken, resulting in improvements in calculated parity
for determining the class C interest reprioritization trigger. But
based on our estimation of the remaining life of the collateral
pool, it is not certain that the trust will be able to cure the
trigger. Improvement in the trigger parity calculation related to
lower default levels or higher-than-expected future recoveries
could lead to a cure of the class C interest reprioritization
trigger, which would adversely impact credit support available for
the class B notes. However, while the trigger remains breached, all
available funds will be used to full turbo the class B notes,
allowing the class to continue building credit support."

The assigned 'B- (sf)' rating for the class B notes reflects the
results of the break-even cash flow analysis, the recent trends in
recoveries received by the trust, and the sensitivity of the
repayment of the class relative to the possible cure of the class C
interest reprioritization trigger.

S&P said, "We will continue to monitor the ongoing performance of
the trust. In particular, we will continue to review available
credit enhancement, the pace of defaults, the level of recoveries
on previously defaulted loans, and trust deleveraging for the class
B notes."



OHA CREDIT 16: Fitch Assigns 'BB+sf' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to OHA
Credit Funding 16, Ltd.

   Entity/Debt        Rating             Prior
   -----------        ------             -----
OHA Credit
Funding 16, Ltd.

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

TRANSACTION SUMMARY

OHA Credit Funding 16, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Oak
Hill Advisors, L.P. Net proceeds from the issuance of the secured
and subordinated notes will provide financing on a portfolio of
approximately $500 million of first-lien senior secured leveraged
loans.

The final ratings on class D notes differ from the expected ratings
published on Sept. 15, 2023. As a result of a lower weighted
average cost of capital on the notes, and improved weighted average
rating factor (WARF), weighted average recovery rate (WARR) and
weighted average (WAS) metrics on a new upsized asset portfolio,
the class D notes have improved loss coverage that is now
commensurate with a 'BBBsf' rating. Class D notes can withstand a
default rate of 43.0% versus a 'BBBsf' default stress of 42.6%,
assuming 67.8% recovery given default.

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 WARF of the indicative portfolio is 24.98. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
100% first-lien senior secured loans and has a weighted average
recovery assumption of 76.38%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by 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 weighted average life (WAL) used for the transaction stress
portfolio is 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

Overall, 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.


OHA CREDIT 16: Moody's Assigns B3 Rating to $500,000 Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by OHA Credit Funding 16, Ltd.  (the "Issuer" or "OHA
Credit Funding 16").

Moody's rating action is as follows:

US$307,500,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

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

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

RATINGS RATIONALE

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

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

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

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $500,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3064

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.50%

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.


OPEN TRUST 2023-AIR: Moody's Hikes Rating on Cl. E Certs to (P)Ba1
------------------------------------------------------------------
Moody's Investors Service has affirmed provisional ratings on five
classes and has upgraded one class of CMBS securities, to be issued
by OPEN Trust 2023-AIR, Commercial Mortgage Pass-Through
Certificates, Series 2023-AIR:

Cl. A, Affirmed (P)Aaa (sf), previously on October 30, 2023
Assigned (P)Aaa (sf)

Cl. B Affirmed (P)Aa3 (sf), previously on October 30, 2023 Assigned
(P)Aa3 (sf)

Cl. C, Affirmed (P)A3 (sf), previously on October 30, 2023 Assigned
(P)A3 (sf)

Cl. D, Affirmed (P)Baa3 (sf), previously on October 30, 2023
Assigned (P)Baa3 (sf)

Cl. E, Upgraded to (P)Ba1 (sf), previously on October 30, 2023
Assigned (P)Ba2 (sf)

Cl. HRR, Affirmed (P)Ba3 (sf), previously on October 30, 2023
Assigned (P)Ba3 (sf)

Note: Moody's previously assigned provisional ratings to Class A
(P)Aaa (sf), Class B (P)Aa3 (sf), Class C (P)A3 (sf), Class D
(P)Baa3 (sf), Class E (P)Ba2 (sf), and Class HRR (P)Ba3 (sf),
described in the prior press release, dated October 30, 2023.

Subsequent to the provisional ratings release, the structure of the
transaction was modified. The Class D certificate balance was
reduced by $15.05 million and the Class E certificate balance was
increased by $15.05 million. The remaining class certificate
balances remained unchanged. Based on the current structure,
Moody's has affirmed provisional ratings for Class A, Class B,
Class C, Class D, and Class HRR. Class E has been upgraded.

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 Securitization 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.


OPORTUN ISSUANCE 2022-3: DBRS Cuts Class D Notes Rating to B
------------------------------------------------------------
DBRS, Inc. downgraded and confirmed its credit ratings on Oportun
Issuance Trust 2022-3, as follows:

-- Class A Notes confirmed at AA (low) (sf)
-- Class B Notes confirmed at A (low) (sf)
-- Class C Notes confirmed at BBB (low) (sf)
-- Class D Notes downgraded to B (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 collateral performance to date and DBRS Morningstar's
assessment of future performance. As of the October 2023 payment
date, Oportun Issuance Trust 2022-3 has amortized to a pool factor
of 59.74%, and to date has current cumulative net losses (CNLs) of
8.25%. Current CNL is tracking well above DBRS Morningstar's
initial base-case loss expectations of 11.23%. While credit
enhancement (CE) has increased for all outstanding notes, the CE
growth for the subordinate notes has been limited due to the higher
CNLs.

-- Because of the weaker-than-expected performance, DBRS
Morningstar has revised the base-case loss expectation for Oportun
Issuance Trust 2022-3 to 17.75%. As a result, the current level of
hard CE and estimated excess spread are insufficient to support the
current rating on the Class D Notes and, consequently, it has been
downgraded to a rating level commensurate with the current implied
multiple.

-- As of the October 2023 payment date, Oportun Issuance Trust
2022-3 has a current OC amount of 10.44% relative to the target of
11.50% of the outstanding receivables balance. Additionally, the
transaction is structured to include a reserve fund (RF) that has a
target of 0.25% of the outstanding receivable balance.
Consequently, as the transaction amortizes, the RF amount will
decline and represent a smaller portion of available CE.

-- For Oportun Issuance Trust 2022-3, the transaction includes
Class D Notes with a current rating of B (sf). While the DBRS
Morningstar "Rating U.S. Structured Finance Transactions" and
"Rating U.S. Credit Card Asset-Backed Securities" methodologies do
not set forth a range of multiples for this asset class at the B
(sf) level, the analytical approach for this rating level is
consistent with that contemplated by the methodologies. The typical
range of multiples applied in the DBRS Morningstar stress analysis
for B (sf) ratings is 1.00x to 1.25x.

-- The transaction includes a Cumulative Default Ratio
Amortization Event that, if tripped, would cause a lockout of any
distributions to the Certificate holders. As of the October 2023
payment date, the transaction has not breached the Cumulative
Default Ratio Amortization Event.

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

Notes: The principal methodology applicable to the credit ratings
is "DBRS Morningstar Master U.S. ABS Surveillance" (July 20, 2023).



PRKCM 2023-AFC4: S&P Assigns BB- (sf) Rating on Class B-2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 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).

S&P said, "After we published our presale on Oct. 30, 2023, the
issuer changed the class B-2 notes to a principal-only paying
class, which is not entitled to receive interest distributions on
any distribution date. We note that the B-2 class carries no
interest rate, while the more senior classes in the capital
structure do. As such, we would expect the B-2 class to be
associated with a pricing discount comparatively after adjusting
for the credit spread and interest amounts compared to more senior
classes."

The change to class B-2, which carries no interest rate, creates
higher credit support in the form of excess spread available to
absorb losses. In addition, the balances on the class A-1, A-2,
B-2, and B-3 notes changed, and credit support in the form of
subordination increased on the class A-1, A-2, A-3, M-1, and B-1
notes by 0.05% each. While S&P's cash-flow modeling showed no
changes to its preliminary ratings on classes A-1, A-2, A-3, M-1,
and B-1, class B-2 received one notch above our preliminary rating.
As a result, S&P assigned a 'BB- (sf)' on class B-2 notes, which is
one notch higher than its preliminary rating of 'B+ (sf)'.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

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

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "Per our latest macroeconomic update, 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."

  Ratings Assigned(i)

  PRKCM 2023-AFC4 Trust

  Class A-1, $239,720,000: AAA (sf)
  Class A-2, $36,491,000: 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, $8,381,000: BB- (sf)
  Class B-3, $9,777,925: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The ratings address the ultimate payment of interest and
principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $349,192,925.



PRMI 2023-CMG1: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to PRMI Securitization
Trust 2023-CMG1 (PRMI 2023-CMG1).

   Entity/Debt       Rating           
   -----------       ------            
PRMI 2023-CMG1

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

TRANSACTION SUMMARY

Fitch Ratings expects to rate the residential mortgage-backed notes
backed by non-seasoned first lien, open home equity line of credit
(HELOC) and home equity loans on residential properties to be
issued PRMI Securitization Trust 2023-CMG1 (PRMI 2023-CMG1) as
indicated above. This is the second transaction rated by Fitch that
includes first lien HELOCs with open draws on the PRMI shelf.

The collateral pool consists of 772 non-seasoned performing prime
quality loans with a current outstanding balance as of the cutoff
date of $322.09 million (the collateral balance based on the
maximum draw amount is $405.82 million, as determined by Fitch). As
of the cutoff date, 100% of the HELOC lines are currently open. The
aggregate available credit line amount as of the cutoff date is
expected to be $83.73 million per the transaction documents.

The loans were originated or acquired by CMG Mortgage, Inc. and are
serviced by Northpointe Bank.

Distributions of principal are based on a modified sequential
structure subject to the transaction's performance triggers.
Interest payments are made sequentially, while losses are allocated
reverse sequentially.

Draws will be funded first by the servicer, which will be
reimbursed from principal collections. If funds from principal
collections are insufficient, the servicer will be reimbursed from
the VFA. The VFA will be funded up front, and the holder of the
trust certificates will be obligated, in certain circumstances
(only if the draws exceed funds in the VFA), to remit funds on
behalf of the holder of the class R note to the VFA to reimburse
the servicer for certain draws made with respect to the mortgage
loans. Any amounts so remitted by the holder of the trust
certificates will be added to the principal balance of the trust
certificates.

The servicer, Northpointe Bank, will not be advancing delinquent
monthly payments of P&I.

Although the notes have a note rate based on the SOFR index, the
collateral is made up of 100% adjustable rate loans, 1.0% of which
are based on 30-Day CME Term SOFR and 99% of which are based on
One-Year Treasury CMT. As a result, there is no LIBOR exposure in
the transaction.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.9% above a long-term sustainable level, compared
with7.6% on a national level as of 1Q23, down 0.2% since the prior
quarter. The rapid gain in home prices through the pandemic shows
signs of moderating, with a decline observed in 3Q22. Home prices
decreased0.2% yoy nationally as of April 2023, driven by the strong
gains in 1H22.

Prime Credit Quality First Lien HELOCs (Positive): The collateral
pool consists of 772 first lien non-seasoned performing prime
quality HELOC loans with a current balance of $322.09 million as of
the cutoff date ($405.82 million based on the max draw amount). As
of the cutoff date, 100% of the collateral comprises open HELOC
lines. The pool in aggregate is seasoned 8 months in the aggregate,
according to Fitch. Of the loans, Fitch determined that 100.0% of
the loans are current with 0.9% having a DQ in the past 24 months.
None of loans have received a prior modification based on Fitch's
analysis, and none of the loans have subordinate financing.

The pool exhibits a relatively strong credit profile as shown by
the Fitch-determined 767 weighted average (WA) FICO score (766 per
the transaction documents) as well as the 72.8% combined
loan-to-value (CLTV) (72.9% per the transaction documents) and
80.6% sustainable LTV ratio (sLTV). Fitch viewed the pool as being
roughly 79.8% owner occupied, 90.7% single family 42.5% purchase
and 57.5% cash out/limited cash out refinances (based on the max
draw amount). The total cash out amount based on the amount drawn
as of the cut-off date is 55.04%.

Approximately 14.0% of the pool is concentrated in California per
the transaction documents. The largest MSA concentration is in the
Denver-Aurora, CO MSA (7.9%), followed by the
Phoenix-Mesa-Scottsdale, AZ MSA (7.8%) and the
Seattle-Tacoma-Bellevue, WAMSA (4.1%). The top three MSAs account
for 19.8% of the pool. As a result, there was no probability of
default (PD) penalty for geographic concentration.

Modified Sequential Structure (Positive): The transaction has a
modified sequential structure in which principal is distributed pro
rata to the senior classes to the extent that the performance
triggers are passing. To the extent they are failing, principal is
paid sequentially. The transaction also benefits from excess spread
that can be used to reimburse for realized and cumulative losses
and cap carryover amounts. Excess spread is not being used to turbo
down the bonds, and as a result, more credit enhancement compared
to expected loss is needed.

If the triggers are passing, the trust certificates will receive
their pro rata share of principal and the residual principal
balance will receive its pro rata share of losses up to the trust
certificates' writedown amount for such payment date. If triggers
are failing, the trust certificates will be paid principal after
all other classes have been paid in full, and the trust
certificates will take losses first, followed by the subordinate,
mezzanine and senior notes.

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

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 40.8% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

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 Evolve. The third-party due diligence described in Form
15E focused on compliance, credit, and valuations. Fitch considered
this information in its analysis and, as a result, Fitch did not
make any adjustments to its analysis due to the due diligence
findings. Based on the results of the 51.6% due diligence performed
on the pool, the overall expected loss was reduced by 0.17%.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 51.6% of the seasoned and non-seasoned loans in the
pool. The third-party due diligence was consistent with Fitch's
"U.S. RMBS Rating Criteria."

The sponsor engaged Evolve to perform the review on 398 of the
loans in the pool. Loans reviewed under this engagement were given
compliance, credit and valuation grades and assigned initial grades
for each subcategory. The sponsor engaged Evolve to perform the
review on a 51.6% sample of the seasoned loans for data integrity,
updated property valuations, pay history and compliance. In
addition the servicer confirmed the pay history for 100% of the
loans in the pool.

The servicer confirmed all loans are in the first lien position and
they will advance per standard servicing practices to maintain the
first lien position.

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

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

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

ESG CONSIDERATIONS

PRMI 2023-CMG1 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to elevated operational risk, which
resulted in an increase in expected losses. While the reviewed
originator and servicing party did not have an impact on the
expected losses, the Tier 2 R&W framework with an unrated
counterparty resulted in an increase in the expected losses. This
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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


RAD CLO 21: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
RAD CLO 21, Ltd.

   Entity/Debt        Rating           
   -----------        ------           
RAD CLO 21, Ltd.

   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
   Subordinated   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

RAD CLO 21, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $375 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 24.94, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.27. 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
97.98% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.11% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.94%.

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 1.2-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.

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A 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, 'Asf' for
class D; and 'BBB+sf' for class E.

DATA ADEQUACY

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

Overall, 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.


RAD CLO 21: Fitch Assigns 'BB-sf' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to RAD CLO
21, Ltd.

   Entity/Debt        Rating             Prior
   -----------        ------             -----
RAD CLO 21, Ltd.

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

TRANSACTION SUMMARY

RAD CLO 21, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $375 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 24.94, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.27. 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
97.98% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.11% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.94%.

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 1.2-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.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

Overall, 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.


RCKT MORTGAGE 2023-CES3: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
issued by RCKT Mortgage Trust 2023-CES3 (RCKT 2023-CES3).

   Entity/Debt       Rating           
   -----------       ------            
RCKT Mortgage
Trust 2023-CES3

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

TRANSACTION SUMMARY

The notes are supported by 4,846 loans with a total balance of
approximately $371 million as of the cut-off date. The pool is
backed by prime, closed-end second-lien collateral originated by
Rocket Mortgage, LLC, formerly known as Quicken Loans, LLC.
Distributions of principal and interest and loss allocations are
based on a senior-subordinate, sequential pay structure, which also
presents a 50% excess cashflow turbo feature.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.3% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% qoq). Housing
affordability is the worst it has been in decades driven by both
high interest rates and elevated home prices. Home prices have
increased 0.9% YoY nationally as of July 2023 despite modest
regional declines, but are still being supported by limited
inventory.

Prime Credit Quality (Positive): The collateral consists of 4,846
loans totaling $371 million and seasoned at approximately one month
in aggregate. The borrowers have a strong credit profile consisting
of a 741 Fitch model FICO, a 37% debt-to-income ratio (DTI) and
moderate leverage comprising a 76% sustainable loan-to-value ratio
(sLTV).

Of the pool, 99.4% consists of loans where the borrower maintains a
primary residence and 0.6% represents second homes, while 93.6% of
loans were originated through a retail channel. Additionally, 43.4%
of loans are designated as qualified mortgages (QM), 27.4% are
higher priced QM (HPQM) and 29.2% are non-QM. Given the 100% loss
severity (LS) assumption, no additional penalties were applied for
the HPQM and non-QM loan statuses.

Second Lien Collateral (Negative): The entirety of the collateral
pool comprises closed-end second-lien loans originated by Rocket
Mortgage. Fitch assumed no recovery and a 100% LS based on the
historical behavior of second-lien loans in economic stress
scenarios. Fitch assumes second-lien loans default at a rate
comparable to first-lien loans; after controlling for credit
attributes, no additional penalty was applied to Fitch's
probability of default (PD) assumption.

Sequential Structure with Turbo Feature (Positive): The transaction
features a monthly excess cashflow priority of payments that
distributes remaining amounts from the interest and principal
priority of payments. These amounts will be applied as principal
first to repay any current and previously allocated cumulative
applied realized loss amounts and then to repay any potential net
weighted average coupon (WAC) shortfalls.

Unlike other transactions that include a material amount of excess
interest, RCKT 2023-CES3 does not distribute all remaining amounts
to the class XS notes. Instead, 50% of any remaining cash
thereafter will be implemented to pay principal for classes
A-1A/A-1B to B-3 sequentially. The other 50% is allocated to pay
the owner trustee, collateral trustee, Delaware trustee, paying
agent, custodian, asset manager and reviewer for extraordinary
trust expenses to the extent not paid due to application of the
annual cap and, subsequently, to class XS. This is a much more
supportive structure and ensures the transaction will benefit from
excess interest regardless of default timing.

To haircut the excess cashflow present in the transaction, Fitch
tested the structure at a 50 basis points (bps) servicing fee and
applied haircuts to the WAC through a rate modification assumption.
This assumption was derived as a 2.5% haircut on 40% of the
non-delinquent projection in Fitch's stresses. Given the lower
projected delinquency (as a result of the charge-off feature
described below), there was a higher current percentage and a
higher rate modification assumption, as a result.

