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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 29, 2024, Vol. 28, No. 272

                            Headlines

225 LIBERTY 2016-225L: S&P Lowers Class E Certs Rating to 'B-(sf)'
ACCELERATED LLC 2024-1: Fitch Assigns BB-sf Rating on Class D Notes
AFFIRM ASSET 2024-B: DBRS Gives Prov. BB Rating on Class E Notes
AMSR TRUST 2023-SFR3: DBRS Confirms BB Rating on Class F-1 Certs
ANTARES CLO 2018-1: S&P Raises Class E Note Rating to 'BB+ (sf)'

APIDOS CLO XLI: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E-R Notes
APIDOS CLO XLI: Moody's Assigns (P)B3 Rating to $500,000 F-R Notes
ATLX 2024-RPL1: DBRS Gives Prov. B(high) Rating on B-2 Notes
BANK 2017-BNK5: DBRS Confirms B(low) Rating on Class G Certs
BANK 2019-BNK22: DBRS Confirms BB Rating on Class G Certs

BANK 2022-BNK41: DBRS Confirms BB Rating on Class F Certs
BANK 2024-BNK48: Fitch Gives 'B-(EXP)sf' Rating on Class G-RR Certs
BBCMS MORTGAGE 2020-C7: DBRS Cuts Rating on 2 Tranches to CCC(sf)
BBCMS MORTGAGE 2022-C16: DBRS Confirms BB Rating on Class F Certs
BENCHMARK 2019-B11: DBRS Cuts Rating on 4 Tranches to CCC(sf)

BENCHMARK 2022-B34: DBRS Confirms B Rating on Class G Certs
BENCHMARK 2022-B36: DBRS Confirms BB Rating on Class G Certs
BENEFIT STREET XIV: S&P Assigns BB- (sf) Rating on Class E-R Notes
BLACKROCK DLF IX 2019-G: DBRS Confirms B Rating on Class W Notes
BLACKROCK DLF IX 2020-1: DBRS Hikes W Notes Rating to BB(low)

BLACKROCK DLF IX 2021-1: DBRS Confirms B Rating on Class W Notes
BLACKROCK DLF IX 2021-2: DBRS Confirms B Rating on Class W Notes
BLACKROCK DLF X 2022-1: DBRS Confirms B Rating on Class W Notes
BRIDGECREST LENDING 2023-1: DBRS Confirms BB Rating on E Notes
BRYANT PARK 2024-24: S&P Assigns BB- (sf) Rating on Class E Notes

BRYANT PARK 2024-24: S&P Assigns Prelim BB- (sf) Rating on E Notes
BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes
BX 2021-21M: DBRS Confirms B(low) Rating on Class G Certs
CARVAL CLO XI-C: S&P Assigns BB- (sf) Rating on Class E Notes
CARVANA AUTO 2024-N3: DBRS Gives Prov. BB(high) Rating on E Notes

CHASE FUNDING 2003-5: Moody's Ups Rating on Cl. IIM-1 Certs to B2
CHASE HOME 2024-8: DBRS Gives Prov. B(low) Rating on B-5 Certs
CITIGROUP 2016-P5: Fitch Lowers Rating on Two Tranches to 'B-sf'
CITIGROUP 2019-C7: DBRS Confirms B(low) Rating on J-RR Certs
CITIGROUP COMMERCIAL 2017-B1: DBRS Confirms B Rating on X-F Certs

COMM 2014-CCRE17: Moody's Lowers Rating on Cl. E Certs to Caa3
COMM 2015-CCRE27: DBRS Confirms B Rating on Class X-E Certs
COMM 2018-HCLV: S&P Lowers Class E Certs Rating to 'CCC- (sf)'
CPS AUTO 2024-D: DBRS Assigns Prov. BB Rating on Class E Notes
CSAIL 2017-CX10: Fitch Lower Rating on 3 Tranches to CCCsf

CSAIL 2019-C16: DBRS Confirms BB Rating on Class F-RR Certs
CSFB HOME 2005-7: Moody's Raises Rating on Cl. M-2 Certs From Ba1
DBGS 2018-C1: DBRS Cuts Rating on Class G-RR Certs to CCC(sf)
DBJPM 2016-C1: DBRS Cuts Rating on 2 Tranches to C(sf)
DBWF 2016-85T: S&P Lowers Class D Certs Rating to 'B+ (sf)'

EFMT 2024-INV2: S&P Assigns Prelim B- (sf) Rating on Cl. B-2 Certs
ELEVATION CLO 2020-11: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
EXETER AUTOMOBILE 2024-5: Fitch Gives BB-(EXP) Rating on E Notes
FIGRE TRUST 2024-HE4: DBRS Gives Prov. B(low) Rating on F Notes
FLAGSHIP CREDIT 2022-2: S&P Lowers Class E Notes Rating to CC (sf)

GENERATE CLO 11: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
GOLUB CAPITAL 62(B)-R: Fitch Assigns BB-(EXP)sf Rating on E-R Notes
GREENPOINT MORTGAGE 2006-AR1: Moody's Upgrades 2 Tranches From Ba1
GS MORTGAGE 2018-TWR: S&P Lowers Cl. E Certs Rating to 'CCC-(sf)'
GS MORTGAGE 2019-GC42: DBRS Confirm BB Rating on Class F-RR Certs

HARMONY-PEACE PARK: S&P Assigns Prelim BB- (sf) Rating on E Notes
INVITATION HOME 2024-SFR1: DBRS Finalizes BB(high) on Cl. F Certs
JP MORGAN 2013-C16: DBRS Lowers Rating on Class D Certs to CCC(sf)
LOBEL AUTOMOBILE 2023-1: DBRS Confirms BB Rating on Class D Notes
MADISON PARK XLIII: Fitch Assigns 'BB+sf' Rating on Class E-R Notes

MADISON PARK XLIII: S&P Assigns B- (sf) Rating on Class F-R Notes
MAGNETITE XXXIII: S&P Assigns BB- (sf) Rating on Class E-R Notes
MARANON LOAN 2021-3: S&P Assigns BB-(sf) Rating on Class E-R Notes
MF1 2021-FL6: DBRS Confirms B(low) Rating on Class G Notes
MF1 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes

MF1 2022-FL9: DBRS Confirms B(low) Rating on 3 Note Classes
MORGAN STANLEY 2015-UBS8: DBRS Cuts Class G Certs Rating to D
MORGAN STANLEY 2017-C33: DBRS Confirms B(high) Rating on F Certs
MORGAN STANLEY 2019-NUGS: Moody's Cuts Rating on Cl. C Certs to B1
MORGAN STANLEY I: Fitch Lowers Rating on Class H-RR Certs to CCCsf

MSC 2024-NSTB: Fitch Assigns 'B-(EXP)sf' Rating on Two Tranches
NATIXIS COMMERCIAL 2017-75B: S&P Affirms 'CCC-' Rating on V2 Notes
NEUBERGER BERMAN 28: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes
NEW MOUNTAIN IV: DBRS Finalizes BB(low) Rating on Class C Notes
NEW RESIDENTIAL 2024-NQM2: Fitch Assigns 'B-sf' Rating on B-2 Notes

NEW RESIDENTIAL 2024-RTL2: DBRS Gives Prov. B Rating on M2 Notes
NYMT LOAN 2024-BPL3: DBRS Gives Prov. B Rating on Class M2 Notes
OCP CLO 2024-35: S&P Assigns BB- (sf) Rating on Class E Notes
OCTAGON LTD 60: Fitch Assigns BB-(EXP) Rating on Class E-R Notes
OHA CREDIT 9: S&P Assigns Prelim BB-(sf) Rating on Class E-R Notes

OHA CREDIT XVI: S&P Assigns BB- (sf) Rating on Class E-R Notes
ONITY LOAN 2024-HB2: DBRS Gives Prov. B Rating on Class M5 Notes
OPORTUN FUNDING 2022-1: DBRS Confirms BB(low) Rating on C Notes
PRESTIGE AUTO 2024-2: DBRS Gives Prov. BB Rating on Class E Notes
RADNOR RE 2024-1: DBRS Gives Prov. B(high) Rating on M-1C Notes

SEQUOIA MORTGAGE 2024-9: Fitch Assigns 'Bsf' Rating on Cl. B5 Certs
SG COMMERCIAL 2019-PREZ: S&P Affirms BB- (sf) Rating on E Certs
SG COMMERCIAL 2020-COVE: DBRS Puts B(low) on F Certs Under Review
SIGNAL PEAK 7: S&P Assigns Prelim B- (sf) Rating on Cl. F-R Debt
SILVER POINT 5: Fitch Assigns 'BB+sf' Rating on Class E Notes

SREIT TRUST 2021-IND: DBRS Confirms B(low) Rating on Class F Certs
START II: Fitch Affirms BBsf Rating on Class C Notes
STORM KING: S&P Assigns BB-(sf) Rating on $17.75MM Class E-R Notes
TOORAK MORTGAGE 2024-RRTL2: DBRS Gives Prov. B Rating on B1 Notes
TOWD POINT 2024-CES4: DBRS Gives Prov. BB(high) on 4 Tranches

