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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, September 15, 2024, Vol. 28, No. 258

                            Headlines

5 BRYANT PARK 2018-5BP: S&P Affirms CCC(sf) Rating on Cl. F Certs
ACCELERATED 2024-1: Fitch Assigns BB-(EXP)sf Rating on Cl. D Notes
ALESCO PREFERRED XIV: Moody's Ups Rating on $103MM B Notes to Ba2
ANGEL OAK 2024-8: Fitch Assigns 'Bsf' Final Rating on Cl. B-2 Certs
APIDOS CLO XLIX: Moody's Assigns B3 Rating to $500,000 Cl. F Notes

ASCENT CAREER 2024-1: DBRS Finalizes BB(low) Rating on C Notes
ATTENTUS CDO I: Moody's Ups Rating on $65MM Class B Notes to Ba3
BAMLL REREMIC 2024-FRR4: DBRS Finalizes B(low) Rating on E Certs
BANK 2019-BNK16: DBRS Cuts Rating on 4 Tranches to CCC(sf)
BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs

BANK 2020-BNK26: DBRS Confirms B(high) Rating on Class G Certs
BANK 2022-BNK39: DBRS Confirms BB Rating on Class X-G Certs
BARINGS CLO 2020-IV: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes
BARINGS LOAN 4: Fitch Assigns 'B-sf' Rating on Class F Notes
BATTALION CLO XXIII: S&P Assigns BB-(sf) Rating on Class E-R Notes

BDS 2022-FL11: DBRS Confirms B(low) Rating on Class G Notes
BDS 2024-FL13: Fitch Assigns 'B-(EXP)sf' Rating on Class G Notes
BENCHMARK 2018-B4: DBRS Confirms B(high) Rating on G-RR Certs
BENCHMARK 2018-B5: DBRS Cuts Class F-RR Certs Rating to 'B'
BENCHMARK 2018-B6: DBRS Cuts Class F-RR Certs Rating to BB

BENCHMARK 2019-B12: DBRS Cuts Rating on Class G-RR Certs to 'C'
BENCHMARK 2022-B35: DBRS Confirms BB Rating on Class X-G Certs
BHMS 2018-ATLS: DBRS Confirms BB Rating on Class E Certs
BIRCH GROVE 2: Fitch Assigns 'BBsf' Rating on Class E-R Notes
BIRCH GROVE 2: Moody's Assigns B3 Rating to $250,000 Cl. F-R Notes

BLUEBERRY PARK: S&P Assigns BB- (sf) Rating on Class E Notes
BMO 2024-5C6: Fitch Assigns 'B-(EXP)sf' Rating on Class G-RR Certs
BOCA COMMERCIAL 2024-BOCA: DBRS Finalizes BB Rating on HRR Certs
BSPRT 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes
BX 2021-PAC: DBRS Confirms B(low) Rating on Class G Certs

BX TRUST 2021-BXMF: DBRS Confirms B(low) Rating on Class F Certs
CARLYLE US 2017-3: Fitch Assigns 'B-sf' Rating on Class F-R2 Notes
CARLYLE US 2018-4: Fitch Assigns 'BB-sf' Rating on 2 Tranches
CARLYLE US 2024-5: Fitch Assigns 'BB-(EXP)sf' Rating on Cl. E Notes
CD MORTGAGE 2016-CD1: Fitch Lowers Rating on Two Tranches to BB-sf

CFMT 2024-HB15: DBRS Gives Prov. B Rating on Class M7 Notes
CHASE HOME 2024-DRT1: DBRS Finalizes B(low) Rating on B-5 Notes
CITIGROUP COMMERCIAL 2016-C3: DBRS Confirms BB Rating on E Certs
CITIGROUP COMMERCIAL 2019-GC41: DBRS Cuts X-F Certs Rating to BB
CITIGROUP COMMERCIAL 2020-GC46: DBRS Cuts G-RR Rating to B(low)

COLT 2024-5: Fitch Gives 'B(EXP)sf' Rating on Class B2 Certificates
COMM 2012-CCRE4: Moody's Lowers Rating on 2 Tranches to Csf
COMM 2015-CCRE23: DBRS Cuts Class D Certs Rating to BB
COMMERCIAL MORTGAGE 2001-CMLB1: Moody's Cuts Cl. X Certs to C
DBJPM 2017-C6: Fitch Lowers Rating on Class E-RR Certs to Bsf

DRYDEN 104 CLO: S&P Assigns BB- (sf) Rating on Class E-R Notes
ELEVATION CLO 2020-11: S&P Assigns Prelim 'BB-' Rating on E-R Notes
ELMWOOD CLO 32: S&P Assigns BB- (sf) Rating on Class E Notes
ELMWOOD CLO 33: S&P Assigns BB- (sf) Rating on Class E-R Notes
ELMWOOD CLO V: S&P Assigns Prelim BB- (sf) Rating on E-RR Notes

EMERGENT BIOSOLUTIONS: S&P Raises ICR to 'B-' on Debt Refinancing
FAIRSTONE FINANCIAL 2020-1: Moody's Ups Rating on D Notes From Ba1
FANNIE MAE 2024-R06:S&P Assigns Prelim 'BB-' Rating on 1B-1X Notes
FORTRESS CREDIT VI: S&P Assigns BB-(sf) Rating on Class E-R2 Notes
FORTRESS CREDIT VI: S&P Assigns Prelim 'BB-' Rating on E-R2 Notes

FS RIALTO 2021-FL3: DBRS Confirms B(low) Rating on Class G Certs
GALLATIN VIII 2017-1: Moody's Cuts $10.5MM F-R Notes Rating to Caa2
GOAL STRUCTURED 2015-1: Fitch Affirms 'BBsf' Rating on Cl. B Notes
GPMT 2021-FL4: DBRS Cuts Rating on Class G Certs to 'CCC'
GS MORTGAGE 2024-PJ8: Fitch Gives B(EXP)sf Rating on Cl. B-5 Certs

GSF 2023-1: Fitch Affirms 'BB-(EXP)sf' Rating on Class E Debt
HILTON USA 2016-SFP: DBRS Cuts Rating on 2 Tranches to 'C'
HOMEWARD OPPORTUNITIES 2024-RRTL2: DBRS Gives B(low) on M2 Notes
JP MORGAN 2013-LC11: S&P Lowers Cl. X-B Certs Rating to 'D(sf)'
JP MORGAN 2021-NYAH: DBRS Confirms B(low) Rating on Class H Certs

JP MORGAN 2024-8: DBRS Gives Prov. B(low) Rating on B-5 Certs
KRR CLO 56: Fitch Assigns 'BB+sf' Rating on Class E Notes
MAGNETITE XXXIII: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
MANUFACTURED HOUSING 2000-3: S&P Affirms CC(sf) Rating on IA Certs
MEACHAM PARK: S&P Assigns BB- (sf) Rating on Class E Notes

MF1 2021-FL5: DBRS Confirms B(low) Rating on Class G Notes
MFA TRUST 2024-NQM2: Fitch Gives 'B(EXP)' Rating on Cl. B2 Certs
MSC MORTGAGE 2012-C4: DBRS Cuts Class D Certs Rating to CCC
NASSAU LTD 2022-I: Fitch Affirms 'BB+sf' Rating on Class E Notes
NATIXIS COMMERCIAL 2018-OSS: S&P Lowers Cl. D Certs Rating to 'B'

NEUBERGER BERMAN 57: Fitch Assigns BB-(EXP)sf Rating on Cl. E Notes
NEW MOUNTAIN IV: DBRS Gives Prov. BB(low) Rating on Class C Notes
NEW RESIDENTIAL 2024-NQM2: Fitch Gives B-(EXP) Rating on B-2 Notes
NORTHSTAR GUARANTEE 2007-1: Fitch Lowers Rating on B Notes to Bsf
OAKTREE CLO 2024-27: S&P Assigns BB- (sf) Rating on Class E Notes

OBX TRUST 2023-J2: Moody's Upgrades Rating on Cl. B-5 Certs to Ba3
OBX TRUST 2024-J1: Moody's Assigns (P)B1 Rating to Cl. B-5 Certs
OCEAN TRAILS XII: Moody's Assigns Ba3 Rating to $12.96MM E-R Notes
OCTAGON INVESTMENT 20-R: Fitch Assigns 'BB-' Rating on E-RR Notes
OCTAGON INVESTMENTS 38: Fitch Assigns BB-sf Rating on Cl. D-R Notes

OHA CREDIT XIII: S&P Assigns BB- (sf) Rating on Class E-R2 Notes
PEOPLE'S CHOICE 2005-2: Moody's Cuts Cl. M-4 Certs Rating to Caa2
POST CLO 2018-1: S&P Assigns Prelim B- (sf) Rating on F-R Notes
PREFERRED TERM XVII: Moody's Ups Rating on $65.6MM C Notes to Caa1
PRET 2024-RPL2: DBRS Finalizes B(high) Rating on Class B-2 Notes

RCKT MORTGAGE 2024-INV2: Moody's Assigns (P)B3 Rating to B-5 Certs
REALT 2019-1: DBRS Cuts Class G Certs Rating to C
REGATTA XVI: S&P Assigns BB- (sf) Rating on Class E-R Notes
REGATTA XXIX: Fitch Assigns 'BB-sf' Rating on Class E Notes
SAIF 2024-CES1: DBRS Gives Prov. B Rating on Class B-2 Notes

STEELE CREEK 2016-1: Moody's Cuts Rating on $13.5MM E-R Notes to B1
STWD 2021-HTS: S&P Affirms B- (sf) Rating on Class F Certs
SYMPHONY CLO 45: Fitch Assigns 'BB-sf' Rating on Class E Notes
TGIF FUNDING 2017-1:S&P Places 'B-' Rating on A notes on Watch Neg
THOR LLC 2024-A: Fitch Assigns 'BB-(EXP)' Rating on Class C Notes

TOWD POINT 2024-CES4: Fitch Assigns 'B-(EXP)sf' Rating on B2 Notes
TRESTLES CLO VII: Fitch Assigns 'B-sf' Rating on Class F Notes
TRINITAS CLO XXX: S&P Assigns Prelim BB- (sf) Rating on E Notes
VENTURE CLO 50: Moody's Assigns Ba3 Rating to $16MM Class E Notes
VERUS SECURITIZATION 2024-7: S&P Assigns Prelim B (sf) on B-2 Notes

VIBRANT CLO VII: Moody's Cuts Rating on $24MM Class D Notes to B1
VOYA CLO 2018-4: Fitch Assigns 'BB-sf' Rating on Class E-RR Notes
WELLS FARGO 2015-NXS3: DBRS Confirms BB Rating on X-E Certs
[*] DBRS Reviews 227 Classes in 25 US RMBS Transactions
[*] DBRS Reviews 238 Classes From 9 US RMBS Transactions

[*] DBRS Reviews 425 Classes From 38 US RMBS Transactions
[*] DBRS Reviews 67 Classes From 13 US RMBS Transactions
[*] Moody's Takes Actions on 6 Bonds From 2 RMBS Deals Issued 2005
[*] Moody's Ups Rating on 11 Bonds from 8 US RMBS Issued 2005-2007
[*] S&P Takes Various Actions on 57 Classes From 13 US RMBS Deals


                            *********

5 BRYANT PARK 2018-5BP: S&P Affirms CCC(sf) Rating on Cl. F Certs
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on three classes of
commercial mortgage pass-through certificates from 5 Bryant Park
2018-5BP Mortgage Trust, a U.S. CMBS transaction. At the same time,
S&P affirmed its ratings on three classes from the transaction.

This is a U.S. standalone (single-borrower) CMBS transaction that
is backed by a floating-rate interest-only (IO) mortgage loan
secured by the borrower's fee-simple interest in 5 Bryant Park, a
1958-built, 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. The property occupies an entire city block along Sixth
Avenue, with unobstructed views of Bryant Park, and is about three
blocks from Grand Central Station. It has outdoor terrace space on
the upper floors and offers flexible floor plates.

Rating Actions

The downgrades on classes A, B, and C and the affirmations on
classes D, E, and F primarily reflect that:

-- Occupancy, which was 81.1% as of the March 31, 2024, rent roll,
is unchanged from S&P's last review, in December 2023. The property
has concentrated tenant rollover totaling 44.5% of the net rentable
area (NRA) or 55.1% of S&P Global Ratings' in-place gross rent
between 2027 and 2029.

-- The property's office submarket continues to experience
elevated vacancy and availability rates. S&P believes that the
sponsor would need to continue to offer substantial tenant
improvement (TI) costs and rent concessions to attract and retain
tenants at the property. Given these factors, S&P assessed that the
property's performance would likely not return to historical levels
in the near term.

-- S&P said, "Our expected-case valuation, while 6.2% higher than
the value at our last review due to our inclusion of the
not-yet-finalized Industrial and Commercial Abatement Program
(ICAP) benefit, is still 8.9% lower than the value we derived at
issuance. To arrive at this value, we assumed an in-place vacancy
rate on par with the current office submarket fundamentals, higher
TI costs, and a higher capitalization rate, as well as including
the present value of the tax savings between our assumed abated
real estate taxes and current in-place unabated real estate taxes
through 2032 for the property."

-- S&P said, "We have concerns with the borrower's ability to make
timely debt service payments and refinance the loan at its June
2025 fully extended maturity date. The servicer reported a debt
service coverage (DSC) of 0.70x for the trailing 12 months (TTM)
ending March 31, 2024. Even after we included the ICAP benefit in
our current property-level analysis, the S&P Global Ratings' DSC
was 0.91x."

S&P said, "Specifically, the affirmation on class F at 'CCC (sf)'
reflects our view that the class remains at heightened risk of
default and losses and is susceptible to liquidity interruption,
based on our analysis, the current market conditions, and its
position in the payment waterfall.

"We will continue to monitor the tenancy and performance of the
property and the loan as well as the borrower's ability to
refinance the loan by its fully extended maturity date in June
2025. If we receive information that differs materially from our
expectations, such as the City of New York (NYC) not finalizing the
10-year property tax abatement under the ICAP as expected or the
actual abated amounts being lower than our assumed abated amounts,
we may revisit our analysis and take additional rating actions as
we determine necessary."

Property-Level Analysis Updates

S&P said, "In our December 2023 review, we noted that the
property's occupancy remained in the low 80% range since 2021. At
that time, based on CoStar's submarket vacancy and availability
rates, we assumed a 20.0% vacancy rate, an $84.30 per sq. ft. S&P
Global Ratings gross rent, a 40.5% operating expense ratio, and
higher TI costs to arrive at an S&P Global Ratings long-term
sustainable NCF of $23.8 million. Using a 6.25% S&P Global Ratings
capitalization rate, we derived an S&P Global Ratings expected-case
value of $381.6 million, or $559 per sq. ft."

As of the March 31, 2024, rent roll, the property was 81.1%
occupied, which is generally in line with our December 2023 review
and CoStar's current office submarket vacancy (18.6%) and
availability (17.9%) rates as of year-to-date September 2024.
CoStar projects vacancy to remain stagnant at 18.3% and asking rent
to increase marginally to $90.19 per sq. ft. in 2028 (currently, at
$88.86 per sq. ft.).

The servicer reported an NCF of $22.3 million in 2023 and $22.4
million as of the TTM ending March 31, 2024. Per the master
servicer, KeyBank Real Estate Capital, the sponsor has applied for
the 10-year property tax abatement under the ICAP in May 2023, and
it anticipates that NYC will process and finalize the abatement in
the coming weeks or months. The sponsor indicated that there is no
tax abatement schedule and the abated amount will appear as a
credit on the tax bill. The sponsor further stated that it expects
to receive a tax refund for 2023 of roughly $7.0 million (versus
the servicer-reported $12.4 million) and that it expects to pay
only about 10.0% of the real estate taxes due for 2024. According
to the NYC Department of Finance website, the real estate tax
amount due (without consideration of the abatement) is $12.7
million for 2024 and $13.0 million for 2025.

S&P said, "In our current analysis, assuming a 19.0% vacancy rate,
an $88.32 per sq. ft. S&P Global Ratings in-place gross rent, a
45.4% operating expense ratio, and higher TI costs, we arrived at
an NCF of $22.9 million, 4.0% below the NCF of $23.8 million from
our last review and 17.1% lower than our NCF of $27.6 million at
issuance. We utilized an S&P Global Ratings capitalization rate of
6.50%, which is 25 basis points higher than in our last review,
reflecting our view of the leasing and tax abatement uncertainties,
and higher risk premium due to concentrated tenant rollover shortly
after the loan's maturity in June 2025. We added $52.8 million for
the present value of the tax savings on our assumed abated tax
payments through 2032 (with 2023 being year 1), compared with the
actual unabated real estate taxes reported in 2023 ($12.4 million).
Using these assumptions, we derived an S&P Global Ratings
expected-case value of $405.1 million, or $593 per sq. ft., which
is 6.2% higher than in our last review, 8.9% below our issuance
value of $444.8 million, and 36.7% below the issuance appraised
value of $640.0 million. This yielded an S&P Global Ratings
loan-to-value ratio of 114.3%."

  Table 1

  Servicer-reported collateral performance

                    TRAILING 12
                   MONTHS ENDING
                  MARCH 31, 2024(I)  2023(I)   2022(I)   2021(I)

  Occupancy rate (%)        81.1     81.3      83.5      80.1

  Net cash flow (mil. $)    22.4     22.3      17.0      24.7

  Debt service coverage (x) 0.70     0.73      1.21      3.44

  Appraisal value (mil. $) 640.0    640.0     640.0     640.0

(i)Reporting period.


  Table 2

  S&P Global Ratings' key assumptions
                         CURRENT     LAST REVIEW    AT ISSUANCE
                       (SEP 2024)(I) (DEC 2023)(I) (JUNE 2018)(I)

  Occupancy rate (%)       81.0          80.0           92.0

  Net cash flow (mil. $)   22.9          23.8           27.6

  Capitalization rate (%)  6.50          6.25           6.25

  Add to value ($)(ii)     52.8(iii)     0.0            2.8(ii)

  Value (mil. $)          405.1         381.6          444.8

  Value per sq. ft. ($)     593          559            651

  Loan-to-value ratio (%)(ii) 114.3      121.3          104.1

(i)Review period.
(ii)Present value of the future rent steps for
investment-grade-rated tenants through lease maturity.
(iii)Present value of the tax savings on our assumed abated tax
payments through 2032 compared with the actual unabated real estate
taxes reported in 2023.

  Ratings Lowered

  5 Bryant Park 2018-5BP Mortgage Trust

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

  Ratings Affirmed

  5 Bryant Park 2018-5BP Mortgage Trust

  Class D: BB (sf)
  Class E: B (sf)
  Class F: CCC (sf)



ACCELERATED 2024-1: Fitch Assigns BB-(EXP)sf Rating on Cl. D Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to notes to be issued
by Accelerated 2024-1 LLC (AALLC 2024-1).

   Entity/Debt       Rating           
   -----------       ------           
Accelerated
2024-1 LLC

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

Transaction Summary

The notes are backed by a pool of fixed-rate timeshare loans
originated by Wyndham Vacation Resorts, Inc. (WVRI) and DBLV-ACM,
LLC (DBLV). WVRI is a wholly owned operating subsidiary of Travel +
Leisure Co. (T+L). DBLV is a Delaware limited liability company,
formed on Oct. 19, 2022. DBLV entered into an agreement with WVRI
to engage WVRI to act as the marketing and sales agent of their
vacation ownership interest. Wyndham Consumer Finance, Inc. (WCF)
is the servicer for this transaction.

The loans were originated in accordance with T+L's underwriting
guidelines and sold to TNL3-ACM, LLC, founded by the managing
member of Accelerated Assets, LLC (Accelerated) on a
servicing-retained basis.

KEY RATING DRIVERS

Borrower Risk — Weaker Credit Quality: The AALLC 2024-1
transaction is backed by 100% of WVRI loans. This compares to 67.6%
in Sierra 2024-2, with the remainder comprised of Wyndham Resort
Development Corporation (WRDC) loans. Fitch has determined that
WRDC's receivables perform better than WVRI's on a like-for-like
FICO basis. The weighted-average (WA) original FICO score of the
pool is 734, down from 737 in Sierra Timeshare 2024-2 Receivables
Funding LLC (Sierra 2024-2). The upgraded loans represent 59.5% of
the pool, down from 61.9% in Sierra 2024-2 and also lower than the
recent prior Sierra transactions. The collateral pool has nine
months of seasoning, in line with Sierra 2024-2.

Forward-Looking Approach on Rating Case CGD Proxy — Higher CGD
Proxy: Similar to other timeshare platforms, WVRI's delinquency and
default performance exhibited notable increases in the 2007-2008
vintages before stabilizing in 2009 and thereafter. However, more
recent vintages, from 2014 through 2019, have begun to show
increasing gross defaults, surpassing levels experienced in 2008.
This is partially driven by increased paid product exits (PPEs).

The 2020-2023 transactions generally demonstrate improving default
trends relative to prior transactions. Fitch's rating case
cumulative gross default (CGD) proxy for the pool is 25.50%, up
from 22.0% in Sierra 2024-2, primarily driven by the absence of
WRDC loans in the AALLC 2024-1 pool. Given the current economic
environment, default vintages reflecting a recessionary period were
utilized along with more recent vintage performance, specifically
of the 2007-2009 and 2016-2019 vintages, consistent with Sierra
2024-2.

Structural Analysis — Sufficient CE: The initial hard credit
enhancement (CE) for classes A, B, C and D notes is 76.40%, 52.20%,
27.80% and 10.50%, respectively. CE is higher for all classes
relative to Sierra 2024-2, mainly due to higher initial
overcollateralization (OC) compared with the Sierra transaction.
Hard CE comprises OC, a reserve account and subordination. Soft CE
is also provided by excess spread and is expected to be 8.58% per
annum. Loss coverage for all notes is able to support rating case
CGD multiples of 3.00x, 2.25x, 1.50x and 1.17x for 'AAAsf', 'Asf',
'BBBsf' and 'BB-sf', respectively.

Originator/Seller/Servicer Operational Review — Quality of
Origination/Servicing: T+L has demonstrated sufficient capabilities
as an originator and servicer of timeshare loans. This is shown by
the historical delinquency and loss performance of securitized
trusts and the managed portfolio.

RATING SENSITIVITIES

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

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

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

The CGD and prepayment sensitivities include 1.5x and 2.0x
increases to the prepayment assumptions, representing moderate and
severe stresses, respectively. These analyses are intended to
provide an indication of the rating sensitivity of the notes to
unexpected deterioration of a trust's performance.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If the CGD is 20% less than the projected
rating case CGD proxy, the expected ratings would be maintained for
class A notes at a stronger rating multiple. For class B, C and D
notes, the multiples would increase, resulting in potential
upgrades of approximately one rating category for each of the
subordinate classes.

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

Fitch was provided with third-party due diligence information from
Deloitte & Touche LLP. The third-party due diligence focused on a
comparison and re-computation of certain characteristics with
respect to 125 sample loans. Fitch considered this information in
its analysis, and the findings did not have an impact on the
agency'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.


ALESCO PREFERRED XIV: Moody's Ups Rating on $103MM B Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by ALESCO Preferred Funding XIV, Ltd.:

US$430,000,000 Class A-1 First Priority Senior Secured Floating
Rate Notes due 2037 (current balance of $144,011,516.82), Upgraded
to Aaa (sf); previously on March 5, 2020 Upgraded to Aa1 (sf)

US$80,500,000 Class A-2 Second Priority Senior Secured Floating
Rate Notes due 2037, Upgraded to Aa2 (sf); previously on May 22,
2018 Upgraded to A1 (sf)

US$103,000,000 Class B Deferrable Third Priority Secured Floating
Rate Notes due 2037, Upgraded to Ba2 (sf); previously on May 22,
2018 Upgraded to Ba3 (sf)

ALESCO Preferred Funding XIV, Ltd., issued in December 2006, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of bank and insurance trust preferred securities (TruPS).

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes and an increase in the transaction's
over-collateralization (OC) ratios since September 2023.

The Class A-1 notes have paid down by approximately 13.5% or $22.5
million since September 2023, using principal proceeds from the
redemption of the underlying assets. Based on Moody's calculations,
the OC ratios for the Class A-1, Class A-2 and Class B notes have
improved to 256.64%, 164.62% and 112.5%, respectively, from
September 2023 levels of 209.43%, 143.46%, and 102.25%,
respectively.

The key model inputs Moody's used in Moody's analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on Moody's 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 (after treating deferring securities as
performing if they meet certain criteria): $369,595,100

Defaulted/deferring par: 71,400,000

Weighted average default probability: 9.04% (implying a WARF of
974)

Weighted average recovery rate upon default of 10%

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. The
additional scenarios include, among others, deteriorating credit
quality of the portfolio.

No actions were taken on the Class C-1, Class C-2, and Class C-3
notes because their expected losses remain commensurate with their
current ratings, after taking into account the CDO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 2024.            

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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional estimation uncertainty.


ANGEL OAK 2024-8: Fitch Assigns 'Bsf' Final Rating on Cl. B-2 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Angel Oak Mortgage
Trust 2024-8 (AOMT 2024-8).

   Entity/Debt      Rating              Prior
   -----------      ------              -----
AOMT 2024-8

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

Transaction Summary

Fitch has rated the RMBS issued by Angel Oak Mortgage Trust 2024-8,
series 2024-8 (AOMT 2024-8), as indicated above. The certificates
are supported by 949 loans with a balance of $413.41 million as of
the cutoff date. This represents the 41st Fitch-rated AOMT
transaction and the eighth Fitch-rated AOMT transaction in 2024.

The certificates are secured by mortgage loans mainly originated
(60.2%) by Angel Oak Mortgage Solutions LLC (AOMS) and Angel Oak
Home Loans LLC (AOHL). The remaining 39.8% of the loans were
originated by various third-party originators. Fitch considers AOMS
and AOHL to be average originators. The servicer of the loans is
Select Portfolio Servicing, Inc. (Fitch rating: RPS1-/Negative).

Of the loans, 52.0% are designated as nonqualified mortgage
(non-QM) loans and 48.0% are exempted mortgage loans that were not
subject to the Ability-to-Repay (ATR) Rule.

There are nine adjustable-rate mortgage loans in the pool, none of
which reference Libor. The certificates do not have Libor exposure.
Class A-1, A-2 and A-3 certificates are fixed rate, are capped at
the net weighted average coupon (WAC) and have a step-up feature.
Class M-1 certificate is based on the lower of a fixed rate and the
net WAC rate for the related distribution date and class B-1, B-2
and B-3 certificates are based on the net WAC rate for the related
distribution date.

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 10.4% above a long-term sustainable level (vs.
11.5% on a national level as of 1Q24, up 0.4% since last quarter.
Housing affordability is the worst it has been in decades driven by
both high interest rates and elevated home prices. Home prices have
increased 5.9% YoY nationally as of May 2024 despite modest
regional declines, but are still being supported by limited
inventory.

Non-QM Credit Quality (Mixed): The collateral consists of 949 loans
totaling $413.41 million and seasoned at about 14 months in
aggregate, according to Fitch, and 12 months, per the transaction
documents. The borrowers have a relatively strong credit profile,
with a 747 nonzero FICO and a 45.5% debt-to-income ratio (DTI), as
determined by Fitch. They have relatively moderate leverage, with
an original combined loan-to-value (CLTV) ratio of 71.0%, as
determined by Fitch, which translates to a Fitch-calculated
sustainable LTV (sLTV) of 76.5%.

Its analysis of the pool shows that 50.6% represents loans in which
the borrower maintains a primary or secondary residence, while the
remaining 49.4% comprises investor properties. Its analysis
considers the 22 loans to foreign nationals to be investor
occupied, which explains the discrepancy between the
Fitch-determined figures and those in the transaction documents for
investor and owner occupancy. Fitch determined that 14.9% of the
loans were originated via a retail channel.

Additionally, 52.0% of the pool is designated as non-QM, while the
remaining 48.0% is exempt from QM status, as this comprises
investor loans. The pool contains 73 loans over $1.00 million, with
the largest amounting to $4.38 million. Loans on investor
properties represent 49.4% of the pool, as determined by Fitch,
including 11.3% underwritten to the borrower's credit profile and
38.0% investor cash flow or no ratio loans.

Furthermore, only 0.8% of the borrowers were viewed by Fitch as
having a prior credit event within the past seven years. 0.2% of
the loans have a junior lien in addition to the first lien
mortgage. There are no second lien loans in the pool, as 100% of
the pool consists of first lien mortgages. In Fitch's analysis,
loans with deferred balances are considered to have subordinate
financing. None of the loans in this transaction have a deferred
balance; therefore, Fitch views 0.2% of the loans in the pool as
having subordinate financing due to the borrower taking out
additional financing on the home that ranks subordinate to the
mortgage in the pool. Fitch views the limited subordinate financing
as a positive aspect of the transaction.

Fitch determined that 22 loans in the pool are to foreign
nationals. Fitch only considers a loan to be made to a foreign
national if both the borrower and the co-borrower are foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, coded as no documentation for employment and income
documentation, and remove the liquid reserves. If a credit score is
not available, Fitch uses a credit score of 650 for such
borrowers.

Although the borrowers' credit quality is higher than that of AOMT
transactions securitized in 2023 and 2022, the pool's
characteristics resemble those of nonprime collateral; therefore,
the pool was analyzed using Fitch's nonprime model.

The largest concentration of loans is in California (28.5%),
followed by Florida (26.1%) and Texas (8.5%). The largest MSA is
Los Angeles (13.8%), followed by Miami (11.5%) and New York (7.8%).
The top three MSAs account for 33.1% of the pool. There was no
geographical concentration risk in the pool; as such, Fitch did not
apply a penalty and losses were not impacted.

Loan Documentation (Negative): Fitch determined that 95.0% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan based on its review of the loan program and
the documentation details provided in the loan tape, which may
explain any discrepancy between Fitch's percentage and figures in
the transaction documents.

Of the loans underwritten to borrowers with less than full
documentation, Fitch determined that 52.7% were underwritten to a
12-month or 24-month business or personal bank statement program
for verifying income, which is not consistent with the previously
applicable Appendix Q standards and Fitch's view of a full
documentation program.

To reflect the added risk, Fitch increases the probability of
default (PD) by 1.5x on bank statement loans. In addition to loans
underwritten to a bank statement program, 37.9% constitute a debt
service coverage ratio (DSCR) product and 0.8% are an asset
qualifier product.

One loan in the pool (0.2%) is a no-ratio DSCR loan. For no-ratio
loans, employment and income are considered to be "no
documentation" in Fitch's analysis, and Fitch assumes a DTI of
100%. This is in addition to the loan being treated as investor
occupied.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent (DQ) principal and interest (P&I).
The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside is the additional stress on the
structure, as liquidity is limited in the event of large and
extended DQs.

Modified Sequential-Payment Structure (Neutral): The structure
distributes collected principal pro rata among the class A
certificates while excluding the mezzanine and subordinate
certificates from principal until all three A classes are reduced
to zero. To the extent that either a cumulative loss trigger event
or a DQ trigger event occurs in a given period, principal will be
distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero. There is limited excess spread in
the transaction available to reimburse for losses or interest
shortfalls should they occur.

However, excess spread will be reduced on and after the
distribution date in September 2028, since the class A certificates
have a step-up coupon feature, whereby the coupon rate will be the
lower of (i) the applicable fixed rate plus 1.000% and (ii) the net
WAC rate.

Additionally, on any distribution date occurring on or after the
distribution date in September 2028 on which the aggregate unpaid
cap carryover amount for the class A certificates is greater than
zero, payments to the cap carryover reserve account will be
prioritized over the payment of interest and unpaid interest
payable to class B-3 certificates in both the interest and
principal waterfalls.

This feature is supportive of the class A-1 certificate being paid
timely interest at the step-up coupon rate under Fitch's stresses
and classes A-2 and A-3 being paid ultimate interest at the step-up
coupon rate under Fitch's stresses. Fitch rates to timely interest
for 'AAAsf' rated classes and to ultimate interest for all other
rated classes.

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%, 20% and 30% in addition to the
model-projected 41.8% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analyses 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 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 Canopy, Clarifii, Clayton, Consolidated Analytics,
Covius, Evolve, Infinity, Inglet Blair, Recovco, Maxwell, and
Selene. The third-party due diligence described in Form 15E focused
on three areas: compliance review, credit review and valuation
review. Fitch considered this information in its analysis and, as a
result, did not make any negative adjustments to its analysis due
to no material due diligence findings. Based on the results of the
100% due diligence performed on the pool with no material findings,
the overall expected loss was reduced by 0.48%.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged Canopy, Clarifii, Clayton, Consolidated Analytics, Covius,
Evolve, Infinity, Inglet Blair, Recovco, Maxwell, and Selene to
perform the review. Loans reviewed under these engagements were
given compliance, credit and valuation grades and assigned initial
grades for each subcategory.

An exception and waiver report was provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than the guideline
requirement. Therefore, no adjustments were needed to compensate
for these occurrences.

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

The ASF data tape layout was established with input from various
industry participants, including rating agencies, issuers,
originators, investors and others, to produce an industry standard
for the pool-level data to support the U.S. RMBS securitization
market. The data contained in the data tape layout were populated
by the due diligence company and no material discrepancies were
noted.

ESG Considerations

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.


APIDOS CLO XLIX: Moody's Assigns B3 Rating to $500,000 Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned ratings to two classes of notes issued
by Apidos CLO XLIX (the Issuer or Apidos CLO XLIX):  

US$307,500,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

US$500,000 Class F Mezzanine Deferrable Floating Rate Notes due
2037, Definitive Rating Assigned B3 (sf)

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

RATINGS RATIONALE

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

Apidos CLO XLIX is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 96% of the portfolio must consist of
first lien senior secured loans and up to 4% of the portfolio may
consist of second lien loans, unsecured loans, first lien last out
loans and permitted non-loan assets. The portfolio is approximately
50% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued six other classes
of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2024.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2995

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8.12 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

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.


ASCENT CAREER 2024-1: DBRS Finalizes BB(low) Rating on C Notes
--------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the classes
of notes (the Notes) issued by Ascent Career Funding Trust 2024-1
(Ascent 2024-1) as follows:

-- $40,509,000 Fixed Rate Class A Notes at A (low) (sf)
-- $7,448,000 Fixed Rate Class B Notes at BBB (low) (sf)
-- $7,120,000 Fixed Rate Class C Notes at BB (low) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

The transaction's capital structure and the form and sufficiency of
available credit enhancement.

-- Overcollateralization (OC), subordination, the Reserve Account,
and excess spread create credit enhancement levels that are
commensurate with the proposed credit ratings.

-- OC for each class of Notes will build to its respective target
amount (Specified Overcollateralization Amount). Funds may not be
released from the trust until the respective OC targets are
reached.

-- Transaction cash flows are sufficient to repay investors under
all credit rating stress scenarios in accordance with the terms of
the Ascent 2024-1 transaction documents.

The quality and credit characteristics of the consumer loan
borrowers.

Structural features of the transaction that require the Notes to
enter into full turbo principal amortization, if credit enhancement
deteriorates.

The experience, origination, and underwriting capabilities of
Ascent Funding, LLC (Ascent) and its bank partners.

-- Morningstar DBRS has performed a satisfactory assessment of
Ascent and its bank partners, DR Bank and Richland State Bank.

The ability of the Servicer and the Master Servicer to perform
collections on the collateral pool and other required activities.

-- Morningstar DBRS has performed an operational assessment of
Launch Servicing, LLC and considers the entity to be an acceptable
servicer.

The legal structure and presence of legal opinions that address the
true sale of the consumer loans, the nonconsolidation of the trust,
that the trust has a valid first-priority security interest in the
assets, and the consistency with the Morningstar DBRS "Legal
Criteria for U.S. Structured Finance."

The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary, "Baseline Macroeconomic Scenarios for Rated
Sovereigns June 2024 Update," published on June 28, 2024. These
baseline macroeconomic scenarios replace Morningstar DBRS' moderate
and adverse coronavirus pandemic scenarios, which were first
published in April 2020.

Morningstar DBRS' 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 classes
of notes are the related Noteholders' Interest Distribution Amount,
which includes unpaid interest on principal from prior distribution
dates but excludes any interest on such interest, and the related
Principal Amount.

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


ATTENTUS CDO I: Moody's Ups Rating on $65MM Class B Notes to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Attentus CDO I, Ltd.:

US$280,000,000 Class A-1 First Priority Senior Secured Floating
Rate Notes due 2036 (current outstanding balance of $5,694,971)
(the "Class A-1 Notes"), Upgraded to Aaa (sf); previously on March
24, 2021 Upgraded to Aa2 (sf)

US$20,000,000 Class A-2 Second Priority Senior Secured Floating
Rate Notes due 2036 (the "Class A-2 Notes"), Upgraded to Aaa (sf);
previously on March 24, 2021 Upgraded to Baa1 (sf)

US$65,000,000 Class B Third Priority Senior Secured Floating Rate
Notes due 2036 (the "Class B Notes"), Upgraded to Ba3 (sf);
previously on March 24, 2021 Upgraded to B2 (sf)

Attentus CDO I, Ltd., issued in May 2006, is a collateralized debt
obligation (CDO) backed primarily by a portfolio of REIT and bank
trust preferred securities (TruPS), as well as other REIT,
corporate and insurance securities.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, and the resulting increase in the
transaction's over-collateralization (OC) ratios since one year
ago.

The Class A-1 notes have paid down by approximately 86.9% or $37.9
million since August 2023, using principal proceeds from the
redemption of the underlying assets. Based on Moody's calculations,
the OC ratios for the Class A-1, Class A-2, and B notes have
improved to 2058.6%, 456.3% and 129.3%, respectively as of August
2024, from August 2023 levels of 355.9%, 243.9% and 120.6%,
respectively.  The Class A-1 notes will continue to benefit from
the use of proceeds from redemptions of any assets in the
collateral pool.

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

Performing par: $117.2 million

Defaulted/deferring par: $34.5 million

Weighted average default probability: 18.3% (implying a WARF of
1897)

Weighted average recovery rate upon default of 12.5%

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. The
additional scenarios include, among others, deteriorating credit
quality of the portfolio.

No action was taken on the Class C-1 notes because its expected
loss remains commensurate with its current rating, after taking
into account the CDO's latest portfolio information, its relevant
structural features and its actual over-collateralization and
interest coverage levels.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 2024.            

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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional estimation uncertainty.


BAMLL REREMIC 2024-FRR4: DBRS Finalizes B(low) Rating on E Certs
----------------------------------------------------------------
DBRS, Inc. finalized provisional credit ratings on the following
classes of Multifamily Mortgage Certificate-Backed Certificates,
Series 2024-FRR4 (the Certificates) to be issued by BAMLL Re-REMIC
Trust 2024-FRR4:

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

All trends are Stable.

This transaction is a re-securitization collateralized by the
beneficial interests in the Class D (principal-only) and Class X1
(interest-only) multifamily mortgage-backed pass-through
certificates from the Morningstar DBRS-rated underlying
transaction, FREMF 2016-K52 Mortgage Trust, Series 2016-K52 (see
https://dbrs.morningstar.com/issuers/24477). Morningstar DBRS'
credit ratings on this transaction depend on the underlying
transaction's performance. The Class D underlying certificate is
the most subordinate principal-only class in the underlying
transaction. The Class X1 certificate is paid at the top of the
waterfall in the underlying transaction. The Class X1 underlying
certificate has a notional balance equal to the aggregate
outstanding principal balance of the Class A-1 and Class A-2
certificates in the underlying transaction, and is subject to
fluctuations based on principal repayments in the pool.

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


BANK 2018-BNK14: DBRS Confirms BB Rating on Class F Certs
---------------------------------------------------------
Morningstar DBRS Confirms Credit Ratings on All Classes of BANK
2018-BNK14
August 20, 2024

DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2018-BNK14 issued by
BANK 2018-BNK14 as follows:

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

All trends are Stable.

The credit rating confirmations reflect the stable performance of
the transaction, which remains in line with Morningstar DBRS'
expectations. Overall, the pool continues to exhibit healthy credit
metrics, as evidenced by the weighted-average (WA) debt service
coverage ratio (DSCR) of 1.95 times (x), based on the most recent
financial reporting available. Although there is a high
concentration of loans secured by office properties, which
represent 23.1% of the current pool balance, the underlying
collateral for the majority of those loans has been demonstrating
stable to improving operating performance over the last few
reporting periods, with a WA debt yield and DSCR of 12.4% and
1.92x, respectively. The transaction also continues to benefit from
increased credit support to the bonds as a result of scheduled
amortization and loan repayments, further supporting the credit
rating confirmations with this review. In addition, five loans,
representing 24.3% of the pool balance are shadow-rated as
investment grade by Morningstar DBRS.

According to the July 2024 remittance, 60 of the original 62 loans
remain within the transaction with a trust balance of $1.2 billion,
reflecting a collateral reduction of 10.4% since issuance. Seven
loans, representing 8.4% of the pool balance, are on the servicer's
watchlist. Two loans, representing 4.3% of the pool balance, are in
special servicing and only one loan, representing 0.7% of the pool
balance, has fully defeased.

The largest specially serviced loan, DoubleTree Grand Naniloa Hotel
(Prospectus ID#12, 3.7% of the pool) is secured by a 388-key,
full-service hotel in Hilo, Hawaii. The loan transferred to special
servicing in June 2020 for imminent monetary default. A foreclosure
sale occurred in August 2023 with the lender emerging as the
winning bidder. The asset was subsequently declared real estate
owned in March 2024. According to the YE2023 financials, the
hotel-reported occupancy, average daily rate, and revenue per
available room (RevPAR) metrics of 72.8%, $191.9, and $139.7,
respectively. Although RevPAR improved from the lows reported
during the coronavirus pandemic, it has fallen below the YE2022
figure of $154.20 and has not yet rebounded to the pre-pandemic
issuance figure of $142.20. Likewise, reported net cash flow (NCF)
and the loan's DSCR have trended downward with the YE2023 figures
of $3.8 million and 1.10x, respectively, considerably lower than
the YE2022 figures of $6.5 million and 1.86x, respectively. The
most recent appraisal, dated April 2024, valued the property at
$58.0 million, a 9.4% decline from the June 2022 value of $64.0
million and a 42.0% decline from the issuance-appraised value of
$100.1 million. Morningstar DBRS liquidated the loan in the
analysis for this review, applying a haircut to the most recent
appraised value, which resulted in a loss severity approaching
20.0%.

The largest loan on the servicer's watchlist, Executive Towers West
(Prospectus ID#6, 4.6% of the pool), is secured by a three-building
office campus totaling 671,416 square feet (sf). The collateral,
constructed between 1983 and 1987 and later renovated between 2012
and 2017, is in Downers Grove, Illinois, approximately 22 miles
west of Chicago's central business district. The loan has been on
the servicer's watchlist because of a decline in occupancy since
the former largest tenant, State Farm (previously 15.1% of the net
rentable area (NRA)), exercised its lease termination option in
December 2021, resulting in the occupancy rate declining to 69.0%
from 86.0%. According to the March 2024 rent roll, the property was
66.2% occupied. The borrower has executed a number of recent lease
renewals with existing tenants, including Burns & McDonnell (23,682
sf), Tri City Foods, Inc. (7,814 sf), and Weir International, Inc.
(7,310 sf). Tenant roll-over risk remains elevated, however, with
leases totaling approximately 16.0% of NRA scheduled to expire
within the next 12 months, including the largest tenant at the
property, Zachry Engineering Corporation (11.5% of the NRA; lease
expiration in September 2024). Although the borrower noted that the
tenant has expressed its intention to renew, negotiations remain
ongoing, and terms have yet to be finalized. As of the July 2024
reporting, $2.0 million is currently held across all reserve
accounts.

According to the YE2023 financial reporting, the property generated
$5.1 million of NCF (a DSCR of 1.28x), relatively in line with the
prior year but considerably lower than the issuance figure of $6.5
million (a DSCR of 1.62x). Per Reis, office properties in the West
submarket reported a Q2 2024 vacancy rate of 26.3%, slightly above
the Q2 2023 figure of 21.8%. No updated appraisal has been provided
since issuance when the property was valued at $84.9 million;
however, given the sponsor's inability to backfill vacant space,
combined with soft submarket fundamentals and general challenges
for office properties in today's environment, Morningstar DBRS
expects that the collateral's as-is value has likely declined
significantly, elevating the credit risk to the trust. The loan's
expected loss is approximately 4.0x greater than the pool average.

At issuance, six loans, representing 26.1% of the pool balance,
were shadow-rated investment grade. With this review, Morningstar
DBRS confirms that the performance of five of those loans¿685
Fifth Avenue Retail (Prospectus ID#1, 8.1% of the pool), Aventura
Mall (Prospectus ID#2, 8.1% of the pool), Millennium Partners
Portfolio (Prospectus ID#9, 4.0% of the pool), 1745 Broadway
(Prospectus ID#10, 4.0% of the pool), and Pfizer Building
(Prospectus ID#19, 0.1% of the pool)¿remains consistent with
investment-grade characteristics. This assessment continues to be
supported by the loan's strong credit metrics, experienced
sponsorship, and the underlying collateral's historically stable
performance.

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


BANK 2019-BNK16: DBRS Cuts Rating on 4 Tranches to CCC(sf)
----------------------------------------------------------
DBRS, Inc. downgraded credit ratings on eight classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-BNK16 issued by
BANK 2019-BNK16 as follows:

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

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)

The trends on Classes D, E, F, X-D, and X-F are Negative. Classes
G, H, X-G, and X-H no longer carry a trend given the CCC (sf) or
lower credit rating. The trends on all remaining classes are
Stable.

The credit rating downgrades reflect Morningstar DBRS' increased
loss expectations for the pool, primarily attributed to Regions
Tower (Prospectus ID#7, 4.9% of the pool) and US Bank Centre
(Prospectus ID#8, 3.6% of the pool), both of which have transferred
to special servicing since the last credit rating action. As a
result of these transfers and Morningstar DBRS' expectations with
regards to value deterioration, Morningstar DBRS' loss projections
have increased, suggesting credit erosion for multiple bonds. This
is exacerbated by the thin tranching toward the bottom of the
capital stack, with minimal credit support provided by the junior
bonds, leaving the Class E and below certificates particularly
susceptible to increases in loss projections. The Negative trends
reflect the potential for further value decline for the loans in
special servicing, given declining performance trends and an
uncertain resolution strategy. In addition, the pool has a high
concentration of loans backed by office properties, with a number
of those loans exhibiting performance declines from issuance
coupled with significant upcoming rollover risk.

The credit rating confirmations on the remaining classes are
reflective of performance that, outside of the loans of concern,
remains in line with Morningstar DBRS' expectations. This is
evidenced by a pool weighted-average (WA) debt service coverage
ratio of 2.16 times (x) as of the YE2023 financials. As of the
August 2024 remittance, 68 of the original 69 loans remain in the
pool with an aggregate balance of $875.2 million, representing a
collateral reduction of 5.49% since issuance. There are 11 loans,
representing 15.3% of the pool balance, on the servicer's
watchlist. By property type, the pool is most concentrated by
office properties, representing 32.7% of the pool balance.
Morningstar DBRS has a cautious outlook on this asset type as
sustained upward pressure on vacancy rates in the broader office
market may challenge landlords' efforts to backfill vacant space,
and, in certain instances, contribute to value declines,
particularly for assets in noncore markets and/or with
disadvantages in location, building quality, or amenities offered.
Where applicable, Morningstar DBRS increased the probability of
default and/or loan-to-value ratios for loans exhibiting
performance concerns. The resulting WA expected loss for these
loans is more than 2x the pool weighted average.

Two loans representing 8.1% of the pool balance are specially
serviced. Morningstar DBRS' analysis for both of these loans
included liquidation scenarios. The largest loan in special
servicing is Regions Tower (Prospectus ID#7, 4.9% of the pool
balance), which is secured by a 687,237-square-foot (sf) Class A
office property in Indianapolis, originally built in 1969. The loan
transferred to the special servicer in August 2023 for imminent
monetary default and is also in maturity default having not repaid
ahead of its scheduled October 2023 maturity. A receiver was
appointed in March 2024 and the special servicer is pursuing
foreclosure.

No updated financials for the subject have been provided since June
2023. According to a June 2023 rent roll, the property was 77%
occupied, down from 85% at issuance. Net cash flow (NCF) has also
declined, although it continues to cover debt service, likely
contributing to the borrower's inability to refinance the loan.
Morningstar DBRS expects the weakened submarket fundamentals have
made retaining tenants and backfilling vacant space challenging.
According to Reis, Indianapolis' Central submarket is experiencing
high vacancy for office space, averaging 23.1% as of Q2 2024. Given
these metrics, the property's declining performance, maturity
default, and foreclosure proceedings, Morningstar DBRS' analysis
for this loan included a liquidations scenario, based on a haircut
to the issuance appraisal that resulted in an implied loss severity
exceeding 30%.

The second largest loan in special servicing is US Bank Centre
(Prospectus ID#8, 3.6% of the pool), secured by a 255,927-sf Class
A office building in Cleveland. The loan transferred to special
servicing in June 2024 for imminent monetary default, concurrent
with the departure of the property's largest tenant U.S. Bank.
According to the YE2023 operating statement the subject was 74.1%
occupied, down from 96% occupancy at issuance. In-place occupancy
is likely even lower, as according to the servicer, U.S. Bank
vacated the entirety of its space at its lease expiry in June 2024,
opting not to exercise its renewal option. With this departure,
Morningstar DBRS believes current occupancy has declined to
approximately 63.0%. It is expected that this will further strain
revenues. Prior to this announcement, the YE2023 reporting already
indicated NCF had declined since issuance. The high submarket
vacancy of 21.6%, according to Reis, indicates backfilling the
space may be challenging. Morningstar DBRS analyzed this loan with
a liquidation scenario given year-over-year performance declines,
property type, and weak submarket fundamentals. The resulting
projected loss severity is approaching 25%, based on a haircut to
the issuance appraised value. However, considering the large drop
in occupancy and uncertain workout strategy, Morningstar DBRS notes
there is a high likelihood that the property value deteriorates
further should the loan wallow in special servicing. This
expectation provides further support for the Negative trends.

At issuance, Morningstar DBRS shadow-rated Millenium Partners
Portfolio (Prospectus ID#3, 6.8% of the pool) and Willowbend
Apartments (Prospectus ID#11, 2.5% of the pool) as investment
grade. The Millenium Partners Portfolio is pari passu with several
other commercial mortgage-backed securities (CMBS) transactions
including three Morningstar DBRS rated transactions: Morgan Stanley
Capital I Trust 2018-MP, Morgan Stanley Capital I Trust 2018-L1,
and BANK 2018-BNK14. For this review, Morningstar DBRS confirmed
that the performance of these loans continues to be in line with
investment-grade loan characteristics.

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


BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs
-----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-BNK21
issued by BANK 2019-BNK21 as follows:

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

All trends are Stable.

The credit rating confirmations and Stable trends reflect the
overall stable performance of the transaction since Morningstar
DBRS' last surveillance review given the relatively low
concentration of loans on the servicer's watchlist and the lack of
specially serviced and delinquent loans as of the August 2024
remittance. Cash flows have remained in line with issuance
expectations as evidenced by the pool's weighted-average (WA) debt
service coverage ratio (DSCR) of 2.65 times (x). The pool remains
relatively unchanged since Morningstar DBRS' last review with 47 of
the original 49 loans remaining in the pool, with an aggregate
principal balance of $1.12 billion, representing a collateral
reduction of 5.1%, per the August 2024 remittance. Two loans,
representing 8.7% of the pool, are fully defeased and seven loans,
representing 15.3% of the pool, are currently being monitored on
the watchlist. Only two loans, representing 1.8% of the pool, are
being monitored for performance-related concerns.

The pool is concentrated by property type with office, retail, and
lodging properties representing 38.8%, 22.1%, and 14.0% of the
pool, respectively. In general, the office sector has been
challenged, given the low investor appetite for the property type
and high vacancy rates in many submarkets as a result of the shift
in workplace dynamics. Although the trust has significant exposure
to this property type, these loans are generally performing as
expected and, in several cases, benefit from stable long-term
tenancy from investment-grade-rated tenants. The majority of loans
secured by office properties in this transaction continue to
perform as expected, reporting a WA DSCR of 2.72x as of the YE2023
financial reporting.

The eight loans secured by office properties reported a WA
occupancy rate of 92.2% as of the March 2024 reporting. Three
office properties have reported occupancy declines from issuance
including the Tower at Burbank (Prospectus ID#5, 6.2% of the pool)
and Tysons Tower (Prospectus ID#7, 4.5% of the pool). The Tower at
Burbank loan is secured by a 32-story, 490,000-square-foot (sf)
office tower in Burbank, California. Following the departure of
WeWork (previously occupying 15.2% of net rentable area (NRA)) in
Q4 2022, occupancy declined to 77.2%. Occupancy remained stagnant
throughout 2023 and was most recently reported at 75.0% as of the
March 2024 rent roll. Despite the drop in occupancy, the loan
continues to perform in line with Morningstar DBRS' issuance
expectation. The loan reported a YE2023 DSCR of 2.40x and a Q1 2024
DSCR of 2.49x, as compared with the Morningstar DBRS DSCR of 2.37x.
However, given the drop in occupancy and lack of leasing activity,
Morningstar DBRS analyzed the loan using a stressed loan-to-value
ratio (LTV), resulting in an expected loss (EL) approximately
double the pool average.

The Tysons Tower loan, secured by a 528,730-sf suburban office
property in Mclean, Virginia, continues to report year-over-year
occupancy declines. Occupancy declined from 92.0% at YE2022 to
85.0% at YE2023 because the third-largest tenant, Splunk Inc. (5.9%
of NRA, lease expires May 2028) downsized its space at its lease
expiry in May 2023. Other large tenants include Intelsat (36.2% of
NRA, lease expires December 2030) and Deloitte (17.8% of the NRA,
lease expires August 2027). As of the March 2024 rent roll,
occupancy further declined to 79.0%. Furthermore, the Tysons
Corner/Vienna submarket continues to experience high vacancy rates
with Reis reporting a 24.2% vacancy rate as of Q2 2024. Despite the
downward trend in occupancy, the DSCR remains above the Morningstar
DBRS DSCR derived at issuance. The loan reported a YE2023 DSCR of
2.96x and a Q1 2024 DSCR of 2.71x, as compared with the Morningstar
DBRS DSCR of 2.48x. As a result of the continuing decline in
occupancy, Morningstar DBRS analyzed the loan using a stressed LTV,
resulting in an EL approximately 75.0% greater than the pool
average.

At issuance, Morningstar DBRS assigned investment-grade shadow
ratings to the following three loans: Park Tower at Transbay
(Prospectus ID#1, 10.3% of the pool), 230 Park Avenue South
(Prospectus ID#2, 9.8% of the pool), and Grand Canal Shoppes
(Prospectus ID#10, 3.6% of the pool). With this review, all loans
continue to exhibit investment-grade characteristics. As such,
Morningstar DBRS has maintained the shadow ratings for all three
loans with this review.

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


BANK 2020-BNK26: DBRS Confirms B(high) Rating on Class G Certs
--------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2020-BNK26
issued by BANK 2020-BNK26 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-3-1 at AAA (sf)
-- Class A-3-2 at AAA (sf)
-- Class A-3-X1 at AAA (sf)
-- Class A-3-X2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-4-1 at AAA (sf)
-- Class A-4-2 at AAA (sf)
-- Class A-4-X1 at AAA (sf)
-- Class A-4-X2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-X2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BB (low) (sf)
-- Class G at B (high) (sf)

Morningstar DBRS changed the trends on Classes E, F, G, X-D, X-F,
and X-G to Negative from Stable. The trends on all remaining
classes are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which remains generally in line
with Morningstar DBRS' expectations since issuance, as exhibited by
the lack of loans in special servicing or a significant
concentration of loans exhibiting credit erosion. There have been
no losses to the trust since issuance and there is a sizeable
unrated Class H totaling $35.6 million, with a total of $125.5
million in unrated and below investment-grade credit-rated cushion
at the bottom of the capital stack providing cushion against loss
to the rest of the bonds. However, the Negative trends on Classes
E, F, and G reflect Morningstar DBRS' specific concerns with the
second-largest loan in the pool, Bravern Office Commons (Prospectus
ID#2; 6.4% of the pool). The collateral property remains fully
leased but fully dark as of the last update received from the
servicer and, although the tenant continues to pay rent, the lease
expiration is upcoming in the summer of 2025. The Negative trends
are further supported by the large concentration of loans secured
by office properties, which represent 38.2% of the current pool
balance. Though most of these loans continue to perform,
Morningstar DBRS continues to monitor for potential degradation
given the challenged office landscape

As of the August 2024 remittance, 74 of the 75 original loans
remain in the pool, with a trust balance of $1.17 billion,
representing a collateral reduction of 2.5% since issuance as a
result of loan amortization. One loan, representing 0.2% of the
pool, is fully defeased. There are no loans in special servicing
and 10 loans, representing 22.9% of the pool, are on the servicer's
watchlist being monitored primarily for servicing trigger events,
occupancy concerns, and deferred maintenance. Excluding collateral
that has been fully defeased, the pool is most concentrated by
loans that are secured by office properties, which represent 38.2%
of the pool balance. Morningstar DBRS has a cautious outlook on
this asset type as sustained upward pressure on vacancy rates in
the broader office market may challenge landlords' efforts to
backfill vacant space, and, in certain instances, contribute to
value declines, particularly for assets in noncore markets and/or
with disadvantages in location, building quality, or amenities
offered. Where applicable, Morningstar DBRS increased the
probability of default penalties, and, in certain cases, applied
stressed loan-to-value ratios (LTVs) for loans exhibiting
performance concerns. The resulting weighted-average expected loss
(EL) across these identified office properties was nearly triple
the overall pool EL.