180-Day Charge-off Feature (Positive): The asset manager has the
ability, but not the obligation, to instruct the servicer to write
off the balance of a loan at 180 days delinquent (DQ) based on the
Mortgage Bankers Association (MBA) delinquency method. To the
extent the servicer expects a meaningful recovery in any
liquidation scenario, the asset manager may direct the servicer to
continue to monitor the loan and not charge it off.

The 180-day charge-off feature will result in losses incurred
sooner while there is a larger amount of excess interest to protect
against losses. This compares favorably to a delayed liquidation
scenario where the loss occurs later in the life of the transaction
and less excess is available. If the loan is not charged off due to
a presumed recovery, this will provide added benefit to the
transaction, above Fitch's expectations.

Additionally, subsequent recoveries realized after the write-down
at 180 days' DQ, excluding forbearance mortgage or loss mitigation
loans, will be passed on to bondholders as principal.

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.1% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC Diligence, LLC. The third-party due diligence
described in Form 15E focused on credit, regulatory compliance, and
property valuation. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment to
its analysis: a 5% PD credit to the 25% of the pool by loan count
in which diligence was conducted. This adjustment resulted in a
16bps reduction to the 'AAAsf' expected loss.

ESG CONSIDERATIONS

RCKT 2023-CES3 has an ESG Relevance Score of '4 [+]' for
Transaction Parties & Operational Risk due to lower operational
risk considering R&W, transaction due diligence and originator and
servicer results in a decrease in expected losses, which has a
positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


READY CAPITAL 2021-FL7: DBRS Confirms B(low) Rating on G Notes
--------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of notes
issued by Ready Capital Mortgage Financing 2021-FL7, LLC as
follows:

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

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 evidenced by
stable performance and leverage metrics. Additionally, the trust
continues to be primarily secured by the multifamily collateral. In
conjunction with this press release, DBRS Morningstar has published
a Surveillance Performance Update report with in-depth analysis and
credit metrics for the transaction and with business plan updates
on select loans.

The initial collateral consisted of 76 floating-rate mortgages
secured by 89 mostly transitional properties with a cut-off date
balance totaling $927.2 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 54 loans secured by 67 properties with a cumulative
trust balance of $849.8 million, representing collateral reduction
of 8.4% since issuance. Since issuance, 22 loans with a prior
cumulative trust balance of $163.3 million have been successfully
repaid from the pool, including 13 loans totaling $103.1 million
that have repaid since the previous DBRS Morningstar rating action
in November 2022.

The transaction is static with a two-year Permitted Funded
Companion Participation Acquisition Period (Acquisition Period),
whereby the Issuer can purchase funded loan participations into the
trust. The Acquisition Period is scheduled to end with the November
2023 Payment Date, and, as of September 2023, the Participation
Acquisition Account had a balance of $8.7 million.

The transaction is concentrated by property type as 46 loans,
representing 91.0% of the current trust balance, are secured by
multifamily properties with six loans (5.6% of the current trust
balance) secured by industrial properties, one loan (2.3% of the
current trust balance) secured by a limited service hotel, and one
loan (1.1% of the pool) secured by a self-storage property. In
comparison with the pool at closing, multifamily properties
represented 91.7% of the collateral, industrial properties
represented 4.4% of the collateral, lodging properties represented
1.9% of the collateral, and self-storage properties represented
1.0% of the collateral.

The pool is primarily secured by properties in suburban markets, as
defined by DBRS Morningstar, with 44 loans, representing 75.0% of
the pool, assigned a DBRS Morningstar Market Rank of 3, 4, or 5. An
additional five loans, representing 14.1% of the pool, are secured
by properties with a DBRS Morningstar Market Rank of 6 and 7,
denoting urban markets, while five loans, representing 10.8% of the
pool, are secured by properties with a DBRS Morningstar Market Rank
of 2, denoting tertiary markets. In comparison at closing,
properties in suburban markets represented 77.6% of the collateral,
properties in urban markets represented 11.9% the collateral, and
properties in tertiary markets represented 10.4% of the
collateral.

Leverage across the pool has remained consistent as of September
2023 reporting when compared with issuance metrics. The current
weighted-average (WA) as-is appraised value loan-to-value ratio
(LTV) is 72.2%, with a current WA stabilized LTV of 64.8%. In
comparison, these figures were 72.9% and 65.3%, respectively, at
issuance. DBRS Morningstar recognizes that select property values
may be inflated as the majority of the individual property
appraisals were completed in 2021 and may not reflect the current
rising interest rate or widening capitalization rate environments.

Through September 2023, the lender had advanced cumulative loan
future funding of $71.1 million to 46 of the 54 outstanding
individual borrowers to aid in property stabilization efforts. The
largest advance, $7.7 million, has been made to the borrower of the
835-864 West Barry Avenue loan (Prospectus ID#9, 3.8% of the pool).
The loan is secured by a 115-unit apartment complex in Chicago. The
advanced funds have been used to fund the borrower's planned $10.3
million planned capital expenditure (capex) plan across the
portfolio. Less than $100,000 of future funding remains available
to the borrower to complete its capex plan.

An additional $44.5 million of loan future funding allocated to 46
individual borrowers remains available. The largest portions are
allocated to the borrowers of the Lofts at the River (Prospectus
ID#41, 1.1% of the pool) ($6.8 million) and Main Street Village
(Prospectus ID#1, 7.6% of the pool) ($2.9 million) loans. The Lofts
at the River loan is secured by a 119-unit multifamily property in
Reno, Nevada. The available funds are to be used for unit-interior
renovations totaling $10.4 million ($74,000 per unit) across all
119 units. The sponsor will spend an additional $1.3 million to
convert the first floor retail space into 22 loft style studio
apartments. Through August 2023, the lender had advanced $710,000
of future funding to the borrower. The Main Street Village loan is
secured by a 400-unit multifamily property in Granger, Indiana. The
sponsor's business plan is to invest $6.0 million toward capital
improvements across the property, consisting of $3.4 million toward
unit interiors to 305 apartments, $1.9 million toward deferred
maintenance, and approximately $628,000 toward property-wide
upgrades. Through September 2023, the lender had advanced $3.0
million of loan future funding to the borrower.

As of the September 2023 remittance, there are three loans,
representing 6.3% of the pool that are delinquent and one loan,
representing 2.0% of the pool, that is in special servicing.
Additionally, there are 19 loans, representing 26.4% of the pool,
that are being monitored on the servicer's watchlist. The loans
have primarily been flagged by the servicer for below breakeven
debt service coverage ratios, low occupancy rates, deferred
maintenance issues, and upcoming loan maturity. Performance
declines noted in the pool are expected to be temporary as
multifamily units are being taken offline by respective borrowers
to complete interior renovations.

The one loan in special servicing, Highland Midtown (Prospectus
ID#19, 2.0% of the pool), is secured by a 165-unit Class B,
high-rise multifamily property in Little Rock, Arkansas. The
sponsor's business plan entails full renovations to 71 units
($10,000 per unit) and partial renovations to the other 94 units
($5,000 per unit). Per special servicer commentary, the loan
transferred to special servicing in February 2023 for imminent
monetary default, shortly after the borrower sent a hardship letter
requesting that 2023 interest payments, rate cap escrow
requirements, and the February 2023 debt yield test be forgiven or
waived. According to the May 2023 rent roll, the property was 65.0%
occupied with an average rental rate of $982 per unit, as compared
with issuance when the property was 85.2% occupied with average
in-place rental rate of $977 per unit. As of September 2023,
approximately $544,000 of future funding had been advanced to the
borrower, with $1.1 million still outstanding. The special servicer
is reportedly still negotiating with the borrower and a workout
strategy is still to be determined. In its analysis for this
review, DBRS Morningstar applied increased probability of defaults
to all three delinquent loans, resulting in a weighted-average
expected loss that was approximately 1.7 times greater than the
pool average.

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


REALT 2019-1: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------
DBRS Limited confirmed all ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-1 (the Certificates) issued
by Real Estate Asset Liquidity Trust (REALT) Series 2019-1 as
follows:

-- 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) (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 rating confirmations reflect the overall stable performance of
the transaction since the last rating action. The pool benefits
from a healthy weighted-average (WA) pool debt service coverage
ratio (DSCR) that, as of the October 2023 remittance, was reported
at 1.60 times (x) compared with the issuance WA term DSCR of 1.39x.
There has also been significant deleveraging since the last rating
action with three loans, representing 12.7% of the pool's
securitization balance, repaying from the trust. There are no loans
in special servicing as of the most recent reporting. DBRS
Morningstar has identified increased credit risk for the largest
loan in the pool, WSP Place (Prospectus ID#1; 11.0% of the pool),
given a lack of reporting, low occupancy, and an upcoming
termination option for the largest tenant, as further discussed
below. In addition to WSP Place, 10 other loans (representing 17.6%
of the pool) are scheduled to mature in the next 12 months. As of
the most recent servicer reporting, these loans reported a WA DSCR
and debt yield of 1.57x and 13.4%, respectively.

The pool generally continues to perform in line with DBRS
Morningstar's expectations. As of the October 2023 reporting, 40 of
the original 48 loans remain in the pool with an aggregate trust
balance of $284.6 million representing a collateral reduction of
approximately 36.2% since issuance as a result of scheduled loan
amortization and repayment. Since the last rating action, there
have been no defaults and no defeasance. No loans have defeased
since issuance in 2019. Eight loans (23.7% of the pool) are being
monitored on the servicer's watchlist. The pool consists primarily
of loans secured by retail and office properties, which represent
40.2% and 23.1% of the pool, respectively. In general, the office
sector has been challenged, given the low investor appetite for the
property type and high vacancy rates in many submarkets as a result
of the shift in workplace dynamics. In its analysis for this
review, DBRS Morningstar adjusted one of the four office loans in
the pool with a stressed probability of default (POD) scenario. The
three remaining office properties exhibited strong occupancy,
year-over-year cash flow growth, and DSCR figures that remain in
line with issuance.

The WSP Place loan is secured by a 184,707- square foot office
tower in Edmonton. The loan was added to the servicer's watchlist
in May 2020, as the borrower, who serves as the full recourse
entity, requested Coronavirus Disease (COVID-19)-related payment
relief. The servicer has been monitoring the loan for two
outstanding mechanic's liens, one of which was withdrawn in
February 2022. In May 2022, the borrower applied a $226,017 payment
to the outstanding lien amount, leaving $364,226 unpaid. According
to servicer commentary, the borrower placed an additional $400,000
in a trust and plans to meet with the contractor in the short term
to attempt resolution.

The five-year loan has an upcoming maturity in January 2024 and,
according to the most recent reporting, the borrower missed its
September debt service payment. The servicer has been contacted for
an update regarding the upcoming maturity, and DBRS Morningstar
awaits a response. Financial statements for the YE2022 were not
reported. According to the YE2021 statement, the net cash flow
(NCF) was reported at $3.0 million (a DSCR of 1.27x), a decrease
from $3.3 million (a DSCR of 1.39x) at YE2020 and $3.2 million (a
DSCR of 1.37x) at issuance. The occupancy rate has declined to
67.0% from 92.1% at issuance following the departure of two of the
property's previous major tenants, Alberta Health Services
(previously 23.6% of net rentable area (NRA)) in 2021 and Alberta
Investment Management Corporation (previously 8.5% of NRA) in 2019.
In addition, the largest tenant at the property, WSP Canada Inc.
(36.4% of total NRA, lease expiry in July 2026), has a termination
option that it may execute in December 2023 conditional upon a $2.0
million termination fee. In addition, the tenant was required to
provide 12 months' notice of its intent to execute the termination
option. DBRS Morningstar inquired with the servicer to confirm the
status of this tenant and awaits an update. The September 2021 rent
roll indicated an in-place average rental rate of $10 per square
foot (psf), notably below the issuance figure of $17 psf. In
comparison, Colliers reported average downtown Edmonton submarket
rental rates of $18 psf for Q2 2023. Given the performance declines
since issuance, lack of updated reporting, the potential for
additional vacancy, and the loan's upcoming maturity in January
2024, DBRS Morningstar applied a stressed probability of default
for this review. The resulting expected loss exceeded the pool's
average expected loss by approximately 400.0%. The loan is full
recourse and in a liquidation scenario, should the loan default,
the expected loss would be contained to the unrated first-loss
class.

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


RIAL 2022-FL8: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by RIAL 2022-FL8 Issuer, Ltd. (the Issuer) as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which has generally remained in
line with DBRS Morningstar's expectations since issuance.
Additionally, the $84.6 million unrated first loss piece provides
sufficient credit support to the rated bonds at this time as there
is one specially serviced loan and two delinquent loans as of the
September 2023 reporting. Both loans are highlighted in greater
detail below. 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 specially serviced loan, 152 North 3rd Street (Prospectus
ID#11; 4.0% of the pool), is secured by an office building in
downtown San Jose, California. The loan transferred to special
servicing in May 2023 for imminent default as the loan remains
outstanding for the April 2023 debt service payment. According to
the servicer, the resolution process is in the early stages but the
servicer is preparing to file a motion to install a receiver and
initiate judicial foreclosure. The borrower's stated business plan
at loan closing was to complete $3.5 million of capital expenditure
(capex) work and to lease the property to stabilization. The loan
was structured with $14.0 million of future funding allocated as
$9.0 million for leasing costs and $5.0 million as a
performance-based earn-out. Floors two through five were already
built out as co-working space as the property was originally 100.0%
leased to WeWork Inc., which terminated its lease in 2020. Floors
six through nine were expected to be leased as either co-working
space or traditional office space.

The August 2023 appraisal valued the property on an as-is basis at
$55.0 million, a decline from $67.1 million in 2021. The appraiser
also provided a prospective stabilized value of $77.5 million, a
decline from the prospective stabilized valuation of $93.2 million
provided in 2021. The appraiser assumed a market rental rate of
$45.08 per square foot (psf) and expected a lease-up and
stabilization period of 32 months. In its original analysis, DBRS
Morningstar assumed total leasing costs of $9.7 million would be
incurred to lease the property to a stabilized occupancy rate of
83.9%.

Given the status of the loan, it is unlikely any future funding
proceeds will be advanced to the borrower and the loan balance will
remain $31.0 million plus any outstanding servicing advances. Based
on the current loan exposure of $32.0 million and the updated as-is
value of $55.0 million, the loan-to-value ratio (LTV) is 58.3%;
however, in its analysis, DBRS Morningstar stressed the value
further considering the increased leasing costs and general lack of
demand for office product in the submarket. The resulting LTV
exceeds 80.0% and DBRS Morningstar also increased its probability
of default assumption, with the expected loss for the loan
approximately two times greater than the weighted average (WA) for
the overall pool.

The other delinquent loan, Oakland Office Portfolio (Prospectus
ID#3; 13.0% of the pool), is secured by an office portfolio in
downtown Oakland, California. The borrower last paid debt service
in June 2023; however, the lender and borrower have agreed to a
loan modification and forbearance, whereby 3.5% of the scheduled
interest payment between July 2023 and June 2024 will be deferred.
As of June 2023, portfolio occupancy had declined to 30.3% from
64.1% at loan closing. The borrower's business plan of using $11.9
million to fund building upgrades and leasing costs is
significantly behind schedule, and as such, DBRS Morningstar
increased the probability of default in its analysis for this
review, resulting in a loan expected loss approximately
one-and-a-half times greater than the WA pool expected loss.

The initial collateral consisted of 18 floating-rate mortgages
secured by 24 mostly transitional properties with a cut-off date
balance totaling $769.3 million. Most loans were in a period of
transition with plans to stabilize performance and improve the
values of the underlying assets. As of the September 2023
remittance, the pool comprised 16 loans secured by 22 properties
with a cumulative trust balance of $769.3 million. Since issuance,
two loans with a prior cumulative trust balance of $48.1 million
have been successfully repaid in full. The transaction has a
24-month Replenishment Period, whereby the Issuer can purchase
funded loan participations on existing loan collateral into the
trust. The Replenishment Period is scheduled to end with the May
2024 Payment Date and as of September 2023, the Permitted Funded
Companion Participation Acquisition Account had no balance.

The transaction is concentrated by property type as eight loans,
representing 39.9% of the pool, are secured by hotel properties;
four loans, representing 30.9% of the pool, are secured by
multifamily properties; three loans, representing 16.3% of the
pool, are secured by office properties; and one loan, representing
13.0% of the pool, is secured by a mixed-use property. In
comparison with the pool at closing, hotel properties represented
41.2% of the collateral, multifamily properties represented 30.9%
of the collateral, office properties represented 11.4% of the
collateral, and mixed-use properties represented 12.9% of the
collateral.

The pool is concentrated in loans secured by properties in suburban
markets, with 11 loans, representing 61.8% of the pool, assigned a
DBRS Morningstar Market Rank of 3, 4, or 5. An additional three
loans, representing 26.3% of the pool, are secured by properties
with a DBRS Morningstar Market Rank of 6 or 7, denoting urban
markets, while two loans, representing 12.0% of the pool, are
secured by properties with a DBRS Morningstar Market Rank of 1 or
2, denoting rural and tertiary markets, respectively. 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 WA
as-is appraised value LTV is 64.5%, with a current WA stabilized
LTV of 58.9%. In comparison, these figures were 63.4% and 58.9%,
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 eight loans,
representing 61.2% of the current trust balance.

Through September 2023, the lender had advanced cumulative loan
future funding of $65.5 million to nine of the 16 outstanding
individual borrowers to aid in property stabilization efforts. The
largest advances have been made to the borrowers of the Warren
Corporate Center ($19.7 million) and Paseo ($19.2 million) loans.
The Warren Corporate Center loan is secured by an office property
in Warren, New Jersey. The advanced funds have been provided to the
borrower to complete its renovation and lease-up of the
three-building property. According to the Q2 2023 collateral
manager update, the borrower executed a 17-year lease with PTC
Therapeutics (PTC) for two of the three buildings, totaling 70.2%
of the net rentable area. PTC will pay a base rental rate of $22.50
psf commencing in September 2024. The tenant received a leasing
package of $36.2 million ($100.00 psf), which was larger than
originally expected, resulting in a loan amendment in August 2023
where the borrower funded $16.3 million in additional equity and
the lender provided a $16.2 million mezzanine loan, co-terminus
with the senior loan maturity in January 2026. As of September
2023, $36.3 million of senior loan future funding remained
available.