TRINITAS CLO XXX: S&P Assigns BB- (sf) Rating on Class E Notes
UNITED AUTO 2022-2: S&P Lowers Class E Notes Rating to CC (sf)
US AUTO 2021-1: Moody's Lowers Rating on Class C Notes to Caa1
VENTURE CLO XVIII: Moody's Cuts Rating on $29MM E-R Notes to Caa2
VMC FINANCE 2022-FL5: DBRS Confirms B(low) Rating on Class G Notes

WELLS FARGO 2015-LC22: DBRS Confirms B Rating on Class F Certs
WELLS FARGO 2016-C36: DBRS Lowers Class E-1 Certs Rating to BB(low)
WELLS FARGO 2019-C53: DBRS Confirms B(low) Rating on K-RR Certs
WIND RIVER 2014-2: Moody's Cuts Rating on $12.3MM F-R Notes to Caa3
[*] DBRS Reviews 123 Classes From 17 US RMBS Transactions

[*] Fitch Affirms & Withdraws 32 Distressed Classes in 4 CMBS Deals
[*] S&P Takes Various Actions on 33 Ratings From Six US CLO Deals

                            *********

225 LIBERTY 2016-225L: S&P Lowers Class E Certs Rating to 'B-(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on seven classes of
commercial mortgage pass-through certificates from 225 Liberty
Street Trust 2016-225L, a U.S. CMBS transaction.

This is a U.S. stand-alone (single-borrower) CMBS transaction that
is backed by a portion of a 10-year, fixed-rate, interest-only (IO)
mortgage whole loan secured by 225 Liberty St., a 44-story,
2.4-million-sq.-ft. class A office tower built in 1987 in
Manhattan's World Trade Center office submarket.

Rating Actions

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

-- S&P said, "Since our last published review in May 2023, there
remains a material amount of space available for lease at the
property. Per CoStar, 4.5% of the property's net rentable area
(NRA) is available for direct lease and another 14.0% is being
offered for sublease, for a total of 18.5% of NRA out for lease.
This compares to 3.2% of NRA out for direct lease and 15.9% out for
sublease, for a total of 19.1% of NRA out for lease, at our last
published review. Three of the top-five tenants are offering space
for sublease: Dotdash Meredith (9.1% of NRA being offered for
sublease); Invesco/Ofi (3.1%); and Saks Inc. (1.7%). We view the
sublease offerings as a sign that the direct leases may not renew,
or will at a minimum downsize, at their eventual expirations."

-- The property's World Trade Center office submarket continues to
exhibit elevated vacancy and availability rates, at 11.8% and
17.3%, respectively, compared to 13.0% and 17.1% at our last
published review. CoStar data from 2019 onward show the property's
availability rate as being in line with the submarket's.

-- The loan's refinance risk at its February 2026 maturity date is
exacerbated by early lease termination/contraction options,
subleasing activity, and tenants expiring around this time. The
largest tenant, Dotdash Meredith (28.9% of NRA; 25.9% of S&P Global
Ratings' in-place base rent; December 2032 lease expiration), has
an early lease termination option for approximately 4.6% of NRA
effective December 2027, with notice by June 2026. In addition, as
noted, this tenant is already offering 9.1% of NRA for sublease.
Furthermore, the third-largest tenant, Invesco/Ofi (12.0%; 12.7%;
September 2028), which is already offering 3.1% of NRA for
sublease, has a direct lease expiring in September 2028. In
addition, the fifth-largest tenant, Bank of America (6.0%; 6.6%;
April 2036), has a contraction option for 1.8% of NRA with notice
by December 2024. Finally, tenant Commerzbank (5.5%; 5.4%; November
2028) has a direct lease expiring in November 2028. In addition to
these lease concerns, the loan's relatively low 4.66% coupon rate,
well below prevailing market interest rates, also exacerbates its
refinance risk.
These factors were considered in S&P's current analysis, which
supports the sustainability of its reduced S&P Global Ratings' NCF
and value derived at our last published review, as reflected in the
downgrades.

-- S&P downgraded its rating on the class X IO certificates based
on its criteria for rating IO securities, in which the rating on
the IO security would not be higher than that of the lowest-rated
reference class. The notional amount of the class X certificates
references classes A, B, and C.

-- S&P will continue to monitor the tenancy and performance of the
property, the submarket, and the loan. If it receives information
that differs materially from its expectations, S&P may revisit its
analysis and take additional rating actions as it  determines
necessary.

Updates To Property Analysis

S&P's updated analysis primarily considers the June 2024 property
rent roll, updated property performance information, and subsequent
updates gleaned from CoStar data and servicer correspondence.

S&P said, "While reported direct occupancy, effective gross income,
and net cash flow (NCF) all increased in 2023, there still remains
a material amount of space available for sublease at the property,
which we view as a sign that the direct leases may not renew, or
will at a minimum downsize, at their eventual expirations. In
addition, various tenants have early lease termination/contraction
options. These factors could eventually translate to reduced direct
occupancy, effective gross income, and NCF, which we considered in
our reevaluation of the property.

"In our reevaluation of the property, we derived an S&P Global
Ratings' base rent of $63.33 per sq. ft. and gross rent of $72.23
per sq. ft., reflecting the June 2024 rent roll and updated
property performance information. Our gross rent is slightly higher
than CoStar's current gross asking rent of $65.34 per sq. ft. for
4- and 5-star properties in their World Trade Center office
submarket. Given the material amount of space available for lease
at the property (18.5% of NRA, in line with the 19.1% at our last
published review), the persistence of the submarket's vacancy and
availability rates (11.8% and 17.3%, respectively, in line with the
13.0% and 17.1% at our last published review), and the various
tenants with early lease termination/contraction options, we
maintained our long-term vacancy assumption of 17.5% from our last
published review.

"After reflecting primarily 2023 operating expense assumptions, we
derived an S&P Global Ratings' NCF in line with the $49.9 million
derived at our last published review, which we are maintaining. We
applied our 6.25% capitalization rate (unchanged from our last
published review) and arrived at an S&P Global Ratings'
expected-case value of $818.6 million ($337 per sq. ft.), the same
as our last published review, and down from our $887.4 million
($366 per sq. ft.) issuance value.

The five largest tenants at the property, by NRA, are:

-- Dotdash Meredith (28.9% of property NRA; $54.00 S&P Global
Ratings' base rent; December 2032 lease expiration with an early
lease termination option as discussed);

-- The Bank of New York Mellon (13.4%; $58.99 per sq. ft.;
December 2034);

-- Invesco/Ofi (12.0%; $63.49 per sq. ft.; September 2028)

-- Saks Inc. (9.6%; $86.05 per sq. ft.; December 2032); and

-- Bank of America (6.0%; $66.66 per sq. ft.; April 2036 with an
early lease contraction option as discussed).

  Table 1

  Servicer-reported collateral performance

                                      2023(I)   2022(I)   2021(I)

  Occupancy rate (%)                  94.7      88.6      87.0

  Effective gross income (mil. $)     151.1     141.7     141.1

  Operating expenses (mil. $)         82.3      78.5      75.3

  Net cash flow (mil. $)              63.2      57.6      60.2

  Debt service coverage (x)           1.49      1.35      1.42

  Appraisal value (mil. $)            1,400.0   1,400.0   1,400.0

  (i)Reporting period.


  Table 2

  S&P Global Ratings' key assumptions

                                   CURRENT  LAST REVIEW ISSUANCE
                                 (SEP 2024) (MAY 2023)  (FEB 2016)
                                     (I)        (I)        (I)

  Occupancy rate (%)               82.5        82.5        90.6

  Net cash flow (mil. $)           49.9        49.9        58.6

  Capitalization rate (%)          6.25        6.25        6.25

  Value (mil. $)                   818.6       818.6       887.4

  Value per sq. ft. ($)            337         337         366

  Loan-to-value ratio (%)(ii)      109.9       109.9       101.4

(i)Review period.
(ii)On the mortgage whole loan balance.


Transaction Summary

The IO mortgage whole loan had an initial and current balance of
$900.0 million, pays an annual fixed interest rate of 4.657%, and
matures on Feb. 6, 2026. The whole loan is split into six senior A
notes totaling $459.0 million and three subordinate B notes
totaling $441.0 million. The $778.5 million trust balance (as of
the September 2024 trustee remittance report) comprises three
senior A notes totaling $337.5 million and all the subordinate B
notes totaling $441.0 million. The other senior A notes are held in
Citigroup Commercial Mortgage Trust 2016-P3 ($40.5 million), Wells
Fargo Commercial Mortgage Trust 2016-C33 ($40.5 million), and DBJPM
2016-C1 Mortgage Trust ($40.5 million), all U.S. CMBS transactions.
The senior A notes are pari passu to each other and senior to the B
notes.

The loan had a current payment status, according to the September
2024 trustee remittance report. There is no additional debt, and
the trust has not incurred any principal losses to date.