As previously outlined, the Negative trends placed on the lowest
rated classes are reflective of concerns about the Bravern Office
Commons loan, which is secured by a Class A office property in
Bellevue, Washington. The loan is pari passu, with the other piece
of the whole loan secured in BAMLL 2020-BOC (not rated by
Morningstar DBRS). The property is leased to a single tenant,
Microsoft Corporation (Microsoft), on two triple net leases
extending to June 2025 and August 2025. Per communication with the
servicer, Microsoft has relocated its staff from the subject
property to its Redmond campus in Redmond, Washington. According to
the servicer's site inspection completed in March 2024, the
property was completely dark at the time of the visit. Morningstar
DBRS expects Microsoft will continue to fulfil its obligations
under the lease through the 2025 lease expiration; however, given
the significant amount of space to be re-leased amid a challenging
environment for the sector, the risks for this loan have increased
significantly with this development. At issuance, the loan was
structured with a cash sweep trigger in the event Microsoft failed
to physically occupy more than 50% of its space, and the servicer
confirmed a balance of approximately $30 million held in the excess
cash reserve account. The servicer also noted a number of large
tenants are evaluating the subject property, but no concrete
prospects have been identified to date. The servicer reports that
the borrower continues to market the subject property and is
formulating plans with an architect to renovate the lobby and
amenity spaces. Vacancy rates have declined moderately since the
previous review, with Reis reporting a Q2 2024 rate of 11.8%, down
slightly from the Q2 2023 rate of 12.2% for the Bellevue Issaquah
submarket.

At issuance, the subject was valued at $605 million, which
represents an LTV of 37.6% on the senior debt and 50.2% on the
whole loan of $304.0 million. In its analysis, Morningstar DBRS
completed a dark value analysis ahead of the upcoming lease
expiration in 2025 and the lack of any meaningful backfill for the
Microsoft space to date. Morningstar DBRS concluded a dark value of
$230.4 million based on a stabilized NCF of $25.7 million, using an
8.50% capitalization rate that incorporates a 100 basis point
stress for the dark status of the asset while deducting leasing and
downtime costs that totaled approximately $72 million. Morningstar
DBRS also gave credit to the $30 million of in-place reserves held
in the excess cash reserve account. At issuance, the loan was
shadow-rated investment grade; with this review Morningstar DBRS is
removing the shadow rating given the increased risks from issuance
as outlined above.

At issuance, four loans in the top 10 were shadow-rated investment
grade. This includes 560 Mission Street (Prospectus ID#3; 6.0% of
the pool), 55 Hudson Yards (Prospectus ID#6; 4.8% of the pool),
1633 Broadway (Prospectus ID#8; 3.4% of the pool), and Bellagio
Hotel and Casino (Prospectus ID#9; 3.0% of the pool). With this
review, Morningstar DBRS confirms that these loan performances
remain consistent with investment-grade loan characteristics.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS 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 Morningstar DBRS 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.


BANK 2022-BNK39: DBRS Confirms BB Rating on Class X-G Certs
-----------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-BNK39
issued by BANK 2022-BNK39 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-3-1 at AAA (sf)
-- Class A-3-2 at AAA (sf)
-- Class A-3-X1 at AAA (sf)
-- Class A-3-X2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-4-1 at AAA (sf)
-- Class A-4-2 at AAA (sf)
-- Class A-4-X1 at AAA (sf)
-- Class A-4-X2 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-X2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (high) (sf)
-- Class B-1 at AA (high) (sf)
-- Class B-2 at AA (high) (sf)
-- Class B-X1 at AA (high) (sf)
-- Class B-X2 at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class C-1 at A (high) (sf)
-- Class C-2 at A (high) (sf)
-- Class C-X1 at A (high) (sf)
-- Class C-X2 at A (high) (sf)
-- Class D at A (low) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BB (sf)
-- Class G at BB (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the pool in the two years since issuance, with only
a small concentration of loans on the servicer's watchlist and no
special serviced or delinquent loans as of the August 2024
reporting. Cash flows overall are stable, with the 15 largest loans
in the pool generally reporting increased cash flows over the
issuance figures.

The transaction consists of 66 loans secured by 96 properties with
a current trust balance of $1.2 billion, representing a minimal
collateral reduction of 0.4% since issuance, per the August 2024
remittance report. Amortization is limited through the life of the
deal as 44 loans, representing 79.5% of the pool balance, are
interest only (IO) for their full term. An additional seven loans,
representing 6.8% of the pool balance, have partial IO periods that
remain in place. The lack of amortization is partially offset by
the pool's favorable leverage metrics with Morningstar DBRS
weighted-average issuance and balloon loan-to-value ratios (LTVs)
of 53.7% and 52.0%, respectively, primarily driven by very low LTVs
from the shadow-rated loans and co-operative loans. By property
type, the pool is most concentrated by loans backed by retail,
office and multifamily properties, which represent 26.4%, 21.4%,
and 20.4% of the pool, respectively.

The pool's office concentration is noteworthy given the low
investor appetite for this property type and the high vacancy rates
in many submarkets as a result of the shift in workplace dynamics.
Despite this, the office loans in this pool are generally
performing in line with Morningstar DBRS' expectations. While there
has been some moderate cash flow disruption to the 5 Crosby Street
(Prospectus ID#9; 3.6% of the pool) and Park Avenue Plaza
(Prospectus ID #11 2.9% of the pool) loans, mainly as a result of
the tenant expansions and rental abatements that were contemplated
at issuance, occupancy levels remains strong, based on the most
recent reporting.

The 5 Crosby Street loan is secured by a 70,074 square foot (sf)
office building in New York City's Soho neighborhood. The
property's largest tenant, Lemonade (80.3% of the net rentable
area) has an initial lease expiration in November 2025. However,
the tenant has expanded several times since taking occupancy in
December 2017 and executed lease amendments to expand into the
fifth and second floors in May 2022 and May 2023, respectively. In
conjunction with the expansions, the borrower agreed to provide
Lemonade with $1.5 million of free rent and $1.3 million of
landlord work related to the reconfiguration of the second and
fifth floors. These costs were funded through an upfront reserve of
$4.4 million, which also covers gap rent, leasing commissions, and
lease buy-out costs. The loan also benefits from structural
features to protect against rollover, including an upfront tenant
improvement/leasing commission reserve of $1.25 million as well as
a cash flow sweep that is triggered 12 months prior to Lemonade's
lease expiration.

Four loans, 601 Lexington Avenue (Prospectus ID#1; 9.2% of the
pool), 333 River Street (Prospectus ID#3; 6.3% of the pool), CX -
350 & 450 Water Street (Prospectus ID#7; 4.4% of the pool), and
Park Avenue Plaza, were assigned investment-grade shadow ratings by
Morningstar DBRS at issuance. These loans benefit from low going-in
and balloon A-note LTVs ranging between 31.9% and 50.5%, based on
the Morningstar DBRS value derived at issuance and debt service
coverage ratios of more than 3.00 times. With this review,
Morningstar DBRS maintained the shadow ratings given the loan
performance trends have remained consistent with investment-grade
loan characteristics.

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


BARINGS CLO 2020-IV: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Barings
CLO Ltd. 2020-IV reset transaction.

   Entity/Debt        Rating           
   -----------        ------           
Barings CLO
Ltd. 2020-IV

   A-R            LT  AAAsf   New Rating
   B-R            LT  AAsf    New Rating
   C-R            LT  Asf     New Rating
   D-1R           LT  BBBsf   New Rating
   D-2R           LT  BBB-sf  New Rating
   D1-F-R         LT  BBBsf   New Rating
   E-R            LT  BB-sf   New Rating
   Subordinated   LT  NRsf    New Rating
   X-R            LT  AAAsf   New Rating

Transaction Summary

Barings CLO Ltd. 2020-IV (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that originally closed in
January 2021 and is managed by Barings LLC. The deal is refinancing
all classes and net proceeds from the issuance of the new secured
notes will provide financing on a portfolio of approximately $400
million of primary first-lien senior secured leverage 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 23.54 versus a maximum covenant, in accordance with
the initial expected matrix point of 26. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.66% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76.31% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.9%.

Portfolio Composition (Neutral): The largest three industries may
comprise up to 42% 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 (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings.

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as 'AAAsf' for class X-R, between 'BBBsf' and 'AA+sf' for
class A-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B-sf'
and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf'
for class D1-R, between less than 'B-sf' and 'BB+sf' for class
D-2R, and between less than 'B-sf' and 'B+sf' for class E-R.

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-R, 'A+sf'
for class D1-R, 'Asf' for class D-2R, and 'BBB+sf' for class E-R.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Barings CLO Ltd.
2020-IV. In cases where Fitch does not provide ESG relevance scores
in connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


BARINGS LOAN 4: Fitch Assigns 'B-sf' Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Barings
Loan Partners CLO Ltd. 4

   Entity/Debt              Rating           
   -----------              ------           
Barings Loan Partners
CLO Ltd. 4

   X                    LT AAAsf New Rating
   A                    LT AAAsf New Rating
   B                    LT AAsf  New Rating
   C                    LT Asf   New Rating
   D                    LT BBBsf New Rating
   E                    LT BB-sf New Rating
   F                    LT B-sf  New Rating
   Subordinated Notes   LT NRsf  New Rating

Transaction Summary

Barings Loan Partners CLO Ltd. 4 (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Barings LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $500 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 21.74, versus a maximum covenant, in
accordance with the initial expected matrix point of 23. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.05% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 77.73% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.8%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 41% 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 2.1-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 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 'AAAsf' for class X, between 'BBB+sf' and 'AA+sf' for
class A, between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and
'BBB+sf' for class C, between less than 'B-sf' and 'BBB-sf' for
class D, between less than 'B-sf' and 'B+sf' for class E, and
between less than 'B-sf' and 'B-sf' for class F.

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

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

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

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Barings Loan
Partners CLO Ltd. 4.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


BATTALION CLO XXIII: S&P Assigns BB-(sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-1-R, D-2-R, and E-R replacement debt from Battalion CLO
XXIII Ltd./Battalion CLO XXIII LLC, a CLO originally issued in June
2022 that is managed by Brigade Capital Management L.P.

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

-- The non-call period was extended to October 2026.

-- The reinvestment period was extended to October 2029.

-- The legal final maturity date (for the replacement debt and the
existing subordinated notes) was extended to October 2037.

-- No additional assets were purchased on the Sept. 6, 2024,
refinancing date, and the initial par amount remains at
$400,000,000. There will be no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Oct. 15, 2024.

-- Additional subordinated notes were issued on the refinancing
date.

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

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

  Ratings Assigned

  Battalion CLO XXIII Ltd./Battalion CLO XXIII LLC

  Class A-1-R, $244.00 million: AAA (sf)
  Class A-2-R, $8.00 million: AAA (sf)
  Class B-R, $52.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1-R (deferrable), $22.00 million: BBB- (sf)
  Class D-2-R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Other Debt

  Battalion CLO XXIII Ltd./Battalion CLO XXIII LLC
  
  Subordinated notes, $75.90 million: Not rated



BDS 2022-FL11: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of notes
issued by BDS 2022-FL11 LLC as follows:

-- A-CS at AAA (sf)
-- A-TS at AAA (sf)
-- Class B at AA (low) (sf)
-- Class B-E at AA (low) (sf)
-- Class B-X at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class C-E at A (low) (sf)
-- Class C-X at A (low) (sf)
-- Class D at BBB (sf)
-- Class D-E at BBB (sf)
-- Class D-X at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class E-E at BBB (low) (sf)
-- Class E-X 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 favorable composition
of the underlying collateral as the trust continues to be primarily
secured by multifamily properties. Historically, loans secured by
such properties have exhibited lower default rates and the ability
to retain and increase asset value. Additionally, the majority of
individual borrowers are progressing in their stated business plans
to increase property cash flow. In conjunction with this press
release, Morningstar DBRS has published a Surveillance Performance
Update report with in-depth analysis and credit metrics for the
transaction and with business plan updates on select loans. To
access this report, please click on the link under Related
Documents below or contact us at info-DBRS@morningstar.com.

As of the July 2024 remittance, the pool comprised 30 loans secured
by 32 properties with a cumulative trust balance of $839.4 million.
The transaction is a managed vehicle, with no delayed-close assets
and no replenishment period, but it was structured with a 24-month
reinvestment period that expired with the April 2024 payment date.
Since issuance, seven loans with a cumulative trust balance of
$162.6 million have been paid in full, and four of these (totaling
$93.2 million) were paid in full since Morningstar DBRS' previous
credit rating action in August 2023. Additionally, three loans,
totaling $50.5 million, have been added to the trust since the
August 2023 Morningstar DBRS credit rating action. The remaining
loans in the transaction are heavily concentrated, with 25 loans
backed by multifamily properties (84.6% of the current trust
balance) and only three loans (10.0% of the current trust balance)
secured by lodging properties and two (5.4% of the current trust
balance) by industrial properties.

As of July 2024, no loans were in special servicing, and 22 loans,
representing 68.0% of the current trust balance, were on the
servicer's watchlist,. Of these loans, 16 were added to the
watchlist for upcoming maturities, while the remaining loans were
flagged for deferred maintenance items and/or because of a lockbox
trigger event. While borrowers continue to progress in their
business plans to stabilize the assets, the majority of loans
report DSCRs below 1.0x based on the most recent financials,
largely as a result of the floating-rate nature of all the loans in
the pool, which has increased debt service payments. Occupancy
remains depressed at select properties; however, it is expected to
improve as the borrowers work toward achieving their respective
business plans.

The loans are primarily secured by properties in suburban markets.
Twenty-four loans, representing 85.6% of the current trust balance,
are secured by properties in suburban markets, as defined by their
Morningstar DBRS Market Ranks of 3, 4, and 5. Four loans,
representing 7.0% of the pool, are secured by properties in
Morningstar DBRS Market Ranks of 6 and 7, denoting urban markets,
while two loans, representing 7.4% of the pool, are secured by
properties in tertiary markets, as defined by their Morningstar
DBRS Market Rank of 2.

Leverage across the pool has remained relatively unchanged since
issuance; the current WA as-is appraised LTV is 71.0% and the WA
stabilized LTV is 62.5%. In comparison, these figures were 73.2%
and 64.5%, respectively, at issuance. Morningstar DBRS recognizes
that select property values may be inflated as the majority of the
individual property appraisals were completed in 2022 and may not
reflect the current environment of rising interest rates or
widening capitalization rates faced by borrowers and lenders. In
its analysis for this review, Morningstar DBRS applied upward LTV
adjustments to six loans, representing 25.9% of the current trust
balance.

Through July 2024, the lender had advanced a cumulative $56.9
million in loan future funding to 21 individual borrowers to aid in
property stabilization efforts. The largest advance of $21.1
million was made to the borrower of American Steel Collection (4.6%
of the current pool balance), which is secured by a portfolio of
two industrial properties in Oakland, California. The borrower's
business plan focuses on increasing occupancy and rental rates at
the properties to market levels by completing approximately $35.2
million in capital expenditures and leasing costs. An additional
$44.4 million of loan future funding allocated to 20 individual
borrowers remains available. The largest unadvanced portion of
$14.1 million was allocated to the borrower of the aforementioned
American Steel Collection. In addition to this loan, Morningstar
DBRS identified a number of loans that are lagging in their
original business plans. Morningstar DBRS' analysis includes
additional adjustments to the loan-level probability of default for
these assets to reflect these concerns.

Twenty-six of the outstanding loans, representing 88.2% of the
current trust balance, are scheduled to mature by YE2025; however,
almost all the loans have remaining extension options. Morningstar
DBRS remains cautious about the sponsor's ability to successfully
stabilize and refinance the Tailor Lofts loan (Prospectus ID#17;
3.1% of the current pool balance). The loan has been delinquent a
few times over the past year and submitted late payments three
times in 2024. The loan is discussed in detail in the Surveillance
Performance Update report. While required performance tests may not
be met across all collateral properties, borrowers and lenders may
agree to terms to allow loan maturity dates to be extended.

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


BDS 2024-FL13: Fitch Assigns 'B-(EXP)sf' Rating on Class G Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
the BDS 2024-FL13 LLC notes as follows:

- $376,694,000a class A 'AAAsf'; Outlook Stable;

- $60,654,000a class A-S 'AAAsf'; Outlook Stable;

- $44,693,000a class B 'AA-sf'; Outlook Stable;

- $35,914,000ab class C 'A-sf'; Outlook Stable;

- $21,548,000ab class D 'BBBsf'; Outlook Stable;

- $10,375,000ab class E 'BBB-sf'; Outlook Stable;

- $21,548,000c class F 'BB-sf'; Outlook Stable;

- $14,365,000c class G 'B-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

- $52,674,350cd Income notes.

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

(b) Exchangeable Notes: The class C, class D and class E notes are
exchangeable notes and are exchangeable for proportionate interests
in the MASCOT notes, subject to the satisfaction of certain
conditions and restrictions; provided that at the time of the
exchange, such notes are owned by a wholly owned subsidiary of
Bridge REIT. The class A, class A-S, class B, class C, class D,
class E, class F and class G notes (and any related exchanged
notes) are expected to be assigned ratings by Fitch.

(c) Retained notes.

(d) Horizontal risk retention interest, estimated to be 8.250% of
the notional amount of the notes.

The approximate collateral interest balance as of the cutoff date
is $638,465,350 and does not include future funding.

Transaction Summary

The primary assets of the trust are 26 loans secured by 31
commercial properties, with an aggregate principal balance of
$638,465,350 as of the cut-off date. The pool does not include
$43.8 million of expected future funding. The loans were
contributed to the trust by BDS IV Loan Seller LLC.

Wells Fargo Bank, National Association is expected to be the
servicer and special servicer. The trustee is expected to be
Wilmington Trust, National Association, and the note administrator
is expected to be Computershare Trust Company, N.A. The notes are
expected to follow a sequential paydown structure.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 59.5% of the pool by
balance, as well as cash flow analysis and asset summary reviews on
85.8% of the pool.

KEY RATING DRIVERS

Fitch Net Cash Flow: Fitch performed net cash flow (NCF) analysis
on 19 loans totaling 85.8% of the pool by balance. Fitch's
resulting NCF of $25.4 million represents a 6.6% decline from the
issuer's underwritten NCF of $27.2 million, excluding loans for
which Fitch conducted an alternate value analysis.

Lower Fitch Leverage: The pool has lower leverage compared to
recent CRE CLO transactions rated by Fitch. The pool's Fitch
loan‐to‐value ratio (LTV) of 145.4% is better than the 2024 YTD
CRE‐CLO average and 2023 CRE CLO average of 146.1% and 171.2%,
respectively. The pool's Fitch NCF debt yield (DY) of 6.1% is in
line with the 2024 YTD CRE‐CLO of 6.1%, and better than the 2023
CRE‐CLO average of 5.6%.

Lower Pool Concentration: The pool is less concentrated than
recently rated Fitch CRE‐CLO transactions. The top 10 loans in
the pool make up 52.2% of the pool, lower than the 2024 YTD
CRE‐CLO average and the 2023 CRE‐CLO average of 74.4% and 62.5%
respectively. Fitch measures loan concentration risk with an
effective loan count, which accounts for both the number and size
of loans in the pool. The pool's effective loan count is 22.9.
Fitch views diversity as a key mitigator to idiosyncratic risk.
Fitch raises the overall loss for pools with effective loan counts
below 40.

Limited Amortization: Based on the scheduled balances at the end of
the fully extended loan term, the pool will pay down by 0.0%, as
100.0% of the pool is interest‐only loans. The pool's percentage
paydown of 0.0% is worse than the 2024 YTD CRE‐CLO average and
the 2023 CRE‐CLO average of 0.6% and 1.7% 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
debt service obligations. The model-implied rating sensitivity to
changes in one variable, Fitch NCF, are as follows:

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

- 10% NCF Decline: 'AAAsf'/'AAsf'/'Asf'
/'BBBsf'/'BB+sf'/'BBsf'/'Bsf'/less than 'CCCsf'.

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 in one variable, Fitch
NCF, are as follows:

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

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

SUMMARY OF FINANCIAL ADJUSTMENTS

In accordance with Fitch's U.S. and Canadian Multiborrower CMBS
criteria, Fitch modeled different stress scenarios using the Global
Cash Flow model as a tool. These stresses include different
interest rate, default and default timing scenarios. All
Fitch‐rated classes passed each stress scenario with the
exception of class A‐S in two of the scenarios. The maximum
shortfall was 0.90% (90 bps). This was considered a de minimis
amount and fully mitigated by servicer advancing and structural
features such as the note protection tests. The cash flow modeling
results showed that the default rates in the stressed scenarios
were at acceptable levels in all stressed scenarios.

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 KPMG LLP. The third-party due diligence described in
Form 15E focused on a comparison and re-computation of certain
characteristics with respect to each of the mortgage loans. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

ESG Considerations

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


BENCHMARK 2018-B4: DBRS Confirms B(high) Rating on G-RR Certs
-------------------------------------------------------------
DBRS, Inc. confirmed all credit ratings on the classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-B4
issued by Benchmark 2018-B4 Mortgage Trust as follows:

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

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

The Negative trends are reflective of Morningstar DBRS' loss
expectations for the one loan in special servicing, JAGR Hotel
Portfolio (Prospectus ID#15, 2.7% of the pool), as well as concerns
related to two loans in the top 10, which are secured by office
properties where the single tenants have vacated. This includes 181
Fremont Street (Prospectus ID#2, 7.7% of the pool) and 636 11th
Avenue (Prospectus ID#7, 4.8% of the pool), where the single
tenants have vacated the subject but continues to honor its lease
terms. In addition, the pool is concentrated by property type with
office representing more than 30.0% of the pool balance. In
general, the office sector has been challenged, given the low
investor appetite for the property type and high vacancy rates in
many submarkets as a result of the shift in workplace dynamics.
Although a mitigating factor is the general performance of these
loan are reporting healthy performance metrics with a
weighted-average debt service coverage ratio (DSCR) exceeding 2.0
times (x). Loans that exhibited increased credit risk were analyzed
with elevated probabilities of default (PODs) and/or stressed
loan-to-value ratios (LTVs) to increase expected loss (EL),
resulting in a weighted-average EL greater than 1.5x the pool
average. Additionally, Morningstar DBRS analyzed the sole specially
serviced loan with a liquidation scenario that resulted in a loss
of $8.8 million, which is contained to the unrated H-RR certificate
but erodes the credit support to the junior bonds in the
transaction, therefore supporting the Negative trends.

The credit rating confirmations reflect the overall stable
performance of the pool as exhibited by a healthy weighted-average
DSCR of 2.06x. As of the August 2024 remittance report, 39 of the
original 44 loans remain in the trust, representing a collateral
reduction of 9.8% since issuance with three loans, representing
3.2% of the pool, that are fully defeased. There are six loans,
representing 26.6% of the pool, that are currently being monitored
on the servicer's watchlist and one loan, representing 2.7% of the
pool, in special servicing.

JAGR Hotel Portfolio (Prospectus ID#15, 2.7% of the pool) is
secured by a portfolio of three hotel properties in Mississippi,
Michigan, and Maryland. The loan transferred to special servicing
for a second time in March 2023 because of payment default. The
loan was previously modified in November 2021 to extend the loan's
maturity to May 2024 but ultimately failed repay at that time. A
receiver was appointed to one of the three properties while the
appointment of a receiver for the remaining two properties is
ongoing. The May 2023 appraisal reported a value  of $50.4 million,
compared with the October 2020 value of $44.7 million and the
issuance appraised value of $73.5 million. For this review, the
loan was liquidated from the trust, resulting in an implied loss of
approximately $8.8 million and a loss severity in excess of 30.0%.

The largest loan on the watchlist, 181 Fremont Street (Prospectus
ID#2, 7.7% of the pool), is a pari passu loan with other pieces of
the whole loan secured in six other transactions, including BANK
2018-BNK13, Benchmark 2018-B5 Mortgage Trust, Wells Fargo
Commercial Mortgage Trust 2018-C44, and Wells Fargo Commercial
Mortgage Trust 2018-C45, all of which are rated by Morningstar
DBRS. The loan is secured by the 436,000-square-foot (sf) office
portion of a Class A, mixed-use tower in San Francisco. The loan
was placed on the watchlist in July 2023 as the sole tenant, Meta
Platforms, Inc. (Meta), went dark but continues to honor its lease
payments, which is set to expire in 2031 with no termination
options available. However, Meta's lease expiration is co-terminus
with the loan's maturity, thereby elevating the refinance risk if
replacement tenants aren't secured. According to Reis, office
properties located in the S Financial District submarket reported a
Q2 2024 vacancy rate of 23.3%, an increase from the Q2 2023 vacancy
rate of 15.9%. The loan reported an annualized Q1 2024 net cash
flow (NCF) of $31.0 million and a DSCR of 3.3x, which remains in
line with the Morningstar DBRS NCF and DSCR of $28.5 million and
3.0x, respectively. Despite the strong financials, the overall
credit risk continues to be elevated given the soft office
submarket and the property continues to be dark. As such,
Morningstar DBRS analyzed the loan with an elevated POD penalty and
stressed LTV, resulting in an EL that was significantly greater
than the base case EL.

Four loans, Aventura Mall (Prospectus ID#1, 11.0% of the pool),
Marina Heights State Farm (Prospectus ID#3, 5.7% of the pool), The
Gateway (Prospectus ID#5, 4.8% of the pool), and 65 Bay Street
(Prospectus ID#9, 3.8% of the pool), were shadow-rated investment
grade by Morningstar DBRS. This assessment was supported by the
loans' strong credit metrics, strong sponsorship strength, and the
historically stable performance. With this review, Morningstar DBRS
confirms that the characteristics of these loans remain consistent
with the investment-grade shadow rating.

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


BENCHMARK 2018-B5: DBRS Cuts Class F-RR Certs Rating to 'B'
-----------------------------------------------------------
DBRS Limited downgraded its credit ratings on eight classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-B5
issued by Benchmark 2018-B5 Mortgage Trust (BMARK 2018-B5) as
follows:

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

Morningstar DBRS also confirmed its credit ratings on the following
classes:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)

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

At the last credit rating action, Morningstar DBRS changed the
trends on Classes X-B, B, C, X-D, D, E-RR, F-RR, and G-RR to
Negative from Stable because of concerns related to eBay North
First Commons (Prospectus ID#3, 5.4% of the pool) and Workspace -
Trust (Prospectus ID#4, 5.3% of the pool), both of which are office
loans and were in special servicing at that time. Both of these
loans were modified to extend their respective maturities and have
returned to the master servicer, but the underlying collateral's
performance continues to be depressed. Details of those loans are
highlighted below. In addition, Morningstar DBRS is concerned about
the 215 Lexington Avenue loan (Prospectus ID#13, 2.8% of the pool),
which is also secured by an office property with a depressed
occupancy rate; occupancy was 31.9% as of March 2024 and the
property is reporting negative net cash flows (NCFs) as a result.
The pool is concentrated by property type with office representing
approximately 30.0% of the pool. In general, Morningstar DBRS
analyzed loans that have exhibited increased credit risk with a
stressed probability of default (POD) and/or loan-to-value ratio
(LTV) in the analysis to increase the expected loss. The overall
pool expected loss has increased by nearly 20.0% since the previous
credit rating action, resulting in downward pressure throughout the
middle to the bottom of the capital stack, thereby supporting the
credit rating downgrades for this review. The Negative trends
reflect the potential for further performance and value decline
related to the loans of concern, especially for Workspace - Trust,
as the loan is now scheduled to mature in July 2025.

As of the August 2024 remittance, 52 of the original 55 loans
remain in the pool, with a trust balance of $941.0 million
representing a collateral reduction of 9.4% since issuance. Eleven
loans, representing 28.3% of the pool, are on the servicer's
watchlist and are primarily being monitored for performance-related
issues, and there is one loan in special servicing: Holiday Inn
Express & Suites Wheat Ridge (Prospectus ID#37, 0.9% of the pool).
The loan recently transferred to special servicing for imminent
default with the August 2024 remittance, considering the loan has
been reporting depressed NCFs since 2021. A workout strategy has
not yet been determined. Four loans, representing 1.4% of the
current pool balance, are fully defeased.

The largest loan on the servicer's watchlist, Workspace - Trust, is
secured by a portfolio of 147 properties, totaling more than 9.9
million square feet (sf) of office and flex space across four
states. The subject loan amount of $50.0 million is part of a whole
loan totaling $1.3 billion, secured across four other transactions,
three of which are rated by Morningstar DBRS: J.P. Morgan Chase
Commercial Mortgage Securities Trust 2018-WPT (JPMCC 2018-WPT, the
lead securitization), Benchmark 2018-B6 Mortgage Trust (BMARK
2018-B6), and Benchmark 2018-B7 Mortgage Trust. The loan was
previously in special servicing as the borrower was unable to repay
the loan at the initial maturity in July 2023. However, a loan
modification was executed to extend the maturity to July 2025
subject to a $30.0 million principal curtailment paid by the
borrower. The loan was subsequently returned to the master servicer
in December 2023 but continues to be on the watchlist considering
the NCF has fallen below the issuer's NCF. Based on the financials
for the trailing 12 months ended March 31, 2024, the loan reported
an NCF of $99.4 million (a debt service coverage ratio (DSCR) of
1.31 times (x)), which is an improvement from the YE2022 figure of
$97.4 million (1.43x) but remains slightly below the Morningstar
DBRS NCF of $101.9 million derived at issuance. The decline in NCF
was linked to occupancy dropping to 77.7% from 95.0% at issuance
and a decrease in expense reimbursements.

Morningstar DBRS reviewed JPMCC 2018-WPT as a part of its bulk
credit rating action for single-asset/single-borrower transactions
secured by office properties in April 2024. An updated Morningstar
DBRS value was derived considering the shift in the office sector,
whereby the capitalization rate was increased to 9.5% from 8.75% at
issuance with a stressed NCF of $89.8 million. This resulted in a
Morningstar DBRS value of $945.6 million, which represents a 42.1%
haircut from the issuance appraised value of $1.6 billion. For the
BMARK 2018-B5 transaction, the loan was analyzed with a stressed
LTV based on the Morningstar DBRS value, resulting in an expected
loss that was more than double the pool average.

The eBay North First Commons loan is secured by a 250,000-sf Class
B office complex in San Jose, California, and was previously in
special servicing as the borrower was unable to repay the loan at
its initial maturity date in June 2023. A loan modification was
executed to extend the maturity date to March 2026, and the loan
ultimately returned to the master servicer in October 2023.
Although the entire space is leased to eBay Inc. on a lease through
March 2029, the tenant vacated the property in 2020 but continues
to make contractual rent payments. The lease is structured with a
one-time termination option in March 2026, which is co-terminus
with the new maturity date at a termination fee of $11.7 million.
To date, the space has not been backfilled, likely because of the
soft office submarket fundamentals. This loan is structured with a
cash flow sweep in the event the tenant goes dark, and Morningstar
DBRS requested an update regarding the cash management account
balance from the servicer. Based on the August 2024 loan-level
reserve report, there is currently $15.1 million held in tenant
reserves. Morningstar DBRS analyzed the loan with an elevated POD
and stressed LTV with this review, resulting in a loan-level
expected loss that was significantly higher than the baseline
figure.

The 215 Lexington Avenue loan is secured by a 121,000-sf portion of
a 210,000-sf office building in Manhattan built in 1962. The loan
is on the servicer's watchlist for decreased performance as
occupancy has dropped precipitously to 31.9% as of YE2023 from the
issuance figure of 78.0%. As a result, the DSCR has fallen well
below breakeven.

According to the March 2024 rent roll, the property reported an
average rental rate of $60.1 per sf (psf), which is below the Grand
Central submarket's average rental rate of $75.7 psf as per Q2 2024
Reis data. In addition, the subject's vacancy rate is well above
the Grand Central submarket's figure of 12.8%. Although the loan
has remained current, the property's value has likely significantly
declined from issuance and will continue to be challenged given the
building's age. As such, Morningstar DBRS analyzed the loan with a
stressed LTV and POD for this review, resulting in an expected loss
almost triple the pool average.

The Aventura Mall loan (Prospectus ID#1, 10.9% of the pool) is
shadow-rated investment grade. With this review, Morningstar DBRS
confirms that the loan's performance remains consistent with
investment-grade characteristics as supported by the strong credit
metrics, experienced sponsorship, and the underlying collateral's
historically stable performance.

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


BENCHMARK 2018-B6: DBRS Cuts Class F-RR Certs Rating to BB
----------------------------------------------------------
DBRS Limited downgraded its credit ratings on six classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-B6
issued by Benchmark 2018-B6 Mortgage Trust as follows:

-- Class D to BBB (sf) from BBB (high) (sf)
-- Class X-D to BBB (low) (sf) from BBB (sf)
-- Class E to BB (high) (sf) from BBB (low) (sf)
-- Class F-RR to BB (sf) from BB (high) (sf)
-- Class G-RR to B (high) (sf) from BB (sf)
-- Class J-RR to B (low) (sf) from B (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

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

Morningstar DBRS also changed the trends on Classes B and C to
Negative from Stable. The trends on Classes D, E, F-RR, G-RR, J-RR,
and X-D remained Negative. All other classes have a Stable trend.

The credit rating downgrades on Classes D, X-D, E, F-RR, G-RR, and
J-RR are reflective of Morningstar DBRS' opinion that the overall
credit risk profile for the transaction has continued to
deteriorate since the last credit rating action. Morningstar DBRS'
loss projections have increased, primarily driven by liquidation
scenarios for two of the four loans in special servicing.
Additionally, Morningstar DBRS notes a significant concentration of
underperforming loans not yet in special servicing, primarily
backed by office properties whose performance has not improved
and/or continued to deteriorate since the last review. By property
type, the pool is most concentrated by loans that are secured by
office properties, representing 45.0% of the pool balance.
Morningstar DBRS has a cautious outlook on this asset type as
sustained upward pressure on vacancy rates in the broader office
market may challenge landlords' efforts to back-fill vacant space,
and, in certain instances, contribute to value declines,
particularly for assets in noncore markets and/or with
disadvantages in location, building quality, or amenities offered.
Where applicable, Morningstar DBRS increased the probability of
default (POD) penalties, and, in certain cases, applied stressed
loan-to-value ratios (LTV) for loans exhibiting performance
concerns.

The Negative trends reflect the potential for increased defaults
given a number of large loans with significant upcoming rollover
risk as well as increased default risk for one loan scheduled to
mature in 2025. The Workspace - Trust loan (Prospectus ID#8, 3.8%
of the pool) is backed by an underperforming office asset and is
not expected to secure takeout financing ahead of its 2025 maturity
date. Should Morningstar DBRS' loss expectations increase further
or additional defaults occur, classes with Negative trends may be
subject to credit rating downgrades. Offsetting some of the
above-noted concerns are four loans in the top 15, representing
26.5% of the current pool balance, that are shadow-rated investment
grade. Despite the increased loss expectations for the pool, the
senior bonds remain well insulated from losses.

As of the July 2024 remittance, 52 of the original 55 loans remain
in the pool with an aggregate principal balance of $1.05 billion,
representing a collateral reduction of 8.1% since issuance. There
are 13 loans, representing 23% of the pool, on the servicer's
watchlist being monitored for low debt service coverage ratios
(DSCRs), occupancy declines, servicing trigger events, and deferred
maintenance. There are four loans in special servicing,
representing 7.2% of the pool.

The largest non-specially serviced loan of concern is Workspace -
Trust, which is secured by a portfolio of 147 properties,
consisting of nearly 9.9 million square feet (sf) of office and
flex space. The subject loan amount of $40.0 million is part of a
whole loan of $1.3 billion secured across four other transactions.
Three of these transactions are rated by Morningstar DBRS: JPMCC
2018-WPT (lead securitization), BMARK 2018-B5, and BMARK 2018-B7.
The loan transferred to special servicing in April 2023 in advance
of its July 2023 maturity date. The loan was modified with a
two-year extension, resulting in a new maturity date of July 2025.
As part of the loan modification, the borrower was required to make
a $30 million principal curtailment, which is reflected in the lead
securitization. The loan was returned to the master servicer in
November 2023 following its modification. The loan is currently on
the servicer's watchlist for a DSCR reported at 1.32 times (x) by
the servicer as of YE2023.

Built between 1972 and 2013, the portfolio includes 88 office
properties (6.5 million sf) and 59 flex buildings (3.4 million sf)
located across four states (Pennsylvania, Florida, Minnesota, and
Arizona). The most recent reporting for the subject transaction
noted a net cash flow (NCF) of $98.9 million for the trailing
12-month period ended March 31, 2024, compared with $99.9 million
as of YE2023. As part of its April 2024 credit rating action for
the JPMCC 2018-WPT transaction, Morningstar DBRS derived an updated
NCF of $89.8 million reflective of decreases in base rent and
expense reimbursements following a drop in occupancy in recent
years. The servicer reporting reflects an occupancy rate of 78% as
of March 2024, down from 80.4% at December 2022 and 88.6% at
issuance. The loan was analyzed with a stressed LTV based on the
Morningstar DBRS value derived with the April 2024 review of JPMCC
2018-WPT, resulting in an expected loss that is approximately
double the pool average.

The largest contributor to Morningstar DBRS' liquidated loss
projections is the specially serviced loan, JAGR Hotel Portfolio
(Prospectus ID#18; 1.9% of the pool), which is secured by a
portfolio of three hotel properties in Mississippi, Michigan, and
Maryland. The loan was previously in special servicing and received
a modification, extending the maturity date to May 2024. It
transferred to special servicing for a second time in March 2023
and is now in payment and maturity default. A receiver was
appointed for one of the three properties in June 2024, and the
special servicer continues to seek the appointment of a receiver
for the remaining two properties. Since Morningstar DBRS' last
credit rating action, the portfolio was reappraised at a value of
$50.4 million, which remains well below the issuance appraised
value of $73.5 million. In its analysis for this review,
Morningstar DBRS liquidated the loan from the trust with an implied
loss approaching $6.5 million or a loss severity in excess of
30.0%.

At issuance, Morningstar DBRS assigned investment-grade shadow
ratings to the following loans: Aventura Mall (Prospectus ID#1;
10.4% of the pool), Moffett Towers II (Prospectus ID#2; 7.1% of the
pool), West Coast Albertsons Portfolio (Prospectus ID#5; 6.2% of
the pool), and TriBeCa House Conduit (Prospectus ID#11; 2.8% of the
pool); with this review, all loans continue to exhibit
investment-grade loan characteristics. As such, Morningstar DBRS
has maintained the shadow ratings for all four loans with this
review.

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


BENCHMARK 2019-B12: DBRS Cuts Rating on Class G-RR Certs to 'C'
---------------------------------------------------------------
DBRS Limited downgraded the credit ratings on seven classes of
Commercial Mortgage Pass-Through Certificates Series 2019-B12
issued by Benchmark 2019-B12 Commercial Mortgage Trust as follows:

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

In addition, Morningstar DBRS confirmed its credit ratings on the
remaining classes as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-A at AAA (sf)

Morningstar DBRS changed the trends on Classes B, C, D, E, X-B, and
X-D to Negative from Stable. All other trends are Stable with the
exception of Classes F-RR and G-RR, which are assigned credit
ratings that do not typically carry trends in commercial
mortgage-backed securities (CMBS) credit ratings.

The credit rating downgrades reflect the increased loss
expectations for the pool, primarily attributed to the largest
specially serviced loan, The Zappettini Portfolio (Prospectus ID#3,
5.9% of the pool balance), and 250 Livingston (Prospectus ID#9,
4.5% of the pool balance), which is on the servicer's watchlist.
Both loans are secured by office properties where vacancy has
either declined or prominent tenants will be vacating the subject
properties in the near term, indicating large reductions in
property value when compared to issuance. With the August 2024
reporting, there are four specially serviced loans, representing
9.3% of the pool balance. With this review, two of the specially
serviced loans along with 250 Livingston were analyzed with
liquidation scenarios, resulting in an implied loss of $43.4
million, thereby eroding the entirety of Class J-RR and majority of
Class G-RR. As such, the considerable credit erosion supports the
credit rating downgrades.

The Negative trends reflect the potential for further value decline
for the above-mentioned loans, as well as the high concentration of
loans backed by office properties (representing about 30.0% of the
pool balance), some of which exhibited performance declines from
issuance. Loans that have exhibited increased credit risk from
issuance were analyzed with a stressed probability of default
penalty and/or stressed loan-to-value ratio (LTV) in the analysis
for this review.

The credit rating confirmations on the remaining classes are
reflective of the otherwise steady performance of the remaining
loans in the pool as exhibited by a healthy weighted-average debt
service coverage ratio (DSCR) of 2.44 times (x) based on the most
recent year-end financials. As of the August 2024 remittance, 43 of
the original 47 loans remain in the pool, representing a collateral
reduction of 6.9% since issuance. There are 14 loans, representing
24.1% of the pool balance, on the servicer's watchlist, which are
primarily being monitored for performance issues and/or upcoming
maturity.

The Zappettini Portfolio is secured by a portfolio of 10
office/flex buildings in Mountain View, California. The property is
within Silicon Valley and is close to Google and Microsoft
campuses. The loan recently transferred to special servicing in
June 2024 for maturity default with the servicer commentary noting
a portfolio occupancy rate of 58%, which is a significant decline
from its historical occupancy rate of 100%. The majority of the
buildings are leased to one or two tenants with significant
rollover risk of more than 40.0% of the net rentable area (NRA) in
2024. Based on the trailing 12-months ended (T-12) September 30,
2023, financials, the loan reported a DSCR of 1.70x. An updated
appraisal is not available at this time, but the significant
occupancy decline and the generally challenged office submarket
suggests value has declined from the issuance appraised figure of
$187.4 million. A workout has yet to be established, although the
special servicer is dual tracking foreclosure as discussions
continue. For this review, Morningstar DBRS took a conservative
approach and liquidated the loan from the pool based on a haircut
to the issuance value, resulting in a loss severity in excess of
30.0%.

250 Livingston Street, a watchlisted loan, is secured by a
370,305-square-foot (sf), mixed-use commercial and residential
building in Downtown Brooklyn. The subject note is pari passu with
GSMS 2019-GC40, which is also rated by Morningstar DBRS. The New
York City Human Resources Administration occupies the entire office
portion of the property (92.5% of the property's NRA) on a lease
through August 2030. However, the tenant has exercised its
termination option and plans to vacate the building in August 2025.
As a result, a cash flow sweep was initiated as required by the
loan documents, of which 18 months of excess cash will be trapped
and used to re-lease the space. The re-leasing efforts will likely
be challenging given the soft office submarket with CB Richard
Ellis reporting a Q2 2024 vacancy rate of 19.1% and asking rental
rate of $54.55 per sf (psf) for downtown Brooklyn.

While an updated appraisal has not yet been made available,
Morningstar DBRS believes the property value has deteriorated
significantly given the potential of the building going dark, as
well as its age and property condition and the current office
landscape. Morningstar DBRS derived a dark value based on market
rental rates, market vacancy loss, tenant improvement costs of $60
psf for new leases and $30 psf for renewal leases, a stabilization
period of two years, and a 9.0% stressed capitalization rate along
with a 100-basis point dark value adjustment to account for the
time and risk to re-tenant the space. The resulting dark value was
approximately $60.0 million, reflecting an LTV of 208.3%.
Morningstar DBRS liquidated the loan from the trust based on the
dark value but also provided credit to the cash flow sweep of $20.0
million, resulting in a loss severity in excess of 35.0%.

The 3 Columbus Circle loan (Prospectus ID#8, 4.5% of the pool), is
shadow-rated investment grade. Considering the strong historical
performance as illustrated by the healthy YE2023 DSCR of 2.67x and
stable occupancy rate of 97%, with this review, Morningstar DBRS
confirms that the loan performance trend remains consistent with
investment-grade loan characteristics.

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


BENCHMARK 2022-B35: DBRS Confirms BB Rating on Class X-G Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-B35
issued by Benchmark 2022-B35 Mortgage Trust as follows:

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

Morningstar DBRS changed the trends on Classes E, F, G, H, X-D,
X-F, X-G, and X-H to Negative from Stable. The trends on all
remaining classes are Stable.

The credit rating confirmations and Stable trends reflect the
overall stable performance of the transaction, which remains in
line with Morningstar DBRS' expectations at issuance. Overall, the
pool continues to exhibit healthy credit metrics, as evidenced by
the strong weighted-average (WA) debt service coverage ratio (DSCR)
of 2.02 times (x) and the WA debt yield of 10.1% based on the most
recent financial reporting available. The pool, however, has a
significant concentration of loans secured by office properties,
representing the largest property type concentration at 48.9% of
the pool balance. In general, loans secured by office properties
are performing as expected; however, Morningstar DBRS has a
cautious outlook on the office asset type as sustained upward
pressure on vacancy rates in the broader office market may
challenge landlords' efforts to backfill vacant space, and, in
certain instances, contribute to value declines, particularly for
assets in noncore markets and/or with disadvantages in location,
building quality, or amenities offered. As a result, Morningstar
DBRS identified four loans backed by office properties were
adjusted with stressed loan-to-value (LTV) ratios. These loans have
all exhibited declines in occupancy and/or performance and if
concerns persist, may result in declines in their respective
values, supporting the Negative trends. Morningstar DBRS will
continue to monitor these loans for potential concerns if
performance continues to decline.

As of the August 2024 remittance, all 38 of the original loans
remain in the pool with a marginal collateral reduction of only
0.3% of the pool since issuance. There are no defeased loans and no
loans in special servicing. There are nine loans on the servicer's
watchlist, representing 17.1% of the pool; however, only three of
these loans are on the servicer's watchlist for performance-related
concerns.

The largest loan in the pool and largest office loan in the pool,
One Wilshire (Prospectus ID#1, 9.9% of the pool), is secured by a
30-storey office tower in downtown Los Angeles totaling
approximately 662,000 square feet. The property is unique in that
it operates primarily as a telecommunications hub connected to
three transpacific fiber optic connections, featuring approximately
75.0% of net rentable area (NRA) that is used as data center and
telecommunications space, with the remaining components dedicated
to traditional office space and a small retail component. The loan
represents a $111.0 million component of a $389.3 million whole
loan across six transactions, of which one (Benchmark 2022-B34
Mortgage Trust) is rated by Morningstar DBRS. As of the March 2024
rent roll, the property was 70.3% occupied, which has declined to
less than the issuance occupancy rate of 87.3%. The decline in
occupancy is directly attributable to the property's former
second-largest tenant Musick, Peeler & Garrett LLP (previously
16.1% of NRA) vacating the subject at its lease expiration in
October 2023. As of the March 2024 rent roll, the top three tenants
at the property are Coresite One Wilshire (26.7% of the NRA, lease
expiry in July 2029), ZColo LLC (4.43% of the NRA, lease expiry in
October 2033), and Crown Castle GT Co LLC (4.17% of the NRA, lease
expiry in December 2025) with an additional rollover risk of 13.4%
of the building NRA through December 2025.

Although the dip in occupancy is significant, the approximate
implied DSCR factoring in the vacancy of the former second largest
tenant remains healthy at 3.12x as compared with the YE2023 DSCR of
3.31x. According to a Q2 2024 Reis report, the Downtown submarket
of Los Angeles reported a vacancy rate of 17.9%, which is expected
to persist over the next five years. In addition, absorption rates
have been negative since 2022 and Reis forecasts the trend to
persist through 2026. At issuance, the loan was shadow rated
investment grade because of its unique characteristics for data
center tenants, low Morningstar DBRS LTV of 42.6%, and significant
sponsor cost basis of $510.1 million at issuance. However with this
review, Morningstar DBRS has elected to remove the shadow rating
with this review because of the declining occupancy, specifically
with respect to the office portion of the space, which given
current office market conditions, may increase the potential for
the subject's value to decline. In its analysis, Morningstar DBRS
analyzed the loan with a stressed LTV ratio, which resulted in an
expected loss (EL) that was approximately five times greater than
the EL at issuance.

Another concerning office loan is Industry RiNo Station (Prospectus
ID#7, 5.4% of the pool), which is secured by a 177,687 sf office
complex in the Midtown submarket of Denver. Property occupancy has
dropped from 95% at issuance to 78.1% as of the February 2024 rent
roll, largely attributed to the vacating of the former
third-largest tenant, Velocity Global LLC (11.5% of the NRA), in
2023 at the conclusion of its lease. The decline in occupancy has
caused downward pressure on net cash flow, which was reported at
$4.0 million, with a 1.27x DSCR compared with the Morningstar DBRS
derived figures of $4.5 million and 1.42x at issuance,
respectively. The primary concern with the subject lies in upcoming
rollover, which totals 48.2% of the NRA through December 2025 and
includes the largest and third-largest tenants at the property,
OneTrust LLC (17.5% of the NRA, lease expiry in July 2025) and
Intrinsic LLC (4.0% of the NRA, lease expiry in February 2025),
respectively. While it is uncertain whether these tenants will
exercise renewals, the concerns are exacerbated by the soft
submarket that according to Reis, reported a 12.8% vacancy rate in
Q2 2024 that is expected to increase to 19.3% by 2029. For these
reasons, Morningstar DBRS applied a stressed LTV ratio and
probability of default penalty to the loan, resulting in an EL that
is more than double the pool average.

At issuance, Morningstar DBRS shadow-rated an additional two loans;
ILPT Logistics Portfolio (Prospectus ID#3, 6.6% of the pool) and
601 Lexington Avenue (Prospectus ID#19, 1.5% of the pool)¿as
investment grade. For this review, Morningstar DBRS confirms that
loan performance trends remain in line with investment-grade
characteristics as supported by strong sponsorship strength and the
historically stable performance of those two loans.

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


BHMS 2018-ATLS: DBRS Confirms BB Rating on Class E Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-ATLS issued by BHMS
2018-ATLS as follows:

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

All trends are Stable.

The credit rating confirmations and Stable trends reflect the
overall stable-to-improved performance of the underlying
collateral, Atlantis Resort, as evidenced by the growth in net cash
flow (NCF), occupancy, and revenue per available room (RevPAR)
figures since Morningstar DBRS' last review.

The loan is secured by the Atlantis Resort, a 2,917-key, beachfront
resort comprising four hotel towers (The Beach, The Coral, The
Royal, and The Cove) on Paradise Island in the Bahamas, and the fee
interest in amenities including 40 restaurants and bars, a
60,000-square-foot (sf) casino, the 141-acre Aquaventure water
park, 73,391 sf of retail space and spa facilities, and 500,000 sf
of meeting and group space. The resort also includes a
noncollateral luxury tower that consists of 495 condo-hotel units
owned by third parties, and the Harborside Resort that consists of
392 timeshare rooms. The loan sponsor is BREF ONE, LLC, a
subsidiary of Brookfield Asset Management Inc.

Whole loan proceeds of $1.2 billion along with $650.0 million in
mezzanine debt spread across three loans refinanced existing debt,
returned $148.9 million of sponsor equity, and covered closing
costs. The $635.0 million trust loan has an initial two-year
original term, with five one-year extension options and is interest
only (IO) throughout its entire loan term. According to the
servicer's most recent commentary, the sponsor has exercised the
loan's fifth and final extension option, extending the maturity to
July 2025. Per issuance documents, as a condition to exercise any
of the loan's extension options, the borrower is required to
purchase an interest rate cap agreement at a strike price that is
the greater of 3.5% or the annual rate that would result in a debt
service coverage ratio of at least 1.10 times when added to the
spread.

Collateral performance has continued to improve from the lows
experienced during the coronavirus pandemic, with NCF rebounding to
issuance levels as of Morningstar DBRS' last review. According to
the most recent financials, the collateral reported NCF of $191.1
million for the trailing 12 months (T-12) ended March 31, 2024,
surpassing NCF of $182.3 million for the T-12 ended March 31, 2023,
NCF of $133.8 million for YE2022, and the NCF of $147.8 million
derived by Morningstar DBRS at issuance. According to the most
recent financials, the combined occupancy rate, average daily rate
(ADR), and RevPAR for the T-12 ended March 31, 2024, were 62.8%,
$378, and $237, respectively, up from 56.2%, $355, and $200 as of
the T-12 ended March 31, 2023. In comparison, at issuance, the
collateral's occupancy rate, ADR, and RevPAR were 72.2%, $277, and
$200, respectively.

Morningstar DBRS believes the year-over-year performance growth is
driven by increased tourism demand in the Bahamas and the
completion of the $150.0 million resort-wide renovation in July
2024, which included upgrades to all guest rooms and suites in The
Royal Tower. As the renovations were initially announced in April
2022, Morningstar DBRS believes the below-issuance NCF reported in
YE2022 was driven by the temporary closure of the rooms at the
Royal Tower. Following the completion of the renovations, the
collateral has been able to realize a higher ADR with the occupancy
rate increasing closer to historic levels, resulting in cash flow
growth above issuance levels. As noted at Morningstar DBRS' last
surveillance review, The Beach Tower, which was originally
scheduled to be reopened as Somewhere Else in 2024, has remained
vacant since transaction closing, with discussions regarding the
design plans and the scope of the renovation work ongoing. While
Morningstar DBRS has asked the servicer for an update on the
renovation progress, a December 2023 online article published by
Travel Weekly confirmed that the tower remained closed, according
to the guests at the resort. A response has yet to be provided as
of the date of this press release.

In determining the credit ratings, Morningstar DBRS analyzed the
cash flow under a stressed scenario based on a 20% stress to the
NCF for the T-12 ended March 31, 2024, resulting in a Morningstar
DBRS NCF of $152.9 million. Morningstar DBRS used the conservative
haircut to evaluate the potential for upgrades, given the
improvement in collateral performance over the Morningstar DBRS NCF
at issuance. Morningstar DBRS maintained a 9.0% capitalization
rate, which reflects the lack of direct competition in the
immediate area, reliance on international tourism, and potential
for sovereign risk related to the Commonwealth of the Bahamas. The
resulting Morningstar DBRS value is $1.7 billion, reflecting an
implied loan-to-value ratio (LTV) of 70.6% for the trust debt and
108.9% on a whole-loan basis. Morningstar DBRS maintained
qualitative adjustments totaling 5.25% in consideration of the
property's quality, historical cash flow volatility, and high
barriers to entry.

Morningstar DBRS performed a private credit rating analysis of The
Commonwealth of the Bahamas that suggested a below investment-grade
credit rating category. Although this result would typically
suggest a cap on the ratings achieved, given the specific
attributes of this transaction and property, Morningstar DBRS is
comfortable with confirming the credit ratings on the subject
transaction above the credit ratings of the sovereign because the
borrower is required to maintain political-risk insurance in the
amount of $560.0 million covering expropriatory acts, currency
inconvertibility and non-transfer, political violence and war, and
civil war, which is viewed covering the AAA credit-rated bonds.
Additionally, the transaction is a securitization of U.S.
dollar-denominated bonds secured by cash flows from the property
that are largely collected (approximately 95%) in USD, and with a
majority that is never converted to Bahamian currency via cash
management arrangements with daily sweeps to highly rated
U.S.-domiciled bank accounts. While the substantial portion of the
revenues of the property is denominated in USD, a portion of the
revenue is in Bahamian dollars, which are used to pay
Bahamian-dollar-budgeted or otherwise permitted expenses with
respect to the property without conversion into USD. To incorporate
the potential for unknown events that may be associated with a
lower-rated sovereign, including prolonged workouts and the
additional volatility associated with a prolonged workout in a
foreign jurisdiction, Morningstar DBRS further adjusted its Large
Loan Sizing Benchmarks to include additional penalties at the
higher credit rating categories.

