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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, December 10, 2023, Vol. 27, No. 343

                            Headlines

5 BRYANT PARK 2018-5BP: S&P Lowers Class E Notes Rating to 'B(sf)'
AMCR ABS 2023-1: DBRS Finalizes BB(low) Rating on Class C Notes
AMUR EQUIPMENT X: Moody's Upgrades Rating on Class F Notes to B1
AVANT CREDIT 2021-1: DBRS Confirms BB(low) Rating on Class D Notes
BALLYROCK CLO 25: S&P Assigns Prelim BB- (sf) Rating on D Notes

BARINGS MIDDLE 2023-I: S&P Assigns Prelim 'BB-' Rating on D Notes
BARINGS MIDDLE 2023-II: S&P Assigns B-(sf) Rating on Class E Notes
BRAVO RESIDENTIAL 2023-NQM8: Fitch Gives B(EXP) Rating on B-2 Notes
BX TRUST 2021-RISE: DBRS Confirms B(low) Rating on Class G Certs
CARVANA AUTO 2023-N4: DBRS Gives Prov. BB(high) on $28MM Trust

CARVANA AUTO 2023-P5: S&P Assigns Prelim BB+ (sf) on Cl. N Notes
CIFC FUNDING 2015-III: Moody's Cuts $10MM F-R Notes Rating to Caa2
CIFC FUNDING 2023-II: Fitch Assigns 'BB-(EXP)sf' Rating on E Notes
COMM 2010-C1: Moody's Lowers Rating on 2 Tranches to Caa2
COMM 2013-CCRE12: Moody's Downgrades Rating on Cl. B Certs to B3

FIRST INVESTORS 2022-2: S&P Assigns 'BB-' Rating on Class E Notes
GALLATIN VIII 2017-1: Moody's Cuts $10.5MM F-R Notes Rating to B3
GLS AUTO 2023-4: DBRS Finalizes BB Rating on Class E Notes
GS MORTGAGE 2017-485L: S&P Lowers Cl. HRR Certs Rating to 'D (sf)'
GS MORTGAGE 2017-GPTX: S&P Lowers Class B Certs Rating to 'B (sf)'

GS MORTGAGE 2018-RIVR: S&P Lowers Class D Notes Rating to 'B-(sf)'
GS MORTGAGE 2021-STAR: DBRS Confirms B(low) Rating on G Certs
GS MORTGAGE 2023-PJ6: Fitch Assigns 'B-sf' Rating on Cl. B-5 Certs
HARTWICK PARK: S&P Assigns BB- (sf) Rating on Class E Notes
JP MORGAN 2017-FL11: DBRS Confirms BB(low) Rating on Class E Certs

JP MORGAN 2023-10: Fitch Assigns Final B-sf Rating on Cl. B-5 Debt
JPMBB COMMERCIAL 2014-C18: Moody's Lowers Rating on C Certs to Ba1
MORGAN STANLEY 2021-ILP: DBRS Confirms B(low) Rating on F Certs
MORGAN STANLEY 2023-4: Fitch Assigns 'BB-sf' Rating on B-5 Certs
MSWF COMMERCIAL 2023-2: Fitch Assigns B-(EXP) Rating on G-RR Certs

NASSAU LTD 2022-I: Fitch Affirms 'BB-sf' Rating on Class E Notes
NATIXIS 2018-FL1: S&P Lowers Class C Certs Rating to 'B (sf)
ORION CLO 2023-2: S&P Assigns Prelim BB- (sf) Rating on E Notes
PALMER SQUARE 2023-2: Moody's Assigns Ba3 Rating to Class D Notes
PARK AVENUE 2022-2: S&P Assigns BB- (sf) Rating on Class D-R Notes

PRMI 2023-CMG1: DBRS Finalizes B Rating on Class B-2 Notes
PRPM 2023-RCF2: DBRS Finalizes BB(high) Rating on Class M-2 Notes
REGATTA XXVI: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
RENAISSANCE HOME 2004-1: Moody's Cuts Cl. M-1 Certs Rating to Caa1
ROCKFORD TOWER 2023-1: Fitch Assigns 'BB-sf' Rating on Cl. E Notes

SHELTER GROWTH 2021-FL3: DBRS Confirms B(low) Rating on H Notes
STRATUS STATIC 2022-1: Fitch Affirms 'B+sf 'Rating on F Notes
THPT 2023-THL: S&P Assigns B- (sf) Rating on Class F Certs
TIKEHAU US V: S&P Assigns Prelim BB-(sf) Ratings on Class E Notes
TRIANGLE RE 2023-1: DBRS Finalizes B Rating on Class B-1 Notes

UCFC FUNDING 1997-2: Moody's Hikes Rating on Class M Certs to Ba3
VERUS SECURITIZATION 2023-8: S&P Assigns (P) BB-(sf) on B-2 Notes
VERUS SECURITIZATION 2023-INV3: DBRS Finalizes B Rating on B2 Notes
WAMU MORTGAGE 2005-AR11: Moody's Hikes Rating on 2 Tranches to B2
WAMU MORTGAGE 2005-AR13: Moody's Hikes Rating on 2 Tranches to Ba3

WFRBS COMMERCIAL 2013-C14: Moody's Lowers Rating on C Certs to B3
WINDHILL CLO 1: S&P Assigns Prelim BB- (sf) Rating on E Notes
[*] DBRS Reviews 266 Classes From 17 US RMBS Transactions
[*] DBRS Reviews 71 Classes From 20 US RMBS Transactions
[*] Moody's Takes Action on $32MM of US RMBS Issued 2004 to 2006

[*] Moody's Takes Action on $44.8MM of US RMBS Issued 2003-2006
[*] Moody's Upgrades Rating on $94MM of US RMBS Issued 1999-2006
[*] S&P Takes Various Actions 51 Classes From 10 U.S. RMBS Deals
[*] S&P Takes Various Actions on 831 Ratings From 25 US RMBS Deals

                            *********

5 BRYANT PARK 2018-5BP: S&P Lowers Class E Notes Rating to 'B(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from 5 Bryant Park
2018-5BP Mortgage Trust, a U.S. CMBS transaction. At the same time,
we affirmed our ratings on two classes 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 5 Bryant Park, a 34-story,
682,988-sq.-ft. class A office building in midtown Manhattan's Penn
Plaza/Garment office submarket.

Rating Actions

The downgrades on classes 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 S&P's last review in
February 2023.

-- S&P expected-case valuation, which, while unchanged from its
last review, is 14.2% lower than the valuation S&P 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's concerns with the borrower's ability to make timely debt
service payments and refinance the loan at its June 2025 fully
extended maturity date if the property's NCF does not improve. The
loan is on the master servicer's watchlist due to a reported
sub-1.00x debt service coverage (DSC), which was 0.73x as of the
six months ended June 30, 2023.

-- The affirmation on class A considers the comparatively moderate
debt per sq. ft. (about $293 per sq. ft.), among other factors.

S&P said, "In our February 2023 review, 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
$23.8 million, assuming an 83.5% occupancy rate, an S&P Global
Ratings $74.72-per-sq.-ft. base rent and $81.21-per-sq.-ft. gross
rent, a 41.1% operating expense ratio, and higher tenant
improvement costs. Using an S&P Global Ratings capitalization rate
of 6.25%, we arrived at an expected-case value of $381.6 million,
or $559 per sq. ft."

As of the June 30, 2023, rent roll, the property's occupancy rate
was 81.3%, compared with the reported 83.5% rate as of year-end
2022. The servicer reported an NCF of $10.5 million for the six
months ended June 30, 2023, and $17.0 million for year-end 2022,
down from $24.7 million for year-end 2021. According to the master
servicer, KeyBank Real Estate Capital, the borrower is currently
finalizing a 10-year lease with a tenant for approximately 3.3% of
the net rentable area (NRA) at the property and is in discussions
with a prospective tenant that may be interested in leasing
approximately 3.4% of the property's NRA; however, these leasing
activities entail substantial tenant improvement allowances and at
least 12 months of rent concessions. Furthermore, CoStar noted that
two tenants (comprising 19.9% of NRA) marketed a portion of their
spaces (totaling 48,015 sq. ft.; 7.0% of NRA) for sublease.

S&P said, "In our current analysis, assuming an 80.0% occupancy
rate (reflecting the current office submarket fundamentals--see
below--and leasing and subleasing activities at the property), an
S&P Global Ratings $78.98-per-sq.-ft. base rent and
$84.30-per-sq.-ft. gross rent, a 40.5% operating expense ratio, and
higher tenant improvement costs, we derived a sustainable NCF of
$23.8 million, the same as in our last review. Using an S&P Global
Ratings capitalization rate of 6.25%, unchanged from the last
review, we arrived at an S&P Global Ratings expected case value of
$381.6 million, or $559 per sq. ft., 40.4% lower than the issuance
appraisal value of $640.0 million and the same as in our last
review. This yielded an S&P Global Ratings loan-to-value ratio of
121.3% on the trust balance.

"Specifically, we affirmed our rating on class F at 'CCC (sf)' to
reflect our view that, due to current market conditions and its
position in the payment waterfall, the class remains at heightened
risks of default and loss and is susceptible to liquidity
interruption."

Although the model-indicated ratings were lower than S&P's revised
or current ratings on classes A, B, C, D, and E, S&P tempered its
downgrades on classes B, C, D, and E and affirmed its rating on
class A because of certain qualitative considerations. These
include:

-- The property's desirable location in proximity to Bryant Park
and Grand Central Station in the Penn Plaza/Garment office
submarket.

-- The potential that the property's operating performance could
improve above our revised expectations. While two tenants had
marketed a portion of their spaces for sublease, the sponsors are
in active discussions to potentially sign leases with two tenants
comprising approximately 6.7% of NRA. According to the June 30,
2023, rent roll, the sponsors signed a direct lease commencing in
March 2023 with a subleasing tenant representing approximately 5.0%
of NRA.

-- The relatively moderate debt per sq. ft. ($293 per sq. ft. for
class A).

-- 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.

-- The relative position of these 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 the fully extended maturity date in June
2025. 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 5 Bryant Park, a 34-story,
682,988-sq.-ft. class A LEED Platinum-certified office building
located at 1065 Avenue of the Americas in midtown Manhattan's Penn
Plaza/Garment office submarket. It occupies an entire city block
along Sixth Avenue with unobstructed views of Bryant Park and is
about three blocks from Grand Central Station. The subject property
was built in 1958 and extensively renovated between 2007 and 2018
by the prior owner, The Blackstone Group, for approximately $109.3
million, or $160 per sq. ft. The office building offers flexible
floor plates and has outdoor terrace space for upper floor users.
The current sponsors, Savanna Real Estate Fund IV L.P., Savanna
Real Estate (AIV) Fund IV L.P., and Savanna Real Estate (PIV) Fund
IV L.P., acquired the subject property in 2018 for $640.0 million,
or $937 per sq. ft.

The property's occupancy rate was 81.3% as of the June 30, 2023,
rent roll, compared with 83.5% in 2022, 80.1% in 2021, 92.9% in
2020, and 94.9% in 2019. The five largest tenants at the property
comprised 44.5% of NRA and included:

-- Grubhub Holdings Inc. (11.9% of NRA, 13.2% of gross rent as
calculated by S&P Global Ratings, September 2029 lease expiration).
According to CoStar, a portion of the tenant's space (3.0% of NRA)
is being marketed for sublease.

-- The TJX Companies Inc. (10.9%, 12.3%, January 2035). The tenant
renewed its lease in 2021, ahead of its February 2024 expiry.

-- Movable Inc. (8.0%, 9.2%, May 2027). The tenant has a
termination option effective May 2024, with a required 12 months'
notice. The master servicer has not provided an update on whether
the tenant has exercised its termination option. According to
CoStar, the tenant marketed a portion (4.0% of NRA) of its space
for sublease.

-- CBIZ Accounting, Tax, & Advisory of NY LLC (7.6%; 8.8%,
December 2027).

-- Known Global LLC (6.0%, 8.2%, March 2028).

-- The property has staggered tenant rollover until 2027 (17.9% of
NRA, 21.1% of S&P Global Ratings' in-place gross rent), 2028
(14.0%, 17.7%), and 2029 (12.6%, 17.5%).

According to CoStar, the Penn Plaza/Garment office submarket
continues to experience negative net absorption, elevated vacancy
and availability rates, and flat rent growth as office utilization
remains well below pre-pandemic levels. This is mainly driven by
the widespread adoption of hybrid work arrangements as well as a
flight to quality to modern office space, mainly to Hudson Yards,
where some of the newly built office towers are more than 95%
leased. As of year-to-date November 2023, the four- and five-star
office properties in the submarket had a 18.2% vacancy rate, 19.1%
availability rate, and $84.71-per-sq.-ft. asking rent versus a 9.6%
vacancy rate and $85.84-per-sq.-ft. asking rent at issuance in
2018. CoStar projects vacancy to be 14.4% in 2024 and 15.9% in 2025
and asking rent to contract to $82.77 per sq. ft. and $81.01 per
sq. ft. for the same periods. CoStar noted that the peer properties
in the submarket had a 16.9% vacancy rate and 24.4% availability
rate. The property's in-place vacancy rate was 18.7% (we assumed
20.0% vacancy rate in our analysis), and its gross rent was $84.30
per sq. ft., as calculated by S&P Global Ratings.

Transaction Summary

The IO mortgage loan had an initial and current balance of $463.0
million (according to the Nov. 15, 2023, trustee remittance
report), pays an annual floating interest rate indexed to one-month
term SOFR plus a 1.597% adjusted spread. Prior to the August 2023
payment date, the loan, which was originated with an initial
two-year term and five one-year extension options, referenced a
LIBOR-based interest rate plus a 1.35% initial spread. After June
9, 2021, the spread increased by 15 basis points, and after June 9,
2023, the spread stepped up by an additional five basis points (an
aggregate increase of 20 basis points). The borrower exercised four
of its five extension options. The loan currently matures June 9,
2024, with a fully extended maturity date of June 9, 2025.
Exercising its remaining extension option is subject to the
borrower obtaining a replacement interest rate cap agreement from a
provider with a minimum rating of 'A+' by S&P Global Ratings with a
strike price no more than 4.0% and a debt yield that is at least
7.15%. According to the transaction documents, the borrower can
prepay the mortgage loan in an amount that meets the debt yield
test, if the requirement is not satisfied, for the extension term.
KeyBank indicated that, as part of exercising its fourth extension
option, the borrower obtained a replacement interest rate cap
agreement that expires in June 2024 with a strike price of 4.0%.

The loan, which has a current payment status, is on the master
servicer's watchlist because of a low reported DSC, which was 0.73x
as of the six months ended June 30, 2023, down from 1.21x in 2022
and 3.44x in 2021. To date, the trust has not incurred any
principal losses. However, according to the Nov. 15, 2023, trustee
remittance report, class HRR (not rated by S&P Global Ratings) had
cumulative interest shortfalls outstanding totaling $101,492, of
which $3,104 is due to expenses associated with LIBOR transition
initiatives. The remaining shortfall amount of $98,388 is
attributable to the certificate classes accruing interest at one
month term SOFR plus a spread of 1.582% versus the borrower paying
interest on the loan at one month term SOFR plus a spread of 1.547%
instead of a spread of 1.597%. The master servicer recently
informed us that the loan spread calculation has been updated,
according to the transaction documents.

  Ratings Lowered

  5 Bryant Park 2018-5BP Mortgage Trust
  
  Class B to 'A (sf)' from 'AA- (sf)'
  Class C to 'BBB (sf)' from 'A- (sf)'
  Class D to 'BB (sf)' from 'BBB- (sf)'
  Class E to 'B (sf)' from 'BB- (sf)'

  Ratings Affirmed

  5 Bryant Park 2018-5BP Mortgage Trust

  Class A: AAA (sf)
  Class F: CCC (sf)



AMCR ABS 2023-1: DBRS Finalizes BB(low) Rating on Class C Notes
---------------------------------------------------------------
DBRS, Inc. finalizes provisional credit ratings on the following
classes of notes issued by AMCR ABS Trust 2023-1 (AMCR 2023-1 or
the Issuer):

-- $81,138,000 Class A Notes at A (sf)
-- $28,978,000 Class B Notes at BBB (low) (sf)
-- $17,387,000 Class C Notes at BB (low) (sf)

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

(1) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios for
Rated Sovereigns: 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.

(2) The DBRS Morningstar CNL assumption is 15.85% based on the
Cutoff Date pool composition.

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

-- Subordination, overcollateralization, amounts held in the
Reserve Fund, and excess spread create credit enhancement levels
that are commensurate with the proposed credit ratings.

-- Transaction cash flows are sufficient to repay investors under
all A (sf), BBB (low) (sf) and BB (low) (sf) stress scenarios in
accordance with the terms of the AMCR ABS TRUST 2023-1 transaction
documents.

(4) The experience, sourcing, and servicing capabilities of
Credit9, LLC. DBRS Morningstar has performed an operational risk
assessment of Credit9 and believes the Company is an acceptable
consumer loan servicer with an acceptable Backup Servicer and
Backup Servicer Subcontractor.

(5) The experience, underwriting, and origination capabilities of
Cross River Bank (CRB).

(6) The ability of Wilmington Trust National Association to perform
duties as a Backup Servicer and the ability of Nelnet Servicing,
LLC dba Firstmark to perform duties as a Backup Servicer
Subcontractor.

(7) The annual percentage rate (APR) charged on the loans and the
status of CRB as the true lender.

-- Approximately 68% of loans included in AMCR 2023-1 are
originated by CRB, a New Jersey state-chartered FDIC-insured bank.

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

-- The weighted-average APR of the loans in the pool is 25.39%.

-- Loans may be in excess of individual state usury laws; however,
CRB as the true lender is able to export rates that pre-empt state
usury rate caps.

-- Loans originated to borrowers in Vermont, Colorado, West
Virginia and Maine are excluded from the pool.

-- Under the Loan Sale Agreement, CRB is obligated to repurchase
any loan if there is a breach of representation and warranty that
materially and adversely affects the interests of the purchaser.

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

DBRS Morningstar's credit rating on the securities referenced
herein addresses the credit risk associated with the identified
financial obligations in accordance with the relevant transaction
documents. The associated financial obligations for each of the
rated notes are the related Interest 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 obligations that
are not financial obligations are the related interest on unpaid
Interest Distributable Amount for each of the rated notes.

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

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


AMUR EQUIPMENT X: Moody's Upgrades Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded three classes of notes in
Amur Equipment Finance Receivables IX LLC, Series 2021-1 (Amur
2021-1), four classes of notes in Amur Equipment Finance
Receivables X LLC, Series 2022-1 (Amur 2022-1) and five classes of
notes in Amur Equipment Finance Receivables XI LLC, Series 2022-2
(Amur 2022-2). The notes are backed by a pool of fixed-rate loans
and leases secured primarily by trucking, transportation and
construction equipment.

The complete rating actions are as follows:

Issuer: Amur Equipment Finance Receivables IX LLC, Series 2021-1

Class D Notes, Upgraded to Aaa (sf); previously on Aug 9, 2023
Upgraded to Aa1 (sf)

Class E Notes, Upgraded to A1 (sf); previously on Aug 9, 2023
Upgraded to Baa1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on May 4, 2022
Upgraded to Ba2 (sf)

Issuer: Amur Equipment Finance Receivables X LLC, Series 2022-1

Class C Notes, Upgraded to Aa1 (sf); previously on Aug 9, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Aug 9, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jan 24, 2023
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jan 24, 2023
Upgraded to B2 (sf)

Issuer: Amur Equipment Finance Receivables XI LLC, Series 2022-2

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 21, 2022
Definitive Rating Assigned Aa3 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Sep 21, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa2 (sf); previously on Sep 21, 2022
Definitive Rating Assigned Baa3 (sf)

Class E Notes, Upgraded to Ba2 (sf); previously on Sep 21, 2022
Definitive Rating Assigned Ba3 (sf)

Class F Notes, Upgraded to B2 (sf); previously on Sep 21, 2022
Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rating actions were primarily driven by the continuous buildup
of credit enhancement including overcollateralization and a
non-declining reserve account. The notes feature sequential payment
structure with the higher priority notes benefitting from the
subordination of notes with lower payment priority. Other
considerations include deals' seasoning and the high exposure to
the trucking and transportation industry which is generally
cyclical and highly correlated with the health of the overall
economy.

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 notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. In sequential pay structures, such as the one in
this transaction, credit enhancement grows as a percentage of the
collateral balance as collections pay down senior notes.
Prepayments and interest collections directed toward note principal
payments will accelerate this build of enhancement. Moody's
expectation of pool losses could decline as a result of a lower
number of obligor defaults. Portfolio losses also depend greatly on
the US macroeconomy, the equipment markets, and changes in
servicing practices.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise as a result of a higher
number of obligor defaults or deterioration in the value of the
equipment securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US macroeconomy, the equipment
markets, and poor servicer performance. Other reasons for
worse-than-expected performance include error on the part of
transaction parties, inadequate transaction governance, and fraud.


AVANT CREDIT 2021-1: DBRS Confirms BB(low) Rating on Class D Notes
------------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all four classes issued
by Avant Credit Card Master Trust, Series 2021-1 Asset-Backed
Notes.

--  Class A Notes at AA (low) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (low) (sf)
-- Class D Notes at BB (low) (sf)

The rating confirmations are based on the following analytical
considerations:

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

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

-- The transaction parties' capabilities regarding origination,
underwriting, and servicing.

-- The ability of the transaction to perform within DBRS
Morningstar's base-case assumptions.

Notes: The principal methodology applicable to the credit ratings
is DBRS Morningstar Master U.S. ABS Surveillance (October 22,
2023).




BALLYROCK CLO 25: S&P Assigns Prelim BB- (sf) Rating on D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ballyrock
CLO 25 Ltd./Ballyrock CLO 25 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 Ballyrock Investment Advisors LLC, a
subsidiary of Fidelity Management & Research Company Co. LLC.

The preliminary ratings are based on information as of Dec. 6,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Ballyrock CLO 25 Ltd./ Ballyrock CLO 25 LLC

  Class A-1a, $20.00 million: AAA (sf)
  Class A-1a loans, $268.00 million: AAA (sf)
  Class A-1b, $9.00 million: AAA (sf)
  Class A-2 (deferrable), $45.00 million: AA (sf)
  Class B (deferrable), $27.00 million: A (sf)
  Class C (deferrable), $27.00 million: BBB- (sf)
  Class D (deferrable), $16.87 million: BB- (sf)
  Subordinated notes, $42.00 million: Not rated



BARINGS MIDDLE 2023-I: S&P Assigns Prelim 'BB-' Rating on D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Barings
Middle Market CLO 2023-I Ltd./Barings Middle Market CLO 2023-I
LLC's floating-rate debt.

The debt issuance is a collateralized loan obligation (CLO)
transaction governed by investment criteria and backed primarily by
middle market speculative-grade (rated 'BB+' or lower) senior
secured term loans. The transaction is managed by Barings LLC.

The preliminary ratings are based on information as of Dec. 1,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Barings Middle Market CLO 2023-I Ltd./
  Barings Middle Market CLO 2023-I LLC

  Class X, $4.65 million: AAA (sf)
  Class A-1, $235.40 million: AAA (sf)
  Class A-1L, $25.00 million: AAA (sf)
  Class A-2, $53.50 million: AA (sf)
  Class B (deferrable), $41.80 million: A (sf)
  Class C (deferrable), $21.00 million: BBB- (sf)
  Class D (deferrable), $32.50 million: BB- (sf)
  Subordinated notes, $46.55 million: Not rated



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

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

The preliminary ratings are based on information as of Nov. 30,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- S&P's view of the collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned
  
  Barings Middle Market CLO 2023-II Ltd./
  Barings Middle Market CLO 2023-II LLC

  Class A-1, $243.00 million: AAA (sf)
  Class A-2, $32.35 million: AA (sf)
  Class B, $32.45 million: A (sf)
  Class C, $24.25 million: BBB- (sf)
  Class D, $24.35 million: BB- (sf)
  Class E, $8.50 million: B- (sf)
  Subordinated notes, $36.85 million: Not rated



BRAVO RESIDENTIAL 2023-NQM8: Fitch Gives B(EXP) Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to BRAVO Residential
Funding Trust 2023-NQM8 (BRAVO 2023-NQM8).

   Entity/Debt       Rating           
   -----------       ------           
BRAVO 2023-NQM8

   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
   SA            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

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by BRAVO Residential Funding Trust 2023-NQM8 (BRAVO
2023-NQM8) as indicated above. The notes are supported by 720 loans
with a total balance of approximately $322 million as of the cutoff
date.