  Ratings Lowered

  225 Liberty Street Trust 2016-225L

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



ACCELERATED LLC 2024-1: Fitch Assigns BB-sf Rating on Class D Notes
-------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Outlooks to
notes issued by Accelerated 2024-1 LLC (AALLC 2024-1):

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

   A             LT AAAsf  New Rating   AAA(EXP)sf
   B             LT Asf    New Rating   A(EXP)sf
   C             LT BBBsf  New Rating   BBB(EXP)sf
   D             LT BB-sf  New Rating   BB-(EXP)sf

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 58.3% of
the pool, down from 61.9% in Sierra 2024-2 and also lower than the
recent prior Sierra transactions. The collateral pool has eight
months of seasoning, less than nine months in 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 8.74% 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: Fitch believesT+L has demonstrated
sufficient capabilities as an originator and servicer of timeshare
loans. This is due to 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 four notches, two notches, and one rating
category, respectively.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP . The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to 125 sample 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.


AFFIRM ASSET 2024-B: DBRS Gives Prov. BB Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
notes to be issued by Affirm Asset Securitization Trust 2024-B
(Affirm 2024-B):

-- $376,220,000 Class A Notes at AAA (sf)
-- $32,870,000 Class B Notes at AA (high) (sf)
-- $32,870,000 Class C Notes at A (high) (sf)
-- $27,480,000 Class D Notes at BBB (high) (sf)
-- $30,560,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

-- Subordination, overcollateralization, amounts held in the
Reserve Account, the Yield Supplement Overcollateralization Amount,
and excess spread create credit enhancement levels that are
commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all AAA (sf), AA (high) (sf), A (high) (sf), BBB (high) (sf), and
BB (sf) stress scenarios in accordance with the terms of the Affirm
2024-B transaction documents.

(2) Inclusion of structural elements featured in the transaction
such as the following:

-- Eligibility criteria for receivables that are permissible in
the transaction.

-- Concentration limits designed to maintain a consistent profile
of the receivables in the pool.

-- Performance-based Amortization Events that, when breached, will
end the revolving period and begin amortization.

(3) 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 COVID-19 pandemic scenarios, which were first published
in April 2020.

(4) The experience, sourcing, and servicing capabilities of Affirm,
Inc. (Affirm).

(5) The experience, underwriting, and origination capabilities of
Affirm Loan Services LLC (ALS), Cross River Bank (CRB), Celtic
Bank, and Lead Bank.

(6) The ability of Nelnet Servicing to perform duties as a Backup
Servicer.

(7) The annual percentage rate charged on the loans and CRB, Celtic
Bank, and Lead Bank's status as the true lender.

-- All loans in the initial pool included in Affirm 2024-B are
originated by Affirm through its subsidiary ALS or by originating
banks, CRB, Celtic Bank, and Lead Bank, New Jersey, Utah, and
Missouri, respectively, state-chartered FDIC-insured banks.

-- Loans originated by ALS utilize state licenses and
registrations and interest rates are within each state's respective
usury cap.

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

-- Loans originated by Celtic Bank are all within the Utah state
usury limit of 36.00%.

-- Loans originated by Lead Bank are originated below 36.00%.

-- Loans may be in excess of individual state usury laws; however,
CRB, Celtic Bank, and Lead Bank as the true lenders are able to
export rates that preempt state usury rate caps.

-- The loan pool only includes loans made to borrowers in New York
that have Contract Rates below the usury threshold.

-- Loans originated to borrowers in Iowa will be eligible to be
included in the Receivables to be transferred to the Trust. These
loans will be originated under the ALS entity using Affirms state
license in Iowa.

-- Loans originated to borrowers in West Virginia will be eligible
to be included in the Receivables to be transferred to the Trust.
Affirm has the required licenses and registrations that will enable
it to operate the bank partner platform in West Virginia.

-- Affirm has obtained a supervised lending license from Colorado,
permitting Affirm to facilitate supervised loans in excess of the
Colorado annual rate cap, complying with Assurance of
Discontinuance's (AOD's) safe harbor.

-- Loans originated to borrowers in Vermont above the state usury
cap will be eligible to be included in the Receivables to be
transferred to the Trust. Affirm has the required licenses and
registrations in the state of Vermont.

-- Loans originated to borrowers in Connecticut with a Contract
Rate above the state usury cap will be ineligible to be included in
the Receivables to be transferred to the Trust until Affirm obtains
the required licenses and registrations in the state of
Connecticut. Inclusion of these Receivables will be subject to
Rating Agency Condition.

-- Under the loan sale agreement, Affirm is obligated to
repurchase any loan if there is a breach of representation and
warranty that materially and adversely affects the interests of the
purchaser.

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

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 notes
are the related Interest Distribution Amount and the related Note
Balance.

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


AMSR TRUST 2023-SFR3: DBRS Confirms BB Rating on Class F-1 Certs
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Single-Family Rental Pass-Through Certificates issued by AMSR
2023-SFR3 Trust 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-1 at BBB (sf)
-- Class E-2 at BBB (low) (sf)
-- Class F-1 at BB (sf)
-- Class F-2 at BB (low) (sf)

The credit rating confirmations reflect asset performance and
credit-support levels that are consistent with the current credit
ratings.

Morningstar DBRS' credit rating actions are based on the following
analytical considerations:

-- Key performance measures as reflected in month-over-month
changes in vacancy and delinquency, quarterly analysis of the
actual expenses, credit enhancement increases since deal inception,
and bond paydown factors.

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.

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


ANTARES CLO 2018-1: S&P Raises Class E Note Rating to 'BB+ (sf)'
----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B, C, D, and E
notes from Antares CLO 2018-1 Ltd., a U.S. CLO transaction. At the
same time, S&P affirmed its 'AAA (sf)' rating on the class A notes
from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the August 2024 trustee report.

The transaction has paid down approximately $201.65 million to the
class A notes since our review at the transactions effective date
in August 2018. Since the August 2018 effective date report, which
S&P used for its previous review, paydowns have resulted in
improved reported overcollateralization (O/C) ratios:

-- The class A/B O/C ratio improved to 185.23% from 147.93%.
-- The class C O/C ratio improved to 153.55% from 132.22%.
-- The class D O/C ratio improved to 134.78% from 121.69%.
-- The class E O/C ratio improved to 122.57% from 114.28%.
-- All O/C ratios experienced a positive movement due to the lower
balances of the senior notes; consequently, the credit support
increased.

While the O/C ratios improved, the collateral portfolio's credit
quality has slightly deteriorated since S&P's last review. As of
the August 2024 trustee report, collateral obligations with ratings
in the 'CCC' category have increased to $86.08 million (17.1% of
the portfolio) from $5.51 million (0.8% of the portfolio) as of the
August 2018 effective date report. Over the same period, defaulted
collateral has increased to $12.22 million (2.37% of the portfolio)
from $0.0. The paydowns have, and are expected to, outweigh this
slight deterioration for all O/C ratios. However, despite the
slightly larger concentrations in 'CCC' category and defaulted
collateral, the transaction has benefited from a drop in the
weighted average life due to the underlying collateral's
seasoning.

The upgraded ratings reflect the improved credit support available
to the notes at the prior rating levels.

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

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on all the classes other than the class A
notes. S&P said, "However, because the transaction currently has
higher exposure to 'CCC' rated collateral obligations in addition
to some defaulted assets, we limited the upgrade on some classes to
offset future potential credit migration in the underlying
collateral. Our rating actions also reflect additional sensitivity
runs that considered the exposure to lower-quality assets that we
noticed in the portfolio."

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

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

  Ratings Raised

  Antares CLO 2018-1 Ltd.

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

  Rating Affirmed

  Antares CLO 2018-1 Ltd.

  Class A: AAA (sf)



APIDOS CLO XLI: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Apidos CLO XLI Ltd Reset Transaction.

   Entity/Debt          Rating           
   -----------          ------           
Apidos CLO XLI Ltd

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

Transaction Summary

Apidos CLO XLI Ltd (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by CVC Credit
Partners, LLC, that originally closed in September 2022. The CLO's
secured notes will be refinanced in whole on Oct. 21, 2024 from
proceeds of the new secured notes. The net proceeds from the
issuance of the secured 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
96.78% first-lien senior secured loans and has a weighted average
recovery assumption of 73.75%. 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 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs.

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

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

The weighted average life (WAL) used for the transaction stress
portfolio is 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period. 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-1R, between
'BBB+sf' and 'AA+sf' for class A-2R, 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 D-1R, 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 A-1R and class
A-2R 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, 'Asf'
for class D-1R, 'A-sf' 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 Apidos CLO XLI
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.


APIDOS CLO XLI: Moody's Assigns (P)B3 Rating to $500,000 F-R Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to two classes of
CLO refinancing notes (the Refinancing Notes) to be issued by
Apidos CLO XLI Ltd. (the Issuer):  

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

US$500,000 Class F-R Mezzanine Deferrable Floating Rate Notes due
2037, Assigned (P)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
96.0% of the portfolio must consist of first lien senior secured
loans and up to 4.0% of the portfolio may consist of second lien
loans, unsecured loans, first lien last out loans and permitted
non-loan assets.

CVC Credit Partners, 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 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, 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 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: $498,930,778

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2995

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8 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.