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


BIRCH GROVE 2: Fitch Assigns 'BBsf' Rating on Class E-R Notes
-------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Birch
Grove CLO 2 Ltd. reset transaction.

   Entity/Debt              Rating           
   -----------              ------           
Birch Grove CLO 2 Ltd.

   A-1-R                LT NRsf   New Rating
   A-2-R                LT AAAsf  New Rating
   B-R                  LT AAsf   New Rating
   C-1-R                LT A+sf   New Rating
   C-2-R                LT Asf    New Rating
   D-1-R                LT BBB-sf New Rating
   D-2-R                LT BBB-sf New Rating
   E-R                  LT BBsf   New Rating
   F-R                  LT NRsf   New Rating
   Subordinated Notes   LT NRsf   New Rating

Transaction Summary

Birch Grove CLO 2 Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Birch
Grove Capital LP that originally closed in September 2019. The
secured notes are refinanced in full on the refinancing date (Sept.
4, 2024). Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $499 million of primarily first lien senior secured
leveraged loans, excluding defaults.

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. Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
94.55% first-lien senior secured loans and has a weighted average
recovery assumption of 75.27%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 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
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 weighted average life (WAL) used for the transaction stress
portfolio is 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-1-R,
'AA+sf' for class C-2-R, 'A+sf' for class D-1-R, 'A-sf' for class
D-2-R, and 'BBB+sf' for class E-R.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Birch Grove CLO 2
Ltd. In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


BIRCH GROVE 2: Moody's Assigns B3 Rating to $250,000 Cl. F-R Notes
------------------------------------------------------------------
Moody's Ratings has assigned ratings to two classes of CLO
refinancing notes (the Refinancing Notes) issued by Birch Grove CLO
2 Ltd. (the Issuer):  

US$300,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2037, Assigned Aaa (sf)

US$250,000 Class F-R Junior Secured Deferrable Floating Rate Notes
due 2037, Assigned B3 (sf)

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.

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least
90.0% of the portfolio must consist of first lien senior secured
loans, cash and eligible investments, and up to 10.0% of the
portfolio may consist of second-lien loans (including first lien
last out loans), unsecured loans and bonds.

Birch Grove Capital LP (the Manager) will continue to direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's extended five year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

In addition to the issuance of the Refinancing Notes, the other
seven classes of secured notes and one class of additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extension of the reinvestment period; extensions of the
stated maturity and non-call period; changes to certain collateral
quality tests; and changes to the overcollateralization test
levels; changes to benchmark rate replacement provisions and
changes to the base matrix and modifiers.

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 May 2024.

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

Portfolio par: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3227

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 45.50%

Weighted Average Life (WAL): 8.1 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing Notes.


BLUEBERRY PARK: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Blueberry Park CLO
Ltd./Blueberry 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 Liquid Credit Strategies
LLC, an affiliate of Blackstone Inc.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Blueberry Park CLO Ltd./Blueberry Park CLO LLC

  Class A, $320.00 million: Not rated
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $12.50 million: BB- (sf)
  Subordinated notes, $52.54 million: Not rated



BMO 2024-5C6: Fitch Assigns 'B-(EXP)sf' Rating on Class G-RR Certs
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BMO 2024-5C6 Mortgage Trust Commercial Mortgage Pass-Through
Certificates Series 2024-5C6 as follows:

- $1,070,000 class A-1 'AAAsf'; Outlook Stable;

- $225,000,000a class A-2 'AAAsf'; Outlook Stable;

- $246,573,000a class A-3 'AAAsf'; Outlook Stable;

- $472,643,000 class X-A 'AAAsf'; Outlook Stable;

- $63,300,000 class A-S 'AAAsf'; Outlook Stable;

- $36,292,000 class B 'AA-sf'; Outlook Stable;

- $29,541,000 class C 'A-sf'; Outlook Stable;

- $129,133,000b class X-B 'A-sf'; Outlook Stable;

- $11,579,000c class D 'BBBsf'; Outlook Stable;

- $11,579,000bc class X-D 'BBBsf'; Outlook Stable;

- $12,053,000cd class E-RR 'BBB-sf'; Outlook Stable;

- $13,504,000cd class F-RR 'BB-sf'; Outlook Stable;

- $9,284,000cd class G-RR 'B-sf'; Outlook Stable;

Fitch does not rate the following classes:

- $27,008,631cd class J-RR.

Notes:

(a) The initial certificate balances of classes A-2 and A-3 are not
yet known but are expected to be $471,573,000 in aggregate, subject
to a 5% variance. The certificate balances will be determined based
on the final pricing of those classes of certificates. The expected
class A-2 balance range is $0-$225,000,000 and the expected class
A-3 balance range is $246,573,000-$471,573,000. The balances of
classes A-2 and A-3 above represent the hypothetical balance for
class A-2 if class A-3 were sized at the lower end of its range. In
the event that the class A-3 certificate is issued with an initial
certificate balance of $471,573,000, the class A-2 certificate will
not be issued.

(b) Notional amount and interest only.

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

(d) Classes E-RR, F-RR, G-RR and J-RR certificates comprise the
transaction's horizontal risk retention interest.

Transaction Summary

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 32 fixed-rate, commercial
mortgage loans with an aggregate principal balance of $675,204,631
as of the cut-off date. The mortgage loans are secured by the
borrowers' fee interest in 46 commercial properties. The loans were
contributed to the trust by Bank of Montreal, Citi Real Estate
Funding Inc., German American Capital Corporation, Starwood
Mortgage Capital LLC, LMF Commercial, LLC, Argentic Real Estate
Finance 2 LLC, Societe Generale Financial Corporation, UBS AG and
Goldman Sachs Mortgage Company.

The master servicer is expected to be Midland Loan Services, a
Division of PNC Bank, National Association and the special servicer
is expected to be LNR Partners, LLC. The trustee and certificate
administrator are expected to be Computershare Trust Company,
National Association. The certificates are expected to follow a
sequential paydown structure.

KEY RATING DRIVERS

Fitch Net Cash Flow: Fitch Ratings performed cash flow analyses on
28 loans totaling 94.5% of the pool by balance. Fitch's resulting
net cash flow (NCF) of $64.1 million represents a 12.8% decline
from the issuer's underwritten NCF of $73.6 million.

Higher Fitch Leverage: The transaction has higher Fitch leverage
compared to recent multiborrower transactions. The pool's Fitch
weighted average (WA) trust loan-to-value ratio (LTV) is 99.6%,
higher than the YTD 2024 and 2023 multiborrower averages of 90.1%
and 88.3% respectively. Additionally, the pool's Fitch debt yield
(DY) of 9.5% is lower than the YTD 2024 and 2023 averages of 11.1%
and 10.9% respectively.

Office Concentration: In general, the pool's property type
diversity is comparable to recent Fitch transactions; the pool's
effective property type count of 3.8 is lower than the YTD 2024 and
2023 averages of 4.2 and 4.0, respectively. However, the second
largest property type concentration is office (31.3% of the pool),
which is higher than the YTD 2024 and 2023 office averages of 20.0%
and 27.6% respectively. In particular, the office concentration
includes three of the largest 10 loans (19.4% of the pool).

Shorter-Duration Loans: Loans with five-year terms comprise 98.5%
of the pool, whereas Fitch-rated multiborrower transactions have
historically included mostly loans with 10-year terms. Fitch's
historical loan performance analysis shows that five-year loans
have a modestly lower probability of default (PD) than 10-year
loans, all else equal. This is mainly attributed to the shorter
window of exposure to potential adverse economic conditions. Fitch
considered its loan performance regression in its analysis of the
pool.

RATING SENSITIVITIES

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

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

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

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

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

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

ESG Considerations

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


BOCA COMMERCIAL 2024-BOCA: DBRS Finalizes BB Rating on HRR Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of Commercial Mortgage Pass-Through Certificates,
Series 2024-BOCA (the Certificates) issued by BOCA Commercial
Mortgage Trust 2024-BOCA (the Trust):

-- 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 (high) (sf)
-- Class HRR at BB (sf)

All trends are Stable.

The Trust is secured by the borrower's fee-simple interest in a
1,047-key full-service resort and private, members-only Boca Raton
Club. Adjacent to the blue water of the Atlantic Ocean, the luxury
resort is well located in the coastline of Miami-Fort
Lauderdale-West Palm Beach, conceptualizing the allure of a premier
South Florida resort. The Boca Raton Club attracts wealthy family
who relocated to South Florida post pandemic, making the resort one
of the most renowned social occasions for wealthy locals and
individuals nationwide in South Florida. Morningstar DBRS expects
its competitive position to persist given the transformative
capital improvements at the property.

Originally opened as the Ritz-Carlton Cloister Inn in 1926 and
situated on approximately 165 acres, the resort features 1,047
total keys and approximately 120,000 sf of event space. The
property also hosts the Boca Raton Club, with approximately 4,000
active memberships as of May 2024 representing approximately 12,000
individual members. The Club features amenities such as a new Pool
Club along with several F&B venues providing a lazy river, three
pools, a splash pad, a FlowRider, waterslides, separate kids and
teen clubs, cabanas, an event lawn, a poolside F&B experience, and
a rooftop bar and sundeck. The Club's amenities are generally
available to club members and hotel guests, and guests of each. The
Property also features five additional pools, an approximately
50,000 SF spa, an 18-hole golf course, 16 tennis courts, four
pickleball courts, and several retail outlets. Since the sponsor's
acquisition in June 2019, the sponsor committed approximately $378
million (approximately $276 million spent with an additional
approximately $102 million anticipated) in capex to enhance guest
rooms and resort-wide amenities and services. The sponsor's
unwavering commitment to conceptualizing the luxurious South
Florida resort experience has earned the resort various five-star
ratings by the Forbes Travel Guide.

The subject mortgage loan of $1.0 billion will be used to retire
$900 million of existing debt, return $66.9 million of cash equity
to the sponsor, cover $33.0 million of closing costs, and fund an
upfront membership fee refund reserve of $166,080. The loan is a
two-year floating-rate IO mortgage loan, with three one-year
extension options. The floating rate will be based on the one-month
Secured Overnight Financing Rate (SOFR) plus the initial WA
component spread, which is approximately 2.920%. The borrower will
be required to enter into an interest rate cap agreement, with a
one-month Term SOFR strike price of 3.00% during the initial term,
and for each extension term, the strike price equal to the greater
of 4.50% and a strike rate that, when added to the spread of each
component, results in a minimum DSCR of 1.10x on the Mortgage Loan,
which as of the date of this report is less than the spot rate.

The sponsor for this transaction is an affiliate of BDT and MSD, a
merchant bank with an advisory and investment platform built to
serve the distinct needs of business owners and strategic,
long-term investors. BDT & MSD was established in 2023 through the
combination of BDT & Company, the merchant bank to the closely
held, founded in 2009 by Byron Trott, and MSD Partners, an
investment firm that since 2009 invested on behalf of Dell
Technologies Founder Michael Dell, his family, and other investors.
The resort is independently flagged and managed by an affiliate of
the sponsor.

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


BSPRT 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
commercial mortgage-backed notes issued by BSPRT 2022-FL8 Issuer,
Ltd. as follows:

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

All trends are Stable.

The credit rating confirmations reflect performance that remains in
line with Morningstar DBRS' expectations, as borrowers are
generally progressing toward the completion of the stated business
plans and have generally demonstrated rental rate growth relative
to issuance levels, based on the Q1 2024 collateral report provided
by the collateral manager. The transaction consists solely of
multifamily collateral across 43 loans. Historically, loans secured
by multifamily properties have exhibited lower default rates and
the ability to retain and increase asset value. In conjunction with
this press release, Morningstar DBRS has published a Surveillance
Performance Update report with in-depth analysis and credit metrics
for the transaction and with business plan updates on select loans.
For access to this report, please click on the link under Related
Documents below or contact us at info-DBRS@morningstar.com.

The transaction closed in February 2022, with the initial pool
consisting of 26 floating-rate mortgages secured by 34 mostly
transitional multifamily properties with a cut-off date balance
totaling approximately $1.03 billion (87.3% of the total fully
funded balance). Most of the loans were in a period of transition
with plans to stabilize performance and improve the asset value.
The transaction included a 180-day ramp-up acquisition period,
which allowed the issuer to contribute additional loan collateral
up to the maximum principal balance of $1.2 billion. Additionally,
the transaction had a Reinvestment Period that expired with the
February 2024 payment date.

As of the August 2024 remittance, the pool comprises 43 loans
secured by 66 properties with a cumulative trust balance of $1.17
billion. Since issuance, 14 loans with a former cumulative balance
of $267.9 million have been successfully repaid from the pool,
including seven loans with a former cumulative balance of $122.8
million since Morningstar DBRS' previous credit rating action in
September 2023. An additional eight loans with a current cumulative
trust balance of $75.8 million have been added to the trust since
September 2023.

The loans are primarily secured by properties in suburban markets,
which Morningstar DBRS defines as markets with a Morningstar DBRS
Market Rank of 3, 4, or 5. As of August 2024, 31 loans,
representing 66.6% of the current trust balance, are secured by
properties in suburban markets. An additional nine loans,
representing 27.0% of the current trust balance, are secured by
properties in tertiary markets, defined as markets with a
Morningstar DBRS Market Rank of 1 or 2. Only three loans,
representing 6.3% of the current trust balance, are secured by a
property in an urban market, with a Morningstar DBRS Market Rank of
7. There are no loans in the pool that are secured by properties
with a Morningstar DBRS Market Rank of 6 or 8.

Leverage across the pool has decreased from issuance levels as the
current weighted-average (WA) as-is appraised value loan-to-value
(LTV) ratio is 70.8%, with a current WA stabilized LTV ratio of
63.8%. In comparison, these figures were 73.0% and 65.5%,
respectively, at issuance. Morningstar DBRS recognizes that select
property values may be inflated as the majority of the individual
property appraisals were completed in 2022 and 2023 and may not
reflect the current rising interest rate or widening capitalization
rate environment. For a select number of loans that are exhibiting
increased credit risk from issuance, including the pool's only
specially serviced loan, Cedar Grove Multifamily Portfolio
(Prospectus ID#42; 2.7% of the pool), which transferred to the
special servicer in January 2024 for monetary default, Morningstar
DBRS applied upward LTV adjustments across 17 loans, representing
31.1% of the current trust balance in the analysis for this
review.

Through July 2024, the collateral manager had advanced cumulative
loan future funding of $101.9 million to 31 of the outstanding
individual borrowers. The largest loan with future funding advances
to date is the specially serviced loan, Cedar Grove Multifamily
Portfolio ($20.8 million). The current whole loan amount of $124.2
million consists of $89.8 million in pari passu senior debt, with
pieces secured in several conduit transactions, including three
transactions that are rated by Morningstar DBRS (BSPRT 2021-FL6,
BSPRT 2021-FL7, and BSPRT 2022-FL9). The loan was originally
secured by 15 properties that were predominantly concentrated in
the Charlotte, North Carolina, metropolitan statistical area. The
borrower used the future funding advances to complete unit interior
and property wide upgrades across the portfolio. The loan is
currently deemed a matured nonperforming loan after surpassing its
June 2024 maturity, and the sponsor has been working on selling off
its properties according to an update provided by the collateral
manager. Although the borrower still has $5.4 million of future
funding available, Morningstar DBRS does not expect the lender to
advance any remaining funds given the loan's status. Please see the
Business Plan Updates section within the corresponding Surveillance
Performance Update report for more details.

An additional $43.2 million of future loan funding allocated to 21
of the outstanding individual borrowers remains available. The
largest portion of available funds ($9.1 million) is allocated to
the borrower of the Copperfield Apartments loan (Prospectus ID#57;
1.7% of the pool), which was added to the trust in April 2024. The
loan is secured by 10 garden-style multifamily properties in Fort
Worth, Texas. The available funds are allocated toward the
borrower's capital improvements project, which is expected to be
completed in March 2027.

As of August 2024, there are 10 loans (representing 20.4% of the
pool) on the servicer's watchlist, which are primarily flagged for
low debt service coverage ratios and occupancy rates. There are
only two loans, collectively representing 0.1% of the pool, that
are late on their current payment. Per the August 2024 reporting,
31 loans (representing 70.5% of the pool) have been modified. Loan
modification terms have included maturity extensions, rolling
renovation reserves, and renewing replacement caps, among others.
The collateral manager identified 33 loans (representing 75.6% of
the pool) with scheduled maturity dates through May 2025, including
the Cedar Grove Multifamily Portfolio loan. While the majority of
the borrowers on the loans are currently evaluating their options,
most of these loans are structured with extension options. For the
largest loan in the pool, Rivet and Rivet 26 (Prospectus ID#1; 7.3%
of the pool), which matured in June 2024, the collateral manager
has confirmed that the borrower is currently working on a universal
takeout.

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


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

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

All trends are Stable.

The credit rating confirmations reflect the continued stable
performance of the collateral as exhibited by positive growth in
net cash flow (NCF) and healthy occupancy figures. In addition, the
underlying portfolio benefits from a strong sponsor, which is a
joint venture partnership between Blackstone Property Partners and
LBA Logistics, as well as tenant granularity across three large
American distribution markets.

The loan is secured by a portfolio of 41 industrial properties
totaling more than 9 million square feet across six markets and
three states in some of the most densely populated areas in the
U.S. The portfolio is largely concentrated in California and the
Western U.S., with infill core assets located in leading gateway
distribution markets. Morningstar DBRS continues to have a
favorable view on the long-term growth and stability of the
warehouse and logistics sector, despite the general macroeconomic
headwinds affecting most commercial real estate asset classes.

The interest-only, floating-rate loan had an initial two-year term
with three one-year extension options for a fully extended maturity
date in October 2026. The loan is currently scheduled to mature in
October 2024; however, the servicer noted that the borrower is
expected to exercise its second extension option. As per the loan
documents, a replacement interest rate cap agreement is required to
execute each extension, but the cost to purchase a rate cap has
likely increased given the current interest rate environment.

Loan proceeds of $1.2 billion repaid $676.4 million of existing
debt, funded $10.9 million in upfront reserves, and returned $495.4
million of equity to the sponsor. Based on the issuance value of
$2.3 billion, the sponsor will have $893.2 million of unencumbered
equity remaining in the transaction. The transaction features a
partial pro rata structure for the first 30.0% of the original
principal balance, where individual properties may be released from
the trust at a price of 105.0% of the allocated loan amount (ALA).
Proceeds are applied sequentially for the remaining 70.0% of the
pool balance with the release price increasing to 110.0% of the
ALA. The release provisions also require the pool to maintain a
minimum debt yield of 6.7% after each property release. To date, no
properties have been released.

The portfolio benefits from a significant degree of tenant
granularity and diversification, with some exposure to
investment-grade-rated tenants. The five largest tenants in the
portfolio are Ingram Micro Inc (8.9% of net rentable area (NRA)),
Walmart (6.3% of NRA), A.P. Express (5.4% of NRA), FedEx Ground
Package System Inc. (3.6% of NRA), and East Coast/West Coast
Logistics LLC (3.6% of NRA). All of these tenants, with the
exception of A.P. Express, have lease terms expiring between 2026
and 2028.

According to the March 2024 reporting, the collateral reported an
occupancy rate of 98.4% with an average rental rate of $10.99 per
square foot. Based on the YE2023 financials, the loan reported a
NCF of $79.3 million, which is an improvement from the YE2022 NCF
of $75.5 million and Morningstar DBRS NCF of $74.7 million. Despite
the healthy NCF, the YE2023 debt service coverage ratio (DSCR)
dropped to 0.99 times (x) compared with the YE2022 DSCR of 2.04x
because of an increase in debt service expenses because of the
floating-rate nature of the loan; however, some of the volatility
is mitigated by the interest rate cap agreement.

At issuance, Morningstar DBRS derived a value of $1.1 billion based
on a capitalization rate of 6.5% and Morningstar DBRS NCF of $74.7
million, resulting in a Morningstar DBRS loan-to-value ratio (LTV)
of 104.4% compared with the LTV of 52.9% based on the appraised
value at issuance of $2.3 billion. In addition, Morningstar DBRS
maintained positive qualitative adjustments to the LTV Sizing
Benchmarks totaling 8.5% to account for the portfolio's low cash
flow volatility given the tenant granularity, diverse geographic
distribution, and overall good property quality.

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


BX TRUST 2021-BXMF: DBRS Confirms B(low) Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2021-BXMF issued by BX
Trust 2021-BXMF:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which has remained in line with
Morningstar DBRS' expectations as evidenced by the steady occupancy
rate of 94.0% and stable net cash flow (NCF) since issuance.

The collateral initially consisted of the borrower's fee-simple
interest in 12 mid-rise Class A multifamily properties and one
student housing property totaling 5,449 units across seven states
and nine distinct markets. As of the July 2024 remittance, two
properties have been released from the pool, resulting in a
collateral reduction of 6.7% since issuance. The portfolio is
predominantly concentrated in Texas (two properties, 2,062 units,
32.5% of the allocated loan amount (ALA)), Florida (four
properties, 1,360 units, 30.3% of the ALA), and Georgia (three
properties, 1,183 units, 23.2% of the ALA). The portfolio generally
comprises newer vintage properties, with a weighted-average (WA)
vintage of 2012 and only one property in the portfolio built before
2004. The loan benefits from experienced sponsorship in an
affiliate of Blackstone Group, Inc., a global real estate
investment platform.

Whole loan proceeds of $1.075 billion along with $347.7 million of
borrower equity were used to recapitalize existing debt. Individual
properties can be released, subject to customary debt yield and
loan-to-value ratio (LTV) tests. Prepayment premiums for the
release of individual assets is 105.0% of the ALA for the first
30.0% of the original principal balance and 110.0% of the ALA
thereafter. The transaction has a partial pro rata structure that
allows for pro rata paydowns for the first 30.0% of the original
principal balance. Morningstar DBRS considers this to be a
credit-negative structure, particularly at the top of the capital
stack, where a penalty was applied to reduce the proceeds between
the AAA (sf) and A (high) credit rating categories in the LTV
sizing benchmarks.

The loan had an initial maturity date in October 2023 with three
one-year extension options and is interest-only (IO) throughout its
five-year fully extended loan term. There are no performance
triggers, financial covenants, or fees required for the borrower to
exercise the three one-year extension options; however, the
borrower must purchase an interest rate cap with a strike rate
equal to the greater of 3.25% or a rate that results in a debt
service coverage ratio (DSCR) of at least 1.10 times (x). The
borrower exercised the loan's first extension option, extending the
maturity to October 2024 and the servicer recently placed the loan
on the watchlist because of the upcoming maturity date. Based on
recent performance trends as described below, Morningstar DBRS
believes a second extension option would be approved if requested
by the borrower, which the servicer believes is likely.

As of the YE2023 financials, the loan reported NCF of $59.7
million, which includes nine months' of cash flow attributed to the
Helios at Englewood property, which was released from the pool in
September 2023, and a full year of cash flow attributed to the
Bexley House property, which was released from the pool in June
2024. The YE2023 NCF represents a slight decline from the YE2022
NCF of $60.7 million, but comfortably surpasses the Morningstar
DBRS NCF of $55.9 million derived at issuance. Because of the
loan's floating-rate coupon, debt service increased significantly
in 2023, resulting in the DSCR declining to 0.83x. There is an
interest rate cap in place, and the borrower is required to
purchase a new rate cap in order to exercise the loan's second
extension option.

Per the March 2024 rent rolls, the portfolio occupancy rate was
94.8%, down slightly from the issuance occupancy rate of 95.8%.
Individual property occupancy rates ranged from 89.8% to 99.3%.
Although multifamily vacancy rates have risen in many markets over
the past few years because of increased supply, the subject
portfolio's markets have largely performed well, with declining
vacancy rates on average. According to Reis, the Q1 2024
weighted-average (WA) market vacancy rate for the portfolio was
4.8%compared with 6.2% at issuance. Despite the slight decline in
occupancy compared with the issuance metrics, cash flow growth has
been realized due to year-over-year rental rate growth, as
evidenced by the portfolio's WA rental rate of $1,959 per unit,
compared with $1,588 per unit at issuance.

At issuance, Morningstar DBRS derived a value of $894.7 million
based on a Morningstar DBRS NCF of $55.9 million and a
capitalization rate of 6.25%. For this review, the Morningstar DBRS
NCF was updated to reflect the property releases, resulting in an
adjusted Morningstar DBRS NCF of $52.2 million and an adjusted
Morningstar DBRS value of $834.7 million. The updated value
represents a variance of -41.6% from the issuance appraised value
of $1.43 billion for the remaining 11 properties in the portfolio.
The Morningstar DBRS value implies an LTV of 120.1% compared with
the LTV of 70.1% on the issuance appraised value for the remaining
collateral. Positive qualitative adjustments totaling 6.25% were
maintained to reflect the collateral's stable occupancy, class A
construction, and favorable market fundamentals.

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


CARLYLE US 2017-3: Fitch Assigns 'B-sf' Rating on Class F-R2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Carlyle
US CLO 2017-3, Ltd. reset transaction.

   Entity/Debt              Rating           
   -----------              ------           
Carlyle US CLO
2017-3, Ltd.

   A-1-R2               LT NRsf   New Rating
   A-2-R2               LT AAAsf  New Rating
   B-R2                 LT AAsf   New Rating
   C-R2                 LT Asf    New Rating
   D-1-R2               LT BBB-sf New Rating
   D-2-R2               LT BBB-sf New Rating
   E-R2                 LT BB-sf  New Rating
   F-R2                 LT B-sf   New Rating
   Subordinated Notes   LT NRsf   New Rating
   X-R2                 LT NRsf   New Rating

Transaction Summary

Carlyle US CLO 2017-3, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. that originally closed in August 2017
and first refinanced in March 2021. This is the second refinancing
for this transaction, whereby the existing notes will be refinanced
in whole on Sept. 5, 2024. 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'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 25.35, versus a maximum covenant, in
accordance with the initial expected matrix point of 27.13. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.85% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 72.45% versus a
minimum covenant, in accordance with the initial expected matrix
point of 70.82%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 41.5% of the portfolio balance in aggregate while
the top five obligors can represent up to 10% 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 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.

When modeling the indicative portfolio, there was some shortfall
for the class F-R2 notes that stems from the fixed rated assets
maturities having a longer maturity horizon compared to the
floating rate assets, which Fitch considers an unrealistic scenario
for a managed transaction with a 5.1-year reinvestment period.
Model-implied ratings (MIRs) are determined by Fitch Stressed
Portfolio per the CLOs and Corporate CDOs Rating Criteria. The MIR
for the class F-R2 notes is passing the 'B-sf' PCM hurdle rate in
all Fitch Stressed scenarios, which is in line with its assigned
rating.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-2-R2, between
'BB+sf' and 'A+sf' for class B-R2 , between 'Bsf' and 'BBB+sf' for
class C-R2, between less than 'B-sf' and 'BB+sf' for class D-1-R2 ,
between less than 'B-sf' and 'BB+sf' for class D-2-R2, between less
than 'B-sf' and 'B+sf' for class E-R2, and less than 'B-sf' for
class F-R2 .

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

Upgrade scenarios are not applicable to the class A-2-R2 notes as
these notes are in the highest rating category of 'AAAsf'.

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R2 , 'AAsf' for class C-R2,
'A+sf' for class D-1-R2 , 'A-sf' for class D-2-R2, 'BBB+sf' for
class E-R2, and 'BB+sf' for class F-R2 .

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle US CLO
2017-3, Ltd. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.


CARLYLE US 2018-4: Fitch Assigns 'BB-sf' Rating on 2 Tranches
-------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Carlyle
US CLO 2018-4, Ltd. reset transaction.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
Carlyle US CLO
2018-4, Ltd.

   A-1-R            LT  AAAsf  New Rating     AAA(EXP)sf
   A-1a 14315RAA9   LT  PIFsf  Paid In Full   AAAsf
   A-2-R            LT  AAAsf  New Rating     AAA(EXP)sf
   B-R              LT  AAsf   New Rating     AA(EXP)sf
   C-1-R            LT  A+sf   New Rating
   C-2-R            LT  Asf    New Rating
   C-R              LT  WDsf   Withdrawn      A(EXP)sf
   D-1-R            LT  BBBsf  New Rating
   D-2-R            LT  BBB-sf New Rating
   D-R              LT  WDsf   Withdrawn      BBB-(EXP)sf
   E-1-R            LT  BB-sf  New Rating
   E-2-R            LT  BB-sf  New Rating
   E-R              LT  WDsf   Withdrawn      BB-(EXP)sf

Transaction Summary

Carlyle US CLO 2018-4, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Carlyle CLO
Management L.L.C. that originally closed in December 2018. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $598 million
of primarily first lien senior secured leveraged loans, excluding
defaulted obligations.

Fitch has withdrawn the 'A(EXP)sf', 'BBB-(EXP)sf' and 'BB-(EXP)sf'
ratings for the class C-R, D-R and E-R notes, respectively. These
notes were not issued. Instead, new classes C-1-R, C-2-R, D-1-R,
D-2-R, E-1-R and E-2-R notes were issued and rated 'A+sf', 'Asf',
'BBBsf', 'BBB-sf', 'BB-sf' and 'BB-sf', respectively.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.8, versus a maximum covenant, in
accordance with the initial expected matrix point of 27. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.22% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 72.86% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.25%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37.5% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-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 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.

The final ratings for class D-1-R, E-1-R and E-2-R notes are one
higher than their respective model-implied ratings. Fitch was
comfortable assigning the final ratings despite the marginal
failure as the failure level is considered marginal given the
significant number and range of analytical assumptions used, and
there is substantial cushion provided these notes in the indicative
portfolio analysis.

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-1-R,
'AA+sf' for class C-2-R, 'A+sf' for class D-1-R, 'Asf' for class
D-2-R, and 'BBB+sf' for class E-R.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle US CLO
2018-4, Ltd. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.


CARLYLE US 2024-5: Fitch Assigns 'BB-(EXP)sf' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Carlyle US CLO 2024-5, Ltd.

   Entity/Debt          Rating           
   -----------          ------           
Carlyle US
CLO 2024-5, Ltd.

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

Transaction Summary

Carlyle US CLO 2024-5, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first-lien
senior secured leveraged 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 24.43 versus a maximum covenant, in accordance with
the initial expected matrix point of 26.68. Issuers rated in the
'B' rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.31% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.03% versus a
minimum covenant, in accordance with the initial expected matrix
point of 72%.

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AAsf' for class C, 'Asf' for
class D-1, 'A-sf' for class D-2, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle US CLO
2024-5, Ltd.. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose any ESG factor
that is a key rating driver in the key rating drivers section of
the relevant rating action commentary.


CD MORTGAGE 2016-CD1: Fitch Lowers Rating on Two Tranches to BB-sf
------------------------------------------------------------------
Fitch Ratings has downgraded 11 classes and affirmed three classes
of German America Capital Corp.'s CD Mortgage Securities Trust
2016-CD1 (CD 2016-CD1) commercial mortgage pass-through
certificates. In addition, Fitch has assigned Negative Rating
Outlooks to classes A-M, X-A, B, C and X-B after their downgrades.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CD 2016-CD1

   A-3 12514MBB0    LT  AAAsf  Affirmed    AAAsf
   A-4 12514MBC8    LT  AAAsf  Affirmed    AAAsf
   A-M 12514MBE4    LT  A-sf   Downgrade   AA-sf
   A-SB 12514MBA2   LT  AAAsf  Affirmed    AAAsf
   B 12514MBF1      LT  BBB-sf Downgrade   A-sf
   C 12514MBG9      LT  BB-sf  Downgrade   BBB-sf
   D 12514MAL9      LT  CCCsf  Downgrade   B-sf
   E 12514MAN5      LT  CCsf   Downgrade   CCCsf
   F 12514MAQ8      LT  Csf    Downgrade   CCsf
   X-A 12514MBD6    LT  A-sf   Downgrade   AA-sf
   X-B 12514MAA3    LT  BB-sf  Downgrade   BBB-sf
   X-C 12514MAC9    LT  CCCsf  Downgrade   B-sf
   X-D 12514MAE5    LT  CCsf   Downgrade   CCCsf
   X-E 12514MAG0    LT  Csf    Downgrade   CCsf

KEY RATING DRIVERS

Increase in 'Bsf' Loss Expectations: The downgrades reflect
increased expected pool level losses since the prior rating action
driven by higher loss expectations on Fitch Loans of Concern
(FLOCs), primarily the real estate owned (REO) 401 South State
Street asset (2.4% of the pool) and Prudential Plaza loan (8.1%).
Twelve loans (47.3% of the pool) are flagged as FLOCs, including
the aforementioned loans and larger mixed-use and retail loans such
as the specially serviced Westfield San Francisco Centre (10.4%),
Birch Run Premium Outlets (7.5%) and Columbia Gorge Premium Outlets
(3.4%).

Fitch's current ratings incorporate an increased 'Bsf' rating case
loss of 11.2% from 8.6% at Fitch's last rating action. The Negative
Outlooks reflects the potential for further downgrades with higher
than expected losses for Westfield San Francisco Centre or from
other specially serviced loans and FLOCs. In affirming the senior
classes, Fitch also considered higher stressed losses on the
Westfield San Francisco Centre of up to 50%.

The largest contributor to overall loss expectations is the
Westfield San Francisco Centre loan, which is secured by a
553,366-sf retail and 241,155-sf office portion of a 1,445,449 sf
super regional mall located in San Francisco's Union Square
neighborhood. The loan transferred to special servicing in June
2023 due to imminent monetary default after the sponsors, Westfield
and Brookfield, disclosed their intentions to return the keys to
the lender.

A receiver was appointed in October 2023. The sponsors cited
operating challenges in downtown San Francisco that led to
deteriorating sales, reduced occupancy and decreasing foot traffic.
The appointed receiver along with the property manager and leasing
agent, JLL, are working to stabilize property operations. Fitch
requested an update on the ongoing workout but it has not been
received.

Fitch's 'Bsf' rating case loss of approximately 37% (prior to
concentration add-ons) is based on the most recent servicer
reported appraisal value, which is approximately 76% below the
issuance appraisal value. As noted above, Fitch considered a higher
loss scenario in its analysis which is reflected in the Negative
Outlooks.

The second largest contributor to losses is the REO 401 South State
Street (2.4% of pool) asset, which is a 487,000-sf office space
located in the central business district of Chicago, IL. The
collateral consists of the 401 South State Street building (479,522
sf) and the 418 South Wabash Avenue building (7,500 sf). The 401
South State Street loan transferred to the special servicer in June
2020 for payment default and the exposure is well in excess of the
outstanding loan balance.

The properties are 100% vacant after the former single tenant,
Robert Morris College (previously 75% of the NRA), vacated prior to
its June 2024 lease expiration and stopped paying rent in April
2020. The loan transferred to the special servicer in June 2020 for
payment default. A receiver was appointed in September 2020 and a
foreclosure sale occurred in March 2023. The most recent servicer
commentary indicated that a disposition strategy is to be
determined.

Fitch's 'Bsf' rating case loss of approximately 119% (prior to
concentration add-ons) is due to increasing total loan exposure,
and reflects a 50% stress on the most recent appraisal value from
June 2022. A more recent appraisal has not been provided by the
servicer due to ongoing litigation.

The largest increase in expected loss since Fitch's last rating
action is the fourth largest loan in the pool, Prudential Plaza
(FLOC), which is current after returning to the master servicer in
March 2024. A loan modification agreement was executed, which
extended the maturity through August 2027 and included two one-year
extension options. The loan is secured by a two-building office
complex spanning a total of 2.2 million sf located in Chicago, IL.
Per the servicer, the property was 76% occupied at YE 2023, down
from 82.5% at YE 2022 and 85% at YE 2021. Occupancy will decline
further due to the expected vacancy of tenants accounting for 10%
of the NRA.

Fitch's 'Bsf' rating case loss of 12% (prior to concentration
add-ons) is based on a revised stabilized cash flow that is 10.6%
below Fitch's stressed cash flow at issuance to account for
performance declines, increasing operating expenses and softening
market conditions.

Outlet Mall Concerns: The pool includes two outlet mall FLOCs
secured by the Birch Run Premium Outlets and Columbia Gorge Premium
Outlets. The Birch Run Premium Outlets loan, identified as a FLOC
due to occupancy declines, is secured by a 680,003-sf outlet center
located in Birch Run, MI. Occupancy has improved to 77% as of YE
2023 from a trough of 63% at YE 2021, but remains below the
occupancy of 87% at issuance. Cash flow has improved with YE 2023
NOI 7.8% above YE 2022, but remains 10.8% below the originator's
underwritten NOI at issuance. As of YE 2023, NOI DSCR was 2.76x
which compares with 2.57x as of YE 2022.

Columbia Gorge Premium Outlets was identified as a FLOC due to
occupancy and rollover concerns. The loan is secured by a
163,850-sf open-air outlet center located in Troutdale, OR.
Occupancy was reported at 81% as of YE 2023, down from 88% at
issuance. Two of the top four tenants (9.1% of the NRA) have lease
expirations in 2025. The servicer reported YE 2023 NOI DSCR was
1.64x while the loan is amortizing. The property's YE 2023 NOI was
26% below its pre-pandemic 2019 NOI.

Credit Enhancement: As of the August 2024 distribution date, the
pool's aggregate principal balance has paid down by 18.3% to $574.6
million from $703.2 million at issuance. Twenty-nine of the
original 32 loans remain outstanding; 25 loans (77.5% of the pool)
are scheduled to mature in 2026. There are two anticipated
repayment date (ARD) loans: U-Haul AREC Portfolio (6.6%, 2036 final
maturity) and Vertex Pharmaceuticals HQ (5.2%, 2028 final
maturity). Six loans representing 45% of the pool are full-term
interest only (IO). Seven loans (7.1%) have been fully defeased.

Investment-Grade Credit Opinion Loans: The 10 Hudson Yards (11.3%
of the pool) and Vertex Pharmaceuticals HQ (5.2%) loans received an
investment-grade credit opinion at issuance on a standalone basis.
Both loans continue to exhibit investment-grade credit
characteristics.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool-level losses from
FLOCs (including specially serviced loans) or underperforming
loans.

Downgrades to classes A-M through C, and the associated IO classes
X-A and X-B are possible with higher than expected losses from the
Westfield San Francisco Centre loan, elevated losses on loans
secured by retail assets (30.2% of the pool) including outlet malls
(Birch Run Premium Outlets and Columbia Gorge Premium Outlets). In
addition, there are increased refinance concerns for loans secured
by office properties (45.2%), including the potential inability of
the Prudential Plaza loan to refinance at its extended maturity
date in 2027.

Further downgrades to classes D, E and F, and the associated IO
classes X-C, X-D and X-E are possible as losses are realized or
become more certain.

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

Factors that lead to upgrades would include stable to improved
asset performance, particularly on the FLOCs, coupled with
additional paydown due to loan payoffs and/or defeasance. Upgrades
to classes A-M, B, C, and the associated IO classes X-A and X-B
would only occur with significant improvement in credit enhancement
and/or defeasance, and with the stabilization of performance and
viable resolutions and/or payoff of FLOCs, specifically the
Westfield San Francisco Centre, Prudential Plaza, Birch Run Premium
Outlets and Columbia Gorge Premium Outlets.

Upgrades of classes D, E and F, and the associated IO classes X-C,
X-D, and X-E are not likely without stabilization of performance on
the FLOCs and substantially higher recoveries than expected on the
specially serviced loans/assets. Classes would not be upgraded
above 'AA+sf' if there was a likelihood of interest shortfalls.

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

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

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.


CFMT 2024-HB15: DBRS Gives Prov. B Rating on Class M7 Notes
-----------------------------------------------------------
DBRS, Inc. assigned the following provisional credit ratings to the
following Asset-Backed Notes, Series 2024-3 to be issued by CFMT
2024-HB15, LLC:

-- $310.4 million Class A at AAA (sf)
-- $51.3 million Class M1 at AA (low) (sf)
-- $38.7 million Class M2 at A (low) (sf)
-- $40.5 million Class M3 at BBB (low) (sf)
-- $25.9 million Class M4 at BB (sf)
-- $13.6 million Class M5 at BB (low) (sf)
-- $12.2 million Class M6 at B (high) (sf)
-- $12.3 million Class M7 at B (sf)

The AAA (sf) rating reflects 36.8% of credit enhancement. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (sf), BB (low) (sf), B
(high) (sf), and B (sf) ratings reflect 26.4%, 18.5%, 10.3%, 5.0%,
2.2%, -0.2% and -2.7% of credit enhancement, respectively.

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

Lenders typically offer reverse mortgage loans to people who are at
least 62 years old. Through reverse mortgage loans, borrowers have
access to home equity through a lump sum amount or a stream of
payments without periodically repaying principal or interest,
allowing the loan balance to accumulate over time until a maturity
event occurs. Loan repayment is required (1) if the borrower dies,
(2) if the borrower sells the related residence, (3) if the
borrower no longer occupies the related residence for a period
(usually a year), (4) if it is no longer the borrower's primary
residence, (5) if a tax or insurance default occurs, or (6) if the
borrower fails to properly maintain the related residence. In
addition, borrowers must be current on any homeowner's association
dues, if applicable. Reverse mortgages are typically nonrecourse;
borrowers don't have to provide additional assets in cases where
the outstanding loan amount exceeds the property's value (the
crossover point). As a result, liquidation proceeds will fall below
the loan amount in cases where the outstanding balance reaches the
crossover point, contributing to higher loss severities for these
loans.

As of the Cut-Off Date (June 30, 2024), the collateral has
approximately $491.4 million in unpaid principal balance (UPB) from
1,743 nonperforming home equity conversion mortgage (HECM) reverse
mortgage loans and real estate-owned (REO) properties secured by
first liens typically on single-family residential properties,
condominiums, multifamily (two- to four-family) properties,
manufactured homes, planned unit developments, and townhouses. The
mortgage assets were originated between 1997 and 2017. Of the total
assets, 274 have a fixed interest rate (16.2% of the balance), with
a 5.2% weighted-average coupon (WAC). The remaining 1,469 assets
have floating-rate interest (83.8% of the balance) with a 7.0% WAC,
bringing the entire collateral pool to a 6.7% WAC.

All the mortgage assets in this transaction are nonperforming
(i.e., inactive) assets. There are 878 mortgage assets in a
foreclosure process (56.6% of balance), 397 are in default (16.5%),
89 are in bankruptcy (5.3%), 166 are called due (9.4%), and 213 are
REO (12.1%). However, all these assets are insured by the U.S.
Department of Housing and Urban Development (HUD), and this
insurance mitigates losses vis-à-vis uninsured loans. See
discussion in the Analysis section of the related presale report.
Because the insurance supplements the home value, the industry
metric for this collateral is not the loan-to-value ratio (LTV) but
rather the weighted-average (WA) effective LTV adjusted for HUD
insurance, which is 53.4% for these assets. The WA LTV is
calculated by dividing the UPB by the maximum claim amount plus the
asset value.

The transaction uses a sequential structure. No subordinate note
shall receive any principal payments until the senior notes (Class
A notes) have been reduced to zero. This structure provides credit
enhancement in the form of subordinate classes and reduces the
effect of realized losses. These features increase the likelihood
that holders of the most senior class of notes will receive regular
distributions of interest and/or principal. All note classes have
available fund caps.

Classes M1, M2, M3, M4, M5, M6, and M7 (together, the Class M
Notes) have principal lockout terms insofar as they are not
entitled to principal payments prior to a Redemption Date, unless
an Acceleration Event or Auction Failure Event occurs. Available
cash will be trapped until these dates, at which stage the notes
will start to receive payments. Note that the Morningstar DBRS cash
flow as it pertains to each note models the first payment being
received after these dates for each of the respective notes; hence,
at the time of issuance, these rules are not likely to affect the
natural cash flow waterfall.

A failure to pay the Notes in full on the Mandatory Call Date
(August 2027) will trigger a mandatory auction of all assets. If
the auction fails to elicit sufficient proceeds to pay off the
notes, another auction will follow every three months for up to a
year after the Mandatory Call Date. If these have failed to pay off
the notes, this is deemed an Auction Failure, and subsequent
auctions will proceed every six months.

If the Class M5, M6, and M7 Notes have not been redeemed or paid in
full by the Mandatory Call Date, these notes will accrue additional
accrued amounts. Morningstar DBRS does not rate these additional
accrued amounts.

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
Note Amounts. In addition, the associated financial obligations for
the Class A, M1, M2, M3, and M4 Notes include the related Cap
Carryover and Interest Payment Amounts.

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


CHASE HOME 2024-DRT1: DBRS Finalizes B(low) Rating on B-5 Notes
---------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings on
the Mortgage-Backed Notes, Series 2024-DRT1 (the Notes) issued by
Chase Home Lending Mortgage Trust 2024-DRT1 (CHASE 2024-DRT1) as
follows:

-- $25.7 million Class A-2 at AAA (sf)
-- $25.7 million Class A-2-A at AAA (sf)
-- $25.7 million Class A-2-X at AAA (sf)
-- $9.2 million Class B-1 at AA (low) (sf)
-- $6.8 million Class B-2 at A (low) (sf)
-- $5.0 million Class B-3 at BBB (low) (sf)
-- $2.9 million Class B-4 at BB (low) (sf)
-- $0.8 million Class B-5 at B (low) (sf)

Classes A-2-X is interest-only (IO) notes. The class balances
represent notional amounts.

Classes A-2, and B-6-X are exchangeable notes. These classes can be
exchanged for combinations of depositable notes as specified in the
offering documents.

The AAA (sf) credit ratings on the Notes reflect 5.10% of credit
enhancement provided by subordinated notes. The AA (low) (sf), A
(low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf) credit
ratings reflect 3.35%, 2.05%, 1.10%, 0.55%, and 0.40% of credit
enhancement, respectively.

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

Morningstar DBRS finalized its provisional ratings on Chase Home
Lending Mortgage Trust 2024-DRT1 (CHASE 2024-DRT1), a
securitization of a portfolio of first-lien adjustable-rate prime
residential mortgages funded by the issuance of the Mortgage-Backed
Notes, Series 2024-DRT1 (the Notes). The Notes are backed by 455
loans with a total principal balance of $523,524,196 as of the
Cut-Off Date (July 31, 2024).

The pool consists of fully amortizing adjustable-rate mortgages
with original terms to maturity of 30 years and a weighted-average
(WA) loan age of 10 months. All of the loans are traditional,
nonagency, prime jumbo mortgage loans. Details on the underwriting
of conforming loans can be found in the Key Probability of Default
Drivers section. In addition, all the loans in the pool were
originated in accordance with the new general Qualified Mortgage
(QM) rule.

On or prior to the Closing Date, the Issuing Entity will enter into
a credit agreement where JPMCB will make all of the Class A-1 Loans
to the Issuing Entity. The Class A-1 Loans will be secured by the
Trust Estate and are not-offered debt. The Issuing Entity will use
the proceeds from the Class A-1 Loans to purchase the mortgage
loans from the Depositor. The Depositor will then use those amounts
and the proceeds from the sale of the Notes to purchase the
mortgage loans from the Mortgage Loan Seller. JPMCB is the
Originator of 100.0% of the pool.

The mortgage loans will be serviced by JPMCB. NewRez LLC doing
business as Shellpoint Mortgage Servicing (Shellpoint) will act as
Special Servicer for loans that become 90 days delinquent. Unique
to the CHASE 2024-DRT1 transaction, the largest holder of the most
subordinate class outstanding, initially the Class B-6 Notes
(Controlling Holder), will have the right to terminate the Servicer
and Special Servicer at any time post-closing without cause.

There will not be any advancing of delinquent principal and
interest (P&I) on any mortgages by the related Servicers or any
other party to the transaction; however, the related Servicers are
obligated to make advances in respect of homeowner's association
(HOA) fees in super lien states and in certain cases, taxes and
insurance as well as reasonable costs and expenses incurred in the
course of servicing and disposing of properties.

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

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

The transaction employs a senior-subordinate cash flow structure
that incorporates performance triggers and credit enhancement
floors.

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


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

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

The trends on Classes C, D, E, F, X-D, X-E, and X-F were changed to
Negative from Stable. The trends on all remaining classes are
Stable.

The Negative trends reflect Morningstar DBRS' concerns about loans
collateralized by office properties, which collectively represent
30.7% of the current pool balance, as well as the largest loan in
the pool, Briarwood Mall (Prospectus ID#1; 11.1% of the pool),
which has experienced deterioration in operating performance as
evidenced by the sustained decline in net cash flow (NCF) and
occupancy since issuance.

Morningstar DBRS' analysis includes an additional stress for five
of the seven office loans that have exhibited declines in occupancy
or are exposed to dark tenants. These five loans have been
identified by Morningstar DBRS as candidates for elevated refinance
risk based on the in-place performance and/or projected equity
contribution needed for successful take-out financing upon their
respective 2026 maturity dates. Where applicable, Morningstar DBRS
increased the probability of default (POD) and, in certain cases,
applied stressed loan-to-value ratios (LTVs) for these loans,
resulting in a weighted-average (WA) expected loss that was
approximately 50% greater than the pool average. Should the
performance of these loans deteriorate further or lead to default,
the classes with Negative trends may be subject to credit rating
downgrades.

The pool is concentrated by property type, with loans backed by
office and retail properties representing 30.7% and 27.6% of the
current pool balance, respectively. As of the July 2024 remittance,
37 of the original 44 loans remain in the pool with a trust balance
of $585.8 million, reflecting a collateral reduction of 22.6% since
issuance. Eleven loans, representing 16.4% of the pool, are fully
defeased and one loan, representing 0.8% of the pool, is specially
serviced. Eight loans, representing 43.1% of the pool, including
five of the seven office loans as well as the Briarwood Mall loan,
are being monitored on the servicer's watchlist. These loans are
being monitored mainly for occupancy declines, low debt service
coverage ratios (DSCRs), and/or cash management initiations.

The largest loan in the pool, Briarwood Mall, is secured by a
370,000-square-foot (sf) portion of a super-regional mall in Ann
Arbor, Michigan, sponsored by a joint venture between Simon
Property Group (Simon) (50.0% beneficial interest) and General
Motors Pension Trust (50.0% beneficial interest). The subject mall
is anchored by noncollateral tenants Macy's, JCPenney, and Von
Maur, with a vacant box formerly occupied by Sears. The loan has
been monitored on the servicer's watchlist since September 2021 for
occupancy-related concerns stemming from several tenant departures.
The loan's DSCR has declined every year since issuance, most
recently being reported at 1.77 times (x) at YE2023, well below the
Morningstar DSCR-derived DSCR of 2.82x at issuance, with an
occupancy rate of 74.9% as of the March 2024 rent roll.

Despite the declines in cash flow and low occupancy rate, Simon
appears to be committed to the property, as evidenced by its
planned redevelopment of the former Sears space, which it acquired
in 2022. The development was approved in December 2023 and is
expected to include a grocery store, additional retail space, and
more than 300 apartment units. Several local online news articles
indicate that the grocery store is planned to open in Q4 2025, with
the apartment units scheduled to become available in 2026. The
positive effects of the development could aid in refinance efforts
as the loan's September 2026 maturity date approaches. However,
given that the collateral's in-place cash flow remains more than
40% below the at-issuance level, Morningstar DBRS believes the
property's at-issuance appraised value of $336.0 million has likely
declined significantly. To recognize the increased credit risk and
uncertainty surrounding the loan maturity in September 2026,
Morningstar DBRS applied an elevated POD adjustment in its
analysis, resulting in an expected loss that was approximately 75%
greater than the pool average.

The second-largest loan on the watchlist is 101 Hudson (Prospectus
ID#3; 9.6% of the pool), secured by a 1.3 million-sf, Class A
office property on the waterfront in Jersey City, New Jersey. The
loan is being monitored on the servicer's watchlist because of
declines in occupancy following the departure of the property's
former second-largest tenant, National Union Fire Insurance
(formerly 20.2% of net rentable area (NRA)), which vacated in 2018.
The sponsor has been unsuccessful in re-leasing the property, with
the occupancy rate declining to 64.8% as of March 2024. Outside of
the largest tenant, Merrill Lynch, Pierce, Fenner & Smith Inc.
(28.6% of NRA, lease expires March 2027), tenancy at the subject is
granular, with no tenant comprising more than 5.0% of NRA and
rollover through the loan's October 2026 maturity being minimal,
with leases representing 5.0% of NRA scheduled to roll. According
to Reis, office properties in the Northern New Jersey Waterfront
submarket reported a Q1 2024 vacancy rate of 19.4% with an average
asking rental rate of $46.56 per square foot (psf) compared with
subject's average rental rate of $34.94 psf.

Despite the sustained low occupancy rate, the loan's DSCR was
reported at 2.11x through Q1 2024, 3.17x as of YE2023, and 2.35x as
of YE2022 in comparison with the Morningstar DBRS DSCR of 2.88x
derived at issuance. As a result of the decline in property
performance, the subject's value declined to $346.0 million in
October 2022 (from $482.5 million at issuance) when The Birch Group
acquired the property and assumed the loan, implying an LTV of
72.3%. Morningstar DBRS believes the property's value has declined
further because of the continued capitalization rate expansion and
deterioration of office market fundamentals in 2023 and 2024. As a
result, Morningstar DBRS analyzed this loan with an elevated LTV
and applied an additional POD adjustment to reflect the property's
high vacancy rate, resulting in an expected loss that was
approximately 50% greater than the pool average.

The 80 Park Plaza loan (Prospectus ID#4; 7.8% of the pool), is
collateralized by a 960,689-sf Class A office property in Newark,
New Jersey. The property comprises two buildings: the larger is a
26-story, 739,495-sf structure known as the Tower Building, and the
smaller is a three-story, 36,340-sf building known as the Plaza
Building. The office buildings were built to suit in 1979 to serve
as the corporate headquarters for Public Services Enterprise Group
(PSEG), an investment-grade Fortune 500 energy company. According
to the March 2024 rent roll, the property was 87.6% occupied as
PSEG relinquished a portion of its space in 2018, which remains
vacant. An additional 265,000 sf across nine floors is currently
listed for sublease, suggesting PSEG is actively reducing its
footprint at the property; however, given the tenant has no
termination options for the remainder of its space, operating
performance is expected to remain stable through lease expiry in
September 2030 (approximately four years post loan maturity).
According to Reis, office properties in the Newark submarket
reported a Q1 2024 vacancy rate of 18.2% with an average asking
rental rate of $27.12 psf, compared with PSEG's in-place base
rental rate of $17.57 psf. Should the vacant space at the property
be successfully leased, the sponsor may be able to benefit from
additional upside in cash flow. Based on the YE2023 financial
reporting, the property generated $12.7 million of NCF (a DSCR of
1.58x), in line with the prior year's reporting. Given the
submarket's soft fundamentals and the current subleasing activity
at the property, Morningstar DBRS analyzed the loan with an
elevated POD penalty and stressed LTV, resulting in an expected
loss that was approximately 50% greater than the pool average.

At issuance, Morningstar DBRS assigned an investment-grade shadow
rating to Potomac Mills (Prospectus ID#6; 6.0% of the pool). This
assessment was supported by the loan's strong credit metrics,
strong sponsorship strength, and historically stable performance.
With this review, Morningstar DBRS confirms that the
characteristics of this loan remain consistent with the
investment-grade shadow rating.

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


CITIGROUP COMMERCIAL 2019-GC41: DBRS Cuts X-F Certs Rating to BB
----------------------------------------------------------------
DBRS Limited downgraded the credit ratings on three classes of
Commercial Mortgage Pass-Through Certificates Series 2019-GC41
issued by Citigroup Commercial Mortgage Trust 2019-GC41 as follows:


-- Class F to BB (low) (sf) from BB (high) (sf)
-- Class G-RR to B (low) (sf) from B (high) (sf)
-- Class X-F to BB (sf) from BBB (low) (sf)

In addition, Morningstar DBRS confirmed its credit ratings on the
remaining classes as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class AS at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)

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

At the last credit rating action, Morningstar DBRS assigned
Negative trends to Classes X-F, F, and G-RR, mainly due to the high
concentration of loans backed by office properties in the pool,
with Comcast Building Tucson (Prospectus ID#22, 1.6% of the pool
balance) noted as one of the primary drivers given the suburban
office property was dark. Since then, performance for the Comcast
Building Tucson continues to be depressed and The Zappettini
Portfolio (Prospectus ID#8, 4.6% of the pool balance) transferred
to special servicing for maturity default. In addition, occupancy
dropped significantly for 505 Fulton Street (Prospectus ID#14, 3.8%
of the pool), a loan backed by a retail property. Details of these
loans are highlighted below. For this review, Morningstar DBRS
liquidated The Zappettini Portfolio from the pool and analyzed the
Comcast Building Tucson and 505 Fulton Street with stressed
probability of default (POD) penalties and/or loan to value ratios
(LTVs) in the analysis, resulting in increased loss expectations
for the pool, thereby supporting the credit rating downgrades. The
Negative trends reflect the potential for further performance and
value decline related to the loans of concern in addition to the
high concentration of loans backed by office properties, which
represent about 30.0% of the pool balance.