The Paseo loan is secured by a mixed-use (office and retail)
property in San Jose. The majority of the funds the lender has
advanced to date have been for completion of the capex plan, which
centered around the redevelopment of a former three-story movie
theater into an office property with ground-floor retail. According
to the Q2 2023 update, the capex program was 93.0% complete as the
lender had advanced $17.3 million for renovation items and $0.8
million for leasing costs associated with retail tenant leases. The
leased retail suite build-outs are in progress and the capex
program was expected to be completed by the end of Q3 2023. In
September 2023, the borrower and lender agreed to a loan
modification, which allowed the waiver of the minimum debt yield
requirement to exercise the first maturity extension option at loan
maturity in September 2024 in exchange for the borrower depositing
$1.6 million into an interest rate cap agreement reserve. The
current interest rate cap agreement expires at loan maturity in
September 2024. As of September 2023, $12.0 million of loan future
funding remained available to the borrower, primarily for future
leasing costs.

An additional $94.3 million of loan future funding allocated to 11
of the outstanding individual borrowers remains available. The
largest portion, $36.3 million, is allocated to the borrower of the
Warren Corporate Center loan, noted above. The second-largest
portion, $14.0 million, is allocated to the borrower of the 152
North 3rd Street loan, which, as also noted above, DBRS Morningstar
does not expect will be advanced to the borrower given the status
of the loan.

As of the September 2023 remittance, there were eight loans on the
servicer's watchlist, representing 57.6% of the current trust
balance. All loans have been highlighted for below-breakeven debt
service coverage ratios. DBRS Morningstar expected most loans to
have temporary cash flow declines at issuance given the planned
capex projects across many of the assets, which was expected to
negatively affect occupancy rates in the short to medium term. An
additional three loans, Claradon Village (Prospectus ID#1; 9.7% of
the pool), Fox Creek (Prospectus ID#2; 3.5% of the pool), and Nitya
PHX (Prospectus ID#4; 11.0% of the pool), have also been flagged
for upcoming loan maturity. Each loan has at least one outstanding
12-month maturity extension option, which DBRS Morningstar expects
to be exercised if the individual borrowers are unable to execute
loan exit strategies.

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


SCF EQUIPMENT 2023-1: Moody's Assigns (P)B3 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
Equipment Contract Backed Notes, Series 2023-1, Class A-1, Class
A-2, Class A-3, Class B, Class C, Class D, Class E and Class F
notes (Series 2023-1 notes or the notes) to be issued by SCF
Equipment Leasing 2023-1 LLC and SCF Equipment Leasing Canada
2023-1 Limited Partnership. Stonebriar Commercial Finance LLC
(Stonebriar) along with its Canadian subsidiary - Stonebriar
Commercial Finance Canada Inc. (Stonebriar Canada) are the
originators and Stonebriar alone will be the servicer of the assets
backing this transaction. The issuers are wholly-owned, limited
purpose subsidiaries of Stonebriar and Stonebriar Canada. The
assets in the pool will consist of loan and lease contracts,
secured primarily by manufacturing and assembly, railcars, and
corporate aircraft. Stonebriar was founded in 2015 and is led by a
management team with an average of over 25 years of experience in
equipment financing.

The complete rating actions are as follows:

Issuer: SCF Equipment Leasing 2023-1 LLC and SCF Equipment Leasing
Canada 2023-1 Limited Partnership

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

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

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

Class B Notes, Assigned (P)Aa1 (sf)

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

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

Class E Notes, Assigned (P)Ba3 (sf)

Class F Notes, Assigned (P)B3 (sf)

RATINGS RATIONALE

The provisional ratings are based on; (1) the experience of
Stonebriar's management team and the company as servicer; (2) U.S.
Bank National Association (long-term deposits Aa3/ long-term CR
assessment A1(cr), short-term deposits P-1, BCA a2) as backup
servicer for the contracts; (3) the weak credit quality and
concentration of the obligors backing the contracts in the pool;
(4) the assessed value of the collateral backing the contracts in
the pool;  (5) the inclusion of about 60% non-direct interests in
the assets underlying the contracts included in the pool; (6) the
credit enhancement, including overcollateralization, subordination,
excess spread and a non-declining reserve account and (7) the
sequential pay structure. Moody's also considered sensitivities to
various factors such as default rates and recovery rates in Moody's
analysis.

Additionally, Moody's base its (P)P-1 (sf) rating of the Class A-1
notes on the cash flows that Moody's expect the underlying
receivables to generate during the collection periods prior to the
Class A-1 notes' legal final maturity date.

At closing the Class A, Class B, Class C, Class D, Class E and
Class F notes benefit from 33.25%, 25.25%, 18.25%, 12.75%, 8.00%,
and 6.00% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of initial
overcollateralization of 2.00% which will build to a target of
5.00% of the outstanding pool balance with a floor of 2.50% of the
initial pool balance, a 1.00% fully funded reserve account with a
floor of 1.00%, and subordination. The notes will also benefit from
excess spread.

The equipment contracts that will back the notes were extended
primarily to middle market obligors and are secured by various
types of equipment including manufacturing and assembly, railcars,
corporate aircraft, and sand plant equipment.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations methodology" published in September
2023.

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

Up

Moody's could upgrade the ratings on the subordinate notes if
levels of credit protection are greater than necessary to protect
investors against current expectations of loss. Moody's updated
expectations of loss may be better than its original expectations
because of lower frequency of default or improved credit quality of
the underlying obligors or lower than expected depreciation in the
value of the equipment that secure the obligor's promise of
payment. As the primary drivers of performance, positive changes in
the US macro economy and the performance of various sectors where
the obligors operate could also affect the ratings.

Down

Moody's could downgrade the notes if levels of credit protection
are insufficient to protect investors against current expectations
of portfolio losses. Losses could rise above Moody's original
expectations as a result of a higher number of obligor defaults,
weaker credit quality of the obligors, or greater than expected
deterioration in the value of the equipment that secure the
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud. Additionally, Moody's could downgrade the Class A-1
short term rating following a significant slowdown in principal
collections that could result from, among other reasons, high
delinquencies or a servicer disruption that impacts obligor's
payments.


SEQUOIA MORTGAGE 2023-5: Fitch Gives BB(EXP)sf Rating on B-4 Certs
------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by Sequoia Mortgage Trust 2023-5 (SEMT
2023-5).

   Entity/Debt      Rating           
   -----------      ------           
SEMT 2023-5

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

TRANSACTION SUMMARY

Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by Sequoia Mortgage Trust 2023-5 (SEMT 2023-5)
as indicated. The certificates are supported by 317 loans with a
total balance of approximately $340.1 million as of the cutoff
date. The pool consists of prime jumbo fixed-rate mortgages
acquired by Redwood Residential Acquisition Corp. from various
mortgage originators. Distributions of principal and interest (P&I)
and loss allocations are based on a senior-subordinate,
shifting-interest structure.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral consists of
317 loans totaling approximately $340.1 million and seasoned
approximately seven months in aggregate. The borrowers have a
strong credit profile (773 model FICO and 35.0% debt to income
ratio [DTI]) and moderate leverage (76.5% sustainable loan to value
ratio [sLTV] and 70.6% mark-to-market combined LTV ratio [cLTV]).

Overall, the pool consists of 95.1% of loans where the borrower
maintains a primary residence, while 4.9% are second-home; 76.3% 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 presumption.

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.4% 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 39.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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'.

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, Digital Risk and Incenter. 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(s) to its analysis: a 4.2% reduction in its
analysis. This adjustment resulted in a 13bps reduction to the
'AAAsf' expected loss.

DATA ADEQUACY

Fitch relied in its analysis on an independent third-party due
diligence review performed on about 92.4% of the pool. The
third-party due diligence was consistent with Fitch's "U.S. RMBS
Rating Criteria." Clayton, AMC, Digital Risk and Incenter 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.


SIXTH STREET XXIII: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Sixth Street CLO XXIII
Ltd./Sixth Street CLO XXIII 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 Sixth Street CLO XXIII Management
LLC.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Sixth Street CLO XXIII Ltd./Sixth Street CLO XXIII LLC

  Class A, $248.00 million: AAA (sf)
  Class B, $49.00 million: AA (sf)
  Class C (deferrable), $31.00 million: A (sf)
  Class D (deferrable), $23.30 million: BBB- (sf)
  Class E (deferrable), $12.70 million: BB- (sf)
  Subordinated notes, $40.50 million: Not rated



SPIRIT AIRLINES 2015-1: Fitch Lowers Rating on Sec. Certs to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded Spirit Airlines Pass Through Trust
Certificates Series 2015-1 and 2017-1 class B certificates to 'BB+'
from 'BBB-'. The downgrade is driven by Fitch's downgrade of
Spirit's Issuer Default Rating (IDR) to 'B' from 'B+'. Fitch has
also affirmed the 2017-1 class AA certificates at 'AA-' and class A
certificates at 'A' and the 2015-1 class A certificates at 'A'.

The class AA and class A certificates are derived through Fitch's
top-down approach, while the class B certificates are notched off
of the underlying airline rating. The class AA and A certificates
continue to be supported by healthy levels of
overcollateralization. Loan-to-values (LTVs) for both the 2017-1
and 2015-1 transactions remain steady since Fitch's last review,
and base values for the A321s and A320s in these portfolios have
performed in line with Fitch's standard depreciation assumptions
over the last year. Meanwhile, the debt has continued to amortize,
leading to slightly improved collateral coverage.

Although collateral coverage is solid, a further downgrade of
Spirit's IDR to 'B-' could cause the 2017-1 class AA certificates
to be downgraded. Per Fitch's EETC criteria, senior tranches in
EETC transactions are unlikely to be maintained in the 'AA'
category if the underlying airline is rated 'B-' or lower.

KEY RATING DRIVERS

Class B Certificate Ratings: Fitch notches subordinated tranche
EETC ratings from the airline's IDR based on three primary
variables: 1) the affirmation factor (0-3 notches) 2) the presence
of a liquidity facility, (0-1 notch) and 3) recovery prospects (0-1
notch). The four-notch uplift from Spirit's 'B' IDR reflects a
moderate-to-high affirmation factor (+2 notches), the benefit of a
liquidity facility (+1 notch), and solid recovery prospects in a
stress scenario (+1). The 2015-1 class B certificates pass Fitch's
'BBB' level stress test but with limited headroom. Despite passing
the 'BBB' test, Fitch opts to apply its bottom-up approach given
the limited headroom and given the potential for the tranche to be
refinanced due to Spirit's need to maintain liquidity.

Affirmation Factor: Fitch chose not to assign the maximum +3 notch
affirmation factor uplift for these two transactions. While Fitch
views the likelihood of affirmation in a distress scenario to be
high, the uplift is limited by the shrinking proportion of Spirit's
total fleet represented by the two transactions as Spirit continues
to grow. The collateral aircraft are also becoming marginally less
attractive as Spirit takes delivery of more A320 and A321 NEOs,
which are more fuel efficient.

Although Spirit's fleet is growing, the two EETCs still make up a
sizeable proportion of Spirit's assets, supporting the +2-notch
uplift. The Spirit 2015-1 pool contains 15 aircraft, which makes up
around 8% of the company's current fleet. The 2017-1 pool contains
12 aircraft, or around 6% of Spirit's fleet. The two pools also
contain 17 A321s, which represents more than half of Spirit's (30)
owned A321s as of August 2023. The A321's larger size allows Spirit
to add capacity on denser routes without necessarily adding
additional frequencies. The larger gauge of the A321 also leads to
a lower cost per available seat mile compared to its smaller
cousins, which is key to Spirit's low-cost strategy.

Good Quality Collateral Pools: Spirit's 2015-1 transaction is
collateralized by 15 aircraft, consisting of 12 2016-2017 vintage
A321s and three 2016 vintage A320s. The 2017-1 transaction consists
of 12 aircraft, including seven 2017-2018 vintage A320s and five
2018 vintage A321s. Fitch considers both the A320 and the A321 to
be tier 1 aircraft.

Class AA and A certificate Ratings: Fitch's models assume an
airline default one year in the future for airlines rated in the
'B' category instead of two years in future for airlines in the
'BB' category. The applicable stress scenario LTVs have remained
roughly in line with its prior review due to relatively stable
asset values and continued principal amortization. The 2017-1 class
AA certificates hold sufficient headroom to pass its 'AA' stress
scenario, which results in a LTV ratio of roughly 89%. Under the
'A' level stress scenario, the LTVs for both Spirit's 2015-1 class
A certificates and 2017-1 class A certificates are calculated at
around 86%. Fitch expects both transaction's LTVs to improve over
their lifespans due to the pace of their amortization profiles.

KEY ASSUMPTIONS

Key assumptions within the rating case for the issuer include a
harsh downside scenario in which Spirit declares bankruptcy,
chooses to reject the collateral aircraft, and where the aircraft
are remarketed in the midst of a severe slump in aircraft values. A
Spirit bankruptcy is hypothetical and is not Fitch's current
expectation as reflected in Spirit's 'B' IDR. Fitch's models also
incorporate a full draw on liquidity facilities and include
assumptions for repossession and remarketing costs.

RATING SENSITIVITIES

EETC Sensitivities:

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Class AA and A Certificates: The class AA and A certificate ratings
are primarily based on a top-down analysis based on the value of
the collateral. Ratings upgrades may be driven by stable or
increasing values for the A321 and A320 along with continued
principal amortization leading to improved collateral coverage. An
upgrade to the class AA's are unlikely, given Spirit's IDR is at
'B'/Outlook Negative.

Underlying airline credit quality is a secondary consideration.
Positive rating actions could be driven by an upgrade of Spirit's
corporate credit rating.

Class B Certificates:

The class B certificates are linked to Spirit's corporate rating.
Therefore, if Spirit were upgraded to 'B+' the class B certificates
would be upgraded as well.

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

Class AA and A Certificates:

Negative rating actions could be driven by an unexpected decline in
collateral values. Senior tranche ratings could also be affected by
a perceived change in the affirmation factor or deterioration in
the underlying airline credit. The transaction ratings may be
impacted in the future by pressures on A320 CEO family values or
changes in value stress rates utilized in Fitch's models as the
A320 NEO family becomes a more dominant presence in the global
aircraft market. A further downgrade of Spirit's IDR to 'B-' could
cause the class AA certificates to be downgraded, given senior
tranches are unlikely to reach the 'AA' category under Fitch's EETC
criteria if the underlying airline is rated 'B-' or lower.

Class B Certificates:

The class B certificates are linked to Spirit's corporate rating.
Therefore, if Spirit were downgraded to 'B-' the class B
certificates would be downgraded as well. Fitch currently views the
Affirmation Factor for each Spirit EETC as moderate to high. This
could weaken over time as the collateral aircraft age and become a
smaller portion of Spirit's total fleet. Negative actions could be
driven by lower recovery prospects driven by weaker aircraft
values.

LIQUIDITY AND DEBT STRUCTURE

EETC:

2017-1:

The AA, A, and B certificates benefit from dedicated 18-month
liquidity facilities which will be provided by Commonwealth Bank of
Australia, New York Branch (A+/F1/Stable).

2015-1:

The class A and B certificates feature an 18-month liquidity
facility provided by Natixis (A/F1/Stable).

ISSUER PROFILE

Spirit Airlines, Inc. (Spirit) is a Florida-based ultra low cost
air carrier.

   Entity/Debt           Rating          Prior
   -----------           ------          -----
Spirit Airlines
Pass Through
Trust Certificates
Series 2017-1

   senior secured    LT A    Affirmed    A

   senior secured    LT AA-  Affirmed    AA-

   senior secured    LT BB+  Downgrade   BBB-

Spirit Airlines
Pass Through
Trust Certificates
Series 2015-1

   senior secured    LT A    Affirmed    A

   senior secured    LT BB+  Downgrade   BBB-


STRATA CLO I: Moody's Ups Rating on $33MM Class E Notes From Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Strata CLO I, Ltd.:

US$33,000,000 Class D Secured Deferrable Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on July 19, 2023 Upgraded to
A1 (sf)

US$33,000,000 Class E Secured Deferrable Floating Rate Notes due
2031, Upgraded to Baa3 (sf); previously on July 19, 2023 Upgraded
to Ba2 (sf)

Strata CLO I, Ltd., issued in December 2018, is a managed cashflow
CLO. The notes are collateralized primarily by a portfolio of
broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in January 2023.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
overcollateralization (OC) ratios since July 2023. The Class A
notes have been paid down by approximately 84.6% or $99.4 million
since then. Based on Moody's calculation, the OC ratios for the
Class A/B, Class C, Class D and Class E notes are currently
408.75%, 250.65%, 177.54% and 137.45%, respectively, versus July
2023 levels of 202.25%, 167.34%, 141.36% and 122.37%,
respectively.

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

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

Performing par and principal proceeds balance: $192,209,481

Defaulted par: $19,796,506

Diversity Score: 29

Weighted Average Rating Factor (WARF): 3934

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 4.63%

Weighted Average Recovery Rate (WARR): 44.49%

Weighted Average Life (WAL): 2.9 years

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

Methodology Used for the Rating Action:

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

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

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


THPT 2023-THL: S&P Assigns Prelim B- (sf) Rating on Class F Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to THPT
2023-THL Mortgage Trust's commercial mortgage pass-through
certificates.

The certificate issuance is a U.S. commercial mortgage-backed
securitization backed by a commercial mortgage loan that is secured
by the borrowers' fee and leasehold interests in 84
limited-service, extended-stay, and full-service hotel properties,
totaling 7,993 guestrooms across 21 U.S. states.

The preliminary ratings are based on information as of Nov. 7,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P Global Ratings' view of the
collateral's historical and projected performance, the sponsor's
and manager's experience, the trustee-provided liquidity, the
mortgage loan terms, and the transaction's structure.

  Preliminary Ratings Assigned

  THPT 2023-THL Mortgage Trust(i)(ii)

  Class A, $256,710,000: AAA (sf)
  Class X, $142,460,000(iii): A- (sf)
  Class B, $81,720,000: AA- (sf)
  Class C, $60,740,000: A- (sf)
  Class D, $80,270,000: BBB- (sf)
  Class E, $126,560,000: BB- (sf)
  Class F, $112,090,000: B- (sf)
  Class G, $30,210,000: Not rated
  Class HRR(iv), $45,700,000: Not rated

(i)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(ii)The initial balance of the class G certificates, HRR
certificates, and the notional amount the class X certificates is
subject to change.
(iii)Notional balance. The notional amount of the class X
certificates will be equal to the aggregate certificate balance of
the class B and C certificates.
(iv)Eligible horizontal residual interest.



TOWD POINT 2023-CES2: Fitch Assigns Final 'B-sf' Rating on B2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Towd Point Mortgage
Trust 2023-CES2 (TPMT 2023-CES2).