ATLX 2024-RPL1: DBRS Gives Prov. B(high) Rating on B-2 Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Notes, Series 2024-RPL1 (the Notes) to be issued by
ATLX 2024-RPL1 Trust (ATLX 2024-RPL1 or the Trust) as follows:

-- $364.5 million Class A-1 at AAA (sf)
-- $30.9 million Class A-2 at AA (high) (sf)
-- $27.1 million Class M-1 at A (high) (sf)
-- $25.5 million Class M-2 at BBB (high) (sf)
-- $52.6 million Class M at BBB (high) (sf)
-- $16.9 million Class B-1 at BB (high) (sf)
-- $14.2 million Class B-2 at B (high) (sf)

The Class M Note is exchangeable. This class can be exchanged for
combinations of initial exchangeable notes as specified in the
offering documents.

The AAA (sf) credit rating on the Notes reflects 32.10% of credit
enhancement provided by subordinated notes. The AA (high) (sf), A
(high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
credit ratings reflect 26.35%, 21.30%, 16.55%, 13.40%, and 10.75%
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 seasoned
performing and reperforming first-lien residential mortgages funded
by the issuance the Notes. The Notes are backed by 3,598 loans with
a total principal balance of $536,821,418 as of the Cut-Off Date
(July 31, 2024).

The mortgage loans are approximately 217 months seasoned. As of the
Cut-Off Date, 82.6% of the loans are current (including 0.5%
bankruptcy-performing loans), 13.6% of the loans are 30 days
delinquent (including 0.2% bankruptcy loans), and 3.15% of the
loans are 60+ days delinquent (including 0.13% bankruptcy loans)
under the Mortgage Bankers Association (MBA) delinquency method.
Under the MBA delinquency method, 49.8% and 61.6% of the mortgage
loans have been zero times 30 days delinquent for the past 24
months and 12 months, respectively.

The portfolio contains 90.6% modified loans as determined by the
Issuer. Morningstar DBRS considers the modifications happened more
than two years ago for 97.6% of these loans. Within the pool, 2,003
mortgages have an aggregate non-interest-bearing deferred amount of
$52,677,168, which comprises 9.8% of the total principal balance.

ATLX 2024-RPL1 represents the first rated securitization of
seasoned performing and reperforming residential mortgage loans
issued by the Sponsor, Resi IA SPE, LLC

The Sponsor will contribute the loans to the Trust through Atlas
Securitization Depositor LLC (the Depositor). As the Sponsor, Resi
IA SPE 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.

The loans will be serviced by Select Portfolio Servicing, Inc.,
NewRez LLC d/b/a Shellpoint Mortgage Servicing, Selene Finance LP,
and Nationstar Mortgage LLC d/b/a Rushmore Loan Management Services
LLC. There will not be any advancing of delinquent principal and
interest (P&I) on any mortgages by the Servicers or any other party
to the transaction; however, the Servicers are 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 Servicers
to sell any mortgage loan that becomes 90+ days delinquent in a
sale conducted by arm's length terms in a commercially reasonable
manner to any person, other than the Servicers or an affiliate.

On any Payment Date on or after the date two years after the
closing, the Controlling Holder will have the option to purchase
all remaining loans and other assets of the Issuer at the Early
Repayment Price. The Controlling Holder will be the beneficial
owner of more than 50% of the Class XS 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.


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

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

All trends 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 since the last credit
rating action. Overall, the pool continues to exhibit healthy
credit metrics, as evidenced by the pool's weighted-average (WA)
debt service coverage ratio (DSCR) of 2.18 times (x), based on the
most recent financial reporting.

As of the August 2024 reporting, 77 of the original 87 loans remain
in the pool with an aggregate balance of $1.0 billion, representing
a collateral reduction of 15.7% since issuance, as a result of loan
amortization and repayment. Four loans, representing 1.6% of the
pool balance, have been fully defeased, while eight loans,
representing 19.0% of the pool balance, are on the servicer's
watchlist, including one loan, 1111 Studewood (Prospectus ID#54;
0.4% of the pool), that is delinquent. Among the pool's eight
watchlist loans, four loans, representing 10.9% of the pool balance
are being monitored for informational or deferred maintenance
and/or life safety issues, including the largest watchlist loan,
Starwood Capital Group Hotel Portfolio (Prospectus ID#2; 7.0% of
the pool), which Morningstar DBRS does not deem material to the
loans' credit profile. There are no loans in special servicing.

The pool is concentrated by property type with loans secured by
retail, office, and lodging properties representing 41.4%, 15.7%,
and 13.1% of the pool balance, respectively. For loans that are
secured by properties exhibiting performance concerns, Morningstar
DBRS maintained or further stressed the loan-to-value ratios (LTVs)
and/or applied probability of default (POD) penalties. Analytical
adjustments were made to nine loans, including three of the six
loans secured by office properties, representing 7.8% of the pool
balance. The largest of these loans is secured by 200 Center
Anaheim (Prospectus ID#10; 4.0% of the pool), a 191,556 square foot
(sf), Class A office building in downtown Anaheim, California. The
property is solely occupied by St. Joseph Heritage Healthcare (SJH)
on a lease through May 2027, with three five-year extension options
available. While the prospectus does not specify a termination
option for the tenant's lease, the property's entire net rentable
area (NRA) is listed as available for sublease on LoopNet.
Morningstar DBRS has reached out to the servicer regarding the
potential termination of SJH's lease and has yet to receive an
update as of the date of this press release. In the analysis for
this review, Morningstar DBRS stressed the loan's LTV, resulting in
an expected loss (EL) that is 150.0% above the pool's WA EL.

Morningstar DBRS continues to monitor the Capital Bank Plaza loan
(Prospectus ID#15; 2.0% of the pool), secured by a 148,142 sf,
15-story, Class A office tower in the central business district of
Raleigh, North Carolina. The loan had transferred to special
servicing with the February 2024 payment after the borrower
requested to modify the loan's payment structure to interest only
(IO). According to the servicer, the loan was modified in March
2024, with IO payments extending through September 2026, during
which the loan will remain cash managed. Following the
modification, the loan was returned to the master servicer in April
2024. The loan continues to be monitored on the servicer's
watchlist for low occupancy and DSCR, as the borrower has yet to
fully backfill the vacant spaces that were previously occupied by
the two former largest tenants, which vacated upon their lease
expirations in March 2021 and June 2022.

Per the September 2023 rent roll, the property was 37.4% occupied,
with leases representing 15.8% of the NRA scheduled to expire
through August 2025. The servicer has confirmed the lease
commencement of a new tenant, State of North Carolina
(approximately 21.2% of the NRA; lease expiration in November
2026), which would increase the property's occupancy to
approximately 58.6%. According to the financial reporting for the
trailing nine months ended September 31, 2023, the property
generated annualized net cash flow (NCF) of -$0.3 million, in line
with the YE2022 NCF, and well below the issuance figure of $2.1
million (DSCR of 1.48x). An updated March 2024 appraisal valued the
property at $18.2 million, representing a 43.0% decline from the
issuance value of $32.0 million. As a result of the sustained low
occupancy rate, and the sharp decline in value and performance,
Morningstar DBRS' adjusted the loan's LTV based on the updated
appraisal value and increased its POD, resulting in an EL that is
nearly five times greater than the pool average.

The second-largest loan on the watchlist, Gateway Net Lease
Portfolio (Prospectus ID#9; 3.7% of the pool), is secured by a
portfolio of 41 single-tenant office and industrial properties
across 20 states, all of which operate under triple-net leases. The
loan transferred to special servicing in 2021 for imminent monetary
default and a subsequent loan modification included a conversion to
IO payments until the loan's maturity date in June 2024. The loan
was added to the servicer's watchlist in December 2023 given the
impending maturity date. The borrower requested a forbearance in
May 2024 that was granted by the lender and has taken effect for
the 60-day period between June 5, 2024, and August 5, 2024, during
which time the borrower attempted to obtain replacement financing.
Morningstar DBRS requested additional information from the
servicer; however, as of the date of this press release, a response
remains pending. According to the YE2023 financial reporting, the
portfolio-level occupancy rate and NCF remain relatively consistent
with the prior year at 96.2% and $47.9 million (DSCR of 2.20x),
respectively. Although the borrower is actively attempting to
obtain replacement financing, the loan is past its maturity date
and the portfolio has significant exposure to single-tenant office
properties. As a result, Morningstar DBRS removed the BBB (high)
(sf) shadow rating assigned to the loan at issuance in addition to
applying an elevated POD penalty in its analysis.

At issuance, Morningstar DBRS shadow-rated four loans; Del Amo
Fashion Center (Prospectus ID#1; 8.7% of the pool), Olympic Tower
(Prospectus ID#5; 5.4% of the pool), Gateway Net Lease Portfolio,
and Stor-It Southern California Portfolio (Prospectus ID#11; 3.2%
of the pool)¿as investment grade. With this review, Morningstar
DBRS removed the shadow rating from the Gateway Net Lease Portfolio
loan, as outlined above. Morningstar DBRS confirms that the
characteristics of the other three loans remain consistent with the
investment-grade shadow ratings, as supported by the strong credit
metrics, strong sponsorship strength, and the historically stable
performance of the collateral underlying those loans.