The credit rating confirmations on the remaining classes are
reflective of the otherwise steady performance of the remaining
loans in the pool as exhibited by a healthy weighted-average debt
service coverage ratio (DSCR) of 2.58 times (x) based on the most
recent year-end financials. As of the August 2024 remittance, 40 of
the original 43 loans remain in the pool, representing a collateral
reduction of 6.5% since issuance. Two loans are fully defeased,
representing 1.1% of the pool balance. There are six loans on the
servicer's watchlist, representing 9.3% of the pool balance, being
monitored primarily for cash flow trigger events, decline in
performance and/or deferred maintenance items.

The Zappettini Portfolio is secured by a portfolio of 10
office/flex buildings in Mountain View, California. The property is
within Silicon Valley and is close to Google and Microsoft
campuses. The loan recently transferred to special servicing in
June 2024 for maturity default with the servicer commentary noting
a portfolio occupancy rate of 58%, which is a significant decline
from its historical occupancy rate of 100%. The majority of the
buildings are leased to one or two tenants with significant
rollover risk of more than 40.0% of the net rentable area (NRA) in
2024. Based on the trailing 12-months ended (T-12) September 30,
2023, financials, the loan reported a DSCR of 1.70x. An updated
appraisal is not available at this time, but the significant
occupancy decline and the generally challenged office submarket
suggests value has declined from the issuance appraised figure of
$187.4 million. A workout has yet to be established, although the
special servicer is dual tracking foreclosure as discussions
continue. For this review, Morningstar DBRS took a conservative
approach and liquidated the loan from the pool based on a haircut
to the issuance value, resulting in a loss severity in excess of
30.0%.

The Comcast Building Tucson loan is secured a 211,152-square-foot
(sf) suburban property in Tucson, Arizona. The single tenant,
Comcast, took occupancy in 2015 after a major retrofit of the
building, bringing more than 1,100 employees to what was considered
a state-of-the-art call center. The property consisted of a
three-story building with a movie theater, a fitness facility, and
food service facilities as well as a four-level parking garage. The
loan is on the servicer's watchlist because a cash flow sweep was
triggered as Comcast did not provide notice to renew its lease 36
months prior to the January 2026 lease expiration and appears to
have vacated the subject based on an August 2022 news article,
although the tenant continues to honor its lease payments.
According to the servicer, there is $284,499 held in the cash
management account, as well as $1.7 million in a lease sweep
account and $1.2 million in a general rollover reserve.

The borrower has been actively marketing the entire property for
lease since 2022. According to Reis, office properties located in
the Northwest submarket reported a Q2 2024 vacancy rate of 14.2%
and asking rental rate of $24.27 per square foot (psf), compared
with the Q2 2023 vacancy rate of 15.4% and asking rental rate of
$24.12 psf. Based on the year-end (YE) 2023 financials, the loan is
reporting a DSCR of 2.32x. Morningstar DBRS maintains its negative
outlook for this loan given the collateral's build-out to
specifically suit a call-center and the change in workplace
dynamics combined with the upcoming lease expiration and generally
soft submarket conditions. If the borrower is unable to secure a
replacement tenant, there is a high likelihood of the loan
transferring to special servicing and the value of the subject
would be considerably impaired. For this review, Morningstar DBRS
analyzed this loan with an elevated POD penalty and stressed LTV,
resulting in an expected loss that is more than four times the pool
average.

505 Fulton Street is secured by a 114,209-sf anchored retail
property in Brooklyn. The loan has been on the servicer's watchlist
since July 2023 because major tenants Nordstrom Rack (35.5% of the
net rentable area (NRA)) and TJ Maxx (25.9% of NRA) have scheduled
lease expirations in April 2024 and, ultimately, these tenants
vacated the subject. The property historically reported a 100%
occupancy rate, but with the departure of two large tenants,
occupancy has likely fallen to near 35.0%. In addition, Old Navy
(19.7% of NRA), has a lease scheduled to expire in January 2025,
which would further reduce occupancy to approximately 20.0% if the
tenant decides to vacate. Based on the YE2023 financials, the loan
reported a DSCR of 2.61x, but this will likely drop to below 2.0x
when accounting for the departure of Nordstrom and TJ Maxx. In the
event Old Navy also vacates, DSCR will drop further to about 1.0x.
Considering the increased vacancy and near-term tenant rollover
risk, Morningstar DBRS analyzed this loan with an elevated POD
penalty, resulting in an expected loss more than three times the
pool average.

Three loans, representing a combined 18.0% of the pool, are
shadow-rated investment grade by Morningstar DBRS¿30 Hudson Yards
(Prospectus ID#1), Grand Canal Shoppes (Prospectus ID#6), and
Moffett Towers II Buildings 3 & 4 (Prospectus ID#7). With this
review, Morningstar DBRS confirms that the loans continue to
perform in line with the investment-grade loan characteristics. The
Centre loan (Prospectus ID#27, 1.3% of the pool balance), a Class A
multifamily property located in Cliffside Park, New Jersey, was
shadow-rated at issuance. This loan did not repay at its initial
maturity in July 2024, however, the borrower is working towards a
short-term extension. Performance overall is healthy with a YE2023
DSCR at 2.52x and an occupancy rate of 97.0%. For this review,
Morningstar DBRS took a conservative approach by removing the
shadow-rating and applied a stressed POD in the analysis.

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


CITIGROUP COMMERCIAL 2020-GC46: DBRS Cuts G-RR Rating to B(low)
---------------------------------------------------------------
DBRS Limited downgraded its credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2020-GC46
issued by Citigroup Commercial Mortgage Trust 2020-GC46:

-- Class X-F to BB (low) (sf) from BBB (low) (sf)
-- Class F to B (high) (sf) from BB (high) (sf)
-- Class G-RR to B (sf) from BB (low) (sf)

In addition, Morningstar DBRS confirmed its credit ratings on the
remaining classes as follows:

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

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

The credit rating confirmations and Stable trends reflect the
overall healthy performance of the pool, which continues to perform
in line with Morningstar DBRS' expectations as evidenced by the
pool's WA DSCR of 2.77 times (x) and WA debt yield of 11.4%.

The credit rating downgrades and Negative trends on Classes F,
G-RR, and X-F reflect the increased loss expectations tied to a
select number of loans that are concentrated within the top 20
loans in the pool, and have exhibited significant performance
deterioration since Morningstar DBRS' last review, including the
largest specially serviced loan in the pool, Parkmerced (Prospectus
ID#18; 2.3% of the pool). The Negative trends on Classes D, E, and
X-D generally reflect the pool's exposure to increased risks for
the office sector in the past few years, given loans, representing
33.9% of the pool, are secured by office property types or
mixed-use properties with a significant office component. Of these
loans, four (17.9% of the pool), are secured by office properties
with concentrated tenancy, whereby the largest and/or second
largest tenants collectively represent over 50.0% of the net
rentable area (NRA), including the largest loan in the pool, 650
Madison Avenue (Prospectus ID#1; 9.6% of the pool), which is
already reporting a reduction in footprint for its largest tenant.
While a majority of these large tenants at the other three
properties are on long-term leases, and notably do not appear to
have termination options, two are exposed to large leases currently
scheduled to roll around the respective loan maturity dates.
Morningstar DBRS believes the likelihood that those spaces are
ultimately not renewed and/or are downsized at lease expiry has
increased from issuance, further supporting the Negative trends for
those classes.

In general, Morningstar DBRS has a cautious outlook for loans
backed by office properties given the sustained upward pressure on
vacancy rates in most markets and submarkets as office usage trends
have shifted post pandemic. Where applicable, Morningstar DBRS
increased the probability of default penalties (POD), and, in
certain cases, applied stressed loan-to-value ratios (LTV) for
loans exhibiting increased risks from issuance. The resulting
weighted-average (WA) expected loss (EL) for these loans is nearly
230.0% higher than the pool average, which is primarily
attributable to three large loans in 650 Madison Avenue, 805 Third
Avenue (Prospectus ID#7; 3.7% of the pool), and Parkmerced.
Although the collateral for all three of these loans is generally
well positioned despite the increased risks in each case, with each
also benefitting from subordinate debt held outside the trust and
relatively low LTVs on the senior debt held in the subject
transaction, Morningstar DBRS notes any unforeseen developments in
the performance or property value trends could result in further
credit rating downgrades given the weight these large loans carry
in influencing the overall pool expected loss.

The 650 Madison loan is collateralized by a Class A office and
retail tower that consists primarily of approximately 544,000
square feet (sf) of office space, with ground floor retail and
storage space comprising the remaining sf. The trust loan
represents a pari passu portion of the $586.8 million senior loan
that combines with $213.2 million in subordinate debt for a whole
loan of $800.0 million. The loan has been on the servicer's
watchlist since April 2023 due to a low DSCR, driven by the
departure of several tenants, including the former second-largest
tenant, Memorial Sloan Kettering Cancer Center, in June 2022.
According to the March 2024 rent roll, the property's occupancy was
78.9%, down from 97.0% at issuance. The occupancy rate will fall
further from that March 2024 figure following the
servicer-confirmed downsizing of both the largest tenant, Ralph
Lauren (currently 40.7% of the NRA; lease expiration in December
2024) and the second-largest tenant BC Partners Inc. (previously
11.7% of the NRA; lease expiration in April 2024). According to the
servicer, Ralph Lauren will remain in occupancy for 141,871 sf
(23.6% of the NRA; new lease expiration in April 2036), but at a
notably lower base rent of $63.00 psf (per sf; subject to an 8.0%
annual escalation) as compared with the tenant's current base rent
of $75.20 psf. The tenant allowance for the renewed space will be
$74.07 psf. BC Partners Inc. has agreed to renew a portion of its
space representing 7.4% of the NRA (lease expiration in August
2037), at a base rent of $90.00 psf, which is also below its
pre-renewal rent, with no tenant improvement allowance. In
addition, both tenants were given one year of free rent as part of
their respective long-term renewals. With these developments,
Morningstar DBRS estimates an availability rate of just under 43.0%
for the property.

The declining occupancy trends have driven cash flows down
significantly as compared with the issuance figures. Per the most
recent financials for the trailing 12 months (T-12) ended March 31,
2024, the net cash flow (NCF) was $38.5 million (reflecting a DSCR
of 1.71x on the senior debt; $1.36x on the whole loan), well below
the Morningstar DBRS NCF derived at issuance of $50.8 million (DSCR
of 2.45x on the senior debt). With the downsizings and renewals at
lower rental rates as previously outlined, these trends are
expected to escalate over the near term. Although the high
availability rate and cash flow declines are indicative of
significantly increased risks for this loan, Morningstar DBRS notes
mitigating factors in the strong sponsorship provided by Vornado
and Oxford Properties, the building quality and desirable location,
which is in close proximity to major landmarks, including Central
Park and the Rockefeller Center. The ground floor retail is a
bright spot, with tenants generally on long-term leases which
contribute over 30.0% of the total rent. To stress the loan in the
analysis given the increased risks, Morningstar DBRS considered an
elevated LTV and POD, resulting in an EL that is nearly twice the
pool's WA EL.

The 805 Third Avenue loan is secured by a Class A building that
consists of a 565,000-sf office tower and a 31,000-sf three-story
retail pavilion. The whole loan amount of $275.0 million consists
of $150.0 million in pari passu senior debt and $125.0 million in
subordinate debt. The trust loan represents a pari passu portion of
the senior debt. The loan has been on the servicer's watchlist
since September 2020, and is currently being monitored for a low
DSCR, which is driven by a decline in occupancy. According to the
servicer's commentary, the property was 58.0% occupied as of
September 2023, a further decline from 68.0% as of September 2022,
given the departure of the former second-largest tenant, Toyota
Tsusho America, Inc. in November 2022. The largest remaining tenant
at the property is Meredith Corporation (36.0% of the NRA; lease
expiration in December 2026), which is currently subleasing nearly
all of its space to three firms after moving to Brookfield Place in
2018, and has been reported to be planning to terminate its lease
at the end of 2024. The issuance information showed a termination
option available in January 2024; Morningstar DBRS has requested
clarification from the servicer on the tenant's plans for the space
and options for exit ahead of the 2026 expiry.

Based on the most recent financials, the loan reported a YE2023
DSCR of 0.80x on the senior debt, a decline from the YE2022 DSCR of
1.05x on the senior debt, as a result of a -10.7% variance in gross
potential rent. The loan is currently delinquent, with the last
payment received in May 2024 as of the August 2024 remittance.
Another area of concern is the loan's sponsor, Cohen Brothers
Realty Corporation, which, per a May 2024 Bisnow article, has
accumulated approximately $1.0 billion of loans in default. Given
the extended delinquency, Morningstar DBRS expects the loan to be
transferred to special servicing in the near term. To account for
the significantly increased risks as outlined for this loan,
Morningstar DBRS' analysis considered a stressed scenario to
increase the LTV and POD, which resulted in an EL that is three
times the pool's WA EL.

The Parkmerced loan is secured by a 3,165-unit apartment complex in
San Francisco. The $1.5 billion mortgage loan consists of a $547.0
million senior loan and subordinate debt comprising a $708 million
B note and a $245.0 million C note. There is also $275.0 million of
mezzanine debt in place. The trust debt represents a pari passu
portion of the senior loan. At Morningstar DBRS' last credit rating
action for the subject transaction, the loan was on the servicer's
watchlist for a low DSCR and was being cash managed. Although the
low DSCR was a concern, Morningstar DBRS noted mitigating factors
in an occupancy improvement as of the March 2023 rent roll and the
strong historical performance for the subject collateral as support
for maintaining the investment-grade shadow rating assigned at
issuance. However, despite slow and steady improvements over the
next six months reporting, the loan eventually transferred to
special servicing as of the April 2024 reporting period, with the
loan last paid in June 2024 as of the August 2024 remittance. The
property was revalued in July 2024 at $1.4 billion, reflecting a
34.1% decline from the issuance value of $2.1 billion. Although the
value decline and declined performance are indicative of
significantly increased risks from issuance, the implied LTV for
the senior debt with the updated value remains quite healthy, at
39.4%, suggesting the likelihood of loss to the trust at resolution
remains low. In light of the default and generally increased risks
from issuance, Morningstar DBRS removed the shadow rating and
increased the POD, resulting in a loan EL that is nearly double the
pool's WA EL.

At issuance, five other loans were shadow-rated investment grade,
including 1633 Broadway (Prospectus ID#2; 9.1% of the trust
balance), Southcenter Mall (Prospectus ID#3; 4.9% of the trust
balance), CBM Portfolio (Prospectus ID#5; 4.2% of the trust
balance), Bellagio Hotel and Casino (Prospectus ID#20;1.7% of the
trust balance), and 510 East 14th Street (Prospectus ID#31;1.2% of
the trust balance). With this review, Morningstar DBRS confirms
that the loan performance trends remain consistent with the
investment-grade shadow ratings.

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


COLT 2024-5: Fitch Gives 'B(EXP)sf' Rating on Class B2 Certificates
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2024-5 Mortgage Loan Trust (COLT
2024-5).

COLT 2024-5 utilizes Fitch's new Interactive RMBS Presale feature.
To access the interactive feature, click the link at the top of the
presale report's first page, log into dv01 and explore Fitch's
loan-level loss expectations.

   Entity/Debt       Rating           
   -----------       ------           
COLT 2024-5

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

Transaction Summary

Fitch expects to rate the residential mortgage-backed certificates
to be issued by COLT 2024-5 Mortgage Loan Trust as indicated above.
The certificates are supported by 540 nonprime loans with a total
balance of approximately $331.9 million as of the cutoff date.

Loans in the pool were originated by multiple originators,
including The Loan Store, Inc. Foundation Mortgage Corporation,
Northpointe Bank (NPB) and various others. The loans were
aggregated by Hudson Americas L.P., and are serviced by Fay
Servicing LLC (Fay), Select Portfolio Servicing, Inc. (SPS) and
NPB.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch's updated view on
sustainable home prices, Fitch views the home price values of this
pool as 9.8% above a long-term sustainable level (versus 11.5% on a
national level as of 1Q24, up 0.4% since the prior quarter).
Housing affordability is the worst it has been in decades, driven
by both high interest rates and elevated home prices. Home prices
have increased by 5.9% yoy nationally as of May 2024 despite modest
regional declines, but are still being supported by limited
inventory.

COLT 2024-5 has a combined original LTV (cLTV) of 76.0%, slightly
higher than that of the previous Hudson transaction, COLT 2024-4
Mortgage Loan Trust. Based on Fitch's updated view of housing
market overvaluation, this pool's sustainable LTV (sLTV) is 84.4%,
compared with 82.1% for the previous transaction.

Non-QM Credit Quality (Negative): The collateral consists of 540
loans totaling $331.9 million and seasoned at approximately three
months in aggregate, as calculated by Fitch. The borrowers have a
moderate credit profile, consisting of a 745.8 model FICO, and
moderate leverage with an 84.4% sLTV and a 76.0% cLTV.

Of the pool, 65.0% of the loans are of a primary residence, while
28.3% comprise an investor property. Additionally, 70.6% are
non-qualified mortgages (non-QMs, or NQMs), including 0.16%
designated as ATR risk and QM rule does not apply to the
remainder.

Fitch's expected loss in the 'AAAsf' stress is 19.25%. This is
mainly driven by the NQM collateral and the significant investor
cash flow product (debt service coverage ratio [DSCR])
concentration.

Loan Documentation (Negative): About 93.9% of loans in the pool
were underwritten to less than full documentation and 71.4% were
underwritten to a bank statement program for verifying income,
which is not consistent with Fitch's view of a full documentation
program. A key distinction between this pool and legacy Alt-A loans
is that these loans adhere to underwriting and documentation
standards required under the Consumer Financial Protections
Bureau's (CFPB) Ability to Repay Rule (ATR Rule, or the Rule).

Fitch's treatment of alternative loan documentation increased
'AAAsf' expected losses by 625bps, compared with a deal of 100%
fully documented loans.

High Percentage of DSCR Loans (Negative): In the pool, there are 60
DSCR products (6.1% by unpaid principal balance [UPB]). These
business-purpose loans are available to real estate investors that
are qualified on a cash flow basis, rather than debt to income
(DTI), and borrower income and employment are not verified.

Fitch converts the DSCR values to a DTI and treats them as low
documentation, compared with standard investment properties. Its
treatment for DSCR loans results in a higher Fitch-reported
non-zero DTI.

Fitch's average expected losses for DSCR loans is 30.1% in the
'AAAsf' stress.

Of the investor occupied loans, 1.4% (by UPB) include a default
interest rate feature, whereby the interest rate to the borrower
increases upon delinquency/default. Fitch expects a lower cure rate
on loans with this feature and increases the likely default rate,
similar to the impact of an adjustable-rate mortgage (ARM).

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

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

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

COLT 2024-5 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lower of a
100-bp increase to the fixed coupon or the net weighted average
coupon (NWAC) rate. Any class B-3 interest distribution amount will
be distributed to class A-1, A-2 and A-3 certificates on and after
the step-up date if the cap carryover amount is greater than zero.
This increases the P&I allocation for the senior classes.

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.1% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. A 10% additional
decline in home prices would lower all rated classes by one full
category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Consolidated Analytics, SitusAMC, Evolve, Selene,
Clarifii, Opus, Canopy and Maxwell. The third-party due diligence
described in Form 15E focused on credit, compliance and property
valuation review. Fitch considered this information in its analysis
and, as a result, Fitch made the following adjustment to its
analysis: a 5% credit was given at the loan level for each loan
where satisfactory due diligence was completed. This adjustment
resulted in a 54bps reduction to the 'AAA' expected loss.

ESG Considerations

COLT 2024-5 has an ESG Relevance Score of '4 [+]' for Transaction
Parties & Operational Risk due to origination, underwriting and/or
aggregator standards, which has a positive impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

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


COMM 2012-CCRE4: Moody's Lowers Rating on 2 Tranches to Csf
-----------------------------------------------------------
Moody's Ratings has affirmed the ratings on three classes and
downgraded the ratings on four classes in COMM 2012-CCRE4 Mortgage
Trust, Commercial Pass-Through Certificates, Series 2012-CCRE4 as
follows:

Cl. A-3, Affirmed Aaa (sf); previously on Dec 12, 2023 Affirmed Aaa
(sf)

Cl. A-M, Downgraded to B1 (sf); previously on Dec 12, 2023
Downgraded to Ba1 (sf)

Cl. B, Downgraded to C (sf); previously on Dec 12, 2023 Downgraded
to Ca (sf)

Cl. C, Affirmed C (sf); previously on Dec 12, 2023 Downgraded to C
(sf)

Cl. D, Affirmed C (sf); previously on Dec 12, 2023 Affirmed C (sf)

Cl. X-A*, Downgraded to Ba3 (sf); previously on Dec 12, 2023
Downgraded to Ba1 (sf)

Cl. X-B*, Downgraded to C (sf); previously on Dec 12, 2023
Downgraded to Ca (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on one principal and interest (P&I) class, Cl. A-3, was
affirmed due to its significant credit support and the expected
principal proceeds from the remaining loans. The class has already
paid down 97% from its original principal balance and will also
benefit from priority of principal proceeds from any loan payoffs
or liquidations.

The ratings on two P&I classes, Cl. A-M and Cl. B, were downgraded
primarily due to the potential for higher losses and interest
shortfalls driven primarily by the significant exposure to loans
that are either in special servicing or have passed their maturity
dates. The two remaining loans have experienced significant
declines in performance and market values since securitization and
have previously received maturity extensions after being unable to
payoff at their original maturity dates. The specially serviced
loan is the Prince Building Loan (51% of the pool), secured by an
mixed use (office & retail) building that has had a recent
significant decline in occupancy due to the departure of a major
tenant in September 2023, and the loan recently transferred to
special servicing ahead of its already extended October 2024
maturity date. The other loan, Eastview Mall and Commons (49% of
the pool), is secured by a regional mall with cash flow that has
remained well below levels at securitization and has a current
maturity date in September 2024. Due to the performance of these
assets, Moody's do not expect them to payoff in the near future and
anticipated losses may increase if these loans were to become
delinquent on debt service payments.

The ratings on two P&I classes, Cl. C and Cl. D were affirmed
because the ratings are consistent with Moody's expected loss and
realized losses. Cl. D has already experienced a 71% loss from
previously liquidated loans.

The rating on two IO classes, Cl. X-A and Cl. X-B, were downgraded
due to the decline in the credit quality of their 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 of 43.4% of the
current pooled balance, compared to 42.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 19.0% of the
original pooled balance, compared to 18.9% 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.

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool or 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" published in
July 2024.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 51% of the pool is in
special servicing and Moody's identified additional troubled loan
representing 49% of the pool. In this approach, Moody's determined
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 apply 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 August 16, 2024 distribution date, the transaction's
aggregate certificate balance has decreased by 78% to $245 million
from $1.1 billion at securitization. The certificates are
collateralized by two remaining mortgage loans that have imminent
maturity dates after already being previously extended. As of the
August 2024 remittance statement, one loan (51% of the pool) was in
special servicing and both loans were current on their monthly debt
service payments.

Five loans have been liquidated from the pool, resulting in an
aggregate realized loss of $105 million (with 72% loss severity on
an average). Most of the loss to the trust comes from two
liquidated retail loans, Emerald Square Mall and Fashion Outlets of
Las Vegas.

As of the August 2024 remittance statement cumulative interest
shortfalls were $13 million and impacted up to Cl. B. Moody's
anticipate interest shortfalls will continue because of the
exposure to specially serviced loan and 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 specially serviced loan and the largest loan in the pool is the
Prince Building loan ($125 million -- 51% of the pool), which
represents a pari passu portion of a $200 million whole loan. The
loan is secured by a 379,000 square foot (SF) mixed-use office and
retail property located in the SoHo neighborhood of New York City.
The property was originally built in 1897 and renovated in 2009.
The office portion makes up 78% of the net rentable area (NRA) and
the largest tenant is ZocDoc (13% of NRA) with a lease expiration
in 2035. The retail component makes up the remaining 22% of NRA,
and the largest retail tenants include an Equinox sports club (11%
of NRA) and Forever 21 (5% of NRA). The prior largest office
tenant, Group Nine Media (95,000 SF - 25% of NRA), vacated after
their September 2023 lease expiration. The Borrower indicated the
space is currently being marketed for a replacement tenant,
however, the departure has caused the property's cash flow to
significantly decline. The year-end 2023 NOI was already 23% lower
than at securitization and the further cash flow decline caused the
June 2024 annualized NOI to be 51% lower than securitization
levels. The loan is in cash management with all excess cash being
trapped to the reserve. As of June 2024, the property was 50%
occupied with reported NOI DSCR at 1.14X. The loan previously
transferred to the special servicer in October 2022 due to maturity
default and was subsequently extended through October 2023 with an
additional one year extension through 2024. Servicer commentary
indicated the borrower recently requested a new maturity extension
as the loan currently matures in October 2024. The loan has
remained current on its interest only debt payment due to positive
cash flow and its low in-place interest rate of 4.3%. The most
recently reported appraisal value in August 2023 was well above the
outstanding mortgage loan balance, however, due to the recent
occupancy and cash flow declines Moody's anticipate a moderate loss
on this loan.

The other remaining loan is the Eastview Mall and Commons Loan
($120 million – 49% of the pool) which represents a pari passu
portion of a $210 million whole loan. The loan is secured by an
725,300 SF portion of a 1.4 million SF regional mall (Eastview
Mall) and an 86,370 SF portion of a 341,000 SF power center
(Eastview Commons) located adjacent to the mall, which is located
in Victor, NY, 15 miles southeast of Rochester. The mall portion is
anchored by non-collateral Macy's, JC Penny, Von Maur and Dicks
Sports stores. The Dicks Sports backfilled a previous Sears store.
The non-collateral portion also includes a former Lord & Taylor
space that closed in 2021. The mall collateral is anchored by a 13
screen Regal Cinemas, Raymour & Flanagan and LL Bean. It also
includes an Apple store, the only one within a 60 mile radius. The
Eastview Commons portion includes non-collateral Home Depot and
Target stores, and collateral tenants Best Buy, Staples and Old
Navy. As of March 2024, the property was 84% occupied, compared to
90% as of December 2022 and 94% at securitization. The loan first
transferred to the special servicer in May 2020 due to the
coronavirus pandemic but shortly returned to the master servicer in
July 2020. However, the loan returned to the special servicer in
June 2022 ahead of its original maturity in September 2022 and the
maturity date was subsequently extended through September 2024,
with one additional one year extension option to September 2025
pursuant to terms and conditions in the modification agreement.
Servicer commentary indicated the Borrower has expressed concerns
with paying off at the September 2024 maturity date and exercising
the one year extension option is anticipated. The loan is in cash
management for the remainder of the term with all excess cash being
trapped and the reported year-end 2023, NOI DSCR was 1.50X (based
on interest only payments and a 4.625% interest rate), which has
been relatively stable since 2020. However, the property's NOI has
remained significantly below levels at securitization since 2019
and year-end 2023 NOI was 23% below the NOI in 2012. The property's
was most recent appraisal from 2022 valued the property 52% lower
than the outstanding loan balance and performance has not
materially improved. The loan remains current based on the loan
extensions terms, however, given the property's recent performance
and market conditions the loan will likely face refinance risk at
its extended maturity date and anticipate a large loss on this
loan.


COMM 2015-CCRE23: DBRS Cuts Class D Certs Rating to BB
------------------------------------------------------
DBRS, Inc. downgraded its credit ratings on three classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE23
issued by COMM 2015-CCRE23 Mortgage Trust as follows:

-- Class D to BB (sf) from BBB (low) (sf)
-- Class E to B (low) (sf) from B (high) (sf)
-- Class X-C to BB (high) (sf) from BBB (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class X-D at B (sf)
-- Class F at C (sf)

Morningstar DBRS changed the trends on Classes C, D, X-B and X-C to
Negative from Stable. Classes E and X-D continue to carry Negative
trends. There is no trend on Class F, which has a credit rating
that does not typically carry a trend in commercial mortgage-backed
securities (CMBS). The trends on all other classes are Stable.

The credit rating downgrades and Negative trends reflect
Morningstar DBRS' concerns regarding increased default risk as the
deal enters its maturity year. Four loans, representing 3.4% of the
pool, are already in special servicing. All but four loans,
representing 0.3% of the pool, are scheduled to mature within the
next nine months. While it is expected that the majority of these
loans will repay as scheduled, Morningstar DBRS has identified nine
non-specially serviced loans, representing 15.8% of the pool, that
are at increased risk of maturity default given poor performance,
increased rollover risk, and unfavorable market fundamentals. If
additional defaults were to occur, or should performance of the
loans of concern decline further and Morningstar DBRS' expected
loss for the pool increase, classes could be downgraded.
Additionally, as performing loans repay and the pool becomes more
concentrated with defaulted assets, there is increased propensity
for interest shortfalls on the remaining bonds. The credit rating
confirmations are supported by the continued stable performance of
the majority of the loans in the pool, which Morningstar DBRS
believes will successfully pay off or refinance at maturity.

As of the August 2024 remittance, 70 of the original 83 loans
remain in the pool, representing a collateral reduction of 27.9%
since issuance. The pool benefits from a significant amount of
defeasance with 24 loans, representing 39.3% of the pool balance,
having been fully defeased. Since the last review, two formerly
specially serviced loans were liquidated from the pool, resulting
in losses of approximately $25.6 million, which further eroded the
unrated Class G to approximately 31.0% of its original balance. As
noted above, four loans, representing 3.4% of the pool, are
currently in special servicing and 15 loans, representing 22.0% of
the pool, are on the servicer's watchlist, eight of which are
flagged for performance concerns.

Excluding the defeased loans, the pool is most concentrated by
office and multifamily properties, which represent 27.3% and 11.5%
of the pool balance, respectively. Morningstar DBRS has a cautious
outlook on the office sector given the anticipated upward pressure
on vacancy rates in the broader office market, challenging
landlords' efforts to backfill vacant space, and, in certain
instances, contributing to value declines, particularly for assets
in noncore markets and/or with disadvantages in location, building
quality, or amenities offered. Outside of the loans in special
servicing, Morningstar DBRS' analysis includes an additional stress
for seven office loans exhibiting weakened performance, which
resulted in loan-level weighted-average (WA) expected losses (ELs)
that are more than 45% higher than the pool average.

In its analysis, Morningstar DBRS utilized liquidation scenarios
for three of the loans in special servicing: Champaign Portfolio
(Prospectus ID#21; 1.7% of the pool), One Tower Creek (Prospectus
ID#43; 0.7% of the pool), and Holiday Inn Express - Poughkeepsie
(Prospectus ID#47; 0.6% of the pool). Morningstar DBRS' liquidation
scenarios were based on a haircut to the most recent appraised
value, which ranged from 10% to 50% based on the appraisal date,
property type, and condition.

The largest contributor to the Morningstar DBRS pool EL is Sherman
Plaza (Prospectus ID# 6; 4.4% of the pool), which is secured by a
267,648 square foot (sf) Class A, suburban office park comprising
two office towers in Van Nuys, California,. The property's
occupancy rate has continued to decline year over year and was
reported at 45% as of the March 2024 rent roll, down from 59.2% in
March 2023 and 93.0% at issuance. Exacerbating the property's lack
of leasing activity is the San Fernando Valley Central submarket,
which, according to Reis, continues to exhibit a high vacancy rate,
reported at 17.6% as of Q2 2024. Reis expects the submarket vacancy
rate to increase to nearly 22% in the next five years. As a result
of the declines in occupancy, performance has also declined
significantly, with the YE2023 net cash flow (NCF) and debt service
coverage ratio (DSCR) reported at $1.7 million and 0.6 times (x),
respectively. Despite the low in-place cash flows, the loan has
remained current. Morningstar DBRS expects the borrower will not be
able to refinance the loan ahead of its April 2025 maturity without
contributing significant equity or signing a large tenant(s) and
views the loan as being a high maturity default risk. As such, the
loan was analyzed with a stressed loan-to-value ratio (LTV) and
probability of default resulting in an EL that was nearly three
times the pool average.

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


COMMERCIAL MORTGAGE 2001-CMLB1: Moody's Cuts Cl. X Certs to C
-------------------------------------------------------------
Moody's Ratings has downgraded the rating on the interest-only
class (IO) in Commercial Mortgage Leased-Backed Certificates
2000-CMLB1 (CMLBC 2001-CMLB1).

Cl. X*, Downgraded to C (sf); previously on Oct 16, 2023 Downgraded
to Ca (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on the IO Class was downgraded due to the decline in the
credit quality from principal paydowns of higher quality referenced
class. The transaction has paid down 99% since securitization and
91% from Moody's last review. The IO class is the only outstanding
class Moody's rate in this transaction.

FACTORS THAT WOULD LEAD TO AN UPGRADE OF THE RATING:

An IO class may be subject to ratings upgrades if there is an
improvement in the credit quality of its referenced classes,
subject to the limits and provisions of the updated IO
methodology.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating Credit Tenant
Lease and Comparable Lease Financings" published in June 2020.

DEAL PERFORMANCE

As of the August 2024 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $710,396 from
$476.3 million at securitization. The certificates are
collateralized by four mortgage loans. Three of the loans,
representing 60% of the pool, are CTL loans secured by properties
leased to three corporate credit tenants. One loan, representing
40% of the pool, is defeased and is collateralized with US
Government securities. The pool has previously experienced an
aggregate realized loss of $5.9 million as a result of previously
liquidated loans.

The non-defeased CTL pool consists of three loans secured by
properties leased to three tenants. The largest exposure is
McDonalds Corporation ($226,446 – 32% of the pool; senior
unsecured rating: Baa1 -- stable outlook). Two of the three
corporate tenants (47% of the pool) have an investment grade
rating. The bottom-dollar weighted average rating factor (WARF) for
this pool (including defeasance) is 1018. WARF is a measure of the
overall quality of a pool of diverse credits. The bottom-dollar
WARF is a measure of default probability.


DBJPM 2017-C6: Fitch Lowers Rating on Class E-RR Certs to Bsf
-------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 11 classes of DBJPM
2017-C6 Mortgage Trust commercial mortgage pass-through
certificates, series 2017-C6. The Rating Outlooks on affirmed
classes C and X-B have been revised to Negative from Stable.
Following the downgrade to class E-RR, the class was assigned a
Negative Outlook.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
DBJPM 2017-C6

   A-3 23312JAC7    LT AAAsf  Affirmed    AAAsf
   A-4 23312JAE3    LT AAAsf  Affirmed    AAAsf
   A-5 23312JAF0    LT AAAsf  Affirmed    AAAsf
   A-M 23312JAH6    LT AAAsf  Affirmed    AAAsf
   A-SB 23312JAD5   LT AAAsf  Affirmed    AAAsf
   B 23312JAJ2      LT AA-sf  Affirmed    AA-sf
   C 23312JAK9      LT A-sf   Affirmed    A-sf
   D 23312JAQ6      LT BBB-sf Affirmed    BBB-sf
   E-RR 23312JAS2   LT Bsf    Downgrade   BB-sf
   F-RR 23312JAU7   LT CCCsf  Downgrade   B-sf
   X-A 23312JAG8    LT AAAsf  Affirmed    AAAsf
   X-B 23312JAL7    LT A-sf   Affirmed    A-sf
   X-D 23312JAN3    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Increased 'B' Loss Expectations: Fitch's current ratings
incorporate a 'Bsf' rating case loss of 4.7%, which has increased
from 3.6% at the prior rating action. Twelve loans are classified
as Fitch Loans of Concern (FLOCs; 47.3% of the pool), including
three loans (8.1%) in special servicing.

The downgrades reflect increased pool loss expectations since
Fitch's last rating action. The increase was primarily driven by
higher losses attributed to FLOCs, specifically the specially
serviced 211 Main Street (6.4% of the pool).

The Negative Outlooks reflects the potential for downgrades should
FLOCs experience further performance declines, if additional loans
transfer to special servicing, or with extended workouts and
additional value declines for the loans in special servicing.

Largest Contributors to Loss Expectations: The largest increase in
loss expectations since the prior rating action and largest
contributor to loss is the specially serviced 211 Main Street,
secured by a 417,266-sf single-tenant office building in San
Francisco, CA leased to Charles Schwab on a lease through April
2028. The loan transferred to special servicing in March 2024 prior
to defaulting at maturity in April 2024.

Charles Schwab has relocated its headquarters from San Francisco to
Westlake, TX and has downsized to six floors from 17 floors within
the building, which is approximately 38% of the NRA. A modification
of the loan, which includes a four-year extension, amortization on
a 30-year schedule and cash management, has been finalized and the
loan is being transferred back to the master servicer.

Fitch's 'Bsf' rating case loss of 14.2% (prior to concentration
adjustments) is based on a 9.5% cap rate and a 30% stress to the YE
2023 NOI.

The second largest contributor to loss is Starwood Capital Group
Hotel Portfolio (8.6%), secured by a portfolio comprised of 65
hotels totaling 6,370 keys located across 21 states with 14
different franchises. The hotel portfolio's performance is still
recovering post-pandemic; the portfolio's reported YE 2023 NOI was
37% lower than YE 2019. Total average portfolio occupancy, ADR, and
RevPAR improved to 69.0%, $118.26, $82.92, respectively, as of the
TTM ended September 2023, from 69.5%, $110.56, and $76.84,
respectively, as of June 2022 and 66%, $101.76, and $67.55 at YE
2021.

Fitch's 'Bsf' rating case loss of 7.6% (prior to concentration
adjustments) is based on a 11.5% cap rate to the YE 2023 NOI.

The third largest contributor to loss is the specially serviced
Long Meadow Farms asset (1%), which is 39,175 SF retail property
built in 2015 and located in Richmond, Texas. The loan transferred
to special servicing in May 2020 due to payment default and a
receiver was appointed in April 2021. As of September 2023, the
property is 52% occupied with a 0.33x NOI DSCR. According to
servicer updates, the property went to auction in June 2024 and
closing is expected in the third quarter 2024.

Fitch's 'Bsf' rating case loss of 47% (prior to concentration
adjustments) considers a discount to a recent appraisal value,
which is down 28% from the appraisal value at issuance, reflecting
a stressed value of approximately $234 psf.

Changes in Credit Enhancement: As of the August 2024 distribution
date, the pool's aggregate balance has been reduced by 18.3% to
$924.9 million from $1.13 billion at issuance. Three loans (8.7% of
the pool) are fully defeased. Eleven loans (55.5%) are full-term
interest-only (IO).

Realized losses of about $5.4 million are currently impacting the
non-rated class G-RR. Cumulative interest shortfalls of
approximately $1.1 million are affecting the non-rated class G-RR.

RATING SENSITIVITIES

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

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

Downgrades to senior 'AAAsf' rated classes are not expected due to
the position in the capital structure and expected continued
amortization and loan repayments, but may occur if deal-level
losses increase significantly and/or interest shortfalls occur or
are expected to occur.

Downgrades to classes rated in the 'AAsf' and 'Asf' categories
could occur if deal-level losses increase significantly from
outsized losses on larger FLOCs or more loans than expected
experience performance deterioration or default at or before
maturity.

Downgrades to the 'BBBsf' and 'Bsf' categories are possible with
higher than expected losses from continued underperformance of the
FLOCs, in particular office loans with deteriorating performance or
with greater certainty of losses on FLOCs. Loans of particular
concern include 211 Main Street and Starwood Capital Group Hotel
Portfolio.

Downgrades to classes with distressed ratings would occur if
additional loans transfer to special servicing or default, as
losses are realized or become more certain.

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

Upgrades to classes rated in the 'AAsf' and 'Asf' category may be
possible with significantly increased credit enhancement (CE) from
paydowns and/or defeasance, coupled with stable-to-improved
pool-level loss expectations and improved performance on the
FLOCs.

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

Upgrades to the 'Bsf' category rated classes are not likely until
the later years in a transaction and only if the performance of the
remaining pool is stable, recoveries on the FLOCs are better than
expected and there is sufficient CE to the classes.

Upgrades to distressed ratings are not expected but would be
possible with better than expected recoveries on specially serviced
loans or significantly higher values on FLOCs.

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

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

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.


DRYDEN 104 CLO: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, D-R, an E-R replacement debt from Dryden 104 CLO Ltd./Dryden
104 CLO LLC, a CLO originally issued in September 2022 that is
managed by PGIM Inc. At the same time, S&P withdrew its ratings on
the original class A-1, B-1, B-2, C, D, and E debt following
payment in full on the Sept. 9, 2024, refinancing date. S&P did not
rate the replacement class A-2-R debt or the original class A-2
debt.

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

-- The replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt
was issued at floating spreads, replacing the original floating
spreads.

-- The non-call period was extended to Sept. 9, 2025.

-- No additional assets were purchased on the Sept. 9, 2024,
refinancing date, and the target initial par amount remains at $500
million. There was no additional effective date or ramp-up period,
and the first payment date following the refinancing is Nov. 20,
2024.

-- No additional subordinated notes were issued on the refinancing
date.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1-R, $306.25 million: Three-month CME term SOFR +
1.29%

-- Class A-2-R, $13.75 million: Three-month CME term SOFR + 1.60%

-- Class B-R, $60.00 million: Three-month CME term SOFR + 1.75%

-- Class C-R, $28.50 million: Three-month CME term SOFR + 2.00%

-- Class D-R, $27.50 million: Three-month CME term SOFR + 3.25%

-- Class E-R, $15.75 million: Three-month CME term SOFR + 7.40%

Original debt

-- Class A-1, $306.25 million: Three-month CME term SOFR + 2.10%

-- Class A-2, $13.75 million: Three-month CME term SOFR + 2.70%

-- Class B-1, $44.00 million: Three-month CME term SOFR + 3.10%

-- Class B-2, $16.00 million: 5.49%

-- Class C, $28.50 million: Three-month CME term SOFR + 4.05%

-- Class D, $27.50 million: Three-month CME term SOFR + 5.35%

-- Class E, $15.75 million: Three-month CME term SOFR + 8.16%

-- Subordinated notes, $42.56 million: Not applicable

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

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

  Ratings Assigned
  
  Dryden 104 CLO Ltd./Dryden 104 CLO LLC
  
  Class A-1-R, $306.25 million: AAA (sf)
  Class B-R, $60.00 million: AA (sf)
  Class C-R, $28.50 million: A (sf)
  Class D-R, $27.50 million: BBB- (sf)
  Class E-R, $15.75 million: BB- (sf)

  Ratings Withdrawn

  Dryden 104 CLO Ltd./Dryden 104 CLO LLC

  Class A-1 to NR from 'AAA (sf)'
  Class B-1 to NR from 'AA (sf)'
  Class B-2 to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'
  Class E to NR from 'BB- (sf)'

  Other Debt

  Dryden 104 CLO Ltd./Dryden 104 CLO LLC

  Class A-2-R, $13.750 million: NR

  Subordinated notes, $$42.56 million: NR

  NR--Not rated.



ELEVATION CLO 2020-11: S&P Assigns Prelim 'BB-' Rating on E-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-R, D-1A-R, D-1B-R, D-2-R, and E-R replacement
debt and proposed new class X-R debt from Elevation CLO 2020-11
Ltd./Elevation CLO 2020-11 LLC, a CLO originally issued in March
2020 that is managed by ArrowMark Colorado Holdings LLC, a
subsidiary of ArrowMark Partners.

The preliminary ratings are based on information as of Sept. 11,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 20, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. S&P
said, "At that time, we expect to withdraw our ratings on the
original debt and assign ratings to the replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The replacement class A-1-R, A-2-R, B-R, C-R, D-1A-R, D-1B-R,
and E-R notes are expected to be issued at a floating spread.

-- The original class A notes will be split into an A-R-1 and
A-R-2 tranche, which will pay sequentially.

-- The original class D-1 and D-2 notes will be split into class
D-1A-R, D-1B-R, and D-2-R notes, and the D-2-R tranche is expected
to be issued at a fixed coupon. Class D-1 and D-2 will be pari
passu and class D-1A-R and D-1B-R will be paid sequentially within
the class D-1 distribution.

-- The non-call period will be extended to Sept. 20, 2026.

-- The reinvestment period will be extended to Sept. 20, 2029.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) will be extended to Oct. 15,
2037.

-- The class X-R notes will be issued in connection with this
refinancing. These notes are expected to be paid down using
interest proceeds during the first 19 payment dates beginning with
the payment date in January 2025.

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

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

  Preliminary Ratings Assigned

  Elevation CLO 2020-11 Ltd./Elevation CLO 2020-11 LLC

  Class X-R, $6.00 million: AAA (sf)
  Class A-1-R, $300.00 million: AAA (sf)
  Class A-2-R, $10.00 million: AAA (sf)
  Class B-R, $70.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1A-R (deferrable), $9.90 million: BBB (sf)
  Class D-1B-R (deferrable), $4.10 million: BBB- (sf)
  Class D-2-R (deferrable), $16.00 million: BBB- (sf)
  Class E-R (deferrable), $15.00 million: BB- (sf)

  Other Debt

  Elevation CLO 2020-11 Ltd./Elevation CLO 2020-11 LLC

  Subordinated notes, $84.15 million: Not rated



ELMWOOD CLO 32: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO 32
Ltd./Elmwood CLO 32 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 Elmwood Asset Management LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Elmwood CLO 32 Ltd./Elmwood CLO 32 LLC

  Class A-1, $320.00 million: AAA (sf)
  Class A-2, $10.00 million: AAA (sf)
  Class B, $50.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $47.50 million: Not rated



ELMWOOD CLO 33: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO 33
Ltd./Elmwood CLO 33 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 Elmwood Asset Management LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Elmwood CLO 33 Ltd./Elmwood CLO 33 LLC
  
  Class A-R, $320.00 million: AAA (sf)
  Class B-R, $60.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1R (deferrable), $30.00 million: BBB- (sf)
  Class D-2R (deferrable), $3.00 million: BBB- (sf)
  Class E-R (deferrable), $17.00 million: BB- (sf)
  Subordinated notes, $42.00 million: Not rated



ELMWOOD CLO V: S&P Assigns Prelim BB- (sf) Rating on E-RR Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-RR, B-RR, C-RR, D-1-RR, D-2-RR, and E-RR replacement debt from
Elmwood CLO V Ltd./Elmwood CLO V LLC, a CLO which was first
refinanced in July 2021 and originally issued in July 2021. The
transaction is managed by Elmwood Asset Management LLC.

The preliminary ratings are based on information as of Sept. 12,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 18, 2024, second refinancing date, the proceeds from
the replacement debt will be used to redeem the existing debt. S&P
said, "At that time, we expect to withdraw our ratings on the
existing debt and assign ratings to the replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
existing debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The replacement class A-RR, B-RR, C-RR, and E-RR debt is
expected to be issued at a lower spread over three-month CME term
SOFR than the existing notes.

-- The existing class D debt is being replaced by two new classes:
D-1-RR and D-2-RR.

-- The reinvestment period will be extended to July 17, 2029, from
July 17, 2025.

-- The non-call period will be extended to Oct. 20, 2026, from
Aug. 2, 2023.

-- The stated maturity on the existing subordinated notes will be
extended to Oct. 20, 2037, from Oct. 20, 2034, to match the stated
maturity on the new refinancing notes.

Replacement And Existing Debt Issuances

Replacement debt

-- Class A-RR, $256.00 million: Three-month CME term SOFR + 1.37%

-- Class B-RR, $48.00 million: Three-month CME term SOFR + 1.75%

-- Class C-RR (deferrable), $24.00 million: Three-month CME term
SOFR + 2.00%

-- Class D-1-RR (deferrable), $24.00 million: Three-month CME term
SOFR + 3.15%

-- Class D-2-RR (deferrable), $2.00 million: Three-month CME term
SOFR + 4.25%

-- Class E-RR (deferrable), $13.00 million: Three-month CME term
SOFR + 5.75%

Existing debt

-- Class A-R, $256.00 million: Three-month CME term SOFR + 1.41%

-- Class B-R, $48.00 million: Three-month CME term SOFR + 1.91%

-- Class C-R (deferrable), $24.00 million: Three-month CME term
SOFR + 2.26%

-- Class D-R (deferrable), $24.00 million: Three-month CME term
SOFR + 3.36%

-- Class E-R (deferrable), $14.00 million: Three-month CME term
SOFR + 6.36%

-- Subordinated notes, $30.40 million: Not applicable

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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  Elmwood CLO V Ltd./Elmwood CLO V LLC

  Class A-RR, $256.00 million: AAA (sf)
  Class B-RR, $48.00 million: AA (sf)
  Class C-RR (deferrable), $24.00 million: A (sf)
  Class D-1-RR (deferrable), $24.00 million: BBB- (sf)
  Class D-2-RR (deferrable), $2.00 million: BBB- (sf)
  Class E-RR (deferrable), $13.00 million: BB- (sf)



EMERGENT BIOSOLUTIONS: S&P Raises ICR to 'B-' on Debt Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Emergent
BioSolutions Inc. to 'B-' from 'CCC' and its issue-level rating on
its unsecured notes due 2028 to 'CCC+' from 'CCC-'.

S&P's stable outlook reflects its expectation that Emergent's
EBITDA will grow modestly in 2025 despite lower revenue, leverage
will be below 6x, and it will sustain positive free cash flow.

With its new term loan credit agreement, Emergent now has no major
debt maturities until 2028. Credit positive developments over the
last few months include: the announced awarding of more than $250
million in medical countermeasure (MCM) contract modifications from
the U.S. government; $50 million settlement proceeds received from
Johnson & Johnson; the sale of the reactive skin decontamination
lotion business for $75 million; and the recent FDA approval of
Emergent's ACAM2000 to include prevention of mpox disease in high
risk individuals. The company was able to secure a loan that repaid
the outstanding borrowings under its previous secured revolver and
term loan and alleviate themselves from the restrictive
requirements of the previous forbearance agreement. The new term
loan has a five-year maturity and no mandatory debt amortization.

S&P said, "Given the $167 million debt reduction and cost
improvements, we now view Emergent's capital structure as
sustainable and expect the company will remain compliant with its
covenants.

"We expect Emergent's revenues will decline materially in 2025. We
expect declining Narcan sales will accelerate in 2025 and continue
at a modestly negative rate in subsequent years. We view the
potential for a more rapid decline in Narcan sales as a key credit
risk for Emergent. With generic naloxone now competing directly
with Narcan, we expect pricing pressures will intensify in the
coming years. We believe Emergent has differentiated itself
somewhat as the originator of the drug. The company has advantages
managing naloxone's nonconventional distribution channels, where a
meaningful percentage of the product is sold directly to
municipalities or first responders, rather than through more
conventional pharmaceutical distribution channels. Additionally,
Emergent is generally leading the pace in regulatory approvals, as
it recently demonstrated in extending its shelf-life approval from
36 months to 48 months. We view Emergent's MCM sales in 2024 as
somewhat of an anomaly, replenishing depleted stockpiles, and
expect sales volume to generally revert to longer-term averages
over the next few years. While we view the MCM business as stable
over the long term, variability between years and quarters can
distort credit metrics.

"Cost reductions will more than offset lower revenue, and we expect
EBITDA to grow in 2025 and leverage to decline over the next two
years. We expect Emergent's gross margins and EBITDA margins will
improve significantly in 2025 due to consolidating the company's
manufacturing footprint, labor force reductions, and R&D cuts. We
believe the costs to achieve these savings have largely already
been recognized and expect material improvements on a go-forward
basis. Additionally, we believe the company is incentivized to
further reduce debt given upcoming step downs in the new term
loan's maximum gross leverage covenant. We believe the company will
likely deploy cash toward debt repayment over the next two years,
particularly as we expect reinvestment levels to be relatively
low.

"The company's narrow focus, significant product concentration, and
potential volatility of timing on U.S. government procurement
orders limit our rating.  With the completion of additional
divestitures and asset sales and the reduction in R&D, Emergent is
increasingly dependent on a few products for the overwhelming
majority of its revenues and earnings. Additional uncertainty about
Narcan's sales trajectory along with the recurring uncertainty
regarding the size and timing of MCM sales increase potential for
significant swings in credit metrics. We do not expect business
diversification to improve in the next few years as reduced R&D and
the sale of pipeline products pose longer-term risks to the
business. Despite these challenges, our expectation that the
company will remain focused on execution and continuing to optimize
its cost structure over the coming years supports our rating. We do
not expect significant acquisition spending or share repurchases
over the next few years that could erode credit metrics.

"Our stable outlook reflects our expectation that Emergent's EBITDA
will grow modestly in 2025 despite revenue declines, the company's
leverage will be below 6x, and it will sustain positive free cash
flow.

"We could lower our rating on Emergent in the next 12 months if we
view its capital structure as unsustainable over the long term.
This could occur if MCM purchases are routinely delayed or Narcan
competition is significantly more intense than expected, making it
challenging for the company to meet its fixed costs with operating
cash flow and increasing the potential for a covenant violation
within the next 12 months.

"We could raise the rating if we expect Emergent's leverage will
remain at about 5x or below and we expect free cash flow to debt to
stay above 5%. We would likely also want to see a track record of
operating stability and improved predictability on MCM and Narcan
sales timing and volumes over the next few years."



FAIRSTONE FINANCIAL 2020-1: Moody's Ups Rating on D Notes From Ba1
------------------------------------------------------------------
Moody's Ratings upgraded two classes of notes from Fairstone
Financial Issuance Trust I, Series 2020-1. The collateral backing
these securitizations consists of secured and unsecured personal
loans originated in Canada by Fairstone Financial Inc. (Fairstone).
Fairstone also acts as the servicer of the loans.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

The complete rating action is as follows:

Issuer: Fairstone Financial Issuance Trust I, Series 2020-1

Series 2020-1 Class C Notes, Upgraded to Aa3 (sf); previously on
Jan 10, 2024 Upgraded to A3 (sf)

Series 2020-1 Class D Notes, Upgraded to Baa1 (sf); previously on
Jan 10, 2024 Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades are primarily a result of the buildup of credit
enhancement due to structural features including a sequential pay
structure, non-declining reserve account and overcollateralization
following the end of the three year revolving period on the
November 2023 payment date. Additionally, the rating actions
reflect the decentralized nature of the loan servicing obligations,
the reliance on Fairstone to continue to provide service and
support to its borrowers through its branch system, and the
challenges involved in transitioning servicing to a replacement
servicer, if required.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

Up

Moody's could upgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. Moody's expectation of pool losses could decline as
a result of better than expected improvements in the economy,
changes to decentralized servicing practices that enhance
collections or refinancing opportunities that result in
prepayments.

Down

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


FANNIE MAE 2024-R06:S&P Assigns Prelim 'BB-' Rating on 1B-1X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fannie Mae
Connecticut Avenue Securities Trust 2024-R06's notes.

The note issuance is an RMBS transaction backed by fully
amortizing, first-lien, fixed-rate residential mortgage loans
secured by one- to four-family residences, planned-unit
developments, condominiums, manufactured housing, and cooperatives,
made primarily to prime borrowers.

The preliminary ratings are based on information as of Sept. 12,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The credit enhancement provided by the subordinated reference
tranches and the associated structural deal mechanics;

-- The real estate mortgage investment conduit (REMIC) structure,
which reduces the counterparty exposure to Fannie Mae for periodic
principal and interest payments but also pledges the support of
Fannie Mae (as a highly rated counterparty) to cover any shortfalls
on interest payments and make up for any investment losses;

-- The issuer's aggregation experience and the alignment of
interests between the issuer and the noteholders in the
transaction's performance, which S&P believes enhance the notes'
strength;

-- The enhanced credit risk management and quality control
processes Fannie Mae uses in conjunction with the underlying
representations and warranties framework; 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, "We recently recalibrated our views on the
trajectory of interest rates in the U.S. and now expect 50 basis
points (bps) of rate cuts this year and another 100 bps next year,
with the balance of risks tilting toward more of those cuts
happening sooner rather than later. Our base-case forecast for U.S.
GDP growth and inflation have not changed, and we attribute the
recent loosening of the labor market to normalization--not to an
economy that's about to slip into a recession. A soft landing
remains the most likely scenario, at least into 2025. We therefore
maintain our current market outlook as it relates to the 'B'
projected archetypal foreclosure frequency of 2.50%, which 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."