Approximately 70% of the loans in the pool were originated by
Citadel (dba Acra Lending), 13% by ClearEdge Lending LLC, and the
remaining loans by multiple originators, each of which originated
less than 10% of the mortgage loans. The loans will be serviced by
Citadel Servicing Corporation (primarily subserviced by ServiceMac)
and Select Portfolio Servicing, Inc. (SPS).

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 8.5% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since 4Q22). 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.

Non-Qualified Mortgage Credit Quality (Mixed): The collateral
consists of 720 loans totaling $322 million and seasoned at
approximately three 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 723 model FICO and a
42.9% debt to income (DTI) ratio, which includes mapping for debt
service coverage ratio (DSCR) loans — and moderate leverage of
76.7% sustainable loan to value (sLTV) ratio. Of the pool, 56.5% of
loans are treated as owner-occupied, while 43.5% 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, 2.8% of the loans were originated through a retail
channel. Of the loans, 59.9% are non-qualified mortgages (non-QMs),
while the Ability to Repay (ATR) Rule is not applicable for the
remaining portion.

Loan Documentation (Negative): Approximately 96.2% of the pool
loans were underwritten to less than full documentation, as
determined by Fitch, and 51.5% were underwritten to a 12- or
24-month bank statement program for verifying income, which is not
consistent with Appendix Q standards and Fitch's view of a full
documentation program.

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

Additionally, 25.8% of the loans are a DSCR (including 0.8% no
ratio) product, while the remainder comprise a mix of asset
depletion, profit and loss (P&L), 12- or 24-month tax returns,
award letter and written verification of employment (WVOE)
products. Separately, 3.9% (28 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 December 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 40.5% 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 49bps as a
result of the diligence review.

ESG CONSIDERATIONS

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



BX TRUST 2021-RISE: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed the credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates issued by BX Trust
2021-RISE:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which is backed by a portfolio of
multifamily properties across seven states and has exhibited
healthy occupancy and net cash flow (NCF) figures based on the most
recent financials.

At issuance, the loan was secured by the borrower's fee-simple
interest in 17 Class A and Class B multifamily properties, totaling
6,410 units, across seven states, including Georgia, Texas,
Florida, and Colorado. The issuance loan proceeds of $1.2 billion
along with $485.2 million of sponsor equity facilitated the
acquisition of the portfolio. All of the properties had received
extensive renovations by the previous owners, totaling $162.5
million. The loan is sponsored by a joint venture between
Blackstone Real Estate Income Trust (BREIT), with a 98.0% stake in
the portfolio, and Cortland Sponsors, LLC.

The transaction features a partial pro rata paydown structure for
the first 30.0% of the original principal balance. In addition,
individual assets may be released from the transaction, subject to
debt yield tests, at a prepayment premium of 105% of the allocated
loan amount (ALA) until the outstanding loan amount is reduced to
70%, at which point the prepayment premium increases to 110%. Since
issuance, two properties, The Garratt (previously 5.0% of the ALA)
and Cortland Southpark Terraces (previously 2.9% of the ALA), were
released from the portfolio, therefore reducing the outstanding
loan balance to $1.1 billion as per the October 2023 reporting,
which represents an 8.3% collateral reduction from issuance.

The interest-only loan has an initial two-year term and three
one-year extension options, with the fully extended maturity date
in November 2026. As per the issuance documents, the borrower is
required to purchase an interest rate cap agreement with each
extension. According to the servicer, the borrower intends to
exercise its first option to extend the term to November 2024.

According to the trailing-12 month (T-12) financials for the period
ended June 30, 2023, the portfolio had a consolidated occupancy
rate of 93.2%, compared with 95.4% at issuance. NCFs continue to
steadily increase year-over-year and when adjusting for the
released collateral, the T-12 for the period ended June 30, 2023,
NCF is $75.5 million, compared with the YE2022 NCF of $72.0 million
and the DBRS Morningstar NCF of $63.0 million. Despite the
improvement in NCF, the increase in interest rates since the loan
was closed has resulted in a lower implied debt service coverage
ratio (DSCR), which has declined to 1.12 times (x), compared with
the YE2022 DSCR of 1.90x. Although the interest rate cap agreement
mitigates against large swings in the interest rate, the
significant cost to the borrower is also a consideration. In
addition, DBRS Morningstar notes that the refinance risks have
increased from issuance given the current interest rate environment
and low in-place coverage. The sponsor's significant equity
contribution to close the subject transaction, as well as the
overall desirability of the collateral portfolio should provide
motivation for additional capital injection to continue purchasing
the required rate caps and to secure a replacement loan at the
final maturity in 2026, if necessary.

Given the property releases, DBRS Morningstar derived an updated
value of $969.1 million based on the DBRS Morningstar NCF of $63.0
million and applied a capitalization rate of 6.5%, which represents
a 37.6% haircut from the issuance value of the current portfolio of
$1.6 billion. This resulted in a DBRS Morningstar loan-to-value
ratio (LTV) of 113.6% compared with the LTV of 70.8% based on the
appraised value but is relatively unchanged from the DBRS
Morningstar Issuance LTV. DBRS Morningstar maintained positive
qualitative adjustments totaling 6.5% to reflect the low cash flow
volatility, desirable property quality, and favorable market
fundamentals.

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



CARVANA AUTO 2023-N4: DBRS Gives Prov. BB(high) on $28MM Trust
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of notes to
be issued by Carvana Auto Receivables Trust 2023-N4 (the Issuer) as
follows:

-- $127,530,000 at AAA (sf)
-- $38,700,000 at AA (sf)
-- $26,380,000 at A (sf)
-- $17,600,000 at BBB (high) (sf)
-- $28,270,000 at BB (high) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

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

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

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

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

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

-- Carvana has a technology-driven platform that focuses on
providing the customer with high-level experience, selection, and
value. Its website and smartphone app provide the consumer with
vehicle search and discovery (currently showing more than 34,000
vehicles online); the ability to trade or sell vehicles almost
instantaneously; and real-time, personalized financing. Carvana has
developed underwriting policies and procedures for use across the
lending platform that leverages technology where appropriate to
validate customer identity, income, employment, residency,
creditworthiness, and proper insurance coverage.

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

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

-- As of the November 11, 2023 Cut-off Date, the collateral pool
for the transaction is primarily composed of receivables due from
nonprime obligors with a weighted-average (WA) FICO score of 581,
WA annual percentage rate of 21.75%, and WA loan-to-value ratio of
101.9%. Approximately 51.87%, 28.85%, and 19.28% of the pool
include loans with Carvana Deal Scores greater than or equal to 30,
between 10 and 29, and between 0 and 9, respectively. Additionally,
1.61% is composed of obligors with FICO scores greater than 751,
36.80% consists of FICO scores between 601 and 750, and 61.59% is
from obligors with FICO scores less than or equal to 600 or with no
FICO score.

-- DBRS Morningstar analyzed the performance of Carvana's auto
loan and retail installment contract originations and static pool
vintage loss data broken down by Deal Score to determine a
projected CNL expectation for the CRVNA 2023-N4 pool.

(6) The DBRS Morningstar CNL assumption is 15.05% based on the
cut-off date pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: 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.

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

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

The rating on the Class A Notes reflects 50.50% of initial hard
credit enhancement provided by the subordinated notes in the pool
(44.15%), the reserve account (1.25%), and intial OC (5.10%). The
ratings on the Class B, C, D, and E Notes reflect 35.10%, 24.60%,
17.60%, and 6.35% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

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

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

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

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


CARVANA AUTO 2023-P5: S&P Assigns Prelim BB+ (sf) on Cl. N Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carvana Auto
Receivables Trust 2023-P5's automobile asset-backed notes.

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

The preliminary ratings are based on information as of Dec. 6,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of 13.74%, 11.00%, 9.16%, 5.72%, and 6.05%
credit support (hard credit enhancement and haircut to excess
spread) for the class A (class A-1, A-2, A-3, and A-4), B, C, D,
and N notes, respectively, based on stressed cash flow scenarios.
These credit support levels provide over 5.00x, 4.00x, 3.33x,
2.33x, and 1.73x coverage of S&P's expected cumulative net loss
(ECNL) of 2.30% for the class A, B, C, D, and N notes,
respectively.

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

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

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

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

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

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Carvana Auto Receivables Trust 2023-P5(i)

  Class A-1, $23.76 million: A-1+ (sf)
  Class A-2, $67.00 million: AAA (sf)
  Class A-3, $67.00 million: AAA (sf)
  Class A-4, $39.13 million: AAA (sf)
  Class B, $7.13 million: AA (sf)
  Class C, $4.47 million: A+ (sf)
  Class D, $4.48 million: BBB+ (sf)
  Class N(ii), $5.43 million: BB+ (sf)

(i)Class XS notes will be issued, which are unrated and may be
retained or sold in one or more private placements.
(ii)The class N notes will be paid to the extent funds are
available after the overcollateralization target is achieved, and
they will not provide any enhancement to the senior classes.



CIFC FUNDING 2015-III: Moody's Cuts $10MM F-R Notes Rating to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by CIFC Funding 2015-III, Ltd.:

US$24,900,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-R Notes"), Upgraded to Aa2 (sf);
previously on March 29, 2023 Upgraded to Aa3 (sf)

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

US$10,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class F-R Notes"), Downgraded to Caa2 (sf);
previously on August 10, 2020 Downgraded to Caa1 (sf)

CIFC Funding 2015-III, Ltd., originally issued in July 2015 and
refinanced in March 2018 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2021.

RATINGS RATIONALE

The upgrade rating action is primarily a result of deleveraging of
the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since March 2023. The Class A-R
notes have been paid down by approximately 18% or $52.0 million
since that time. Based on Moody's calculation, the OC ratio for the
Class C-R notes is currently 122.54% versus  the March 2023 level
of 119.73%.

The downgrade rating action on the Class F-R notes reflects the
specific risks to the junior notes posed by par losses and credit
deterioration observed in the underlying CLO portfolio. Since the
last review in March 2023, Moody's assumed additional par losses of
approximately $1.4 million. Furthermore, based on Moody's
calculation the deal's exposure to assets rated Caa1 or lower
increased to 8.9% from 5.5%.

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

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

Performing par and principal proceeds balance: $386,346,923

Defaulted par:  $3,374,840

Diversity Score: 67

Weighted Average Rating Factor (WARF): 2700

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.02%

Weighted Average Recovery Rate (WARR): 47.23%

Weighted Average Life (WAL): 2.97 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.


CIFC FUNDING 2023-II: Fitch Assigns 'BB-(EXP)sf' Rating on E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
CIFC Funding 2023-II, Ltd.

   Entity/Debt       Rating           
   -----------       ------           
CIFC Funding
2023-II, Ltd.

   A             LT NR(EXP)sf   Expected Rating
   B             LT AA(EXP)sf   Expected Rating
   C             LT A(EXP)sf    Expected Rating
   D1            LT BBB-(EXP)sf Expected Rating
   D2            LT BBB-(EXP)sf Expected Rating
   E             LT BB-(EXP)sf  Expected Rating
   Sub notes     LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.5, versus a maximum covenant, in accordance with
the initial target matrix point of 25.6. 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
95.4% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.5% versus a
minimum covenant, in accordance with the initial target matrix
point of 73.3%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 45% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-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 (Negative): 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 'BB+sf' and 'A+sf' for class B, between 'B+sf'
and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for
class D; and between less than 'B-sf' and 'B+sf' for class E.

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

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.


COMM 2010-C1: Moody's Lowers Rating on 2 Tranches to Caa2
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings on five
classes in COMM 2010-C1 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2010-C1 as follows:

Cl. D, Downgraded to Ba1 (sf); previously on Mar 29, 2022
Downgraded to Baa2 (sf)

Cl. E, Downgraded to B2 (sf); previously on Mar 29, 2022 Downgraded
to Ba3 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Mar 29, 2022
Downgraded to B3 (sf)

Cl. G, Downgraded to Caa3 (sf); previously on Mar 29, 2022
Downgraded to Caa2 (sf)

Cl. XW-B*, Downgraded to Caa2 (sf); previously on Mar 29, 2022
Downgraded to B3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on the P&I classes were downgraded due to the pool's
exposure to an enclosed retail property (the remaining loan in the
pool) that experienced recent declines in net operating income
(NOI) and delinquent after failing to pay-off at its extended
maturity date in October 2023. The remaining loan is the Fashion
Outlets of Niagara Falls and is in special servicing. As a result
of the exposure to this loan, the remaining classes are at
increased risk of interest shortfalls and the potential for higher
expected losses if the performance of this enclosed retail property
continues to decline.

The rating on the IO class was downgraded based on the credit
quality of the referenced classes.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss plus realized
losses of 2.6% of the original pooled balance, compared to 2.5% at
the last review.

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

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

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the remaining loan or an increase in
realized and expected losses from specially serviced loans or
interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since the only remaining loan
is in special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from the specially serviced to the most junior class(es) and the
recovery as a pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the November 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $86 million
from $857 million at securitization. The certificates are
collateralized by one mortgage loan in special servicing.

The remaining loan is currently in special servicing and is the
Fashion Outlets of Niagara Falls Loan ($85.9 million – 100% of
the pool), which is secured by an enclosed fashion outlet center
located in Niagara, New York, approximately five miles east of
Niagara Falls and the Canadian border. The loan sponsor is
Macerich, which purchased the property in 2011 for $200 million and
assumed the loan. As of June 2023, the property was 78% leased,
compared to 81% as of June 2021 and 92% as of March 2020. Property
performance has deteriorated and net operating income has declined
by 42% from 2018 to 2022, driven primarily by a significant decline
in revenues. However, the loan has amortized or paid down 30% from
securitization. The center benefitted from its proximity to the
Canadian border and Canadian visitors account for a significant
portion of demand. The property was impacted significantly by the
coronavirus pandemic and the resulting US-Canadian border closure
to non-essential traffic. The loan transferred to special servicing
in July 2020 for imminent maturity default, failed to pay off at
its maturity date, and received a three year loan extension through
October 2023. Additional collateral was pledged by Macerich as part
of the three year loan extension. The loan failed to pay off at the
extended maturity date in October 2023. As of the November 2023
remittance, the loan is last paid through September 2023.


COMM 2013-CCRE12: Moody's Downgrades Rating on Cl. B Certs to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on six classes
and placed five classes on review for downgrade in COMM 2013-CCRE12
Mortgage Trust, Commercial Pass-Through Certificates, Series
2013-CCRE12 as follows:

Cl. A-4, Downgraded to Aa2 (sf) and Placed Under Review for
Possible Downgrade; previously on Apr 25, 2023 Affirmed Aaa (sf)

Cl. A-M, Downgraded to Ba1 (sf) and Placed Under Review for
Possible Downgrade; previously on Apr 25, 2023 Downgraded to Baa2
(sf)

Cl. B, Downgraded to B3 (sf) and Placed Under Review for Possible
Downgrade; previously on Apr 25, 2023 Downgraded to B1 (sf)

Cl. C, Downgraded to C (sf); previously on Apr 25, 2023 Downgraded
to Caa3 (sf)

Cl. X-A*, Downgraded to Baa3 (sf) and Placed Under Review for
Possible Downgrade; previously on Apr 25, 2023 Downgraded to Aa3
(sf)

Cl. PEZ, Downgraded to Caa2 (sf) and Placed Under Review for
Possible Downgrade; previously on Apr 25, 2023 Downgraded to B3
(sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes, Cl. A-4, Cl. A-M, Cl. B and Cl. C,
were downgraded due to higher anticipated losses and increased risk
of interest shortfalls driven primarily by the significant exposure
to loans in special servicing and troubled loans. The eight
specially serviced loans make up 74% of the pool, and five of these
loans, representing an aggregate 55% of the pool, have been deemed
non-recoverable by the master servicer as of the November 2023
remittance statement. The non-recoverable loans include the largest
specially serviced loan, 175 West Jackson (35% of the pool), which
is secured by an office property that has experienced significant
declines in value and net operating income (NOI) since
securitization. The second largest specially serviced loan,
Oglethorpe Mall loan (14% of the pool), failed to pay off at its
November 2023 maturity date and has exhibited declining occupancy,
revenue, and NOI since 2019.

As a result of the non-recoverability determinations and exposure
to special servicing, interest shortfalls have impacted up to Cl.
A-M as of the November 2023 remittance statement and may continue
or increase if loan performance continues to decline and/or the
outstanding loans remain delinquent. All the remaining loans are in
special servicing or failed to pay off at their scheduled maturity
dates. In this rating action, Moody's also analyzed loss and
recovery scenarios to reflect the recovery value of the remaining
loans, the current cash flow at the properties and timing to
ultimate resolution.

The ratings on the three P&I classes that were downgraded, Cl. A-4,
Cl. A-M, and Cl. B, were also placed on review for downgrade due to
the recent increase in interest shortfalls and the potential for
these shortfalls to continue or possibly increase due to the
uncertainty of payoffs and timing of resolution for the remaining
loans in the pool.

The rating on the interest only (IO), Cl. X-A, was downgraded due
to a decline in the credit quality of its referenced classes and
was also placed on review for possible downgrade due to its
referenced P&I classes that are placed on review for possible
downgrade. Cl. X-A originally referenced all classes senior to and
including Cl. A-M, however, the more senior classes have now paid
off in full and Cl. A-4 and Cl. A-M are the only outstanding
referenced classes.

The rating on the exchangeable class, Cl. PEZ, was downgraded based
on principal paydowns of higher quality referenced exchangeable
classes as well as a decline in the credit quality of its
referenced exchangeable classes. Cl. PEZ was also placed on review
for possible downgrade due to its referenced exchangeable P&I
classes that are placed on review for possible downgrade.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 48.5% of the
current pooled balance, compared to 20.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 19.7% of the
original pooled balance, compared to 17.2% at the last review.

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

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

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, an increase in realized and
expected losses from specially serviced and troubled loans or
interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 74% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 14% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the November 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 69% to $374 million
from $1.12 billion at securitization and 57% from the prior rating
action in April 2023. The certificates are collateralized by 11
mortgage loans, all of which are in special servicing and/or have
now passed their original scheduled maturity dates. The transaction
has recognized an aggregate realized loss of $54.1 million due to a
combination of six liquidated loans as well as master servicer
recoveries of non-recoverable advances. Approximately $22 million
of losses occurred as of the October 2023 remittance report when
principal proceeds for maturity payoffs were used to reimburse
non-recoverable advances and resulted in a loss to the most junior
certificates. Furthermore, the transaction is under-collateralized
as the aggregate certificate balance is approximately $6 million
greater than the pooled loan balance.

As of the November 2023 remittance statement cumulative interest
shortfalls were $21.7 million and impacted up to Cl. A-M. Over 60%
of the monthly interest shortfalls are a result of the
non-recoverable determination of the 175 West Jackson, so any
resolution of this loan could have a material impact on the future
level of interest shortfalls. Interest shortfalls are caused by
special servicing fees, including workout and liquidation fees,
appraisal entitlement reductions (ASERs), non-recoverable
determinations, loan modifications, and extraordinary trust
expenses.

The largest specially serviced loan is the 175 West Jackson Loan
($134.2 million – 35% of the pool), which represents a pari-passu
portion of a $251 million mortgage loan. The loan is secured by a
Class A, 22-story office building totaling 1.45 million square feet
(SF) and located within the CBD of Chicago, Illinois. Property
performance has declined steadily since 2015, with occupancy
declining to 63% in June 2023 from 86% in 2015, and the year-end
2022 NOI was 54% lower than in 2013. The loan first transferred to
special servicing in March 2018 for imminent monetary default and
was subsequently assumed by Brookfield Property Group as the new
sponsor in connection with the purchase of the property for $305
million, returning to the master servicer in August 2018. However,
in November 2021, the loan transferred back to special servicing
and as of the November remittance statement was last paid through
its March 2023 payment date. The most recent appraisal value was
34% below the outstanding loan balance. This loan has been deemed
non-recoverable by the master servicer and as of the November 2023
remittance statement, there was $6.1 million of tax & insurance
advances reported to the trust portion of this loan. The special
servicer commentary indicates a receiver was hired to market the
property for sale with a potential loan assumption and the special
servicer is currently in the process of reviewing offers.

The second largest specially serviced loan is the Oglethorpe Mall
Loan ($54 million – 14% of the pool), which represents a
pari-passu portion of a $136 million mortgage loan. The loan is
secured by a 627,000 SF portion of a 942,700 SF regional mall
located in Savannah, GA. At securitization, the mall included four
anchor tenants: Macy's, JC Penney, Belk, and Sears. Both the Belk
and Sears spaces were non-collateral. Sears vacated in 2018 and the
anchor space remains vacant. The loan failed to pay off at its
scheduled maturity date in July 2023 and has been in special
servicing since July 2023. As of December 2022, the collateral was
95% occupied, compared to 88% in September 2022 and 95% at
securitization. The property's performance has generally declined
since 2016, with the largest declines in rental revenue occurring
since 2019. The year-end 2022 NOI is 17% below the 2019 NOI and 20%
below the NOI in 2014. The loan has amortized over 10% since
securitization and as of the November 2023 remittance statement,
was last paid through October 2023. Per the servicer commentary the
special servicer is evaluating workout options with the borrower.

The third largest specially serviced loan is the Harbourside North
Loan ($35.5 million – 9% of the pool), which is secured by the
leasehold interest in a Class A office building in the Georgetown
submarket of Washington D.C. The property operates subject to
ground lease payments, historically representing a high share of
the property's expenses. The loan transferred to the special
servicer in July 2018 due to delinquent payments and became REO in
March 2019. As of October 2023 the property was only 11% leased/
Furthermore, per the servicer commentary the most recent appraisal
indicates an "as-is" value of $0, primarily driven by the
significant ground lease payments. Servicer commentary also
indicates they are in discussions to transfer the property over to
the fee owner, and the loan has been deemed non-recoverable by the
master servicer. Moody's anticipates a nearly full loss on this
loan.

The fourth largest specially serviced loan is the MAve Hotel Loan
($18.5 million – 5% of the pool), which is secured by an
independent limited-service 12-story boutique hotel with 2,200 SF
of ground floor retail space located at 27th and Madison Avenue in
New York, New York. The property previously operated as a homeless
on a month-to-month contract with the Department of Homeless
Services (DHS) to rent out 100% of the hotel, however, the DHS left
at the end of 2020, and the loan transferred to special servicing
in April 2021 due to delinquent payments. The hotel remains closed
and special servicer commentary indicates a foreclosure action has
been filed. As of the November 2023 remittance statement the loan
was last paid through its September 2021 payment date and has
previously been deemed non-recoverable by the master servicer.

The remaining four specially serviced loans are secured by an
office property located in Chicago, Illinois; an anchored retail
property located in Elkview, West Virginia; a single tenant retail
property located in New York, New York; and a now dark former
single tenant retail building, located in Bel Air, Maryland.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 13.6% of the pool, and has estimated
an aggregate loss of $181 million (a 55% expected loss on average)
from these troubled and specially serviced loans. The largest
troubled loan is the Nashua Mall Loan ($37.0 million – 9.9% of
the pool), which is secured by a 311,313 SF anchored retail
property located in Nashua, New Hampshire. The largest tenants
include Kohl's, Burlington Coat Factory, and Christmas Tree Shops.
However, Christmas Tree Shops closed its location as part of its
Chapter 11 Bankruptcy proceedings in 2023. The performance has
steadily declined since 2018 and the year-end of 2022 NOI was 22%
lower than in 2013. The loan has amortized nearly 18% since
securitization, and the NOI DSCR as of June 2023 was 1.06X,
compared to 1.14X in 2019 and 1.40X at securitization. The loan
failed to pay off at its November 2023 maturity date, and as of the
November 2023 remittance statement it was last paid through October
2023.

The second largest troubled loan is the Exchange Center ($14.7
million – 3.9% of the pool), which is secured by an approximately
356,000 SF class B office building located in New Orleans. The
property was 60% leased as of June 2023, compared to 64% in 2022
and 71% in 2021. Due to the decrease in occupancy the property's
revenue and NOI have declined since 2017. The year-end 2022 NOI was
17% below the NOI in 2014. The property also faces significant
lease rollover risk in the upcoming years, with 58% of NRA expiring
by the end of 2025. The loan failed to pay off its scheduled
maturity date in October 2023, and as of the November 2023
remittance statement was last paid through September 2023.

The remaining non-specially serviced loan is the 9 Northeastern
Boulevard Loan ($46.8 million – 12.5% of the pool), which is
secured by an office/industrial property located in Salem, New
Hampshire. The property was 81% occupied as of June 2023, compared
to 100% in December 2021. The property's NOI generally remained
above levels at securitization. However, the property recently
declined occupancy and faces upcoming rollover risk as the second
largest tenant (21% of the property's NRA) has a lease expiring in
May 2024. Servicer commentary previously indicated the Borrower was
working to pay the loan off on or before maturity. However, the
loan was unable to pay off at its original maturity date in
November 2023. As of the November 2023 remittance date, the loan
has amortized 13% since securitization and was last paid through
its October 2023 payment date. Moody's LTV and stressed DSCR are
119% and 0.91X, respectively.