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


BANK 2019-BNK22: DBRS Confirms BB Rating on Class G Certs
---------------------------------------------------------
DBRS Limited confirmed all credit ratings on the classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-BNK22
issued by BANK 2019-BNK22 as follows:

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

All trends are Stable.

The credit rating confirmations and Stable trends reflect overall
pool performance, which remains in line with Morningstar DBRS'
expectations at issuance, evidenced by the weighted-average (WA)
debt service coverage ratio (DSCR) of 2.53 times (x) and debt yield
of 9.8% as of the year-end (YE) 2023 reporting. As of the August
2024 remittance, there are no delinquent loans nor any loans in
special servicing, and only five loans, representing 15.6% of the
pool, on the servicer's watchlist. The most recently reported
financials suggest performance for the remaining pool has been
stable.

As of the August 2024 remittance, all of the original 59 loans
remain in the pool with an aggregate principal balance of $1.18
billion, representing a marginal collateral reduction of 1.4% since
issuance. By property type, when excluding defeased loans, the pool
is most concentrated by loans that are secured by office
properties, representing 38.8% 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 penalties,
and, in certain cases, applied stressed loan-to-value ratios (LTV)
for loans exhibiting performance concerns.

The largest loan of concern identified by Morningstar DBRS is The
Midtown Center - Trust (Prospectus ID#3, 7.5% of the pool), which
is secured by the Midtown Center, an 867,654-square-foot (sf),
14-story Class A office campus built in 2018 and located in
Washington, D.C., with ground-floor retail and a three-level
below-grade parking garage. The trust loan is pari passu with the
DC Office Trust 2019-MTC (lead securitization, Morningstar
DBRS-rated) and COMM 2018-GC44 (not rated by Morningstar DBRS). The
underlying fixed-rate loan for the subject transaction is interest
only (IO) until its stated maturity in September 2033; however, the
loan has an anticipated repayment date (ARD) in October 2029. If
the borrower is unable to refinance or pay off the loan as of the
ARD, the loan shall begin to hyper amortize through use of all
excess property cash flow.

The loan was added to the servicer's watchlist in February 2024
following news that the largest tenant, Fannie Mae (82.2% of the
net rentable area (NRA)), would be exercising its termination right
for the majority of its space, effective May 2029. As part of the
termination agreement, a termination fee in the amount of $52.3
million was paid by the tenant, which is currently held in the lead
securitization reserve account. The tenant also has a contraction
option on up to 160,200 sf (22.4% of NRA) annually between the
loan's sixth and ninth years. The servicer confirmed that the
tenant will exercise its first contraction option in May 2025 and
subsequent contraction options for each year thereafter until May
2028. The tenant has so far paid an additional $18.4 million in
contraction fees, which is also held in the lead securitization
reserve account. According to Commercial Observer, Fannie Mae has
since executed a new lease at the subject property for just under
half of its original footprint, effective after the termination of
the current lease. The servicer has also confirmed that Fannie Mae
will occupy approximately 38.0% of building NRA on a16-year lease
from 2029 to 2045.

The second largest tenant is WeWork, which originally occupied
12.7% of the NRA on a lease through November 2036. In May 2023,
WeWork was granted a 25.0% rent forbearance through December 2024.
Other terms included adding another year to WeWork's lease to
November 2037 and increasing its corporate guaranty to 24 months of
rent, with the borrower holding the right to void the forbearance
at any time. While WeWork remains current on its rent obligations
under the current terms of forbearance, the servicer has confirmed
that WeWork has relinquished some of its space at the subject
property. According to the March 2024 rent roll, WeWork only
appears to be leasing 8.6% of the NRA.

According to the YE2023 financials reported by the servicer, the
subject reported a debt service coverage ratio (DSCR) of 2.86 times
(x), which remains in line with historical reporting. Morningstar
DBRS expects the reported cash flow will remain stable until Fannie
Mae's contraction options take effect beginning in May 2025.
Increasing submarket vacancy may make backfilling this space
challenging. Offsetting some of this concern is the large
termination and contraction fees totaling $70.7 million currently
held by the servicer of the lead transaction. At issuance, the loan
was shadow rated investment grade to reflect the property's
location, excellent curb appeal, and strong long-term tenancy.
However, with this review, Morningstar DBRS has removed the shadow
rating to reflect weakening submarket fundamentals and increased
concerns regarding potential cash flow volatility given the
downsizing of two major tenants.

Another loan of concern, The Tysons Tower (Prospectus ID#9, 3.8% of
the pool) loan is secured by a 528,730-sf suburban office property
in McLean, Virginia, located approximately 14 miles west of
Washington, D.C. As of the March 2024 rent roll, the property was
78.9% occupied, down from 85% as of YE2023 and 92.4% as of YE2022,
with leases representing another 5.0% of the NRA scheduled to
expire in the next 12 months. Largest tenants at the subject
include Intelsat (36.2% of NRA, lease expiry in December 2030) and
Deloitte (17.8% of the NRA, lease expiry in August 2027). The
Tysons Corner submarket is experiencing high vacancy, at 24.4%
according to Reis as of Q2 2024, up from 21.3% as of Q2 2023.
Morningstar DBRS expects the 2024 financial reporting will reflect
a decline in cash flow given the occupancy loss, though the DSCR
remains strong as of the March 2024 reporting. In its analysis for
this loan, Morningstar DBRS stressed the LTV resulting in an
expected loss over triple the deal average.

At issuance, Morningstar DBRS shadow-rated Park Tower at Transbay
(Prospectus ID#1, 9.7% of the pool) and 230 Park Avenue South
(Prospectus ID#2, 9.3% of the pool) as investment grade. As part of
this review, Morningstar DBRS confirmed that the performance of
these loans remains in line with investment-grade loan
characteristics.

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


BANK 2022-BNK41: DBRS Confirms BB Rating on Class F Certs
---------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-BNK41
issued by BANK 2022-BNK41 as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall 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 strong
weighted-average (WA) debt service coverage ratio (DSCR) of 2.44
times (x) and the WA debt yield of 9.5% based on the most recent
financial reporting available.

The pool's office concentration is noteworthy, representing 36.5%
of the pool balance, 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. However, two of these
loans, representing 15.1% of the pool balance, are shadow-rated
investment grade, and the office loans are generally performing in
line with Morningstar DBRS' expectations.

As of the August 2024 remittance, all of the original 69 loans
remained in the pool with a trust balance of $1.17 billion,
representing a collateral reduction of 0.4% since issuance. Five
loans, representing 2.6% of the pool balance, are on the servicer's
watchlist and are being monitored for deferred maintenance items,
tenant rollover risk, or cash flow triggers. There are no
delinquent, specially serviced, or defeased loans.

The largest loan in the pool, Constitution Center (Prospectus ID#1,
9.4% of the pool), is secured by a 1.4 million-square-foot (sf)
Class A office tower in Washington, D.C. The loan was shadow-rated
investment grade at issuance as a result of its investment-grade
tenancy and superior quality and location. The property underwent a
$250.0 million renovation in 2007 to bring the building to a Stage
IV security level and improve the curb appeal through an all-glass
and stainless steel facade. The building is currently 100.0%
occupied by four investment-grade-rated government tenants. One
tenant, General Services Administration (26.6% of the net rentable
area), had a lease expiration in February 2024 but is working
toward exercising its five-year extension option. With this review,
Morningstar DBRS confirms that the loan's performance trends remain
consistent with investment-grade loan characteristics.

The second-largest loan in the pool is 1600 Broadway (Prospectus
ID#2, 8.4% of the pool), which is secured by approximately 26,000
sf of anchored retail property on the bottom two floors of a
25-story residential building in Times Square. The two commercial
units serve as collateral for the loan, while the 137 residential
dwellings that comprise the remainder of the building are
non-collateral. The loan is sponsored through a joint venture
between Paramount Group Inc. and German pension fund BVK, which
have shown strong commitment to the property through a $96.0
million equity contribution at issuance.

The entire retail space is leased to Mars Retail Group, LLC (Mars),
which is operating under the M&M brand as its flagship store. The
lease extends to April 2036, is structured with two five-year
extension options, and is fully guaranteed by the investment-grade
parent company. Mars had planned a $25.0 million renovation to the
store in order to align with the M&M global brand, which required a
full store closure starting in August 2022 and was scheduled to be
completed by July 2023. The work appears to have been completed as
the property is currently open to the public. As of the YE2023
financials, the loan reported a DSCR of 2.42x, compared with the
YE2022 DSCR of 2.37x and Morningstar DBRS DSCR of 2.70x. The
volatility in net cash flow is expected considering the deal is two
years post-issuance, and Morningstar DBRS expects performance to
stabilize as the loan continues to season.

At issuance, Morningstar DBRS shadow-rated two other loans¿601
Lexington Avenue (Prospectus ID#5, 5.6% of the pool) and Journal
Squared Tower II (Prospectus ID#13, 2.0% of the pool) - as
investment grade. Morningstar DBRS confirms that the loan
performance trends remain consistent with the investment-grade
shadow ratings, as supported by the strong credit metrics, strong
sponsorship strength, and historically stable performance of the
collateral underlying those loans.