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

   A1A          LT AAAsf   New Rating   AAA(EXP)sf
   A1B          LT AAAsf   New Rating   AAA(EXP)sf
   A2           LT AA-sf   New Rating   AA-(EXP)sf
   M1           LT A-sf    New Rating   A-(EXP)sf
   M2           LT BBB-sf  New Rating   BBB-(EXP)sf
   B1           LT BB-sf   New Rating   BB-(EXP)sf
   B2           LT B-sf    New Rating   B-(EXP)sf
   B3           LT NRsf    New Rating   NR(EXP)sf
   B4           LT NRsf    New Rating   NR(EXP)sf
   B5           LT NRsf    New Rating   NR(EXP)sf
   A1           LT AAAsf   New Rating   AAA(EXP)sf
   A2A          LT AA-sf   New Rating   AA-(EXP)sf
   A2AX         LT AA-sf   New Rating   AA-(EXP)sf
   A2B          LT AA-sf   New Rating   AA-(EXP)sf
   A2BX         LT AA-sf   New Rating   AA-(EXP)sf
   A2C          LT AA-sf   New Rating   AA-(EXP)sf
   A2CX         LT AA-sf   New Rating   AA-(EXP)sf
   A2D          LT AA-sf   New Rating   AA-(EXP)sf
   A2DX         LT AA-sf   New Rating   AA-(EXP)sf
   M1A          LT A-sf    New Rating   A-(EXP)sf
   M1AX         LT A-sf    New Rating   A-(EXP)sf
   M1B          LT A-sf    New Rating   A-(EXP)sf
   M1BX         LT A-sf    New Rating   A-(EXP)sf
   M1C          LT A-sf    New Rating   A-(EXP)sf
   M1CX         LT A-sf    New Rating   A-(EXP)sf
   M1D          LT A-sf    New Rating   A-(EXP)sf
   M1DX         LT A-sf    New Rating   A-(EXP)sf
   M2A          LT BBB-sf  New Rating   BBB-(EXP)sf
   M2AX         LT BBB-sf  New Rating   BBB-(EXP)sf
   M2B          LT BBB-sf  New Rating   BBB-(EXP)sf
   M2BX         LT BBB-sf  New Rating   BBB-(EXP)sf
   M2C          LT BBB-sf  New Rating   BBB-(EXP)sf
   M2CX         LT BBB-sf  New Rating   BBB-(EXP)sf
   M2D          LT BBB-sf  New Rating   BBB-(EXP)sf
   M2DX         LT BBB-sf  New Rating   BBB-(EXP)sf
   XS1          LT NRsf    New Rating   NR(EXP)sf
   XS2          LT NRsf    New Rating   NR(EXP)sf
   X            LT NRsf    New Rating   NR(EXP)sf
   R            LT NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The bond sizes in this rating action commentary reflect the final,
closing bond sizes. The remainder of the commentary reflects the
data as of the statistical calculation date.

Fitch Ratings rates the residential mortgage-backed notes issued by
Towd Point Mortgage Trust 2023-CES2 (TPMT 2023-CES2) as indicated.
The notes are supported by one collateral group that consists of
4,803 newly originated, closed-end second (CES) lien loans with a
total balance of $354 million, as of the statistical calculation
date. The bond balances are as of the statistical calculation date.
Rocket Mortgage, LLC (Rocket), PennyMac Financial Services, LLC
(PennyMac), and SpringEQ, LLC (SpringEQ) originated approximately
53%, 25% and 22% of the loans, respectively.

PennyMac, Rocket and Specialized Loan Servicing LLC (SLS) will
service the loans. The servicers will not advance delinquent
monthly payments of principal and interest (P&I).

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full. In
addition, excess cashflow can be used to repay losses or net
weighted average coupon (WAC) shortfalls, as well as to partially
pay down the notes sequentially.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to an updated view
on sustainable home prices, Fitch views the home price values of
this pool as 8.9% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% since last quarter).
Housing affordability is the worst it has been in decades driven by
both high interest rates and elevated home prices. Home prices have
increased 0.9% yoy nationally as of July 2023 despite modest
regional declines, but are still being supported by limited
inventory.

Closed-End Second Liens (Negative): The entirety of the collateral
pool is composed of newly originated CES lien mortgages. Fitch
assumed no recovery and 100% loss severity (LS) on second lien
loans based on the historical behavior of second lien loans in
economic stress scenarios. Fitch assumes second lien loans default
at a rate comparable to first lien loans; after controlling for
credit attributes, no additional penalty was applied.

Strong Credit Quality (Positive): The pool consists of
new-origination CES loans, seasoned approximately five months (as
calculated by Fitch), with a relatively strong credit profile,
weighted average (WA) model credit score of 738, a 37.4% debt to
income ratio (DTI) and a moderate sustainable loan to value ratio
(sLTV) of 77.0%. Roughly 95.5% of the loans were treated as full
documentation in Fitch's analysis. None of the loans have
experienced any prior modifications since origination. Seven loans
were flagged previously delinquent (DQ) due to a temporary payment
interruption as a result of servicing transfer or initial payment
set-up. Fitch did not penalize the delinquencies and considered
those loans as current in its analysis.

Sequential-Pay Structure with Realized Loss and Writedown Feature
(Positive): The transaction's cash flow is based on a
sequential-pay structure, whereby the subordinate classes do not
receive principal until the senior classes are repaid in full.
Losses are allocated in reverse-sequential order. Furthermore, the
provision to reallocate principal to pay interest on the 'AAAsf'
and 'AA-sf' rated notes prior to other principal distributions is
highly supportive of timely interest payments to those classes in
the absence of servicer advancing.

With respect to any loan that becomes DQ for 150 days or more under
the Office of Thrift Supervision (OTS) methodology, the related
servicer will review, and may charge off, such loan with the
approval of the asset manager, based on an equity analysis review
performed by the servicer, causing the most subordinated class to
be written down.

Despite the 100% LS assumed for each defaulted second lien loan,
Fitch views the writedown feature positively, as cash flows will
not be needed to pay timely interest to the 'AAAsf' and 'AA-sf'
rated notes during loan resolution by the servicers. In addition,
subsequent recoveries realized after the writedown at 150 days' DQ
(excluding forbearance mortgage or loss mitigation loans) will be
passed on to bondholders as principal.

Additionally, the structure allocates 50% of the remaining excess
cashflow after reimbursement of losses and net WAC shortfalls to
turbo down bonds. Given this and the significant amount of excess
spread, Fitch ran an additional analysis that incorporated a WAC
deterioration scenario. Fitch applied a 2.5% WAC cut (based on the
most common historical modification rate) on 40% (historical Alt A
modification %) of the performing loans.

No Servicer P&I Advances (Neutral): The servicers will not advance
DQ monthly payments of P&I. Structural provisions and cash flow
priorities, together with increased subordination, provide for
timely payments of interest to the 'AAAsf' and 'AA-sf' rated
classes. Fitch is indifferent to the advancing framework as, given
its projected 100% loss severity, no credit would be given to
advances on the structure side and no additional adjustment would
be made as it relates to loss severity.

RATING SENSITIVITIES

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

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 40.8%, at 'AAAsf'. The analysis indicates 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

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 rated classes. Specifically, a
10% gain in home prices would result in a full category upgrade for
the rated classes, excluding those being assigned ratings of
'AAAsf'.

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, LLC (Clayton) and SitusAMC (AMC). A
third-party due diligence review was completed on 100% of the
loans. The scope, as described in Form 15E, focused on credit,
regulatory compliance and property valuation reviews, consistent
with Fitch criteria for new originations. None of the loans
received a final grade of C/D and no material exceptions were
noted. The results of the review indicate low operational risk.
Fitch applied a credit for the high percentage of loan-level due
diligence, which reduced the 'AAAsf' loss expectation by 75bps.

ESG CONSIDERATIONS

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


UBS COMMERCIAL 2017-C12: Fitch Lowers Rating on E-RR Certs to B-sf
------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of UBS Commercial Mortgage
Trust 2017-C7 commercial mortgage pass-through certificates (UBS
2017-C7). All Rating Outlooks remain Stable. The Under Criteria
Observation (UCO) has been resolved.

Fitch has also downgraded four classes and affirmed 12 classes of
UBS Commercial Mortgage Trust 2018-C12 commercial mortgage
pass-through certificates (UBS 2018-C12). Fitch has revised
Outlooks on six classes to Negative from Stable, and assigned two
classes Negative Outlooks following their downgrades. The UCO has
been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
UBS 2018-C12

   A-2 90353DAV7    LT AAAsf  Affirmed    AAAsf
   A-3 90353DAX3    LT AAAsf  Affirmed    AAAsf
   A-4 90353DAY1    LT AAAsf  Affirmed    AAAsf
   A-5 90353DAZ8    LT AAAsf  Affirmed    AAAsf
   A-S 90353DBC8    LT AAAsf  Affirmed    AAAsf
   A-SB 90353DAW5   LT AAAsf  Affirmed    AAAsf
   B 90353DBD6      LT AA-sf  Affirmed    AA-sf
   C 90353DBE4      LT A-sf   Affirmed    A-sf
   D 90353DAC9      LT BBBsf  Affirmed    BBBsf
   D-RR 90353DAE5   LT BB-sf  Downgrade   BBB-sf
   E-RR 90353DAG0   LT B-sf   Downgrade   BB+sf
   F-RR 90353DAJ4   LT CCCsf  Downgrade   B-sf
   G-RR 90353DAL9   LT CCsf   Downgrade   CCCsf
   X-A 90353DBA2    LT AAAsf  Affirmed    AAAsf
   X-B 90353DBB0    LT AA-sf  Affirmed    AA-sf
   X-D 90353DAA3    LT BBBsf  Affirmed    BBBsf

UBS 2017-C7

   A-3 90276WAR8    LT AAAsf  Affirmed    AAAsf
   A-4 90276WAS6    LT AAAsf  Affirmed    AAAsf
   A-S 90276WAV9    LT AAAsf  Affirmed    AAAsf
   A-SB 90276WAQ0   LT AAAsf  Affirmed    AAAsf
   B 90276WAW7      LT AA-sf  Affirmed    AA-sf
   C 90276WAX5      LT A-sf   Affirmed    A-sf
   D-RR 90276WAA5   LT BBBsf  Affirmed    BBBsf
   E-RR 90276WAC1   LT BBB-sf Affirmed    BBB-sf
   F-RR 90276WAE7   LT BB-sf  Affirmed    BB-sf
   G-RR 90276WAG2   LT B-sf   Affirmed    B-sf
   X-A 90276WAT4    LT AAAsf  Affirmed    AAAsf
   X-B 90276WAU1    LT AA-sf  Affirmed    AA-sf

KEY RATING DRIVERS

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

The affirmations and Stable Outlooks in UBS 2017-C7 reflect the
impact of the updated criteria and relatively stable pool
performance since the prior rating action. Fitch's current ratings
incorporate a 'Bsf' rating case loss of 3.10%. Eleven loans in the
UBS 2017-C7 transaction (23.4% of the pool), including one special
serviced loan (0.5%) have been designated as Fitch Loans of Concern
(FLOCs).

The downgrades in UBS 2018-C12 reflect the impact of the updated
criteria and higher loss expectations since the last rating action
on the FLOCs. Fitch's current ratings incorporate a 'Bsf' rating
case loss of 7.80%. The affirmations of the senior 'AAA' classes
reflect sufficient CE relative to expected losses.

Sixteen loans in the UBS 2018-C12 transaction (36.2% of the pool),
including six special serviced loans/REO assets (11.0%) have been
designated as FLOCs. The Negative Outlooks in UBS 2018-C12 reflect
the potential for downgrades with further performance deterioration
and/or lack of stabilization on the FLOCs, particularly several
underperforming office and hotel loans.

Fitch Loans of Concern: In the UBS 2017-C7 transaction, the largest
increases in modeled losses since the rating action are attributed
to the Tryad Industrial & Business Center loan (6.3% of the pool),
which is secured by a 3.35 million sf, 11-building industrial flex
property located in Rochester, NY. As of the June 2023 rent roll,
occupancy was 64% with an additional 15% roll scheduled in 2024.
The YTD June 2023 NOI debt service coverage ratio (DSCR) was 0.99x
compared to 1.11x at YE 2022, and 1.53x at YE 2021 for this
amortizing loan. The rent roll is granular and the largest tenant,
Hammer Packaging Corporation (9.9% of NRA) recently renewed through
2028.

Fitch's 'Bsf' rating case loss of 9.23% (prior to concentration
add-ons) on this FLOC reflects a 9.5% cap rate and a 10% stress to
the YE 2022 NOI to account for continuing performance decline and
additional upcoming roll.

The next largest increase to modeled losses is the 900 on Nine loan
(1.6%), which is secured by a 112,705-sf office property located in
suburban Woodbridge, NJ. The property was built in 1977 and last
renovated in 2013. The largest tenant, NIP/Extensis (58.3% of the
NRA), recently exercised its early termination option, prior to its
initial lease expiration of March 2028. NIP/Extensis, which used
the property as its headquarters, had been at the property since
1995 with continuous space expansions over its years of occupancy.
The property is currently about 31% occupied with an additional 13%
of NRA rolling in 2024. Per the October 2023 servicer reporting,
approximately $2.7 million is currently available in the leasing
cost reserve. Per Costar, the property's direct competition has an
average vacancy rate of 16.3% and an availability rate of 22.4%.

Fitch's 'Bsf' rating case loss of 23.3% (prior to concentration
add-ons) on this FLOC reflects a value of $64 psf and an increased
probability of default on the loan.

In the UBS 2018-C12 transaction, the largest contributor to
increased modeled losses since the last rating action is the Aspect
RHG Hotel Portfolio loan (4.6% of the pool), which is secured by
four limited service hotels totaling 461 keys located in Colorado,
Tennessee, and Arizona. The loan is on the servicer watchlist due
to poor performance including the most recent NOI DSCR reported at
1.05x as well as significant deferred maintenance. Recent
performance information was only provided for one of the four
hotels. Fitch's 'Bsf' rating case loss of 21.4% (prior to
concentration add-ons) on this FLOC reflects an 11.5% cap rate and
a 10% stress to the most recently provided NOI to account for the
portfolio's poor overall performance.

The next largest increase in modeled losses is attributable to the
largest loan in the pool, the Riverfront Plaza loan (6.6%), which
is secured by a 950,000-sf two tower office property located in the
Richmond, VA CBD. The property was built in 1990 and last renovated
in 20174. Per the June 2023 rent roll, the property was 80% leased.
However, the second largest tenant, Truist Bank's, space (14.9% of
the NRA) is reportedly dark. Further, the third largest tenant's
space (10% of NRA) is currently subleased at a rate that is
approximately 20% below the direct tenant's rent; the subtenant has
a lease expiration in December 2024. Per CoStar, the entire
property has an availability rate of close to 40%.

Fitch's 'Bsf' rating case loss of 9.0% (prior to concentration
add-ons) on this FLOC reflects a 10% cap rate and a 35% stress to
the TTM June 2023 NOI to account for the above market rents, dark
tenancy and near-term roll. Fitch ran an additional sensitivity
scenario that assumed an increased probability of default on the
loan, which contributed to the Negative Outlooks assigned to
classes A-S through E-RR in UBS 2018-C12.

Minimal Change in CE: As of the October 2023, distribution date,
the aggregate balances of UBS 2017-C7 and UBS 2018-C12 have been
reduced by 11.9% and 13.2%, respectively, since issuance. UBS
2017-C7 has two defeased loans representing 10.2% of the pool and
UBS 2018-C12 has six defeased loans representing 7.5%. Cumulative
interest shortfalls are currently affecting class NR-RR in UBS
2017-C7 and class NR-RR in UBS 2018-C12. UBS 2017-C7 has no
realized losses to date, while UBS 2018-C12 has realized losses of
0.26% of the original pool balance.

Office Concentration: Both the UBS 2017-C7 and UBS 2018-C12
transactions have substantial concentrations of loans secured by
office properties at 30.3% and 28.2%, respectively. Fitch maintains
a 'deteriorating' outlook for the U.S. office sector given
macroeconomic headwinds, including rising interest rates and
pressures on office fundamentals from the secular shift to hybrid
working.

Credit Opinion Loans: In the UBS 2017-C7 transaction, One State
Street (7.9%) and General Motors Building loan (4.8%) maintain
stand-alone credit opinions. In the UBS 2018-C12 transaction, 20
Times Square (3.6%) no longer maintains a credit opinion. The loan
is secured by the leased fee interest in a 16,066-sf parcel of land
located in Times Square, New York, NY, that is improved with a
452-key hotel, 75,000 sf of retail space, and 18,000 sf of digital
signage. The loan transferred to special servicing in November 2022
due to an event of default related to the filing of over $26
million in mechanics liens related to the construction of the
hotel; the liens are considered a breach under the ground lease and
the loan agreement. The debt matured in May 2023, and the mezzanine
lender recently took an assignment in lieu and became the mortgage
borrower. The special servicer extended the loan through May 2025
after the new borrower funded a guaranteed obligations reserve of
$69.2 million, paid down loan principal by $50 million, and paid
all specially servicing fees and expenses. The borrower has nine
months to clear the mechanics liens. Fitch's value based on a cap
rate of 7% and a five year straight average of the ground lease
payment results in a value well above the senior debt. Fitch
modeled a 2% loss to account for any future servicing fees or
expenses that may arise.

RATING SENSITIVITIES

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

The Negative Outlooks reflect possible future downgrades stemming
from concerns with potential further declines in performance that
could result in higher expected losses on FLOCs. If expected losses
do increase, downgrades to these classes are anticipated.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to downgrades.

Downgrades to 'Asf' and 'BBBsf' category rated classes could occur
if deal-level losses increase significantly on non-defeased loans
in the transactions, if additional loans become FLOCs or with
outsized losses on larger FLOCs.

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

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

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

Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with significantly increased CE from paydowns, coupled with
stable-to-improved pool-level loss expectations and performance
stabilization of FLOCs. Upgrades of these classes to 'AAAsf' will
also consider the concentration of defeased loans in the
transaction.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and there is sufficient CE to the
classes.

Upgrades to distressed ratings of 'CCCsf' is not expected, but
possible with better than expected recoveries on specially serviced
loans or significantly higher values on FLOCs.