  Preliminary Ratings Assigned

  Fannie Mae Connecticut Avenue Securities Trust 2024-R06

  Class 1A-H(i), $15,617,472,754: Not rated
  Class 1A-1, $212,513,000: A+ (sf)
  Class 1A-1H(i), $11,185,549: Not rated
  Class 1M-1, $212,513,000: BBB+ (sf)
  Class 1M-1H(i), $11,185,549: Not rated
  Class 1M-2A(ii), $55,096,000: BBB+ (sf)
  Class 1M-AH(i), $2,899,920: Not rated
  Class 1M-2B(ii), $55,096,000: BBB (sf)
  Class 1M-BH(i), $2,899,920: Not rated
  Class 1M-2C(ii), $55,096,000: BBB- (sf)
  Class 1M-CH(i), $2,899,920: Not rated
  Class 1M-2(ii), $165,288,000: BBB- (sf)
  Class 1M-2H(i), $8,699,760: Not rated
  Class 1B-1A(ii), $37,283,000: BB+ (sf)
  Class 1B-AH(i), $24,855,486: Not rated
  Class 1B-1B(ii), $37,283,000: BB- (sf)
  Class 1B-BH(i), $24,855,486: Not rated
  Class 1B-1(ii), $74,566,000: BB- (sf)
  Class 1B-1H(i), $49,710,972: Not rated
  Class 1B-2H(i), $124,276,972: Not rated
  Class 1B-3H(i), $82,851,315: Not rated

  Related combinable and recombinable notes exchangeable
classes(iii)

  Class 1E-A1, $55,096,000: BBB+ (sf)
  Class 1A-I1, $55,096,000(iv): BBB+ (sf)
  Class 1E-A2, $55,096,000: BBB+ (sf)
  Class 1A-I2, $55,096,000(iv): BBB+ (sf)
  Class 1E-A3, $55,096,000: BBB+ (sf)
  Class 1A-I3, $55,096,000(iv): BBB+ (sf)
  Class 1E-A4, $55,096,000: BBB+ (sf)
  Class 1A-I4, $55,096,000(iv): BBB+ (sf)
  Class 1E-B1, $55,096,000: BBB (sf)
  Class 1B-I1, $55,096,000(iv): BBB (sf)
  Class 1E-B2, $55,096,000: BBB (sf)
  Class 1B-I2, $55,096,000(iv): BBB (sf)
  Class 1E-B3, $55,096,000: BBB (sf)
  Class 1B-I3, $55,096,000(iv): BBB (sf)
  Class 1E-B4, $55,096,000: BBB (sf)
  Class 1B-I4, $55,096,000(iv): BBB (sf)
  Class 1E-C1, $55,096,000: BBB- (sf)
  Class 1C-I1, $55,096,000(iv): BBB- (sf)
  Class 1E-C2, $55,096,000: BBB- (sf)
  Class 1C-I2, $55,096,000(iv): BBB- (sf)
  Class 1E-C3, $55,096,000: BBB- (sf)
  Class 1C-I3, $55,096,000(iv): BBB- (sf)
  Class 1E-C4, $55,096,000: BBB- (sf)
  Class 1C-I4, $55,096,000(iv): BBB- (sf)
  Class 1E-D1, $110,192,000: BBB (sf)
  Class 1E-D2, $110,192,000: BBB (sf)
  Class 1E-D3, $110,192,000: BBB (sf)
  Class 1E-D4, $110,192,000: BBB (sf)
  Class 1E-D5, $110,192,000: BBB (sf)
  Class 1E-F1, $110,192,000: BBB- (sf)
  Class 1E-F2, $110,192,000: BBB- (sf)
  Class 1E-F3, $110,192,000: BBB- (sf)
  Class 1E-F4, $110,192,000: BBB- (sf)
  Class 1E-F5, $110,192,000: BBB- (sf)
  Class 1-X1, $110,192,000(iv): BBB (sf)
  Class 1-X2, $110,192,000(iv): BBB (sf)
  Class 1-X3, $110,192,000(iv): BBB (sf)
  Class 1-X4, $110,192,000(iv): BBB (sf)
  Class 1-Y1, $110,192,000(iv): BBB- (sf)
  Class 1-Y2, $110,192,000(iv): BBB- (sf)
  Class 1-Y3, $110,192,000(iv): BBB- (sf)
  Class 1-Y4, $110,192,000(iv): BBB- (sf)
  Class 1-J1, $55,096,000: BBB- (sf)
  Class 1-J2, $55,096,000: BBB- (sf)
  Class 1-J3, $55,096,000: BBB- (sf)
  Class 1-J4, $55,096,000: BBB- (sf)
  Class 1-K1, $110,192,000: BBB- (sf)
  Class 1-K2, $110,192,000: BBB- (sf)
  Class 1-K3, $110,192,000: BBB- (sf)
  Class 1-K4, $110,192,000: BBB- (sf)
  Class 1M-2Y, $165,288,000: BBB- (sf)
  Class 1M-2X, $165,288,000(iv): BBB- (sf)
  Class 1B-1Y, $74,566,000: BB- (sf)
  Class 1B-1X, $74,566,000(iv): BB- (sf)

(i)Reference tranche only and will not have corresponding notes.
Fannie Mae retains the risk of these tranches.
(ii)The class 1M-2 noteholders may exchange all or part of that
class for proportionate interests in the class 1M-2A, 1M-2B, and
1M-2C notes and vice versa. The class 1B-1 noteholders may exchange
all or part of that class for proportionate interests in the class
1B-1A and 1B-1B notes and vice versa. The class 1M-2A, 1M-2B,
1M-2C, 1B-1A, and 1B-1B noteholders may exchange all or part of
those classes for proportionate interests in the classes of related
combinable and recombinable notes as specified in the offering
documents.
(iii)See the offering documents for more detail on possible
combinations.
(iv)Notional amount.



FORTRESS CREDIT VI: S&P Assigns BB-(sf) Rating on Class E-R2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1RR2,
A-1TR2, A-2R2, B-R2, C-R2, D-R2, and E-R2 replacement debt from
Fortress Credit Opportunities VI CLO Ltd./Fortress Credit
Opportunities VI CLO LLC, a CLO managed by FCOO CLO Management LLC
that was originally issued in March 2015 and underwent a
refinancing in July 2018. At the same time, S&P withdrew its
ratings on the class A-1T-R, A-1L, A-2-R, B-T-R, B-F-R, C-R, D-R,
and E-R debt following payment in full on the Sept. 12, 2024,
refinancing date.

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

-- The non-call period was extended to Sept. 12, 2026.

-- The reinvestment period was extended to Sept. 12, 2028.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) were extended to Oct. 10, 2036.

-- No additional assets were purchased on the Sept. 12, 2024
refinancing date, and the target initial par amount decreased to
$300 million. There was no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 10, 2025.

-- The required minimum overcollateralization and interest
coverage ratios were amended.

-- No additional subordinated notes were issued on the refinancing
date.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

Replacement And July 2018 Debt Issuances

Replacement debt

-- Class A-1RR2, $48.60 million: Three-month CME term SOFR +
1.70%

-- Class A-1TR2, $113.40 million: Three-month CME term SOFR +
1.70%

-- Class A-2R2, $9.00 million: Three-month CME term SOFR + 1.85%

-- Class B-R2, $15.00 million: Three-month CME term SOFR + 2.05%

-- Class C-R2 (deferrable), $24.00 million: Three-month CME term
SOFR + 2.65%

-- Class D-R2 (deferrable), $21.00 million: Three-month CME term
SOFR + 4.65%

-- Class E-R2 (deferrable), $18.00 million: Three-month CME term
SOFR + 8.06%

-- Subordinated notes, $49.75 million: Not applicable

July 2018 debt

-- Class A-1R-R, $57.40 million: Three-month CME term SOFR +
1.62161%

-- Class A-1T-R, $87.50 million: Three-month CME term SOFR +
1.62161%

-- Class A-1L, $30.00 million: Three-month CME term SOFR +
1.62161%

-- Class A-2-R, $19.00 million: Three-month CME term SOFR +
1.86161%

-- Class B-T-R, $33.40 million: Three-month CME term SOFR +
2.31161%

-- Class B-F-R, $15.00 million: 4.94%

-- Class C-R, $33.30 million: Three-month CME term SOFR +
2.91161%

-- Class D-R, $23.40 million: Three-month CME term SOFR +
3.93161%

-- Class E-R, $9.4 million: Three-month CME term SOFR + 7.64161%

-- Subordinated notes, $70.90 million: Not applicable

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

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

  Ratings Assigned

  Fortress Credit Opportunities VI CLO Ltd./
  Fortress Credit Opportunities VI CLO LLC

  Class A-1RR2, $48.6 million: AAA (sf)
  Class A-1TR2, $113.4 million: AAA (sf)
  Class A-2R2, $9.0 million: AAA (sf)
  Class B-R2, $15.0 million: AA (sf)
  Class C-R2 (deferrable), $24 million: A (sf)
  Class D-R2 (deferrable), $21 million: BBB- (sf)
  Class E-R2 (deferrable), $18 million: BB- (sf)

  Ratings Withdrawn

  Fortress Credit Opportunities VI CLO Ltd./
  Fortress Credit Opportunities VI CLO LLC

  Class A-1T-R to NR from 'AAA (sf)'
  Class A-1L to NR from 'AAA (sf)'
  Class A-2-R to NR from 'AAA (sf)'
  Class B-T-R to NR from 'AA (sf)'
  Class B-F-R to NR from 'AA (sf)'
  Class C-R to NR from 'A- (sf)'
  Class D-R to NR from 'BBB- (sf)'
  Class E-R to NR from 'BB- (sf)'
  Other Debt

  Fortress Credit Opportunities VI CLO Ltd./
  Fortress Credit Opportunities VI CLO LLC

  Subordinated notes, $49.75 million: Not rated



FORTRESS CREDIT VI: S&P Assigns Prelim 'BB-' Rating on E-R2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1RR2, A-1TR2, A-2R2, B-R2, C-R2, D-R2, and E-R2 replacement debt
from Fortress Credit Opportunities VI CLO Ltd./Fortress Credit
Opportunities VI CLO LLC, a CLO managed by FCOO CLO Management LLC
that was originally issued in March 2015 and underwent a
refinancing in July 2018.

The preliminary ratings are based on information as of Sept. 10,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 12, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the July 2018 debt. S&P
said, "At that time, we expect to withdraw our ratings on the July
2018 debt and assign ratings to the replacement debt. However, if
the refinancing doesn't occur, we may affirm our ratings on the
July 2018 debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The non-call period will be extended to Sept. 12, 2026.

-- The reinvestment period will be extended to Sept. 12, 2028.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) will be extended to Oct. 10,
2036.

-- No additional assets will be purchased on the Sept. 12, 2024
refinancing date, and the target initial par amount will decrease
to $300 million. There will be no additional effective date or
ramp-up period, and the first payment date following the
refinancing is Jan. 10, 2025.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- No additional subordinated notes will be issued on the
refinancing date.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

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

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


  Preliminary Ratings Assigned

  Fortress Credit Opportunities VI CLO Ltd./
  Fortress Credit Opportunities VI CLO LLC

  Class A-1RR2, $48.6 million: AAA (sf)
  Class A-1TR2, $113.4 million: AAA (sf)
  Class A-2R2, $9.0 million: AAA (sf)
  Class B-R2, $15.0 million: AA (sf)
  Class C-R2 (deferrable), $24 million: A (sf)
  Class D-R2 (deferrable), $21 million: BBB- (sf)
  Class E-R2 (deferrable), $18 million: BB- (sf)

  Other Debt

  Fortress Credit Opportunities VI CLO Ltd./
  Fortress Credit Opportunities VI CLO LLC

  Subordinated notes, $49.75 million: Not rated



FS RIALTO 2021-FL3: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-FL3
issued by FS Rialto 2021-FL3 Issuer, Ltd. as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the outstanding collateral in the transaction as
borrowers are generally progressing through their respective
business plans. Additionally, the transaction benefits from a
concentration of loans backed by multifamily collateral, which has
historically proven to better retain property value and cash flow
compared with other property types. Morningstar DBRS notes the
increased credit risk related to some of the borrower's business
plans and loan exit strategies that have lagged, including two
loans in special servicing (1.7% of the current trust balance) and
14 loans (53.3% of the current trust balance) with scheduled
maturity dates throughout 2024, primarily because of increased debt
service costs stemming from the high interest rate environment.
This risk is somewhat mitigated by the unrated, first-loss note of
$99.2 million as well as the substantial balance currently rated
below investment grade by Morningstar DBRS across Classes F and G,
totaling $106.3 million, which provides significant cushion against
realized losses should the increased risks for those loans
ultimately result in defaults and disposition. Morningstar DBRS
analyzed 24 loans with increased loan-to-value ratios and/or
elevated probability of defaults (PODs) to increase the expected
loss at the loan level, as applicable, reflecting the widening of
capitalization rates and downward pressure on values since
issuance. In conjunction with this press release, Morningstar DBRS
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-DBRS@morningstar.com.

The initial collateral consisted of 26 floating-rate mortgage
assets with an aggregate cut-off date balance of $1.13 billion
secured by 68 mostly transitional commercial real estate
properties. The transaction is structured with a Reinvestment
Period that expired with the October 2023 Payment Date. As of the
August 2024 remittance, the transaction had an outstanding balance
of $1.04 billion with 29 floating-rate loans remaining in the
trust, representing collateral reduction of 7.5%. Of the original
loans, 17 remain in the transaction, representing 75.9% of the
current trust balance. Since Morningstar DBRS' previous credit
rating action in August 2023, three loans totaling $32.4 million
(3.1% of the current trust balance) million have been contributed
to the trust Additionally, six loans with a former cumulative trust
balance of $116.5 million have repaid from the trust, and one loans
with a former trust balance of $18.2 million was purchased out of
the trust by the issuer as a credit risk asset since August 2023.
As of the August 2024 reporting, 26 loans, representing 92.0% of
the current trust balance, were secured by the greatest property
type concentration, multifamily properties, followed by one each
hotel, retail, and industrial property at 5.0%, 2.7%, and 0.3%,
respectively.

As of August 2024, two loans, representing 1.7% of the current pool
balance, are reported as 90 days to 120 days delinquent and are
specially serviced for payment default. The Nob Hill loan
(Prospectus ID #27; 0.9% of the current pool balance) is secured by
a garden apartment property in Houston. The loan transferred to
special servicing in June 2024 for payment default, with the last
debt service payment made in March 2024. As of Q1 2024, the
property was 72.6% occupancy, down from about 84% at YE2023. Prior
to the transfer, the borrower had used $18.4 million of loan future
funding to complete 300 unit renovations, exterior renovations, and
the correction of deferred maintenance, with renovated units
reportedly achieving monthly rental rate premiums between $100 and
$125 per unit. There remains $5.5 million of available future
funding renovation dollars; however, the sponsor has halted
renovations and shifted its focus to curing delinquencies by
removing nonpaying tenants and renting vacant units as they become
available. In addition, marketed rental rates have been lowered in
an effort to increase occupancy.

The other specially serviced loan, 3500 The Vine (Prospectus ID
#30; 0.8% of the current pool balance), is secured by a garden
apartment property in Peachtree Corners, Georgia, a suburb of
Atlanta. The loan transferred to special servicing in May 2024 and
is paid through April 2024. As of Q1 2024, the property was 76.6%
occupied, down from 81% at YE2023. Prior to the transfer, the
borrower had used $3.1 million of loan future funding to complete
100 unit renovations and exterior repairs, with the renovated units
reportedly achieving monthly rental rate premiums of $160 per unit.
There are currently no units under renovation and the loan has been
in a cash sweep period since August 2023. There remains about
$700,000 of available future funding to the borrower; however, it
appears no additional funds will be advanced given the pause on
unit renovations and the status of the loan. In its analysis for
both specially serviced loans, Morningstar DBRS applied an
increased POD adjustment to increase the loan level expected loss
for each loan. The resulting expected loss for each loan is
approximately 1.5 times greater than the expected loss for the
pool.

The servicer reported nine loans, representing 41.1% of the current
trust balance, were on the servicer's watchlist as of the August
2024 reporting because of upcoming maturity dates and/or low debt
service coverage ratio (DSCR) figures as of the most recent
reporting. Four loans, representing 21.3% of the current trust
balance, were also classified as nonperforming matured loans. Based
on the most recent reporting, 18 loans representing 69.8% of the
current trust balance, have a DSCR that is below breakeven,
suggesting more loans should be on the servicer's watchlist for a
low DSCR. In total, seven loans, representing 28.8% of the current
pool balance, have been modified. Terms for modifications vary from
loan to loan; however, common terms have allowed borrowers to
extend maturity dates without meeting required property performance
tests, renovation completion dates have been extended, and
borrowers have been allowed to waive or defer the requirement to
purchase new interest rate cap agreements. In many cases, borrowers
are generally required to contribute additional equity to the loans
in order to secure a modification.

As previously mentioned, 14 loans, have scheduled maturity dates
throughout 2024; the majority of which have extension options. In
the event property performance does not qualify to exercise the
related options, Morningstar DBRS expects the borrowers and lenders
to negotiate mutually beneficial loan modifications to extend
loans, some of which would likely include fresh sponsor equity to
fund principal curtailments, fund carry reserves, or purchase new
interest rate cap agreements.

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


GALLATIN VIII 2017-1: Moody's Cuts $10.5MM F-R Notes Rating to Caa2
-------------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following note
issued by Gallatin CLO VIII 2017-1, Ltd.:

US$10,500,000 Class F-R Deferrable Mezzanine Fixed Rate Notes due
2031, Downgraded to Caa2 (sf); previously on December 4, 2023
Downgraded to B3 (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.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The downgrade rating action on the Class F-R notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the OC ratio for the Class F-R notes is
currently 103.98% versus 105.16% in December 2023. Furthermore,
based on Moody's calculation, the transaction has incurred the loss
of $6.1 million or 1.30 % since December 2023.

No actions were taken on the Class A-1-R, Class A-2-R, Class B-1-R,
Class B-2-R, Class C-1-R, Class C-2-R, Class D-1-R, Class D-2-R and
Class E-R notes because their expected losses remain commensurate
with their current ratings, after taking into account the CLO's
latest portfolio information, its relevant structural features and
its actual over-collateralization and interest coverage levels.

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 Moody's analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on Moody's
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: $438,686,409

Defaulted par:  $279,268

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2914

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.43%

Weighted Average Coupon (WAC): 6.08%

Weighted Average Recovery Rate (WARR): 47.14%

Weighted Average Life (WAL): 4.10 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, and lower recoveries on defaulted assets.

Methodology Used for the Rating Action

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.


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

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

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

Goal Capital Funding
Trust 2007-1

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

Goal Capital Funding
Trust 2006-1

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

Transaction Summary

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

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

Goal 2015-1: Fitch has revised the Rating Outlook for the class A
notes to Stable from Negative. The prior Negative Outlook was due
to increased impact raising rates were having on Fitch's credit
risk stresses. For the current review, the reduced interest rates
combined with the targeted paydown of the class A notes, ensure
that they pass the credit and maturity stresses with sufficient CE.
Fitch has affirmed the rating for class A.

Fitch has also affirmed the class B notes and revised the Outlook
to Stable from Negative as the notes pass Fitch's credit and
maturity stresses at the commensurate rating level. The notes
previously indicated a principal shortfall in the rising interest
rate scenario, resulting in the Negative Outlook.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans with guaranties
provided by eligible guarantors and reinsurance provided by the
U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. The U.S. sovereign rating is currently
'AA+'/Stable Outlook by Fitch. The notes are capped at the U.S.
sovereign rating and will likely move in tandem with the U.S.
sovereign rating given the reinsurance and Special Allowance
Payment (SAP) provided by Department of Education (ED).

Collateral Performance

Goal 2006-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 34.50% and a
94.88% default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' and base
case default rates are unchanged. Fitch maintained the sCDR of 5.2%
and sCPR (voluntary and involuntary) of 9.5%. Fitch applies the
standard default timing curve in its credit stress cash flow
analysis. The claim reject rate is assumed to be 0.25% in the base
case and 2.0% in the 'AA+' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 2.7% (2.5% at July 31, 2023), 9.2% (8.9%), and
34.4% (32.2%), respectively. These levels are used as the starting
point in cash flow modeling. Subsequent declines or increases are
modeled as per criteria. The 31-60 days past due (DPD) have
increased and the 91-120 DPD have decreased from July 31, 2023 and
are currently 2.22% for 31 DPD and 0.80% for 91 DPD compared to
2.03% and 0.88% for 31 DPD and 91 DPD, respectively. The borrower
benefit is assumed to be approximately 0.27% based on information
provided by the sponsor.

Goal 2007-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 36.50% and a
100.0% default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' default
rate is 96.37%. Fitch maintained the sCDR of 5.8% and sCPR
(voluntary and involuntary) of 10.5%. Fitch applies the standard
default timing curve in its credit stress cash flow analysis. The
claim reject rate is assumed to be 0.25% in the base case and 2.0%
in the 'AA+' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 3.6% (3.2% at May 31, 2023), 9.4% (9.3%), and
approximately 29.4% (27.8%), respectively. These levels are used as
the starting point in cash flow modeling. Subsequent declines or
increases are modeled as per criteria. The 31-60 days past due
(DPD) and the 91-120 DPD have both increased from May 31, 2023 and
are currently 2.45% for 31 DPD and 1.21% for 91 DPD compared to
2.32% and 0.78% for 31 DPD and 91 DPD, respectively. The borrower
benefit is assumed to be approximately 0.30% based on information
provided by the sponsor.

Goal 2015-1: Based on transaction-specific performance to date,
Fitch assumes a base case cumulative default rate of 48.25% and a
100.0% default rate under the 'AA' credit stress scenario. After
applying the default timing curve per criteria, the 'AA' default
rate is 98.92%. Fitch has maintained the sCDR of 10.0% and sCPR
(voluntary and involuntary) of 18.0%. Fitch applies the standard
default timing curve in its credit stress cash flow analysis. The
claim reject rate is assumed to be 0.25% in the base case and 2.0%
in the 'AA' case.

The TTM average level of deferment, forbearance, and IBR (prior to
adjustment) are 4.7% (5.4% at July 31, 2023), 12.5% (13.1%), and
approximately 29.1% (26.3%), respectively. These levels are used as
the starting point in cash flow modeling. Subsequent declines or
increases are modeled as per criteria. The 31-60 days past due
(DPD) and the 91-120 DPD have both decreased from July 31, 2023 and
are currently 3.37% for 31 DPD and 2.28% for 91 DPD compared to
8.21% and 2.43% for 31 DPD and 91 DPD, respectively. The borrower
benefit is assumed to be approximately 0.04% based on information
provided by the sponsor.

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

Payment Structure

Goal 2006-1: CE is provided by OC, excess spread and, for the class
A notes, subordination. As of the latest distribution date,
reported total parity (including the reserve account) is 104.52%.
Liquidity support is provided by a reserve account sized at its
floor of $2,949,961.

Goal 2007-1: CE is provided by OC, excess spread and, for the class
A notes, subordination. As of the latest distribution date,
reported total parity (including the reserve account) is 102.67%.
Liquidity support is provided by a reserve account sized at its
floor of $1,648,140.

Goal 2015-1: CE is provided by OC, excess spread, and for the class
A notes, subordination. As of the latest distribution date,
reported total parity (including the reserve account) is 104.19%.
Liquidity support is provided by a reserve account sized at its
floor of $150,000.

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

RATING SENSITIVITIES

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

'AA+sf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions. This section provides insight into the model-implied
sensitivities the transaction faces when one assumption is
modified, while holding others equal.

Fitch conducts credit and maturity stress sensitivity analysis by
increasing or decreasing key assumptions by 25% and 50% over the
base case. The credit stress sensitivity is viewed by stressing
both the base case default rate and the basis spread. The maturity
stress sensitivity is viewed by stressing remaining term, IBR usage
and prepayments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Goal 2006-1

Credit Stress Sensitivity

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

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

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

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

Maturity Stress Sensitivity

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

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

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

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

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

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

Goal 2007-1

Credit Stress Sensitivity

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

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

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

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

Maturity Stress Rating Sensitivity

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

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

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

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

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

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

Goal 2015-1

Credit Stress Sensitivity

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

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

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

- Basis Spread increase 0.50%: class A 'AA+sf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

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

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

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

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

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

- Remaining term increase 50%: class A 'AA+sf'; class B 'BBsf'.

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

Goal 2006-1

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

Goal 2006-1

Credit Stress Rating Sensitivity

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

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

Maturity Stress Rating Sensitivity

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

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

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

Goal 2007-1

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

Credit Stress Rating Sensitivity

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

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

Maturity Stress Rating Sensitivity

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

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

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

Goal 2015-1

Credit Stress Rating Sensitivity

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

- Basis spread decrease 0.25%: class A 'AA+sf'; class B 'BBsf'.

Maturity Stress Rating Sensitivity

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

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

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

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

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

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.


GPMT 2021-FL4: DBRS Cuts Rating on Class G Certs to 'CCC'
---------------------------------------------------------
DBRS, Inc. downgraded the credit rating on one class of notes
issued by GPMT 2021-FL4, Ltd. as follows:

-- Class G to CCC (sf) from B (low) (sf)

Morningstar DBRS also confirmed the credit ratings on all other
classes of notes as follows:

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

The trend on Class E has been changed to Negative from Stable while
the trend on Class F remains Negative. Class G has been assigned a
credit rating that does not typically carry a trend in commercial
mortgage-backed securities (CMBS) transactions. The trends on the
remaining classes are Stable.

The credit rating downgrade reflects the increased risk to the
transaction at the bottom of the capital stack from the expected
resolution of the two loans in special servicing, which represent
8.2% of the current trust balance, as of the August 2024 reporting.
Both loans are secured by office collateral and, in its analysis
for this review, Morningstar DBRS analyzed each loan with a
liquidation scenario. The cumulative expected losses are contained
to the unrated $54.4 million first loss bond; however, the credit
support to Class G is materially affected in this analysis.
Additional details on the loans and Morningstar DBRS' analysis can
be found below.

The Negative trends reflect the continued increased credit risk
surrounding the total office collateral in the transaction, which
includes an additional seven loans and represents 44.0% of the
current trust balance. The majority of the borrowers of these loans
have been unable to meaningfully increase property occupancy rates
and cash flows since their respective loan closings and, as such,
the likelihood of borrowers being able to refinance loans or sell
properties at loan maturity remains low. In its analysis for this
review, Morningstar DBRS stressed the as-is and/or the
as-stabilized loan-to-value ratios (LTVs) of these loans, resulting
in increased loan-level expected losses. Individual loan expected
loss figures ranged from approximately 8.0% to 22.0%. In
conjunction with this press release, Morningstar DBRS 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-DBRS@morningstar.com.

As of the August 2024 remittance, the transaction had an
outstanding balance of $517.6 million with 20 loans secured by the
27 properties remaining in the trust. There has been a collateral
reduction of 16.7% since the transaction became static in December
2023, following the post-closing, 24-month reinvestment period. Of
the original 23 loans from the transaction closing in November
2021, 15 loans, representing 75.6% of the current pool balance,
remain in the trust. Since the previous Morningstar DBRS credit
rating action in September 2023, one loan, representing 7.4% of the
current pool balance, has been added to the trust, while four loans
with a former cumulative trust balance of $151.6 million were
successfully paid in full.

Beyond the office concentration noted above, six loans,
representing 31.4% of the current trust balance, are secured by
multifamily properties; two loans, representing 7.2% of the current
trust balance, are secured by student-housing properties; and one
loan, representing 5.0% of the current trust balance, is secured by
an industrial property. This compares with the pool breakdown as of
August 2023 when office collateral represented 31.0% of the trust
balance and multifamily collateral represented 49.1% of the trust
balance.

Leverage across the pool has remained similar to issuance as the
current weighted-average (WA) as-is appraised value LTV is 71.2%
with the current WA as-stabilized LTV of 65.6%. In comparison,
these figures were 71.5% and 67.9%, respectively, at issuance.
Morningstar DBRS recognizes these appraised values may be inflated
as the majority of individual property appraisals were completed in
2021 or 2022, and do not reflect the current higher interest rate
or widening capitalization rate environments. In the analysis for
this review, Morningstar DBRS applied LTV adjustments to 14 loans,
representing 77.8% of the current trust balance, generally
reflective of higher cap rate assumptions compared with the implied
cap rates based on the appraisals.

The largest loan in special servicing, 500 North Michigan Avenue
(Prospectus ID#25; 4.3% of the current trust balance), is secured
by a mixed-use office and retail property in Chicago, located along
the Magnificent Mile commercial corridor. The loan transferred to
special servicing for imminent default; however, as of August 2024,
the loan remains current on debt service payments. Prior to the
transfer, the loan experienced performance issues and had been
modified four times between October 2021 and August 2023 to remove
original members from the ownership structure, replenish and/or
reallocate operating shortfall reserves, amend completion
guarantees and loan terms, and extend the maturity date multiple
times. As of the August 2024 reporting, the loan had a balance of
$80.0 million with $22.3 million in the trust. The borrower has not
succeeded in its business plan to use up to $30.0 million in loan
future funding to complete various capital expenditure projects and
finance accretive leasing costs. As of the Q2 2024 update from the
collateral manager, the property was 33.5% occupied with operations
generating a 2.2% debt yield.

According to servicer commentary, a discounted payoff sale of the
property has been approved with an expected close date in Q4 2024
and Morningstar DBRS has requested confirmation of the sale price.
At loan closing, the property was valued at $91.4 million; however,
given the current status of the asset and the decreased
desirability of the Magnificent Mile commercial corridor location,
Morningstar DBRS suspects the market value of the property has
decreased by as much as 45.0%. Morningstar DBRS analyzed the sale
of seven comparable Class A office properties within a 0.75-mile
radius of the subject between September 2022 and April 2024, noting
the sale price per square foot (psf) ranged from $42.00 psf to
$246.00 psf with an average sale price of $114.00 psf. While the
subject property is expected to sell for more than the average
price psf of that range, Morningstar DBRS expects the trust to
realize a loss upon the closing of the sale. In its analysis for
this review, Morningstar DBRS projected a loan loss severity of
approximately 40.0%.

The other specially serviced loan, Vista 25 (Prospectus ID#26; 3.8%
of the current trust balance), is secured by a Class B+ office
property in Greenwood Village, Colorado. The loan transferred to
special servicing in February 2024 for imminent payment default and
is currently four months delinquent with debt service last paid in
April 2024. The borrower has owned the subject since 2019 and had
invested $3.1 million in the property for capital improvements
prior to loan closing. Its current business plan is to use $3.5
million of loan future funding to continue property upgrades,
complete additional speculative (spec) suite buildouts, and finance
accretive leasing packages; however, leasing progress has been
slow. As of Q2 2024, the property was 49.7% occupied and operations
generated a 3.3% debt yield.

According to the servicer, a resolution strategy is still being
determined as the borrower appears to be committed to the asset and
has been cooperative to date. The collateral manager's Q2 2024
update noted a Cooperation Agreement was executed with the borrower
in which the sponsor made a $0.3 million payment and agreed to
terms of an interim business plan focused on the completion of
specific property upgrades, spec suite buildout, and ongoing
leasing efforts. Reportedly, there is tenant interest in the spec
suites; however, given the small footprint of these spaces,
potential revenue growth is muted. The property was appraised at
$30.1 million at loan closing; however, given the current
performance and loan delinquency, Morningstar DBRS suspects the
current market value may have fallen by up to 50.0%. While the
resolution strategy has yet to be determined, Morningstar DBRS
liquidated the loan in its analysis for this review, with a loss
severity in excess of 40.0%.

Seven loans, representing 36.8% of the current trust balance, are
on the servicer's watchlist as of the August 2024 reporting. The
loans have generally been flagged for low debt service coverage
ratios (DSCRs) and upcoming maturity dates. The largest loan in the
trust and previously on the servicer's watchlist, Hurt Building
(Prospectus ID#15; 9.2% of the current trust balance), is secured
by an office building in downtown Atlanta. The borrower's business
plan is to use $6.1 million of future funding to finance new and
renewal leasing costs to stabilize the property. The loan matured
in July 2024 and was modified to allow the borrower to extend the
maturity date to July 2025. Terms of the modification are favorable
to the borrower and include the waiver of the performance-based
debt yield extension test, a 50-basis-point reduction in the pay
rate on the loan with the deferred amount to be capitalized, the
re-allocation of $2.4 million of future funding to be used for
capital improvements ($1.6 million) and debt service shortfalls
($0.8 million), the waiver of monthly deposits for replacement
reserves, and the deferral of the requirement to purchase a new
interest rate cap agreement. In return, the borrower agreed to
place the loan into a cash trap; however, according to the YE2023
report, the DSCR was 0.98 times, hence there is no excess cash to
trap. According to the Q2 2024 collateral manager's update, the
property was 64.5% occupied and only $0.9 million of loan future
funding had been advanced to the borrower since loan closing with
$0.8 million advanced in the past year. Morningstar DBRS has
requested an updated rent roll and leasing updates with a response
from the servicer pending; however, according to the property's
website, 138,972 square feet (31.1% of the net rentable area (NRA))
are available immediately, implying a current occupancy rate of
68.9%. The loan has a final maturity date in July 2026. In its
analysis for this review, Morningstar DBRS applied upward LTV
adjustments, resulting in a loan expected loss similar to the
expected loss for the overall pool.

A total of 11 loans, representing 58.8% of the current pool
balance, have been modified. The loan modification terms vary from
loan to loan; however, common terms have allowed borrowers to
extend maturity dates without meeting required property performance
tests, property capital expenditure completion dates have been
extended, and borrowers have been allowed to waive or defer the
requirement to purchase new interest rate cap agreements. In most
cases, borrowers have been required to contribute additional equity
to the loans in order to secure a loan modification.

Excluding the 500 North Michigan Avenue loan, five loans,
representing 23.4% of the current trust balance, have scheduled
maturity dates throughout 2024. Each loan has an outstanding
extension option available to the borrower and, if property
performance does not qualify to exercise the related options,
Morningstar DBRS expects the borrower and lender to negotiate
mutually beneficial loan modifications to extend the loans, which
would likely include fresh sponsor equity to fund principal
curtailments, fund carry reserves, or purchase a new interest rate
cap agreement.

Through June 2024, the lender had advanced $72.8 million in
cumulative loan future funding to13 of the outstanding individual
borrowers to aid in property stabilization efforts, including $20.5
million since the previous Morningstar DBRS rating action in August
2023. The largest advance to a single borrower ($16.0 million) has
been made to the previously mentioned 500 North Michigan Avenue
loan. The second-largest advance ($12.5 million) has been made to
the borrower of the 5600 Glenridge loan, which is secured by an
office property in suburban Atlanta. The borrower's business plan
is to use up to $23.2 million of future funding to complete a
significant $12.9 million capital improvement program across the
property and fund leasing costs. According to the Q2 2024 update
from the collateral manager, the borrower has completed the
majority of property upgrades to the lobbies, exterior building
facade, restrooms, tenant amenities, and the parking garage. There
remains $10.6 million of future funding for leasing costs, which
equates to $43.00 psf of available leasing funds as the property
was only 5.9% occupied as of June 2024. Morningstar DBRS notes this
loan has increased credit risk from closing given the current
occupancy rate and negative cash flow with the loan's final
maturity date occurring in March 2025. In its analysis, Morningstar
DBRS applied increased LTV and probability of default adjustments,
resulting in a loan expected loss in excess of twice the expected
loss for the overall pool.

An additional $69.1 million of loan future funding allocated to 18
individual borrowers remains available. The largest amount ($16.2
million) is available to the borrower of the Lakeside Square loan,
which is secured by a Class A office property in Dallas. The
available funds are for accretive leasing costs. The loan closed in
November 2023, and according to the Q2 2024 collateral manager
update, the borrower appears to be successfully executing its
business plan as it has signed renewal leases with four of the five
largest tenants at the property totaling 33.5% of the NRA as well
as a new lease with a tenant for 2.6% of the NRA. As of June 2024,
the property was 68.9% occupied. The loan matures in November 2025
and includes one 12-month extension option, providing the borrower
sufficient time to stabilize property occupancy and cash flow.

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


GS MORTGAGE 2024-PJ8: Fitch Gives B(EXP)sf Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by GS Mortgage-Backed Securities Trust 2024-PJ8
(GSMBS 2024-PJ8).

   Entity/Debt       Rating           
   -----------       ------            
GSMBS 2024-PJ8

   A-1           LT AAA(EXP)sf  Expected Rating
   A-1-X         LT AAA(EXP)sf  Expected Rating
   A-2           LT AAA(EXP)sf  Expected Rating
   A-3           LT AAA(EXP)sf  Expected Rating
   A-3A          LT AAA(EXP)sf  Expected Rating
   A-3-X         LT AAA(EXP)sf  Expected Rating
   A-4           LT AAA(EXP)sf  Expected Rating
   A-4A          LT AAA(EXP)sf  Expected Rating
   A-5           LT AAA(EXP)sf  Expected Rating
   A-5-X         LT AAA(EXP)sf  Expected Rating
   A-6           LT AAA(EXP)sf  Expected Rating
   A-7           LT AAA(EXP)sf  Expected Rating
   A-7-X         LT AAA(EXP)sf  Expected Rating
   A-8           LT AAA(EXP)sf  Expected Rating
   A-9           LT AAA(EXP)sf  Expected Rating
   A-9-X         LT AAA(EXP)sf  Expected Rating
   A-10          LT AAA(EXP)sf  Expected Rating
   A-11          LT AAA(EXP)sf  Expected Rating
   A-11-X        LT AAA(EXP)sf  Expected Rating
   A-12          LT AAA(EXP)sf  Expected Rating
   A-13          LT AAA(EXP)sf  Expected Rating
   A-13-X        LT AAA(EXP)sf  Expected Rating
   A-14          LT AAA(EXP)sf  Expected Rating
   A-15          LT AAA(EXP)sf  Expected Rating
   A-15-X        LT AAA(EXP)sf  Expected Rating
   A-16          LT AAA(EXP)sf  Expected Rating
   A-17          LT AAA(EXP)sf  Expected Rating
   A-17-X        LT AAA(EXP)sf  Expected Rating
   A-18          LT AAA(EXP)sf  Expected Rating
   A-19          LT AAA(EXP)sf  Expected Rating
   A-19-X        LT AAA(EXP)sf  Expected Rating
   A-20          LT AAA(EXP)sf  Expected Rating
   A-21          LT AAA(EXP)sf  Expected Rating
   A-21-X        LT AAA(EXP)sf  Expected Rating
   A-22          LT AAA(EXP)sf  Expected Rating
   A-23          LT AAA(EXP)sf  Expected Rating
   A-23-X        LT AAA(EXP)sf  Expected Rating
   A-24          LT AAA(EXP)sf  Expected Rating
   A-X           LT AAA(EXP)sf  Expected Rating
   B             LT BBB-(EXP)sf Expected Rating
   B-1           LT AA-(EXP)sf  Expected Rating
   B-1-A         LT AA-(EXP)sf  Expected Rating
   B-1-X         LT AA-(EXP)sf  Expected Rating
   B-2           LT A-(EXP)sf   Expected Rating
   B-2-A         LT A-(EXP)sf   Expected Rating
   B-2-X         LT A-(EXP)sf   Expected Rating
   B-3           LT BBB-(EXP)sf Expected Rating
   B-3-A         LT BBB-(EXP)sf Expected Rating
   B-3-X         LT BBB-(EXP)sf Expected Rating
   B-4           LT BB(EXP)sf   Expected Rating
   B-5           LT B(EXP)sf    Expected Rating
   B-6           LT NR(EXP)sf   Expected Rating
   B-X           LT BBB-(EXP)sf Expected Rating
   A-IO-S        LT NR(EXP)sf   Expected Rating
   A-R           LT NR(EXP)sf   Expected Rating
   A-3L          LT AAA(EXP)sf  Expected Rating
   A-4L          LT AAA(EXP)sf  Expected Rating
   A-16L         LT AAA(EXP)sf  Expected Rating
   A-22L         LT AAA(EXP)sf  Expected Rating

Transaction Summary

The classes are supported by 283 prime loans with a total balance
of approximately $315 million as of the cut-off date. The
transaction is expected to close on Sept. 30, 2024.

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 11.5% above a long-term sustainable level, which is
lower than the projected overvaluation of 11.5% on a national level
as of 1Q24, up 0.4% since last quarter. Housing affordability is
the worst it has been in decades driven by both high interest rates
and elevated home prices. Home prices have increased 5.9% YoY
nationally as of May 2024 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 seven months in aggregate, calculated as the
difference between the cutoff date and origination date. The
average loan balance is $1,114,394. The collateral comprises
primarily prime-jumbo loans and 102 agency-conforming loans.

Borrowers in this pool have strong credit profiles (a 772 model
FICO) The sustainable loan to value ratio (sLTV) is 76%, and the
mark-to-market (MTM) combined loan to value (CLTV) ratio is 67.4%.
Fitch treated 100% of the loans as full documentation collateral,
and 100% of the loans are qualified mortgages (QMs).

Of the pool, 87.4% are loans for which the borrower maintains a
primary residence, while 12.6% are for second homes. Additionally,
80.6% of the loans were originated through a retail channel.
Expected losses in the 'AAAsf' stress amount to 7.75%, similar to
those of prior issuances and other prime-jumbo shelves.

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 3.25% of the
original balance will be maintained for the senior notes and a
subordination floor of 2.25% of the original balance will be
maintained for the subordinate notes.

Loan Concentration (Negative): Fitch adjusted the expected losses
due concentration concerns due to small loan counts. Fitch
increased the losses at the 'AAAsf' level by 159 bps, due to the
low loan count. The loan count is 283, with a weighted average
number (WAN) of 190. As a loan pool becomes more concentrated,
there is a greater vulnerability to idiosyncratic events impacting
performance.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model projected 41.8% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC and Opus. 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 351ps reduction to the 'AAAsf'
expected loss.

ESG Considerations

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


GSF 2023-1: Fitch Affirms 'BB-(EXP)sf' Rating on Class E Debt
-------------------------------------------------------------
Fitch Ratings has upgraded the expected ratings for classes A-1,
A-2, A-S, and B of GSF 2023-1. Fitch has also affirmed the existing
expected ratings for classes C, D, E, and X. These actions are
connected to the rating of the new GSF 2023-1 Reinvestment #2
pool.

   Entity/Debt         Rating                Prior
   -----------         ------                -----
GSF 2023-1

   A-1 362945AA5   LT  AAA(EXP)sf  Upgrade    A(EXP)sf
   A-2 362945AC1   LT  AAA(EXP)sf  Upgrade    A(EXP)sf
   A-S 362945AE7   LT  AAA(EXP)sf  Upgrade    A(EXP)sf
   B 362945AG2     LT  AA-(EXP)sf  Upgrade    A(EXP)sf
   C 362945AJ6     LT  A-(EXP)sf   Affirmed   A-(EXP)sf
   D 362945AL1     LT  BBB-(EXP)sf Affirmed   BBB-(EXP)sf
   E 362945AQ0     LT  BB-(EXP)sf  Affirmed   BB-(EXP)sf
   F 362945AS6     LT  NR(EXP)sf   Affirmed   NR(EXP)sf
   X 362945AN7     LT  A-(EXP)sf   Affirmed   A-(EXP)sf

Transaction Summary

Fitch assigned expected ratings to the transaction on Nov. 2, 2023.
At that time, the loan pool consisted of one closed loan and nine
delayed-close loans for a total of 10 loans with a balance of
$195,845,000. The delayed-close loans were given 60 days,
post-initial closing (to Jan. 2, 2024), to close into the
transaction. In March 2024, Fitch re-rated the deal as it was
constituted at the end of the delayed-close period (2 Jan, 2024).
The loan pool consisted of four loans with a balance of $93,500,000
on Jan. 2, 2024. Fitch applied a rating cap at that time of 'Asf'
because the updated pool structure was materially different than
the pool Fitch rated on Nov. 2, 2023.

The purpose of today's rating action is to rate Reinvestment #2 and
remove the rating cap on classes A-1, A-2, A-S, and B. The new CRE
CLO pool contains 11 mortgages secured by 11 properties located
throughout the U.S. As of the cutoff date, the trust will consist
of $295.7 million. The pool does not feature any future funding.
All loans are fixed rate loans. The mortgages are originated solely
by Grant Street Funding and the trust is arranged by Deutsche
Bank.

The pool differs from other CRE CLO's in that the collateral is
more stabilized. This is reflected in the loan-term structure where
all loans are five-year, fixed rate loans. This is in lieu of the
floating rate loans with two- or three-year initial maturities (not
including extension options) typically seen in CRE CLO loans. The
pool is not yet complete with additional reinvestment(s) planned.

KEY RATING DRIVERS

Lower Leverage Than Recent CLO Transactions: The pool's Fitch LTV
112.5%, lower than AREIT 2024-CRE9 Fitch LTV of 129.1%, lower than
MF1 2024-FL14 Fitch LTV of 152.2%, lower than BRSP 2024-FL2 Fitch
LTV of 116.9% and lower than 2024 YTD CRE CLO Fitch LTV of 154.5%.
Additionally, the pool's Fitch DY is 8.9%, higher than AREIT
2024-CRE9 Fitch DY of 6.9%, higher than MF1 2024-FL14 Fitch DY of
5.5%, higher than BRSP 2024-FL2 Fitch DY of 6.1% and higher than
2024 YTD CRE CLO Fitch DY of 6.1%

Lower Interest Rates Than Recent CLO Transactions. The pool's
weighed average note rate is 7.4%, lower than AREIT 2024-CRE9 note
rate of 8.5%, lower than MF1 2024-FL14 note rate of 8.3%, higher
than BRSP 2024-FL2 note rate of 6.7%, and lower than 2024 YTD CRE
CLO note rate of 8.0% Additionally, the pool's Issuer Term DSCR is
1.07x, which is higher than AREIT 2024-CRE9 Fitch Term DSCR of
0.73x, higher than MF1 2024-FL14 Fitch Term DSCR of 0.61x, higher
than BRSP 2024-FL2 Fitch Term DSCR of 0.86x, and higher than 2024
YTD CRE CLO Fitch Term DSCR of 0.72x.

Highly Concentrated by Loan Size. The pool is relatively small from
a loan perspective, 11 loans, and has a higher pool concentration
compared to recent CLO transactions. The top 10 loans accounting
for 96.4% of the pool. The top 10 loan percentage for the deal
comps were as follows: AREIT 2024-CRE9 at 79.8%, MF1 2024-FL14 at
69.1%, BRSP 2024-FL2 at 60.6%, and the 2024 YTD CRE CLO average of
74.4%.

Amortization Compared to Recent CLO Transactions: The pool will
feature 0.3% paydown from securitization to maturity. This is
higher than AREIT 2024-CRE9 at 0.1%, lower than MF1 2024-FL14 at
1.3%, higher than BRSP 2024-FL2 at 0.0%, and lower than 2024 YTD
CRE CLO average of 0.6%.

Property Type Concentration: GSF 2023-1 has an effective property
count of 3.2 which is higher than AREIT 2024-CRE9 at 2.5, MF1
2024-FL14 at 1.1, BRSP 2024-FL2 at 1.7, and the 2024 YTD CRE CLO
average of 1.5. Loans secured by retail properties represent 48.8%,
which differentiates from the comp set that has little to no retail
percentage. The 2024 YTD CRE CLO average retail exposure is 0.6%.

Geographic Concentration: GSF 2023-1 has an effective geographic
count of 6.8 which is lower than AREIT 2024-CRE9 at 11.3, lower
than MF1 2024-FL14 at 9.9, and lower than BRSP 2024-FL at 8.1, and
lower than 2024 YTD CRE CLO average of 8.6. Loans located in the
Washington DC MSA account for 20.3% of the pool. In the comp set,
BRSP is the most geographically concentrated with 20.8% of the pool
located in Los Angeles MSA at 20.8%.

RATING SENSITIVITIES

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

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

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

- 10% Decline to Fitch NCF: 'AA+sf / 'AA-sf / 'BBB+sf / 'BB+sf /
'B+sf.

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

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

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

- 10% Increase to Fitch NCF: 'AAAsf / 'AA+sf / 'Asf / 'BBBsf /
'BBsf.

SUMMARY OF FINANCIAL ADJUSTMENTS

There were no variances from Fitch criteria.

Cash flow modeling was not employed on this transaction, with the
concurrence of the committee. The deal does not employ CRE CLO
features that would cause us to cash flow model. For example, the
transaction's structure does not contain any note protection tests
(interest coverage or overcollateralization) nor is there is an
interest payment diversion feature within the retained classes (or
anywhere in the structure).

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

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

ESG Considerations

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


HILTON USA 2016-SFP: DBRS Cuts Rating on 2 Tranches to 'C'
----------------------------------------------------------
DBRS Limited (Morningstar DBRS) downgraded its credit ratings on
all classes of the Commercial Mortgage Pass-Through Certificates,
Series 2016-SFP issued by Hilton USA Trust 2016-SFP as follows:

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

Negative trends were maintained for Classes A, B, and C. Classes D,
E, F, and X-NCP are all assigned credit ratings that typically do
not carry trends in Commercial Mortgage Backed Securities credit
ratings.

The credit rating downgrades are reflective of the loss
expectations as a result of the liquidation scenario analyzed for
this review, as further described below. The collateral for the
underlying loan is two full-service hotels located in San
Francisco's Union Square. At the last credit rating action in
September 2023, Morningstar DBRS downgraded its credit ratings on
six classes (all but Class A) and Negative trends were placed on
all classes. The overall credit profile was significantly
deteriorated, given the underlying loan default and the
confirmation that the loan's sponsor, Park Hotels & Resorts Inc.,
was interested in transferring its interest in both collateral
hotels to the trust. For more information on that credit rating
action, please see the press release dated September 19, 2023, on
the Morningstar DBRS website. Over the past year, the special
servicer has been working through a receiver to stabilize
operations at both hotels, but the cash flow growth that was
initially observed has since stalled out and the likelihood of
meaningful improvement over the near to moderate term appears low.
As such, the analysis considered an updated Morningstar DBRS value
based on the most recent financial information provided by the
special servicer as part of this review.

The subject loan transferred to special servicing in June 2023
following several years of very low in-place cash flows as compared
to the pre-coronavirus pandemic figures. The loan went delinquent
with the June 2023 payment date and in that same month, Morningstar
DBRS placed all classes Under Review with Negative Implications
(for more information on that credit rating action, please see the
press release dated June 16, 2023, on the Morningstar DBRS
website). In July 2023, the first interest shortfall was recorded,
with the Class F certificate shorted partial interest with that
month's remittance. The servicer later confirmed that the shortfall
was the result of an Appraisal Reduction Amount (ARA) calculated
based on 25.0% of the outstanding principal balance (as outlined in
the Pooling & Servicing Agreement) and not an updated appraisal or
the collateral properties.

Partial shortfalls for Class F continued until November 2023, when
full interest for that class was shorted for the first time and the
Class E certificate received its first partial interest shortfall.
In that same month, the ARA amount was actually reduced, from
$181.3 million, to $110.6 million, later confirmed to be the result
of an updated appraisal obtained by the special servicer for the
portfolio. The appraised values were not released to the Investor
Reporting Package or to the rating agencies, however, with the
special servicer taking the position that those figures were
proprietary information that could not be made public. The ARA
calculation is a calculation that typically considers the sum of
the principal balance, outstanding advances an immediate expenses
due, against 90% of the appraised value amount. Based on the inputs
available in the IRP, which would not include the servicer's
estimate of immediate expenses due, Morningstar DBRS estimates the
implied appraised value considered in November 2023 was
approximately $690.0 million. In December 2023, the partial
shortfall to Class E was repaid; Class F continued to be shorted
the full interest due.

Most recently, in July 2024, the servicer updated the ARA to $198.8
million, again citing updated calculation sources in appraisals
that would not be disclosed as they were deemed proprietary. Based
on the inputs available in the July 2024 remittance, again not
inclusive of the servicer's calculation of immediate expenses due
as those were not provided, Morningstar DBRS estimates the implied
appraised value amount was approximately $627.0 million. Class E
was shorted partial interest for July and August 2024 and as of the
August 2024 remittance, total interest shortfalls were just more
than $7.0 million. The full interest due Classes A, B, C, and D
continues to be paid. The August 2024 remittance showed a total
trust exposure of nearly $778.0 million when accounting for the
$725.0 million outstanding loan balance, $32.6 million in
outstanding interest advances, and property protection and other
advances and expenses outstanding.

The most recent financials reported for the collateral portfolio is
as of the trailing 12 months (T-12) ended March 31, 2024, which
showed an in-place debt service coverage ratio of -0.52 times (x)
and a net cash flow (NCF) of -$15.7 million. These figures compare
with the YE2023 figures of 0.03x and $941,066, respectively. While
revenues had, until recently, shown reasonably steady growth in the
years since the onset of the pandemic, expense growth has
significantly outpaced revenue growth and the operating expense
ratio continues to be very high. The expense categories
contributing to the high expense ratio are relatively varied and
suggest there is potential for some categories (such as general and
administrative) to stabilize as operations continue to adjust to
the changed demand levels. In the analysis for this review, a
Morningstar DBRS value was derived based on the revenue per
available room figures shown in the T-12 ended March 31, 2024,
Smith Travel Research reports provided for each property, which
averaged $127. Expenses were based on an expense ratio of 71.0%,
slightly higher than the issuer's estimates in its original
underwriting of 69.5%. A cap rate of 10.0% was applied to the
resulting Morningstar DBRS NCF of $55.37 million, resulting in a
Morningstar DBRS value of $553.7 million. Comparatively, a 60.0%
haircut to the issuance valuation of $1.56 billion results in a
value of $624.4 million.

Based on a liquidation scenario that accounted for the updated
Morningstar value of $553.7 million, in addition to the outstanding
advances and expenses, as well as projected growth for those
figures through the remaining workout period, Morningstar DBRS
estimates a liquidated loss of approximately $240.0 million will be
realized at disposition. Based on the balances as of August 2024,
those losses would fully erode the balances of Classes E and F and
partially erode the balance of Class D. Although the scenario
suggests proceeds would be sufficient to repay Classes A, B, and C
in full, there remains significant uncertainty with regard to the
stability of property cash flows, the investor appetite as the
special servicer markets both hotels for sale, and the time to
resolution given these factors. As such, the Morningstar DBRS value
could be further stressed as the workout period remains ongoing, a
factor that combines with the overall erosion of credit support
implied by the liquidation scenario considered with this review to
support the credit rating downgrades and Negative trends for the
classes at the top of the capital stack.

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


HOMEWARD OPPORTUNITIES 2024-RRTL2: DBRS Gives B(low) on M2 Notes
----------------------------------------------------------------
DBRS, Inc. finalized provisional credit ratings on the
Mortgage-Backed Notes, Series 2024-RRTL2 (the Notes) issued by
Homeward Opportunities Fund Trust 2024-RRTL2 (HOF 2024-RRTL2 or the
Issuer) as follows:

-- $206.6 million Class A1 at A (low) (sf)
-- $175.5 million Class A1A at A (low) (sf)
-- $31.1 million Class A1B at A (low) (sf)
-- $17.6 million Class A2 at BBB (low) (sf)
-- $18.2 million Class M1 at BB (low) (sf)
-- $14.2 million Class M2 at B (low) (sf)

The A (low) (sf) credit rating reflects 23.50% of credit
enhancement provided by the subordinated notes and
overcollateralization. The BBB (low) (sf), BB (low) (sf), and B
(low) (sf) credit ratings reflect 17.00%, 10.25%, and 5.00% of
credit enhancement, respectively.

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

This transaction is a securitization of an 18-month revolving
portfolio of residential transition loans (RTLs) funded by the
issuance of the Notes. As of the Initial Cut-Off Date, the Notes
are backed by:

-- 400 mortgage loans with a total principal balance of
approximately $196,332,708,

-- Approximately $73,667,292 in the Accumulation Account, and

-- Approximately $2,000,000 in the Interest Reserve Account.

Additional RTLs may be added to the revolving portfolio on future
additional transfer dates, subject to the transaction's eligibility
criteria.

HOF 2024-RRTL2 represents the third RTL securitization issued by
the Sponsor, Homeward Opportunities Fund LP (HOF). Formed in 2019,
HOF is a fund managed by and affiliated with Neuberger Berman
Investment Advisers LLC (NBIA) whose investment objective is to
achieve an attractive risk-adjusted return on investment by
acquiring, managing, holding for investment, and disposing of U.S.
residential real estate-related investments, including but not
limited to residential, commercial, multifamily, residential
rental, mixed residential/commercial, bridge, and investment
mortgage loans.