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


BANK 2024-BNK48: Fitch Gives 'B-(EXP)sf' Rating on Class G-RR Certs
-------------------------------------------------------------------
Fitch Ratings has issued a presale report on BANK 2024-BNK48,
commercial mortgage pass-through certificates, series 2024-BNK48.
Fitch has assigned the following expected ratings:

- $10,900,000a class A-1 'AAAsf'; Outlook Stable;

- $14,800,000a class A-SB 'AAAsf'; Outlook Stable;

- $162,500,000ae class A-4 'AAAsf'; Outlook Stable;

- $550,539,000ae class A-5 'AAAsf'; Outlook Stable;

- $738,739,000ab class X-A 'AAAsf'; Outlook Stable;

- $156,983,000a class A-S 'AAAsf'; Outlook Stable;

- $42,213,000a class B 'AA-sf'; Outlook Stable;

- $29,022,000a class C 'A-sf'; Outlook Stable;

- $228,218,000ab class X-B 'A-sf'; Outlook Stable;

- $15,830,000ac class D 'BBBsf'; Outlook Stable;

- $15,830,000abc class X-D 'BBBsf'; Outlook Stable;

- $10,554,000ac class E 'BBB-sf'; Outlook Stable;

- $10,554,000abc class X-E 'BBB-f'; Outlook Stable;

- $17,149,000ac class F 'BB-sf'; Outlook Stable;

- $17,149,000abc class X-F 'BB-sf'; Outlook Stable;

- $11,873,000acd class G-RR 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following classes:

- $32,979,718acd class H-RR;

- $35,450,789f class RR Interest.

(a) Class balances, excluding the RR Interest, are net of their
proportionate share of the vertical risk retention interest,
totaling 3.25% of the notional amount of the certificates.

(b) Notional amount and interest only.

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

(d) Represents the "eligible horizontal interest" comprising 5.0%
of the pool.

(e) The initial certificate balances of classes A-4 and A-5 are not
yet known but are expected to be $713,039,000 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-4 balance range is $0-$325,000,000, and the expected class
A-5 balance range is $388,039,000-$713,039,000. The balances of
classes A-4 and A-5 above represent the hypothetical balance for
class A-4 if class A-5 were sized at the midpoint of its range. In
the event that the class A-5 certificate is issued with an initial
certificate balance of $713,039,000, the class A-4 certificate will
not be issued.

(f) The RR Interest comprises the transaction's vertical risk
retention interest and the certificate balance is subject to change
based on the final pricing of all classes.

The expected ratings are based on information provided by the
issuer as of Sept. 23, 2024.

Transaction Summary

The certificates represent the beneficial ownership interest in a
trust, the primary assets of which are 40 fixed-rate, commercial
mortgage loans with an aggregate principal balance of
$1,090,793,507 as of the cutoff date. The mortgage loans are
secured by the borrowers' fee and leasehold interests in 79
commercial properties.

The loans were contributed to the trust by Morgan Stanley Mortgage
Capital Holdings LLC, Wells Fargo Bank, National Association,
JPMorgan Chase Bank, National Association, Bank of America,
National Association, Citi Real Estate Funding Inc., Goldman Sachs
Mortgage Company and National Cooperative Bank, N.A.

The master servicer is expected to be Wells Fargo Bank, National
Association and the special servicer is expected to be LNR
Partners, LLC. Computershare Trust Company, N.A. will act as
trustee and certificate administrator. These certificates are
expected to follow a sequential paydown structure.

KEY RATING DRIVERS

Fitch Net Cash Flow: Fitch performed cash flow analyses on 28 loans
totaling 94.3% of the pool by balance, including the largest 20
loans and all of the office loans in the pool. Fitch's resulting
net cash flow (NCF) of approximately $277.2 million represents a
12.9% decline from the issuer's underwritten NCF of approximately
$318.2 million. The NCF decline is below the 2024 YTD 10-Year and
2023 10-Year averages of 13.6% and 13.0%, respectively.

Lower Leverage Compared to Recent Transactions: The pool has lower
leverage than U.S. private-label 10-year multi- borrower
transactions rated by Fitch. The pool's Fitch loan-to-value ratio
(LTV) of 81.6% is lower than the YTD 2024 and 2023 10-year averages
of 83.3% and 87.2%, respectively. The pool's Fitch NCF debt yield
(DY) of 13.1% is higher than the YTD 2024 and 2023 10-year averages
of 12.5% and 11.1%, respectively. The pool's Fitch LTV and DY,
excluding credit opinion and co-op loans, are 87.9% and 12.7%,
respectively.

Investment-Grade Credit Opinion Loans: Six loans representing 29.4%
of the pool balance received an investment-grade credit opinion on
a stand-alone basis. Soho Grand & The Roxy Hotel (9.2% of the pool)
received a credit opinion of 'A-sf*', VISA Global HQ (7.8% of the
pool) received a credit opinion of 'Asf*', 20 & 40 Pacifica (4.2%
of the pool) received a credit opinion of 'A-sf*', Marriott Myrtle
Beach Grande Dunes Resort (3.7% of the pool) received a credit
opinion of 'BBBsf*', 610 Newport Center (2.8% of the pool) received
a credit opinion of 'BBBsf*' and Newport Centre (1.8% of the pool)
received a credit opinion of 'A-sf*'. The pool's total credit
opinion percentage of 29.4% is significantly higher than the YTD
2024 and 2023 10-year averages of 21.7% and 20.1%, respectively.

Hotel Concentration: Eight loans (28.2% of pool), including three
of the top 10 loans (Soho Grand & The Roxy Hotel, Hilton La Jolla
Torrey Pines and Residence Inn National Mall - Washington, D.C.)
are secured by hotels. This is above the YTD 2024 and 2023 10-year
averages for hotel concentration of 10.4% and 11.7%.

RATING SENSITIVITIES

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

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

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

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

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

- 10% NCF Increase
'AAAsf'/'AAAsf'/'AA+sf'/'Asf'/'BBB+sf'/'BBBsf'/'BBsf'/'B+sf'.

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.


BBCMS MORTGAGE 2020-C7: DBRS Cuts Rating on 2 Tranches to CCC(sf)
-----------------------------------------------------------------
DBRS Limited downgraded its credit ratings on four classes of
Commercial Mortgage Pass-Through Certificates, Series 2020-C7
issued by BBCMS Mortgage Trust 2020-C7 as follows:

-- Class X-E to B (sf) from BB (high) (sf)
-- Class E to B (low) (sf) from BB (sf)
-- Class X-F to CCC (sf) from B (high) (sf)
-- Class F to CCC (sf) from B (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S 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 C at A (high) (sf)
-- Class D at BBB (low) (sf)

Morningstar DBRS changed the trends on Classes C and D to Negative
from Stable and maintained the Negative trends on Classes E and
X-E. There are no trends for Classes F and X-F, which have credit
ratings that do not typically carry trends in commercial
mortgage-backed securities (CMBS) credit ratings. The remaining
classes continue to carry Stable trends.

The credit rating downgrades on Classes E, F, X-E, and X-F reflect
Morningstar DBRS' increased loss projections for the loans in
special servicing. As of the August 2024 remittance, there were
five specially serviced loans that represented 15.8% of the pool
balance. Since the last credit rating action, Parkmerced - Trust
(Prospectus ID#1, 7.5% of the current pool balance), One Stockton
(Prospectus ID#14, 2.6% of the current pool balance), Time Out MHC
Portfolio (Prospectus ID#18, 1.8% of the current pool balance), and
Bronx Multifamily Portfolio (Prospectus ID#19, 1.8% of the current
pool balance) have transferred to special servicing. Morningstar
DBRS' analysis included a liquidation scenario for three of the
five specially serviced loans, resulting in implied losses in
excess of $19.0 million, as compared with the $6.5 million in
implied losses at the time of the last credit rating action. Based
on the liquidation scenarios for those loans, losses are projected
to erode approximately 70% of the unrated Class G certificate,
reducing credit enhancement to the junior bonds, supporting the
credit rating downgrades on Classes E and F. The primary
contributor to the increase in Morningstar DBRS' projected loss is
the liquidation scenario for the Meridian One Colorado loan
(Prospectus ID#17, 2.0% of the current pool balance), which
received an updated appraisal with this review, valuing the
property 56.7% below the appraised value at issuance. The Negative
trend on Class E is specifically tied to the potential for further
value deterioration for the loans in special servicing, indicating
that further credit rating downgrades could occur.