FIRST INVESTORS 2022-2: S&P Assigns 'BB-' Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes and affirmed
its ratings on 11 classes of notes from five First Investors Auto
Owner Trust (FIAOT) transactions. These are asset-backed security
(ABS) transactions backed by subprime retail auto loan receivables
originated by Stellantis Financial Services Inc. (doing business as
First Investors Financial Services) and serviced by First Investors
Servicing Corp.

The rating actions reflect:

-- Each transaction's collateral performance to date and S&P's
expectations regarding future collateral performance;

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

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

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

S&P said, "The FIAOT 2019-2, 2020-1, 2021-1, and 2021-2
transactions are performing better than our prior CNL expectations.
Delinquencies are increasing, but extensions are within historical
norms. As such, we revised and lowered our expected CNL for these
transactions. FIAOT 2022-2 is performing worse than our initial CNL
expectations. With fewer months of performance and a higher pool
factor, this transaction is more exposed to the prevailing adverse
economic headwinds. Based on these factors and taking into
consideration our expectation of the transactions' future
performance, we increased our expected CNL for FIAOT 2022-2."

  Table 1

  Collateral performance (%)(i)

                   Pool   Current      61+ day
  Series   Mo.   factor       CNL      delinq.   Extensions

  2019-2   49     10.54      5.35         6.37         2.23
  2020-1   44     11.69      4.60         5.33         3.04
  2021-1   34     22.90      4.53         5.69         2.29
  2021-2   27     35.77      5.07         5.98         2.72
  2022-2   13     68.60      3.68         4.56         2.75

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

  Table 2

  CNL expectations (%)

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

  2019-2         11.00         6.50            6.00
  2020-1         11.00         6.50            5.50
  2021-1         12.00         8.75            7.00
  2021-2         10.00        10.00            9.25
  2022-2          9.50          N/A           11.25

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

Each transaction has a sequential principal payment structure--in
which the notes are paid principal by seniority--that will increase
the credit enhancement for the senior notes as the pool amortizes.
Each transaction also has credit enhancement consisting of
overcollateralization, a non-amortizing reserve account,
subordination for the more senior classes, and excess spread. As of
the November 2023 distribution date, each of the FIAOT 2019-2,
2020-1, 2021-1, and 2021-2 transactions is at its specified target
overcollateralization level and specified reserve level, while
2022-2 is building toward its target overcollateralization amount.

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


  Table 3

  Hard credit support(i)(ii)

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

  2019-2     D                  7.60                76.85
  2019-2     E                  4.15                44.08
  2019-2     F                  1.50                18.98

  2020-1     D                  7.85                71.43
  2020-1     E                  4.35                41.48
  2020-1     F                  1.50                17.10

  2021-1     B                 20.25                90.91
  2021-1     C                 11.50                52.71
  2021-1     D                  8.00                37.42
  2021-1     E                  4.25                21.05
  2021-1     F                  1.50                 9.05

  2021-2     A                 24.75                72.20
  2021-2     B                 18.00                53.32
  2021-2     C                  9.75                30.26
  2021-2     D                  4.50                15.58
  2021-2     E                  1.50                 7.19

  2022-2     A                 31.10                47.70
  2022-2     B                 26.30                40.70
  2022-2     C                 18.10                28.75
  2022-2     D                 11.55                19.20
  2022-2     E                  5.75                10.74

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

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

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

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

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

  RATINGS RAISED

  First Investors Auto Owner Trust

                       Rating
  Series   Class   To         From

  2019-2   E       AAA (sf)   A+ (sf)
  2019-2   F       AA (sf)    BB+ (sf)

  2020-1   E       AAA (sf)   A- (sf)
  2020-1   F       A (sf)     BB (sf)

  2021-1   C       AAA (sf)   A+ (sf)
  2021-1   D       AA+ (sf)   BBB+ (sf)
  2021-1   E       A- (sf)    BB (sf)
  2021-1   F       B+ (sf)    B (sf)

  2021-2   B       AAA (sf)   AA (sf)  
  2021-2   C       AA- (sf)   A (sf)


  RATINGS AFFIRMED

  First Investors Auto Owner Trust

  Series   Class   Rating

  2019-2   D       AAA (sf)

  2020-1   D       AAA (sf)

  2021-1   B       AAA (sf)

  2021-2   A       AAA (sf)
  2021-2   D       BBB (sf)
  2021-2   E       BB- (sf)

  2022-2   A       AAA (sf)
  2022-2   B       AA (sf)
  2022-2   C       A (sf)
  2022-2   D       BBB (sf)
  2022-2   E       BB- (sf)  



GALLATIN VIII 2017-1: Moody's Cuts $10.5MM F-R Notes Rating to B3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Gallatin CLO VIII 2017-1, Ltd.:

US$22,000,000 Class C-1-R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on December 28, 2021
Assigned A2 (sf)

US$7,000,000 Class C-2-R Deferrable Mezzanine Fixed Rate Notes due
2031, Upgraded to A1 (sf); previously on December 28, 2021 Assigned
A2 (sf)

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

US$17,300,000 Class E-R Deferrable Mezzanine Floating Rate Notes
due 2031, Downgraded to Ba3 (sf); previously on December 28, 2021
Assigned Ba2 (sf)

US$10,500,000 Class F-R Deferrable Mezzanine Fixed Rate Notes due
2031, Downgraded to B3 (sf); previously on December 28, 2021
Assigned B1 (sf)

Gallatin CLO VIII 2017-1, Ltd., originally issued in October 2017
and refinanced in December 2021 is a managed cashflow CLO. The
notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in July 2023.

RATINGS RATIONALE

The upgrade rating actions are primarily a result of the end of the
deal's reinvestment period in July 2023 and deleveraging of the
senior notes since that time. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will be
maintained and continue to satisfy certain covenant requirements.
In particular, Moody's assumed that the deal will benefit from
lower weighted average rating factor (WARF) and higher weighted
average spread (WAS) compared to the respective covenant levels.
Moody's modeled a WARF of 2882 compared to the covenant level of
3400 and a WAS of 3.65% compared to the covenant level of 3.60%.
Furthermore, the Class A-1-R notes have been paid down by
approximately 0.6% or $1.84 million since July 2023.

The downgrade rating actions on the Class E-R and F-R notes reflect
the specific risks to the junior notes posed by par loss observed
in the underlying CLO portfolio. Based on Moody's calculation, the
OC ratios for the Class E-R and Class F-R notes are currently
107.69% and 105.16%, respectively, versus November 2022 levels of
110.61% and 108.02%, 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: $469,642,752

Defaulted par:  $3,631,173

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2882

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.65%

Weighted Average Coupon (WAC): 6.10%

Weighted Average Recovery Rate (WARR): 47.6%

Weighted Average Life (WAL): 4.41 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.


GLS AUTO 2023-4: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the classes of
notes issued by GLS Auto Receivables Issuer Trust 2023-4 (the
Issuer) as follows:

-- $58,500,000 Class A-1 Notes at R-1 (high) (sf)
-- $126,000,000 Class A-2 Notes at AAA (sf)
-- $41,500,000 Class A-3 Notes at AAA (sf)
-- $68,990,000 Class B Notes at AA (sf)
-- $63,800,000 Class C Notes at A (sf)
-- $65,030,000 Class D Notes at BBB (low) (sf)
-- $45,250,000 Class E Notes at BB (sf)

The 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 account, and
excess spread. Credit enhancement levels are sufficient to support
the DBRS Morningstar-projected cumulative net loss (CNL) assumption
under various stress scenarios.

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

(3) The quality and consistency of provided historical static pool
data for Global Lending Services LLC (GLS or the Company)
originations and the performance of the GLS auto loan portfolio.

(4) The credit quality of the collateral and performance of GLS'
auto loan portfolio, as of the Statistical Calculation Date.

-- The pool will include approximately 91.9% used vehicles and
8.1% new vehicles, 84.3% of which are from franchise dealers.

-- The loans in the pool will have a weighted-average FICO of 591
and a weighted-average annual percentage rate of 21.43%.

(5) The DBRS Morningstar CNL assumption is 16.40%, based on the
Cut-Off Date pool composition.

(6) The capabilities of GLS with regard to originations,
underwriting, and servicing.

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

(7) The consistent operational history of GLS and the overall
strength of the Company and its management team.

-- The GLS senior management team has considerable experience
within the auto finance industry, with most of the executives
having been with the Company for most of its twelve-year history.

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

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

(9) 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.

(10) 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 GLS, that the
trust has a valid first-priority security interest in the assets,
and the consistency with the DBRS Morningstar "Legal Criteria for
U.S. Structured Finance."

GLS 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 ratings on the Class A-1, Class A-2, and Class A-3 Notes
reflect 55.30% of initial hard credit enhancement provided by the
subordinated notes in the pool (49.15%), the reserve account
(1.00%), and OC (5.15%). The ratings on the Class B, C, D, and E
Notes reflect 41.35%, 28.45%, 15.30%, and 6.15% of initial hard
credit enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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

DBRS Morningstar's credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. The associated contractual payment obligation that is
not a financial obligation for each of the rated notes is the
related interest on any unpaid Noteholders' Monthly Interest
Distributable Amount.

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

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


GS MORTGAGE 2017-485L: S&P Lowers Cl. HRR Certs Rating to 'D (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its rating on the class HRR commercial
mortgage pass-through certificates from GS Mortgage Securities
Corp. Trust 2017-485L, a U.S. CMBS transaction, to 'D (sf)' from 'B
(sf)' due to accumulated interest shortfalls that S&P expects will
remain outstanding for the foreseeable future.

According to the Nov. 10, 2023, trustee remittance report, class
HRR had cumulative unpaid interest shortfalls totaling $60,000
(0.3% of class HRR's balance), which had been outstanding for three
consecutive months. Based on S&P's correspondence with the master
servicer, Midland Loan Services (Midland), the interest shortfalls
were due to legal fees that it incurred (for which Midland believes
are in accordance with accepted servicing practices and its rights
and duties as master servicer and the interests of the
certificateholders under the trust and servicing agreement) to
defend itself against certain allegations made by the borrower's
special litigation counsel. Midland did not elaborate on the
allegations made by the borrower and cited attorney-client
privilege.

S&P said, "We assessed, based on information received from Midland,
that these legal fees might not be repaid by the borrower and the
resulting shortfalls will be outstanding for the foreseeable
future. We also expect these shortfalls to result in principal
losses to class HRR upon the repayment of the loan."

Transaction Summary

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a 10-year, fixed-rate, interest-only (IO) mortgage loan secured
by the borrower's fee simple interest in a 32-story,
935,452-sq.-ft., 1956-built, class A office tower (with 22,978 sq.
ft. of ground floor retail space and a 100-space parking garage)
located at 485 Lexington Avenue in midtown Manhattan.

The IO loan had an initial and current trust balance of $350.0
million (according to the Nov. 10, 2023, trustee remittance
report), pays a per annum fixed rate of 3.99%, and matures on Feb.
5, 2027. To date, the trust has not incurred any principal losses.

In addition to the mortgage loan, the borrower obtained a mezzanine
loan totaling $100.0 million. The mezzanine loan is IO, pays a per
annum fixed rate of 5.25%, and is coterminous with the mortgage
loan.



GS MORTGAGE 2017-GPTX: S&P Lowers Class B Certs Rating to 'B (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class A and B
commercial mortgage pass-through certificates from GS Mortgage
Securities Corp. Trust 2017-GPTX, a U.S. CMBS transaction. The
rating on class A was lowered to 'BBB- (sf)' from 'A+ (sf)', and
the rating on class B was lowered to 'B (sf)' from 'BBB (sf)'.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a five-year, fixed-rate, interest-only (IO) mortgage loan
secured by Greenway Plaza, a 10-office building portfolio and
certain other real properties totaling 4.5 million sq. ft. in the
Greenway Plaza office submarket of Houston.

Rating Actions

The downgrades on classes A and B reflect:

-- The borrower's inability to increase the properties' occupancy
since our last review in July 2023.

-- S&P's expected-case valuation, which, while unchanged from its
last review, is 39.9% lower than the valuation S&P derived at
issuance due primarily to reported decreases in occupancy and net
cash flow (NCF) at the properties.

-- S&P's belief that, even after considering the $10.0 million
principal paydown that occurred in November 2023 and $38.7 million
held in various lender-controlled reserve accounts, there is a
potential for reduced recovery of the $455.0 million following the
special servicer's release of a revised June 2023 appraisal value
of $425.0 million in the August 2023 reporting period, 58.9% below
the issuance appraised value of $1.03 billion.

S&P said, "In our July 2023 review, we noted that the servicer
reported further declines in occupancy and NCF at the properties.
As a result, we revised and lower our long-term sustainable NCF to
$36.3 million using a 72.0% occupancy rate, an S&P Global Ratings
$21.58-per-sq.-ft. base rent and $28.45-per-sq.-ft. gross rent, and
a 57.4% operating expense ratio." Using an S&P Global Ratings′
capitalization rate of 8.25%, we arrived at an expected-case value
of $439.8 million, or $98 per sq. ft. At that time, the loan was in
default after the sponsor, a joint venture between CPP Investments,
Nuveen Real Estate, Silverpeak Real Estate Partners, and Parkway
Property Investments, failed to pay it off upon the July 6, 2023,
forbearance period. The loan was transferred to special servicing
on July 1, 2022, due to maturity default (the loan matured on May
6, 2022) The sponsor was granted a forbearance through July 2023 to
give it more time to obtain refinancing proceeds. The borrower said
that it was not willing to fund capital or leasing expenses absent
a loan restructure, and the special servicer filed for
receivership.

S&P said, "While we did not receive updated operating statements
due to the recent installment of a receiver, the 68.1% portfolio
occupancy, according to the October 2023 rent roll, indicated that
the borrower maintained relatively stable occupancy level since our
July 2023 review. As a result, in our current analysis, we used the
same long-term sustainable NCF of $36.3 million and value of $439.8
million ($98 per sq. ft.) as in that review, 3.5% higher than the
revised June 2023 appraised value of $425.0 million (reported in
the August 2023 payment period)."

The special servicer, Midland Loan Services (Midland) stated that a
receiver was appointed in August 2023 and that it is currently
working with the sponsor to market the properties for sale.
According to Midland, cash is currently being trapped into various
lender-controlled account. As of the November 2023 payment date,
after the master servicer, also Midland, applied $10.0 million in
excess cash flow to pay down the trust loan balance from $465.0
million to $455.0 million, there was $38.7 million in the reserve
accounts.

S&P said, "We will continue to monitor the special servicer's
efforts to liquidate the properties. If we receive information that
negatively impacts the transaction's liquidity and recovery, we may
revisit our analysis and take additional rating actions as we deem
appropriate."

Property-Level Analysis

The loan collateral consists of Greenway Plaza, which is part of a
master-planned office development that consists of:

-- Ten class A office buildings totaling 4.2 million sq. ft.;

-- A 97,411-sq.-ft. food hall with dining, retail, and conference
space built in 1975;

-- A 128,271-sq.-ft. health and recreation facility built in
1979;

-- Two ground leased outparcels;

-- A central power plant facility built in 1969 that provides
chilled and heated water to the Greenway Plaza development; and
Four ancillary parking garages.

The properties were constructed in phases between 1969 and 1981 and
are located approximately five miles west of the Houston central
business district in the Greenway Plaza office submarket. The 10
office buildings include:

-- Five Greenway Plaza, a 31-story, 912,011-sq.-ft. building built
in 1973;

-- Nine Greenway Plaza, a 31-story, 746,824-sq.-ft. building built
in 1978;

-- Eleven Greenway Plaza, a 31-story, 745,956-sq.-ft. building
built in 1979;

-- Three Greenway Plaza, a 21-story, 518,578-sq.-ft. building
built in 1972;

-- Eight Greenway Plaza, a 15-story, 257,942-sq.-ft. building
built in 1981;

-- Twelve Greenway Plaza, a 15-story, 254,920-sq.-ft. building
built in 1981;

-- Four Greenway Plaza, an 11-story, 241,294-sq.-ft. building
built in 1975;

-- Two Greenway Plaza, an 11-story, 210,686-sq.-ft. building built
in 1969;

-- One Greenway Plaza, an 11-story, 210,106-sq.-ft. building built
in 1969; and

-- 3800 Buffalo Speedway, a five-story, 155,801-sq.-ft. building
built during 1975 and 1976.

As of the October 2023 rent roll, the properties were 68.1% leased,
and the five largest tenants comprised 36.5% of the net rentable
area (NRA) and included:

-- Occidental Oil & Gas Corp. (22.2% of NRA; December 2031 lease
expiration).

-- Invesco Group Services Inc. (8.2%; December 2023). The tenant
will downsize to 4.0% of NRA with a renewal lease that expires in
December 2038.

-- Gulf South Pipeline Co. L.P. (2.2%; September 2034).

-- LTF Lease Co. LLC (2.0%; January 2040).

-- Camden Property Trust (1.9%; September 2025).

-- The properties face staggered rollover (less than 6.0% of NRA)
through 2030.

According to CoStar, the Greenway Plaza office submarket continues
to experience elevated vacancy levels and negative absorption due
partly to changing office work preference that caused tenants to
exit or downsize leases. As of year-to-date December 2023, the
overall Greenway Plaza office submarket has a 19.8% vacancy rate,
23.0% availability rate, and $31.74-per-sq.-ft. asking rent,
compared to a 15.3% vacancy rate and $32.05-per-sq.-ft. asking rent
in 2019. CoStar projects vacancy to increase to 22.1% in 2024 and
22.3% in 2025 and asking rent to decrease to $31.22 per sq. ft. and
$31.12 per sq. ft. for the same periods. This compares with an
in-place 31.9% vacancy at the properties as reported in the Oct.
31, 2023, rent roll.

Transaction Summary

The IO mortgage loan has a current trust balance of $455 million
(as of the Nov. 10, 2023, trustee remittance report), down from
$465 million at issuance. The servicer applied $10 million of
excess cash flow to pay down the loan balance in the November 2023
payment period. The loan, which has a reported performing matured
balloon payment status, pays a fixed interest rate of 3.75% and
matured on May 6, 2022. To date, the trust has not experienced any
principal losses.



GS MORTGAGE 2018-RIVR: S&P Lowers Class D Notes Rating to 'B-(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from GS Mortgage
Securities Corp. Trust 2018-RIVR, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in River North Point, a 1.7
million-sq.-ft. mixed-use property (an office with a hotel
component) in Chicago.

Rating Actions

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

-- The lack of performance improvement at the property since S&P's
last review in April 2023 as well as further deterioration in the
River North office submarket fundamentals. CoStar noted that the
office submarket vacancy rate increased to 23.4% from 19.1% in its
last review. CoStar forecast vacancy to rise to around 25.0% by
2028. Therefore, S&P believes that the borrower will continue to
face challenges re-tenanting vacant spaces in a timely manner.

-- S&P's expected-case valuation, which, while unchanged from its
last review, is 19.3% lower than the valuation it derived at
issuance due primarily to reported decreases in occupancy and net
cash flow (NCF) at the property.

-- That the loan transferred to special servicing on May 11, 2023,
due to imminent maturity default. It matured on July 9, 2023.
Although the borrower has two one-year extension options remaining,
it did not exercise its option. The loan is currently unhedged
against raising interest rate because the borrower did not purchase
a new interest rate cap agreement.

S&P said, "Our assessment that re-tenanting vacant spaces may be
more difficult because of reduced reserve funds held by the
servicer. The balance changed from $10.1 million in our last review
to $6.8 million as of the November 2023 reporting period.

"In our last review in April 2023, we noted that, despite some
leasing activities, the property's office occupancy rate and
performance continued to lag historical levels. As a result, at
that time, we revised and lowered our sustainable NCF to $16.1
million assuming a 72.0% occupancy rate (on the office component),
an S&P Global Ratings $39.22-per-sq.-ft. average base rent, and a
54.4% operating expense ratio. Using an S&P Global Ratings
capitalization rate of 7.25%, we arrived at an expected-case value
of $221.9 million, or $126 per sq. ft."

The loan then transferred to special servicing in May 2023 due to
imminent maturity default. It matured in July 2023, and although
the borrower has two one-year extension options remaining, it did
not exercise its option to extend the loan's maturity date to July
2024. The borrower also did not obtain a replacement interest rate
cap agreement to hedge against raising interest rates. According to
the special servicer, Wells Fargo Bank N.A., discussions with the
borrower are ongoing, and it anticipates that a resolution may
involve selling the property. Wells Fargo stated that the borrower
has recently listed the property for sale with JLL. It is unclear
at this time if proceeds from the potential property sale would be
used to pay off the loan, in full or in part, or if the new sponsor
would request to modify, extend, and assume the existing mortgage
loan.

S&P said, "According to servicer's comments, the loan is currently
fully cash managed, with all excess cash swept and held in
lender-controlled reserve accounts due to a low debt yield, which
we calculated to be about 4.8% using the servicer-reported 2022 net
operating income of $14.9 million and the trust balance. Per the
November 2023 CRE Finance Council Investor Reporting Package
reserve report, there is approximately $6.8 million in various
reserve accounts, down from $10.1 million in our last review.

"The hotel component is, to our knowledge, still leased as noted in
our last review and at issuance to the 535-key Holiday Inn Mart
Plaza Hotel under a lease that expires in June 2050. According to
the June 2023 rent roll, the property's office component was 72.2%
leased, compared with the reported 74.7% rate as of year-end 2022.
It is our understanding that Gelber Group LLC, representing 3.4% of
the net rentable area (NRA), plans to vacate upon its January 2024
lease expiration and will instead be moving to and subleasing space
from an existing tenant in the subject property. As a result,
including known tenant movements, we calculated that the property's
occupancy rate would decline to approximately 68.8% in the near
term.

"In our current analysis, using a 68.8% occupancy rate for the
office component, an S&P Global Ratings' base rent of $37.40 per
sq. ft. and gross rent of $41.27 per sq. ft., and a 52.9% operating
expense ratio, we arrived at a sustainable NCF of $16.1 million,
unchanged from our last review in April 2023 and 19.7% higher than
the NCF as of year-end 2022. This is partly driven by us
normalizing general and administrative expenses in consideration of
our lower assumed occupancy rate and in line with our last review
assumptions. Using a 7.25% S&P Global Ratings capitalization rate
(unchanged from our last review), we arrived at an expected-case
value that is the same as in our last review of $221.9 million, or
$126 per sq. ft., 52.7% lower than the issuance appraisal value of
$469.0 million. This yielded an S&P Global Ratings loan-to-value
ratio of 139.6% on the trust balance. According to the special
servicer, an updated appraisal report has been ordered but is not
yet available.

"Although the model-indicated ratings were lower than the revised
ratings on classes A, B, and C, we tempered our downgrades on these
classes because we weighed certain qualitative considerations."
These include:

-- The potential that the office component's operating performance
could improve above our revised expectations. There is currently
$6.8 million in reserves.

-- That the potential sale of the property in the near term that
may yield higher-than-expected sale proceeds. The loan has a
November 2023 paid through date, and the servicer has not made any
advances on the loan yet.

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

-- The temporary liquidity support provided in the form of
servicer advancing should the mortgage loan becomes delinquent.

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

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

Property-Level Analysis

The loan collateral consists of a 1.7 million-sq.-ft. mixed-use
building in Chicago comprising approximately 1.3 million sq. ft. of
LEED-certified gold, multi-tenanted class A office space and
approximately 437,000 sq. ft. of hotel space that is leased until
June 2050 to the 535-key Holiday Inn Mart Plaza Hotel, which is
located in the south office tower on floors 14 to 23. The office
and hotel portions represent 74.8% and 25.2% of the total NRA,
respectively.

The property was built in 1977 and originally served as a wholesale
buying center for the clothing industry, adjacent to the
Merchandise Center. The current sponsor, Blackstone Real Estate
Partners VIII L.P., acquired the property in 2015 for $388.9
million. According to the servicer, the sponsor spent about $104.0
million ($58 per sq. ft.) from 2016 to September 2023 on various
capital improvement projects, approximately $74.0 million of which
was for tenant improvements and vacant space preparation projects,
with the remaining $30.0 million being spent on interior and
exterior projects, including creating a modern office environment
with amenities like a fitness center, a lounge/conference center,
roof deck, new windows, and an improved security system.

According to the June 2023 rent roll, the five largest office
tenants at the property comprised approximately 31.8% of the office
NRA and included:

-- Brookfield Properties Retail Inc. (13.3% of NRA; 19.5% of gross
rent as calculated by S&P Global Ratings; December 2027 and 2049
lease expirations). Based on comments from the servicer, Brookfield
Properties Retail Inc. has exercised its right for an early
termination of about 44,000 sq. ft. (3.3% of NRA).