ESG CONSIDERATIONS

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


WELLS FARGO 2015-NXS1: Fitch Affirms 'B-sf' Rating on Two Tranches
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Wells Fargo Commercial
Mortgage Trust 2015-NXS1 and 15 classes of Wells Fargo Commercial
Mortgage Trust 2015-NXS4. The Rating Outlook was revised to Stable
from Positive for one class and to Negative from Stable for four
classes in WFCM 2015-NXS1. The Outlook was revised to Negative from
Stable for two classes and the Outlooks for two classes remain
Negative in WFCM 2015-NXS4. The Under Criteria Observation (UCO)
has been resolved.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
WFCM 2015-NXS4

   A-3 94989XBB0    LT AAAsf  Affirmed       AAAsf
   A-4 94989XBC8    LT AAAsf  Affirmed       AAAsf
   A-S 94989XBE4    LT AAAsf  Affirmed       AAAsf
   A-SB 94989XBD6   LT AAAsf  Affirmed       AAAsf
   B 94989XBH7      LT AA-sf  Affirmed       AA-sf
   C 94989XBJ3      LT A-sf   Affirmed       A-sf
   D 94989XBL8      LT BBBsf  Affirmed       BBBsf
   E 94989XAL9      LT BBB-sf Affirmed       BBB-sf
   F 94989XAN5      LT Bsf    Affirmed       Bsf
   G 94989XAQ8      LT CCCsf  Affirmed       CCCsf
   X-A 94989XBF1    LT AAAsf  Affirmed       AAAsf
   X-B 94989XBG9    LT AA-sf  Affirmed       AA-sf
   X-D 94989XBK0    LT BBB-sf Affirmed       BBB-sf
   X-F 94989XAA3    LT Bsf    Affirmed       Bsf
   X-G 94989XAC9    LT CCCsf  Affirmed       CCCsf

WFCM 2015-NXS1

   A-2 94989HAF7    LT PIFsf  Paid In Full   AAAsf
   A-3 94989HAJ9    LT AAAsf  Affirmed       AAAsf
   A-4 94989HAM2    LT AAAsf  Affirmed       AAAsf
   A-5 94989HAQ3    LT AAAsf  Affirmed       AAAsf
   A-S 94989HAW0    LT AAAsf  Affirmed       AAAsf
   A-SB 94989HAT7   LT AAAsf  Affirmed       AAAsf
   B 94989HBF6      LT AAsf   Affirmed       AAsf
   C 94989HBJ8      LT A-sf   Affirmed       A-sf
   D 94989HBM1      LT BBB-sf Affirmed       BBB-sf
   E 94989HBR0      LT BB-sf  Affirmed       BB-sf
   F 94989HBU3      LT B-sf   Affirmed       B-sf
   PEX 94989HBQ2    LT A-sf   Affirmed       A-sf
   X-A 94989HAZ3    LT AAAsf  Affirmed       AAAsf
   X-E 94989HCA6    LT BB-sf  Affirmed       BB-sf
   X-F 94989HCD0    LT B-sf   Affirmed       B-sf

KEY RATING DRIVERS

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

Alternative Loss Scenario; Maturity Concentration: Given the
scheduled maturity concentration of both transactions within the
next one to two years, Fitch's ratings are based on a look-through
analysis. This analysis groups loans by projected ability to
refinance to determine the loans' expected recoveries and losses
relative to CE.

The affirmations in WFCM 2015-NXS1 and WFCM 2015-NXS4 reflect
generally stable pool performance since the prior rating actions,
as well as the impact of the updated criteria. Fitch's current
ratings on WFCM 2015-NXS1 incorporate a 'Bsf' rating case loss of
4.2%. Fitch has identified 13 Fitch Loans of Concern (FLOCs; 22.4%
of the pool balance), including two loans in special servicing
(5.9%). Fitch's current ratings on WFCM 2015-NXS4 incorporate a
'Bsf' rating case loss of 6.4%. Fitch has identified 13 FLOCs (34.1
% of the pool balance), including six loans in special servicing
(13.9%).

The Outlook revision to Stable from Positive for class B in WFCM
2015-NXS1 reflects refinancing concerns for loans with lower DSCR.
The Outlook revisions to Negative from Stable for classes E, X-E, F
and X-F in WFCM 2015-NXS1 reflect exposure to specially serviced
loans and FLOCs secured by office properties (16.9%). The Negative
Outlooks on classes E, X-D, F and X-F in WFCM 2015-NXS4 reflect the
potential for higher than expected losses for loans in special
servicing, particularly CityPlace I (FLOC, 6%). In affirming the
senior classes, Fitch considered higher stressed losses on
CityPlace I of 75%.

Fitch Loans of Concern/Specially Serviced Loans: The largest
contributor to overall loss expectations in WFCM 2015-NXS1 is the
specially serviced 9990 Richmond Avenue (FLOC, 2.6%). The loan is
secured by two three-story class B suburban office buildings
totaling 188,439-sf located in Houston, TX. The loan transferred to
the special servicer for imminent default in January 2021 and the
property was foreclosed in August 2021. The property is currently
listed for sale.

The property's occupancy has been declining for the past several
years. Per the servicer, the largest tenant at issuance, Selene
Financial (15% NRA), vacated in May 2022. The ongoing impacts of
the COVID-19 pandemic and the downturn in the Houston oil and gas
industry have driven occupancy to 45.7% as of June 2023. Fitch's
analysis reflects a haircut to the most recent servicer reported
appraisal value which equates to a value of approximately $35 psf.

The four largest drivers of expected losses in WFCM 2015-NXS4 are
specially serviced loans. The largest driver of expected losses is
CityPlace I (FLOC, 6%) which transferred to special servicing in
October 2023. The loan matures in September 2025 and is secured by
an 884,366-sf office building in Hartford, CT. Per the June 2023
rent roll, occupancy was stable at 86% but it's expected to decline
by approximately 30%. Per the servicer, the largest tenant United
Healthcare (42.5% NRA; July 2023), reduced its footprint to 6.6% of
NRA with a triple net lease for five years. NOI debt service
coverage ratio (DSCR) improved to 1.85x as of YE 2022 from 1.74x YE
2021 and 1.51x as of YE 2020 but is below 2.24x at issuance.
Fitch's 'Bsf' rating case loss (prior to concentration adjustments)
of 33% reflects a 35% haircut to the YE 2022 NOI and a 10% cap
rate.

Increase in CE: As of the September 2023 distribution date, WFCM
2015-NXS1 and WFCM 2015-NXS4 have paid down by 27% and 26%,
respectively. WFCM 2015-NXS1 has 13 defeased loan representing 17%
of the pool and WFCM 2015-NXS4 has 17 defeased loans representing
30%. Cumulative interest shortfalls are currently affecting class G
in WFCM 2015-NXS1 and class H in WFCM 2015-NXS4. WFCM 2015-NXS1 and
WFCM 2015-NXS4 have realized losses of 0.05% and 0.79%,
respectively, of the original pool balance as of the September 2023
distribution date.

RATING SENSITIVITIES

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

Downgrades would be triggered by an increase in pool-level losses
from underperforming or specially serviced loans.

Downgrades to 'AAAsf', 'AAsf' and 'Asf' category rated classes
could occur if deal-level expected losses increase significantly
and/or interest shortfalls occur. For 'AAAsf' rated bonds,
additional stresses applied to defeased collateral due to the U.S.
sovereign rating being lower than 'AAA' could also contribute to
downgrades.

Classes rated in the 'BBBsf' to 'Bsf' rating category would be
downgraded should overall pool losses increase and/or one or more
of the larger FLOCs have an outsized loss, which would erode CE.
Downgrades to the classes in the 'CCCsf' rating categories would
occur with a greater certainty of losses and/or as losses are
realized.

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

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

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

Upgrades to the distressed 'CCCsf' rating categories are not
expected, but possible with better than expected recoveries on
specially serviced loans or significantly higher values on FLOCs.

ESG CONSIDERATIONS

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


WELLS FARGO 2016-LC25: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates issued by Wells Fargo
Commercial Mortgage Trust 2016-LC25:

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

All trends are Stable with the exception of Class G, which has a
rating that does not typically carry a trend in commercial
mortgage-backed securities (CMBS) ratings.

The credit rating confirmations reflect the overall stable
performance of the transaction, which remains in line with DBRS
Morningstar's expectations. Servicer-reported performance metrics
for the majority of the loans in the pool have been strong,
evidenced by the pool's weighted-average (WA) debt service coverage
ratio (DSCR) of 1.62 times (x). Since the last rating action in
November 2022, one loan liquidated from the pool with a
better-than-expected recovery, and another loan, representing 3.7%
of the pool balance, returned to the master servicer from the
special servicer as a corrected loan.

The pool is concentrated by property type with retail and office
representing 29.3% and 26.7% of the pool balance, respectively.
While there are ongoing concerns surrounding the increasing vacancy
rates for the office sector at large, loans in the pool secured by
office properties have reported healthy performance metrics
demonstrated by the WA DSCR of 2.14x, resulting in a WA expected
loss that is in line with the pool expected loss. In the analysis
for this review, DBRS Morningstar applied additional stresses to
eight loans, representing 20.6% of the pool, that were identified
as exhibiting increased credit risks and/or performance declines
since issuance.

As of the September 2023 remittance, 75 of the original 80 loans
remain in the pool, with an aggregate principal balance of $802.8
million, representing a collateral reduction of 15.9% since
issuance. Nine loans, representing 10.4% of the current pool
balance, are fully defeased. There are currently no delinquent or
specially serviced loans and 10 loans, representing 13.5% of the
pool balance, are being monitored on the servicer's watchlist. Six
loans, representing 16.1% of the current pool balance, have
received a forbearance or modification since issuance.

The largest loan on the servicer's watchlist, The Shops at Somerset
Square (Prospectus ID#7, 3.7% of the pool), is secured by an
unanchored retail property in Glastonbury, Connecticut. The loan is
sponsored by Brookfield Property Partners and had transferred to
special servicing in August 2020 for payment default caused by
operating shortfalls stemming from the Coronavirus Disease
(COVID-19). It was returned to the master servicer in January 2023
as a corrected loan and remains current. As of June 2023, occupancy
and DSCR were 68.5% and 1.65x compared with 72% and 1.21x at
YE2022, 76.9% and 2.59x as of March 2020, and 89% and 1.39x at
issuance. DBRS Morningstar notes that the five largest tenants,
representing 25.5% of the net rentable area (NRA) combined,
including Talbots (7.4% of the NRA) and Jos. A. Bank (4.4% of the
NRA), all have 2023 lease expirations. The property was reappraised
for $17.8 million in August 2022, reflecting a -57.6% variance from
the issuance appraised value of $42 million, and a current
loan-to-value ratio (LTV) of 168%. Given the occupancy and value
decline since issuance, in its analysis, DBRS Morningstar increased
the probability of default (PD) penalty and LTV for this loan,
resulting in an expected loss that is more than 2.5 times greater
than the pool average.

The second-largest loan on the watchlist is 101 Hudson (Prospectus
ID#16, 2.1% of the pool), secured by a 1.3 million-square-foot
(sf), Class A office property on the waterfront in Jersey City, New
Jersey. The loan has been monitored on the servicer's watchlist
because of declines in occupancy following the departure of the
property's former second-largest tenant, National Union Fire
Insurance (formerly 20.2% of NRA), which vacated in 2018. Occupancy
has hovered in the mid-70.0% range since then, and as of March
2023, the property reported an occupancy rate of 73.0%. Despite the
sustained low occupancy, the loan's DSCR was reported at 2.35x as
of YE2022, below the DBRS Morningstar DSCR of 2.88x. The asset was
acquired by The Birch Group in October 2022 at a purchase price of
$346.0 million, representing an LTV of 72.3%. Although DBRS
Morningstar remains concerned about the broader office market and
declines in occupancy, the collateral's implied LTV partially
offsets the increased credit risk since issuance. DBRS Morningstar
applied an elevated PD adjustment and LTV ratio in its analysis,
resulting in an expected loss that was slightly higher than the
pool average.

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




WELLS FARGO 2017-C42: Fitch Affirms CCC Rating on 2 Tranches
------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Wells Fargo Commercial
Mortgage Trust 2017-C42 commercial mortgage pass-through
certificates. Fitch has revised the Rating Outlooks on classes E
and X-E to Negative from Stable. The Under Criteria Observation
(UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
WFCM 2017-C42

   A-2 95001GAB9    LT AAAsf  Affirmed   AAAsf
   A-3 95001GAD5    LT AAAsf  Affirmed   AAAsf
   A-4 95001GAE3    LT AAAsf  Affirmed   AAAsf
   A-BP 95001GAF0   LT AAAsf  Affirmed   AAAsf
   A-S 95001GAK9    LT AAAsf  Affirmed   AAAsf
   A-SB 95001GAC7   LT AAAsf  Affirmed   AAAsf
   B 95001GAL7      LT AA-sf  Affirmed   AA-sf
   C 95001GAM5      LT A-sf   Affirmed   A-sf
   D 95001GAU7      LT BBB-sf Affirmed   BBB-sf
   E 95001GAW3      LT B-sf   Affirmed   B-sf
   F 95001GAY9      LT CCCsf  Affirmed   CCCsf
   X-A 95001GAG8    LT AAAsf  Affirmed   AAAsf
   X-B 95001GAJ2    LT A-sf   Affirmed   A-sf
   X-BP 95001GAH6   LT AAAsf  Affirmed   AAAsf
   X-D 95001GAN3    LT BBB-sf Affirmed   BBB-sf
   X-E 95001GAQ6    LT B-sf   Affirmed   B-sf
   X-F 95001GAS2    LT CCCsf  Affirmed   CCCsf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and overall
stable loss expectations for the pool since Fitch's prior rating
action. The Negative Outlooks reflect the high concentration of
office loans (50%). Seven loans (20.7%) were flagged as Fitch Loans
of Concern (FLOCs). One loan (1%) is in special servicing. Fitch's
current ratings reflect a 'Bsf' rating case loss of 4.7%

The largest contributor to loss is the 16 Court Street loan (9.3%),
which is secured by a 36-story, 325,510-sf, office building and
retail (ground floor) located in Brooklyn, New York. The property's
largest tenants include The City University of New York (14.3% of
NRA, leased through August 2024) and Michael Van Valkenburgh
Associates (7.7%, October 2025). All other tenants comprise less
than 6% of NRA individually.

The property's occupancy was 72.2% as of June 2023 rent roll,
compared to 70.1% at YE 2022, 81% at YE 2021, 85% at YE 2020 and
93% at issuance. Occupancy declined since issuance due to several
tenants vacating upon lease expiration. The servicer-reported NOI
debt service coverage ratio (DSCR) declined to 0.94x as of March
2023, from 1.15x at YE 2022, 1.59x at YE 2021 and 2.10x at YE 2020.
Per the servicer, the loan is currently being cash managed.
Near-term rollover includes 2.9% of NRA in 2023, 27.7% in 2024 and
0.7% in 2025. According to CoStar, the property lies within the
Downtown Brooklyn office submarket. As of 3Q 2023, the average
asking rental rates and vacancy for the submarket were $49.73 psf
and 19.6%, respectively.

Fitch's Bsf' rating case loss (prior to concentration add-on) of
18% reflects a 9.5% cap rate and 10% stress to the YE 2022 NOI.

The next largest contributor to loss is the 55 West 19th Street
asset (1%), a five-story, 9,250-sf mixed use property located in
the Flat Iron/East Chelsea district. The loan transferred to
special servicing in January 2021 due to payment default. The loan
was not repaid at its scheduled November 2022 maturity date.
According to servicer updates, foreclosure is being pursued while
discussing alternative workout strategies. As of YE 2022, occupancy
and NOI DSCR were 100% and 1.09x respectively. Fitch's 'Bsf' case
loss of approximately 29.4% (prior to a concentration adjustment)
is based on a stress to the most recent provided appraisal.

Third largest contributor to loss, Lennar Corporate Center (3.9%),
is secured by a 289,986-sf office property located in Miami, FL.
The loan has been designated as a FLOC due to performance declines.
The decline is attributed to the largest tenant Lennar Corporation
(50% NRA) vacating the property at their lease expiration in March
2022. Occupancy was 59% as of March 2023. The largest remaining
tenants are Farelogix (6.4% NRA) and Alliance for Aging (4.3% NRA)
both of which signed lease extensions. Fitch has an outstanding
request to the servicer for leasing updates.

Fitch's Bsf' rating case loss (prior to concentration add-on) of
7.4% reflects a 10.25% cap rate and 15% stress to the YE 2022 NOI.

Minimal Change to Credit Enhancement (CE): As of the October 2023
distribution date, the pool's aggregate principal balance was
reduced by 3.3% to $720.4 million from $744.8 million at issuance.
There have been no realized losses to date to and interest
shortfalls are currently affecting class G. Three loans (2.5%) are
defeased. Eleven loans (46%) are full-term interest-only (IO), and
no loans remain in their partial IO period.

RATING SENSITIVITIES

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

Downgrades to the rated 'AAAsf' and 'AA-sf' rated classes are not
likely due to their increasing CE, overall stable pool performance
and expected continued paydown; however, downgrades to these
classes may occur should interest shortfalls affect these classes;

Downgrades to the 'A-sf' and 'BBB-sf' rated classes would occur if
loss expectations increase significantly and/or if CE is eroded due
to realized losses that exceed expectations on one or more larger
FLOCs.

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

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

Upgrades to the 'AA-sf' and 'A-sf' category would likely occur with
significant improvement in CE and/or defeasance; however, adverse
selection and increased concentrations or the underperformance of
particular loan(s) could cause this trend to reverse.

Upgrades to the 'BBB-sf' rated classes may occur as the number of
FLOCs are reduced and/or loss expectations improve. The classes
would not be upgraded above 'Asf' if there is likelihood for
interest shortfalls.

Upgrades to the 'B-sf' and 'CCCsf' rated classes are not likely
until the later years of the transaction and only if the
performance of the remaining pool stabilizes and there is
sufficient CE to the classes.

ESG CONSIDERATIONS

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


WELLS FARGO 2018-C43: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2018-C43, issued by
Wells Fargo Commercial Mortgage Trust 2018-C43 as follows:

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

All trends are Stable.

The credit rating confirmations reflect the pool's overall
performance since the last rating action in November 2022, as
evidenced by the pools weighted-average (WA) debt service coverage
ratio (DSCR) of nearly 2.50 times (x) based on the most recent
year-end financials available, above the WA DBRS Term DSCR for the
pool of 1.69x derived at issuance. In addition, there's a
concentration of loans that are secured by defeased collateral, two
loans are shadow-rated investment grade, while no loans are
delinquent or in special servicing.

As of the September 2023 reporting, 57 of the original 63 loans
remain in the trust with an aggregate principal balance of $638.4
million, representing a collateral reduction of 11.6% since
issuance. The pool benefits from nine loans that are fully
defeased, representing 11.3% of the pool. Five loans, representing
11.1% of the pool, are on the servicer's watchlist, being monitored
for low DSCRs, increased vacancy, and/or deferred maintenance.

Excluding defeasance, the pool is concentrated by property type,
with loans secured by office collateral comprising 32.0% of the
pool. In general, the office sector has been challenged, given the
low investor appetite for that property type and high vacancy rates
in many submarkets as a result of the shift in workplace dynamics.
While the majority of office loans in the transaction continue to
perform as expected, DBRS Morningstar identified three office loans
exhibiting declines in performance. In its analysis for this
review, DBRS Morningstar adjusted these loans with stressed
loan-to-value (LTV) ratios or increased probability of default
(POD) assumptions, resulting in a WA expected loss (EL) for those
loans that was nearly triple the pool's WA figure.