The Negative trends on Classes C and D reflect Morningstar DBRS'
concerns regarding loans not yet in special servicing: 525 Market
Street - Trust (Prospectus ID#2, 7.5% of the current pool balance)
and The Cove at Tiburon - Trust (Prospectus ID#3, 6.3% of the
current pool balance). At issuance, these loans were assigned
investment-grade shadow ratings because of low leverage metrics on
the senior debt, high property quality, and strong market
fundamentals. However, given recent performance declines,
Morningstar DBRS removed the shadow ratings on both loans with this
review, as discussed further below. Furthermore, excluding the
defeased loans, the pool is most concentrated by office properties
or mixed-use properties with a significant office component, which
represents 29.1% of the pool balance. Morningstar DBRS has specific
concerns about seven of these loans, representing 18.1% of the
pool. Morningstar DBRS has a cautious outlook on the office sector
given the sustained 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.
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 150% higher than the pool average.
Of these, seven loans (18.1% of the pool) are secured by office
properties with concentrated tenancy, meaning there is either a
single tenant or the largest and/or second-largest tenants
collectively represent more than 50.0% of the net rentable area
(NRA); these loans include 525 Market Street, F5 Towers (Prospectus
ID#9, 5.0% of the current pool balance) and 650 Madison Avenue
(Prospectus ID#13, 2.7% of the current pool balance), which are
already reporting a decline in occupancy rates and/or subleasing
portions of their space. Interest shortfalls have increased to
nearly $500,000, reaching up to the Class F certificate, an
increase from $14,000 at the last review in September 2023 as a
result of updated valuations for the loans in special servicing.
The Negative trends are further supported by the increased
propensity for interest shortfalls on Classes C and D, which have
credit ratings that allow for tolerance of shortfalls for one to
two and three to four reporting periods, respectively. Morningstar
DBRS notes that any unforeseen developments in the aforementioned
loans' performance or property value trends could result in further
credit rating downgrades given the weight these large loans carry
in influencing the overall pool EL.

The credit rating confirmations and Stable trends on the remaining
classes are reflective of the otherwise overall stable performance
of the remaining loans in the pool and Morningstar DBRS'
expectation that these loans' performance should remain in line
with its expectations at issuance as evidenced by the year-end WA
debt service coverage ratio (DSCR) of 2.60 times (x) and WA debt
yield, which remains above 11.0%. As of the August 2024 remittance,
all of the 49 original loans remained in the trust, with an
aggregate balance of $795.2 million, representing minimal
collateral reduction of 1.6% since issuance. There are four fully
defeased loans, representing 1.7% of the current pool balance. Nine
loans, representing 22.8% of the pool, are being monitored on the
servicer's watchlist for performance-related concerns and deferred
maintenance items.

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 composed of a $708 million
B note and a $245.0 million C note. There is also $275.0 million in
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 an occupancy
improvement as of the March 2023 rent roll and the subject
collateral's strong historical performance as mitigating factors
that supported maintaining the investment-grade shadow rating
assigned at issuance. However, despite slow and steady improvements
over the next six months, the loan eventually transferred to
special servicing as of the March 2024 reporting period and was
reported as current and with the special servicer 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 deteriorated 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 that 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 approximately double the pool's WA EL.

The 525 Market Street - Trust loan is secured by the fee,
leasehold, and sublease hold interests in 525 Market Street, a
38-story, 1.1 million-square-foot (sf) Class A office tower in San
Francisco's central business district. Built in 1973, the LEED
Platinum-certified property is primarily configured for office use,
with first-floor retail space totaling 14,655 sf. The whole loan of
$682.0 million encompasses the $60.0 million trust loan, $410.0
million pari passu notes, and subordinate B note debt of $212.0
million. The controlling piece is secured in the MKT 2020-525M
Mortgage Trust transaction, which is also rated by Morningstar
DBRS. To read more on Morningstar DBRS' recent credit rating action
on this transaction, please see the press release titled
"Morningstar DBRS Takes Rating Actions on North American
Single-Asset/Single-Borrower Transactions Backed by Office
Properties," published on April 15, 2024, on the Morningstar DBRS
website. The loan is sponsored by a joint venture between New York
State Teachers' Retirement System (advised by J.P. Morgan Asset
Management) and RREEF America REIT II, Inc., a Maryland
corporation.

As of the March 2024 rent roll, the property was 68.9% occupied
with approximately 15.0% of the NRA scheduled to roll over in the
upcoming 12 months, including the second-largest tenant. Occupancy
continues to decline from 95.0% at issuance. The largest tenants at
the building include Amazon.com Services, Inc. (39.0% of the NRA,
leases expire between 2028 and 2031); Wells Fargo Bank (13.7% of
the NRA, lease expires in June 2025); and Disney Streaming
Services, LLC (3.5% of the NRA, lease expires in July 2027).
Morningstar DBRS inquired whether Wells Fargo Bank will be renewing
its lease but did not receive a response as of this review. As per
the most recently reported financials, the loan reported a healthy
DSCR of 2.57x as of YE2023, compared with the Morningstar DBRS DSCR
of 2.51x. At issuance, the loan was shadow-rated investment grade
given its strong sponsorship and long-term credit tenancy. In its
analysis, Morningstar DBRS updated the LTV to reflect its updated
value for the property as concluded with the April 15, 2024, credit
rating action, as well as a stressed POD to account for the decline
in occupancy from issuance, concentrated tenant rollover risk, and
softening submarket, which reported a vacancy rate of 19.8% in Q2
2024 as per Reis. Given the aforementioned factors, Morningstar
DBRS removed the loan's previously assigned shadow rating as the
loan's characteristics are no longer consistent with the
investment-grade shadow rating determined at issuance.

The third-largest loan in the pool, The Cove at Tiburon (Prospectus
ID#3, 6.3% of the current trust balance), is secured by a 283-unit
Class A multifamily property on 20 waterfront acres in Tiburon,
California. At issuance, Morningstar DBRS shadow-rated the loan
investment grade given that the property benefits from a prime
waterfront location, superior amenities, and limited competition
within the submarket. However, despite these aspects, which
Morningstar DBRS expected to contribute to cash flow stability over
the loan term, the property's reported occupancy rate and cash flow
trended downward shortly after issuance, primarily as a result of a
slowdown in leasing activity. The $210 million whole loan is
composed of the $50.0 million trust balance, and the remaining
balance is securitized in the SG Commercial Mortgage Securities
Trust 2020-COVE (SGCMS 2020-COVE) transaction, which is also rated
by Morningstar DBRS. Morningstar DBRS has placed the SGCMS
2020-COVE transaction Under Review with Negative Implications given
the sustained challenges in performance at the underlying
collateral; for further detail, please refer to the press release
published on September 5, 2024. As per the March 2024 rent roll,
the property was 80.2% occupied at an average rental rate of $5,789
per unit, compared with June 2022 figures of 91.9% and $5,852 per
unit, respectively. It appears that new leases are being signed at
lower rental rates to curb increases in vacancy rates, resulting in
lowered cash flows. As per Reis, apartment properties with a
similar vintage to the property within the South Marin submarket
reported an average vacancy rate of 4.3% and average asking rent of
$4,292 per unit in Q1 2024. Although rental rates remain above the
submarket's, per the most recent financials, the YE2023 NCF was
reported at $9.6 million (a DSCR of 1.22x), compared with the
YE2022 NCF of $11.9 million (DSCR of 1.49x) and Morningstar DBRS
NCF of $10.7 million (Morningstar DBRS DSCR of 2.51x). Although the
property benefits from its ideal waterfront location, strong
property quality, and limited competition within the submarket, the
year-over-year declines in occupancy and rental rates, coupled with
the lack of leasing momentum, have inherently increased this loan's
credit profile from issuance. Therefore, Morningstar DBRS removed
the shadow rating for this loan and increased the POD to account
for the heightened risk.

At issuance, two other loans were shadow-rated investment grade:
Acuity Portfolio - Trust (Prospectus ID#8, 5.0% of the current pool
balance) and F5 Towers (Prospectus ID#9, 5.0% of the current pool
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.


BBCMS MORTGAGE 2022-C16: DBRS Confirms BB Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2022-C16 issued by BBCMS
Mortgage Trust 2022-C16 as follows:

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

All trends are Stable.

The credit rating confirmations 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
2.0 times (x) and the WA debt yield of approximately 10.0%, based
on the most recent financial reporting available. In addition,
there are no specially serviced or delinquent loans as of the most
recent remittance. Four loans, representing 15.8% of the pool
balance, are shadow-rated as investment grade by Morningstar DBRS.

The transaction is generally well distributed by property type,
with loans representing 28.6%, 28.2%, and 16.8% of the pool
collateralized by office, retail, and multifamily properties,
respectively. In general, loans secured by office properties are
performing as expected, with a WA DSCR of 2.35x and a WA debt yield
of 10.1%.

As of the August 2024 remittance, all of the original 60 loans
remained in the pool with a trust balance of $1.1 billion,
representing a collateral reduction of 0.6% since issuance. Twelve
loans, representing 23.5% of the pool balance, are on the
servicer's watchlist; however, only five of those loans,
representing 11.5% of the pool balance, are being monitored for
performance-related reasons.