-- Gartner Inc. (5.7%; 9.3%; August 2032).

-- Virtu KCG Holdings LLC (5.1%; 6.6%; August 2026).

-- Affirm Inc. (4.3%; 7.7%; November 2030).

-- Discover Properties LLC (3.4%; 5.5%; March 2029).

Additionally, EQ Spaces, a co-working tenant, occupies about 45,000
sq. ft. (3.4% of NRA) at the property under a lease that expires in
December 2049.

The property has staggered tenant rollover from 2023 through 2032
(between 4.4% and 9.3% of NRA) except in 2027, when 17.4% of NRA
rolls. Notable tenants with leases that expire in 2024 include
Gelber Group LLC (3.4% of NRA), which is expected to vacate its
space and sublease from an existing tenant in the subject property,
and Chicago Sports TV Holdings LLC (3.0%).

According to CoStar, since the River North office submarket, where
the property is located, is surrounded by residential, retail, and
office properties, it provides a live/work/play vibe unlike some of
the other neighboring office submarkets in Chicago. However,
because the submarket consists of 20.7 million sq. ft. of office
inventory and an additional 1.2 million sq. ft. of new developments
is expected to come online, coupled with lower demand for office
space as companies adopt a hybrid work arrangement, net absorption
is negative, vacancy and availability rates are elevated, and rent
growth is stagnant. CoStar noted, as of year-to-date November 2023,
the submarket's vacancy rate was 23.4% and availability rate was
29.8%, up from 19.1% and 28.1%, respectively, in our last review.
CoStar projects the vacancy rate to increase to around 25.0% by
2028. This compares with a 31.2% in-place vacancy rate at the
property.

Transaction Summary

The IO mortgage loan had an initial balance of $310.0 million and a
current balance of $309.8 million (as of the Nov. 15, 2023, trustee
remittance report). The small paydown was due to the servicer
applying the remaining upfront leasing holdback reserve funds to
pay down the trust and mezzanine loan balance (from $60.0 million
to $59.9 million) on a pro rata basis in February 2020. The
mortgage loan pays an annual floating interest rate indexed to
one-month term SOFR (prior to July 2023, it referenced LIBOR) plus
a weighted average component spread of 1.495% and matured on July
9, 2023. The borrower has two one-year extension options remaining
(the fully extended maturity date is July 9, 2025). However, in May
2023, the loan transferred to special servicing for imminent
maturity default. The borrower did not exercise its extension
option and did not obtain a replacement interest rate cap
agreement. Instead, the prior interest rate cap agreement expired
at the loan's maturity date. Since the loan is currently unhedged,
it is subject to raising interest rate risk.

The borrower is current on its debt service payments through
November 2023 and the master servicer has not made any advances
yet. The servicer reported a debt service coverage of 1.42x as of
year-end 2022, down from 1.91x as of year-end 2021. To date, the
trust has not incurred any principal losses.

  Ratings Lowered

  GS Mortgage Securities Corp. Trust 2018-RIVR

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



GS MORTGAGE 2021-STAR: DBRS Confirms B(low) Rating on G Certs
-------------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-STAR
issued by GS Mortgage Securities Corporation Trust 2021-STAR as
follows:

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (low) (sf)
-- Class D at A (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, as evidenced by the stable-to-improving cash flow
and occupancy reported since issuance. The portfolio is backed by
multifamily properties in desirable submarkets with generally
stable occupancy and rental rate trends. At issuance, DBRS
Morningstar noted the portfolio's generally favorable asset quality
and location in high-growth markets. These factors and the
stability of the markets since issuance have contributed to
performance metrics for the portfolio that are in line with DBRS
Morningstar's expectations at issuance.

The $470.6 million loan is secured by the fee-simple interest in
seven Class A suburban multifamily properties totaling 2,494 units
across five states and five distinct multifamily submarkets
including Tampa, Florida; Round Rock, Texas; Phoenix, Arizona;
Raleigh, North Carolina; and Lawrenceville, Georgia. The
transaction sponsorship is a joint venture between Starlight Group
Property Holdings Inc (Starlight), the Public Sector Pension
Investment Board (PSPIB), and the Future Fund Board of Guardians
(Future Fund). The two-year, interest-only, floating-rate loan had
an initial maturity in December 2023. According to the servicer,
the borrower has requested to exercise the first of three one-year
extension options available, which has been conditionally approved
and will extend the maturity date to December 2024. The borrower is
required to purchase a new interest rate cap agreement with each
extension. The loan has a fully extended maturity date of December
2026.

The loan allows for pro rata paydowns for the first 20.0% of the
original principal balance at a prepayment premium of 110.0% of the
allocated loan amount (ALA) for the release of individual assets,
provided the aggregate portfolio loan's debt yield is equal to at
least 5.72% after the releases. DBRS Morningstar considers this
structure credit negative, particularly at the top of the capital
stack. At issuance, a penalty was applied to the transaction's
capital structure to account for the pro rata nature of certain
voluntary prepayments. To date, there have been no property
releases.

At issuance, DBRS Morningstar noted the sponsors had planned a
capital expenditure project of $29.1 million for the portfolio.
Planned improvements during the first three years of the loan term
included the renovation of 1,214 units across the portfolio along
with improvements to common areas, including clubhouses, common
rooms, gyms, and dog parks. The project was to be funded directly
by the sponsors, with no reserve collected at issuance. The
servicer provided site inspections dated October/November 2022 for
all seven properties and, at the time of those visits, renovations
were ongoing. An update on the status of the planned work has been
requested and, as of the date of this press release, the servicer
has noted that the 2023 site inspections are ongoing. DBRS
Morningstar's analysis does not consider any upside as a result of
the completion of the planned improvements, but it is expected to
contribute to the overall stability of performance through the
fully extended loan term.

The loan is currently on the servicer's watchlist and is being
monitored for a low debt service coverage ratio (DSCR) and upcoming
maturity date. As per the financial statement for the trailing six
months (T-6) ended June 30, 2023, the portfolio reported a
consolidated occupancy rate of 92.1%, compared with YE2022 and
issuance occupancy rates of 92.6%, and 94.9%, respectively. The net
cash flow (NCF) for the T-6 ended June 30, 2023, was reported at
$14.5 million, implying an annualized NCF of $29.0 million,
compared with the YE2022 NCF of $26.8 million and the DBRS
Morningstar NCF of $25.4 million. The DSCRs for the same time
periods were reported at 0.89 times (x), 4.12x, and 3.33x,
respectively. The decline in DSCR is attributable to the increase
in debt service payments, given the floating rate nature of the
loan. The borrower's original interest rate cap agreement results
in a minimum DSCR of 1.10x. As mentioned above, the borrower is
required to purchase a replacement interest rate cap agreement with
each extension.

DBRS Morningstar notes increased concern about insurance costs for
three of the properties within the portfolio that are located in
Florida in areas prone to climate risk. As per financial statements
for the T-6 ended June 30, 2023, there has been an average increase
of 41.4% in the reported insurance premiums for the three Florida
assets compared with the same six-month period one year prior. DBRS
Morningstar notes the likelihood that this line item will pose
concerns in the coming years, given the increase in insurance costs
in this state in particular. Mitigating some of this concern are
the strong submarket fundamentals for these assets and the
portfolio as a whole. The underlying properties are located in
submarkets that are highly desirable for multifamily assets, with
strong growth potential and favorable population statistics. As of
Q3 2023, Reis reports that the portfolio's respective submarkets
have a weighted-average vacancy rate of 4.4%, and an average
five-year vacancy rate forecast of 4.5%. For the Tampa-St.
Petersburg multifamily market specifically, the Q3 2023 vacancy
rate was 4.8%, forecast to decline to 4.5% over the next five
years, while asking rents are projected to grow at an average rate
of 3.4% over the same period. The portfolio also benefits from
geographic diversity. The Florida properties represent 40.3% of the
total units, with the remaining portfolio spread across an
additional four distinct markets.

At issuance, DBRS Morningstar derived a value of $391.2 million,
based on a concluded cash flow of $25.4 million and a
capitalization rate of 6.5%, resulting in a DBRS Morningstar
loan-to-value ratio (LTV) of 120.3% compared with the LTV of 60.8%
based on the appraised value at issuance. DBRS Morningstar made
positive qualitative adjustments totaling 6.3% to the LTV sizing
benchmarks to account for the portfolio's historical performance,
ongoing renovations, and strong submarket fundamentals.

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


GS MORTGAGE 2023-PJ6: Fitch Assigns 'B-sf' Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned the following ratings to the residential
mortgage-backed certificates issued by GS Mortgage-Backed
Securities Trust 2023-PJ6 (GSMBS 2023-PJ6):

   Entity/Debt       Rating             Prior
   -----------       ------             -----
GSMBS 2023-PJ6

   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 269 prime loans with a total balance of
approximately $321 million as of the cutoff date.

Classes A-3L, A-4L, A-16L and A-22L are being withdrawn as they are
not being funded at close and will not be funded at any point in
the future.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.3% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since 3Q23). 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 five months in aggregate (calculated as the
difference between the cutoff date and origination date). The
average loan balance is $1,192,758. The collateral comprises
primarily prime-jumbo loans and 26 agency-conforming loans.
Borrowers in this pool have strong credit profiles (a 766 model
FICO), but lower than Fitch has observed for earlier vintage
prime-jumbo securitizations.

The sustainable loan to value ratio (sLTV) is 78.2%, and the
mark-to-market (MTM) combined LTV ratio (CLTV) is 72.1%. Fitch
treated 100% of the loans as full documentation collateral, and all
the loans are qualified mortgages (QMs). Of the pool, 86.2% are
loans for which the borrower maintains a primary residence, while
13.8% are for second homes. Additionally, 45.5% of the loans were
originated through a retail channel.

Expected losses in the 'AAAsf' stress amount to 8.75%, similar to
those of prior issuances and other prime-jumbo shelves.

Loan Concentration (Negative): Fitch adjusted the expected losses
due to concentration concerns over small loan counts. Fitch
increased the losses at the 'AAAsf' level by 111bps, due to the low
loan count of 269, with a weighted average number (WAN) of 223. As
a loan pool becomes more concentrated, the pool is at greater risk
of experiencing defaults.

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 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 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 3.45% of the
original balance will be maintained for the senior notes and a
subordination floor of 2.35% 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 39.7% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by multiple third-party firms. 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,
made the following adjustment to its analysis:

- A 5% reduction to each loan's probability of default.

This adjustment resulted in a 35bps 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.


HARTWICK PARK: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Hartwick
Park CLO Ltd./Hartwick Park 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 Blackstone CLO Management LLC.

The preliminary ratings are based on information as of Dec. 5,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Hartwick Park CLO Ltd./Hartwick Park CLO LLC

  Class A, $172.50 million: Not rated
  Class A-L loans, $48.00 million: Not rated
  Class A-L notes, $0.00 million: Not rated
  Class B, $45.50 million: AA (sf)
  Class C (deferrable), $21.00 million: A (sf)
  Class D (deferrable), $21.00 million: BBB- (sf)
  Class E (deferrable), $10.50 million: BB- (sf)
  Subordinated notes, $30.30 million: Not rated



JP MORGAN 2017-FL11: DBRS Confirms BB(low) Rating on Class E Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit rating on the following class of
Commercial Mortgage Pass-Through Certificates issued by J.P. Morgan
Chase Commercial Mortgage Securities Trust 2017-FL11:

-- Class E at BB (low) (sf)

The trend is Stable.

The credit rating confirmation reflects DBRS Morningstar's
recoverability expectations for the remaining loan in the pool, One
Westchase Center, which is in special servicing and is secured by a
Class A office property in the Westchase submarket of Houston,
located approximately 15 miles west of the central business
district. The loan has received several maturity extensions in the
past, with a loan modification most recently executed in November
2022 where the borrower provided a $4.5 million principal paydown
in order to extend the maturity to April 2023 with an option to
further extend to October 2023. Other terms of the agreement
included an increase in the interest rate spread and the
continuation of cash management. The principal paydown was funded
with a $3.2 million equity injection from the borrower and $1.3
million from existing reserves. The loan remains outstanding,
however, as of the October 2023 remittance and the servicer's
commentary states an agreement has been reached to further extend
the maturity. The commentary did not provide any specifics on the
terms of the agreement; DBRS Morningstar has requested an update
from the servicer and as of the date of this press release, a
response is pending.

According to the most recent appraisal obtained by the special
servicer, dated September 2022, the property was valued at $50.2
million, a significant decline from the issuance value of $85.2
million but above the estimated loan exposure of about $43.0
million when accounting for special-servicing fees. The property
reported a June 2023 annualized net cash flow (NCF) of $4.1 million
(reflecting a debt service coverage ratio (DSCR) of 1.02 times
(x)), compared with the YE2021 figure of $3.1 million (a DSCR of
1.97x) and the DBRS Morningstar NCF of $4.6 million. The decline in
DSCR is due to the increased interest rate spread from the loan
modification and the floating-rate nature of the loan as the debt
service doubled to the June 2023 annualized figure of $4.0 million
from $1.6 million at YE2021. The increase in the most recent NCF,
however, was primarily driven by an increase in occupancy to 81.3%
as of June 2023 from 69.7% at YE2021.

According to the August 2023 rent roll, rollover risk is elevated
over the next 12 months with 16 tenants, representing 32.1% of net
rentable area (NRA), with leases scheduled to roll. Per Reis,
office properties located in the Westheimer/Westchase submarket
report a Q2 2023 vacancy rate of 26.0%, which is expected to remain
elevated in the next five years. The in-place average rental rate
at the property was reported at $16 per square foot (psf) as of
August 2023, which is below other Class A office properties within
a five-mile radius of the property at an asking rental rate of $23
psf, while the broader Westheimer/Westchase submarket reported
asking rental rate of $27 psf.

The trust has experienced considerable collateral reduction since
issuance of approximately 90.0%. The remaining rated Class E
certificate has a balance of $20.0 million, with the unrated Class
F certificate balance of $20.3 million providing cushion against
loss for the remaining loan. For this review, DBRS Morningstar
conducted a recoverability analysis based on a stressed value of
$41.1 million, which was derived from the in-place NCF as of June
2023 and a cap rate of 10.0%; this compares with the September 2022
appraised value of $50.2 million. When applying a haircut to the
stressed value of $41.1 million in a hypothetical liquidation
scenario, the loss was contained to the unrated Class F
certificate; however, DBRS Morningstar notes the low demand within
the Houston market for office properties, as well as the high
vacancy rates across the market as a whole as factors that could
adversely affect a sale should a liquidation ultimately occur and
for these reasons, the BB (low) (sf) credit rating for the rated
Class E certificate was confirmed.

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



JP MORGAN 2023-10: Fitch Assigns Final B-sf Rating on Cl. B-5 Debt
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-10 (JPMMT 2023-10).

   Entity/Debt      Rating             Prior
   -----------      ------             -----
JPMMT 2023-10

   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 AAAsf  New Rating   AAA(EXP)sf
   A-6-A        LT AAAsf  New Rating   AAA(EXP)sf
   A-6-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-7          LT AAAsf  New Rating   AAA(EXP)sf
   A-7-A        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-8-A        LT AAAsf  New Rating   AAA(EXP)sf
   A-8-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-9          LT AA+sf  New Rating   AA+(EXP)sf
   A-9-A        LT AA+sf  New Rating   AA+(EXP)sf
   A-9-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 has assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-10 (JPMMT
2023-10) as indicated. The certificates are supported by 424 loans
with a total balance of approximately $400.48 million as of the
cutoff date. The pool consists of prime-quality fixed-rate
mortgages (FRMs) from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (45.7%) and Rocket Mortgage LLC (14.7%) with the
remaining 39.6% 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 Verus (the aggregators).

NewRez LLC (fka New Penn Financial, LLC), dba Shellpoint Mortgage
Servicing (Shellpoint), will act as interim servicer for
approximately 39.6% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
March 1, 2024. 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 45.7% of loans), loanDepot.com,
LLC (8.7%), PennyMac Loan Services, LLC (4.0%) and PennyMac Corp
(2.0%). Nationstar Mortgage LLC (Nationstar) will be the master
servicer.

Most of the loans (99.5%) qualify as safe-harbor qualified mortgage
(SHQM) or SHQM average prime offer rate (APOR); the remaining 0.5%
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 7.6% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% since last quarter). The
rapid gain in home prices through the pandemic has seen signs of
moderating with a decline observed in 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 (99.5%) qualify as
SHQM or SHQM (APOR); the remaining 0.5% 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 767, as determined by Fitch, which is
indicative of very high credit-quality borrowers. Approximately
76.4% 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 loan to value (sLTV) ratio of 79.8%,
represents moderate borrower equity in the property and reduced
default risk compared with a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans constitute 88.5%
of the pool, while the remaining 11.5% represent conforming loans.
However, in its analysis, Fitch considered HPQM
government-sponsored entity (GSE) eligible loans to be
nonconforming; as a result, Fitch viewed the pool as having 88.7%
nonconforming loans and 11.3% conforming loans. All the loans are
designated as QM loans, with 51.9% 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
92.5% of the pool; condominiums make up 4.5%, and multifamily homes
make up 3.0%. The pool consists of loans with the following loan
purposes, as determined by Fitch: purchases (84.9%), cashout
refinances (11.1%) and rate-term refinances (4.0%). According to
the transaction documents, the pool consists of loans with the
following loan purposes: purchases (84.9%), cashout refinances
(11.3%) and rate-term refinances (3.8%). Fitch only considers a
loan a cashout loan if the cashout amount is greater than 3%, which
explains the difference in the cashout and rate-term refinance
percentages. Fitch views favorably that there are no loans to
investment properties, and a majority of the mortgages are
purchases.

A total of 179 loans in the pool are over $1.0 million, and the
largest loan is approximately $3.00 million.

Thirteen 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, 30.2% are concentrated in California. The
largest MSA concentration is in the Los Angeles-Long Beach-Santa
Ana, CA MSA (11.2%), followed by the San Diego-Carlsbad-San Marcos,
CA MSA (5.9%) and the Denver-Aurora, CO MSA (5.4%). 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
principal and interest (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 2.40%
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 1.40% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 39.9% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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, Consolidated Analytics 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, Consolidated Analytics, 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 2023-10 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
in JPMMT 2023-10, including strong transaction due diligence, an
'Above Average' aggregator, a large portion of the pool being
originated by 'Above Average' originators 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.


JPMBB COMMERCIAL 2014-C18: Moody's Lowers Rating on C Certs to Ba1
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on two classes in JPMBB Commercial
Mortgage Securities Trust 2014-C18, Commercial Mortgage
Pass-Through Certificates, Series 2014-C18 as follows:

Cl. A-5, Affirmed Aaa (sf); previously on Feb 17, 2021 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Feb 17, 2021 Affirmed Aaa
(sf)

Cl. B, Affirmed A2 (sf); previously on Feb 17, 2021 Downgraded to
A2 (sf)

Cl. C, Downgraded to Ba1 (sf); previously on Feb 17, 2021
Downgraded to Baa3 (sf)

Cl. EC, Downgraded to Baa1 (sf); previously on Feb 17, 2021
Downgraded to A3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 17, 2021 Affirmed
Aaa (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three P&I classes, Cl. A-5, Al. A-S and Cl. B, were
affirmed because of their credit support and the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges.

The ratings on one P&I class, Cl. C, was downgraded due to
anticipated losses from specially serviced loans and from
significant exposure to regional malls. The largest specially
serviced loan, the Meadows Mall Loan (8.8% of the pool), is secured
by an underperforming regional mall, and 50% of the pool is secured
by regional malls. Furthermore, most of the loans mature by
February 2024 and given the higher interest rate environment and
loan performance certain loans may be unable to pay off at their
maturity date, which may increase interest shortfall risk for the
outstanding classes.

The rating on one IO class was affirmed based on the credit quality
of the referenced classes.

The rating on one exchangeable class, Cl. EC, was downgraded due to
the credit quality of its referenced exchangeable classes.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 8.6% of the
current pooled balance, compared to 9.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.0% of the
original pooled balance, compared to 10.5% at the last review.

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

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

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the November 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 54% to $439 million
from $958 million at securitization. The certificates are
collateralized by 20 mortgage loans ranging in size from less than
1% to 23% of the pool. Two loans, constituting 2% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of seven, compared to a Herf of 14 at Moody's last
review.

Twelve loans, constituting 62% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $29 million (for an average loss
severity of 97%). Three loans, constituting 13% of the pool, are
currently in special servicing.

The largest specially serviced loan is the Meadows Mall Loan ($38.6
million – 8.8% of the pool), which represents a pari-passu
portion of a $116.3 million mortgage loan. The loan is secured by
an approximately 308,000 square feet (SF) portion of a 945,000 SF
regional mall located five miles west of the Strip in Las Vegas,
Nevada. At securitization, the mall was anchored by non-collateral
anchors Dillard's, JC Penney, Sears and Macy's. Sears closed their
stores at this location in February 2020 and the space was
partially backfilled by Round1 Bowling and Amusement. The
property's performance had deteriorated before the coronavirus
outbreak and its reported net operating income (NOI) in 2019 was
approximately 20% below the NOI in 2013 and 14% below the NOI in
2016. The property's NOI further declined in recent years and its
reported 2022 and 2021 NOIs saw a decrease of 21% and 12%,
respectively, from the 2019 NOI. The loan transferred to special
servicing in October 2020 and a cash trap was implemented with
rents being swept to the lockbox. Despite the declines in NOI, the
DSCR has remained above 1.00X so the cash trap has been sufficient
to keep the loan current. As of June 2023, the total mall was 95%
leased and the inline space was 85% leased (including temporary
tenants). For the trailing twelve-month (TTM) period ending May
2023, in-line sales for tenants less than 10,000 SF were $390 per
square foot (PSF) compared to $401 PSF for 2022. An updated
appraised value in July 2023 was 52% lower than the securitization
value and 5% below the outstanding loan amount. As of the November
2023 remittance date, the loan has amortized 28.3% since
securitization and remained current on its debt service payment
being classified as "performing maturity balloon".

The remaining two specially serviced loans are secured by an REO
retail property located in Geneva, New York and an office property
in the foreclosure process located in Coraopolis, Pennsylvania.
Moody's estimates an aggregate $31 million loss for the specially
serviced loans (54% expected loss on average).

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

Moody's received full year 2022 operating results for 95% of the
pool and partial year 2023 operating results for 91% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 99%, compared to 97% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 21% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.49X and 1.05X,
respectively, compared to 1.55X and 1.07X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 57% of the pool balance. The
largest loan is the Miami International Mall Loan ($100.0 million
– 22.8% of the pool), which represents a pari passu portion of
$160.0 million mortgage loan. The loan is secured by an
approximately 307,000 SF portion of a 1.1 million SF super-regional
mall located in Miami, Florida. The mall's non-collateral anchors
include Macy's, JC Penney and Kohl's. The former Sears
(non-collateral) closed its location at the mall in 2018. Major
collateral tenants include H&M, Gap, Old Navy, Victoria's Secret
and Forever 21. The mall's collateral occupancy was 79% in December
2022 which is a slight improvement from the 76% in December 2021,
though well below 99% leased in 2018. The property's revenue has
declined since 2020 and the year-end 2022 NOI was 13% below the
levels in 2020 and 11% below the NOI in 2014. As of the November
2023 remittance this loan was current on P&I payments and the
loan's interest only DSCR was 2.39X based on a 4.4% interest rate.
The loan matures in February 2024 and Moody's LTV and stressed DSCR
are 105% and 0.95X, respectively, compared to 77% and 1.22X at the
last review.

The second largest loan is the Jordan Creek Town Center Loan ($80.9
million – 18.4% of the pool), which represents a pari-passu
portion of a $177.9 million mortgage loan. The loan is secured by a
503,000 SF component of a 1.1 million SF super-regional mall
located in West Des Moines, Iowa. At securitization, the mall was
anchored by four tenants Dillard's (non-collateral), Younkers
(non-collateral), Scheels All Sports, and Century Theatres.
Younkers vacated in 2018 but the space was backfilled by Von Maur
in November 2022. As of June 2022, the mall's inline space was 96%
occupied (including temporary tenants). Property performance had
improved from securitization through year-end 2018, however, the
NOI has generally declined since 2018. The loan has an upcoming
maturity in January 2024 and has amortized over 19% since
securitization.  Moody's LTV and stressed DSCR are 99% and 1.04X,
respectively, compared to 90% and 1.03X at the last review.