The revolving portfolio generally consists of first-lien,
fixed-rate, interest-only (IO) balloon RTL with original terms to
maturity of 12 to 24 months. The loans may include extension
options, which can lengthen maturities beyond the original terms.
The characteristics of the revolving pool will be subject to
eligibility criteria specified in the transaction documents and
include, but are not limited to:

-- A minimum nonzero weighted-average (NZ WA) FICO score of 735.
-- A maximum WA Loan-to-Cost ratio (LTC) of 80.0%.
-- A maximum NZ WA as Repaired Loan-to-Value ratio (ARV LTV) of
70.0%.

RTL Features

RTLs, also known as fix-and-flip mortgage loans, are short-term
bridge, construction, or renovation loans designed to help real
estate investors purchase and renovate residential or small balance
commercial properties (the latter is limited to 5.0% of the
revolving portfolio), generally within 12 to 36 months. RTLs are
similar to traditional mortgages in many aspects but may differ
significantly in terms of initial property condition, construction
draws, and the timing and incentives by which borrowers repay
principal. For traditional residential mortgages, borrowers are
generally incentivized to pay principal monthly, so they can occupy
the properties while building equity in their homes. In the RTL
space, borrowers repay their entire loan amount when they (1) sell
the property with the goal to generate a profit or (2) refinance to
a term loan and rent out the property to earn income.

In general, RTLs are short-term IO balloon loans with the full
amount of principal (balloon payment) due at maturity. The
repayment of an RTL is mainly based on the ability to sell the
related mortgaged property or to convert it into a rental property.
In addition, many RTL lenders offer extension options, which
provide additional time for borrowers to repay their mortgage
beyond the original maturity date. For the loans in this
transaction, such extensions may be granted, subject to certain
conditions, at the direction of the Servicing Administrator.

In the HOF 2024-RRTL2 revolving portfolio, RTLs may be:

-- Fully funded, (1) with no obligation of further advances to the
borrower, or (2) with a portion of the loan proceeds allocated to a
rehabilitation (rehab) escrow account for future disbursement to
fund construction draw requests upon the satisfaction of certain
conditions; or

-- Partially funded, with a commitment to fund borrower-requested
draws for approved rehab, construction, or repairs of the property
(Rehabilitation Disbursement Requests) upon the satisfaction of
certain conditions.

After completing certain construction/repairs using their own
funds, the borrower usually seeks reimbursement by making draw
requests. Generally, construction draws are disbursed only upon the
completion of approved construction/repairs and after a
satisfactory construction progress inspection. Based on the HOF
2024-RRTL2 eligibility criteria, unfunded commitments are limited
to 50.0% of the assets of the issuer, which includes (1) the unpaid
principal balance (UPB) of the mortgage loans and (2) amounts in
the Accumulation Account.

Cash Flow Structure and Draw Funding

The transaction employs a sequential-pay cash flow structure.
During the reinvestment period, the Notes will generally be IO.
After the reinvestment period, principal will be applied to pay
down the Notes, sequentially. If the Issuer does not redeem the
Notes by the payment date in July 2026, the Class A1, A1A, A1B, and
A2 fixed rates listed in the Credit Ratings table will step up by
1.000% the following month.

There will be no advancing of delinquent (DQ) interest on any
mortgage by the Servicers or any other party to the transaction.
However, the Servicers are obligated to fund Servicing Advances
which include taxes, insurance premiums, and reasonable costs
incurred in the course of servicing and disposing properties. Each
Servicer will be entitled to reimburse itself for Servicing
Advances from available funds prior to any payments on the Notes.

The Servicers will satisfy Rehabilitation Disbursement Requests by,
(1) for loans with funded commitments, releasing funds from the
Rehab Escrow Account to the applicable borrower; or (2) for loans
with unfunded commitments, releasing funds from principal
collections on deposit in the related Servicer's Custodial Account
(Rehabilitation Advances). If amounts in the applicable Servicer's
Custodial Account are insufficient to fund a Rehabilitation
Advance, the Depositor may advance funds from the Accumulation
Account. The Depositor will be entitled to reimburse itself for
Rehabilitation Disbursement Requests from time to time from the
Accumulation Account.

The Accumulation Account is replenished from the transaction cash
flow waterfall, after payment of interest to the Notes, to maintain
a minimum required funding balance. During the reinvestment period,
amounts held in the Accumulation Account, along with the mortgage
collateral, must be sufficient to maintain a minimum credit
enhancement (CE) of approximately 5.00% to the most subordinate
rated class. The transaction incorporates a Minimum Credit
Enhancement Test during the reinvestment period, which if breached,
redirects available funds to pay down the Notes, sequentially,
prior to replenishing the Accumulation Account, to maintain the
minimum CE for the rated Notes.

The transaction also employs the Expense Reserve Account, which
will be available to cover fees and expenses. The Expense Reserve
Account is replenished from the transaction cash flow waterfall,
before payment of interest to the Notes, to maintain a minimum
reserve balance.

An Interest Reserve Account is in place to help cover the first
three months of interest payments to the Notes. Such account is
funded upfront in an amount equal to $2,000,000. On the payment
dates occurring in August, September, and October 2024, the Paying
Agent will withdraw a specified amount to be included in available
funds.

Historically, RTL originations reviewed by Morningstar DBRS have
generated robust mortgage repayments, which have been able to cover
unfunded commitments in securitizations. In the RTL space, because
of the lack of amortization and the short-term nature of the loans,
mortgage repayments (paydowns and payoffs) tend to occur closer to
or at the related maturity dates when compared with traditional
residential mortgages. Morningstar DBRS considers paydowns to be
unscheduled voluntary balance reductions (generally repayments in
full) that occur prior to the maturity date of the loans, while
payoffs are scheduled balance reductions that occur on the maturity
or extended maturity date of the loans. In its cash flow analysis,
Morningstar DBRS evaluated mortgage repayments relative to draw
commitments for NBIA's historical acquisitions and incorporated
several stress scenarios where paydowns may or may not sufficiently
cover draw commitments. Please see the Cash Flow Analysis section
of the related presale report for more details.

Other Transaction Features

Optional Redemption

On any date on or after the date on which the aggregate Note Amount
falls to less than 25% of the initial Closing Date Note Amount, the
Issuer, at its option, may purchase all of the outstanding Notes at
par plus interest and fees (the Redemption Price).

On any Payment Date following the termination of the Reinvestment
Period, the Depositor, at its option, may purchase all of the
mortgage loans at the Redemption Price.

Repurchase Option

The Sponsor will have the option to repurchase any DQ or defaulted
mortgage loan at the Repurchase Price, which is equal to par plus
interest and fees. However, such voluntary repurchases may not
exceed 10.0% of the cumulative UPB of the mortgage loans. During
the reinvestment period, if the Depositor repurchases DQ or
defaulted loans, this could potentially delay the natural
occurrence of an early amortization event based on the DQ or
default trigger. Morningstar DBRS' revolving structure analysis
assumes the repayment of Notes is reliant on the amortization of an
adverse pool regardless of whether it occurs early or not.

Repurchases

A mortgage loan may be repurchased under the following
circumstances:

-- There is a material R&W breach, a material document defect, or
a diligence defect that the Sponsor is unable to cure,

-- The Sponsor elects to exercise its Repurchase Option, or

-- An optional redemption occurs.

U.S. Credit Risk Retention

As the Sponsor, HOF, through a majority-owned affiliate, will
initially retain an eligible horizontal residual interest
comprising at least 5% of the aggregate fair value of the
securities (the Class XS Notes) to satisfy the credit risk
retention requirements.

The credit ratings reflect transactional strengths that include the
following:

-- Robust pool composition defined by eligibility criteria
-- Historical paydowns and payoffs
-- Solid historical performance
-- Structural enhancements
-- Third-party due-diligence review framework

The transaction also includes the following challenges:

-- Funding of future construction draws
-- RTL loan characteristics
-- Representations and warranties framework
-- No advances of DQ interest

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
Note Interest Payment Amount, the Interest Carryforward Amount, and
the Note Amount.

Morningstar DBRS' credit ratings on the Class A1, Class A1A, and
Class A1B also address the credit risk associated with the
increased rate of interest applicable Class A1, Class A1A, and
Class A1B if the Class A1, Class A1A, and Class A1B notes remain
outstanding on the step-up date (August 2026) in accordance with
the applicable transaction document(s).

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


JP MORGAN 2013-LC11: S&P Lowers Cl. X-B Certs Rating to 'D(sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from four U.S. CMBS
transactions.

S&P said, "The downgrades on four principal and interest paying
classes from four U.S. CMBS transactions reflect accumulated
interest shortfalls outstanding that we expect to remain
outstanding for the foreseeable future. Our assessment also
indicates that some of these classes may also incur principal
losses upon the eventual liquidation of the specially serviced
assets in the respective transactions.

"Separately, we also lowered our rating on the class X-B
interest-only (IO) certificates from J.P. Morgan Chase Commercial
Mortgage Securities Trust 2013-LC11 to 'D (sf)' from 'CCC- (sf)'.
The downgrade reflects our criteria for rating IO securities."

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

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

-- Non-recoverable determination of special service assets;

-- The workout fees related to corrected mortgage loans; and

-- The special servicing fees.

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

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

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

J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11

S&P lowered its rating on class C from J.P. Morgan Chase Commercial
Mortgage Securities Trust 2013-LC11, a U.S. CMBS conduit
transaction, to 'D (sf)' from 'CCC-'.

S&P said, "The downgrade on class C is due to accumulated interest
shortfalls that we expect to be outstanding for the foreseeable
future until the eventual resolution of the specially serviced
loans. In addition, based on our analysis, we also expect this
class to incur principal loss upon the eventual resolution of the
specially serviced loans.

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

According to the August 2024 trustee remittance report, the trust
experienced current monthly interest shortfalls totaling $494,880
due primarily to special servicing fees of $53,493, ASER amounts of
$84,211, and interest reduction due to a nonrecoverability
determination of $354,170. Classes C, D, E, F, and NR have
experienced interest shortfalls for at least four consecutive
months.

JPMBB Commercial Mortgage Securities Trust 2013-C12

S&P lowered its rating on class F from JPMBB Commercial Mortgage
Securities Trust 2013-C12, a U.S. CMBS conduit transaction, to 'D
(sf)' from 'CCC (sf)'due to accumulated interest shortfalls that
S&P expects will remain outstanding for the foreseeable future
until the specially serviced loan's eventual resolution.

According to the August 2024 trustee remittance report, the trust
experienced current monthly interest shortfalls totaling $142,340
due primarily to special servicing fees of $ 12,252, ASER amounts
of $ 94,864, and interest reduction due to a nonrecoverability
determination of $ 35,446. Classes F and NR have experienced
interest shortfalls for at least five consecutive months.

COMM 2013-LC13 Mortgage Trust

S&P lowered its rating on class D from COMM 2013-LC13 Mortgage
Trust, a U.S. conduit CMBS transaction, to 'D (sf)' from 'B- (sf)'
due to accumulated interest shortfalls that S&P expects will remain
outstanding for the foreseeable future until the specially serviced
loan's eventual resolution.

According to the August 2024 trustee remittance report, the trust
experienced current monthly interest shortfalls totaling $126,846
due primarily to special servicing fees of $ 17,583 and interest
reduction due to a nonrecoverability determination of $ 109,953.
Classes D, E, F, and G have experienced interest shortfalls for at
least four consecutive months.

Natixis Commercial Mortgage Securities Trust 2018-FL1

S&P lowered its ratings on class B from Natixis Commercial Mortgage
Securities Trust 2018-FL1, a U.S. large loan CMBS transaction, to
'D (sf)' from 'BB- (sf)' due to accumulated interest shortfalls
that S&P expects will remain outstanding for the foreseeable future
until the specially serviced loan's eventual resolution.

According to the August 2024 trustee remittance report, the trust
experienced current monthly interest shortfalls totaling $531,723
due to a nonrecoverability determination of the sole remaining
specially serviced asset, Promenade Shops at Centerra. Classes B,
C, and D have experienced interest shortfalls for two consecutive
months.

  Ratings Lowered

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11

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

  JPMBB Commercial Mortgage Securities Trust 2013-C12

  Class F to 'D (sf)' from 'CCC (sf)'

  COMM 2013-LC13 Mortgage Trust

  Class D to 'D (sf') from 'B- (sf)'

  Natixis Commercial Mortgage Securities Trust 2018-FL1

  Class B to 'D (sf)' from 'BB- (sf)'



JP MORGAN 2021-NYAH: DBRS Confirms B(low) Rating on Class H Certs
-----------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of JPMCC
2021-NYAH Commercial Mortgage Pass-Through Certificates issued by
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH as
follows:

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

Morningstar DBRS changed the trends on Classes E, F, G, and H to
Negative from Stable. The trends on all remaining classes are
Stable.

The Negative trends reflect Morningstar DBRS' concerns for the
underlying loan, which is collateralized by the borrower's
fee-simple interest in 11 multifamily portfolios comprising 31
properties across the Bronx, Brooklyn, Queens, and Upper Manhattan
boroughs of New York. The loan matured in June 2024; however, the
master servicer and the borrower are still discussing a potential
maturity extension while exploring options regarding a replacement
interest rate cap agreement. Morningstar DBRS notes that a transfer
to the special servicer could be imminent if a resolution is not
reached in the near term. The portfolio is highly exposed to
rent-stabilized, affordable housing, which represents 86.9% of the
total units. Although occupancy across the portfolio has remained
above 85.0% since 2019, with the most recent reporting reflecting
cash flow that is relatively in line with the issuance figure, the
Housing Stability & Tenant Protection Act of 2019, elevated
inflation rates, and increasing operating expenses--which continue
to outpace permitted rental rate increases for rent stabilized
apartments--have, in some instances, critically impaired the value
of rent-stabilized assets in New York City over the past five
years. In addition, given the floating-rate nature of the loan,
debt service obligations have increased considerably, placing
downward pressure on the debt service coverage ratio (DSCR), which
could complicate the borrower's efforts to secure replacement
financing in the near to moderate term.

To further test the durability of the credit ratings, Morningstar
DBRS considered a stressed scenario by applying a haircut to the
in-place net cash flow (NCF) and using a capitalization rate of
6.25%. The result of that analysis indicates downward pressure on
the lower-rated bonds, further supporting the Negative trends
assigned to Classes E, F, G, and H. However, the higher-rated
classes remain generally well-insulated with the unrated Class J
and KRR representing the first loss certificates and having a
cumulative balance of $56.5 million as of the August 2024
remittance, supporting the credit rating confirmations with this
review.

The properties within the portfolio, which in aggregate consist of
3,531 units, were built between 1915 and 1964; however, the sponsor
has invested $130.6 million ($36,982 per unit) toward capital
improvements since its acquisition. Specifically, the sponsor has
completed $96.0 million ($27,202 per unit) of building wide capex
and 1,255 unit renovations. At issuance, the sponsor was working
toward completing an additional 227 unit renovations at a cost of
$34.5 million ($23,303 per unit). Morningstar DBRS has reached out
to the servicer for an update on the status of those renovations.
Four properties, representing 18.3% of the allocated loan amount
(ALA), benefit from some form of tax abatement or exemption. As of
the August 2024 reporting, reserve balances total $4.9 million, the
majority of which is held in a replacement reserve account.

The sponsor for the loan is A&E Real Estate (A&E), a privately
owned, New York-based real estate management and investment firm
founded in 2011. A&E is involved in direct asset management,
property management, and construction management for its portfolio,
which is primarily focused on moderate- and low-income housing with
ownership and management interests in more than 15,000 multifamily
units throughout New York City.

The $600.0 million whole loan consists of a mortgage loan of $506.3
million, which serves as collateral for the trust, and a mezzanine
loan of $93.7 million, that is split into two subordinate notes
that do not serve as collateral. While the sponsor used proceeds
from the mortgage loan to repatriate $15.2 million of equity at
issuance, approximately $175.0 million of unencumbered market
equity remained in the transaction based on the appraiser's as-is
valuation of $775.0 million. In addition, since acquiring the
properties between 2015 and 2017 for $776.8 million, the sponsor
has invested a considerable amount of capital toward property
improvements, as noted above. As such, the resulting cost basis at
issuance was approximately $910.0 million, suggesting the sponsor's
implied equity totals more than $300.0 million.

The floating-rate, interest-only (IO) loan had an initial maturity
date in June 2024, with two one-year extension options that are
subject to the purchase of a replacement interest rate cap
agreement, confirmation of no events of default, and the
satisfaction of a debt yield of at least 5.5%. The borrower has
signaled its intention to exercise the first extension option but
has requested that the lender waive the interest rate cap
requirement. The loan allows for pro rata paydowns for the first
22.5% of the original principal balance and has release provisions,
allowing the release of individual assets at 105.0% of the ALA
(aggregate prior releases must not exceed 25.0% of the original
principal balance) and 110.0% of the ALA for the release of
individual assets thereafter.

As of the March 2024 reporting, the portfolio was 90.6% occupied,
in line with the issuance figure of 89.7%. According to the
financials for the trailing 12 months (T-12) ended March 31, 2024,
the portfolio generated $28.5 million of NCF (a DSCR of 0.56 times
(x)); greater than the YE2023 figure of $27.4 million (a DSCR of
0.55x), but below the Morningstar DBRS NCF of $29.3 million (a DSCR
of 2.31x) derived at issuance. While the servicer-reported
financials reflect consistent growth in revenue, operating expenses
have grown by 10.4% over the Morningstar DBRS figure, primarily
driven by an increase in utilities, management fees, and
professional fees.

At issuance, Morningstar DBRS derived a value of $468.6 million
based on a capitalization rate of 6.25% and a Morningstar DBRS NCF
of $29.3 million. The Morningstar DBRS value represents a -39.5%
variance from the issuance appraised value of $775.0 million. The
resulting Morningstar DBRS whole loan-to-value ratio (LTV) was
108.1% compared with the LTV of 65.3% based on the appraised value
at issuance. Given the unknowns regarding the loan's ultimate
resolution and the general challenges faced by rent-stabilized
assets in New York, the Negative trends reflect Morningstar DBRS'
view that the loan's credit profile could continue to deteriorate
in the near to moderate term. Morningstar DBRS maintained positive
qualitative adjustments to the LTV sizing benchmarks totaling 4.5%
to account for the portfolio's urban geography and cash flow
stability.

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


JP MORGAN 2024-8: DBRS Gives Prov. B(low) Rating on B-5 Certs
-------------------------------------------------------------
DBRS, Inc. assigned the following provisional credit ratings to the
Mortgage Pass-Through Certificates, Series 2024-8 (the
Certificates) to be issued by the J.P. Morgan Mortgage Trust 2024-8
(JPMMT 2024-8):

-- $341.4 million Class A-2 at AAA (sf)
-- $341.4 million Class A-3 at AAA (sf)
-- $341.4 million Class A-3-X at AAA (sf)
-- $256.1 million Class A-4 at AAA (sf)
-- $256.1 million Class A-4-A at AAA (sf)
-- $256.1 million Class A-4-X at AAA (sf)
-- $85.4 million Class A-5 at AAA (sf)
-- $85.4 million Class A-5-A at AAA (sf)
-- $85.4 million Class A-5-X at AAA (sf)
-- $204.9 million Class A-6 at AAA (sf)
-- $204.9 million Class A-6-A at AAA (sf)
-- $204.9 million Class A-6-X at AAA (sf)
-- $136.6 million Class A-7 at AAA (sf)
-- $136.6 million Class A-7-A at AAA (sf)
-- $136.6 million Class A-7-X at AAA (sf)
-- $51.2 million Class A-8 at AAA (sf)
-- $51.2 million Class A-8-A at AAA (sf)
-- $51.2 million Class A-8-X at AAA (sf)
-- $32.7 million Class A-9 at AAA (sf)
-- $32.7 million Class A-9-A at AAA (sf)
-- $32.7 million Class A-9-X at AAA (sf)
-- $374.2 million Class A-X-1 at AAA (sf)
-- $374.2 million Class A-X-2 at AAA (sf)
-- $374.2 million Class A-X-3 at AAA (sf)
-- $10.4 million Class B-1 at AA (low) (sf)
-- $10.4million Class B-1-A at AA (low) (sf)
-- $10.4 million Class B-1-X at AA (low) (sf)
-- $7.2 million Class B-2 at A (low) (sf)
-- $7.2 million Class B-2-A at A (low) (sf)
-- $7.2 million Class B-2-X at A (low) (sf)
-- $4.8 million Class B-3 at BBB (low) (sf)
-- $2.6 million Class B-4 at BB (low) (sf)
-- $0.8 million Class B-5 at B (low) (sf)

Classes A-3-X, A-4-X, A-5-X, A-6-X, A-7-X, A-8-X, A-9-X, A-X-1,
A-X-2, A-X-3, B-1-X, and B-2-X are interest-only (IO) certificates.
The class balances represent notional amounts.

Classes A-2, A-3, A-3-X, A-4, A-4-A, A-4-X, A-5, A-6, A-7, A-7-A,
A-7-X, A-8, A-9, A-X-1, B-1, and B-2 are exchangeable certificates.
These classes can be exchanged for combinations of depositable
certificates as specified in the offering documents.

Classes A-2, A-3, A-4, A-4-A, A-5, A-5-A, A-6, A-6-A, A-7, A-7-A,
A-8, and A-8-A are super-senior certificates. These classes benefit
from additional protection from the senior support certificates
(Classes A-9 and A-9-A) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 6.85% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 4.25%, 2.45%, 1.25%, 0.60%, and 0.40% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of first-lien,
fixed-rate prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 384 loans with a
total principal balance of $401,671,867 as of the Cut-Off Date
(August 1, 2024).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 15 years to 30 years and a
weighted-average loan age of two months. Approximately 83.0% of the
loans are traditional, nonagency, prime jumbo mortgage loans. The
remaining 17.0% of the loans are conforming mortgage loans that
were underwritten using an automated underwriting system designated
by Fannie Mae or Freddie Mac and were eligible for purchase by such
agencies. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section in the
related presale report. In addition, all of the loans in the pool
were originated in accordance with the new general Qualified
Mortgage rule.

United Wholesale Mortgage, LLC (UWM) originated 46.7% of the pool.
PennyMac Loan Services, LLC (PennyMac) originated 18.2% of the
pool. Various other originators, each comprising less than 15%,
originated the remainder of the loans. The mortgage loans will be
serviced or subserviced, as applicable, by UWM (46.7%), Shellpoint
Mortgage Servicing (Shellpoint) (35.1%), and PennyMac (18.2%). For
the JPMorgan Chase Bank, N.A. (JPMCB)-serviced loans, Shellpoint
will act as interim servicer until the loans transfer to JPMCB on
the servicing transfer date (December 1, 2024).

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

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by Morningstar DBRS) will
act as Securities Administrator and Delaware Trustee. Computershare
Trust Company, N.A. will act as Custodian. Pentalpha Surveillance
LLC will serve as the Representations and Warranties Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that incorporates performance triggers and
credit enhancement floors.

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


KRR CLO 56: Fitch Assigns 'BB+sf' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to KKR CLO
56 Ltd.

   Entity/Debt          Rating           
   -----------          ------           
KKR CLO 56 Ltd.

   A-1              LT   NRsf    New Rating
   A-2              LT   AAAsf   New Rating
   B                LT   AA+sf   New Rating
   C                LT   A+sf    New Rating
   D-1              LT   BBB-sf  New Rating
   D-2              LT   BBB-sf  New Rating
   E                LT   BB+sf   New Rating
   F                LT   NRsf    New Rating
   Subordinated     LT   NRsf    New Rating

Transaction Summary

KKR CLO 56 Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by KKR
Financial Advisors II, LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $500 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. Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
96.95% first-lien senior secured loans and has a weighted average
recovery assumption of 74.56%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40% of the portfolio balance in aggregate while the
top five obligors can represent up to 12% of the portfolio balance
in aggregate. The level of diversity required by industry, obligor
and geographic concentrations is in line with other recent CLOs.

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'A+sf' for
class D-1, 'Asf' for class D-2, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for KKR CLO 56 Ltd. In
cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


MAGNETITE XXXIII: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R and E-R replacement debt and the new class X
debt from Magnetite XXXIII Ltd./Magnetite XXXIII LLC, a CLO
originally issued in June 2022 that is managed by BlackRock
Financial Management Inc.

The preliminary ratings are based on information as of Sept. 12,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 20, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. S&P
said, "At that time, we expect to withdraw our ratings on the
original debt and assign ratings to the replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The replacement class A-R, B-R, C-R, D-R, and E-R debt is
expected to be issued at floating spreads, replacing the existing
fixed- and floating-rate debt.

-- The non-call period will be extended to September 2026.

-- The reinvestment period will be extended to October 2029.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) will be extended to October 2037.

-- The target initial par amount will remain at $500.00 million.
There will be no additional effective date or ramp-up period, and
the first payment date following the refinancing is October 2024.

-- New class X debt will be issued on the refinancing date and is
expected to be paid down using interest proceeds in equal
installments of $366,666.67, beginning on the first payment date
and ending on the ninth payment date.

-- No additional subordinated notes will be issued on the
refinancing date.

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

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

  Preliminary Ratings Assigned

  Magnetite XXXIII Ltd./Magnetite XXXIII LLC

  Class X, $3.30 million: AAA (sf)
  Class A-R, $316.00 million: AAA (sf)
  Class B-R, $65.20 million: AA (sf)
  Class C-R (deferrable), $30.10 million: A (sf)
  Class D-R (deferrable), $30.10 million: BBB- (sf)
  Class E-R (deferrable), $19.50 million: BB- (sf)

  Other Debt

  Magnetite XXXIII Ltd./Magnetite XXXIII LLC

  Subordinated notes, $38.75 million: Not rated



MANUFACTURED HOUSING 2000-3: S&P Affirms CC(sf) Rating on IA Certs
------------------------------------------------------------------
S&P Global Ratings completed its review of 12 ratings on 10 U.S
manufactured housing ABS transactions issued between 1999 and 2002.
S&P raised seven ratings, lowered one, and affirmed four. The
transactions are related to Conseco Finance Corp. and GreenPoint
Credit LLC.

The rating actions reflect the transactions' current and expected
future collateral performance, structures, and credit enhancement
available. Furthermore, our analysis incorporated secondary credit
factors such as credit stability, payment priorities under certain
scenarios, and sector- and issuer-specific analyses.

Each transaction was initially structured with
overcollateralization (O/C) and subordination. However, due to
higher-than-expected losses, the O/C on the transactions was
depleted to zero, and many of the subordinated classes have
experienced principal write-downs.

S&P said, "The upgrades reflect our assessment of the growth in
credit enhancement for the affected classes in the form of
subordination. We also took into consideration the relatively short
estimated time horizon for some of the classes to be paid in
full."

  Table 1

  Collateral performance (%)(i)

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

  1999-1    306    2.67      22.76      6.13
  1999-2    305    2.58      23.68      4.77
  2000-6    284    3.51      34.89      6.69
  2001-1    280    3.29      34.44      9.43
  2001-2    277    3.77      36.10      5.79
  2001-3    275    4.12      33.13      6.79
  2001-4    272    4.14      29.40     10.75

(i)As of the August 2024 distribution date.
Mo.--Month.
CNL--Cumulative net loss.
Delinq.--Delinquencies.

  Table 2

  CNL expectations (%)

                      Prior            Revised
           revised lifetime           lifetime
  Series           CNL exp.(i)        CNL exp.(ii)

  1999-1        23.50-24.50        23.50-24.00
  1999-2        24.50-25.50        24.25-24.75
  2000-6        36.50-37.50        36.00-36.50
  2001-1        36.00-37.00        36.00-36.50
  2001-2        38.50-39.50        37.75-38.25
  2001-3        35.00-36.00        34.50-35.00
  2001-4        31.75-32.75        31.00-31.50

(i)As of December 2023.
(ii)As of September 2024.
CNL exp.--Cumulative net loss expectations.
N/A–-Not applicable.

  Table 3

  Hard credit enhancement(%)(i)

                            Prior        Current
  Series      Class       HCE (%)(ii)    HCE (%)(iii)

  1999-1      A-7           80.75          96.44
  1999-2      A-6           45.89          55.20
  1999-2      A-7           45.89          55.20
  2000-6      A-5           24.21          28.51
  2001-1      A-5           33.04          37.44
  2001-2      A             50.08          57.63
  2001-3      A-4           84.75          95.90
  2001-4      M-1           47.43          53.29

(i)As of August 2024 distribution date. Calculated as a percentage
of the total gross receivable pool balance.
(ii)As of December 2023.
(iii)As of August 2024.

S&P said, "The rating actions on the series 2000-6 class A-5,
series 2001-1 class A-5, series 2002-1 class M-2, and series 2000-3
class IA and IIA-2 certificates reflect our view that the projected
credit support will remain insufficient to cover the projected
losses for these classes. As defined in our criteria, the ratings
in the 'CCC (sf)' category reflect our view that the related
classes are still vulnerable to nonpayment and dependent on
favorable business, financial, and economic conditions to be paid
interest and/or principal according to the transaction terms.
Meanwhile, the 'CC (sf)' ratings reflect our view that the related
classes remain virtually certain to default.

"The affirmation on the series 2000-4 class A-3 certificates is
based on our 'AA' financial strength rating on Assured Guaranty
Inc. (Assured; the bond insurer), which we expect will continue to
pay any principal or interest shortfalls that may arise. Assured
has made claims payments on principal and interest payment
shortfalls that have occurred since the November 2014 determination
date, and we believe Assured will continue to honor its obligations
to make up any shortfalls in principal and/or interest payments.

"We will continue to monitor the performance of the transactions
relative to their cumulative net loss expectations and the
available credit enhancement, and take rating actions as we
consider appropriate."

  Ratings List

  RATING
  
  TRANSACTION                     CLASS     TO       FROM     

  Manufactured Housing Contract
  Sr/Sub Pass-thru Trust 1999-1   A-7     A (sf)     BBB- (sf)

  Manufactured Housing Contract
  Sr/Sub Pass-thru Trust 1999-2   A-6     BB+ (sf)   B- (sf)

  Manufactured Housing Contract
  Sr/Sub Pass-thru Trust 1999-2   A-7     BB+ (sf)   B- (sf)

  Manufactured Housing Contract   
  Sr/Sub Pass-Thru Cert           A-5     CCC+ (sf)  CCC- (sf)
  Series 2000-6

  Manufactured Housing Contract   A-5     CCC (sf)   CCC (sf)
  Sr/Sub Pass-Thru Cert
  Series 2001-1

  Manufactured Housing Contract   A       B (sf)     CCC (sf)
  Sr/Sub Pass-Thru Cert
  Series 2001-2

  Manufactured Housing Contract   A-4     A- (sf)    BB (sf)
  Sr/Sub Pass-Thru Certs
  Series 2001-3

  Manufactured Housing Contract   M-1     B+ (sf)    CCC+(sf)
  Sr/Sub Pass-Thru Cert
  Series 2001-4

  Manufactured Housing Contract   M-2     CC (sf)    CCC- (sf)
  Sr/Sub Pass-thru Cert
  Series 2002-1

  Manufactured Housing Contract   IA      CC (sf)    CC (sf)
  Trust Pass-Thru Cert
  Series 2000-3

  Manufactured Housing Contract   IIA-2   CC (sf)    CC (sf)
  Trust Pass-Thru Cert
  Series 2000-3

  Manufactured Housing Contract   A-3     AA (sf)    AA (sf)
  Trust Pass-Thru Cert
  Series 2000-4





MEACHAM PARK: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to Meacham Park CLO
Ltd./Meacham 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 Liquid Credit Strategies
LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Meacham Park CLO Ltd./Meacham Park CLO LLC

  Class A-1, $246.00 million: AAA (sf)
  Class A-2, $26.00 million: Not rated
  Class B, $28.00 million: AA (sf)
  Class C (deferrable), $28.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $16.00 million: BB- (sf)
  Subordinated notes, $43.00 million: Not rated



MF1 2021-FL5: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by MF1 2021-FL5, Ltd. as follows:

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

All trends are Stable.

The credit rating confirmations reflect the favorable collateral
composition of the transaction as the trust continues to be
primarily secured by the multifamily collateral (12 loans,
representing 82.9% of the current pool balance). Historically,
loans secured by multifamily properties have exhibited lower
default rates and the ability to retain and increase asset value.
In conjunction with this press release, Morningstar DBRS has
published a Surveillance Performance Update report with in-depth
analysis and credit metrics for the transaction and with business
plan updates on select loans. For access to this report, please
click on the link under Related Documents below or contact us at
info-DBRS@morningstar.com.

As of the August 2024 remittance report, there are 14 floating-rate
mortgage loans secured by 29 properties remaining in the pool with
a total balance of $619.7 million. At issuance, the trust consisted
of 35 floating-rate mortgage loans secured by 49 multifamily
properties and five senior housing properties totaling $1.2
billion, excluding $298.0 million of future funding commitments and
$599.1 million of pari passu debt. The transaction was also
structured with a Replenishment Period that expired with the March
2024 Payment Date. Since issuance, 20 loans with cumulative trust
balance of $579.0 million have repaid in full including three loans
totaling $90.9 million since the previous Morningstar DBRS credit
rating action in August 2023. Majority of the loans have initial
maturity dates in early 2025 but have extension options available,
subject to performance threshold requirements. In the event the
performance thresholds are not met, lenders may agree to extensions
if fresh equity is being contributed toward the loan.

The remaining collateral in the transaction beyond the multifamily
concentration noted above include three senior housing properties,
representing 17.1% of the current trust balance. The loans are
primarily secured by properties in urban markets with six loans,
representing 51.4% of the current trust balance, in locations with
Morningstar DBRS Market Ranks of 6, 7, and 8. Six loans,
representing 35.8% of the pool, are secured by properties in
suburban locations with Morningstar DBRS Market Ranks of 3, 4, and
5, and two loans, representing 12.8% of the pool, are secured by
properties in tertiary markets.

Leverage across the pool has remained stable. As of the August 2024
reporting, the weighted-average (WA) as-is appraised loan-to-value
(LTV) ratio is 67.2%, with a WA as-stabilized LTV ratio of 66.5%.
In comparison, these figures were 74.5% and 69.2%, respectively, as
of July 2023. Morningstar DBRS recognizes that select property
values may be inflated as the majority of the individual property
appraisals were completed in 2021 and 2022 and may not reflect the
current rising interest rate or widening capitalization rate
environments. In the analysis for this review, Morningstar DBRS
applied upward LTV adjustments across 13 loans, representing 85.5%
of the current trust balance.

As of August 2024, the collateral manager has advanced $61.0
million in loan future funding to nine individual borrowers to aid
in property stabilization efforts. The largest advance, $15.6
million, was made to the borrower of SF Multifamily Portfolio II,
which is secured by eight three-story multifamily properties in the
San Francisco area. The funds were advanced to complete unit
interior and property exterior upgrades across the portfolio.
According to the collateral manager, the renovation project is
61.5% complete as the borrower has completed unit renovations
across 147 units of the planned 239 units. As of the December rent
roll, the portfolio was 87.0% occupied.

An additional $184.9 million of loan future funding allocated to
six individual borrowers remains available. The largest portion of
available funds, $82.4 million, is allocated to the borrower of the
LA Multifamily Portfolio III loan, which is secured by a portfolio
of 14 properties totaling 251 units in the West LA area of Los
Angeles. The loan future funding is available to the borrower to
fund interior and exterior upgrades as well as to potentially fund
a performance-based earnout. To date the borrower has completed
renovations across 62 units while an additional 18 units are under
renovation. As of the March 2024 rent roll, the portfolio was 85.7%
occupied.

As of the August 2024 remittance, there are 12 loans on the
servicer's watchlist, representing 74.1.% of the current trust
balance. The loans have generally been flagged for deferred
maintenance, upcoming maturity dates and low occupancy rates or
cash flow. Our primary concern is the CA Ventures loan, which is
secured by a portfolio of three assisted-living and memory-care
properties that have struggled to stabilize their operating
performance, falling below issuance as-is figures. Additionally,
there are two delinquent loans, representing 16.9% of the pool.

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


MFA TRUST 2024-NQM2: Fitch Gives 'B(EXP)' Rating on Cl. B2 Certs
----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by MFA 2024-NQM2 Trust (MFA 2024-NQM2).

   Entity/Debt       Rating           
   -----------       ------            
MFA 2024-NQM2

   A1            LT  AAA(EXP)sf   Expected Rating
   A2            LT  AA(EXP)sf    Expected Rating
   A3            LT  A(EXP)sf     Expected Rating
   M1            LT  BBB(EXP)sf   Expected Rating
   B1A           LT  BBB-(EXP)sf  Expected Rating
   B1B           LT  BB(EXP)sf    Expected Rating
   B2            LT  B(EXP)sf     Expected Rating
   B3            LT  NR(EXP)sf    Expected Rating
   AIOS          LT  NR(EXP)sf    Expected Rating
   XS            LT  NR(EXP)sf    Expected Rating
   R             LT  NR(EXP)sf    Expected Rating

Transaction Summary

Fitch expects to rate the residential mortgage-backed certificates
to be issued by MFA 2024-NQM2 Trust (MFA 2024-NQM2) as indicated
above. The certificates are supported by 418 nonprime loans with a
total balance of approximately $340.5 million as of the cutoff
date.

Loans in the pool were originated by multiple originators,
including Citadel Servicing Corporation d/b/a Acra Lending,
Excelerate Capital and FundLoans Capital, Inc. Loans were
aggregated by MFA Financial, Inc. (MFA). Loans are currently
serviced by Planet Home Lending and Citadel Servicing Corporation,
with all but eight loans subserviced by ServiceMac LLC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch has updated its
view on sustainable home prices and, as a result, it views the home
price values of this pool as 9.3% above a long-term sustainable
level (versus 11.5% on a national level as of 1Q24, up 0.4% qoq).
Housing affordability is at its worst levels in decades due to both
high interest rates and elevated home prices. Home prices had
increased 5.9% yoy nationally as of May 2024, despite modest
regional declines, and are still being supported by limited
inventory.

Nonqualified Mortgage Credit Quality (Negative): The collateral
consists of 418 loans totaling $340.5 million and seasoned at
approximately three months in aggregate, as calculated by Fitch.
The borrowers have a moderate credit profile consisting of a 741
Fitch model FICO and moderate leverage with a 71.7% sustainable
loan-to-value ratio (sLTV).

The pool is 60.2% comprised of loans for homes in which the
borrower maintains as a primary residence, while 39.8% comprises
investor properties or second homes, as calculated by Fitch.
Additionally, 57.5% are nonqualified mortgages (non-QM), while the
QM rule does not apply to the remainder. This pool consists of a
variety of weaker borrowers and collateral types, including second
liens, foreign nationals and nonstandard property types.

Fitch's expected loss in the 'AAAsf' stress is 22.25%. This is
mainly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Approximately 90.3% of loans in the
pool were underwritten to less than full documentation and 44.7%
were underwritten to a bank statement program for verifying income.
A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the Consumer Financial Protections Bureau's (CFPB)
Ability-to-Repay Rule (ATR or the Rule).

This reduces the risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to the rigor of the Rule's mandates with respect to the
underwriting and documentation of a borrower's ATR.

Its treatment of alternative loan documentation increased 'AAAsf'
expected losses by 809 bps, compared with a transaction of 100%
fully documented loans.

High Percentage of Debt Service Coverage Ratio Loans (Negative):
There are 169 debt service coverage ratio (DSCR) products in the
pool (40.4% by loan count). These business purpose loans are
available to real estate investors that are qualified on a cash
flow basis, rather than debt-to-income (DTI), and borrower income
and employment are not verified.

Compared with standard investment properties for DSCR loans, Fitch
converts the DSCR values to DTI and treats them as low
documentation. Its treatment for DSCR loans results in a higher
Fitch-reported nonzero DTI. Further, no-ratio loans are treated as
100% DTI. Its expected loss for DSCR loans is 31.66% in the 'AAAsf'
stress.

Geographic and Loan Count Concentration Concerns (Negative): The
pool has a weighted average number (WAN) of 165 and is incurring
approximately a 255bps penalty at 'AAA'. Fitch calculates the WAN
of pools by using the Herfindahl-Hirschman Index (HHI), which
determines the sum of the squared pool's shares for each loan in
the pool and is expressed in a scale of 0-to-1, with values
approaching zero reflecting greater granularity. Fitch then uses
the HHI ratio to calculate the WAN of loans in the pool. The WAN
accounts for both the number of loans in the pool and distribution
of loan balances; this differs from the loan count, which weighs
all loans regardless of balance equally.

RMBS pools with an initial WAN below 300 loans are subject to
probability of default (PD) penalties that are applied to the
pool's model-generated PD. The variability of defaults inherently
increases when a portfolio depends on a small number of assets. The
WAN for this portfolio is significantly less than the number of
assets due to "lumpy" largest loans.

The pool consists of 418 loans with the 10 largest loans by unpaid
principal balance (UPB) accounting for 14.0% of the pool.
Additionally, the 20 largest loans account for 24.3% of the UPB. If
some large loans prepay, the concentration risk will decrease.

Approximately 47.3% of the pool is concentrated in California with
moderate MSA concentration. The largest MSA is the Los Angeles MSA
(23.6%), followed by the Miami MSA (14.6%) and the San Diego MSA
(6.8%). The top three MSAs account for 45.1% of the pool. As a
result, a 1.06x PD penalty is applied, which increases the 'AAA'
expected loss by 52 bps.

In total, Fitch adjusted the 'AAA' pool level loss expectations by
307 bps due to loan and geographic concentration risks.

Modified Sequential Payment Structure with No Advancing (Mixed):
The structure differs slightly from that of the previous MFA
2024-NQM1 transaction. The B-1 class has split into two classes:
B-1A and B-1B. There have been no additional changes to the
principal waterfall or priority of payments.

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

Advances of delinquent principal and interest (P&I) will not be
made on the mortgage loans. The lack of advancing reduces loss
severities, as a lower amount is repaid to the servicer when a loan
liquidates and liquidation proceeds are prioritized to cover
principal repayment over accrued but unpaid interest. The downside
to this is the additional stress on the structure, as there is
limited liquidity in the event of large and extended
delinquencies.

MFA 2024-NQM2 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100 bps increase to the fixed coupon or the net weighted average
coupon (WAC) rate. Any class B-3 interest distribution amount will
be distributed to class A-1, A-2 and A-3 certificates on and after
the step-up date if the cap carryover amount is greater than zero.
This increases the P&I allocation for the senior classes.

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.0% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. 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. A 10% gain
in home prices would result in a full category upgrade for the
rated class excluding those assigned 'AAAsf' ratings.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Clayton, Consolidated Analytics, Evolve, Infinity,
Maxwell and Stonehill. The third-party due diligence described in
Form 15E focused on credit, compliance and property valuation
review. Fitch considered this information in its analysis and, as a
result, Fitch made the following adjustment to its analysis: a 5%
credit at the loan level for each loan where satisfactory due
diligence was completed. This adjustment resulted in 45bps
reduction to 'AAAsf' losses.

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.


MSC MORTGAGE 2012-C4: DBRS Cuts Class D Certs Rating to CCC
-----------------------------------------------------------
DBRS, Inc. downgraded the credit rating on one class of Commercial
Mortgage Pass-Through Certificates, Series 2012-C4 issued by MSC
Mortgage Securities Trust, 2012-C4 as follows:

-- Class D to CCC from BBB (high) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

There are no trends as all are assigned credit ratings that do not
typically carry a trend in commercial mortgage-backed securities
(CMBS) credit ratings.

The credit rating downgrade reflects ongoing interest shortfalls
which have exceeded Morningstar DBRS' tolerance for untimely
interest to rated bonds. Classes D, E, F and G have not received
any interest since February 2024 and as of the August 2024
remittance, the trust has accumulated approximately $4.9 million in
interest shortfalls. Morningstar DBRS has limited tolerance for
unpaid interest to rated bonds, limited to four remittance periods
for the BBB rating category and six remittance periods for the BB
and B rating categories. The downgrade of Class D is a result of
continued interest shortfalls, stemming from a lack of resolution
on the last remaining loan in the pool, Shoppes at Buckland Hills
(Prospectus ID#1, 100% of the pool), which is in default.
Morningstar DBRS previously downgraded Classes E, F and G to
reflect loss expectations upon resolution as well as the
expectation that bondholders would be shorted interest given the
continued delinquency of Shoppes at Buckland Hills. The credit
ratings for these classes was confirmed with this review.

Morningstar DBRS' loss expectations for Shoppes at Buckland Hills
is unchanged from the prior credit rating action. The current
analysis continues to indicate that disposition of the asset will
likely result in a loss to the trust. The loan is secured by
562,600 square feet (sf) within a 1.3 million-sf regional mall in
Manchester, Connecticut. The loan has been in special servicing
since November 2020 with a receiver appointed in August 2021. The
servicer has noted that the receiver is likely to market the
property for sale in the near term.

Given that the loan is delinquent and in receivership, and the
continued underperformance of the asset, Morningstar DBRS' analysis
of this loan included a liquidation scenario based on a stressed
haircut to the most recent appraised value. While Morningstar DBRS'
loss projection indicates the senior outstanding class will likely
be recovered, the disposition timeline is uncertain and, as noted
above, Morningstar DBRS' credit ratings are constrained by the
expectation of continued unpaid interest prior to repayment.

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


NASSAU LTD 2022-I: Fitch Affirms 'BB+sf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on Nassau 2022-I Ltd's
(Nassau 2022-I) class A-1R, A-2R, B-R, D, and E notes. Fitch has
also upgraded Nassau 2022-I's class C-R notes. The Rating Outlooks
on class A-1R, A-2R, B-R, D, and E notes remain Stable. The class
C-R notes were assigned a Positive Outlook following their
upgrade.

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

   A-1R 63171LAG9     LT  AAAsf   Affirmed    AAAsf
   A-2R 63171LAJ3     LT  AAAsf   Affirmed    AAAsf
   B-R 63171LAL8      LT  AAAsf   Affirmed    AAAsf
   C-R 63171LAN4      LT  AA-sf   Upgrade     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, that originally
closed in January 2023. The CLO's secured notes were partially
refinanced on March 19, 2024 from the proceeds of new secured
notes. The transaction is secured primarily by first lien, senior
secured leveraged loans.

KEY RATING DRIVERS

Increased Credit Enhancement from Note Amortization

The Upgrade on the class C-R notes is mainly driven by the note
amortization of the class A-1R notes, that has paid down 33.5% of
its balance since refinancing, resulting in improved cash flow
modeling results. The class C-R notes were rated two notches below
its 'AA+sf' model-implied rating (MIR), as the break even default
cushion at that level was considered insufficient in the context of
the increasing concentration risk and the underlying portfolio's
exposure to issuers with outlook negative and on Fitch's watch
list.

The Positive Outlook on the class C-R notes is due to the
expectation of further improvement in credit enhancement (CE) from
future note amortization.

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on a stressed
portfolio that assumed a one-notch downgrade on the Fitch Issuer
Default Rating Equivalency Rating for assets with a Negative
Outlook on the driving rating of the obligor; the WAL of the
portfolio was extended to its test limit of 4.25 years.

Fitch affirmed the A-1R, A-2R, B-R, D, and E notes' ratings in line
with their MIRs as defined in Fitch's CLOs and Corporate CDOs
Rating Criteria.

The Stable Outlooks on these notes indicate robust breakeven
cushions to withstand potential deterioration in portfolio credit
quality commensurate with each class's rating.

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

As of August 2024 reporting, approximately 33.5% of the original
class A-1R note balance has amortized since the refinancing, which
has increased CE levels on all classes of notes. Exposure to
issuers with a Negative Outlook increased to 20.6% from 19.1% in
March 2024; the current exposure to Fitch's watchlist is 8.9%. The
Fitch weighted average rating factor of the portfolio decreased to
24.2 (B) from 24.5 (B/B-) at the refinancing. The portfolio
consists of 153 obligors, and the largest 10 obligors represent
14.0% of the portfolio compared to 10.9% in March 2024. All
coverage tests are in compliance.

RATING SENSITIVITIES

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

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

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

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

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 four
notches, based on MIRs.

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

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

DATA ADEQUACY

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.

ESG Considerations

Fitch does not provide ESG relevance scores for Nassau 2022-I
Ltd..

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


NATIXIS COMMERCIAL 2018-OSS: S&P Lowers Cl. D Certs Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from Natixis
Commercial Mortgage Securities Trust 2018-OSS, a U.S. CMBS
transaction.

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

Rating Actions

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

-- Occupancy, which was 82.7% after S&P adjusted the March 31,
2024, rent roll for known tenant movements, has not materially
improved since its last review, in September 2023. While the
property faces minimal tenant rollover through the loan's maturity
in 2027 (per the March 2024 rent roll), according to CoStar, four
tenants, comprising 19.1% of the net rentable area (NRA), are
currently subleasing some of their space or are marketing their
spaces for sublease.

-- The property's Financial District office submarket continues to
experience high vacancy and availability rates, which S&P believes
makes it more challenging for the sponsor to lease up the
property's vacant space and improve net cash flow (NCF) in a timely
manner.

S&P said, "Given these factors, we assessed that the property's
performance will likely not materially improve in the near term.
Our expected-case valuation, while unchanged from our last review,
is 23.6% lower than the value we derived at issuance.

"We have concerns with the borrower's ability to make its debt
service payments timely if the property's NCF does not materially
improve. The servicer reported a low debt service coverage (DSC) of
1.02x on the whole loan balance as of the trailing 12 months (TTM)
ending March 31, 2024.

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

"We will continue to monitor the tenancy and performance of the
property and loan. If we receive information that differs
materially from our expectations, we may revisit our analysis and
take further rating actions, as we determine necessary."

Property-Level Analysis

The loan collateral consists of a 35-story, class B+, 891,573 sq.
ft. office tower located at One State Street Plaza in the Financial
District office submarket of Downtown Manhattan and a leasehold
interest in certain air rights for an adjacent parcel used as a
public plaza at 17 State Street. The office building was originally
built in 1970 by the current sponsor, the Wolfson Family. It is
located across from Battery Park, near multiple transportation
modes, including the Staten Island Ferry and Downtown Manhattan
Heliport, and has great views of New York Harbor. The sponsor most
recently invested about $10.0 million to redesign and renovate the
lobby, which was completed in 2017. According to the master
servicer, KeyBank Real Estate Capital, the sponsor is considering,
albeit in preliminary stage, building out 20,000-30,000 sq. ft. of
amenity space in the concourse and in part of the vacant retail
space on the first floor.

S&P said, "In our September 2023 review, we noted that the
property's occupancy remained below 80%. At that time, using the
79.9% in-place occupancy rate, a $56.53 per sq. ft. S&P Global
Ratings gross rent, a 51.9% operating expense ratio, and higher
tenant improvement costs, we arrived at an S&P Global Ratings
long-term sustainable NCF of $16.8 million. Utilizing a 7.50% S&P
Global Ratings capitalization rate and adding $12.5 million for the
present value of future rent steps for an investment-grade rated
tenant, we derived an S&P Global Ratings expected-case value of
$236.8 million or $266 per sq. ft."

Since that time, the servicer reported flat occupancy (79.9% as of
the March 31, 2024, rent roll) and NCF ($16.7 million as of the TTM
ending March 31, 2024). In addition, the borrower projects NCF to
be around $17.2 million for year-on-year 2024.

According to CoStar, the sponsor signed two leases in June 2024 on
floors 34 and 35 totaling 25,277 sq. ft. or 2.8% of the property's
NRA at about $59.00 per sq. ft. base rent. As a result, S&P expects
occupancy to increase to 82.7% from 79.9%, according to the March
31, 2024, rent roll.

The five largest tenants, comprising 53.5% of NRA, are:

-- State of New York Office of General Services (29.7% of NRA and
34.7% of in-place base rent, as calculated by S&P Global Ratings;
October 2031 lease expiration);

-- SourceMedia Inc. (8.9%; 9.0%; February 2025). According to
CoStar, 11,278 sq. ft. of the tenant's space is currently subleased
to Sienna Marketing, and 43,034 sq. ft. is subleased to Cheddar,
who has expressed interest in signing a direct lease with the
sponsor;

-- Integro USA Inc. (6.0%; 9.1%; September 2032). CoStar noted
that the tenant's entire space is subleased to Met Council;

-- Continental Stock Transfer & Trust Co. (5.4%; 6.1%; October
2030); and

-- McAloon & Friedman P.C. (3.5%; 3.0%; May 2035).

The property faces minimal tenant rollover (aggregating less than
10.0% of NRA) through the loan's maturity in 2027. The tenant
rollover is elevated in 2030 and 2031, when leases representing
10.6% of NRA and 29.7% of NRA, respectively, expire.

According to CoStar, the Financial District office submarket, like
the overall New York City office market, continues to experience
limited leasing activity as office utilization remains below
pre-pandemic levels. Vacancy and availability rates in the
submarket continue to climb and asking rents remain generally
stagnant. As of year-to-date September 2024, the 4- and 5-star
office properties in the office submarket had a $57.77 per sq. ft.
asking rent, 20.0% vacancy rate, and 24.3% availability rate. This
compares with a $56.84 per sq. ft. S&P Global Ratings gross asking
rent and 17.3% vacancy rate at the property currently. CoStar
projects vacancy for 4- and 5-star office properties to continue to
increase to 23.0% and asking rent to marginally increase to $58.15
per sq. ft. in 2027 (when the loan matures).

S&P said, "In our current analysis, using an in-place occupancy of
82.7%, an S&P Global Ratings gross rent of $56.84 per sq. ft., a
52.7% operating expense ratio, and higher tenant improvement costs,
we arrived at an S&P Global Ratings NCF of $16.8 million, unchanged
from our last review. Utilizing a 7.50% S&P Global Ratings
capitalization rate (unchanged from our last review) and including
$12.5 million for the present value of future rent steps for an
investment-grade rated tenant, we arrived at an S&P Global Ratings
expected-case value of $236.8 million or $266 per sq. ft., the same
as in our last review, 23.6% lower than our issuance value of
$310.0 million, and 57.7% below the issuance appraised value of
$560.0 million. This yielded an S&P Global Ratings loan-to-value
ratio of 87.2% on the trust balance and 152.0% on the whole loan
balance."

  Table 1

  Servicer-reported collateral performance

                      TRAILING 12
                      MONTHS ENDING
                      MARCH 31, 2024(I)  2023(I)  2022(I)  2021(I)

  Occupancy rate (%)            79.9     79.9     78.0     83.9

  Net cash flow (mil. $)        16.7     16.3     19.1     20.9

  Debt service coverage (x)(ii) 1.02     0.99     1.16     1.28

  Appraisal value (mil. $)     560.0    560.0    560.0    560.0

(i)Reporting period.
(ii)On the whole loan of $360.0 million.


  Table 2


  S&P Global Ratings' key assumptions

                       CURRENT   LAST REVIEW   AT ISSUANCE
                      (SEP 2024)(I)   (SEP 2023)(I) (FEB 2018)(I)

  Occupancy rate (%)       82.7          79.9          87.2

  Net cash flow (mil. $)   16.8          16.8          18.9

  Capitalization rate (%)  7.50          7.50          6.75

  Add to value ($)         12.5          12.5          30.6

  Value (mil. $)          236.8         236.8         310.0

  Value per sq. ft. ($)     266           266           348

  Loan-to-value ratio (%)(ii) 152.0    152.0         116.1

(i)Review period.
(ii)On the whole loan balance of $360.0 million. S&P Global
Ratings' loan-to-value ratio on the trust balance is 87.2%, 87.2%,
and 66.6%, respectively.


Transaction Summary

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

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

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

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

The $94.5 million trust balance (according to the Aug. 16, 2024,
trustee remittance report) comprises $10.0 million senior A and
$84.5 million senior subordinate A-B notes. The remaining 10 senior
A notes, totaling $112.0 million, are in CSAIL 2018-CX11 Commercial
Mortgage Trust and UBS Commercial Mortgage Trust 2017-C7, which are
both U.S. CMBS conduit transactions. The senior A notes are pari
passu to each other and senior to the A-B and B notes. The trust
A-B note is subordinate to the senior A notes but senior to the
nontrust junior B notes. The nontrust junior B notes are
subordinate to the A and A-B notes.

The loan's payment status as of the Aug. 16, 2024, trustee
remittance report is current. The loan is on the master servicer's
watchlist due to a low reported DSC on the whole loan, which was
1.02x as of the TTM ending March 31, 2024. S&P calculated a DSC of
1.95x on the trust balance, using the servicer-reported NCF as of
the TTM ending March 31, 2024. To date, the trust has not incurred
any principal losses.

  Ratings Lowered

  Natixis Commercial Mortgage Securities Trust 2018-OSS

  Class A to 'A+ (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)'
  Class X to 'BBB- (sf)' from 'A+ (sf)'



NEUBERGER BERMAN 57: Fitch Assigns BB-(EXP)sf Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Neuberger Berman Loan Advisers CLO 57, Ltd.