The largest of these loans, which is also the largest loan on the
servicer's watchlist, is Southpoint Office Center (Prospectus ID#4,
5.5% of the pool), secured by a 366,808 square foot (sf), Class A
office property in Bloomington, Minnesota. The loan is on the
watchlist for a low DSCR as a result of a decline in occupancy,
primarily stemming from the departure of the property's former
largest tenant, Wells Fargo, in October 2020 (18.2% of the net
rentable area (NRA) at the time). As a result, occupancy fell from
91.5% at issuance to 65.8% as of YE2021 and was most recently
reported at 68.2% as of Q2 2023.

While tenancy is rather granular outside of the largest tenant,
United Bank (11.4% of the NRA), there are 22 tenants, representing
48.6% of the NRA, with lease expirations prior to loan maturity in
February 2028. According to the September 2023 reporting, the
borrower had access to only $0.9 million held leasing reserves to
help with re-leasing efforts and a below breakeven cash flow, most
recently reported at 0.66 times (x) as of YE2022, making the cash
trap structure originally contemplated at issuance ineffective.
According to Reis, office properties in the Southwest/Northeast
Scott County submarket reported an average vacancy rate of 20.5% as
of Q2 2023, increasing from 17.6% in Q2 2022. While the sponsor,
Felton Properties Inc., contributed $12.7 million (27.1% of the
financing costs) toward the acquisition of the property, indicating
they have a vested interest in the property, they did default on
another office loan prior to the subject securitization and will
likely need to inject a significant amount of capital to stabilize
the property given current market conditions. As a result, DBRS
Morningstar analyzed the loan with an elevated POD penalty and a
stressed LTV for this review, resulting in an EL in excess of 3.5x
the pool WA average.

The second-largest loan on the watchlist is 35 Waterview Boulevard
(Prospectus ID#9, 3.2% of the pool), which is secured by a 172,498
sf, Class A suburban office in Parsippany, New Jersey. The loan is
on the watchlist as a result of increased vacancy, which has
trended higher each year since issuance. As of the June 2023 rent
roll, the property reported an occupancy of 75.9%, up from 75.5% in
December 2022 and down from 95.7% at issuance. Most recently, the
property lost three tenants upon their respective lease expirations
between November 2022 and February 2023, collectively representing
13.5% of the NRA. In addition, there are two tenants, representing
7.6% of the NRA, with scheduled lease expirations during the next
12 months, and the largest tenant, Sun Chemical Management LLC (Sun
Chemical; 38.3% of the NRA, with a lease expiring December 2029),
has a termination option in 2024. There has been some recent
leasing traction, as the borrower signed two tenants (7.8% of the
NRA), improving occupancy to an implied rate of 75.9%, with three
more prospective tenants in discussions; however, if Sun Chemical
elects to vacate, the loan's credit risk profile could change
drastically. The Parsippany/Troy Hills submarket is extremely soft,
reporting an average vacancy rate of 29.2% in Q2 2023, the same
rate reported in Q2 2022, per Reis. While there is a termination
fee associated with the Sun Chemical lease and the loan was
structured with a cash flow sweep should the DSCR fall below 1.30x,
performance has undoubtedly declined since issuance. Given the
decline in performance and the soft market conditions, the loan was
analyzed with a stressed LTV assumption resulting in an expected
loss that was approximately 1.5x the pool WA average.

At issuance, DBRS Morningstar shadow-rated two loans as investment
grade, Moffett Towers II – Building 2 (Prospectus ID#1, 8.3% of
the pool) and Apple Campus 3 (Prospectus ID#7, 4.7% of the pool).
These properties are both secured by Class A office properties in
Sunnyvale, California, fully leased to Amazon.com, Inc. and Apple,
Inc., signed to long-term leases through April 2028 and February
2031, respectively, with no termination options and built-in
extension options. DBRS Morningstar confirmed that the performance
of these loans remains consistent with investment-grade loan
characteristics with this review.

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



WELLS FARGO 2018-C45: DBRS Confirms BB Rating on Class G-RR Certs
-----------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2018-C45 issued by Wells
Fargo Commercial Mortgage Trust 2018-C45 as follows:

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

All trends are Stable. The credit rating confirmations reflect the
overall stable performance of the transaction as evidenced by the
pool's healthy weighted-average (WA) debt service coverage ratio
(DSCR) of nearly 2.0 times (x) based on the most recent year-end
financials available. Although the overall performance metrics
remain healthy, select loans are showing increased risks from
issuance, including two specially serviced office loans. The pool
has incurred minimal losses to date, and the first-loss Class J-RR
(not rated by DBRS Morningstar) had a remaining balance of $26.3
million as of the September 2023 remittance. In total, DBRS
Morningstar rates $17.3 million of the bond stack below investment
grade, providing a total cushion of $43.6 million for the BBB (low)
(sf) rated Class F-RR certificate. The transaction's structure does
include some skinny classes at the bottom of the capital stack,
however, a factor that could increase the likelihood of class
downgrades should DBRS Morningstar's liquidated loss projections
increase over the scenario considered with this review, as further
detailed below.

As of the September 2023 remittance, 45 of the original 49 loans
remain in the trust, with an aggregate balance of $611.7 million,
representing a collateral reduction of 7.1% since issuance. There
are six loans that are fully defeased, representing 5.6% of the
pool. Seven loans, representing 14.5% of the pool, are on the
servicer's watchlist, and two loans are in special servicing,
representing 7.8% of the pool. A previously specially serviced
loan, Keyway Apartments (Prospectus ID#37), was liquidated from the
trust in June 2023 with a cumulative loss of approximately $50,000,
below DBRS Morningstar's projected liquidation loss of $102,700 at
last review.

Excluding defeasance, the transaction is most concentrated by
retail and office properties, which represent 34.6% and 18.6% of
the current pool balance, respectively. In general, the office
sector has been challenged, given the low investor appetite for
that property type and high vacancy rates in many submarkets as a
result of the shift in workplace dynamics. DBRS Morningstar
identified three office loans that were analyzed with stressed
loan-to-value ratios (LTV) and elevated probability of default
assumptions given credit concerns identified with this review. The
resulting expected losses for these loans averaged over 500 basis
points above the pool's weighted-average expected loss. For the two
loans in special servicing, liquidation scenarios were not
considered as both are expected to return to the master servicer in
the near to moderate term. Both were analyzed with stressed
scenarios given increased risks from issuance and/or the
uncertainty surrounding the final workout scenarios.

The largest loan in special servicing is Parkway Center (Prospectus
ID#3, 6.7% of the current pool balance), which is secured by six
Class B office buildings totaling 588,913 square feet (sf) in
Pittsburgh. The 10-year loan paid interest-only (IO) for the first
three years and now amortizes on a 30-year schedule. The loan
transferred to the special servicer in November 2022 due to
imminent default as the subject faced a decline in occupancy rate
and consequently, a decline in cash flows. Most recently, the
occupancy rate was reported at 64.2% as per the March 2023 rent
roll, compared with the YE2022 and YE2021 occupancy rates of 58.4%
and 79.6%, respectively. The DSCRs in YE2022 and YE2021 were
reported at 1.16x and 1.51x, respectively. Cash management was
triggered with lease defaults for two tenants, Alorica (formerly
occupied 6.5% of the NRA, lease expiry in October 2023), and
McKesson Corporation (formerly occupied 8.4% of the NRA, lease
expired in December 2022). The loan is current, with debt service
payments being made from the trapped cash and the servicer
reporting a total of $5.3 million in reserves as of September
2023.

According to the servicer commentary as of September 2023, a loan
modification agreement is being finalized that will require an
equity infusion in exchange for a modification of the loan terms.
Although it is encouraging that the sponsor appears to be committed
to the property and loan, the low in-place occupancy rate and the
additional scheduled rollover of just under 20% of the NRA through
the next year are indicative of significantly increased risks for
this loan from issuance. According to Reis, office properties in
the Greater Pittsburgh submarket reported a vacancy rate of 22.1%
with an asking rental rate of $25.61 per square foot (psf) in Q2
2023, compared with the subject's average rental rate of $15.23
psf. Reis is forecasting vacancy rates will increase over the next
several years, with the 2024 and 2025 vacancy rates projected at
23.9% and 23.4%, respectively. The servicer has not yet obtained an
updated appraisal, but DBRS Morningstar notes that given the
collateral's suburban location within a softening submarket,
increased in-place vacancy levels, and moderate rollover risk in
the next 12 months, the value has likely declined significantly
from issuance. As such, this loan was analyzed with a stressed
value estimate and an elevated probability of default adjustment,
resulting in an expected loss that was approximately four times
than the pool's WA expected loss.

At issuance, DBRS Morningstar shadow-rated 181 Fremont Street
(Prospectus ID#10; 3.3% of the pool balance) as investment grade.
The loan is secured by the borrower's fee interest in a 436,332-sf
Class A office building in San Francisco. The debt in this
transaction represents a pari passu portion of the $250.0 million
whole loan, with another pari passu portion also held in the WFCM
2018-C44 transaction, which is also rated by DBRS Morningstar. The
property was completed in early 2018, and the collateral space was
delivered to the sole occupant, Meta Platforms, Inc. (Meta),
formerly Facebook Inc., with a lease expiration in 2031. The lease
includes two five-year extensions with no early termination rights.
In January 2023, Meta announced efforts to sublease the entirety of
the property, which was noted to be available as of June 2023.
While DBRS Morningstar does not expect the net cash flow to be
affected in the near term given that Meta's rent obligation extends
beyond the loan's maturity, the property's dark status represents
an elevated risk for the loan from issuance, particularly given the
challenges for office properties in the San Francisco market amid
the post-pandemic demand shifts. As such, the shadow rating was
removed with this review and a stressed value was considered,
increasing the expected loss in the analysis.

The CoolSprings Galleria loan (Prospectus ID#11; 3.0% of the trust
balance), was also shadow-rated investment grade at issuance. With
this review, DBRS Morningstar confirms that the loan's performance
remains consistent with the investment-grade rating.

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


WELLS FARGO 2019-C49: DBRS Confirms BB Rating on Class G-RR Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-C49
issued by Wells Fargo Commercial Mortgage Trust 2019-C49:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
--  Class X-D at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E-RR at BBB (low) (sf)
-- Class F-RR at BB (high) (sf)
-- Class G-RR at BB (sf)
-- Class H-RR at B (high) (sf)
-- Class J-RR at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the pool's stable
performance since DBRS Morningstar's last credit rating action. The
pool benefits from a relatively low office concentration, a
significant uptick in defeasance since last review, and an
improving pool weighted-average (WA) debt service coverage ratio
(DSCR), which was reported at 1.82 times (x), up from 1.56x at
issuance. In addition, one of the three loans in special servicing
at last review (599 Johnson Avenue; Prospectus ID#45, 0.8% of the
pool) was returned to the master servicer in July 2023 as a
corrected loan. Although there are 10 loans representing 17.1% of
the pool on the servicer's watchlist, including two loans in the
top 10, the overall pool continues to perform in line with DBRS
Morningstar's expectations.

As of the October 2023 reporting, all 64 loans remain in the pool,
with an aggregate trust balance of $756.3 million, representing a
collateral reduction of approximately 2.3% since issuance. A total
of eight loans, representing 9.2% of the pool have defeased to
date. The pool is most concentrated by loans backed by retail and
lodging properties, which represent 30.0% and 20.1% of the pool,
respectively. There are two loans in special servicing, Florissant
Marketplace (Prospectus ID#19, 1.6% of the pool) and 659 Broadway
(Prospectus ID#46, 0.8% of the pool), which have exhibited minimal
changes in performance since DBRS Morningstar's last credit rating
action. Florissant Marketplace is secured by a 146,257-square-foot
(sf) retail establishment in Florissant, Missouri. The loan
transferred to the special servicer in July 2020 because of
Coronavirus Disease (COVID-19) pandemic-related payment
delinquency. As of October 2023, the loan remains delinquent, and a
receiver has been appointed. According to the servicer, excess cash
is being swept in order to pay down $990,000 in outstanding
advances and fund capital expenditure projects. The posted workout
strategy is foreclosure. An October 2022 appraisal valued the
property at $8.6 million, a slight increase from the September 2021
value of $8.4 million, but well below the issuance figure of $17.3
million. DBRS Morningstar's analysis included a liquidation
scenario for this loan, which resulted in a projected loss severity
in excess of 60.0%.

The second loan in special servicing, 659 Broadway (Prospectus
ID#46, 0.8% of the pool), is secured by a 4,876-sf, single-tenant
retail property situated within a larger residential co-op building
known as Bleecker Court, located in Manhattan. The loan transferred
to the special servicer in August 2020 as a result of payment
default. The original single tenant, Blades Skate and Apparel,
vacated its space in December 2019. The borrower executed an
unauthorized lease with a new tenant, Sneaker City, in January
2022. The borrower also failed to remit funds into a required
lockbox account by YE2022, which triggered cash management
beginning in Q1 2023. The posted workout strategy is foreclosure,
with an auction date scheduled for November 2023. DBRS
Morningstar's analysis included a liquidation scenario for this
loan, which resulted in a projected loss severity in excess of
50.0%.

Of the 10 loans on the servicer's watchlist, DBRS Morningstar made
an adjustment for Shops at Trace Fork (Prospectus ID#4, 5.3% of the
pool), which is secured by a 367,460-sf anchored retail property in
Charleston, West Virginia. The property's largest tenant, Lowe's
(36.8% of total net rentable area), has an upcoming lease
expiration in July 2024 and the tenant has not yet extended its
lease. In addition, the reported net cash flow has declined
slightly since issuance. Given these factors, DBRS Morningstar
analyzed this loan with a stressed loan-to-value scenario for this
review. The resulting expected loss exceeded that of the pool by
approximately 10.0%.

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


WELLS FARGO 2019-C53: Fitch Affirms 'B-sf' Rating on Cl. H-RR Debts
-------------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Wells Fargo Commercial
Mortgage Trust 2019-C53 (WFCM 2019-C53). The Rating Outlook has
been revised to Negative from Stable on classes G-RR and H-RR. The
under criteria observation (UCO) has been resolved for all
classes.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
WFCM 2019-C53

   A-1 95002BAA1    LT AAAsf  Affirmed   AAAsf
   A-2 95002BAB9    LT AAAsf  Affirmed   AAAsf
   A-3 95002BAD5    LT AAAsf  Affirmed   AAAsf
   A-4 95002BAE3    LT AAAsf  Affirmed   AAAsf
   A-S 95002BAH6    LT AAAsf  Affirmed   AAAsf
   A-SB 95002BAC7   LT AAAsf  Affirmed   AAAsf
   B 95002BAJ2      LT AA-sf  Affirmed   AA-sf
   C 95002BAK9      LT A-sf   Affirmed   A-sf
   D 95002BAL7      LT BBB-sf Affirmed   BBB-sf
   E-RR 95002BAN3   LT BBB-sf Affirmed   BBB-sf
   F-RR 95002BAQ6   LT BBsf   Affirmed   BBsf
   G-RR 95002BAS2   LT BB-sf  Affirmed   BB-sf
   H-RR 95002BAU7   LT B-sf   Affirmed   B-sf
   X-A 95002BAF0    LT AAAsf  Affirmed   AAAsf
   X-B 95002BAG8    LT A-sf   Affirmed   A-sf
   X-D 95002BBC6    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the updated criteria and
stable pool performance since the prior rating action. The Negative
Outlooks reflect the office concentration (25% of the pool). Fitch
maintains a 'deteriorating' outlook for the U.S. office sector
given macroeconomic headwinds, including rising interest rates and
pressures on office fundamentals from the secular shift to hybrid
working. One loan (0.8%) is considered a Fitch Loan of Concern
(FLOC). Fitch's current ratings incorporate a 'Bsf' rating case
loss of 4.6%.

The sole FLOC, 101 NE 40th Street - FL, is secured by a 5,000-sf
retail property located in Miami, FL. The property is 100% occupied
by ALO, LLC through Jan. 31, 2027. The loan was flagged as a FLOC
due low debt service coverage ratio (DSCR). As of YE 2021, DSCR was
a reported -0.03x and 0.43x at YE 2020. Fitch's 'Bsf' rating case
loss (prior to concentration adjustments) of 51.7% reflects
increasing probability of default, a 9.25% cap rate and YE 2020
NOI.

Minimal Change to Credit Enhancement: As of the October 2023
distribution date, the pool's aggregate principal balance has paid
down by 2.2% to $687 million from $702.2 million at issuance. One
loan (0.5%) is defeased. Thirteen loans (43.6% of the pool) are
full-term interest-only (IO) and 25 loans (40.2% of the pool) had
partial IO periods; 18 loans (27.1%) are no longer in their partial
IO period and have begun amortizing.

RATING SENSITIVITIES

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

Downgrades would be triggered by an increase in pool-level losses
from underperforming assets and/or if loans transfer to special
servicing.

Downgrades to classes rated 'AAAsf' and 'AA-sf' are not expected
due to their increasing CE and continued expected amortization but
could occur if interest shortfalls affect these classes or if
expected losses for the pool increase significantly.

Downgrades to classes rated A-sf' and 'BBB-sf' may occur should
expected losses for the pool increase significantly and/or if
additional loans become FLOCs.

Classes rated 'BBsf', 'BB-sf' and 'B-sf' would be downgraded if
additional loans become FLOCs.

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

Upgrades to 'AA-sf' to 'A-sf' rated classes would only occur with
significant improvement in CE and/or defeasance.

Upgrades to 'BBB-sf' rated classes may occur as the number of FLOCs
are reduced and/or loss expectations improve. Classes would not be
upgraded above 'Asf' if there were a likelihood of interest
shortfalls.

Upgrades to 'BBsf', 'BB-sf' and 'B-sf' rated classes are not likely
until the later years of the transaction and only if the
performance of the remaining pool stabilizes and there is
sufficient CE to the classes.

ESG CONSIDERATIONS

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


WESTGATE RESORTS 2022-1: DBRS Confirms BB Rating on D Notes
-----------------------------------------------------------
DBRS, Inc. confirmed five and upgraded two credit ratings from
Westgate Resorts 2020-1 LLC and Westgate Resorts 2022-1 LLC as
follows:

-- Timeshare Collateralized Notes, Series 2020-1, Class A
confirmed at AAA (sf)
-- Timeshare Collateralized Notes, Series 2020-1, Class B upgraded
to AA (sf) from A (high) (sf)
-- Timeshare Collateralized Notes, Series 2020-1, Class C upgraded
to A (sf) from BBB (sf)
-- Timeshare Collateralized Notes, Series 2022-1, Class A
confirmed at AAA (sf)
-- Timeshare Collateralized Notes, Series 2022-1, Class B
confirmed at A (sf)
-- Timeshare Collateralized Notes, Series 2022-1, Class C
confirmed at BBB (sf)
-- Timeshare Collateralized Notes, Series 2022-1, Class D
confirmed at 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 transaction parties' capabilities with regard to
origination, underwriting, and servicing.