The third largest loan is the Marriott Anaheim Loan ($70.9 million
– 16.2% of the pool), which represents a pari-passu portion of a
$97.4 million mortgage loan. The loan is secured by a 1,030-room
full-service hotel located in Anaheim, California. The property is
adjacent to the Anaheim Convention Center and two blocks south of
Disneyland. The hotel includes five restaurants and 80,000 SF of
meeting space along with other amenities. Marriott Hotel Services,
Inc., leases the hotel from the owner and is required to pay a
fixed annual rent payment in exchange for control of all revenues
and expenses. The fixed annual rent payment is equivalent to 10% of
the landlord's investment, which was $89.78 million as of November
2013. The operating lease has a 10-year remaining term through
2031, with one remaining 25-year extension option for a fully
extended term through 2056. The loan was originally structured with
a three-year interest only period which expired in February 2017
and the loan has since amortized 11%. Moody's LTV and stressed DSCR
are 97% and 1.00X, respectively, compared to 102% and 0.94X at the
last review.


MORGAN STANLEY 2021-ILP: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-ILP
issued by Morgan Stanley Capital I Trust 2021-ILP as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction. Although there has been relatively
limited seasoning with minimal updates to the financial reporting
since the transaction closed in November 2021, the loan continues
to exhibit healthy credit metrics, with the servicer-reported
financials for YE2022 and the trailing six (T-6) month period ended
June 30, 2023, reflecting occupancy, revenue, and net cash flow
(NCF) figures that remain consistent with DBRS Morningstar's
expectations.

At issuance, the transaction was collateralized by the borrower's
fee-simple interest in a portfolio of 61 industrial properties
totaling approximately 6.9 million square feet (sf). The portfolio
is primarily composed of urban logistics facilities located near
major interstate highways, airports, railway hubs, and ports in
eight distinct markets, across five states. Approximately 69.0% of
the portfolio's net rentable area (NRA) is in Chicago, Phoenix,
Dallas-Fort-Worth, Philadelphia, Houston, and San Antonio. The
average size of the properties in the portfolio is 113,596 sf with
a weighted-average (WA) year built of 1983. At issuance, there were
more than 280 unique tenants across the portfolio with no single
tenant representing more than 2.5% of the NRA and 2.1% of the total
in-place base rent. The proportion of office space across the
portfolio totals 19.2%. In general, portfolios with greater
percentages of flex industrial/office space tend to be less
desirable because of higher tenant-improvement costs and because
office tenants at these properties tend to be more transient.

The subject financing was part of a larger $673.0 million
recapitalization of the collateral. The sponsorship group, which
includes Investcorp and GIC, contributed $247.4 million of cash
equity to facilitate the recapitalization. DBRS Morningstar
generally views financings involving significant amounts of cash
equity contributions from the transaction sponsors favorably given
the stronger alignment of economic incentives when compared with
cash-out financings. Based in New York, London, and Bahrain,
Investcorp has more than $50 billion in assets under management
spread across multiple asset classes including commercial real
estate, private equity, and credit management. GIC is a
Singapore-based investment firm with more than $750 billion in
assets under management across various asset classes. GIC was
founded by the government of Singapore in order to manage the
government's foreign reserves.

The interest-only floating-rate loan had an initial two-year term
with three one-year extension options. The loan was originally
scheduled to mature on November 9, 2023; however, the borrower has
exercised its first extension option, pushing the loan's maturity
date to November 9th, 2024. Execution of each extension option is
conditional upon, among other things, no events of default and the
borrower's purchase of an interest rate cap agreement for each
extension term. The borrower will be required to maintain a debt
yield above 6.0% throughout the loan term or cash management
provisions will be triggered.

The transaction features a partial pro rata/sequential-pay
structure, which allows for pro rata paydowns for the first 30.0%
of the original principal balance, where individual properties may
be released from the trust at a price of 105.0% of the allocated
loan amount (ALA). Proceeds are applied sequentially for the
remaining 70.0% of the pool balance with the release price
increasing to 110.0% of the ALA. DBRS Morningstar applied a penalty
to the transaction's capital structure to account for the pro rata
nature of certain prepayments and for the weak deleveraging
premium. The release provisions require the pool to maintain a
minimum debt yield of 8.8% after each property release. According
to the October 2023 remittance, the outstanding trust balance has
been reduced nominally by $1.5 million because of a prepayment
related to the release of one small property totaling 0.3% of the
ALA at issuance.

Historically, the portfolio has demonstrated strong occupancy
trends, with a WA occupancy rate of 94.8% at issuance. According to
the financial reporting for the T-6 month period ended June 30,
2023, the portfolio was 97.0% occupied and generated annualized NCF
of $39.3 million (a debt service coverage ratio (DSCR) of 1.40
times (x)), above the YE2022 figure of $33.8 million (a DSCR of
2.43x) and the DBRS Morningstar NCF of $32.9 million (a DSCR of
4.46x) derived at issuance. While EGI has increased by 7.8% when
compared with the DBRS Morningstar's NCF, primarily as a result of
rent growth, operating expenses have increased by only 3.5%. The
decline in the DSCR was primarily driven by a significant increase
in debt service obligations, given the loan's floating-rate
structure.

DBRS Morningstar ratings are based on a value analysis completed at
issuance, which considered a capitalization rate of 7.25%,
resulting in a DBRS Morningstar value of $453.6 million and a
loan-to-value ratio (LTV) of 98.3%. The DBRS Morningstar value
represents a 39.3% haircut to the appraiser's value of $748.2
million. As part of this review, DBRS Morningstar adjusted its
analysis to exclude the one released property, resulting in a
nominal difference to the aforementioned credit metrics. To account
for the high leverage, DBRS Morningstar programmatically reduced
its LTV benchmark targets for the transaction by 1.5% across the
capital structure. DBRS Morningstar maintained positive qualitative
adjustments to the final LTV sizing benchmarks used for this rating
analysis, totaling 4.0%, to account for cash flow volatility,
property quality, and market fundamentals.

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




MORGAN STANLEY 2023-4: Fitch Assigns 'BB-sf' Rating on B-5 Certs
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Morgan Stanley
Residential Mortgage Loan Trust 2023-4 (MSRM 2023-4).

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

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

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by Morgan Stanley Residential Mortgage Loan
Trust 2023-4 (MSRM 2023-4), as indicated.

This is the 15th post-crisis transaction off the Morgan Stanley
Residential Mortgage Loan Trust shelf; the first transaction was
issued in 2014. This is the 13th MSRM transaction to comprise loans
from various sellers that were acquired by Morgan Stanley in its
prime-jumbo aggregation process and their fourth prime transaction
in 2023.

The certificates are supported by 359 prime-quality loans with a
total balance of approximately $310.57 million as of the cutoff
date. The pool consists of 100% fixed-rate mortgages (FRMs) from
various mortgage originators. The top three largest originators are
United Wholesale Mortgage, LLC (UWM) at 14.7%, Cornerstone (which
is inclusive of "Cornerstone Capital Bank, SSB," "Cornerstone
Mortgage Partners of Texas, LP," "Crestmark Mortgage Company, LTD,"
"Group Mortgage, LLC," "Priority Home Lending LLC," and "Settlement
Home Lending, LLC") at 13.3% and Rocket Mortgage LLC at 13.1%. The
servicers for this transaction are Specialized Loan Servicing, LLC
(SLS), servicing 91.4% of the loans, and PennyMac (which includes
PennyMac Corp. and PennyMac Loan Services), servicing the remaining
8.6% of the loans. Nationstar Mortgage LLC (Nationstar) will be the
master servicer.

Of the loans, 99.6% qualify as Safe Harbor qualified mortgage
(SHQM) average prime offer rate (APOR) loans. The remaining 0.4%
are higher-priced QM (HPQM) APOR loans.

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

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, it views the home price values of
this pool as 8.5% above a long-term sustainable level (versus 7.6%
on a national level as of 1Q23, down 0.2% qoq). The rapid gain in
home prices through the pandemic has seen signs of moderating with
a decline observed in 3Q22. Driven by the strong gains seen in
1H22, home prices decreased 0.2% yoy nationally as of April 2023.

High Quality Prime Mortgage Pool (Positive): The collateral
consists of 100% first-lien, prime-quality mortgage loans with
terms of mainly 30 years. More specifically, the collateral
consists of 30-year, fixed-rate fully amortizing loans seasoned at
approximately 5.6 months in aggregate as determined by Fitch (four
months per the transaction documents). Of the loans, 55.7% were
originated through the sellers' retail channels. The borrowers in
this pool have strong credit profiles with a 773 WA FICO (FICO
scores range from 690 to 818) and represent either owner-occupied
homes or second homes. Of the pool, 94.2% of loans are
collateralized by single-family homes, including single-family,
planned unit development (PUD) and single-family attached homes,
while condominiums make up the remaining 5.8%. There are no
investor loans or multifamily homes in the pool, which Fitch views
favorably.

The WA combined loan-to-value ratio (CLTV) is 74.6%, which
translates into an 81.0% sustainable LTV (sLTV) as determined by
Fitch. The 74.6% CLTV is driven by the large percentage of purchase
loans (92.5%), which have a WA CLTV of 75.2%.

A total of 135 loans are over $1.0 million, and the largest loan
totals $3.0 million. Fitch considered 100% of the loans in the pool
to be fully documented loans.

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

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

Approximately 22% of the pool is concentrated in California with
moderate MSA concentration for the pool as a whole. The largest MSA
concentration is in the Seattle MSA (9.3%), followed by the San
Francisco MSA (6.6%) and the Dallas MSA (6.5%). The top three MSAs
account for 22% of the pool. There was no adjustment for geographic
concentration.

Loan Count Concentration (Negative): The loan count for this pool
(359 loans) results in a loan count concentration penalty. The loan
count concentration penalty applies when the WA number (WAN) of
loans is less than 300; in this pool, the WAN is 267. The loan
count concentration for this pool results in a 1.06x penalty, which
increases loss expectations by 41 basis points (bps) at the 'AAAsf'
rating category.

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

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

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

Credit Enhancement Floor (Positive): A CE or senior subordination
floor of 2.60% 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 1.70% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the model
projected MVD, which is 40.5% in the 'AAAsf' stress. The analysis
indicates that there is some potential rating migration with higher
MVDs, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence described in
Form 15E focused on four areas: compliance review, credit review,
valuation review and data integrity. Fitch considered this
information in its analysis and, as a result, Fitch did not make
any adjustment(s) to its analysis based on the findings. Due to the
fact that there was 100% due diligence provided and there were no
material findings, Fitch reduced the 'AAAsf' expected loss by
0.32%.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


MSWF COMMERCIAL 2023-2: Fitch Assigns B-(EXP) Rating on G-RR Certs
------------------------------------------------------------------
Fitch Ratings has assigned the following expected ratings to MSWF
Commercial Mortgage Trust 2023-2, Commercial Mortgage Pass-Through
Certificates Series 2023-2 as follows:

- $2,741,000 class A-1 'AAAsf'; Outlook Stable;

- $69,432,000 class A-2 'AAAsf'; Outlook Stable;

- $6,496,000 class A-SB 'AAAsf'; Outlook Stable;

- $125,000,000a class A-4 'AAAsf'; Outlook Stable;

- $0b class A-4-1 'AAAsf'; Outlook Stable;

- $0bc class A-4-X1 'AAAsf'; Outlook Stable;

- $0b class A-4-2 'AAAsf'; Outlook Stable;

- $0bc class A-4-X2 'AAAsf'; Outlook Stable;

- $436,457,000a class A-5 'AAAsf'; Outlook Stable;

- $0b class A-5-1 'AAAsf'; Outlook Stable;

- $0bc class A-5-X1 'AAAsf'; Outlook Stable;

- $0b class A-5-2 'AAAsf'; Outlook Stable;

- $0bc class A-5-X2 'AAAsf'; Outlook Stable;

- $640,126,000c class X-A 'AAAsf'; Outlook Stable;

- $188,609,000c class X-B 'A-sf'; Outlook Stable;

- $121,167,000 class A-S 'AAAsf'; Outlook Stable;

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

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

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

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

- $38,865,000 class B 'AA-sf'; Outlook Stable;

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

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

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

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

- $28,577,000 class C 'A-sf'; Outlook Stable;

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

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

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

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

- $24,005,000cd class X-D 'BBB-sf'; Outlook Stable;

- $17,146,000cd class X-F 'BB-sf'; Outlook Stable;

- $14,860,000d class D 'BBBsf'; Outlook Stable;

- $9,145,000d class E 'BBB-sf'; Outlook Stable;

- $17,146,000d class F 'BB-sf'; Outlook Stable;

- $11,431,000de class G-RR 'B-sf'; Outlook Stable.

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

- $33,149,874de class H-RR 'NR'.

a) The exact initial certificate balances of class A-4 and class
A-5 certificates are unknown and will be determined based on the
final pricing of those classes of certificates. The respective
initial certificate balances of these classes are expected to be
within the following ranges and $561,457,000 in the aggregate,
subject to a variance of plus or minus 5.0%. The certificate
balances will be determined based on the final pricing of those
classes of certificates.

The expected class A-4 balance range is $0-$250,000,000, and the
expected class A-3 balance range is $311,457,000-$561,457,000.
Balances for classes A-4 and A-5 reflect the midpoints of each
range. In the event that the class A-5 certificates are issued at
$561,457,000, the class A-4 certificates will not be issued.

b) Exchangeable Certificates. The class A-4, class A-5, class A-S,
class B and class C are exchangeable certificates. Each class of
exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates, and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the surrendered
classes of certificates. The class A-4 may be surrendered (or
received) for the received (or surrendered) classes A-4-1, A-4-X1,
A-4-2 and A-4-X2. The class A-5 may be surrendered (or received)
for the received (or surrendered) classes A-5-1, A-5-X1, A-5-2 and
A-5-X2.

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

c) Notional amount and interest only.

d) Privately placed and pursuant to Rule 144A.

e) Horizontal-risk retention interest.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 46 loans secured by 100
commercial properties having an aggregate principal balance of
$914,466,875 as of the cut-off date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Argentic Real
Estate Finance 2 LLC, Morgan Stanley Mortgage Capital Holdings LLC,
Starwood Mortgage Capital LLC and Bank of America, National
Association. The master servicer is expected to be Wells Fargo
Bank, National Association and the special servicer is expected to
be Argentic Services Company LP.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions: The pool has lower
leverage compared to recent multiborrower transactions rated by
Fitch. The pool's Fitch loan-to-value ratio (LTV) of 82.6% is lower
than the YTD 2023 and 2022 averages of 88.4% and 99.3%,
respectively. The pool's Fitch net cash flow (NCF) debt yield (DY)
of 12.2% 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 92.1 % and 10.8%, respectively, compared to
the equivalent conduit YTD 2023 LTV and DY averages of 91.6% and
10.8%, respectively.

Lower Pool Concentration: The pool is less concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 56.6% of the pool, which is lower than the 2023 YTD average
of 63.3% and higher than the 2022 average of 55.2%. The pool's
effective loan count of 21.4 is higher than the 2023 YTD average of
20.9 and below the 2022 average of 25.9.

Investment-Grade Credit Opinion Loans: Three loans representing
24.7% of the pool received an investment-grade credit opinion. 60
Hudson (9.8% of the pool) received a standalone credit opinion of
'AAAsf*', Fashion Valley Mall (8.2% of the pool) received a
standalone credit opinion of 'AAAsf*', CX - 250 Water Street (6.7%)
received a standalone credit opinion of 'BBBsf*'. The pool's total
credit opinion percentage is higher than the YTD 2023 and 2022
averages of 18.8% and 14.4%, 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
net cash flow (NCF):

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

- 10% NCF Decline: 'AA-sf' / 'A-sf' / 'BBBsf' / 'BB+sf' / 'BBsf' /
'B-sf' / '

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

Improvement in cash flow increases property value and capacity to
meet its 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' / 'BBBsf' / 'BBB-sf'
/ 'BB-sf' / 'B-sf';

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on a comparison and recomputation 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.


NASSAU LTD 2022-I: Fitch Affirms 'BB-sf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings affirmed the class A-1, A-2, B, C, D and E notes of
Nassau 2022-I Ltd. (Nassau 2022-I). The Rating Outlooks on the
rated notes are Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Nassau 2022-I Ltd.

   A-1 63171LAA2    LT  AAAsf  Affirmed   AAAsf
   A-2 63171LAB0    LT  AAAsf  Affirmed   AAAsf
   B 63171LAC8      LT  AA+sf  Affirmed   AA+sf
   C 63171LAD6      LT  A+sf   Affirmed   A+sf
   D 63171LAE4      LT  BBB-sf Affirmed   BBB-sf
   E 63171MAA0      LT  BB-sf  Affirmed   BB-sf

TRANSACTION SUMMARY

Nassau 2022-I is a static arbitrage cash flow collateralized loan
obligation (CLO) managed by NGC CLO Manager LLC. The transaction
closed in January 2023 and is secured primarily by first lien,
senior secured leveraged loans.

KEY RATING DRIVERS

Stable Portfolio Performance

The rating affirmations are driven by stable portfolio performance
since closing. The class A-1 note balance has amortized by 9% of
its original balance as of the latest trustee report. The credit
quality of the portfolio has remained at the 'B'/'B-' rating level,
with the Fitch weighted average rating factor of the portfolio at
24.5, compared to 23.2 at closing. The portfolio consists of 207
obligors, and the largest 10 obligors represent 10.4% of the
portfolio. There are no defaulted assets in the portfolio. Exposure
to issuers with a Negative Outlook and Fitch's watchlist is 22.9%
and 5.4%, respectively.

First lien loans, cash and eligible investments comprised 100.0% of
the portfolio. Fitch's weighted average recovery rate of the
portfolio is 75.0% compared with 75.3% at closing.

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on a stressed
portfolio that incorporates a one-notch downgrade on assets with a
Negative Outlook on the driving rating of the obligor. In addition,
Fitch extended the current weighted average life (WAL) of the
portfolio to 5.3 years to consider the issuer's ability to consent
to maturity amendments.

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

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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


NATIXIS 2018-FL1: S&P Lowers Class C Certs Rating to 'B (sf)
------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of
commercial mortgage pass-through certificates from Natixis
Commercial Mortgage Securities Trust 2018-FL1, a U.S. CMBS
transaction. At the same time, we placed our ratings on the pooled
class A, B, and C certificates on CreditWatch with negative
implications.

This U.S. large loan CMBS transaction is currently backed by three
uncrossed floating-rate, interest-only (IO) mortgage loans (secured
by retail, lodging, and office properties) and one real
estate-owned (REO) retail asset.

Rating Actions

The downgrades reflect:

-- The reduced liquidity support on the pooled class A and B
certificates, and the interest shortfalls affecting pooled class C
and nonpooled classes WAN1 and WAN2 certificates, all primarily due
to the nonrecoverable determination on The Wanamaker Building
loan.

-- S&P's view of the magnitude and duration of ongoing interest
shortfalls.

-- The continued increase in the total loan exposure.

-- The collateral's resolution amount and timing.

-- The likelihood of lower recovery to the trust upon the eventual
resolution of The Wanamaker Building whole loan. The updated
October 2023 "as-is" appraisal value of $52.4 million, which the
prior special servicer released in the November 2023 reporting
period, is 71.8% below the $185.7 million appraised value at
issuance and 40.5% lower than our $88.1 million ($92 per sq. ft.)
expected-case value as of our July 2023 review.
S&P said, "We believe that The Wanamaker Building loan exposure
will continue to increase due to the underlying office collateral
not generating sufficient cash flow to cover operating expenses.
This would likely further reduce liquidity and recovery to the
bondholders because servicer advances are paid senior in the
transaction documents. We calculated that the office collateral's
occupancy rate fell to 21.9% after the largest tenant, Digitas
(11.4% of net rentable area [NRA]), vacated upon its Nov. 30, 2023,
lease expiration. As of the November 2023 trustee remittance
report, the servicer advanced $2.5 million, including $391,906 of
other expense advances.

"The placement of our rating on the class C certificates on
CreditWatch negative reflect the uncertainty around the magnitude
and duration of the ongoing interest shortfalls, the continued
increase in total loan exposure, and the ultimate liquidation
proceeds and timing of The Wanamaker Building loan, including the
potential for principal losses on the class C certificates.
Although they are not currently experiencing interest shortfalls,
we also placed our ratings on classes A and B on CreditWatch
negative because we believe these classes may experience near-term
liquidity interruption if the trust is eventually backed only by
two underperforming specially serviced assets: the Promenade Shops
at Centerra REO asset (48.4% of the pooled trust balance) and The
Wanamaker Building loan (38.3%). This would occur if the other two
loans, National Select Service Hotel Portfolio (6.7%) and Olathe
Retail Portfolio (6.6%), pay off as the master servicer expects as
early as December 2023.

"Our downgrade of the nonpooled class WAN1 and WAN2 certificates to
'D (sf)' (default) from 'B- (sf)' and 'CCC- (sf)', respectively,
reflect the ongoing interest shortfalls mainly due to the
nonrecoverable determination on The Wanamaker Building loan, which
we expect will remain outstanding for a prolonged period. According
to the November 2023 trustee remittance report, classes WAN1 and
WAN2 had accumulated interest shortfalls outstanding totaling
$170,399 (for two consecutive months) and $224,365 (for eight
consecutive months), respectively. Moreover, based on their
positions in the payment waterfall, current market conditions, and
updated reduced appraisal value, we believe these classes will
likely incur principal losses upon the eventual resolution of The
Wanamaker Building loan.

"In our July 2023 review, we revised and lowered our net cash flow
(NCF) to $8.4 million and our expected-case value for the Wanamaker
loan's office collateral (which includes the loan reserves) to
$88.1 million due to reported declines in occupancy and performance
(see "Five Natixis Commercial Mortgage Securities Trust 2018-FL1
Ratings Lowered And Six Affirmed," published July 26, 2023). At
that time, we noted that The Wanamaker Building loan was
transferred to the special servicer on March 27, 2023, because of
imminent maturity default. The loan matured on June 9, 2023, and
the borrower was unable to obtain refinancing proceeds to pay it
off. The special servicer at the time, Situs Holdings LLC (Situs),
indicated that the borrower was cooperating with the expected
engagement of a receiver at the property and was discussing various
workout options, including a potential loan modification or
foreclosure."

Since then, Wells Fargo Bank N.A. (Wells Fargo) has deemed The
Wanamaker Building loan nonrecoverable as of the October 2023
reporting period. This caused the pooled class C and nonpooled
classes WAN1 and WAN2 to incur interest shortfalls, and exposed the
pooled classes A and B to reduced liquidity support. Situs
subsequently released an updated appraisal value of $52.4 million
in the November 2023 reporting period (dated Oct. 20, 2023), which
represented a 71.8% drop from the $185.7 million appraised value at
issuance. On Nov. 21, 2023, Situs was replaced as the special
servicer by KeyBank Real Estate Capital. The newly appointed
special servicer is expected to need some time to review the
transfer file and explore various resolution strategies.

S&P said, "We downgraded classes A and B below the current
model-indicated ratings because of reduced liquidity support
following the nonrecoverable determination on The Wanamaker
Building loan. We also qualitatively considered that the
transaction currently faces adverse selection because it is backed
by three specially serviced assets and one corrected mortgage loan
(as of the November 2023 trustee remittance report). Further, we
believe a protracted resolution on any of the specially serviced
assets may reduce recovery and liquidity to the trust.

"We lowered our rating on the class X-FWB IO certificates based on
our criteria for rating IO securities, which states that the
ratings on the IO securities would not be higher than that of the
lowest-rated reference class. The notional amount of class X-FWB
references nonpooled classes WAN1 and WAN2."

The downgrades on the class V-WAN and V-FWB exchangeable
certificates reflect the ratings on the certificates for which they
can be exchanged. Class V-WAN can be exchanged for nonpooled
classes WAN1 and WAN2, and class V-FWB can be exchanged for class
X-FWB.

S&P said, "As part of the CreditWatch resolution, we will continue
our discussion with the servicers to assess the magnitude and
duration of the interest shortfalls and the transaction's liquidity
levels. We will also continue to monitor the transaction for
further developments on its resolution strategy, value, or timing
for the specially serviced assets. We may revisit our assumptions
and take further rating actions, as appropriate, if we believe the
accumulated interest shortfalls will remain outstanding for the
foreseeable future, the liquidity support will decline, or the
liquidation proceeds will decline below the updated appraisal
values, particularly for The Wanamaker Building loan and the
Promenade Shops at Centerra REO asset."

Loan- And Property-Level Analysis

The Wanamaker Building loan (38.3% of the pooled trust balance)

The $124.0 million whole loan balance is split into an $84.5
million senior trust A-1 note, a $15.3 million senior nontrust A-2
note, and two subordinate nontrust B notes totaling $24.2 million,
unchanged from our last review. The senior A-1 note is further
bifurcated into a $62.4 million senior pooled trust component and a
$22.1 million subordinate nonpooled trust component that supports
the class WAN1 and WAN2 certificates. The $62.4 million senior
pooled trust is pari passu with $11.3 million of the senior
nontrust A-2 note, while the $22.1 million nonpooled trust
component is pari passu with $4.0 million of the nontrust A-2 note.
The A-1 and A-2 notes are senior in the payment priority to the
subordinate B notes.