   Entity/Debt              Rating           
   -----------              ------            
Neuberger Berman Loan
Advisers CLO 57, Ltd.

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

Transaction Summary

Neuberger Berman Loan Advisers CLO 57, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Neuberger Berman Loan Advisers IV LLC. Net proceeds
from the issuance of the secured and subordinated notes will
provide financing on a portfolio of approximately $500 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 24.15, 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 and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
97.56% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.0% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.0%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 46.0% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'A+sf' for
class D-1, 'A-sf' for class D-2, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Neuberger Berman
Loan Advisers CLO 57, Ltd. In cases where Fitch does not provide
ESG relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
any ESG factor that is a key rating driver in the key rating
drivers section of the relevant rating action commentary.


NEW MOUNTAIN IV: DBRS Gives Prov. BB(low) Rating on Class C Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to New Mountain
Guardian IV Rated Feeder III, Ltd. (the Feeder Fund), including the
Class A-2-a Senior Secured Deferrable Floating Rate Notes due 2037
at AA (low), Class A-2-b Senior Secured Deferrable Floating Rate
Notes due 2037 at A (low), and Class C Secured Deferrable Floating
Rate Notes due 2037 at BB (low) (together, the Rated Notes). All
credit ratings have Stable trends. The aforementioned credit
ratings address the ultimate payment of interest and the ultimate
payment of principal on or before maturity.

KEY CREDIT RATING CONSIDERATIONS

CREDIT RATING DRIVERS

-- Morningstar DBRS could upgrade the credit ratings if the
composition of the fund were of a higher credit quality than
anticipated, or if it included a higher percentage of
senior-secured first-lien loans to corporate borrowers.

-- Morningstar DBRS would downgrade the credit ratings if the
asset analysis assessment were weaker than anticipated, which could
be driven by: (1) weaker-than-expected credit risk of investments,
(2) lesser diversity of portfolio investments than planned, and/or
(3) a persistently lower Fund Asset Coverage Ratio (ACR) than
anticipated without a credible plan to remediate.

CREDIT RATING RATIONALE

The credit ratings are supported by the Feeder Fund's ownership in
New Mountain Guardian IV BDC, L.L.C. ("NMG IV" or "Main Fund"),
which is considered a strategic investment vehicle managed by New
Mountain Capital, LLC (NMC). The Main Fund is the fourth in a
series of funds managed by NMC, where the previous funds have
demonstrated a strong investment and performance track record.
Given NMC's demonstrated track record of underwriting and risk
management, as well as successful initial fundraising for the Main
Fund, Morningstar DBRS assumes NMG IV ramps as anticipated. While
Morningstar DBRS has made certain assumptions around the expected
asset composition and credit quality of the Main Fund investment
portfolio as it ramps to a diversified pool, we are also monitoring
the existing pool of investments to be sure that there is
appropriate overcollateralization in the transaction.

Morningstar DBRS constructed an expected investment portfolio based
upon NMC's historical track record in the fund series, sample loan
tape of investments, and expectations for NMG IV. Additionally,
Morningstar DBRS reviewed loan-level details for actual investments
in the Main Fund. Specifically, Morningstar DBRS uses its CLO
Insight Model as a tool to analyze the loan portfolio based on
investment-level characteristics that drive assumptions around
probability of default and expected recoveries for each investment.
These characteristics include the credit quality, domicile,
maturity, obligor and industry diversity and seniority of each debt
investment. Morningstar DBRS has privately assessed the credit
quality of a majority of the debt investments in the Main Fund, and
used these assessments within our modeling tools. As investments
are made within NMG IV, Morningstar DBRS expects to continue to
assess the credit quality of a majority of the investments in the
portfolio. These expected portfolio characteristics are aggregated
to determine the ACR ranges applicable to the Rated Notes.

The Investments within NMG IV, which support net cash proceeds to
the Feeder Fund, are expected to benefit from the track record,
relationships, and expertise of NMC. NMC has demonstrated a strong
historical track record in the private credit sector, specifically
with expertise in direct lending to middle market and upper middle
market companies based in the U.S. NMC focuses on downside
protection and collateral preservation with an average
loan-to-value ratio (LTV) of ~35%. While the Main Fund is a BDC, it
has a term and is not intended to be perpetual. It is similar to a
General Partner/Limited Partner Fund, but with additional
disclosure requirements consistent w/BDCs. Benefitting the Feeder
Fund, the Main Fund (as a BDC) is required to distribute at least
90% of its income to maintain its BDC status and 98% of its Income
for beneficial tax treatment.

The Main Fund uses leverage via asset-backed facilities, and is
expected to maintain fund-level leverage of approximately 0.75:1 at
NMG IV. The Main Fund also uses a subscription line. As the Main
Fund increases in size, it is expected the Main Fund will increase
the asset-backed facilities and subscription line accordingly. The
advance rate of the subscription line is not expected to exceed
70%. This capital call facility is expected to serve as a liquidity
facility only and will be paid down periodically as investors meet
capital calls. NMC expects to paydown the subscription loan
facility once NMG IV is fully called.

Morningstar DBRS' analysis, which incorporates the aforementioned
analytical factors, implies a credit rating of "AA" for the Class
A-2-a Notes, "A" for the Class A-2-b Notes, and "BB" for the Class
C Notes. This credit rating level incorporates a strong fund
manager assessment, anticipated and actual fund composition,
assessment of credit quality on existing and anticipated
investments, and quantitative modeling. Morningstar DBRS has used
the low end within the Fund ACR ranges for the Rated Notes.

The cumulative advance rates on the Rated Notes are based on the
above assessment, resulting in a cumulative advance rate of 61% for
the Class A-2-a Notes, 67% for the Class A-2-b Notes, and 79% for
the Class C Notes. The cumulative advance rate for the Class A-2-a
Notes of 61% conservatively assumes that the asset-backed
facilities have been maximized, given the relatively higher implied
rating of AA, while the cumulative advance rates for the Class
A-2-b Notes and Class C Notes consider expected usage of the
asset-backed facilities. The AA (low) credit rating on the Class
A-2-a Notes, A (low) credit rating on the Class A-2-b Notes, and BB
(low) credit rating on the Class C Notes are each one notch lower
than the implied ratings mentioned above as a result of the
effective subordination of the Rated Notes' claim on the Main Fund
assets, and the senior position of the asset-backed facilities.

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


NEW RESIDENTIAL 2024-NQM2: Fitch Gives B-(EXP) Rating on B-2 Notes
------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by New Residential Mortgage Loan Trust 2024-NQM2
(NRMLT 2024-NQM2).

   Entity/Debt        Rating           
   -----------        ------           
NRMLT 2024-NQM2

   A-1            LT  AAA(EXP)sf  Expected Rating
   A-1A           LT  AAA(EXP)sf  Expected Rating
   A-1B           LT  AAA(EXP)sf  Expected Rating
   A-2            LT  AA-(EXP)sf  Expected Rating
   A-3            LT  A-(EXP)sf   Expected Rating
   AIOS           LT  NR(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
   M-1            LT  BBB-(EXP)sf Expected Rating
   R              LT  NR(EXP)sf   Expected Rating
   XS             LT  NR(EXP)sf   Expected Rating

Transaction Summary

Fitch expects to rate the residential mortgage-backed notes to be
issued by New Residential Mortgage Loan Trust 2024-NQM2 (NRMLT
2024-NQM2) as indicated above. The notes are supported by 1,511
newly originated loans that have a balance of $723 million as of
the Aug. 1, 2024 cutoff date. The pool consists of loans originated
by NewRez LLC as well as third-party originations from American
Heritage Lending and LendSure among others.

The notes are secured mainly by non-qualified mortgage (QM) loans
as defined by the Ability-to-Repay (ATR) Rule. Of the loans in the
pool, 75.5% are designated as non-QM, 2.6% are safe harbor, and
0.1% are rebuttable presumption, while the remainder are not
subject to the ATR Rule.

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 10.6% above a long-term sustainable level (relative
to 11.5% on a national level as of 1Q23). Housing affordability is
the worst it has been in decades driven by both high interest rates
and elevated home prices. Home prices have increased 5.5% YoY
nationally as of May 2024 despite modest regional declines, but are
still being supported by limited inventory.

Non-Prime Credit Quality (Negative): The collateral consists of
1,511 loans, totaling $723 million and seasoned approximately seven
months in aggregate, according to Fitch, as calculated from
origination date. The borrowers have a moderate credit profile when
compared with other non-QM transactions, with a 747 Fitch models
FICO score and 38% debt/income ratios (DTI), as determined by Fitch
after converting the debt service coverage ratio (DSCR) values.

However, leverage (80% sustainable loan-to-value [sLTV]) within
this pool is consistent compared to previous NRMLT transactions
from 2023. The pool consists of 66.2% of loans where the borrower
maintains a primary residence, while 33.8% are considered an
investor property or second home. Additionally, only 13.4% of the
loans were originated through a retail channel. Moreover, 75.5% are
considered non-QM, 2.6% are safe harbor, 0.1% are rebuttable
presumption, and the remainder are not subject to the ATR rule.

Modified Sequential-Payment Structure (Mixed): The structure pays
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 paid
sequentially to class A-1A, A-1B, A-2 and A-3 notes until they are
reduced to zero.

On each payment date, the note rate for each of the Class A-1A,
Class A1-B, Class A-2, Class A-3, Class M-1 and Class B-1 Notes and
the related Accrual Period will be the lesser of the fixed rate and
the Net weighted average coupon (WAC) rate. Classes B-2 and B-3
note rates will be equal to the Net WAC rate for such payment
date.

Loan Documentation (Negative): 71.2% of the pool was underwritten
to less than full documentation, according to Fitch. Approximately
55.9% was underwritten to a 12-month or 24-month bank statement
program for verifying income, which is not consistent with 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 Protection Bureau's (CFPB)
ATR Rule. The standards are meant to reduce the risk of borrower
default arising from lack of affordability, misrepresentation or
other operational quality risks due to rigor of the ATR Rule's
mandates with respect to the underwriting and documentation of the
borrower's ATR. Additionally, 7.8% are DSCR product and 6.9% are
Asset Depletion product.

High Investor Property Concentrations (Negative): Approximately
21.9% of the pool comprises investment property loans, including
7.8% underwritten to a cash flow ratio rather than the borrower's
DTI ratio. Investor property loans exhibit higher probability of
defaults (PDs) and higher loss severities (LS) than owner-occupied
homes. Fitch increased the PD by approximately 2.0x for the cash
flow ratio loans relative to a traditional income documentation
investor loan, to account for the increased risk.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 41.9% 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 Clarifii, Clayton, Consolidated Analytics, Digital
Risk, Evolve Mortgage Services, Infinity, and Selene. The
third-party due diligence described in Form 15E focused on a
credit, compliance and property valuation review. Fitch considered
this information in its analysis and, as a result, Fitch made the
following adjustment(s) 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 51bps as a
result of the diligence review.

ESG Considerations

The transaction has an ESG credit relevance score for Transaction
Parties and operational Risk of '4' due to Operational
considerations associated with the Rep & Warranty framework without
mitigating factors.

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


NORTHSTAR GUARANTEE 2007-1: Fitch Lowers Rating on B Notes to Bsf
-----------------------------------------------------------------
Fitch Ratings has affirmed all class A notes of the NorthStar
Guarantee, Inc. - 2000 Trust Indenture, as well as series 2000
class B, 2002 class B-1, 2004-1 class B-1, 2004-2 class B, and
2005-1 class B notes. The 2007-1 class B notes have been downgraded
to 'Bsf' from 'BBsf'.

The Rating Outlook for 2005-1 class B has been revised to Stable
from Negative. All other Outlooks remain Stable.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2005-1

   A-4 66704JBH0       LT AA+sf  Affirmed    AA+sf
   B 66704JBK3         LT Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture

   B 66704JAC2         LT Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2004-2

   B 66704JBD9         LT Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2002

   A-5 66704JAJ7       LT AA+sf  Affirmed    AA+sf
   B-1 66704JAG3       LT Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2007-1

   A-4 66704JBW7       LT AA+sf  Affirmed    AA+sf
   A-5 66704JBX5       LT AA+sf  Affirmed    AA+sf
   A-6 66704JBY3       LT AA+sf  Affirmed    AA+sf
   A-7 66704JBZ0       LT AA+sf  Affirmed    AA+sf
   A-8 66704JCA4       LT AA+sf  Affirmed    AA+sf
   B 66704JCB2         LT Bsf    Downgrade   BBsf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2004-1

   B-1 66704JAY4       LT Asf    Affirmed    Asf

Transaction Summary

The senior notes are performing as expected, and credit metrics did
not change significantly from the last annual review. These notes
pass Fitch's credit and maturity stresses in cash flow modeling for
their respective ratings with sufficient hard credit enhancement
(CE).

Fitch downgraded class 2007-1B to 'Bsf' from 'BBsf'. Fitch assumed
the junior classes are paid in order of maturity date, and as such
this class remains most susceptible to leakage of excess spread,
which will continue if interest rates stay high for longer than
expected. The Rating Outlook is Stable, as Fitch does not expect
additional downgrades in the next one-to-two years given the class'
maturity date.

The Rating Outlook for class 2005-1-B has been revised to Stable
from Negative and reflects Fitch's updated expectation that the
class is facing less forward downgraded pressure partially due to
expectations for reference rates to begin a downward trend during
2025.

The Stable Outlooks on the remaining class B notes reflect that
upgrades are expected to be muted, per Fitch's criteria, due to the
total parity cash release level (100.24%) of the trust is lower
than the minimum parity of 101.0% necessary for Fitch to consider a
'AAsf' rating.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family
Education Loan Program (FFELP) loans, with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. All notes are capped at the U.S. sovereign rating and
will likely move in tandem with the U.S. sovereign rating given the
reinsurance and special allowance payments (SAP) provided by ED.
Fitch currently rates the U.S. sovereign 'AA+'/Outlook Stable.

Collateral Performance: Based on transaction specific performance
to date, Fitch assumes a cumulative default rate of 5.75% under the
base case scenario and an 17.25% default rate under the 'AA+'
credit stress scenario. After applying the default timing curve per
criteria, the effective default rate is unchanged from the
cumulative default rate.

Fitch is maintaining a sustainable constant default rate (sCDR) of
1.00% and a sustainable constant prepayment rate (sCPR; voluntary
and involuntary prepayments) of 7.00% in cash flow modeling. Fitch
did not factor recent increased prepayments from loan consolidation
activity since the last review in determining the increase in the
sCPR.

Recent prepayments reflected, in part, loan consolidation activity
as borrowers refinanced with a Federal Direct loan prior to the end
of June 2024 due the Federal Direct Loan SAVE payment plan. Fitch
expects CPRs to decrease quickly, similar to after the Public
Service Loan Forgiveness Program waiver, which ended in October
2022.The net claim reject rate is assumed to be 0.50% in the base
case and 3.00% in the 'AA+' case.

The TTM levels of deferment, forbearance, and income-based
repayment (IBR; prior to adjustment) are 1.05% (1.22% at June
2023), 1.72% (2.01%), and 5.99% (6.32%). These assumptions are used
as the starting point in cash flow modeling, and subsequent
declines and increases are modeled as per criteria. The 31-60 DPD
have increased and the 91-120 DPD have decreased from June 30, 2023
and are currently 1.22% for 31 DPD and 0.17% for 91 DPD compared to
0.88% and 0.29% for 31 DPD and 91 DPD, respectively. There is no
borrower benefit paid from the trust, based on information provided
by the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of July 2024, almost all, 99.96%, of the student
loans in the trust were indexed to SOFR and only 0.04% to the
91-day T-bill rate. Fitch applies its standard basis and interest
rate stresses to this transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread, the reserve account, and
for the senior notes, subordination provided by the subordinate
notes. As of July 2024, the reported senior and total effective
parity ratios (including the reserve) are 130.08% and 100.24%.

Liquidity support is provided by a reserve account sized at the
greater of 1.00% of the outstanding principal balance of the notes
or $500,000 for series 2000 and 2002, the greater of 0.75% of the
outstanding principal balance of the notes or $1.0 million for
series 2004-1 and 2004-2, and the greater of 0.75% of the
outstanding principal amount of the notes or $2.5 million for
series 2005-1 and 2007-1 and is currently sized at $7,970,125 as of
June 30, 2024. The trust will release cash once 100.75% total
parity and 105.00% senior parity are reached.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc. Fitch believes that Nelnet is an acceptable servicer
due to its extensive track record of servicing FFELP loans.

RATING SENSITIVITIES

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

'AA+sf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions. This section provides insight into the model-implied
sensitivities the transaction faces when one assumption is
modified, while holding others equal.

Fitch conducts credit and maturity stress sensitivity analysis by
increasing or decreasing key assumptions by 25% and 50% over the
base case. The credit stress sensitivity is viewed by stressing
both the base case default rate and the basis spread. The maturity
stress sensitivity is viewed by stressing remaining term, IBR usage
and prepayments. The results below should only be considered as one
potential outcome, as the transactions are exposed to multiple
dynamic risk factors and should not be used as an indicator of
possible future performance.

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'AA+sf'; series 2000, 2002, 2004,
and 2005 class B 'Asf'; series 2007 class B 'Bsf';

- Default increase 50%: class A 'AA+sf'; series 2000, 2002, 2004,
and 2005 class B 'Asf'; series 2007 class B 'Bsf';

- Basis spread increase 0.25%: class A 'AA+sf'; series 2000, 2002,
2004 and 2005 class B 'Asf'; series 2007 class B 'CCCsf';

- Basis spread increase 0.50%: class A 'AA+sf'; series 2000, 2002,
2004 and 2005 class B 'Asf'; series 2007 class B 'CCCsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'AA+sf'; series 2000, 2002, 2004, and
2005 class B 'Asf'; series 2007 class B 'BBsf';

- CPR decrease 50%: class A 'AA+sf'; series 2000, 2002, 2004, and
2005 class B 'Asf'; series 2007 class B 'BBsf';

- IBR usage increase 25%: class A 'AA+sf'; series 2000, 2002, 2004,
and 2005 class B 'Asf'; series 2007 class B 'BBsf';

- IBR usage increase 50%: class A 'AA+sf'; series 2000, 2002, 2004,
and 2005 class B 'Asf'; series 2007 class B 'BBsf';

- Remaining Term increase 25%: class A 'AA+sf'; series 2000, 2002,
2004, and 2005 class B 'Asf'; series 2007 class B 'BBsf';

- Remaining Term increase 50%: class A 'AA+sf'; series 2000, 2002,
2003, 2004 and 2005 class B 'Asf'; series 2007 class B 'BBsf'.

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

No upgrade credit stress and maturity stress sensitivity are
provided for the class A notes, as they are already at their
highest possible current and model-implied ratings.

Credit Stress Sensitivity

- Default decrease 25%: series 2000, 2002, 2004 and 2005 class B
'Asf'; series 2007 class B 'BBsf';

- Basis spread decrease 0.25%: series 2000, 2002, 2004, and 2005
class B 'Asf'; series 2007 class B 'Asf'.

Maturity Stress Sensitivity

- CPR increase 25%: series 2000, 2002, 2004 and 2005 class B 'Asf';
series 2007 class B 'BBsf';

- IBR usage decrease 25%: series 2000, 2002, 2004, and 2005 class B
'Asf'; series 2007 class B 'BBsf';

- Remaining Term decrease 25%: series 2000, 2002, 2004, and 2005
class B 'Asf'; series 2007 class B 'BBsf'.

CRITERIA VARIATION

No variations from criteria at this time.

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

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

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.


OAKTREE CLO 2024-27: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Oaktree CLO 2024-27
Ltd./Oaktree CLO 2024-27 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 Oaktree CLO Management Co. LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Oaktree CLO 2024-27 Ltd./Oaktree CLO 2024-27 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $32.00 million: AAA (sf)
  Class B, $32.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $24.00 million: BBB- (sf)
  Class D-2 (deferrable), $4.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $38.90 million: Not rated



OBX TRUST 2023-J2: Moody's Upgrades Rating on Cl. B-5 Certs to Ba3
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of nine bonds issued by
OBX 2023-J2 Trust. The collateral backing this deal consists of
prime jumbo and agency eligible mortgage loans.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: OBX 2023-J2 Trust

Cl. B-1, Upgraded to Aa2 (sf); previously on Nov 9, 2023 Definitive
Rating Assigned Aa3 (sf)

Cl. B-1A, Upgraded to Aa2 (sf); previously on Nov 9, 2023
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to A1 (sf); previously on Nov 9, 2023 Definitive
Rating Assigned A2 (sf)

Cl. B-2A, Upgraded to A1 (sf); previously on Nov 9, 2023 Definitive
Rating Assigned A2 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Nov 9, 2023
Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Nov 9, 2023
Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Nov 9, 2023 Definitive
Rating Assigned B2 (sf)

Cl. B-X-1*, Upgraded to Aa2 (sf); previously on Nov 9, 2023
Definitive Rating Assigned Aa3 (sf)

Cl. B-X-2*, Upgraded to A1 (sf); previously on Nov 9, 2023
Definitive Rating Assigned A2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pool. The
transaction continues to display strong collateral performance,
with no cumulative loss and a small number of loans in
delinquencies. In addition, enhancement levels for the tranches
have grown significantly, as the pool amortizes relatively quickly.
The credit enhancement for each tranche upgraded has grown by, on
average, 10.2% since closing.

The rating actions also reflect the further seasoning of the
collateral and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

No actions were taken on the remaining rated classes in this deal
because their expected losses on the bonds remain commensurate with
their current ratings, after taking into account the updated
performance information, structural features and credit
enhancement.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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.


OBX TRUST 2024-J1: Moody's Assigns (P)B1 Rating to Cl. B-5 Certs
----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to 62 classes of
residential mortgage-backed securities (RMBS) issued by OBX 2024-J1
Trust, and sponsored by Onslow Bay Financial LLC.

The securities are backed by a pool of prime jumbo (95.6% by
balance) and GSE-eligible (4.4% by balance) residential mortgages
that OBX purchased from Bank of America, National Association
(BANA), who in turn aggregated them from multiple originators and
also from aggregators MAXEX Clearing LLC (MAXEX; 5.5% by loan
balance). NewRez LLC d/b/a Shellpoint Mortgage Servicing
(Shellpoint) is the servicer of the pool.

The complete rating actions are as follows:

Issuer: OBX 2024-J1 Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aa1 (sf)

Cl. A-20, Assigned (P)Aa1 (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aa1 (sf)

Cl. A-23, Assigned (P)Aa1 (sf)

Cl. A-24, Assigned (P)Aa1 (sf)

Cl. A-25, Assigned (P)Aa1 (sf)

Cl. A-X-1*, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

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

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

Cl. A-X-13*, Assigned (P)Aaa (sf)

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

Cl. A-X-15*, Assigned (P)Aa1 (sf)

Cl. A-X-16*, Assigned (P)Aa1 (sf)

Cl. A-X-17*, Assigned (P)Aa1 (sf)

Cl. A-X-18*, Assigned (P)Aaa (sf)

Cl. A-X-19*, Assigned (P)Aaa (sf)

Cl. A-X-20*, Assigned (P)Aaa (sf)

Cl. A-X-21*, Assigned (P)Aaa (sf)

Cl. A-X-22*, Assigned (P)Aaa (sf)

Cl. A-X-23*, Assigned (P)Aaa (sf)

Cl. A-X-24*, Assigned (P)Aa1 (sf)

Cl. A-X-25*, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

Cl. B-4, Assigned (P)Ba1 (sf)

Cl. B-5, Assigned (P)B1 (sf)

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

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

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

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

Moody's expected loss for this pool in a baseline scenario-mean is
0.36%, in a baseline scenario-median is 0.15% and reaches 5.78% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

Down

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

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


OCEAN TRAILS XII: Moody's Assigns Ba3 Rating to $12.96MM E-R Notes
------------------------------------------------------------------
Moody's Ratings has assigned ratings to three classes of
refinancing notes (the "Refinancing Notes") issued by Ocean Trails
CLO XII Ltd (the "Issuer").

Moody's rating action is as follows:

US$220,500,000 Class A-1-R Floating Rate Notes due 2035 (the "Class
A-1-R Notes"), Assigned Aaa (sf)

US$8,000,000 Class A-2-R Floating Rate Notes due 2035 (the "Class
A-2-R Notes"), Assigned Aaa (sf)

US$12,960,000 Class E-R Deferrable Floating Rate Notes due 2035
(the "Class E-R Notes"), Assigned Ba3 (sf)

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.

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans.

Five Arrows Managers North America LLC (the "Manager") will
continue to direct the selection, acquisition and disposition of
the assets on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period.

The Issuer previously issued one other class of secured notes and
one class of subordinated notes, which will remain outstanding.

In addition to the issuance of the Refinancing Notes and four other
classes of secured notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extension of the non-call period; increase in limit of
assets that pay interest less frequently than quarterly and
addition of certain ESG investment restrictions.

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 Moody's analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on Moody's
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: $357,853,578

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2910

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.50%

Weighted Average Recovery Rate (WARR): 46.90%

Weighted Average Life (WAL): 6.0 years

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

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.            

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.


OCTAGON INVESTMENT 20-R: Fitch Assigns 'BB-' Rating on E-RR Notes
-----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Octagon
Investment Partners 20-R, Ltd. reset transaction.

   Entity/Debt           Rating               Prior
   -----------           ------               -----
Octagon Investment
Partners 20-R, Ltd.

   A-1-R 67576WAN2   LT PIFsf  Paid In Full   AAAsf
   A-1-RR            LT NRsf   New Rating
   A-2-R 67576WAQ5   LT PIFsf  Paid In Full   AAAsf
   A-2-RR            LT AAAsf  New Rating
   B-RR              LT AAsf   New Rating
   C-RR              LT Asf    New Rating
   D-1-RR            LT BBB-sf New Rating
   D-2-RR            LT BBB-sf New Rating
   E-RR              LT BB-sf  New Rating
   X-RR              LT NRsf   New Rating

Transaction Summary

Octagon Investment Partners 20-R, Ltd. (the issuer) is an arbitrage
cash flow collateralized loan obligation (CLO) that is managed by
Octagon Credit Investors, LLC. It originally closed in May 2019 and
had the first refinancing in December 2021. The CLO's secured notes
will be refinanced on Sept. 6, 2024 from proceeds of the new
secured notes. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $500 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 24.19 versus a maximum covenant, in accordance with
the initial expected matrix point of 27. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
95.89% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.73% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 44% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-RR, 'AAsf' for class C-RR, 'A+sf'
for class D-1-RR, 'Asf' for class D-2-RR, and 'BBB+sf' for class
E-RR.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Octagon Investment
Partners 20-R, Ltd.. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
any ESG factor that is a key rating driver in the key rating
drivers section of the relevant rating action commentary.


OCTAGON INVESTMENTS 38: Fitch Assigns BB-sf Rating on Cl. D-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Octagon
Investment Partners 38, Ltd. refinancing notes.

   Entity/Debt           Rating               Prior
   -----------           ------               -----
Octagon Investment
Partners 38, Ltd.

   A-1 67591YAA7     LT PIFsf  Paid In Full   AAAsf
   A-1-R 67591YAQ2   LT AAAsf  New Rating     AAA(EXP)sf
   A-2 67591YAC3     LT PIFsf  Paid In Full   AAAsf
   A-2-R 67591YAS8   LT AAAsf  New Rating     AAA(EXP)sf
   A-3-R 67591YAU3   LT AAsf   New Rating     AA(EXP)sf
   B-R 67591YAW9     LT Asf    New Rating     A(EXP)sf
   C-1-R 67591YAY5   LT BBB-sf New Rating     BBB-(EXP)sf
   C-2-R 67591YBA6   LT BBB-sf New Rating     BBB-(EXP)sf
   D-R 67591XAE1     LT BB-sf  New Rating     BB-(EXP)sf
   X 67591YBC2       LT NRsf   New Rating     NR(EXP)sf

Transaction Summary

Octagon Investment Partners 38, Ltd. (the issuer) is an arbitrage
cash flow collateralized loan obligation (CLO) managed by Octagon
Credit Investors, LLC. The transaction originally closed in August
2018 and refinanced in September 2020 (first refinancing date). On
Sept. 6, 2024 (the closing date), net proceeds from the refinancing
of the secured notes and additional issuance of subordinated notes
will provide financing on a portfolio of approximately $750 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 24.58 versus a maximum covenant, in
accordance with the initial expected matrix point of 25. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.92% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.21% versus a
minimum covenant, in accordance with the initial expected matrix
point of 66.7%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37.0% 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 the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-1-R, between
'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf'
for class A-3-R, between 'B+sf' and 'BBB+sf' for class B-R, between
less than 'B-sf' and 'BB+sf' for class C-1-R, between less than
'B-sf' and 'BB+sf' for class C-2-R, and between less than 'B-sf'
and 'B+sf' for class D-R.

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class A-3-R, 'AAsf' for class B-R, 'Asf'
for class C-1-R, 'A-sf' for class C-2-R, and 'BBBsf' for class
D-R.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Octagon Investment
Partners 38, Ltd..

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


OHA CREDIT XIII: S&P Assigns BB- (sf) Rating on Class E-R2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-1-R2,
B-1-R2, B-2-R2, C-R2, D-1-R2, D-2-R2, and E-R2 replacement debt
from OHA Credit Partners XIII Ltd./OHA Credit Partners XIII LLC, a
CLO managed by Oak Hill Advisors L.P., a subsidiary of T. Rowe
Price, that was originally issued in December 2016 and underwent a
refinancing in August 2021. S&P did not rate the replacement class
A-2-R2 debt. At the same time, it withdrew S&P's ratings on the
class B-R, C-R, and D-R debt following payment in full on the Sept.
10, 2024, refinancing date. S&P did not previously rate the class
X-R, A-R, or E-R debt.

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

-- The non-call period was extended to Sept. 10, 2026.

-- The reinvestment period was extended to Oct. 21, 2029.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) were extended to Oct. 21, 2037.

-- The target initial par amount remains at $450.0 million. There
was no additional effective date or ramp-up period, and the first
payment date following the refinancing is Oct. 21, 2024.

-- The class X-R2 debt was issued on the refinancing date and is
expected to be paid down using interest proceeds during the first
four payment dates in equal installments of $0.65 million,
beginning with the payment date in October 2024.

-- No additional subordinated notes were issued on the refinancing
date.

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

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

  Ratings Assigned

  OHA Credit Partners XIII Ltd./OHA Credit Partners XIII LLC

  Class X-R2, $2.60 million: AAA (sf)
  Class A-1-R2, $276.75 million: AAA (sf)
  Class B-1-R2, $18.25 million: AA (sf)
  Class B-2-R2, $20.00 million: AA (sf)
  Class C-R2 (deferrable), $27.00 million: A (sf)
  Class D-1-R2 (deferrable), $27.00 million: BBB- (sf)
  Class D-2-R2 (deferrable), $3.375 million: BBB- (sf)
  Class E-R2 (deferrable), $14.625 million: BB- (sf)

  Ratings Withdrawn

  OHA Credit Partners XIII Ltd./OHA Credit Partners XIII LLC
  
  Class B-R to NR from 'AA (sf)'
  Class C-R to NR from 'A (sf)'
  Class D-R to NR from 'BBB- (sf)'

  Other Debt

  OHA Credit Partners XIII Ltd./OHA Credit Partners XIII LLC

  Class A-2-R2, $27.00 million: Not rated
  Subordinated notes, $47.50 million: Not rated

  NR--Not rated.



PEOPLE'S CHOICE 2005-2: Moody's Cuts Cl. M-4 Certs Rating to Caa2
-----------------------------------------------------------------
Moody's Ratings upgraded the rating of one bond and downgraded the
ratings of five bonds from four US residential mortgage-backed
transactions (RMBS), backed by subprime mortgages issued by
multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: People's Choice Home Loan Securities Trust 2005-2

Cl. M4, Downgraded to Caa2 (sf); previously on Nov 8, 2018
Downgraded to B2 (sf)

Issuer: Peoples Choice Home Loan Securities Trust 2005-4

Cl. 1A3, Downgraded to Caa2 (sf); previously on May 15, 2019
Downgraded to B3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2003-4

A-1, Downgraded to Baa3 (sf); previously on Nov 15, 2023 Downgraded
to A3 (sf)

A-3, Downgraded to Baa3 (sf); previously on Nov 15, 2023 Downgraded
to A3 (sf)

M-1, Downgraded to Caa1 (sf); previously on Nov 15, 2023 Downgraded
to B2 (sf)

Issuer: Renaissance Home Equity Loan Trust 2005-2

Cl. AF-4, Upgraded to Aa2 (sf); previously on Nov 15, 2023 Upgraded
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 upgrade is a result of the steady paydown of the tranche
in a sequential pay structure with sufficient credit support and no
loss allocation. The upgrade also reflects the further seasoning of
the collateral and increased clarity regarding the impact of
borrower relief programs on collateral performance. Information
obtained from loan servicers in recent years has shed light on
their current strategies regarding borrower relief programs and the
impact those programs may have on collateral performance and
transaction liquidity, through servicer advancing. Moody's recent
analysis has found that in addition to robust home price
appreciation, many of these borrower relief programs have
contributed to stronger collateral performance than Moody's had
previously expected, thus supporting the upgrades.

The rating downgrades are primarily due to a deterioration in
collateral performance and/or outstanding credit interest
shortfalls that are not expected to be recouped. Certain bonds in
this review are currently impaired or expected to become impaired
and Moody's ratings on those bonds reflect any losses to date as
well as Moody's expected future loss.

Moody's analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations. This includes the impact of performance
triggers on ratings.

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.


POST CLO 2018-1: S&P Assigns Prelim B- (sf) Rating on F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt and the proposed
new class X and F-R debt from Post CLO 2018-1 Ltd./Post CLO 2018-1
LLC, a CLO originally issued in May 2018 that is managed by Post
Advisory Group, LLC, and was not rated by S&P Global Ratings.

The preliminary ratings are based on information as of Sept. 10,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 12, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. At that
time, S&P expects to assign ratings to the replacement debt.
However, if the refinancing doesn't occur, S&P may withdraw its
preliminary ratings on the replacement debt.

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

-- The non-call period will be extended to Sept. 12, 2026.

-- The reinvestment period will be extended to Oct. 16, 2029.

-- The legal final maturity date (for the replacement debt and the
existing subordinated notes) will be extended to Oct. 16, 2037.

-- The target initial par amount will decrease to $350 million.

-- The class X debt will be issued on the refinancing date and is
expected to be paid down using interest proceeds during the first
seven payment dates in equal installments of $0.54 million,
beginning on the January 2025 payment date.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- No additional subordinated notes will be issued on the
refinancing date.

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

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

  Preliminary Ratings Assigned

  Post CLO 2018-1 Ltd. /Post CLO 2018-1 LLC

  Class X, $4.000 million: AAA (sf)
  Class A-1-R, $220.500 million: AAA (sf)
  Class A-2-R, $1.750 million: AAA (sf)
  Class B-R, $43.750 million: AA (sf)
  Class C-R (deferrable), $21.000 million: A (sf)
  Class D-1-R (deferrable), $21.000 million: BBB- (sf)
  Class D-2-R (deferrable), $2.625 million: BBB- (sf)
  Class E-R (deferrable), $11.025 million: BB- (sf)
  Class F-R (deferrable), $6.570 million: B- (sf)
  Subordinated notes, $41.350 million: Not rated



PREFERRED TERM XVII: Moody's Ups Rating on $65.6MM C Notes to Caa1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Preferred Term Securities XVII, Ltd.:

US$270,800,000 Floating Rate Class A-1 Senior Notes due 2035 (the
"Class A-1 Notes"), Upgraded to Aaa (sf); previously on August 7,
2019 Upgraded to Aa1 (sf)

US$62,000,000 Floating Rate Class A-2 Senior Notes due 2035 (the
"Class A-2 Notes"), Upgraded to Aa1 (sf); previously on March 2,
2022 Upgraded to Aa3 (sf)

US$58,400,000 Floating Rate Class B Mezzanine Notes due 2035 (the
"Class B Notes") (Current balance of $51,429,949.91), Upgraded to
A3 (sf); previously on March 2, 2022 Upgraded to Baa1 (sf)

US$65,600,000 Floating Rate Class C Mezzanine Notes due 2035 (the
"Class C Notes") (Current balance of $58,643,708.47), Upgraded to
Caa1 (sf); previously on August 7, 2019 Upgraded to Caa2 (sf)

Preferred Term Securities XVII, Ltd., issued in March 2005, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of bank and insurance trust preferred securities (TruPS).

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
over-collateralization (OC) ratios, and the improvement in the
credit quality of the underlying portfolio since a year ago.

The Class A-1 notes have paid down by approximately 10.7% or $6.6
million since a year ago, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-2, Class B and Class C notes have improved to 193.83%,
134.70% and 99.93%, respectively, from levels of 187.75%, 132.19%
and 98.84% a year ago, respectively. The Class A-1 notes will
continue to benefit from the diversion of excess interest and the
use of proceeds from redemptions of any assets in the collateral
pool.

The deal has also benefited from improvement in the credit quality
of the underlying portfolio. According to Moody's calculations, the
weighted average rating factor (WARF) improved to 828 from 961
since a year ago.

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

Performing par: $227.1 million

Defaulted/deferring par: $102.3 million

Weighted average default probability: 7.08% (implying a WARF of
828)

Weighted average recovery rate upon default of 10%

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. The
additional scenarios include, among others, deteriorating credit
quality of the portfolio.

Methodology Used for the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 2024.

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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional estimation uncertainty.


PRET 2024-RPL2: DBRS Finalizes B(high) Rating on Class B-2 Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the PRET
2024-RPL2 Trust Mortgage-Backed Notes, Series 2024-RPL2 (the Notes)
issued by PRET 2024-RPL2 Trust (PRET 2024-RPL2 or the Trust) as
follows:

-- $286.5 million Class A-1 at AAA (sf)
-- $22.6 million Class A-2 at AA (high) (sf)
-- $309.1 million Class A-3 at AA (high) (sf)
-- $330.5 million Class A-4 at A (high) (sf)
-- $348.0 million Class A-5 at BBB (sf)
-- $21.4 million Class M-1 at A (high) (sf)
-- $17.5 million Class M-2 at BBB (sf)
-- $9.5 million Class B-1 at BB (high) (sf)
-- $7.4 million Class B-2 at B (high) (sf)

The Class A-3, Class A-4, and Class A-5 Notes are exchangeable.
These classes can be exchanged for combinations of initial
exchangeable notes as specified in the offering documents.

The AAA (sf) credit rating on the Notes reflects 26.40% of credit
enhancement provided by subordinated notes. The AA (high) (sf), A
(high) (sf), BBB (sf), BB (high) (sf), and B (high) (sf) credit
ratings reflect 20.60%, 15.10%, 10.60%, 10.60%, and 8.15% of credit
enhancement, respectively.

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

The Trust is a securitization of a portfolio of seasoned performing
and reperforming first-lien residential mortgages funded by the
issuance of mortgage-backed notes (the Notes). The Notes are backed
by 1,851 loans with a total principal balance of $409,733,315 as of
the Cut-Off Date (July 31, 2024).

The mortgage loans are approximately 182 months seasoned. As of the
Cut-Off Date, 95.3% of the loans are current (including 2.3%
bankruptcy-performing loans), and 4.8% of the loans are 30 days
delinquent (including 0.5% bankruptcy loans) under the Mortgage
Bankers Association (MBA) delinquency method. Under the MBA
delinquency method, 46.1% and 74.6% of the mortgage loans have been
zero times 30 days delinquent for the past 24 months and 12 months,
respectively.

The portfolio contains 88.3% modified loans as determined by the
Issuer. Morningstar DBRS considers the modifications happened more
than two years ago for 86.9% of these loans. Within the pool, 830
mortgages have an aggregate non-interest-bearing deferred amount of
$31,804,839 which comprises 7.8% of the total principal balance.

PRET 2024-RPL2 represents the fourth rated securitization of the
seasoned performing and reperforming residential mortgage loans
issued by the Sponsor, Goldman Sachs Mortgage Company (GSMC), but
the second on the PRET shelf. The Sponsor is registered with the
U.S. Securities and Exchange Commission and incorporated in the
state of Delaware.

The Mortgage Loan Seller will contribute the loans to the Trust
through GS Mortgage Securities Corp. (the Depositor). As the
Sponsor, GSMC or one of its majority-owned affiliates will acquire
and retain a 5% eligible interest of the amounts collected on the
mortgage loans to satisfy the credit risk retention requirements
under Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

Selene Finance LP (Selene) is servicing all the loans. There will
not be any advancing of delinquent principal and interest (P&I) on
any mortgages by the Servicer or any other party to the
transaction; however, the Servicer is obligated to make advances in
respect of homeowners association fees in super lien states and, in
certain cases, taxes and insurance as well as reasonable costs and
expenses incurred in the course of servicing and disposing of
properties.

The Controlling Holder will have the option to direct the Servicer
to sell any mortgage loan that becomes 90-plus days delinquent in a
sale conducted at arm's length terms in a commercially reasonable
manner to any person, other than the Servicer or an affiliate.

On any Payment Date on or after the earlier of (a) the three-year
anniversary of the Closing Date and (b) the date on which the
aggregate Principal Balance of the Mortgage Loans is reduced to
less than 30% of the balance as of the Cut-Off Date, the
Controlling Holder will have the option to purchase all remaining
loans and other property of the Issuer at the Redemption Price. The
Controlling Holder will be the beneficial owner of more than 50%
the Class X Notes.

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

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


RCKT MORTGAGE 2024-INV2: Moody's Assigns (P)B3 Rating to B-5 Certs
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to 86 classes of
residential mortgage-backed securities (RMBS) to be issued by RCKT
Mortgage Trust 2024-INV2, and sponsored by Woodward Capital
Management LLC and Blue River Mortgage III LLC.

The securities are backed by a pool of GSE-eligible non-owner
occupied residential mortgages solely originated and serviced by
Rocket Mortgage, LLC. This transaction is the second securitization
of mortgage loans backed by investment properties and second homes
from RCKT Mortgage Trust.

The complete rating actions are as follows:

Issuer: RCKT Mortgage Trust 2024-INV2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aaa (sf)

Cl. A-20, Assigned (P)Aaa (sf)

Cl. A-21, Assigned (P)Aaa (sf)

Cl. A-22, Assigned (P)Aaa (sf)

Cl. A-23, Assigned (P)Aaa (sf)

Cl. A-24, Assigned (P)Aaa (sf)

Cl. A-25, Assigned (P)Aaa (sf)

Cl. A-26, Assigned (P)Aaa (sf)

Cl. A-27, Assigned (P)Aaa (sf)

Cl. A-28, Assigned (P)Aaa (sf)

Cl. A-29, Assigned (P)Aaa (sf)

Cl. A-30, Assigned (P)Aaa (sf)

Cl. A-31, Assigned (P)Aa1 (sf)

Cl. A-32, Assigned (P)Aa1 (sf)

Cl. A-33, Assigned (P)Aa1 (sf)

Cl. A-34, Assigned (P)Aaa (sf)

Cl. A-35, Assigned (P)Aaa (sf)

Cl. A-36, Assigned (P)Aaa (sf)

Cl. A-37, Assigned (P)Aaa (sf)

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-X-13*, Assigned (P)Aaa (sf)

Cl. A-X-14*, Assigned (P)Aaa (sf)

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

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

Cl. A-X-17*, Assigned (P)Aaa (sf)

Cl. A-X-18*, Assigned (P)Aaa (sf)

Cl. A-X-19*, Assigned (P)Aaa (sf)

Cl. A-X-20*, Assigned (P)Aaa (sf)

Cl. A-X-21*, Assigned (P)Aaa (sf)

Cl. A-X-22*, Assigned (P)Aa1 (sf)

Cl. A-X-23*, Assigned (P)Aa1 (sf)

Cl. A-X-24*, Assigned (P)Aaa (sf)

Cl. A-X-25*, Assigned (P)Aaa (sf)

Cl. A-X-26*, Assigned (P)Aaa (sf)

Cl. A-X-27*, Assigned (P)Aaa (sf)

Cl. A-X-28*, Assigned (P)Aaa (sf)

Cl. A-X-29*, Assigned (P)Aaa (sf)

Cl. A-X-30*, Assigned (P)Aaa (sf)

Cl. A-X-31*, Assigned (P)Aaa (sf)

Cl. A-X-32*, Assigned (P)Aaa (sf)

Cl. A-X-33*, Assigned (P)Aaa (sf)

Cl. A-X-34*, Assigned (P)Aaa (sf)

Cl. A-X-35*, Assigned (P)Aaa (sf)

Cl. A-X-36*, Assigned (P)Aa1 (sf)

Cl. A-X-37*, Assigned (P)Aaa (sf)

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

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

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

Cl. B-2, Assigned (P)A3 (sf)

Cl. B-X-2*, Assigned (P)A3 (sf)

Cl. B-2A, Assigned (P)A3 (sf)

Cl. B-3, Assigned (P)Baa3 (sf)

Cl. B-4, Assigned (P)Ba3 (sf)

Cl. B-5, Assigned (P)B3 (sf)

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

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

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

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

Moody's expected loss for this pool in a baseline scenario-mean is
1.21%, in a baseline scenario-median is 0.83% and reaches 9.78% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.


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

Up

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

Down

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

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


REALT 2019-1: DBRS Cuts Class G Certs Rating to C
-------------------------------------------------
DBRS Limited downgraded its credit ratings on seven classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-1 (the
Certificates) issued by Real Estate Asset Liquidity Trust (REALT)
Series 2019-1 as follows:

-- Class X to A (low) (sf) from A (high) (sf)
-- Class C to BBB (high) (sf) from A (sf)
-- Class D-1 to C (sf) from BBB (sf)
-- Class D-2 to C (sf) from BBB (sf)
-- Class E to C (sf) from BBB (low) (sf)
-- Class F to C (sf) from BB (sf)
-- Class G to C (sf) from B (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-2 at AAA (sf)
-- Class B at AA (sf)

Morningstar DBRS also changed its trends for Classes B, C, and X to
Negative from Stable. The trends for Classes D-1, D-2, E, F, and G
were removed as they now carry credit ratings that do not typically
carry trends in commercial mortgage-backed securities (CMBS)
transactions. Morningstar DBRS maintained its Stable trend on Class
A-2.

All credit ratings have been removed from the Under Review with
Negative Implications designation where they had been placed on
June 19, 2024, following the shorting of interest to several bonds
in the capital stack that began in February 2024. These shortfalls
have been attributed to the largest loan in the pool, WSP Place
(Prospectus ID#1; 13.7% of the pool), which was transferred to
special servicing in December 2023. In addition, the Group Guzzo
Retail Terrebonne loan (Prospectus ID#14; 4.5% of the pool), was
transferred to special servicing in May 2024. There are now two
delinquent loans, representing 18.1% of the pool, in special
servicing.

The driver of the credit rating downgrades on Classes D-1, D-2, E,
F, and G are sustained interest shortfalls for all five classes,
which have exceeded Morningstar DBRS' tolerance levels for bonds
rated B (sf) and above. Classes E and below have not received any
interest since February 2024, and Classes D-1 and D-2 have been
shorted partial interest since March 2024. Morningstar DBRS has
varying levels of tolerance for unpaid interest relative to a
bond's assigned credit rating, limited to one to two remittance
periods at the AA and A credit rating categories, three to four
remittance periods for the BBB credit rating category, and six
remittance periods for the BB and B credit rating categories.

As of the August 2024 remittance, cumulative unpaid interest to the
trust has doubled since the June 2024 credit rating action, when
all credit ratings were placed Under Review with Negative
Implications. The servicer has confirmed that the shortfalls thus
far have stemmed from the accumulating principal and interest
advances, and servicing and legal fees related to the WSP Place and
Group Guzzo Retail Terrebonne loans.

The downgrade to Class C, as well as the Negative trends on Classes
B and C, primarily reflect the implied reduction in credit support
for those classes with the liquidation scenario considered for the
WSP Place loan, as further described below. Morningstar DBRS notes
the transaction's structure, which features narrow tranches below
the Class A-2 certificate, is a factor that could increase the
likelihood of downgrades should Morningstar DBRS' loss projections
and/or interest shortfalls increase.

The credit rating confirmation of Class A-2, which represents
approximately 77.0% of the total pool balance, reflects the
otherwise stable performance of the non-specially serviced loans in
the pool, which Morningstar DBRS generally expects to repay at
maturity based on the most recent year-end (YE) weighted-average
(WA) debt service coverage ratio (DSCR) that is above 1.50 times
(x), and a WA debt yield in excess of 11.0%.

With this review, Morningstar DBRS considered a liquidation
scenario for the WSP Place loan based on a haircut to the most
recent appraised value, resulting in an implied loss of in excess
of $28.0 million, which would completely erode the nonrated Class
H, as well as the balance of rated Classes E, F, and G, and part of
the balance of Class D-1 and D-2 (pro-rated and pari passu
certificates), significantly reducing credit support for the
transaction as a whole. The loan is secured by a
184,707-square-foot (sf) office tower in Edmonton, which was
re-appraised in February 2024 at an as-is value of $14.5 million
per the appraisal report. This updated value represents a negative
71.4% variance from the issuance value of $51.0 million. The
stabilized value was reported to be $26.9 million, approximately
21.9% below the current outstanding loan balance of $34.4 million.

The loan was transferred to special servicing ahead of its January
2024 maturity date for payment default. According to the servicer's
most recent commentary, a forbearance agreement was executed in
June 2024 and in response to DBRS Morningstar's request for
information on the forbearance, the servicer has confirmed that the
loan has been extended to 2026, with an interest rate increase and
the borrower's pledge of additional security in the form of
proceeds on dispositions of multiple assets and mortgage charges on
unsold assets. A principal paydown is also to be made by July 2025.
Although the forbearance and borrower's commitment to the loan and
asset are considered overall positive developments, the appraised
value decline, driven by the performance declines for the
collateral asset, is a significantly increased risk for the loan.
In addition, the servicer has confirmed the shortfalls based on the
appraisal reduction calculation are expected to continue and as
such, the shortfall tolerances are expected to continue to be
exceeded as previously described.

The loan is full recourse to the sponsor, wholly owned by GSRI
Ltd., which invested over $40.0 million renovating and
repositioning the property prior to securitization. Despite the
capital improvements, the property has lost major tenants over the
last several years, including Alberta Health Services (formerly
23.6% of net rentable area (NRA)) and Alberta Investment Management
Corporation (formerly 8.5% of NRA). The largest tenant, WSP Canada
Inc. (currently 17.5% of NRA, lease expiry in July 2026) also
reduced its footprint by 50% in 2021. Per the February 2024
appraisal report, the subject property was 38.8% occupied, and
cited one tenant, Zebra (currently 6.7% of the NRA) scheduled to
expire in the near term (August 2024). During the same period, the
property's average rental rate was $17.78 per sf (psf), which is in
line with the Q1 2024 average asking rental rate of $17.25 psf for
the Downtown Edmonton submarket per Colliers. The average submarket
vacancy rate was 19.8%.

The Group Guzzo Retail Terrebonne loan is secured by a retail
property in Terrebonne, Québec. The loan's last payment was made
with the March 2024 reporting and the loan was transferred to
special servicing in May 2024 after falling into arrears. The
property's largest tenants are the Cinema Guzzo Mega-Plex and
Cinema Guzzo Seige Social (collectively 94.0% of the NRA; lease
expirations in February 2027 and February 2038, with four five-year
extension options available). Given the residual impact of the
COVID-19 pandemic and the recent film industry strike, the
property's performance has been lagging expectations. While theatre
sales have been showing signs of recovery, per the servicer's
commentary, the borrower has elected to inject additional equity by
selling other assets to bring the loan current and is currently
negotiating a forbearance agreement with the servicer. The most
recent financials available in the investor reporting package for
this loan are dated as of December 2020 and reported a DSCR of
0.56x, a notable decline from the issuance DSCR of 1.16x as a
result of the property's temporary closure during the pandemic. The
property was reopened in May 2021. Given the increased risks from
issuance in the outstanding delinquency and cash flow declines
since issuance, Morningstar DBRS considered a stressed scenario to
increase the expected loss for this loan.

Although this loan's increased risks are a noteworthy development,
Morningstar DBRS notes that the stressed scenario applied in the
analysis is not a primary driver for the credit rating actions
taken with this review. Rather, it is the liquidation scenario
considered for the WSP Place loan, based on the most recent
appraised value, and the outstanding interest shortfalls, as
previously described.

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


REGATTA XVI: S&P Assigns BB- (sf) Rating on Class E-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-R, and E-R replacement debt from Regatta XVI Funding
Ltd./Regatta XVI Funding LLC, a CLO originally issued in December
2019 that is managed by Regatta Loan Management LLC. At the same
time, S&P withdrew its ratings on the original class A1, A2, B, C,
D, and E debt following payment in full on the Sept. 12, 2024,
refinancing date.

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

-- The non-call period was extended to June 12, 2025.

-- No additional subordinated notes were issued on the refinancing
date.

S&P said, "On a standalone basis, our cash flow analysis indicated
a lower rating on the class E-R debt than the rating action on the
debt reflects. However, we assigned a 'BB- (sf)' rating on the
class E-R debt after considering the margin of failure, the
relatively stable overcollateralization ratio since our last rating
action on the transaction, and that the transaction will soon enter
its amortization phase. Based on the latter, we expect the credit
support available to all rated classes to increase as principal is
collected and the senior debt is paid down."

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1-R, $372.00 million: Three-month CME term SOFR +
1.20%

-- Class A-2-R, $15.00 million: Three-month CME term SOFR + 1.45%

-- Class B-R, $67.50 million: Three-month CME term SOFR + 1.70%

-- Class C-R (deferrable), $37.50 million: Three-month CME term
SOFR + 1.90%

-- Class D-R (deferrable), $33.90 million: Three-month CME term
SOFR + 3.20%

-- Class E-R (deferrable), $22.50 million: Three-month CME term
SOFR + 7.10%

Original debt

-- Class A1, $372.00 million: Three-month CME term SOFR + 1.36% +
CSA(i)

-- Class A2, $15.00 million: Three-month CME term SOFR + 1.75% +
CSA(i)

-- Class B, $67.50 million: Three-month CME term SOFR + 2.05% +
CSA(i)

-- Class C (deferrable), $37.50 million: Three-month CME term SOFR
+ 2.70% + CSA(i)

-- Class D (deferrable), $33.90 million: Three-month CME term SOFR
+ 3.90% + CSA(i)

-- Class E (deferrable), $22.50 million: Three-month CME term SOFR
+ 7.00% + CSA(i)

(i)The CSA is 0.26161%.
CSA--Credit spread adjustment.

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

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

  Ratings Assigned

  Regatta XVI Funding Ltd./Regatta XVI Funding LLC

  Class A-1-R, $372.00 million: AAA (sf)
  Class A-2-R, $15.00 million: AAA (sf)
  Class B-R, $67.50 million: AA (sf)
  Class C-R (deferrable), $37.50 million: A (sf)
  Class D-R (deferrable), $33.90 million: BBB- (sf)
  Class E-R (deferrable), $22.50 million: BB- (sf)

  Ratings Withdrawn

  Regatta XVI Funding Ltd./Regatta XVI Funding LLC

  Class A1 to NR from 'AAA (sf)'
  Class A2 to NR from 'AAA (sf)'
  Class B to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'
  Class E to NR from 'BB- (sf)'

  Other Debt

  Regatta XVI Funding Ltd./Regatta XVI Funding LLC

  Subordinated notes, $56.50 million: NR

  NR--Not rated.



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

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

   A                    LT AAAsf  New Rating
   B                    LT AAsf   New Rating
   C                    LT Asf    New Rating
   D-1                  LT BBB-sf New Rating
   D-2                  LT BBB-sf New Rating
   E                    LT BB-sf  New Rating
   Subordinated Notes   LT NRsf   New Rating

Transaction Summary

Regatta XXIX 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 $599.4 million of primarily first-lien
senior secured leveraged loans (excluding defaulted obligations).

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 24.16, versus a maximum covenant, in accordance with
the initial expected matrix point of 25. 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
99.72% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.09% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.5%.