-- The transactions' capital structures, and form and sufficiency
of available credit enhancement.

-- The transactions' performance to date, with losses coming
within DBRS Morningstar's initial expectations.

Notes: The principal methodology applicable to the credit ratings
is "DBRS Morningstar Master U.S. ABS Surveillance" (July 20, 2023).





WESTLAKE AUTOMOBILE 2023-4: Fitch Gives 'BB(EXP)' Rating on E Notes
-------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
Westlake Automobile Receivables Trust (WLAKE) 2023-4.

   Entity/Debt          Rating           
   -----------          ------           
Westlake Automobile
Receivables Trust
2023-4

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

KEY RATING DRIVERS

Collateral Performance — Stable Credit Quality: WLAKE 2023-4 is
backed by collateral with subprime credit attributes, with a
weighted average (WA) FICO score of 619, up three points from
2023-3, and an internal WA Westlake score of 3.38, down slightly
from 3.40 in 2023-3. WA seasoning is up at six months, and new
vehicles total just 2.8% of the pool, consistent with 2023-3. The
pool is diverse in vehicle models and state concentrations. The
transaction's percentage of extended-term loans (61+ months) is at
51.2% consistent with recent series.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) totals 40.80%, 34.25%, 23.55%, 14.65% and
9.50% for classes A, B, C, D and E, respectively, slightly higher
in each case compared with 2023-3. Excess spread is expected to be
8.64% per annum. Loss coverage for each class of notes is
sufficient to cover the respective multiples of Fitch's rating case
credit net loss (CNL) proxy of 14.00%.

Forward-Looking Approach to Derive Rating Case Proxy — Low Losses
and Delinquencies: Fitch considered economic conditions and future
expectations by assessing key macroeconomic and wholesale market
conditions when deriving the series loss proxy. Fitch used the
2007-2009 and 2015-2018 vintage ranges to derive the loss proxy for
2023-4, representing through-the-cycle performance. Fitch's CNL
rating case proxy for WLAKE 2023-4 is 14.00%.

Seller/Servicer Operational Review — Consistent
Origination/Underwriting/Servicing: Westlake has adequate abilities
as the originator, underwriter and servicer, as evident from
historical portfolio and securitization performance. Fitch deems
Westlake as capable to service this transaction.

Fitch's base-case loss expectation, which does not include a margin
of safety and is not used in Fitch's quantitative analysis to
assign ratings, is 12.00%, based on its Global Economic Outlook and
transaction-based forecast loss projections.

RATING SENSITIVITIES

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

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

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

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

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

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

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 RSM US LLP. The third-party due diligence described in
Form 15E focused on comparing or recomputing certain information
with respect to 150 loans from the statistical data file. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

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.


WFRBS COMMERCIAL 2014-C25: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2014-C25 issued by WFRBS
Commercial Mortgage Trust 2014-C25 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since last review and healthy maturity profile for
the majority of loans in the pool, as evidenced by the pools
weighted-average (WA) debt service coverage ratio (DSCR) of nearly
2.50 times (x) based on the most recent year-end financials
available. In addition, a significant concentration of loans are
secured by collateral that has been defeased while no loans are
delinquent or in special servicing. Given that all the remaining
loans in the pool are scheduled to expire during H2 2024, DBRS
Morningstar also looked to a recovery analysis, supporting the
rating actions taken during this review.

As of the September 2023 remittance, 51 of the original 59 loans
remain in the trust, with an aggregate balance of $716.6 million,
representing a collateral reduction of 18.2% since issuance. The
pool benefits from 21 loans that are fully defeased, representing
30.1% of the pool. Six loans, representing 4.9% of the pool
balance, are on the servicer's watchlist, being monitored primarily
for DSCR and/or occupancy concerns.

Excluding defeasance, the transaction is most concentrated by
retail and office properties, which represent 34.2% and 13.2% of
the pool balance, respectively. In general, the office sector has
been challenged, given the low investor appetite for that property
type and high vacancy rates in many submarkets as a result of the
shift in workplace dynamics. While select office loans in the
transaction continue to perform as expected, DBRS Morningstar
identified two office loans that exhibiting increased refinance
risk as they approach maturity in 2024. In its analysis for this
review, DBRS Morningstar applied stressed loan-to-value (LTV)
ratios or increased probability of default assumptions for these
loans and others exhibiting declines in performance. As a result of
these stressed scenarios, the stressed office loans had a WA
expected loss (EL) that was approximately five times the overall
pool's EL.

One of these loans, Madison Park Office Portfolio (Prospectus ID
#8; 3.6% of the current pool balance), is secured by a
seven-building, Class B office park totaling 482,835 square feet
(sf) in Winston-Salem, North Carolina. While the loan poses no
imminent performance concerns, DBRS Morningstar believes that it
may face elevated refinance risk upon maturity, given the current
office landscape. According to the August 2023 rent roll, the
buildings were 93.0% occupied by four tenants. These tenants
include Lowe's Home Centers, Inc. (Lower's; 35.1% of the net
rentable area (NRA), lease expiry in December 2025), National
General Management Corp. (33.2% of the NRA, lease expiry in March
2027), Blue Cross and Blue Shield of North Carolina (BCBS; 21.5% of
the NRA, lease expiry in December 2023), and FarrellGas (3.1% of
the NRA, lease expiry in April 2024).

At issuance, BCBS occupied 136,700 sf (28.3% of the NRA) of the
property, but in 2022 gave back approximately 40,000 sf (8.2% of
the NRA), which remain vacant as of the August 2023 rent roll. The
tenant has occupied space at the subject since 1998 and retains one
three-year extension option; however, given its recent downsizing
and upcoming lease expiry in December 2023, DBRS Morningstar has
asked the borrower if the tenant intends to renew. While no leasing
update has been provided to date, LoopNet shows no dramatic
increases in availability signaling the tenant's departure. In
addition, the loan is structured with a cash flow sweep specific to
BCBS if it does not renew at least 12 months prior to lease
expiration expected to be approximately $1.0 million upon lease
expiration.

The largest tenant, Lowe's, also has an upcoming lease expiry in
December 2025. While Lowe's retains no extension options, the
tenant has been in occupancy since 2005 and has invested roughly
$50.0 million into its space prior to securitization to build out
the space to serve as one of its two major data centers. Given the
capital investment along with the specially designed systems, the
tenant should be motivated to renew. In addition, the loan is
structured with a general cash flow sweep to be triggered 47 months
prior to the loan maturity until a tenant improvement/leasing
commission reserve of $15 per square foot (psf) has been achieved
for any tenant rolling in 2024 or 2025. Per the September 2023 loan
level reserve report, there was a balance of approximately $350,000
across replacement reserve and leasing reserve accounts.

According to the financials for the trailing three months ended
March 31, 2023, the loan reported an annualized net cash flow (NCF)
of $2.8 million (a DSCR of 1.59x), compared with the YE2022 figure
of $3.2 million (a DSCR of 1.81x) and the Issuer's figure of $2.4
million (a DSCR of 1.31x). Per Reis, office properties in the
West-Northwest Forsyth submarket reported an average vacancy rate
of 19.9% with an average effective rental rate of $13.83 psf,
higher than the average rental rate of $9.08 psf at the subject.
Although there are mitigating factors, such as the tenants' long
tenures at the subject with below-market rates and cash traps
associated with lease expirations, the general uncertainty
surrounding such a significant tenant concentration prior to loan
maturity paired with the soft market conditions, increases the
loan's refinance risk. As such, the loan was analyzed with a
stressed LTV assumption, which increased the loan's EL to be nearly
five times the overall pool's EL.

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




[*] DBRS Hikes 16 Credit Ratings From 5 Prestige Auto Trust Deals
-----------------------------------------------------------------
DBRS, Inc. upgraded five credit ratings and confirmed 16 credit
ratings from five Prestige Auto Receivables Trust transactions.

The Issuers are:

Prestige Auto Receivables Trust 2019-1
Prestige Auto Receivables Trust 2020-1
Prestige Auto Receivables Trust 2022-1
Prestige Auto Receivables Trust 2021-1
Prestige Auto Receivables Trust 2023-1

The Affected ratings are available at https://bit.ly/45XINfI

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

-- The credit rating actions are the result of collateral
performance to date and DBRS Morningstar's assessment of future
performance assumptions.

-- The transaction's capital structure and the form and
sufficiency of available credit enhancement. The current level of
hard credit enhancement and estimated excess spread are sufficient
to support the DBRS Morningstar-projected remaining cumulative net
loss assumption at a multiple of coverage commensurate with the
credit ratings.


[*] DBRS Reviews 39 Classes From 6 US RMBS Transactions
-------------------------------------------------------
DBRS, Inc. reviewed 39 classes from six U.S. residential
mortgage-backed securities (RMBS) transactions. These transactions
consist of non-Qualified Mortgage and reperforming mortgage
collateral. Of the 39 classes reviewed, DBRS Morningstar confirmed
all 39 ratings.

The Issuers are:

- MFA 2022-INV3 Trust
- GCAT 2022-NQM5 Trust
- NYMT Loan Trust 2022-INV1
- Citigroup Mortgage Loan Trust 2022-RP5
- Verus Securitization Trust 2022-INV2
- Imperial Fund Mortgage Trust 2022-NQM7

The Affected Ratings are available at https://bit.ly/40eEKu1

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current ratings.


[*] Fitch Affirms 27 Classes From 3 Taberna Preferred CDO Deals
---------------------------------------------------------------
Fitch Ratings has affirmed its ratings on 27 classes from three
collateralized debt obligations (CDOs). The Rating Outlooks for
five of the classes remain Stable.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Taberna Preferred
Funding VII, Ltd./Inc.

   Class A-1LA 873315AA3   LT BBB+sf  Affirmed   BBB+sf
   Class A-1LB 873315AB1   LT Dsf     Affirmed   Dsf
   Class A-2LA 873315AC9   LT Dsf     Affirmed   Dsf
   Class A-2LB 873315AD7   LT Csf     Affirmed   Csf
   Class A-3L 873315AE5    LT Csf     Affirmed   Csf
   Class B-1L 873315AF2    LT Csf     Affirmed   Csf
   Class B-2L 873314AA6    LT Csf     Affirmed   Csf

Taberna Preferred
Funding I, Ltd./Inc.

   A-1A 87330PAA0          LT BBsf    Affirmed   BBsf
   A-1B 87330PAB8          LT BBsf    Affirmed   BBsf
   A-2 87330PAC6           LT CCCsf   Affirmed   CCCsf
   B-1 87330PAD4           LT CCsf    Affirmed   CCsf
   B-2 87330PAE2           LT CCsf    Affirmed   CCsf
   C-1 87330PAF9           LT CCsf    Affirmed   CCsf
   C-2 87330PAG7           LT CCsf    Affirmed   CCsf
   C-3 87330PAH5           LT CCsf    Affirmed   CCsf
   D 87330PAJ1             LT CCsf    Affirmed   CCsf
   E 87330PAK8             LT Csf     Affirmed   Csf

Taberna Preferred
Funding V, Ltd./Inc.

   A-1LA 87331BAA0         LT BB-sf   Affirmed   BB-sf
   A-1LAD 87331BAB8        LT BB-sf   Affirmed   BB-sf
   A-1LB 87331BAC6         LT Dsf     Affirmed   Dsf
   A-2L 87331BAD4          LT Csf     Affirmed   Csf
   A-3FV 87331BAF9         LT Csf     Affirmed   Csf
   A-3FX 87331BAG7         LT Csf     Affirmed   Csf
   A-3L 87331BAE2          LT Csf     Affirmed   Csf
   B-1L 87331BAH5          LT Csf     Affirmed   Csf
   B-2FX 87331CAB6         LT Csf     Affirmed   Csf
   B-2L 87331CAA8          LT Csf     Affirmed   Csf

TRANSACTION SUMMARY

The CDOs are collateralized by trust preferred securities (TruPS),
senior and subordinated debt issued by real estate investment
trusts (REITs), corporate issuers, tranches of structured finance
CDOs and commercial mortgage-backed securities.

KEY RATING DRIVERS

The main driver behind the affirmations was the moderate pace of
deleveraging from collateral redemptions and excess spread, which
led to the senior notes receiving paydowns ranging from 6% to 22%
of their last review note balances.

For Taberna Preferred Funding V, Ltd./Inc (Taberna V) and Taberna
Preferred Funding VII, Ltd./Inc (Taberna VII), the credit quality
of the collateral portfolios, as measured by a combination of
private Fitch credit opinions and public ratings, improved since
last review. For Taberna Preferred Funding I, Ltd./Inc (Taberna I),
the credit quality of the collateral portfolio has deteriorated,
which includes the reporting of a new default since last review,
representing approximately 8% of the portfolio. Despite the
declining trends in Taberna I, the cushions remain positive at the
notes' current rating levels.

The class A-1A and A-1B notes in Taberna I and A-1LA and A-1LAD
notes in Taberna V are affirmed at one notch lower than their
model-implied rating (MIR) due to the concentrated nature of the
portfolio, and modest cushions at the MIRs in the face of weakening
macroeconomic environment. The class A-2 notes in Taberna I are one
notch higher than its MIR. The MIR was driven by the outcome of the
sector-wide migration sensitivity analysis, which does not cause a
downgrade to the note's rating as described in Fitch's 'U.S. Trust
Preferred CDOs Surveillance Rating Criteria.'

Taberna V and Taberna VII are in acceleration, which diverts excess
spread to the most senior classes outstanding while cutting off
interest due on certain junior timely classes that are currently
rated 'Dsf'.

The Stable Outlooks reflect Fitch's expectation that the classes
have sufficient levels of credit protection to withstand potential
deterioration in the credit quality of the portfolios in stress
scenarios commensurate with the classes' ratings.

Non-rated collateral averaged 15% of performing pools, ranging
11%-21% across three reviewed CDOs. These assets are assumed to
have default probability corresponding to the 'CCC' quality. The
non-rated assets reflect lack of information required to evaluate
these assets via credit opinions. As transactions are deleveraging,
Fitch expects increasing reliance on non-rated assets and will
continue to evaluate the adequacy of information to maintain the
ratings.

RATING SENSITIVITIES

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

Downgrades to the rated notes may occur if a significant share of
the portfolio issuers default and/or experience negative credit
migration, which would cause a deterioration in rating default
rates.

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

Future upgrades to the rated notes may occur if a transaction
experiences improvement in credit enhancement through deleveraging
from collateral redemptions and/or interest proceeds being used for
principal repayment.

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 Discontinues 92 Ratings From 57 U.S. RMBS Transactions
--------------------------------------------------------------
S&P Global Ratings completed its review of 195 classes from 57 U.S.
RMBS transactions issued between 2004 and 2007. The review yielded
105 downgrades and 92 discontinuances.

A list of Affected Ratings can be viewed at:

             https://rb.gy/zjhvel

S&P said, "The rating actions reflect our assessment of observed
interest shortfalls/missed interest payments on the affected
classes during recent remittance periods. The ratings lowered due
to interest shortfalls/missed interest payments are consistent with
our "S&P Global Ratings Definitions," published June 9, 2023, which
imposes a maximum rating threshold on classes that have incurred
missed interest payments resulting from credit or liquidity
erosion. In applying our ratings definitions, we looked to see if
the respective class received additional compensation beyond the
imputed interest due as direct economic compensation for the delay
in interest payments (e.g., interest on interest) and if the missed
interest payments will be repaid by the maturity date.

"All of the downgrades, 103 classes from 30 transactions, are from
'CC (sf)' to 'D (sf)'. These classes received additional
compensation for outstanding interest shortfalls/missed interest
payments. As such, our analysis considers the likelihood that the
missed interest payments, including the capitalized interest, would
be reimbursed under our various rating scenarios.

"Additionally, in accordance with our surveillance and withdrawal
policies, we discontinued 92 ratings from 27 transactions with
observed interest shortfalls/missed interest payments during recent
remittance periods. We previously lowered the ratings on these
classes to 'D (sf)' because of principal losses, accumulated
interest shortfalls/missed interest payments, and/or credit-related
reductions in interest due to loan modifications. We view a
subsequent upgrade to a rating higher than 'D (sf)' to be unlikely
under the relevant criteria for the classes within this review.

"We will continue to monitor our ratings on securities that
experience interest shortfalls/missed interest payments, and we
will further adjust our ratings as we consider appropriate."



[*] S&P Takes Various Action on 70 Classes From 11 U.S. CMBS Deals
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on 56 classes of commercial
mortgage pass-through certificates and affirmed its ratings on 14
classes from 11 U.S. CMBS transactions. In addition, we removed the
ratings on 60 of these classes from CreditWatch with negative
implications.

A list of Affected Ratings can be viewed at:

              https://rb.gy/5ps6m8

S&P said, "We had placed our ratings on 60 classes from 11 U.S.
CMBS transactions on CreditWatch with negative implications on Oct.
12, 2023 following the revision of our baseline capitalization rate
assumptions for class B office assets as detailed in the recently
updated criteria guidance article "Guidance: CMBS Global Property
Evaluation Methodology" originally published March 13, 2019. As
noted in the related press release, "Guidance On Global CMBS
Property Evaluation Methodology Updated," published Sept. 27, 2023,
while the current rising interest rate environment has led to
correspondingly higher market capitalization rates for most
property types, market capitalization rates for office assets have
increased notably, suggesting a widening in the risk premium for
the sector, presumably due to weakened fundamentals and property
performance from reduced demand caused by hybrid and remote work
arrangements. Accordingly, we raised our capitalization rate
assumptions for class B office assets by 100 basis points (bps), to
better align with market conditions.

"As part of resolving the CreditWatch placements, our analysis for
eight of the 11 transactions mainly considers the revised baseline
capitalization rate assumptions. This is generally because of our
expectation that the property performance, from our last published
reviews, will be stable based on a cursory review of other factors
including collateral and transaction performance trends, and
transaction-specific structural characteristics. For the remaining
three transactions, our analysis entails a detailed review due to
observed material credit changes in the underlying properties
securing certain trust mortgage loans. As a result, where
warranted, we revised our long-term sustainable net cash flow (NCF)
assumptions.