The IO whole loan accrues interest at an annual floating rate
originally indexed to one-month LIBOR plus a 2.85% gross margin and
matured on June 9, 2023. Since the LIBOR cessation in June 2023,
the new reference rate for the whole loan is one-month term SOFR
plus a 2.897% alternate rate spread, effective as of the August
2023 payment date. The loan, which has a foreclosure in progress
payment status, transferred to special servicing on March 27, 2023,
due to imminent maturity default.

The whole loan is secured by the borrower's leasehold interest and
the original fee owner's and tenants-in-common owner's fee interest
in a portion of the 1.4 million-sq.-ft. Wanamaker Building in
downtown Philadelphia. The loan collateral consists of 954,363 sq.
ft. of office space on floors 4-12 of the property and a
three-story subterranean parking garage totaling 660 parking
spaces. Floors 1-3 of the building, which are not owned by the
sponsor, are currently used as retail space by a Macy's department
store. The building, which was built in 1904 and extensively
renovated in 1989, offers easy access to public transportation and
is designated a national historic landmark. The sponsor, Rubenstein
Partners, invested about $30.0 million in the property in 2019 to
enhance its class A quality by renovating the lobby and building
out amenity spaces.

Since S&P's July 2023 review, the property's occupancy fell to
about 21.9%, following the vacancy of the largest tenant, Digitas
(108,619 sq. ft.; 11.4% of NRA) in November 2023. According to the
servicer, there is limited new leasing interest at the office
property, which was recently appraised at $52.4 million as of
October 2023, a substantial decline from the issuance appraised
value. A receiver is currently in place and the prior special
servicer was exploring various resolution strategies.

Transaction Summary

As of the Nov. 15, 2023, trustee remittance report, the collateral
pool included two floating-rate specially serviced loans, one
floating-rate corrected mortgage loan on the servicer's watchlist
due to its impending December 2023 maturity date, and one real
estate owned (REO) asset with a total pooled trust balance of
$163.1 million and a trust balance of $194.9 million, unchanged
from our last review. Wells Fargo deemed The Wanamaker Building
loan nonrecoverable and stopped advancing the loan's interest
payments starting in October 2023. This caused pooled class C and
nonpooled classes WAN1 and WAN2 to experience ongoing interest
shortfalls. To date, the pooled trust has not incurred any
principal losses.

  Ratings Lowered

  Natixis Commercial Mortgage Securities Trust 2018-FL1

  Class WAN1 to 'D (sf)' from 'B- (sf)'
  Class WAN2 to 'D (sf)' from 'CCC- (sf)'
  Class X-FWB to 'D (sf)' from 'CCC- (sf)'
  Class V-WAN to 'D (sf)' from 'CCC- (sf)'
  Class V-FWB to 'D (sf)' from 'CCC- (sf)'

  Ratings Lowered And Placed On CreditWatch Negative

  Natixis Commercial Mortgage Securities Trust 2018-FL1

  Class A to 'AA (sf)/Watch Neg' from 'AAA (sf)'
  Class B to 'BBB (sf)/Watch Neg' from 'A (sf)'
  Class C to 'B (sf)/Watch Neg' from 'BBB- (sf)'



ORION CLO 2023-2: S&P Assigns Prelim BB- (sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Orion CLO
2023-2 Ltd.'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 Antares Liquid Credit Strategies
LLC.

The preliminary ratings are based on information as of Dec. 6,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Orion CLO 2023-2 Ltd. /Orion CLO 2023-2 LLC

  Class A, $213.00 million: AAA (sf)
  Class A loans, $75.00 million: AAA (sf)
  Class B, $54.00 million: AA (sf)
  Class C (deferrable), $27.00 million: A (sf)
  Class D (deferrable), $27.00 million: BBB- (sf)
  Class E (deferrable), $15.75 million: BB- (sf)
  Subordinated notes, $46.25 million: Not rated



PALMER SQUARE 2023-2: Moody's Assigns Ba3 Rating to Class D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued and one class of loans incurred by Palmer Square Loan
Funding 2023-2, Ltd. (the "Issuer" or "Palmer Square 2023-2").

Moody's rating action is as follows:

US$300,000,000 Class A-1 Loans maturing 2032, Assigned Aaa (sf)

US$40,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Assigned Aaa (sf)

US$60,000,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Assigned Aa1 (sf)

US$26,100,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned A2 (sf)

US$20,575,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned Baa3 (sf)

US$18,325,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Palmer Square 2023-2 is a static cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. The portfolio is 100% ramped as of the
closing date.

Palmer Square Capital Management LLC (the "Servicer") may engage in
disposition of the assets on behalf of the Issuer during the life
of the transaction. Reinvestment is not permitted and all sale and
unscheduled principal proceeds received will be used to amortize
the debt in sequential order.

In addition to the Rated Debt, the Issuer issued 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: 80

Weighted Average Rating Factor (WARF): 2478

Weighted Average Spread (WAS): 3.47% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 4.91%

Weighted Average Recovery Rate (WARR): 47.22%

Weighted Average Life (WAL): 4.6 years (actual amortization vector
of the portfolio)

Methodology Underlying the Rating Action:

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

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

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


PARK AVENUE 2022-2: S&P Assigns BB- (sf) Rating on Class D-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, and D-R replacement notes from Park Avenue Institutional
Advisers CLO Ltd. 2022-2/Park Avenue Institutional Advisers CLO LLC
2022-2, a CLO originally issued in November 2022 that is managed by
Park Avenue Institutional Advisers LLC, a wholly owned subsidiary
of The Guardian Life Insurance Co. of America.

On the Dec. 5, 2023, refinancing date, the proceeds from the
replacement notes were used to redeem the original notes. At that
time, S&P withdrew its ratings on the original notes and assigned
ratings to the replacement notes.

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

-- The replacement class A-1-R, A-2-R, B-R, and D-R notes were
issued at a lower spread over three-month CME term SOFR than the
original notes.

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

-- The replacement class A-2-R notes were issued at a floating
spread, replacing the floating A-2a and fixed A-2b original notes.

-- The stated maturity and reinvestment period was extended by two
years.

-- The weighted average life test date was extended by one year.

-- The non-call period was extended approximately by two years.

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

-- Of the identified underlying collateral obligations, 97.89%
have recovery ratings assigned by S&P Global Ratings.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.

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

  Ratings Assigned

  Park Avenue Institutional Advisers CLO Ltd. 2022-2/
  Park Avenue Institutional Advisers CLO LLC 2022-2

  Class A-1-R, $204.75 million: AAA (sf)
  Class A-2-R, $42.25 million: AA (sf)
  Class B-R (deferrable), $19.50 million: A (sf)
  Class C-R (deferrable), $17.10 million: BBB- (sf)
  Class D-R (deferrable), $11.40 million: BB- (sf)
  Subordinated notes, $32.11 million: Not rated




PRMI 2023-CMG1: DBRS Finalizes B Rating on Class B-2 Notes
----------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
Mortgage-Backed Notes, Series 2023-CMG1 (the Notes) issued by PRMI
Securitization Trust 2023-CMG1 (PRMI 2023-CMG1 or the Trust) as
follows:

-- $256.1 million Class A-1 at AAA (sf)
-- $25.1 million Class A-2 at AA (sf)
-- $22.4 million Class A-3 at A (sf)
-- $7.9 million Class M-1 at BBB (sf)
-- $4.8 million Class B-1 at BB (sf)
-- $2.1 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 20.50% of
credit enhancement provided by subordinated certificates. The AA
(sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 12.70%,
5.75%, 3.30%, 1.80%, and 1.15% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of newly
originated, performing, adjustable-rate, fully amortizing,
interest-only (IO), open-ended, revolving first-lien line of credit
(LOC) loans funded by the issuance of the Notes. The Notes are
backed by 772 LOC loans with a total unpaid principal balance (UPB)
of $322,086,941 and a total current credit limit of $405,817,136 as
of the Cut-Off Date (September 30, 2023).

The portfolio, on average, is seven months seasoned, though
seasoning ranges from one to 25 months. Approximately 98.9% of the
LOC loans have been performing since origination. All of the loans
in the pool are first-lien LOCs evidenced by promissory notes
secured by mortgages or deeds of trust or other instruments
creating first liens on one- to four-family residential properties,
planned unit development, townhouses and condominiums.

CMG Mortgage, Inc. (CMG) or CMG-qualified correspondents are the
Originators of all LOC loans in the pool. CMG is a wholly owned
subsidiary of CMG Financial Services, Inc., a privately held
company that was founded in 1993 as CMG Mortgage, Inc. The company
originates conventional, government, and jumbo mortgages. CMG also
originates first-lien LOC loans to prime borrowers under the
All-In-One loan program, which offers borrowers convenient cash
management features and an opportunity to reduce the interest
charges and accelerate principal repayment.

The transaction's Sponsor is PRMI Capital Markets LLC, an affiliate
of the PR Mortgage Investment, LP (PRMI or the Fund). PRMI, a
leveraged debt fund that specializes in real estate related assets,
commenced operations in 2019. The Fund's general partner is PRMIGP,
LLC, and the investment manager is PR Mortgage Investment
Management, LLC. B3 LLC, composed of three senior investment
executives, holds a majority interest in the Fund's general partner
and investment manager, and Merchants Bancorp, the holding company
of Merchants Bank of Indiana (MBIN), holds a minority interest in
the general partner and investment manager, and is also a limited
partner in the Fund. MBIN is a publicly traded bank with
approximately $16.5 billion in assets.

The transaction is the second securitization of LOC loans by the
Sponsor. Previously, the Fund sponsored a securitization of the
prime agency-eligible mortgage loans rated by two credit rating
agencies, PRMI Securitization Trust 2021-1, demonstrating robust
performance to date.

In this transaction, all loans originated under the All-In-One
program are open-LOCs, with a draw period of 25 or 30 years during
which borrowers may make draws up to a credit limit, though such
right to make draws may be temporarily frozen in certain
circumstances. A 25 or 30-year draw period offers borrower
flexibility to draw funds over the life of the loan. However, the
total credit line amount (or credit limit) begins to decline after
remaining constant for the first 10 years. Thereafter, the credit
limit declines every payment period by a monthly amortization
amount required to pay off the loan at maturity or 1/240th of the
maximum capacity of the credit line (limit reduction amount). As
such, even if a borrower redraws the amount to a limit at some
point in the future, the limit is lowered to match the amount that
could be repaid at maturity using the required monthly payments.

All of the LOC loans in this transaction have 10-year IO terms (IO
payment period), so borrowers are required to make IO payments
within the IO payment period and both interest and principal
payments during and repayment period. No loans require a balloon
payment.

Although LOC loans include a 10-year IO term, the borrowers are
qualified for income using, among other measures, a debt-to-income
ratio calculated with a fully indexed interest rate and assuming
principal amortization over 360 periods (as if the borrower is
required to make principal payments during the IO payment period).

Relative to other types of HELOCs backing DBRS Morningstar-rated
deals, the loans in the pool generally have high borrower credit
scores, are all in a first-lien position, and do not include
balloon payments. The relatively long IO period and income
qualification based on the fully amortized payment amount help
ensure the borrower has enough cushion to absorb increased payments
after the IO term expires. Also, the lack of balloon payment allows
borrowers to avoid the payment shock that typically occurs when a
balloon payment is required.

On or prior to the Closing Date, CMG will sell 685 loans
(approximately 86.4% of the pool by balance as of the Cut-Off
Date), including the servicing rights with respect thereto, to the
Seller (PRMI Trust). Also, MBIN will sell 87 loans (approximately
13.6% by balance) originated by CMG and previously acquired by MBIN
to the Seller. These loans (Merchants Mortgage Loans) will be sold
excluding the servicing rights thereto, which will be retained by
CMG as the Servicing Rights Owner. The PRMI Mortgage Loans and the
Merchants Mortgage Loans are collectively referred to as the
mortgage loans or LOC loans in the report.

Northpointe Bank (Northpointe), a Michigan-chartered bank, is the
Servicer of all loans in the pool. The initial annual servicing fee
is 0.25% per year. U.S. Bank National Association (rated AA (high)
with a Negative trend by DBRS Morningstar) will serve as the
Custodian. U.S. Bank Trust Company, National Association (rated AA
(high) with a Negative trend by DBRS Morningstar) will serve as the
Indenture Trustee, Paying Agent, and Note Registrar. U.S. Bank
Trust National Association will serve as the Owner Trustee.

In accordance with U.S. credit risk retention requirements, the PR
Mortgage Holdings I LLC, a majority-owned affiliate of the Sponsor,
will acquire and intends to retain an "eligible horizontal residual
interest," representing not less than 5% economic interest in the
transaction, to satisfy the requirements under Section 15G of the
Securities and Exchange Act of 1934 and the regulations promulgated
thereunder. Such retention aligns Sponsor and investor interest in
the capital structure.

This transaction uses a structural mechanism similar to other
comparable transactions to fund future draw requests. Assuming the
funding of the subsequent draw is valid and required under the LOC
agreement, the obligation to fund it falls originally on CMG as the
lender under the LOC agreement. In addition, under the transaction
documents, the Issuer will engage Northpointe, as the Servicer
under the servicing agreement. Northpointe, as a servicer, will
determine whether a borrower is entitled to the requested draw
under the related LOC agreement and will fund any valid draw
request.

The Servicer will be required to fund draws and will be entitled to
reimburse itself for such draws prior to any payments on the Notes
from the principal collections. If the aggregate draws exceed the
principal collections (Net Draw), the Servicer is still obligated
to fund draws even if principal collections and the reserve fund
are insufficient in a given month for full reimbursement. In such
cases, the Paying Agent will reimburse the Servicer first from
amounts on deposit in the variable-funding account (VFA), and
second, if the amounts available in the VFA are insufficient on the
related payment date or future payment dates, then from the future
principal collections.

The VFA is expected to have an initial balance of $100,000. The VFA
required amount for each payment date will be $100,000. If the
amount on deposit in the VFA is less than such required amount on a
payment date, the Paying Agent will use excess cash flow (i.e.,
remaining amounts after covering losses and paying Cap Carryover
Amounts) to deposit in the VFA. To the extent the VFA is not funded
up to its required amount from excess cash flow, the holder of the
Trust Certificates on behalf of the Class R Note will be required
to use its own funds to make any deposits to the VFA or to
reimburse the Servicer for any Net Draws. The balance of Trust
Certificates will be increased by an amount deposited to the VFA
used to reimburse the Servicer for the Net Draws (residual
principal balance). The Trust Certificates, on behalf of the Class
R Note, will be entitled to receive principal and the net interest
that accrues on the residual principal balance at the Net WAC Rate.
The holder of the Trust Certificate is permitted to finance these
funding obligations by using the financing secured by the Trust
Certificate with a third-party lender.

The Sponsor (PRMI Capital Markets LLC) or a majority-owned
affiliate, as an expected holder of the Trust Certificates/Class R
Note, will have ultimate responsibility to ensure draws are funded,
as long as all borrower conditions are met to warrant draw
funding.

In its analysis of the proposed transaction structure, DBRS
Morningstar does not rely on the creditworthiness of either the
Servicer or the Sponsor and relies solely on the issuer's assets'
ability to generate sufficient cash flows to pay the transaction
parties and bondholders. Please see the Cash Flow Analysis section
of the related report for more details.

The transaction, based on a static pool, employs a modified
sequential-pay cash flow structure with a pro rata principal
distribution among the more senior tranches (Class A-1, A-2, and
A-3 Notes) subject to a sequential priority trigger (Credit Event)
related to cumulative losses or delinquencies exceeding a specified
threshold. If a Credit Event is in effect, principal proceeds can
be used to cover interest carryforward amount 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
carryforward amount 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 B-3.

The Trust Certificates have a pro rata principal distribution with
all senior and subordinate tranches while the Credit Event is not
in effect. When the trigger is in effect, the Trust Certificates'
principal distribution will be subordinated to both the senior and
subordinate notes in the payment waterfall. While a Credit Event is
in effect, realized losses will be allocated reverse sequentially
starting with the Trust Certificates, followed by the Class B-3
Notes, and then continuing up to Class A-1 Notes based on their
respective payment priority. While a Credit Event is not in effect,
the losses will be allocated pro rata between the Trust
Certificates and all outstanding notes based on their respective
priority of payments. The outstanding notes will allocate realized
losses reverse sequentially, beginning with Class B-3 up to Class
A-1.

For this transaction, other than the Servicer's obligation to fund
any monthly Net Draws, described above, neither the Servicer nor
any other transaction party will fund any monthly advances of
principal and interest (P&I) on any LOC loan. However, the Servicer
is obligated to make advances in respect of taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties (servicing advances) to the extent such
advances are deemed recoverable or as directed by the Controlling
Holder (the holder or holders of more than a 50% interest of the
Class XS Notes; initially, the Depositor's affiliate).

All of the loans in the pool are exempt from the Consumer Financial
Protection Bureau Ability-to-Repay (ATR)/Qualified Mortgage (QM)
rules because the LOC loans are not subject to the ATR/QM rules.

On or after the earlier of the (i) payment date in November 2026,
and (ii) the date on which the aggregate principal balance of the
mortgage loans is less than or equal to 30% of the aggregate
principal balance as of the cut-off date, the Issuer may, at the
direction of the holder of the Trust Certificates, purchase all of
the loans and any real estate owned (REO) properties at an optional
termination price described in the transaction documents. An
Optional Termination will be followed by a qualified liquidation,
which requires a complete liquidation of assets within the Trust
and the distribution of proceeds to the appropriate holders of
regular or residual interests. The Certificateholder may sell,
transfer, convey, assign, or otherwise pledge the right to direct
the Issuer to exercise the Optional Termination to a third party,
in which case the right must be exercised by such third party, as
described in the transaction documents.

On any payment date on or after the later of (1) the two-year
anniversary of the Closing Date, and (2) the earlier of (a) the
three-year anniversary of the Closing Date, and (b) the date on
which the aggregate loans' principal balance is less than or equal
to 30% of the Cut-Off Date balance, the Issuer may, at the
direction of the holder of the Trust Certificates, purchase all of
the outstanding Notes and the Trust Certificates at the purchase
price in the transaction documents (Optional Redemption). An
Optional Redemption will be followed by a qualified liquidation,

The Sponsor, at its option, may purchase any mortgage loan that is
90 days or more delinquent under the Mortgage Bankers Association
method 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 balance.

Notes: All figures are in US Dollars unless otherwise noted.



PRPM 2023-RCF2: DBRS Finalizes BB(high) Rating on Class M-2 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
Asset-Backed Notes, Series 2023-RCF2 (the Notes) issued by PRPM
2023-RCF2, LLC (PRPM 2023-RCF2 or the Trust) as follows:

-- $122.9 million Class A-1 at AAA (sf)
-- $14.9 million Class A-2 at AA (sf)
-- $14.5 million Class A-3 at A (sf)
-- $11.7 million Class M-1 at BBB (sf)
-- $7.4 million Class M-2 at BB (high) (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 39.20% of
credit enhancement provided by subordinated notes. The AA (sf), A
(sf), BBB (sf), and BB (high) (sf) ratings reflect 31.85%, 24.70%,
18.90%, and 15.25% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of newly
originated and seasoned, performing and reperforming, first-lien
residential mortgages, funded by the issuance of mortgage-backed
notes (the Notes). The Notes are backed by 657 loans with a total
principal balance of $202,129,585 as of the Cut-Off Date (September
30, 2023).

DBRS Morningstar calculated the portfolio to be approximately 25
months seasoned on average, though the age of the loans is quite
dispersed, ranging from three months to 245 months. The majority of
the loans (93.0%) had origination guideline or document
deficiencies, which prevented such loans from being sold to Fannie
Mae, Freddie Mac, or another purchaser, and the loans were
subsequently put back to the sellers. In its analysis, DBRS
Morningstar assessed such defects and applied certain penalties,
consequently increasing expected losses on the mortgage pool.

Fairway Independent Mortgage Corp. (Fairway) originated 25.0% of
the pool, majority with guideline or document deficiencies. The
remaining originators each comprised less than 10.0% of the pool.

In the portfolio, 10.2% of the loans are modified. The
modifications happened less than two years ago for 80.4% of the
modified loans. Within the portfolio, 15 mortgages have
non-interest-bearing deferred amounts, equating to 0.2% of the
total unpaid principal balance (UPB). Unless specified otherwise,
all statistics on the mortgage loans in this report are based on
the current UPB, including the applicable non-interest-bearing
deferred amounts.

Based on Issuer-provided information, certain loans in the pool
(10.7%) are not subject to or exempt from the Consumer Financial
Protection Bureau's (CFPB) Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules because of seasoning or because they are
business purpose loans. The loans subject to the ATR rules are
designated as QM Safe Harbor (81.2%), QM Rebuttable Presumption
(2.4%), and Non-QM (5.8%) by UPB.

As the Sponsor, PRP-LB V, LLC or one of its majority-owned
affiliates will acquire and retain a 5% interest in aggregate fair
value of the Notes and the membership certificate representing the
initial overcollateralization amount to satisfy the credit risk
retention requirements.

PRPM 2023-RCF2 is the second scratch & dent rated securitization
for the Issuer with mostly newly originated collateral. The Sponsor
has securitized many rated and unrated transactions under the PRPM
shelf, most of which have been seasoned, reperforming, and
nonperforming securitizations.

SN Servicing Corporation (SNSC; 94.7%) and Fay Servicing, LLC (Fay
Servicing; 5.3%) will act as the Servicers of the loans.

The Servicers will not advance any delinquent principal and
interest (P&I) on the mortgages; however, the Servicers are
obligated to make advances in respect of prior liens, insurance,
real estate taxes, and assessments as well as reasonable costs and
expenses incurred in the course of servicing and disposing of
properties.

The Issuer has the option to redeem the Notes in full at a price
equal to the sum of (1) the remaining aggregate Note Amount; (2)
any accrued and unpaid interest due on the Notes through the
redemption date (including any Cap Carryover); and (3) any fees and
expenses of the transaction parties, including any unreimbursed
servicing advances (Redemption Price). Such Optional Redemption may
be exercised on or after the payment date in November 2025.

Additionally, a failure to pay the Notes in full by the Payment
Date in October 2028 will trigger a mandatory auction of the
underlying certificates. If the auction fails to elicit sufficient
proceeds to make-whole the Notes, another auction will follow every
four months for the first year, and subsequently auctions will be
carried out every six months. If the Asset Manager fails to conduct
the auction, holder of more than 50% of the Class M-2 Notes will
have the right to appoint an auction agent to conduct the auction.

The transaction employs a sequential-pay cash flow structure with a
bullet feature to Class A-2 and more subordinate notes on the
Redemption Date. P&I collections are commingled and are first used
to pay interest and any Cap Carryover amount to the Notes
sequentially and then to pay Class A-1 until reduced to zero, which
may provide for timely payment of interest on certain rated Notes.
Class A-2 and below are not entitled to any payments of principal
until the Redemption Date or upon the occurrence of a Credit Event,
except for remaining available funds representing net sales
proceeds of the mortgage loans. Prior to the Redemption Date or an
Event of Default, any available funds remaining after Class A-1 is
paid in full will be deposited into a Redemption Account. Beginning
on the Payment Date in November 2027, the Class A-1 and the other
offered Notes will be entitled to its initial Note Rate plus the
step-up note rate of 1.00% per annum. If the Issuer does not redeem
the rated Notes in full by the payment date in July 2029 or an
Event of Default occurs and is continuing, a Credit Event will have
occurred. Upon the occurrence of a Credit Event, accrued interest
on the Class A-2 and the other offered Notes will be paid as
principal to the Class A-1 Notes until it has been paid in full.
The redirected amounts will be paid as principal to the respective
Notes.

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


REGATTA XXVI: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Regatta XXVI Funding Ltd.

   Entity/Debt        Rating           
   -----------        ------            
Regatta XXVI
Funding Ltd.

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

TRANSACTION SUMMARY

Regatta XXVI Funding Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Napier
Park Global Capital (US) LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $413 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 24.89, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.5. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.64% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.52% versus a
minimum covenant, in accordance with the initial expected matrix
point of 72.4%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40% of the portfolio balance in aggregate while the
top five obligors can represent up to 11.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

The WAL used for the transaction stress portfolio and matrices
analysis 1 and 2 is 12 months less than the WAL covenant to account
for structural and reinvestment conditions after the reinvestment
period. The WAL used for matrices analysis 3 is the same as the WAL
covenant. 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 'BBBsf' and 'AA+sf' for class A-2, 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 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 and the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'A+sf' for class C, 'A-sf' for
class D and 'BBB+sf' for class E.