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 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AAsf' for class C, 'A+sf' for
class D-1, 'A-sf' for class D-2, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Regatta XXIX
Funding Ltd.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


SAIF 2024-CES1: DBRS Gives Prov. B Rating on Class B-2 Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the Asset-Backed
Securities, Series 2024-CES1 (the Notes) to be issued by SAIF
Securitization Trust 2024-CES1 (SAIF 2024-CES1 or the Issuer) as
follows:

-- $153.1 million Class A-1 at AAA (sf)
-- $9.1 million Class A-2 at AA (sf)
-- $9.8 million Class A-3 at A (sf)
-- $9.1 million Class M-1 at BBB (sf)
-- $7.4 million Class B-1 at BB (sf)
-- $4.4 million Class B-2 at B (sf)

The AAA (sf) credit rating reflects 21.85% of credit enhancement
provided by the subordinated notes. The AA (sf), A (sf), and BBB
(sf), BB (sf), and B (sf) credit ratings reflect 17.20%, 12.20%,
7.55%, 3.75%, and 1.50% of credit enhancement, respectively.

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

SAIF 2024-CES1 is a securitization of a portfolio of fixed, prime
and near-prime, closed-end second-lien (CES) residential mortgages
funded by the issuance of the Asset-Backed Securities, Series
2024-CES1 (the Notes). The Notes are backed by 3,497 mortgage loans
with a total principal balance of $195,902,408 as of the Cut-Off
Date (July 31, 2024).

SAIF 2024-CES1 represents the first CES securitization by SAGE
Residential AIF I, LLC. Carrington Mortgage Loans, LLC (Carrington;
77.0%) is the top originator and servicer for the mortgage pool
followed by Planet Home Lending, LLC (Planet; 23.0%).

Wilmington Savings Fund Society, FSB will act as the Indenture
Trustee, Delaware Trustee, Paying Agent, Note Registrar, and
Custodian. SAIF I Master Servicing, LLC will act as the Securities
Administrator.

The portfolio, on average, is 11 months seasoned, though seasoning
ranges from two to 24 months. Borrowers in the pool represent prime
and near-prime credit quality - with a weighted-average (WA)
Morningstar DBRS-calculated FICO score of 715, Issuer-provided
original combined loan-to-value ratio (CLTV) of 71.7%, and the vast
majority of the loans originated with full documentation standards.
96.7% of the loans are current and have never been delinquent since
origination.

Based on Issuer-provided information, certain loans in the pool
(1.0%) are not subject to or exempt from the Consumer Financial
Protection Bureau's (CFPB) Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules as they are made to investors for business
purposes. The loans subject to the ATR rules are designated as QM
Safe Harbor (5.9%), QM Rebuttable Presumption (90.7%), and Non-QM
(2.4%) by UPB.

There will not be any advancing of delinquent principal or interest
on any mortgages by the Servicers or any other party to the
transaction. In addition, the related servicer is not obligated to
make advances in respect of homeowner association fees, taxes, and
insurance, installment payments on energy improvement liens, and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties unless a determination is made that
there will be material recoveries.

For this transaction, any loan that is 180 days delinquent under
the Mortgage Bankers Association (MBA) delinquency method, upon
review by the related Servicer, may be considered a Charged-Off
Loan. With respect to a Charged-Off Loan, the total unpaid
principal balance will be considered a realized loss and will be
allocated reverse sequentially to the Noteholders. If there are any
subsequent recoveries for such Charged-Off Loans, the recoveries
will be included in the interest remittance amount and principal
remittance amount and applied in accordance with the respective
distribution waterfall; in addition, any class principal balances
of Notes that have been previously reduced by allocation of such
realized losses may be increased by such recoveries sequentially in
order of seniority. Morningstar DBRS' analysis assumes reduced
recoveries upon default on loans in this pool.

On or after the earlier of (1) August 2027 or (2) the date when the
unpaid principal balance of the mortgage loans is reduced to 30% of
the Cut-Off Date balance, the Controlling Holder (an affiliate of
the Sponsor) may redeem all of the outstanding Notes (Optional
Redemption) at a price equal to (A) the class balances of the
related Notes and (B) accrued and unpaid interest (including any
cap carryover amounts); and (C) unpaid expenses. The proceeds will
be distributed to the Noteholders in accordance with the priority
of payments.

The Controlling Holder, at its option, may purchase any mortgage
loan that is 90 days or more delinquent under the Mortgage Bankers
Association (MBA) 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 Date balance.

This transaction incorporates a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls after
the more senior tranches are paid in full (IPIP). For this
transaction, the Class A-1, A-2, A-3, and M-1 fixed rates step up
by 100 basis points on and after the payment date in September
2028.

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


STEELE CREEK 2016-1: Moody's Cuts Rating on $13.5MM E-R Notes to B1
-------------------------------------------------------------------
Moody's Ratings has upgraded the rating on the following notes
issued by Steele Creek CLO 2016-1, Ltd.:

US$34,750,000 Class B-R Senior Secured Floating Rate Notes due 2031
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on April
16, 2023 Upgraded to Aa1 (sf)

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

US$13,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class E-R Notes"), Downgraded to B1 (sf);
previously on June 29, 2020 Confirmed at Ba3 (sf)

US$6,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class F-R Notes"), Downgraded to Caa3 (sf);
previously on April 16, 2023 Downgraded to Caa2 (sf)

Steele Creek CLO 2016-1, Ltd., originally issued in June 2016 and
refinanced in June 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 June 2023.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

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 July 2023. The Class A-R
notes have been paid down by approximately 24.0% or $46.5 million
since then. Based on the trustee's July 2024[1] report, the OC
ratio for the Class A/B notes is reported at 133.35%, versus July
2023[2] level of 128.37%.

The downgrade rating actions on the Class E-R and Class F-R notes
reflect the specific risks to the junior notes posed by par loss
and credit deterioration observed in the underlying CLO portfolio.
Based on the trustee's July 2024[3] report, the OC ratio for the
Class E-R notes is reported at 104.58% versus July 2023[4] level of
105.30%. Furthermore, the trustee-reported weighted average rating
factor (WARF) has been deteriorating and is currently reported at
2983 based on the July 2024[5] report compared to 2835 in July
2023[6].

No actions were taken on the Class A-R, Class C-R and Class D-R
notes because their expected losses remain commensurate with their
current ratings, after taking into account the CLO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

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 Moody's analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on Moody's
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: $241,545,023

Defaulted par: $867,118

Diversity Score: 63

Weighted Average Rating Factor (WARF): 2772

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.21%

Weighted Average Coupon (WAC): 8.00%

Weighted Average Recovery Rate (WARR): 46.6%

Weighted Average Life (WAL): 3.7 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, and, lower recoveries on defaulted assets.

Methodology Used for the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.            

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.


STWD 2021-HTS: S&P Affirms B- (sf) Rating on Class F Certs
----------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from STWD 2021-HTS
Mortgage Trust, a U.S. CMBS transaction.

This U.S. CMBS transaction is backed by a floating-rate,
interest-only (IO) mortgage loan currently secured by the
borrowers' fee simple interests and the operating lessee's
leasehold interests in a portfolio of 34 extended-stay HomeTowne
Studios by Red Roof hotels across 15 U.S. states and a
floating-rate, IO mezzanine loan secured by the mezzanine
borrower's pledge of 100% of its equity interest in the mortgage
borrowers.

Rating Actions

The affirmations on classes A, B, C, D, E, and F, despite lower
model-indicated ratings on classes C, D, E, and F, primarily
reflect:

-- S&P's revised expected-case value for the remaining 34
properties, which is 31.5% lower than the valuation it derived at
issuance in July 2021 due primarily to higher-than-expected
operating expenses. This is partly offset by the trust balance
paying down by 16.6% to $191.8 million from $230.0 million at
issuance due to the release of seven properties.

-- For classes C, D, E, and F, our qualitative consideration of
the scenario outcome in which seven additional properties totaling
$43.9 million in allocated loan amount (ALA) may be released by
year-end 2024, according to the master servicer, Wells Fargo Bank
N.A. (Wells Fargo).

S&P said, "We will continue to monitor the performance of the
lodging properties and loan, including the special servicing
resolution and future property releases. If we receive information
that differs materially from our expectations, such as an updated
appraisal value from the special servicer that is substantially
below our revised expected-case value, property performance or
property releases that are 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 mortgage loan collateral currently consists of 34 extended-stay
HomeTowne Studios by Red Roof lodging properties totaling 4,531
guestrooms located in 15 U.S. states, down from 41 extended-stay
hotels totaling 5,426 guestrooms across 18 U.S. states at
issuance.

The servicer reported that occupancy, average daily rate (ADR),
revenue per available room (RevPAR), and net cash flow (NCF) were
71.7%, $56.87, $40.77, $18.4 million, respectively, in 2023 and
70.1%, $55.82, $39.11, and $14.8 million as of the trailing 12
months (TTM) ending June 30, 2024. This compares to S&P's adjusted
(excluding the seven released properties) occupancy, ADR, RevPAR,
and NCF assumptions of 78.0%, $47.37, $36.95, and $19.5 million,
respectively, at issuance, for the remaining 34 properties. While
we assumed undistributed operating expenses to be about 44.3% of
total revenues at issuance, the actual reported expenses were much
higher than we expected, at 49.3% of total revenues in 2023 and
54.7% as of the TTM ending June 30, 2024,

S&P said, "As a result, in our current analysis, we revised our NCF
to $13.8 million, generally using the servicer-reported TTM ending
June 30, 2024, operating performance and expense ratio, down from
$19.5 million at issuance (adjusted to exclude the seven
properties). Using an 11.00% portfolio-wide capitalization rate
(unchanged from issuance), our analysis yielded an expected-case
value of $125.3 million ($27,650 per guestroom), a decline of 31.5%
from our adjusted issuance value of $182.9 million ($40,356 per
guestroom) on the remaining 34 properties. The S&P Global Ratings'
loan-to-value ratio on the current trust balance is 153.1%."

  Table 1

  Servicer-reported collateral performance
                                   TRAILING 12
                                   MONTHS ENDING
                                   JUNE 30, 2024(I)  2023(I)

  Occupancy rate (%)                      70.1       71.7

  Average daily rate ($)                  55.8       56.9

  Revenue per available room ($)          39.1       40.8

  Net cash flow (mil. $)                  14.8       18.4

  Debt service coverage (x)               (ii)       (ii)

  Appraisal value (mil. $)               266.1      266.1

(i)Reporting period for the remaining 34 properties.
(ii)Not reported by the servicer, as the loan is currently
specially serviced.


  Table 2

  S&P Global Ratings' key assumptions
                                  CURRENT        ISSUANCE
                           (SEPTEMBER 2024)(I)  (JULY 2021)(I)(II)

  Occupancy rate (%)                  70.1        78.0

  Average daily rate ($)              55.8        47.4

  Revenue per available room ($)      39.1        37.0

  Net cash flow (mil. $)              13.8        19.5

  Capitalization rate (%)             11.0        11.0

  Value (mil. $)                     125.3        182.9

  Value per room ($)                27,650        40,356

  Loan-to-value ratio (%)(iii)       153.1        104.9

(i)Review period.
(ii)Adjusted to exclude the seven released properties.
(iii)On the current trust balance of $191.8 million.


Transaction Summary

At issuance, the $230.0 million trust balance consisted of a $184.0
million mortgage loan and a $46.0 million mezzanine loan. Since
that time, the borrowers have released seven properties totaling
895 guestrooms in six U.S. states totaling $38.2 million
(representing an average release premium of 132.7% of the allocated
loan amount [ALA] of $28.8 million). As of the Aug. 15, 2024,
trustee remittance report, the trust is comprised of a $184.0
million mortgage IO loan and a $7.8 million mezzanine IO loan, for
a total combined trust balance of $191.8 million.

Both loans pay interest at a per annum floating rate indexed to
one-month SOFR plus a 3.86% gross margin. The loans had an initial
maturity date of April 9, 2024, and have a fully extended maturity
date of April 9, 2026. The two one-year extension options are
subject to a 0.25% extension fee and a minimum debt yield on the
loans of 11.25%. S&P calculated a debt yield of 11.04% based on the
servicer-reported year-end 2023 net operating income for the 34
remaining properties. The trust has not incurred any principal
losses to date.

The trust loans were transferred to the special servicer on April
15, 2024, due to maturity default. According to the special
servicer, LNR Partners LLC, the borrower, which has paid the debt
service on the loans through the August 2024 payment date, is
negotiating a loan extension and plans to release additional
properties to further deleverage the loans. Wells Fargo stated that
the borrower expects to release an additional seven properties with
aggregated ALAs of $43.9 million by year-end 2024. S&P Global
Ratings calculates a 1.04x debt service coverage for the trust
loans based on the servicer-reported year-end 2023 NCF for the 34
remaining properties.

According to the August 2024 trustee remittance report, class HRR
(not rated by S&P Global Ratings) has incurred $42,739 of interest
shortfalls due to special servicing fees (cumulative interest
shortfalls totaled $163,608).

  Ratings Affirmed

  STWD 2021-HTS Mortgage Trust

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



SYMPHONY CLO 45: Fitch Assigns 'BB-sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Symphony
CLO 45, Ltd.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Symphony CLO 45, LTD.

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

Transaction Summary

Symphony CLO 45, LTD. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Symphony Alternative 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'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.94, versus a maximum covenant, in
accordance with the initial expected matrix point of 27. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.5% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.72% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.8%.

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'A+sf' for
class D-1, 'A-sf' for class D-2, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

Overall, 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.

Date of Relevant Committee

27 August 2024

ESG Considerations

Fitch does not provide ESG relevance scores for Symphony CLO 45,
LTD. In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


TGIF FUNDING 2017-1:S&P Places 'B-' Rating on A notes on Watch Neg
------------------------------------------------------------------
S&P Global Ratings placed its 'B- (sf)' rating on TGIF Funding
LLC's series 2017-1 class A-2 notes on CreditWatch with negative
implications following recent events.

The transaction is a securitization of TGI Friday's Inc.'s existing
and future franchise agreements and related franchisee royalties
and fees, royalties on existing and future company-owned
restaurants, remaining license revenue, and existing and future
intellectual property.

On Sept. 3, 2024, a manager termination event was declared,
resulting in a hot backup management trigger event. Accordingly,
the control party directed the trustee to terminate the manager and
invoke the backup manager, FTI Consulting Inc. The factors leading
up to these events are outlined in "Bulletin: TGIF Funding LLC
Manager Termination Event Declared," published Sept. 5, 2024.

Based on the last 12 months' securitization net cash flow and the
$4.7 million interest reserve, there appears to be sufficient
interest coverage for the next 12 months. S&P said, "However, based
on conversations with the company, we have concerns over the
uncertainty of events that could occur as a result of this
declaration and the subsequent high profile news coverage. We
believe there is a strong potential for disruption based on
concerns from both vendors and franchisees upon this news. Given
the combination of the declaration of the manager termination and
TGIF Funding's current fragility--as evidenced by the minimal debt
service coverage and the current 'B- (sf)' rating on the notes--it
is not likely to withstand significant cash flow disruption at the
current rating level."

Since the transaction closed in 2017, S&P has taken multiple rating
actions on TGIF Funding LLC's notes due to continued deterioration
of system performance.

The transaction has been in rapid amortization since 2020, and this
event cannot be cured.

Some key events affecting the transaction this year include the
following:

-- On Feb. 5, 2024, S&P lowered its rating on the class A-2 notes
to 'B-'(sf) due to weakening domestic sales performance, 36 store
closures, and the continued deferral of company-owned restaurant
royalty payments.

-- On April 30, 2024, the class A-2 notes reached their
anticipated repayment date (ARD) and are currently accruing a
subordinated post-ARD additional interest amount. S&P's rating on
the notes does not address post-ARD interest.

-- During second-quarter 2024, TGI Friday's sold selected product
licensing rights, resulting in approximately $146 million in asset
disposition proceeds that were used to partially pay down the class
A-2 notes.

-- On Sept. 3, 2024, a manager termination event was declared,
based upon, among other issues, the distribution of an inflated
management fee from the securitization to the manager, the ongoing
full deferment of royalty payments on corporate restaurants, and
the failure to provide accurate and timely reporting.

-- On Sept. 9, 2024, Hostmore, TGI Friday's largest global
franchisee, cancelled its merger with the company that was
announced in April 2024. TGI Friday's claims that the cancellation
is related to investors' dissatisfaction with the transaction
rather than a direct result of the manager termination event
declaration a day prior. Hostmore now plans to sell its 87 stores
to third-party franchisees. TGI Fridays also indicated its
intention going forward to refranchise all corporate restaurants to
pursue a pure franchisor model.

S&P said, "We will continue to monitor the rating and attempt to
resolve the CreditWatch placement within 90 days. Depending on the
degree of stabilization or deterioration of cash flow metrics and
uncertainty surrounding management, we may: remove our CreditWatch
and affirm the current rating; downgrade the rating (with or
without a concurrent extension of the CreditWatch); extend the
CreditWatch without changing the rating; or withdraw our rating. We
do not, at this time, expect that developments over the next few
months would lead to a rating upgrade."



THOR LLC 2024-A: Fitch Assigns 'BB-(EXP)' Rating on Class C Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
notes to be issued by THOR 2024-A, LLC (THOR 2024-A).

   Entity/Debt         Rating           
   -----------         ------           
THOR 2024-A, LLC

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

KEY RATING DRIVERS

Borrower Risk - Near-Prime Collateral Composition: Approximately
72% of THOR 2024-A consists of Orange Lake-originated loans and 25%
of Royal Resorts-originated loans. The remainder of the pool
comprises Silverleaf and Tahoe Ridge loans. The weighted-average
(WA) FICO score of the statistical pool is 650. Approximately 34%
of the total collateral pool is called collateral from THOR 2018-B,
lending to a significant seasoning of 38 months. Upgraded loans
account for 45% of the statistical pool and foreign obligors
comprise 4%.

Forward-Looking Approach on CGD Proxy — Weakening Performance:
HICV's 400+ portfolio performance exhibited high defaults during
the Great Recession. Notable improvement was observed in the
2011-2015 vintages. However, the 2016 through 2022 vintages
experienced higher default rates than during the prior recession
due to integration challenges following the Silverleaf acquisition,
defaults related to paid-product-exits (PPEs), and macroeconomic
challenges. In deriving its rating case cumulative gross default
(CGD) proxy of 28%, Fitch focused on extrapolations of the
2015-2019 vintages.

Structural Analysis — Sufficient CE: Initial hard credit
enhancement (CE) is expected to be 62.3%, 34.4%, and 21.4% for
class A, B, and C notes, respectively. Hard CE is composed of
overcollateralization (OC), a reserve account and subordination.
Soft CE is also provided by excess spread and is expected to be
6.5% per annum. The structure is sufficient to cover multiples of
2.25x, 1.50x and 1.17x for 'Asf', 'BBBsf' and 'BB-sf',
respectively.

Originator/Seller/Servicer Operational Review — Quality of
Origination/Servicing: HICV has demonstrated sufficient abilities
as an originator and servicer of timeshare loans, as evidenced by
the historical delinquency and default performance of the
securitized trusts and of the managed portfolio.

RATING SENSITIVITIES

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

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

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

The prepayment sensitivity includes 1.5x and 2.0x increases to the
prepayment assumptions, representing moderate and severe stresses,
respectively. These analyses are intended to provide an indication
of the rating sensitivity of notes to unexpected deterioration of a
trust's performance.

Fitch also considers increases of 1.5x and 2.0x to the CGD proxy,
which represent moderate and severe stresses, respectively. These
analyses are intended to provide an indication of the rating
sensitivity of notes to unexpected deterioration of a trust's
performance.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If CGD is 20% less than the projected
proxy, the multiples would increase for the class A, B and C notes,
resulting in potential upgrades of up to four notches.

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

Fitch was provided with third-party due diligence information from
Grant Thornton LLP. The third-party due diligence focused on a
comparison and re-computation of certain characteristics with
respect to 100 sample loans. Fitch considered this information in
its analysis, and the findings did not have an impact 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.


TOWD POINT 2024-CES4: Fitch Assigns 'B-(EXP)sf' Rating on B2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Towd Point Mortgage
Trust 2024-CES4 (TPMT 2024-CES4).

   Entity/Debt       Rating           
   -----------       ------           
TPMT 2024-CES4

   A1            LT AAA(EXP)sf  Expected Rating
   A2            LT AA-(EXP)sf  Expected Rating
   M1            LT A-(EXP)sf   Expected Rating
   M2            LT BBB-(EXP)sf Expected Rating
   B1            LT BB-(EXP)sf  Expected Rating
   B2            LT B-(EXP)sf   Expected Rating
   B3            LT NR(EXP)sf   Expected Rating
   A2A           LT AA-(EXP)sf  Expected Rating
   A2AX          LT AA-(EXP)sf  Expected Rating
   A2B           LT AA-(EXP)sf  Expected Rating
   A2BX          LT AA-(EXP)sf  Expected Rating
   A2C           LT AA-(EXP)sf  Expected Rating
   A2CX          LT AA-(EXP)sf  Expected Rating
   A2D           LT AA-(EXP)sf  Expected Rating
   A2DX          LT AA-(EXP)sf  Expected Rating
   M1A           LT A-(EXP)sf   Expected Rating
   M1AX          LT A-(EXP)sf   Expected Rating
   M1B           LT A-(EXP)sf   Expected Rating
   M1BX          LT A-(EXP)sf   Expected Rating
   M1C           LT A-(EXP)sf   Expected Rating
   M1CX          LT A-(EXP)sf   Expected Rating
   M1D           LT A-(EXP)sf   Expected Rating
   M1DX          LT A-(EXP)sf   Expected Rating
   M2A           LT BBB-(EXP)sf Expected Rating
   M2AX          LT BBB-(EXP)sf Expected Rating
   M2B           LT BBB-(EXP)sf Expected Rating
   M2BX          LT BBB-(EXP)sf Expected Rating
   M2C           LT BBB-(EXP)sf Expected Rating
   M2CX          LT BBB-(EXP)sf Expected Rating
   M2D           LT BBB-(EXP)sf Expected Rating
   M2DX          LT BBB-(EXP)sf Expected Rating
   B1A           LT BB-(EXP)sf  Expected Rating
   B1AX          LT BB-(EXP)sf  Expected Rating
   B1B           LT BB-(EXP)sf  Expected Rating
   B1BX          LT BB-(EXP)sf  Expected Rating
   AX            LT NR(EXP)sf   Expected Rating
   XS1           LT NR(EXP)sf   Expected Rating
   XS2           LT NR(EXP)sf   Expected Rating
   X             LT NR(EXP)sf   Expected Rating
   R             LT NR(EXP)sf   Expected Rating

Transaction Summary

Fitch expects to rate the residential mortgage-backed notes issued
by Towd Point Mortgage Trust 2024-CES4 (TPMT 2024-CES4) as
indicated above. The transaction is expected to close on Sept. 27,
2024. The notes are supported by 5,188 newly originated, closed-end
second lien (CES) loans with a total balance of $404 million as of
the statistical calculation date.

Spring EQ, LLC (Spring EQ), Nationstar Mortgage LLC dba Mr. Cooper
(Nationstar) and PennyMac Loan Services, LLC (PennyMac) originated
approximately 55%, 24% and 21% of the loans, respectively.
Shellpoint Mortgage Servicing (SMS), PennyMac and Nationstar will
service the loans. The servicers will advance delinquent (DQ)
monthly payments of principal and interest (P&I) for up to 60 days
(under the Office of Thrift Supervision [OTS] methodology) or until
deemed nonrecoverable.

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full.
Excess cash flow can be used to repay losses or net weighted
average coupon (WAC) shortfalls. In addition, the structure
includes a senior IO class, which represents a senior interest
strip of 1.50%, with such interest strip entitlement being senior
to the net interest amounts paid to the P&I certificates.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to an updated view
on sustainable home prices, Fitch views the home price values of
this pool as 11.7% above a long-term sustainable level, compared
with 11.5% on a national level as of 1Q24, up 0.4% qoq. Housing
affordability is at its worst levels in decades, driven by high
interest rates and elevated home prices. Home prices increased 5.9%
yoy nationally as of May 2024, despite modest regional declines,
but are still being supported by limited inventory.

Closed-End Second Liens (Negative): The entirety of the collateral
pool comprises newly originated CES mortgages. Fitch assumed no
recovery and 100% loss severity (LS) on second lien loans based on
the historical behavior of second lien loans in economic stress
scenarios. Fitch assumes second lien loans default at a rate
comparable to first lien loans; after controlling for credit
attributes, no additional penalty was applied.

Strong Credit Quality (Positive): The pool consists of
new-origination CES loans, seasoned at approximately six months (as
calculated by Fitch), with a relatively strong credit profile — a
weighted average (WA) model credit score of 732, a 39%
debt-to-income ratio (DTI) and a moderate sustainable loan-to-value
ratio (sLTV) of 81%. Roughly 98% of the loans were treated as full
documentation in Fitch's analysis. Approximately 66% of the loans
were originated through a retail channel.

Sequential-Pay Structure with Realized Loss and Writedown Feature
(Positive): The transaction's cash flow is based on a
sequential-pay structure whereby the subordinate classes do not
receive principal until the most senior classes are repaid in full.
Losses are allocated in reverse-sequential order. The provision to
reallocate principal to pay interest on the 'AAAsf' rated notes
prior to other principal distributions is highly supportive of
timely interest payments to those notes in the absence of servicer
advancing.

With respect to any loan that becomes DQ for 150 days or more under
the OTS methodology, the related servicer will review, and may
charge off, such a loan with the approval of the asset manager,
based on an equity analysis review performed by the servicer,
causing the most subordinated class to be written down.

Fitch views the writedown feature positively, despite the 100% LS
assumed for each defaulted second lien loan, as cash flows will not
be needed to pay timely interest to the 'AAAsf' rated notes during
loan resolution by the servicers. In addition, subsequent
recoveries realized after the writedown at 150 days DQ (excluding
forbearance mortgage or loss mitigation loans) will be passed on to
bondholders as principal.

The structure does not allocate excess cash flow to turbo down the
bonds but includes a step-up coupon feature whereby the fixed
interest rate for classes A1, A2 and M1 will increase by 100 bps,
subject to the net WAC, after four years.

In addition, the structure includes a senior IO class certificate
(class AX), which represents a senior interest strip of 1.50% per
annum based off the related mortgage rate of each mortgage loan,
with such interest strip entitlement being senior to the net
interest amounts paid to the notes and paid at the top of the
waterfall. Given that it is a strip-off of the entire collateral
balance and accrual amounts will be reduced by any losses on the
collateral pool, class AX cannot be rated by Fitch.

Overall, in contrast to earlier TPMT CES transactions, this
transaction has less excess spread available and its application
offers diminished support to the rated classes, requiring a higher
level of credit enhancement (CE).

Separately, while Fitch has previously analyzed CES transactions
using an interest rate cut, this stress is not being applied for
this transaction. Given the lack of evidence of interest rate
modifications being used as a loss mitigation tactic, the
application of the stress was overly punitive. If this re-emerges
as a common form of loss mitigation or if certain structures are
overly dependent on excess interest, Fitch may apply additional
sensitivities to test the structure.

Limited Servicer P&I Advances (Neutral): The transaction is
structured with three months of servicer advances for DQ P&I.
Structural provisions and cash flow priorities, together with
increased subordination, provide for timely payments of interest to
the 'AAAsf' rated classes. Fitch is indifferent to the advancing
framework since, given its projected 100% LS, no credit would be
given to advances on the structure side and no additional
adjustment would be made in relation to LS.

RATING SENSITIVITIES

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

This defined negative rating sensitivity analysis shows how 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 42.6%, at 'AAAsf'. The analysis indicates there is
some potential rating migration, with higher MVDs for all rated
classes compared with model projections. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC (AMC), Clayton, LLC (Clayton) and Consolidated
Analytics. A third-party due diligence review was completed on 100%
of the loans. The scope, as described in Form 15E, focused on
credit, regulatory compliance and property valuation reviews,
consistent with Fitch criteria for new originations. The results of
the reviews indicated low operational risk.

All except six loans received a final grade of 'A' or 'B'. These
six loans were graded 'C' for credit due to a lower FICO or CLTV
that was higher than the guideline thresholds. Either these
exceptions were subsequently cleared or compensating factors were
considered. The lower FICO and higher CLTV were reported in the
tape and incorporated into Fitch's analysis. Fitch applied a credit
for the high percentage of loan-level due diligence, which reduced
the 'AAAsf' loss expectation by 91bps.

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.


TRESTLES CLO VII: Fitch Assigns 'B-sf' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Trestles
CLO VII, Ltd.

   Entity/Debt              Rating
   -----------              ------
Trestles CLO VII, Ltd.

   X                    LT  NRsf    New Rating
   A-1                  LT  AAAsf   New Rating
   A-2                  LT  AAAsf   New Rating
   B                    LT  AAsf    New Rating
   C                    LT  Asf     New Rating
   D-1                  LT  BBB-sf  New Rating
   D-2                  LT  BBB-sf  New Rating
   E                    LT  BB-sf   New Rating
   F                    LT  B-sf    New Rating
   Subordinated Notes   LT  NRsf    New Rating

Transaction Summary

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

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B+/B', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 22.81, versus a maximum covenant, in
accordance with the initial expected matrix point of 24.84. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
100% first-lien senior secured loans. The weighted average recovery
rate (WARR) of the indicative portfolio is 76.26% versus a minimum
covenant, in accordance with the initial expected matrix point of
73.13%.

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'Asf' for
class D-1, 'A-sf' for class D-2, 'BBB+sf' for class E, and between
'BBB-sf' and 'Bsf' for class F.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Trestles CLO VII,
Ltd. In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


TRINITAS CLO XXX: S&P Assigns Prelim BB- (sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Trinitas CLO
XXX Ltd./Trinitas CLO XXX 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 Oaktree CLO Management Co. LLC.

The preliminary ratings are based on information as of Sept. 12,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Trinitas CLO XXX Ltd./Trinitas CLO XXX LLC

  Class A-1, $310.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C-1 (deferrable), $25.00 million: A (sf)
  Class C-2 (deferrable), $5.00 million: A (sf)
  Class D-1A (deferrable), $27.00 million: BBB- (sf)
  Class D-1B (deferrable), $3.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)

  Other Debt

  Trinitas CLO XXX Ltd./Trinitas CLO XXX LLC

  Class A-2, $10.00 million: Not rated

  Subordinated notes, $43.90 million: Not rated



VENTURE CLO 50: Moody's Assigns Ba3 Rating to $16MM Class E Notes
-----------------------------------------------------------------
Moody's Ratings has assigned ratings to four classes of notes
issued by Venture 50 CLO, Limited (the Issuer or Venture 50):

US$4,000,000 Class X Senior Secured Floating Rate Notes due 2037,
Definitive Rating Assigned Aaa (sf)

US$256,000,000 Class A1 Senior Secured Floating Rate Notes due
2037, Definitive Rating Assigned Aaa (sf)

US$8,000,000 Class AJ Senior Secured Floating Rate Notes due 2037,
Definitive Rating Assigned Aaa (sf)

US$16,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2037, Definitive Rating Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Venture 50 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans and up to 10% of the portfolio may
consist of second lien loans, unsecured loans, and permitted debt
securities. The portfolio is approximately 90% ramped as of the
closing date.

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

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2024.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $400,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2839

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8.1 years

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

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.


VERUS SECURITIZATION 2024-7: S&P Assigns Prelim B (sf) on B-2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2024-7's mortgage-backed notes.

The note issuance is an RMBS transaction backed primarily by 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, 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 1,280 loans
backed by 1,283 properties, which are qualified mortgage
(QM)/non-higher-priced mortgage loans (safe harbor), QM rebuttable
presumption, non-QM/ability-to-repay-compliant, and
ability-to-repay-exempt loans. Of the 1,280 loans, one loan is a
cross-collateralized loans backed by four properties.

The preliminary ratings are based on information as of Sept. 6,
2024. 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, "Per our latest update to our third-quarter
macroeconomic outlook, we have recalibrated our views on the
trajectory of interest rates in the U.S. We now expect 50 basis
points (bps) of rate cuts coming this year and another 100 bps of
cuts coming next year, with the balance of risks tilting toward
more of those cuts happening sooner rather than later. Our
base-case forecast for GDP growth and inflation have not changed,
and we attribute the recent loosening of the labor market to
normalization, not to an economy that's about to slip into a
recession. A soft landing remains the most likely scenario, at
least into 2025. Therefore, we are maintaining our current market
outlook as it relates to the 'B' projected archetypal foreclosure
frequency of 2.50%, which reflects our benign view of the mortgage
and housing market as demonstrated through general national-level
home price behavior, unemployment rates, mortgage performance, and
underwriting."

  Preliminary Ratings Assigned

  Verus Securitization Trust 2024-7(i)

  Class A-1, $433,098,000: AAA (sf)
  Class A-2, $53,593,000: AA (sf)
  Class A-3, $84,075,000: A (sf)
  Class M-1, $45,554,000: BBB- (sf)
  Class B-1, $17,752,000 : BB (sf)
  Class B-2, $22,442,000: B (sf)
  Class B-3, $13,399,231 : 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 Sept. 5, 2024; the preliminary ratings address the ultimate
payment of interest and principal. They do not address the payment
of the cap carryover amounts.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period.



VIBRANT CLO VII: Moody's Cuts Rating on $24MM Class D Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Vibrant CLO VII, LTD.:

US$26,000,000 Class B Secured Deferrable Floating Rate Notes due
2030 (the "Class B Notes"), Upgraded to Aaa (sf); previously on
December 15, 2023 Upgraded to Aa3 (sf)

US$32,000,000 Class C Secured Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Upgraded to A3 (sf); previously on
September 8, 2020 Confirmed at Baa3 (sf)

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

US$24,000,000 Class D Secured Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Downgraded to B1 (sf); previously on
September 8, 2020 Confirmed at Ba3 (sf)

Vibrant CLO VII, LTD., originally issued in September 2017 and
partially refinanced in April 2021,  is a managed cashflow CLO. The
notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in September 2022.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The upgrade rating actions on the Class B and Class C notes are
primarily a result of deleveraging of the senior notes and/or an
increase in the transaction's over-collateralization (OC) ratios
since December 2023. Since then, the Class A-1-R notes have been
paid down by approximately 70% or $132.6 million. Based on Moody's
calculation, the OC ratios for the Class A/B, and Class C notes are
currently 151.08%, and 122.89%, respectively, versus December 2023
levels of 127.10% and 113.73%, respectively.

The downgrade rating action on the Class D notes reflects the
specific risks to the junior notes posed by credit and spread
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculations, the weighted average rating factor (WARF) and
weighted average spread (WAS) have been deteriorating, and are
currently 3016 and 3.09%, respectively, compared to 2926 and 3.28%,
respectively, in December of 2023.

No actions were taken on the Class A-1-R and Class A-2 notes
because their expected losses remain commensurate with their
current ratings, after taking into account the CLO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

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 Moody's analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on Moody's
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: $209,803,231

Defaulted par:  $5,825,067

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3016

Weighted Average Spread (WAS): 3.09%

Weighted Average Recovery Rate (WARR): 46.67%

Weighted Average Life (WAL): 3.3 years

Par haircut in OC tests and interest diversion test: 2.4%

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, and, lower recoveries on defaulted assets.

Methodology Used for the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.            

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.


VOYA CLO 2018-4: Fitch Assigns 'BB-sf' Rating on Class E-RR Notes
-----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Voya CLO
2018-4, Ltd. reset transaction.

   Entity/Debt              Rating           
   -----------              ------           
Voya CLO 2018-4,
Ltd.

   X                    LT AAAsf  New Rating
   A-1RR                LT NRsf   New Rating
   A-2RR                LT AAAsf  New Rating
   B-RR                 LT AAsf   New Rating
   C-RR                 LT Asf    New Rating
   D-1RR                LT BBB-sf New Rating
   D-2RR                LT BBB-sf New Rating
   E-RR                 LT BB-sf  New Rating
   Subordinated Notes   LT NRsf   New Rating

Transaction Summary

Voya CLO 2018-4, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Voya
Alternative Asset Management LLC. It originally closed in January
2019, and refinanced in February 2021 and June 2021. The CLO's
secured notes will be refinanced on Sept. 4, 2024 from proceeds of
the new secured notes. 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 23.37 versus a maximum covenant, in accordance with
the initial expected matrix point of 24. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.83% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.14% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.8%.

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-RR, 'AA+sf' for class C-RR,
'A+sf' for class D-1RR, 'Asf' for class D-2RR, and 'BBB+sf' for
class E-RR.

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

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

DATA ADEQUACY

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

Overall, 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.

ESG Considerations

Fitch does not provide ESG relevance scores for Voya CLO 2018-4,
Ltd. In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


WELLS FARGO 2015-NXS3: DBRS Confirms BB Rating on X-E Certs
-----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all the classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3
issued by Wells Fargo Commercial Mortgage Trust 2015-NXS3 as
follows:

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

The credit rating confirmations and Stable trends reflect the
continued stable performance of the pool, which remains in line
with Morningstar DBRS' expectations since the last credit rating
action. Based on the YE2023 financial reporting, the pool exhibited
a healthy weighted-average debt service coverage ratio (DSCR) of
2.13 times (x). As of the July 2024 remittance, 48 of the original
56 loans remain in the pool with an aggregate balance of $512.1
million, representing a collateral reduction of 37.1% since
issuance as a result of scheduled loan amortization and loan
repayment. Eight loans, representing 9.9% of the pool balance, have
been fully defeased. Three loans, accounting for 8.2% of the pool,
are on the servicer's watchlist, and two loans, representing 4.0%
of the pool, are in special servicing. Morningstar DBRS' loss
forecast for the specially serviced loans is approximately $12.0
million, which would be fully contained to the unrated Class H.

The largest loan in special servicing is 722 12th Street NW
(Prospectus ID#14, 2.9% of the pool), which is secured by a
34,577-square-foot (sf) office property in the East End submarket
of Washington, D.C. The loan transferred to special servicing in
November 2023 for imminent default following the departure of
former tenant Stantec Consulting Services, Inc (previously 30.0% of
the NRA), which had a lease expiry in June 2023. As of the March
2024 rent roll, Americans for Tax Reform (48.4% of the NRA, lease
expiry in March 2034) is the only remaining tenant at the property.
Exacerbating the property's high vacancy is the softening
submarket, which, according to Reis, reported an average vacancy
rate of 17.2% as of Q2 2024, up from 15.4% in Q2 2023. The average
asking rental rate in the submarket was also reported at $63.26
psf, which is well above the rate advertised at the subject. No
updated financials have been provided since Q3 2023, when the
subject was operating at a 0.85x DSCR. The loan remains delinquent
and the servicer is currently dual tracking the loan for
foreclosure and modification. According to the servicer commentary,
potential modification terms include bifurcating the loan into an
A/B note structure. An updated January 2024 appraisal valued the
property at $8.6 million, down significantly from $22.3 million at
issuance. As a result of the decline in occupancy, the sharp
decline in value, and potential for foreclosures as the pool enters
its maturity year, Morningstar DBRS' analysis for this loan
included a liquidation scenario based on a haircut to the January
2024 appraised value, resulting in a loss severity approaching
65%.

Almost all the loans remaining in the pool have scheduled
maturities in Q3 2025. While Morningstar DBRS expects a majority of
the non-specially serviced loans will repay from the trust, two
loans, 100 East Walton (Prospectus ID#21, 1.8% of the poll) and
Vista La Jolla (Prospectus ID#40, 0.8% of the pool) were identified
as being at elevated risk of maturity default due to declined
performance metrics.

The 100 East Walton loan is secured by a mixed-use retail/office
property in Chicago, Illinois. Performance began to decline
following the COVID-19 pandemic as tenants vacated, and property
occupancy has been below 65% since 2021. There has been very little
leasing activity over the past few years and submarket vacancy has
been increasing year over year. The Vista La Jolla loan is secured
by a 39,950-sf suburban office property in San Diego, California.
The property occupancy was reported at 76% as of the March 2024
rent roll, and the DSCR was 0.7x as of YE2023. According to Reis,
the submarket has significant availability. Given the declined
occupancy and cash flows, slow leasing activity, and submarket
concerns with both of these loans, Morningstar DBRS expects the
value of the assets to have declined, which may affect the
borrowers' ability to refinance as the loans approach their
scheduled maturities next year. Morningstar DBRS applied stressed
loan-to-value (LTV) ratios and/or probabilities of default to
reflect these concerns, resulting in a weighted-average expected
loss (EL) that was more than three times the pool average.

At issuance, Morningstar DBRS shadow-rated The Parking Spot LAX
(Prospectus ID#15, 2.1% of the pool) as investment grade. With this
review, Morningstar DBRS confirmed that the performance of this
loan remains consistent with investment-grade loan
characteristics.

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


[*] DBRS Reviews 227 Classes in 25 US RMBS Transactions
-------------------------------------------------------
DBRS, Inc. reviewed 227 classes in 25 U.S. residential
mortgage-backed securities (RMBS) transactions. The 25 transactions
are generally classified as reperforming or legacy alt-a. Of the
227 classes reviewed, Morningstar DBRS upgraded its credit ratings
on 101 classes and confirmed its credit ratings on the remaining
126 classes.

The Affected Ratings are available at https://bit.ly/3Xewkly

The Issuers are:

Impac CMB Trust Series 2005-1
PRPM 2021-RPL2, LLC
COLT 2021-RPL1 Trust
CIM Trust 2021-R6
CIM Trust 2022-R3
Towd Point Mortgage Trust 2022-3
Towd Point Mortgage Trust 2021-SJ1
CSMC 2017-RPL3 Trust
Towd Point Mortgage Trust 2020-1
Towd Point Mortgage Trust 2022-4
Towd Point Mortgage Trust 2021-1
Impac CMB Grantor Trust 2005-1-1
Impac CMB Grantor Trust 2005-1-2
Impac CMB Grantor Trust 2005-1-4
Impac CMB Grantor Trust 2005-1-5
Impac CMB Grantor Trust 2005-1-6
Impac CMB Grantor Trust 2005-1-7
Citigroup Mortgage Loan Trust 2020-RP2
Citigroup Mortgage Loan Trust 2021-RP5
Citigroup Mortgage Loan Trust 2022-RP4
BRAVO Residential Funding Trust 2020-RPL2
MetLife Securitization Trust 2018-1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1

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 transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns June 2024 Update," published on June 28, 2024
(https://dbrs.morningstar.com/research/435206). These baseline
macroeconomic scenarios replace Morningstar DBRS' moderate and
adverse coronavirus pandemic scenarios, which were first published
in April 2020.

The credit rating actions are the result of Morningstar DBRS'
application of its "U.S. RMBS Surveillance Methodology," published
on June 28, 2024.

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


[*] DBRS Reviews 238 Classes From 9 US RMBS Transactions
--------------------------------------------------------
DBRS, Inc. reviewed 238 classes from nine U.S. residential
mortgage-backed securities (RMBS) transactions. Of the nine
transactions reviewed eight are classified as agency credit
risk-transfer transactions and one is classified as a prime jumbo
transaction. Of the 238 classes reviewed, Morningstar DBRS upgraded
201 credit ratings and confirmed 37 credit ratings.

The Affected Ratings are available at https://bit.ly/3ZdrgAn

The Issuers are:

Freddie Mac STACR REMIC Trust 2021-HQA4
Freddie Mac STACR REMIC Trust 2020-DNA4
Freddie Mac STACR REMIC Trust 2020-DNA6
Freddie Mac STACR REMIC Trust 2021-DNA7
Freddie Mac STACR REMIC Trust 2020-DNA5
Freddie Mac STACR REMIC Trust 2021-DNA1
Connecticut Avenue Securities, Series 2021-R01
Freddie Mac STACR REMIC Trust 2021-HQA3
Mello Mortgage Capital Acceptance 2018-MTG2

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 transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns June 2024 Update" published on June 28, 2024
(https://dbrs.morningstar.com/research/435206). These baseline
macroeconomic scenarios replace Morningstar DBRS' moderate and
adverse coronavirus pandemic scenarios, which were first published
in April 2020.

The credit rating actions are the result of Morningstar DBRS'
application of its "U.S. RMBS Surveillance Methodology," published
on June 28, 2024.

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


[*] DBRS Reviews 425 Classes From 38 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 425 classes from 38 U.S. residential
mortgage-backed securities (RMBS) transactions. Out of the 38
transactions reviewed, 35 are classified as legacy RMBS and three
as ReREMICs of legacy RMBS. Of the 425 classes reviewed,
Morningstar DBRS upgraded its credit ratings on eight classes and
confirmed its credit ratings on 417 classes.

The Affected Ratings are available at https://bit.ly/4gft01W

The Issuers are:

Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2005-HE1
Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-WF1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
2005-AR3
Wells Fargo Home Equity Asset-Backed Securities 2007-1 Trust
Wells Fargo Home Equity Asset-Backed Securities 2006-3 Trust
Citigroup Mortgage Loan Trust 2008-3
New Century Home Equity Loan Trust 2005-2
New Century Home Equity Loan Trust 2005-4
New Century Home Equity Loan Trust, Series 2005-B
MASTR Adjustable Rate Mortgages Trust 2005-8
Park Place Securities Inc., Series 2005-WHQ1
RALI Series 2006-QS2 Trust
RALI Series 2006-QH1 Trust
Fremont Home Loan Trust 2006-B
Aegis Asset Backed Securities Trust 2005-3
Impac CMB Trust Series 2005-3
Citigroup Mortgage Loan Trust 2009-4
Securitized Asset Backed Receivables LLC Trust 2005-FR4
Securitized Asset Backed Receivables LLC Trust 2006-FR4
Securitized Asset Backed Receivables LLC Trust 2007-BR1
Securitized Asset Backed Receivables LLC Trust 2006-WM4
Securitized Asset Backed Receivables LLC Trust 2006-HE2
Securitized Asset Backed Receivables LLC Trust 2007-NC1
Securitized Asset Backed Receivables LLC Trust 2007-BR2
Securitized Asset Backed Receivables LLC Trust 2006-NC2
Securitized Asset Backed Receivables LLC Trust 2006-WM2
Securitized Asset Backed Receivables LLC Trust 2007-NC2
Securitized Asset Backed Receivables LLC Trust 2006-NC3
Securitized Asset Backed Receivables LLC Trust 2007-BR4
Securitized Asset Backed Receivables LLC Trust 2006-FR2
Securitized Asset Backed Receivables LLC Trust 2007-BR3
Securitized Asset Backed Receivables LLC Trust 2007-BR5
Securitized Asset Backed Receivables LLC Trust 2006-FR3
Securitized Asset Backed Receivables LLC Trust 2006-HE1
Securitized Asset Backed Receivables LLC Trust 2006-WM3
Residential Asset Securitization Trust 2005-A15
CSMC Series 2008-2R
MASTR Asset Backed Securities Trust 2006-HE3

The credit rating upgrades reflect a positive performance trend and
an increase 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 transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns June 2024 Update" published on June 28, 2024,
(https://dbrs.morningstar.com/research/435206) These baseline
macroeconomic scenarios replace Morningstar DBRS' moderate and
adverse coronavirus pandemic scenarios, which were first published
in April 2020.

The credit rating actions are the result of Morningstar DBRS'
application of its "U.S. RMBS Surveillance Methodology," published
on June 28, 2024.

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


[*] DBRS Reviews 67 Classes From 13 US RMBS Transactions
--------------------------------------------------------
DBRS, Inc. reviewed 67 classes from 13 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 67 classes
reviewed, Morningstar DBRS upgraded 19 credit ratings, and
confirmed 48 credit ratings.

The Affected Ratings are available at https://bit.ly/4dPFdsO

The Issuers are:

CFMT 2022-HB10, LLC
Unlock HEA Trust 2023-1
Point Securitization Trust 2023-1
Unison Trust 2023-2
Brean Asset-Backed Securities Trust 2023-RM7
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
Brean Asset-Backed Securities Trust 2023-SRM1
Finance of America Structured Securities Trust 2023-S3

Morningstar DBRS' credit rating actions are based on the following
analytical considerations:

-- Key performance measures, as reflected in credit enhancement
increases since deal inception and running total cumulative loss
percentages.

-- The pools backing the reviewed RMBS transactions consist of
reverse mortgage and HEI collateral.

Lenders typically offer RM loans to people who are at least 62
years old. Through RM loans, borrowers have access to home equity
through a lump sum amount or a stream of payments without
periodically repaying principal or interest, allowing the loan
balance to accumulate over a period of time until a maturity event
occurs. Loan repayment is required if (1) the borrower dies, (2)
the borrower sells the related residence, (3) the borrower no
longer occupies the related residence for a period (usually a
year), (4) it is no longer the borrower's primary residence, (5) a
tax or insurance default occurs, or (6) the borrower fails to
properly maintain the related residence. In addition, borrowers
must be current on any homeowner's association dues if applicable.
RMs are typically nonrecourse; borrowers do not have to provide
additional assets in cases where the outstanding loan amount
exceeds the property's value (the crossover point). As a result,
liquidation proceeds will fall below the loan amount in cases where
the outstanding balance reaches the crossover point, contributing
to higher loss severities for these loans.

Home equity investments (HEIs) allow homeowners access to the
equity in their homes without having to sell their homes or make
monthly mortgage payments. HEIs provide homeowners with an
alternative to borrowing and are available to homeowners of any age
(unlike reverse mortgage loans, for example, for which there is
often a minimum age requirement). A homeowner receives an upfront
cash payment (an Advance or an Investment Amount) in exchange for
giving an Investor (i.e., an Originator) a stake in their property.
The homeowner retains sole right of occupancy of the property and
pays all upkeep and expenses during the term of the HEI, but the
Originator participates in any increase, or decrease, in the value
of the property.

Like reverse mortgage loans, the HEI underwriting approach is
asset-based, meaning there is greater emphasis placed on the value
of the underlying property than on the credit quality of the
homeowner. The property value is the main focus for predicting
repayment because it is the primary source of funds to satisfy the
obligation. HEIs are nonrecourse; a homeowner is not required to
provide additional funds when the HEI repayment amount exceeds the
remaining equity value in the property (after accounting for any
other obligations such as senior liens, if applicable). Therefore,
repayment of the Advance and any Originator return is primarily
subject to the amount of appreciation/depreciation on the
property.

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
Note Amount, Interest Payment Amount, and Interest Carryover
Amount.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, in this transaction, Morningstar DBRS'
ratings do not address the payment of any Additional Accrual
Amounts on each rated note.

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

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


[*] Moody's Takes Actions on 6 Bonds From 2 RMBS Deals Issued 2005
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of four bonds and
downgraded the ratings of two bonds from two US residential
mortgage-backed transactions (RMBS), backed by option ARM and
subprime mortgages issued by multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-TC1

Cl. M-5, Upgraded to B1 (sf); previously on Nov 20, 2018 Upgraded
to B2 (sf)

Cl. M-6, Upgraded to B1 (sf); previously on Feb 3, 2023 Upgraded to
B2 (sf)

Cl. M-7, Upgraded to B1 (sf); previously on Feb 3, 2023 Upgraded to
Caa1 (sf)

Cl. M-8, Upgraded to Caa1 (sf); previously on Feb 3, 2023 Upgraded
to Caa3 (sf)

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates,
Series 2005-1

Cl. A-1, Downgraded to Caa1 (sf); previously on Oct 23, 2023
Upgraded to B1 (sf)

Underlying Rating: Downgraded to Caa1 (sf); previously on Oct 23,
2023 Upgraded to B1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account) - Unrated

Cl. A-2, Downgraded to Caa1 (sf); previously on Oct 23, 2023
Upgraded to B1 (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 due to outstanding interest
shortfalls on the each downgraded bonds that are not expected to be
recouped.

Each of the upgraded bonds has seen growth in credit enhancement
since Moody's last review. Moody's analysis also considered the
existence of historical interest shortfalls for some of the bonds.
The size and length of the past shortfalls, as well as the
potential for recurrence, were analyzed as part of the upgrades.

The rating actions also reflect the further seasoning of the
collateral and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

The rating downgrade of Class A-1 and Class A-2 issued by Chevy
Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1 is
due to outstanding interest shortfalls on the bonds that are not
expected to be recouped.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

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 Ups Rating on 11 Bonds from 8 US RMBS Issued 2005-2007
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 11 bonds from eight US
residential mortgage-backed transactions (RMBS), backed by subprime
mortgages issued by multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: Argent Securities Inc., Series 2005-W5

Cl. A-2C, Upgraded to A1 (sf); previously on Dec 12, 2023 Upgraded
to Baa2 (sf)

Cl. A-2D, Upgraded to A1 (sf); previously on Dec 12, 2023 Upgraded
to Baa2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-7

Cl. A-1, Upgraded to Aa3 (sf); previously on Mar 7, 2023 Upgraded
to A2 (sf)

Cl. 2-A-3, Upgraded to Aa3 (sf); previously on Dec 12, 2023
Upgraded to B2 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-CH2

Cl. AV-1, Upgraded to Aa1 (sf); previously on Dec 12, 2023 Upgraded
to Baa1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH4,
Asset-Backed Pass-Through Certificates, Series 2007-CH4

Cl. A5, Upgraded to Aaa (sf); previously on Jun 27, 2022 Upgraded
to Aa1 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC4

Cl. A-1, Upgraded to Ba1 (sf); previously on Dec 12, 2023 Upgraded
to B1 (sf)

Issuer: Structured Asset Securities Corporation Series 2005-AR1

Cl. M2, Upgraded to A1 (sf); previously on Mar 7, 2023 Upgraded to
Baa3 (sf)

Issuer: Terwin Mortgage Trust 2006-7

Cl. I-A-2b, Upgraded to Aaa (sf); previously on Dec 12, 2023
Upgraded to Baa1 (sf)

Cl. I-A-2c, Upgraded to Baa1 (sf); previously on Dec 12, 2023
Upgraded to Caa1 (sf)

Issuer: Washington Mutual Asset-Backed Certificates, WMABS Series
2006-HE3 Trust

Cl. I-A, Upgraded to Baa3 (sf); previously on Aug 8, 2019 Upgraded
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 increase in credit enhancement
available to the bonds, and/or improving performance of the related
pools. The upgrade actions on certain bonds are also driven by the
projected availability and crossing of excess funds between two
collateral pools in consideration of factors, such as the speed of
paydown of the bonds and the expected timing of losses.

Moody's analysis considered the existence of historical interest
shortfalls for some of the bonds. While all shortfalls have since
been recouped, the size and length of the past shortfalls, as well
as the potential for recurrence, were analyzed as part of the
upgrades.

The rating actions also reflect the further seasoning of the
collateral and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

Moody's analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations. These include interest risk from
current or potential missed interest that remain unreimbursed.

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.


[*] S&P Takes Various Actions on 57 Classes From 13 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 57 ratings from 13 U.S.
RMBS transactions issued between 2003 and 2006. The review yielded
seven downgrades, 23 withdrawals, two discontinuances, and 25
affirmations.

A lists of Affected Ratings can be viewed at:

            http://surl.li/rrlsik

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;

-- A decrease in available credit support;

-- Available subordination and/or overcollateralization;

-- A small loan count;

-- Tail risk;

-- Reduced interest payments due to loan modifications;

-- Payment priority; and

-- Historical and/or outstanding missed interest payments or
interest shortfalls.

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
rationales associated with each of the classes with rating
transitions.

"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.

"We lowered our ratings on four classes from Fannie Mae REMIC Trust
2003-W10, which reflects our assessment of reduced interest
payments due to loan modifications and other credit-related events.
To determine the maximum potential rating for these securities, we
consider the amount of interest the security has received to date
versus how much it would have received absent such credit-related
events, as well as interest reduction amounts that we expect during
the remaining term of the security.

"We also lowered our ratings on three classes from Structured Asset
Mortgage Investments II Trust 2005-AR5 due to tail risk. As RMBS
transactions become more seasoned, the number of outstanding
mortgage loans backing them declines as loans are prepaid or
default. As a result, a liquidation and subsequent loss on one or a
small number of remaining loans at the tail-end of a transaction's
life may have a disproportionate impact on remaining credit
enhancement, which could result in a level of credit instability
that is inconsistent with higher ratings. This transaction's
structure contains multiple collateral groups and when the
cross-subordination no longer remains outstanding, we will apply
our tail risk analysis on the respective group.

"We withdrew our ratings on 23 classes from seven 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. These included two principal-only ratings (see
"Methodology For Surveilling U.S. RMBS Principal-Only Strip
Securities For Pre-2009 Originations," published Oct. 11, 2016) and
two interest-only ratings (see "Global Methodology For Rating
Interest-Only Securities," published April 15, 2010).

"In addition, in accordance with our surveillance and withdrawal
policies, we discontinued two ratings from one transaction with
missed interest payments during recent remittance periods. We
previously lowered our rating on this class to 'D (sf)' because of
missed interest payments. We view a subsequent upgrade to a rating
higher than 'D (sf)' to be unlikely under the relevant criteria for
this class.

"We will continue to monitor our ratings on securities that
experience interest shortfalls and/or missed interest payments, and
we will further adjust our ratings as we consider appropriate."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
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