Table 1 provides a breakdown of the rating actions by rating
category. In general, the downgrades were between one and three
notches from the previous rating levels. However, for transactions
that are secured by a loan backed by underperforming collateral
properties or that have experienced adverse selection, the
downgrades could be more than three notches.

  Rating action breakdown

  RATING     COUNT       RATINGS LOWERED    RATINGS AFFIRMED
  CATEGORY  (BY RATING)    (BY COUNT)       (BY COUNT)


  AAA         17              8               9

  AA          6               3               3

  A           16              15              1

  BBB         14              14              0

  BB          7               7               0

  B           4               3               1

  CCC         6               6               0

  Total       70              56              14


S&P said, "The majority of the lowered ratings on the principal-
and interest-paying certificates primarily reflect the higher
capitalization rates for select class B office assets as well as
our revised NCF assumptions for properties securing certain loans.

"Specifically, the downgrades to 'CCC (sf)' or 'CCC- (sf)' reflect
our view that, based on current market conditions and their
positions in the payment waterfalls, the affected classes are at a
heightened risk of default and loss and are susceptible to
liquidity interruption.

"Furthermore, we lowered two ratings to 'D (sf)' on classes B and C
from COMM 2012-CCRE4 Mortgage Trust due to accumulated interest
shortfalls that we believe will remain outstanding for the
foreseeable future. These classes had accumulated interest
shortfalls outstanding for four and eight consecutive months,
respectively (details below).

"The affirmations on the principal- and interest-paying
certificates reflect our view that the current ratings are
generally in line with the model-indicated ratings.

"Although the model-indicated ratings were lower than certain
classes' revised or current ratings levels within the seven
single-asset single borrower (SASB) transactions, we affirmed or
tempered our downgrades on the affected classes because we
qualitatively considered certain factors." They include:

-- The potential that the collateral properties' operating
performance may improve above our current expectations;

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

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

-- The relative positions of the classes in the payment
waterfalls.

S&P said, "If there are any reported negative changes in the
collateral properties or transactions' performance beyond what we
have already considered, we may revisit our analyses and adjust our
ratings as necessary.

"The ratings on the interest-only (IO) certificates are based on
our criteria for rating IO securities, in which the ratings on the
IO securities would not be higher than that of the lowest-rated
reference class. The ratings on the exchangeable certificates
reflect the lowest rating of the certificates for which they can be
exchanged."

SASB Transactions

Table 2 provides a breakdown of the rating actions by rating
category for the seven U.S. CMBS SASB transactions.

  Table 2

  Breakdown of SASB rating actions

  RATING     COUNT       RATINGS LOWERED    RATINGS AFFIRMED
  CATEGORY  (BY RATING)    (BY COUNT)       (BY COUNT)

  AAA          11             8               3

  AA            5             3               2

  A             8             7               1

  BBB          10            10               0

  BB            7             7               0

  B             3             2               1

  CCC           4             4               0

  Total        48             41              7


Details on the four U.S. CMBS SASB transactions with material
rating movements or class A downgrades are as follows:

S&P said, "We lowered the rating on the class A certificates from
JPMC 2018-PTC to 'BB (sf)' from 'A (sf)' and removed it from
CreditWatch with negative implications. Since our last review of
the transaction, reported property performance as well as our
expectation of recovery value to the defaulted loan has declined.
The reported occupancy rate is 50.0%, and, at our last review, we
tempered our rating actions in consideration of potential property
improvement. However, the properties have demonstrated a lack of
turnaround in performance, and the servicer has advanced just under
$5.5 million currently. Furthermore, there appears to be a lack of
clarity as to the resolution of the asset, which, in our opinion,
will likely result in a lower recovery value to the trust as
servicer advancing will continue to increase and may result in
higher potential for liquidity interruption to the trust
certificates. An updated appraisal value has not been disclosed,
and, given the continued decline in property performance, coupled
with the continued weakening office market fundamentals, we believe
the market value of these properties may be lower than the 2022
appraisal value of $192.4 million reported in the servicer
reports.

"We lowered the ratings on the class A and exchangeable class A-Z,
A-Y, and A-IO certificates from GSMS 2018-ROSS to 'AA+ (sf)' from
'AAA (sf)' and removed them from CreditWatch with negative
implications. While our revised capitalization rate resulted in
just a 3.0% decline in the S&P Global Ratings value, the
significant build up in loan exposure from servicer advancing has
resulted in total advancing of about $29.0 million, up from $19.1
million during our last review in August 2023. This significant
increase in servicer advances is because the floating-rate mortgage
loan is currently unhedged. It is our understanding that a
potential resolution may entail the sale of the mezzanine loan,
which is also in default, and replacing the existing sponsor with a
new sponsor to the mortgage loan. However, we believe a protracted
resolution may lead to a lower recovery to the trust since servicer
advances are paid ahead of the trust mortgage, and the purchaser of
the mezzanine loan will have to account for advances to date.

"We lowered the rating on the class A certificates from MSC
2018-BOP to 'AA (sf)' from 'AAA (sf)' and removed it from
CreditWatch with negative implications. The mortgage loan is now
secured by nine properties, down from 12 at issuance, following the
release of three properties from the trust. While the trust has
benefited from the de-leveraging of the loan, from $223.4 million
to $161.4 million, the property portfolio's reported performance
has declined, with an occupancy rate of 52.0% and servicer-reported
NCF of $12.2 million as of year-end 2022. We noted in our last
review that we expect occupancy to improve to 59.4% based on new
leasing, but rollover risk remains a concern for this portfolio of
suburban properties, especially against the backdrop of continued
weakening office fundamentals. The increased capitalization rate
led to a value of $139.5 million, which is 6.3% lower than the
value at our last review.

"We lowered our ratings on the class A and exchangeable class V1-A
certificates from NCMS 2017-75B to 'AA- (sf)' from 'AAA (sf)' and
removed them from CreditWatch with negative implications. In our
November 2022 review, we tempered our rating actions partly in
consideration of the sponsor potentially improving the property's
operating performance. At that time, the sponsor was negotiating
with potential tenants that could increase the occupancy rate
closer to 85.0%. Since our last review, the servicer reported that
occupancy was 79.0% as of June 30, 2023, which is unchanged from
year-end 2022. In addition, the reported debt service coverage
(DSC) currently hovers around 1.01x (for the six months ended June
30, 2023) based on a whole loan 4.29% per annum fixed interest
rate, down from 1.14x as of year-end 2022. The 100 basis-point
increase in capitalization rate yielded a value of $161.2 million
or $240 per sq. ft., which is 12.8% lower than the value at our
last review.

"We performed a detailed review on GSMS 2018-HART's collateral loan
(discussed below), because it transferred to special servicing
subsequent to our last review in December 2022. The Hartman
Portfolio loan in GSMS 2018-HART has a current balance of $217.3
million (as of the Oct. 16, 2023, trustee remittance report), down
from $259.0 million in our last review in December 2022. The loan
is currently secured by a portfolio of 35 mixed-use (office,
retail, and industrial) properties totaling 4.8 million sq. ft.
located across Dallas/Fort Worth, Houston, and San Antonio, Texas,
down from 39 properties totaling 5.8 million sq. ft. in our last
review.

"In our last review, we noted that the servicer-reported NCF had
declined below our expectations in recent years, due primarily to
higher-than-expected operating expenses, specifically insurance,
general and administrative, and payroll and benefits expenses.
Resultingly, we revised and lowered our long-term sustainable NCF
to $24.0 million, which is 8.0% lower than the NCF we derived at
issuance. Since that time, the borrower has released four
properties, resulting in a $41.7 million paydown to the loan, which
has a late but less than one-month delinquent payment status. The
loan transferred to special servicing on Sept. 13, 2023, because
the borrower filed for chapter 11 bankruptcy. According to the
special servicer, KeyBank Real Estate Capital, the borrower plans
to sell additional properties to pay down the trust balance to a
level at which it can secure refinancing.

"The borrower has not provided any updated operating statements or
rent rolls. As a result, in our current analysis, we used a $21.8
million NCF, which is based on the NCF derived from our last review
after adjusting for the four released properties and an S&P Global
Ratings weighted-average capitalization rate of 9.29% (up from
8.60% for the remaining properties in the last review), which
reflects adding 100 bps points for the class B offices, to arrive
at an expected-case value of $234.4 million, or $40 per sq. ft.
This yielded an S&P Global Ratings loan-to-value (LTV) ratio of
92.7%."

Conduit Transactions

Table 4 provides a breakdown of the rating actions by rating
category for the four conduit transactions.

  Table 4

  Conduit rating actions breakdown

  RATING     COUNT       RATINGS LOWERED    RATINGS AFFIRMED
  CATEGORY  (BY RATING)    (BY COUNT)       (BY COUNT)

  AAA          6              0               6

  AA           1              0               1

  A            8              8               0

  BBB          4              4               0

  BB           N/A            N/A             N/A

  B            1              1               0

  CCC          2              2               0

  Total       22             15               7


S&P said, "As we previously mentioned, in resolving our CreditWatch
placements, we performed a detailed review on COMM 2012-CCRE4 and
BANK 2019-BNK20 due to, in our view, certain observed material
changes. In addition to updating our class B office capitalization
rates where we deemed warranted, we revised our mall capitalization
rate for one loan in COMM 2012-CCRE4 and our long-term sustainable
NCF assumptions on properties securing two loans in BANK
2019-BNK20.

"COMM 2012-CCRE4As of the Oct. 17, 2023, trustee remittance report,
the collateral pool balance was $245.0 million with two remaining
underperforming mortgage loans. One is currently with the special
servicer, and the other was recently modified with a maturity date
extension and returned back to the master servicer. Both loans
currently mature in late 2024. In our last review in October 2022,
the trust balance was $367.5 million with nine remaining loans.

"We calculated a 1.50x S&P Global Ratings' weighted average debt
service coverage (DSC) and 163.4% S&P Global Ratings' weighted
average LTV ratio using a 10.81% S&P Global Ratings' weighted
average capitalization rate for the remaining loans. To date, the
pool has incurred realized losses totaling $104.8 million or 9.4%
of the original trust balance, which affected classes D, E, F, and
G (not rated by S&P Global Ratings).

"According to the October 2023 trustee remittance report, classes B
through G had accumulated interest shortfalls outstanding totaling
$9.8 million due primarily to non-recoverable determinations on
previously specially serviced assets as well as additional realized
losses on previously specially serviced assets allocated to
interest proceeds from the trust. We expect the accumulated
interest shortfalls on rated classes B ($583,103) and C ($687,529)
to remain outstanding for the foreseeable future.

Details on the two remaining loans are discussed below.

The Prince Building loan, the larger of the two remaining loans in
the pool, has a trust balance of $125.0 million (51.0% of the
pooled trust balance) and a whole loan balance of $200.0 million.
The whole loan initially matured on Oct. 6, 2022, and was
transferred to the special servicer on Sept. 28, 2022, due to
imminent maturity default. According to the special servicer,
Rialto Capital Advisors LLC, the loan, which has a current payment
status, has since been modified and extended to Oct. 6, 2023, with
a one-year extension option. Rialto Capital Advisors LLC noted that
the borrower is currently exercising its one-year extension option,
pushing the maturity date out to Oct. 6, 2024. According to the
October 2023 CREFC IRP reserve report, there is $6.9 million in
various reserve accounts for the loan.

The loan is secured by the borrower's fee simple interest in The
Prince Building, a 12-story, 354,603-sq.-ft., 1897-built, 2003-2009
renovated, class B+ office property with ground floor, upper-level,
and below-grade retail space (totaling 69,346 sq. ft.) located in
the SoHo submarket of lower Manhattan. Since S&P's last review in
October 2022, the servicer reported increasing NCF and stable
occupancy: $19.1 million and 92.8% in 2022 and $16.8 million and
92.6% in 2021. However, the reported NCF and occupancy were $7.9
million and 80.5% as of the six months ended June 30, 2023.
According to servicer-provided information, the three largest
tenants were: Group Nine Media Inc. (28.3% of net rentable area
[NRA], Sept. 30, 2023, lease expiration), ZOCDOC (20.7%, March 31,
2028), and Equinox (10.9%, Nov. 15, 2035). The servicer has not yet
provided an update on Group Nine Media Inc.'s leasing status.

S&P said, "In our current analysis, we utilized a $14.4 million
NCF, unchanged from our last review and 24.8% lower than the
servicer reported 2022 NCF, and a 7.75% S&P Global Ratings
capitalization rate, which is 100 bps higher than the 6.75% rate we
used in our last review reflecting our recently published revised
class B baseline capitalization rates) to arrive at our
expected-case value of $185.4 million or $523 per sq. ft. Our
revised value is 35.0% below the revised August 2023 appraisal
value of $285.0 million. The master servicer reported a DSC of
1.81x for the six months ended June 30, 2023.

The Eastview Mall and Commons loan, the smaller loan in the pool
(49.0% of pooled trust balance), had a $120.0 million trust balance
and a $210.0 million whole loan balance. As we noted in our las


[*] S&P Takes Various Actions on 104 Classes From 32 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 104 ratings from 32 U.S.
RMBS transactions issued between 2001 and 2007. The review yielded
20 upgrades, two downgrades, 16 discontinuances, and 66
affirmations.

A list of Affected Ratings can be viewed at:

         https://rb.gy/p6e3qs

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;

-- The assessment of reduced interest payments due to loan
modifications and other credit-related events; and

-- Payment priority.

Rating Actions

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

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



[*] S&P Takes Various Actions on 13 Classes From Three Loan Trusts
------------------------------------------------------------------
S&P Global Ratings downgraded its rating on three classes and
affirmed its rating on 13 classes from National Collegiate Student
Loan Trust 2007-3 and 2007-4 and National Collegiate Master Student
Loan Trust I. All three of the trusts are collateralized by a pool
of private student loans issued between 2001 and 2007.

The rating actions considered collateral performance since S&P's
last review and its impact on the available credit enhancement
relative to remaining net losses. The rating actions also
considered the transactions' relevant structural features--in
particular, each transactions' cost of funds, capital structure,
payment waterfalls, available credit enhancement, and operational
risk provisions.

Trust Performance

The pace of increase in cumulative defaults for all three trusts
has slowed, and the percentage of loans in current repayment status
has remained stable. This collateral performance indicates that the
trusts are likely past their peak default periods. However, the
historical impact of poor collateral performance, as measured by
high levels of realized cumulative net losses, has led to
significant undercollateralization for all of the trusts. Based on
the information in the latest servicer report, total parity for
each trust is less than 25%.

Structural Features

All three of the transactions were originally structured with a
bond insurance policy from Ambac. Because we do not rate Ambac, S&P
does not assume the bond insurance policy provides any support to
the notes.

The reserve accounts for each of the trusts are currently below
their respective floors or have been completely drawn.

Interest is paid pro rata to all the notes each distribution
period. Series 2007-3 and 2007-4 pay principal pro rata between a
LIBOR rate note and a series of auction rate notes that are paid
principal sequentially. The master trust pays principal
sequentially to all notes.

At issuance, each of the trusts were structured to provide excess
spread over the transaction's life as additional credit
enhancement. Excess spread levels have been under pressure for each
trust, primarily because of undercollateralization and, more
recently, due to increases in interest rates. Additionally, all
three trusts contain auction-rate notes that have been paying
interest based on the maximum rate definitions in the indentures
since the auction-rate market failed.

Rationale

S&P said, "In determining the ratings, we considered our "Criteria
For Assigning 'CCC+', 'CCC', 'CCC-', and 'CC' Ratings," published
Oct. 1, 2012. According to the criteria, we rate an issue 'CC (sf)'
when we expect default to be virtually certain, regardless of the
time to default.

"The class A-3-AR-3 notes for series 2007-3 and 2007-4 are the most
senior notes outstanding. While the classes in both series
currently have credit support, as measured by parity, at levels
well above par, they recently stopped receiving principal payments
due to increases in interest rates. Both transactions pay interest
to all the classes pro rata. The payment of interest in the
transactions' payment waterfall is prior to the step for payment of
principal. The trusts' severe undercollateralization combined with
the recent increase in interest rates have resulted in the trusts
using all available funds (which includes borrower principal and
interest receipts) at the step in the waterfall that makes interest
payments. The trusts have also drawn from the reserve accounts in
recent periods to make their monthly interest payments. As a
result, credit support has declined in recent periods for the class
A-3-AR-3 notes. Additionally, if interest rates remain at their
current levels, the trust may experience interest payment
shortfalls over the near term once the reserve has been exhausted.
Accordingly, we have lowered the ratings to 'CC (sf)'. All of the
remaining classes that we affirmed at 'CC (sf)' are substantially
undercollateralized and continue to experience declines in class
parity despite stable collateral performance.

"Class AR-13 of the master trust is the most senior note
outstanding. Similarly to series 2007-3 and 2007-4, the master
trust has stopped receiving principal payments due to
undercollateralization combined with the recent increase in
interest rates. As a result, class AR-13 has experienced declines
in credit support, as measured by parity, and is now below par.
Additionally, the reserve account for the trust has been completely
drawn, making the trust even more likely to experience an interest
payment shortfall over the near term. All of the remaining classes
that we affirmed at 'CC (sf)' are substantially undercollateralized
and continue to experience declines in class parity despite stable
collateral performance.

"We will continue to monitor the ongoing performance of these
trusts. In particular, we will continue to review available credit
enhancement, which is primarily a function of the pace of defaults,
principal amortization, excess spread, and the unresolved disputes
between the transaction parties."

  Ratings Lowered

  National Collegiate Master Student Loan Trust I

  Series NCT-2003, class AR-13 to 'CC (sf)' from 'CCC- (sf)'

  National Collegiate Student Loan Trust 2007-3

  Class A-3-AR-3 to 'CC(sf)' from 'CCC (sf)'

  National Collegiate Student Loan Trust 2007-4

  Class A-3-AR-3 to 'CC(sf)' from 'CCC (sf)'

  Ratings Affirmed

  National Collegiate Master Student Loan Trust I

  Series NCT-2003, class AR-14: CC (sf)

  National Collegiate Master Student Loan Trust I

  Series NCT-2005AR, class AR-15: CC (sf)

  Series NCT-2005AR, class AR-16: CC (sf)

  National Collegiate Student Loan Trust 2007-3

  Class A-3-AR-4: CC (sf)
  Class A-3-AR-5: CC (sf)
  Class A-3-AR-6: CC (sf)
  Class A-3-AR-7: CC (sf)
  Class A-3-L: CC (sf)
  
  National Collegiate Student Loan Trust 2007-4

  Class A-3-AR-4: CC (sf)
  Class A-3-AR-5: CC (sf)
  Class A-3-AR-6: CC (sf)
  Class A-3-AR-7: CC (sf)
  Class A-3-L: CC (sf)



                            *********

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