DATA ADEQUACY

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

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


RENAISSANCE HOME 2004-1: Moody's Cuts Cl. M-1 Certs Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one bond and
downgraded the ratings of five bonds from three US residential
mortgage-backed transactions (RMBS), backed by subprime mortgages
issued by multiple issuers.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=qwYlZ7

Complete rating actions are as follows:

Issuer: CSFB Home Equity Asset Trust 2006-1

Cl. M-3, Upgraded to Aa3 (sf); previously on Feb 17, 2023 Upgraded
to A3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2003-1

A, Currently Rated A1 (sf); previously on Mar 21, 2022 Upgraded to
A1 (sf)

A, Underlying Rating: Downgraded to Baa3 (sf); previously on Feb 9,
2023 Downgraded to Baa2 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp (Upgraded to
A1, Outlook Stable on March 18, 2022)

M-1, Downgraded to B3 (sf); previously on Feb 9, 2023 Downgraded to
B2 (sf)

Issuer: Renaissance Home Equity Loan Trust 2004-1

AV-1, Downgraded to Baa2 (sf); previously on Dec 11, 2018 Upgraded
to A3 (sf)

AV-3, Downgraded to Baa2 (sf); previously on Dec 11, 2018 Upgraded
to A3 (sf)

M-1, Downgraded to Caa1 (sf); previously on Feb 9, 2023 Downgraded
to B2 (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 an increase in credit enhancement available to
the bonds. The rating downgrades are primarily due to a
deterioration in collateral performance, and decline in credit
enhancement available to the bonds

Principal Methodology

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.


ROCKFORD TOWER 2023-1: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Rockford
Tower CLO 2023-1 Ltd.

   Entity/Debt        Rating           
   -----------        ------           
Rockford Tower
CLO 2023-1

   A              LT NRsf   New Rating
   B              LT AAsf   New Rating
   C              LT Asf    New Rating
   D              LT BBB-sf New Rating
   E              LT BB-sf  New Rating
   Subordinated   LT NRsf   New Rating

TRANSACTION SUMMARY

Rockford Tower CLO 2023-1, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Rockford Tower Capital Management, LLC. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400.0 million of
primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.3 versus a maximum covenant, in accordance with the
initial expected matrix point of 26.0. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement (CE)
and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
95.8% first lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.1%.

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

Portfolio Management (Neutral): The transaction has a 3.9-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

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

The 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 'BB+sf' and 'A+sf' for class B, between 'B+sf'
and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for
class D; and between less than 'B-sf' and 'B+sf' for class E.

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

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

DATA ADEQUACY

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

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


SHELTER GROWTH 2021-FL3: DBRS Confirms B(low) Rating on H Notes
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
Shelter Growth CRE 2021-FL3 Issuer Ltd (the Issuer) as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which has benefited from increased
credit support to the bonds as a result of successful loan
repayment as there has been a collateral reduction of 40.3% since
issuance. While the borrowers of the majority of the remaining
loans are generally progressing with their respective business
plans, three loans, representing 31.0% of the pool balance, are in
special servicing; two of which, including the largest loan in the
pool, transferred in November 2023. The potential adverse selection
risk is mitigated by the collateral reduction. 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 as well as business plan updates on select
loans. For access to this report, please click on the link under
Related Documents below or contact us at info@dbrsmorningstar.com.

The initial collateral consisted of 20 floating-rate mortgages
secured by 26 transitional properties with a cut-off date balance
totaling approximately $453.9 million. As of the November 2023
remittance, the pool comprised 13 loans secured by 18 properties
with a cumulative trust balance of $271.2 million. Most of the
loans are in a period of transition with plans to stabilize
performance and improve the asset value. The collateral pool for
the transaction is static with no reinvestment period, however, the
Issuer had the right to use principal proceeds to acquire fully
funded future funding participations during the Permitted Funded
Companion Participation Acquisition period, which expired in
September 2023. Since issuance, seven loans have been repaid from
the pool, including four loans with a former cumulative trust
balance of $102.9 million that repaid since the previous DBRS
Morningstar rating action in December 2022.

The transaction is concentrated by multifamily properties as nine
loans, representing 76.1% of the current pool balance, are secured
by multifamily properties while the remaining four loans are each
secured by one senior-housing, student-housing, industrial, and
office property. The pool is primarily secured by properties in
suburban markets, with six loans, representing 42.4% of the pool,
assigned a DBRS Morningstar Market Rank of 3, 4, or 5. An
additional five loans, representing 40.7% of the pool, are secured
by properties in urban markets, with a DBRS Morningstar Market Rank
of 6, 7, or 8. The remaining two loans, representing 16.9% of the
pool, are backed by properties with a DBRS Morningstar Market Rank
of 1 or 2, denoting tertiary markets. In comparison, in December
2022, properties in suburban markets represented 57.6% of the
collateral, properties in urban markets tertiary markets
represented 30.4% of the collateral, and properties in tertiary
markets represented 12.0% of the collateral.

Leverage across the pool has remained consistent as of the November
2023 reporting compared with issuance metrics as the current
weighted-average (WA) as-is appraised value loan-to-value ratio
(LTV) is 71.3%, with a current WA stabilized LTV of 66.6%. In
comparison, these figures were 71.7% and 61.9%, 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 and may not fully reflect the
effects of increased interest rates and/or widening capitalization
rates in the current environment. In the analysis for this review,
DBRS Morningstar applied upward LTV adjustments across three loans,
representing 34.1% of the current trust balance.

Through October 2023, the lender had advanced cumulative loan
future funding of $9.7 million to seven outstanding individual
borrowers. The largest advance, $2.7 million, was made to the
borrower of Skye Luxury loan (Prospectus ID#9; 8.5% of the current
pool balance), which is secured by a 156-unit, independent-living
property in Leander, Texas. The advanced funds were used to fund
various capital expenditures throughout the property, which was
64.0% funded as of Q2 2023. As of the June 2023 rent roll, the
property was 57.0% occupied, up from 45.6% at issuance. While
occupancy and cash flow trail issuance expectations, the property
has benefited from positive leasing momentum in recent months,
having executed more than 20 new leases year-to-date as of the
August 2023 reporting. The loan has an initial maturity date of
April 2024 followed by two 12-month extension options.

An additional $11.2 million of loan future funding allocated to
nine individual borrowers remains available. The largest individual
loan allocation ($2.9 million) is to the borrower of the Vesta OKC
Portfolio loan (Prospectus ID#4; 13.2% of the current pool
balance). The loan is secured by a portfolio of four Class B
multifamily properties in Oklahoma City. The sponsor's business
plan is to complete capital expenditures across the portfolio,
including both unit-interior and exterior renovations. As of the Q2
2023 collateral manager's report, the portfolio occupancy rate had
declined to 74.0%, down from 86.5% at issuance. The drop in
occupancy is the result of units being unavailable to lease while
interior renovations are underway.

The largest loan in the pool, Fulton and Ralph (Prospectus ID#2;
19.5% of the current pool balance), transferred to special
servicing for maturity default this month; however, according to an
update from the collateral manager, a loan extension is expected to
be granted to the borrower to provide additional time to complete
its business plan and secure take-out financing. The loan is
secured by two Class A multifamily properties totaling 152 units in
Brooklyn, New York. The loan was previously on the servicer's
watchlist for the October 2023 maturity date, which has now passed.
The borrower's business plan is to complete the initial lease-up of
the property to market levels and obtain a 421a property tax
abatement. According to the Q2 2023 collateral manager's report,
the sponsor received a preliminary approval on the 421a real estate
tax exemption; however, the borrower and the NYC Housing
Preservation and Development continue to have discussions to
determine the appropriate rental rates for the affordable units
across the portfolio. The borrower anticipates final approval to be
received by Q1 2024. The delay in the tax exemption, which was
initially expected to be received by YE2022, continues to have a
negative impact on the property's performance as, according to the
June 2023 rent roll, the portfolio was only 57.0% occupied.
According to the June 2023 rent roll, the Fulton property was 65.9%
occupied whereas leasing activity at the Ralph property had not yet
commenced. Given the current risks, DBRS Morningstar increased the
loan's LTV by increasing the cap rate to market levels and
additionally increased the loan's probability of default. The
adjustments resulted in a loan-level expected loss similar to the
expected loss for the pool.

In addition, this month the Westwood Walnut loan (Prospectus ID#16;
5.5% of the current pool balance) transferred to special servicing.
While no further comment was provided by the servicer regarding the
reason for the transfer, the loan was reported less than 30 days
delinquent. According to the Q2 2023 collateral manager's report, a
modification is likely to occur after the borrower noted it would
need additional funds in order to complete the outstanding capital
improvement work. As of October 2023, the loan's future funding
component was 88.5% funded with less than $200,000 remaining. The
loan matures in December 2023 and DBRS Morningstar suspects the
borrower may be facing issues regarding its ability to exit the
loan.

The second-largest loan in special servicing, University City
Portfolio (Prospectus ID#12; 6.0% of the current pool balance) is
secured by a portfolio of two mid-rise student-housing properties
in the University City submarket of Philadelphia. The loan
transferred to special servicing in March 2023 ahead of the June
2023 maturity date as cash flow did not cover debt service. The
property's performance continued to trail issuance expectation as
the portfolio was only 77.0% occupied as of the June 2023 rent
roll. According to the collateral manager's Q3 2023 update, the
loan's interest reserve has been depleted and, according to the
November 2023 servicer reporting, the loan is more than 90 days
delinquent with debt service last paid in July 2023. The lender and
special servicer are reportedly working to bring the loan current
by applying funds currently held in an additional reserve. If the
loan is brought current, the lender and borrower are expected to
exercise the loan's first extension option, pushing maturity to
June 2024. Given the credit risks, DBRS Morningstar increased the
loan's LTV by increasing the cap rate to market levels and
additionally increased the loan's probability of default. The
adjustments resulted in a loan-level expected loss in excess of the
expected loss for the pool.

Four loans, representing 36.9% of the current trust balance, are on
the servicer's watchlist. The loans have primarily been flagged for
upcoming loan maturity, however, three of the loans are in special
servicing.

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


STRATUS STATIC 2022-1: Fitch Affirms 'B+sf 'Rating on F Notes
-------------------------------------------------------------
Fitch Ratings has upgraded the class B and C notes in Stratus
Static CLO 2022-1, Ltd. (Stratus 2022-1) and has affirmed the
remaining Fitch-rated notes of Stratus 2022-1, Stratus CLO 2021-2,
Ltd. (Stratus 2021-2) and Stratus CLO 2021-3, Ltd. (Stratus
2021-3). Fitch also revised the Rating Outlooks on the class E
notes in both Stratus 2021-2 and Stratus 2021-3 to Negative from
Stable. The Outlook remains Stable for all other rated tranches.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
Stratus CLO
2021-3, Ltd.

   A 86315WAA6     LT AAAsf   Affirmed   AAAsf
   B 86315WAC2     LT AA+sf   Affirmed   AA+sf
   C 86315WAE8     LT A+sf    Affirmed   A+sf
   D 86315WAG3     LT BBB+sf  Affirmed   BBB+sf
   E 86315XAC0     LT BBB-sf  Affirmed   BBB-sf
   F 86315XAE6     LT BB+sf   Affirmed   BB+sf

Stratus CLO
2021-2, Ltd.

   A 86315TAA3     LT AAAsf   Affirmed   AAAsf
   B 86315TAC9     LT AA+sf   Affirmed   AA+sf
   C 86315TAE5     LT A+sf    Affirmed   A+sf
   D 86315TAG0     LT BBB+sf  Affirmed   BBB+sf
   E 86315VAA8     LT BBB-sf  Affirmed   BBB-sf
   F 86315VAC4     LT BB+sf   Affirmed   BB+sf

Stratus Static
CLO 2022-1, Ltd.

   A 86317WAA4     LT AAAsf   Affirmed   AAAsf
   B 86317WAC0     LT AA+sf   Upgrade    AAsf
   C 86317WAE6     LT A+sf    Upgrade    Asf
   D 86317WAG1     LT BBB+sf  Affirmed   BBB+sf
   E 86317XAA2     LT BB+sf   Affirmed   BB+sf
   F 86317XAC8     LT B+sf    Affirmed   B+sf

TRANSACTION SUMMARY

Stratus 2021-2, Stratus 2021-3, and Stratus 2022-1 are broadly
syndicated static collateralized loan obligations (CLOs). Stratus
2021-2 and Stratus 2021-3 are managed by Blackstone Liquid Credit
Strategies LLC, and closed in December 2021. Stratus 2022-1 is
managed by Blackstone CLO Management LLC, and closed in July 2022.
All three transactions are secured primarily by first-lien, senior
secured leveraged loans.

KEY RATING DRIVERS

Steady Amortization Amidst Worsening Credit Quality Reflected in
Cash Flow Analysis

The upgrades in Stratus 2022-1 are driven by note amortization,
which resulted in increased credit enhancement levels and
break-even default rate (BEDR) cushions against relevant rating
stress loss levels. An additional 13.9% of the class A notes have
amortized in Stratus 2022-1 since last review in June, for a total
amortization of 20.1%. The amortization of the class A notes in
Stratus 2021-2 and Stratus 2021-3 is 29.7% and 31.0%, respectively,
since closing.

The Negative Outlooks on class E notes of Stratus 2021-2 and
Stratus 2021-3 are driven by credit deterioration of the static
portfolios since last review. This has resulted in limited to no
BEDR cushions to the current ratings, with these notes most
sensitive to the deterioration in view of limited BEDR cushions at
the initial rating. As of November 2023 reporting, the Fitch
weighted average rating factor (WARF) remains in the 'B'/'B-'
rating level, but increased since last review to 25.9 from 24.7 for
Stratus 2021-2, and to 25.1 from 24.1 in Stratus 2021-3.

The average exposure to issuers with a Negative Outlook increased
to 17.5% from 11.3% at last review, for the 2021-vintage deals. The
Fitch WARF for Stratus 2022-1 is 24.7 compared to 24.2 at last
review. Exposure to issuers with a Negative Outlook is at 15.0%
compared to 12.8% at last review, for Stratus 2022-1.

Fitch also modelled a sensitivity scenario assuming a one-notch
downgrade on the Fitch IDR Equivalency Rating for assets with a
Negative Outlook on the driving rating of the obligor, while
extending the weighted average lives (WAL) to 4.2 years in Stratus
2021-2 and Stratus 2021-3, and 4.7 years in Stratus 2022-1. The
modelling results under this scenario support the upgrade for class
B and C notes in Stratus 2022-1. The class E notes in both Stratus
2021-2 and Stratus 2021-3 are more sensitive to potential future
credit quality deterioration, which is reflected in the revised
Outlook on these notes.

The rating actions for all classes are in line with their
model-implied rating (MIR), as defined in Fitch's CLOs and
Corporate CDOs Rating Criteria, except for the class B notes of
Stratus 2021-2 and Stratus 2021-3, and the class F notes of Stratus
2022-1. Fitch affirms these classes one notch below the MIR due to
limited positive cushions at the respective MIR rating levels.

The Stable Outlooks reflect Fitch's expectation that the notes have
sufficient level of credit protection to withstand potential
deterioration in the credit quality of the portfolios in stress
scenarios commensurate with each class' rating.

Asset Security and Portfolio Composition

The portfolios consist of 183 obligors on average, and the largest
10 obligors represent an average of 7.3% of the portfolios. There
are no defaults in either of the portfolios. First lien loans, cash
and eligible investments comprise 100% of the portfolios. On
average, Fitch's weighted average recovery rate (WARR) was 75.7%,
compared to 75.8% at last review.

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

RATING SENSITIVITIES

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

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

- A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to downgrades of up to four
rating notches for Stratus 2021-2 and Stratus 2021-3, and up to
five rating notches for Stratus 2022-1, based on MIRs.

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

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

- A 25% reduction of the mean default rate across all ratings,
along with a 25% increase of the recovery rate at all rating levels
for the current portfolio, would lead to upgrades of up to three
notches for Stratus 2021-2 and Stratus 2021-3, and up to six
notches for Stratus 2022-1, based on MIRs.


THPT 2023-THL: S&P Assigns B- (sf) Rating on Class F Certs
----------------------------------------------------------
S&P Global Ratings assigned its ratings to THPT 2023-THL Mortgage
Trust's commercial mortgage pass-through 2023-THL.

The certificate issuance is a U.S. commercial mortgage-backed
securitization backed by a commercial mortgage loan that is secured
by the borrowers' fee simple and leasehold interests in 84
limited-service, extended-stay, and full-service hotel properties,
totaling 7,993 guestrooms across 21 U.S. states.

The 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.

  Ratings Assigned

  THPT 2023-THL Mortgage Trust(i)

  Class A, $256.71 million: AAA (sf)
  Class B, $81.72 million: AA- (sf)
  Class C, $60.74 million: A- (sf)
  Class D, $80.27 million: BBB- (sf)
  Class E, $126.56 million: BB- (sf)
  Class F, $112.09 million: B- (sf)
  Class G, $30.21 million: Not rated
  Class HRR(ii), $45.70 million: 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)Eligible horizontal residual interest.



TIKEHAU US V: S&P Assigns Prelim BB-(sf) Ratings on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Tikehau US
CLO V Ltd./Tikehau US CLO V LLC's floating- and fixed-rate debt.

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

The preliminary ratings are based on information as of Dec. 1,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Tikehau US CLO V Ltd./Tikehau US CLO V LLC

  Class A-1 $300.00 million: AAA (sf)
  Class A-2 $20.00 million: AAA (sf)
  Class B-1 $50.00 million: AA (sf)
  Class B-2 $10.00 million: AA (sf)
  Class C (deferrable) $30.00 million: A (sf)
  Class D (deferrable) $27.50 million: BBB- (sf)
  Class E (deferrable) $16.25 million: BB- (sf)
  Subordinated notes $51.50 million: Not rated


TRIANGLE RE 2023-1: DBRS Finalizes B Rating on Class B-1 Notes
--------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings on
the Mortgage Insurance-Linked Notes, Series 2023-1 (the Notes)
issued by Triangle Re 2023-1 Ltd. (TMIR 2023-1 or the Issuer):

-- $105.7 million Class M-1A at BB (high) (sf)
-- $69.2 million Class M-1B at BB (low) (sf)
-- $54.7 million Class M-2 at B (high) (sf)
-- $18.2 million Class B-1 at B (sf)

The BB (high) (sf) credit rating reflects 5.30% of credit
enhancement, provided by subordinated notes in the transaction. The
BB (low) (sf), B (high) (sf), and B (sf) credit ratings reflect
4.35%, 3.60%, and 3.35% of credit enhancement, respectively.

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

TMIR 2023-1 is Enact Mortgage Insurance Corporation's (Enact's; the
Ceding Insurer's) sixth-rated Mortgage Insurance-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.

TMIR 2023-1 transaction is backed by insured mortgage loans that
have never been reported to the Ceding Insurer as 60 or more days
delinquent since origination. The mortgage loans have a weighted
average seasoning of eight months, with MI policies effective on or
after July 2022. These loans have not been reported to be in a
payment forbearance plan.

As of the Cut-Off Date, the pool of insured mortgage loans consists
of 148,603 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 (LTVs) less than or
equal to 100%, and one loan has been reported to the Ceding Insurer
to be modified.

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

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

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

The calculation of principal payments to the Notes will be based on
the reduction in aggregate exposed principal balance on the
underlying MI policy that is allocated to the Notes. The
subordinate Notes will receive their pro rata share of available
principal funds if the minimum credit enhancement test and the
delinquency test are satisfied. The minimum credit enhancement test
will be satisfied if the subordinate percentage is at least 7.25%.
For this transaction, 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
7.2500%, then the subordinate Notes will be entitled to accelerated
principal payments equal to 2 times (x) the subordinate principal
reduction amount, until the subordinate percentage comes down to
the target credit enhancement of 7.25%.

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.

TMIR 2023-1 transaction is issued with a 10-year term. The Notes
are scheduled to mature on November 25, 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
November 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.)

The Ceding Insurer of the transaction is Enact. 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.



UCFC FUNDING 1997-2: Moody's Hikes Rating on Class M Certs to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class M issued
by UCFC Funding Corporation 1997-2. The collateral backing this
deal consists of manufactured housing loans.

Complete rating actions are as follows:

Issuer: UCFC Funding Corporation 1997-2

M, Upgraded to Ba3 (sf); previously on Feb 10, 2023 Upgraded to B2
(sf)

RATINGS RATIONALE

The rating action reflects the recent performance as well as
Moody's updated loss expectations on the underlying pool. The
rating upgrade is a result of an increase in credit enhancement
available to the bond.

Principal Methodologies

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in July 2022.

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

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.


VERUS SECURITIZATION 2023-8: S&P Assigns (P) BB-(sf) on B-2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2023-8's mortgage-backed notes.

The note issuance is an RMBS transaction backed by primarily newly
originated first- and second-lien, fixed- and adjustable-rate
residential mortgage loans, including mortgage loans with initial
interest-only periods, to both prime and non-prime borrowers. The
loans are secured by single-family residences, townhouses,
planned-unit developments, two- to four-family residential
properties, condominiums, condotels, townhouses, mixed-use
properties, and five- to 10-unit multifamily residences. The pool
has 1,008 loans backed by 1,019 properties, which are primarily
non-qualified mortgage (QM)/non-higher-priced mortgage loans (safe
harbor), QM rebuttable presumption (average prime offer rate),
non-QM/ability-to-repay (ATR)-compliant, and ATR-exempt loans. Of
the 1,008 loans, four are cross-collateralized loans backed by 15
properties.

The preliminary ratings are based on information as of Dec. 4,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, representations and warranties framework, prior credit
events, and geographic concentration;

-- The mortgage aggregator, Invictus Capital Partners; 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, "On Sept. 25, 2023, 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 markets as demonstrated through
general national-level home price behavior, unemployment rates,
mortgage performance, and underwriting. Per our latest
macroeconomic update, the U.S. economy has outperformed
expectations following consecutive quarters of contraction in the
first half of 2022."

  Preliminary Ratings Assigned

  Verus Securitization Trust 2023-8(i)

  Class A-1, $328,509,000: AAA (sf)
  Class A-2, $52,424,000: AA (sf)
  Class A-3, $63,753,000: A (sf)
  Class M-1, $35,037,000: BBB- (sf)
  Class B-1, $20,812,000: BB- (sf)
  Class B-2, $10,537,000: B (sf)
  Class B-3, $15,807,358: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The collateral and structural information reflect the term sheet
dated Nov. 30, 2023; the preliminary ratings address the ultimate
payment of interest and principal. They do not address the payment
of the cap carryover amounts. The notional amount will equal the
aggregate stated principal balance of the mortgage loans as of the
first day of the related due period.



VERUS SECURITIZATION 2023-INV3: DBRS Finalizes B Rating on B2 Notes
-------------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following Mortgage-Backed Notes, Series 2023-INV3 (the Notes)
issued by Verus Securitization Trust 2023-INV3:

-- $203.8 million Class A-1 at AAA (sf)
-- $38.8 million Class A-2 at AA (high) (sf)
-- $44.3 million Class A-3 at A (high) (sf)
-- $31.5 million Class M-1 at BBB (sf)
-- $21.0 million Class B-1 at BB (low) (sf)
-- $10.1 million Class B-2 at B (sf)

The AAA (sf) credit rating on the Class A-1 Notes reflects 44.60%
of credit enhancement provided by subordinate notes. The AA (high)
(sf), A (high) (sf), BBB (sf), BB (low) (sf), and B (sf) credit
ratings reflect 34.05%, 22.00%, 13.45%, 7.75%, and 5.00% 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, investor debt service coverage ratio (DSCR),
first-lien residential mortgages funded by the issuance of the
Mortgage-Backed Notes, Series 2023-INV3 (the Notes). Subsequent to
the issuance of the related Presale Report, there were loans with
minimal balance updates. The Notes are backed by 1,030 mortgage
loans with a total principal balance of $367,902,131 as of the
Cut-Off Date (November 1, 2023). Unless specified otherwise, all
the statistics regarding the mortgage loans in this report are
based on the Presale Report balance.

VERUS 2023-INV3 represents the eleventh securitization issued by
the Sponsor (VMC Asset Pooler, LLC) or a related Invictus Capital
Partners, LP (Invictus) entity, backed entirely by business purpose
investment loans, predominantly underwritten using DSCR. The
originators for the mortgage pool are Hometown Equity Mortgage, LLC
(22.9%) and other originators, each comprising less than 10.0% of
the mortgage loans. Newrez LLC doing business as Shellpoint
Mortgage Servicing (100%) is the servicer of the loans in this
transaction.

The mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on property value,
the mortgagor's credit profile, and the DSCR, where applicable.
Because the loans were made to investors for business purposes,
they are exempt from the Consumer Financial Protection Bureau's
Ability-to-Repay (ATR) rules and TILA/RESPA Integrated Disclosure
rule.

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

Nationstar Mortgage LLC d/b/a Mr. Cooper Master Servicing will be
the Master Servicer. Wilmington Savings Fund Society, FSB will act
as the Indenture and Owner Trustee. Computershare Trust Company,
N.A. (rated BBB with a Stable trend by DBRS Morningstar) and
Deutsche Bank National Trust Company will act as the Custodian.

On or after the earlier of (1) the Payment Date occurring in
November 2026 or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Note Owner(s) representing 50.01% or more of the Class
XS Notes (Optional Redemption Right Holder), may redeem all of the
outstanding Notes at a price equal to the greater of (A) the class
balances of the related Notes plus accrued and unpaid interest,
including any cap carryover amounts, and (B) the class balances of
the related Notes less than 90 days delinquent with accrued unpaid
interest plus fair market value of the loans 90 days or more
delinquent and real estate owned properties. After such purchase,
the Depositor must complete a qualified liquidation, which requires
(1) a complete liquidation of assets within the Trust and (2) the
proceeds to be distributed to the appropriate holders of regular or
residual interests.

The principal and interest (P&I) Advancing Party will fund advances
of delinquent P&I on any mortgage until such loan becomes 90 days
delinquent. The Advancing Party or Servicer has no obligation to
advance P&I on a mortgage approved for a forbearance plan during
its related forbearance period. The Servicers, however, are
obligated to make advances in respect of taxes, insurance premiums,
and reasonable costs incurred in the course of servicing and
disposing properties.

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

Excess spread can be used to cover realized losses before being
allocated to unpaid Cap Carryover Amounts due to Class A-1 down to
Class A-3. The Class A-1, Class A-2, and Class A-3 fixed rate
coupons step up by 1.00% on and after the payment date in December
2027 (step-up date). Of note, on and after the distribution date in
December 2027, interest and principal otherwise available to pay
the Class B-3 interest and interest shortfalls may be used to pay
any Class A Cap Carryover amounts.

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


WAMU MORTGAGE 2005-AR11: Moody's Hikes Rating on 2 Tranches to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four bonds
issued by WaMu Mortgage Pass-Through Certificates, Series
2005-AR11. The collateral backing this deal consists of option ARM
mortgages.

The complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR11

Cl. A-1B2, Upgraded to Ba1 (sf); previously on May 7, 2018 Upgraded
to Ba2 (sf)

Cl. A-1B3, Upgraded to Ba1 (sf); previously on May 7, 2018 Upgraded
to Ba2 (sf)

Cl. A-1C3, Upgraded to B2 (sf); previously on May 7, 2018 Upgraded
to Caa1 (sf)

Cl. A-1C4, Upgraded to B2 (sf); previously on May 7, 2018 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

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

Principal Methodology

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.


WAMU MORTGAGE 2005-AR13: Moody's Hikes Rating on 2 Tranches to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven bonds
issued by WaMu Mortgage Pass-Through Certificates, Series
2005-AR13. The collateral backing this deal consists of option ARM
mortgages.

Complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR13

Cl. A-1A1, Upgraded to Baa1 (sf); previously on Aug 6, 2015
Confirmed at Baa2 (sf)

Cl. A-1A2, Upgraded to Baa1 (sf); previously on Aug 6, 2015
Confirmed at Baa2 (sf)

Cl. A-1A3, Upgraded to Baa1 (sf); previously on Aug 6, 2015
Confirmed at Baa2 (sf)

Cl. A-1B2, Upgraded to Baa3 (sf); previously on Aug 6, 2015
Confirmed at Ba2 (sf)

Cl. A-1B3, Upgraded to Baa3 (sf); previously on Aug 6, 2015
Confirmed at Ba2 (sf)

Cl. A-1C3, Upgraded to Ba3 (sf); previously on May 7, 2018 Upgraded
to B2 (sf)

Cl. A-1C4, Upgraded to Ba3 (sf); previously on May 7, 2018 Upgraded
to B2 (sf)

RATINGS RATIONALE

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

Principal Methodology

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.


WFRBS COMMERCIAL 2013-C14: Moody's Lowers Rating on C Certs to B3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
downgraded the ratings on five classes in WFRBS Commercial Mortgage
Trust 2013-C14, Commercial Mortgage Pass-Through Certificates,
Series 2013-C14 as follows:

Cl. A-S, Affirmed Aa2 (sf); previously on Mar 28, 2023 Downgraded
to Aa2 (sf)

Cl. B, Downgraded to Ba2 (sf); previously on Mar 28, 2023
Downgraded to Ba1 (sf)

Cl. C, Downgraded to B3 (sf); previously on Mar 28, 2023 Downgraded
to B2 (sf)

Cl. PEX, Downgraded to Ba3 (sf); previously on Mar 28, 2023
Downgraded to Ba2 (sf)

Cl. X-A*, Downgraded to Aa2 (sf); previously on Mar 28, 2023
Downgraded to Aa1 (sf)

Cl. X-B*, Downgraded to Ba2 (sf); previously on Mar 28, 2023
Downgraded to Ba1 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on Cl. A-S was affirmed because of its credit support
and the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, and Moody's stressed debt service coverage ratio
(DSCR), are within acceptable ranges. The class will also benefit
from priority of principal proceeds from any loan payoffs or
liquidations.

The ratings on two P&I classes, Cl. B and Cl. C, were downgraded
due to the anticipated losses on the pool and increased risk of
interest shortfalls from the exposure to specially serviced loans
and loans with significant tenant concentration exposure. Five
loans, representing 66.7% of the pool are in special servicing,
including the White Marsh Mall loan (30.5% of the pool), an
underperforming regional mall which passed its original maturity
date in May 2021, and the 301 South College Street loan (22.7%),
whose largest tenant has announced they will vacate the property.
Furthermore, the only non-specially serviced loan, Midtown I & II
loan (33.3% of the pool), is secured by an office property with
significant tenant concentration on a lease expiring in April
2024.

The ratings on the IO classes were downgraded based on a decline in
the credit quality of their respective referenced classes. The
downgrade on Cl. X-A was primarily due to principal paydowns of its
higher quality reference classes.

The rating on the exchangeable class (PEX), was downgraded due to
the decline in credit quality of its referenced exchangeable
classes and from principal paydowns of higher quality referenced
exchangeable classes.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 40.3% of the
current pooled balance, compared to 17.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.2% of the
original pooled balance, compared to 11.5% at the last review.

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

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

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, an increase in realized and
expected losses from specially serviced and troubled loans or
interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 66.7% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced loans to the most junior classes and the
recovery as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the November 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 75.8% to $355.2
million from $1.47 billion at securitization. The certificates are
collateralized by six remaining mortgage loans. As of the November
2023 remittance report, one loan representing 33% was current and
passed its anticipated repayment date in May 2023 and the remaining
five loans were in special servicing.

Two loans have been liquidated from the pool, contributing to an
aggregate realized loss of $7.4 million (for an average loss
severity of 13.5%). Five loans, constituting 66.7% of the pool, are
currently in special servicing.

The largest specially serviced loan is the White Marsh Mall Loan
($108.3 million -- 30.5% of the pool), which represents a pari
passu portion of a $187.0 million mortgage loan. The loan is
secured by an approximately 700,000 square feet (SF) component of a
1.2 million SF super-regional mall located in Baltimore, Maryland.
The mall is anchored by Macy's, JC Penney, Boscov's, and Macy's
Home Store. Macy's and JC Penny are not part of the loan collateral
and Sears, a former non-collateral anchor, closed in April 2020. As
of February 2023, inline and collateral occupancy were 80% and 88%,
respectively, compared to 81% and 89% in December 2021 and 89% and
93% in June 2020. Property performance has declined annually
between 2018 and 2021 primarily due to lower rental revenues and
the 2021 net operating income (NOI) was approximately 43% lower
than in 2013. While the year over year NOI improved in 2022, the
2022 NOI was still 30% lower than in 2013. The loan transferred to
special servicing in August 2020 and failed to pay off at its May
2021 maturity date. The most recent appraisal from August 2023
valued the property 68% below the value at securitization and as of
the November 2023 remittance statement, the master servicer has
recognized a 45% appraisal reduction based on the current loan
balance. A receiver was appointed in January 2023 and is working on
stabilizing property performance.

The second largest specially serviced loan is the 301 South College
Street Loan ($80.7 million -- 22.7% of the pool), which represents
a pari passu portion of a $156.8 million mortgage loan. The loan is
secured by a 988,646 SF Class A office tower located in the central
business district (CBD) of Charlotte, North Carolina. The property
was 47% leased as of March 2023 compared to 55% in September 2022
and 99% in March 2020. The largest tenant, Wells Fargo, downsized
their space significantly from 687,000 SF (or 69% of the net
rentable area (NRA)) to 202,000 SF (approximately 20% of the NRA)
when they renewed through 2032. However, the tenant subsequently
announced that it will fully vacate the property. The lower
occupancy caused the NOI DSCR to decline to 0.62X in December 2022
from 2.17X in 2020. An excess cash reserve is in-place for the
terminated or upcoming vacant space which has a current balance of
$13.1 million as of the November 2023 remittance. The borrower
previously made a significant capital improvement to the property
during the pandemic by renovating / modernizing the mall and plaza
level (lobby-common area) of the building. The loan transferred to
special servicing in January 2023 and failed to payoff at its
scheduled maturity in May 2023. Special commentary indicates the
borrower has expressed interest to convey title back to the lender
and is pursuing a foreclosure action.

The third largest specially serviced loan is the Mobile Festival
Centre Loan ($18.1 million -- 5.1% of the pool), which is secured
by a 380,619 SF retail power center located in Mobile, Alabama, six
miles west of the CBD. The property was 75% leased as of March 2023
compared to 62% in December 2022 and 48% in June 2021. The loan
transferred to special servicing in September 2020 due to imminent
monetary default and is last paid through June 2023. The loan has
amortized by 12% since securitization. The property's reported NOI
DSCR was below 1.00X from 2020 through 2022, however, the 2023
performance has improved with an NOI DSCR of 1.67X as of June 2023.
The borrower is working on stabilizing the property and is working
with the special servicer to document a modification.

The fourth largest specially serviced loan is the Continental Plaza
– Columbus Loan ($17.4 million – 4.9% of the pool), which is
secured by a 568,741 SF, 35 story Class A office building located
in Columbus, Ohio in the city's central business district (CBD).
The property was 56% leased as of June 2023, compared to 71% in
December 2022 and 94% at securitization. The loan transferred to
special servicing in August 2022 due to imminent monetary default
and is last paid through the December 2022 payment date. The
property also faces significant tenant rollover risk. The borrower
has expressed the desire to transition title of the property to the
lender and a receiver was appointed in July 2023 with plans to
stabilize property operations. The master servicer has recognized a
33% appraisal reduction based on the current loan balance as of the
November 2023 remittance statement.

The remaining specially serviced loan is the 808 Broadway Loan
($12.5 million -- 3.5% of the pool), which is secured by a 24,548
SF retail space located on Broadway and East 11 Street in New York,
New York. It is the ground floor retail condo space of a six story
building constructed in 1888. The loan transferred to special
servicing in November 2020 and is last paid through December 2020.
The borrower has indicated the single retail tenant filed for
chapter 11 bankruptcy protection and is no longer paying rent. As a
result, the property has not been generating enough cash flow to
cover debt service. A receiver was appointed in August 2022 and the
special servicer intends to foreclose on the asset. The master
servicer has recognized a 35% appraisal reduction based on the
current loan balance as of the November 2023 remittance statement.

Moody's estimates an aggregate $141.3 million loss for the
specially serviced loans (59.6% expected loss on average).

As of the November 2023 remittance statement cumulative interest
shortfalls were $4.0 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

The sole non specially-serviced, performing loan is the Midtown I &
II Loan ($118.3 million -- 33.3% of the pool), which is secured by
two Class A office buildings totaling 794,110 SF and an adjacent
parking deck located in Atlanta, Georgia. The properties were built
in 2001 and are 100% leased to AT&T Corporation through April 2024.
The loan was interest only for its entire term and is now passed
its anticipated repayment date (ARD) of May 2023, with a final
maturity in May 2043. The loan began to hyper-amortize past its ARD
date and has now amortized close to 5% since securitization. Due to
the single tenant risk, Moody's incorporated a lit/dark analysis.
While the loan has maintained a high DSCR over its ten-year term,
it faces significant near-term rollover risk with the single tenant
lease expiration in April 2024. The loan is also in cash management
due to the failure of AT&T, Corp. to extend the term of the lease
prior to April 30, 2022 and has current total reserve balances in
excess of $22 million. The single tenant, AT&T, has renewed a small
portion of space through April 2032 but a large portion of the
space remains for lease and there is no further indication of the
tenant's plans for this space at the lease expiration in April
2024. Moody's LTV and stressed DSCR are 129% and 1.02X.  The
Adjusted Moody's LTV ratio for the first mortgage balance is 114%
based on Moody's Value using a cap rate adjusted for the current
interest rate environment.


WINDHILL CLO 1: S&P Assigns Prelim BB- (sf) Rating on E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Windhill CLO
1 Ltd./Windhill CLO 1 LLC's fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Dec. 6,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

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

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

  Preliminary Ratings Assigned

  Windhill CLO 1 Ltd./Windhill CLO 1 LLC

  Class A-N, $222.00 million: AAA (sf)
  Class A-F, $10.00 million: AAA (sf)
  Class B, $36.00 million: AA (sf)
  Class C, $36.00 million: A (sf)
  Class D, $24.00 million: BBB- (sf)
  Class E, $24.00 million: BB- (sf)
  Subordinated notes, $44.35 million: Not rated



[*] DBRS Reviews 266 Classes From 17 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 266 classes from 17 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 266 classes
reviewed, DBRS Morningstar upgraded 31 credit ratings and confirmed
235 credit ratings.

The Affected Ratings are available at https://bit.ly/3uKXGFi

The Issuers are:

- CFMT 2022-HB10, LLC
- CSMLT 2015-3 Trust
- CSMC Trust 2013-6
- CSMC Trust 2013-7
- CSMC Trust 2013-TH1
- CSMC Trust 2013-IVR5
- CSMC Trust 2013-IVR2
- EverBank Mortgage Loan Trust 2013-2
- EverBank Mortgage Loan Trust 2013-1
- Finance of America HECM Buyout 2022-HB1
- Finance of America HECM Buyout 2022-HB2
- Brean Asset-Backed Securities Trust 2022-RM4
- Brean Asset-Backed Securities Trust 2022-RM5
- Brean Asset-Backed Securities Trust 2021-RM2
- Brean Asset-Backed Securities Trust 2022-RM3
- Wells Fargo Mortgage Backed Securities 2018-1 Trust
- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series
2013-IVR1

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

The pools backing the reviewed RMBS transactions consist of prime-
and reverse-mortgage collateral.

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


[*] DBRS Reviews 71 Classes From 20 US RMBS Transactions
--------------------------------------------------------
DBRS, Inc. reviewed 71 classes from 20 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 71 classes
reviewed, DBRS Morningstar upgraded one credit rating and confirmed
70 credit ratings.

The Affected Ratings are available at https://bit.ly/419qoMg

The Issuers are:

- APS Resecuritization Trust 2016-3
- APS Resecuritization Trust 2016-1
- CSMC Series 2015-2R
- BCAP LLC 2015-RR6 Trust
- Banc of America Funding 2014-R7 Trust
- Banc of America Funding 2015-R7 Trust
- Morgan Stanley Resecuritization Trust 2015-R3
- Morgan Stanley Resecuritization Trust 2015-R6
- Morgan Stanley Resecuritization Trust 2015-R7
- Citigroup Mortgage Loan Trust 2009-2
- Citigroup Mortgage Loan Trust 2009-5
- Citigroup Mortgage Loan Trust 2009-6
- Citigroup Mortgage Loan Trust 2009-7
- Citigroup Mortgage Loan Trust 2010-3
- Citigroup Mortgage Loan Trust 2009-8
- Citigroup Mortgage Loan Trust 2009-9
- Structured Asset Securities Corporation Trust 2006-11
- Citigroup Mortgage Loan Trust 2009-10
- Citigroup Mortgage Loan Trust 2009-11
- Citigroup Mortgage Loan Trust 2009-12

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

The RMBS transactions reviewed are ReREMICs backed by pools of
prime, Alt-A, subprime, and option adjustable-rate mortgage
collateral.


[*] Moody's Takes Action on $32MM of US RMBS Issued 2004 to 2006
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two bonds and
downgraded the ratings of three bonds from three US residential
mortgage-backed transactions (RMBS), backed by Alt-A and Option-Arm
mortgages issued by multiple issuers.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=OTe20E

The complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2004-4 Collateralized Asset-Backed
Bonds, Series 2004-4

Cl. 2-A-1, Downgraded to Caa2 (sf); previously on May 13, 2022
Downgraded to B3 (sf)

Cl. 2-A-2, Downgraded to Caa2 (sf); previously on May 13, 2022
Downgraded to B3 (sf)

Issuer: Impac CMB Trust Series 2005-4 Collateralized Asset-Backed
Bonds, Series 2005-4

Cl. 1-M-1, Upgraded to Caa1 (sf); previously on May 6, 2022
Upgraded to Caa2 (sf)

Cl. 1-M-2, Upgraded to Caa3 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2006-AR13

Cl. 2A, Downgraded to Ba3 (sf); previously on Feb 23, 2017 Upgraded
to Ba1 (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 increase in credit enhancement
available to the bonds. The rating downgrades are primarily due to
a deterioration in collateral performance and decline in credit
enhancement available to the bonds

Principal Methodology

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.


[*] Moody's Takes Action on $44.8MM of US RMBS Issued 2003-2006
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight bonds
and downgraded the ratings of two bonds from five 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: Chase Funding Trust, Series 2003-1

Cl. IA-5, Upgraded to Baa2 (sf); previously on Feb 20, 2015
Downgraded to Ba1 (sf)

Cl. IM-1, Upgraded to Caa1 (sf); previously on Mar 7, 2011
Downgraded to Caa3 (sf)

Issuer: HomeBanc Mortgage Trust 2004-2

Cl. A-1, Upgraded to Baa3 (sf); previously on Oct 28, 2016 Upgraded
to Ba1 (sf)

Cl. A-2, Upgraded to Ba3 (sf); previously on Oct 28, 2016 Upgraded
to B3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Mar 15, 2011
Downgraded to Ca (sf)

Issuer: MortgageIT Trust 2005-3

Cl. A-1, Upgraded to Aa2 (sf); previously on Feb 17, 2023 Upgraded
to A1 (sf)

Cl. A-2, Upgraded to A2 (sf); previously on Feb 17, 2023 Upgraded
to Baa2 (sf)

Issuer: SG Mortgage Securities Trust 2006-FRE1

Cl. A-1A, Upgraded to Aa2 (sf); previously on Apr 13, 2018 Upgraded
to A2 (sf)

Issuer: Structured Asset Investment Loan Trust 2004-BNC1

Cl. A2, Downgraded to Baa1 (sf); previously on May 3, 2012
Downgraded to A2 (sf)

Cl. A4, Downgraded to Baa2 (sf); previously on May 3, 2012
Downgraded to A3 (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. The rating downgrades are primarily due to decline in
credit enhancement available to the bonds due to the deals passing
performance triggers.

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.


[*] Moody's Upgrades Rating on $94MM of US RMBS Issued 1999-2006
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of nine bonds
from nine US residential mortgage-backed transactions (RMBS),
backed by manufactured housing mortgages issued by multiple
issuers.

The complete rating actions are as follows:

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-MH1

  Cl. B-1, Upgraded to B2 (sf); previously on Dec 6, 2018 Upgraded
to Caa2 (sf)

Issuer: Conseco Finance Securitization Corp. Series 2001-4

  Class M-1, Upgraded to B3 (sf); previously on Aug 31, 2004
Downgraded to Caa2 (sf)

Issuer: Conseco Finance Securitizations Corp. Series 2001-1

  Cl. A-5, Upgraded to Caa2 (sf); previously on Dec 14, 2010
Downgraded to Caa3 (sf)

Issuer: Conseco Finance Securitizations Corp. Series 2001-2

  Cl. A, Upgraded to Caa1 (sf); previously on Apr 16, 2010
Downgraded to Caa3 (sf)

Issuer: Conseco Finance Securitizations Corp. Series 2001-3

  Class A-4, Upgraded to A3 (sf); previously on Feb 15, 2023
Upgraded to Baa3 (sf)

Issuer: CSFB ABS Trust Manufactured Housing Pass-Through
Certificates 2001-MH29

  Cl. B-1, Upgraded to B2 (sf); previously on Dec 6, 2018 Upgraded
to Caa1 (sf)

Issuer: CSFB Manufactured Housing Pass-Through Certificates, Series
2002-MH3

  Cl. M-2, Upgraded to Caa1 (sf); previously on Dec 6, 2018
Upgraded to Caa3 (sf)

Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B

  Cl. M-1, Upgraded to B2 (sf); previously on Aug 16, 2018 Upgraded
to Caa1 (sf)

Issuer: MERIT Securities Corp Series 12

  1-M1, Upgraded to Aa2 (sf); previously on Feb 15, 2023 Upgraded
to A2 (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.


[*] S&P Takes Various Actions 51 Classes From 10 U.S. RMBS Deals
----------------------------------------------------------------
S&P Global Ratings completed its review of 51 ratings from 10 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
seven upgrades, 17 withdrawals, and 27 affirmations.

A list of Affected Ratings can be viewed at:

           https://rb.gy/h2eksr

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;
-- Historical missed interest payments or interest shortfalls;
-- Available subordination and/or overcollateralization;
-- Expected duration;
-- Payment priority;
-- A small loan count; and
-- The assessment of reduced interest payments due to loan
modifications and other credit-related events.

Rating Actions

S&P said, "The rating changes reflect our view regarding the
associated transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes. See the ratings list for the specific
rationale associated with each of the classes with rating
transitions."

The upgrades primarily reflect the classes' increased credit
support. These classes have benefitted from the failure of
performance triggers and/or reduced subordinate class principal
distribution amounts, which has built credit support for these
classes as a percent of their respective deal balance. Ultimately,
we believe these classes have credit support that is sufficient to
withstand projected losses at higher rating levels.

S&P said, "The rating affirmations reflect our view that our
projected credit support, collateral performance, and
credit-related reductions in interest on these classes have
remained relatively consistent with our prior projections.

"In addition, we withdrew our ratings on 17 classes from four
transactions due to the small number of loans remaining in the
related group. Once a pool has declined to a de minimis amount, its
future performance becomes more difficult to project. As such, we
believe there is a high degree of credit instability that is
incompatible with any rating level. Additionally, as a result, we
applied our principal-only criteria "Methodology For Surveilling U.
S. RMBS Principal-Only Strip Securities For Pre-2009 Originations,"
published Oct. 11, 2016, which resulted in withdrawing two ratings
from two transactions."



[*] S&P Takes Various Actions on 831 Ratings From 25 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of the ratings on 821
classes from 25 U.S. RMBS credit risk transfer (CRT) transactions.
The review yielded upgrades on 718 ratings, 340 of which were also
removed from CreditWatch positive, and affirmations on 103 ratings,
four of which were also removed from CreditWatch positive.

A list of Affected Ratings can be viewed at:

                 https://rb.gy/s9a992

S&P said, "All of the transactions within this review had one or
more classes that were placed on CreditWatch positive on Oct. 17,
2023, following the revision to our 'B' foreclosure frequency for
an archetypal pool of U.S. mortgage loans to 2.50% from 3.25%--the
level prior to the COVID-19 pandemic and our April 2020 update. The
revision was based on our benign view of the state of the U.S.
residential mortgage and housing market as demonstrated through
general national level home price behavior, unemployment rates,
mortgage performance, and underwriting.

"In addition to our revised 'B' foreclosure frequency, we
considered changes in collateral performance, credit enhancement
levels, payment mechanics, and other credit drivers. The upgrades
primarily reflect the revised archetypal foreclosure frequency
assumption, a growing percentage of credit support, low
delinquencies, and very low accumulative losses to date.

"The affirmations reflect our view that the projected collateral
performance relative to our projected credit support on these
classes remains relatively consistent with our prior projections.

"For all transactions, we used the same mortgage operational
assessment, due diligence, and self-employment factors that were
applied at issuance."

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations may include:

-- Collateral performance or delinquency trends;
-- Historical interest shortfalls or missed interest payments;
-- Loan modifications;
-- The priority of principal payments;
-- The priority of loss allocation; and
-- Available subordination and/or credit enhancement floors.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
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then-ending.

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