The largest loan on the servicer's watchlist, Houston Multifamily
Portfolio (Prospectus ID#1; 7.0% of the pool), is secured by a
1,558-unit multifamily portfolio spread across five properties in
Houston. Loan payments were reported as delinquent between May and
July 2024; however, it appears the borrower has brought all its
payments current with the August 2024 remittance. Although the
portfolio benefits from diversity across several different
submarkets in the broader Houston area, occupancy and cash flow
began trending downward shortly after issuance. According to the
year-end (YE) 2023 financial reporting, the portfolio was 73.7%
occupied, a decline from 90.5% at issuance. Likewise, cash flow has
trended downward-- reflective of the property's lower occupancy
rate. The portfolio generated $1.7 million of net cash flow (NCF)
(a DSCR of 0.36x) as of YE2023, substantially lower than the
issuer's underwritten NCF and the Morningstar DBRS NCF of $8.1
million (a DSCR of 1.61x) and $7.1 million (a DSCR of 1.47x),
respectively. Morningstar DBRS has requested additional information
from the servicer to further clarify the drivers behind the recent
fluctuation in occupancy. Morningstar DBRS took a conservative
approach and analyzed this loan with an elevated probability of
default penalty, resulting in an expected loss that was
approximately 2.5x greater than the pool average.

At issuance, five loans, representing 21.7% of the pool balance,
were shadow-rated investment grade. With this review, Morningstar
DBRS confirms that the performance of four of those loans--
Yorkshire & Lexington Towers (Prospectus ID#2; 6.0% of the pool),
70 Hudson Street (Prospectus ID#5; 4.5% of the pool), ILPT
Logistics Portfolio (Prospectus ID#8; 3.7% of the pool), and The
Summit (Prospectus ID#20; 1.6% of the pool)-- remains consistent
with investment-grade loan characteristics, given the strong credit
metrics, experienced sponsorship, and the underlying collateral's
historically stable performance.

The 1888 Century Park East (Prospectus ID#3; 6.0% of the pool) loan
is secured by the borrower's fee-simple interest in a
502,510-square-foot Class A office tower in Los Angeles' Century
City neighborhood. The collateral was constructed in 1970 and was
most recently renovated in 2016. Although the loan's DSCR remains
strong, most recently reported at 3.51x as of March 2024 (down from
4.35x at issuance), the property's operating performance is
trending below Morningstar DBRS' expectations at issuance.
According to the YE2023 financials, the property generated $17.2
million of NCF, below the YE2022 and Morningstar DBRS figures of
$19.4 million and $19.3 million, respectively. Recent tenant
departures have pushed the property's occupancy rate down to 82.0%
(per the March 2024 rent roll) from 91.0% at issuance. In addition,
the lead tenant was First Republic Bank (First Republic) (21.5% of
the net rentable area and 23.6% of Morningstar DBRS' underwritten
base rent). In May 2023, the U.S. government announced it had taken
control of First Republic and sold the bank to JPMorgan Chase Bank,
N.A. (JPM; rated AA with a Stable trend by Morningstar DBRS and
most recently confirmed on December 6, 2023). It appears that JPM
may have assumed First Republic's lease at the property, which
extends through September 2035; however, given that JPM has
rejected leases at other properties, Morningstar DBRS has requested
confirmation from the servicer on the status of the lease and a
response is pending as of the date of this press release. Given the
recent developments outlined above, Morningstar DBRS elected to
remove the loan's investment-grade shadow rating with this review.

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


BENCHMARK 2019-B11: DBRS Cuts Rating on 4 Tranches to CCC(sf)
-------------------------------------------------------------
DBRS Limited downgraded the credit ratings on nine classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-B11
issued by Benchmark 2019-B11 Commercial Mortgage Trust as follows:

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

In addition, Morningstar DBRS confirmed the 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-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)

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

The credit rating downgrades reflect Morningstar DBRS' increased
loss projections for the pool, primarily attributed to the 57 East
11th Street loan (Prospectus ID#20, 2.0% of the pool), which
transferred to the special servicer in February 2024. With this
review, Morningstar DBRS considered a liquidation scenario for that
loan, in addition to two other specially serviced loans, Greenleaf
at Howell (Prospectus ID#15, 2.5% of the pool) and One Parkway
North (Prospectus ID#29, 1.1% of the pool), resulting in a
cumulative loss projection exceeding $35.0 million. Those losses
would erode almost 100.0% of the nonrated Class H balance,
significantly reducing credit support to the lowest rated bonds in
the transaction. Additionally, there is a high concentration of
loans secured by office properties, which represent 47.2% of the
pool balance. While select office loans in the transaction continue
to perform as expected, several others, including two top-15 loans,
101 California Street (Prospectus ID# 4, 5.0% of the pool balance)
and Central Tower Office (Prospectus ID# 13, 3.4% of the pool
balance), are exhibiting increased credit risk with exposure to
upcoming lease rollovers, softening office submarket fundamentals,
and/or have experienced sustained performance declines since
issuance. The Negative trends reflect the potential for further
value declines, primarily related to underperforming office
properties in the pool, as noted above. Loans that have exhibited
increased credit risk from issuance were analyzed with a stressed
probability of default (POD) penalty and/or a stressed
loan-to-value ratio (LTV) in the analysis for this review.

According to the August 2024 remittance, 37 of the original 40
loans remain within the transaction with a trust balance of $1.0
billion, reflecting a collateral reduction of 8.7% since issuance.
Eleven loans, representing 26.3% of the pool balance, are on the
servicer's watchlist. Four loans, representing 8.1% of the pool
balance, are in special servicing and one loan, representing 1.1%
of the pool balance, is fully defeased.

The 57 East 11th Street loan is secured by a 64,460-square-foot
(sf) office property with ground-floor retail in the Greenwich
Village submarket of New York. The property was built in 1903 and
was most recently renovated in 2018. The subject note is pari passu
with GSMS 2019-GC39 and GS Mortgage Securities Corporation Trust
2019-GC40 (rated by Morningstar DBRS). The $55.0 million
interest-only (IO) whole loan transferred to special servicing in
February 2024 because of payment default. The property was
previously fully leased to WeWork Inc. (WeWork) on a lease through
October 2034; however, WeWork filed for bankruptcy and rejected the
lease at the subject property in November 2023. A receiver was
recently appointed while the special servicer continues to pursue
foreclosure. An updated appraisal, dated March 2024, valued the
property at $17.8 million, a -77.0% variance from the issuance
value of $76.0 million. Given the considerable decline in the
property's value since issuance coupled with a lack of leasing
activity, Morningstar DBRS analyzed this loan with a liquidation
scenario, resulting in a loss severity of 80.0%.

The largest specially serviced loan, Greenleaf at Howell, is
secured by a 227,045-sf anchored retail center in Howell, New
Jersey. At issuance, the property was 100.0% occupied; however, the
property's second-largest tenant, Xscape Theatres (25.0% of the net
rentable area (NRA)), closed and surrendered its space, bringing
occupancy to its current rate of 74.0%. The closure significantly
impaired the property's cash flow, as reflected by the March 2024
debt service coverage ratio (DSCR) of 0.6 times (x). Although the
servicer indicated that a loan modification has been executed, the
property's appraised value has declined significantly, most
recently reported at $30.7 million; this compares with the July
2023 and issuance figures of $32.2 million and $66.9 million,
respectively. Morningstar DBRS liquidated the loan from the trust
based on a haircut to the most recent appraised value, resulting in
a loss severity approaching 60.0%.

The Central Office Tower loan is secured by two connected 21-story
and six-story office buildings, totaling 164,848 sf, in the
Financial District of downtown San Francisco. The loan is currently
on the servicer's watchlist because of a decline in the occupancy
rate, falling to 67.8% as of March 2024 from 91.0% at issuance. In
addition, the largest tenant, Unity Technologies (Unity), which
currently occupies 52.0% of the NRA, has a lease expiration in
August 2025, prior to the loan's maturity in 2029. Unity, a video
game development company, is headquartered at the subject property
and has one five-year renewal option remaining; however, various
online sources indicate that the tenant plans to reduce its
footprint in San Francisco as part of the company's global plan to
downsize its office footprint. The loan is structured with a cash
flow sweep that will commence if the tenant fails to renew its
lease 12 months prior to lease expiration, goes dark, or files for
bankruptcy. Morningstar DBRS has reached out to the servicer to
confirm the status of Unity's lease; however, a response remains
pending as of the date of this press release. According to the
YE2023 financial reporting, the property generated net cash flow of
$5.4 million (a DSCR of 1.34x), less than the YE2022 figure of $6.7
million (a DSCR of 1.65x), and the issuance figure of $9.4 million
(a DSCR of 2.32x). Should Unity opt to vacate the property upon its
lease expiration, backfilling the vacant space will likely prove
challenging. In its analysis for this review, Morningstar DBRS
analyzed this loan with a stressed LTV and POD assumption,
resulting in an expected loss almost three times greater than the
pool average.

At issuance, Morningstar DBRS assigned an investment-grade shadow
rating to one loan, 3 Columbus Circle (Prospectus ID#8, 4.4% of the
pool). This assessment was supported by the loans' strong credit
metrics, strong sponsorship strength, and historically stable
collateral performance. With this review, Morningstar DBRS confirms
that the performance of this loan remains consistent with
investment-grade characteristics.

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


BENCHMARK 2022-B34: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-B34,
issued by Benchmark 2022-B34 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 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BB (sf)
-- Class F at BB (low) (sf)
-- Class X-G at B (high) (sf)
-- Class G at B (sf)

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

The transaction is highly concentrated with loans secured by office
collateral, representing more than 50.0% of the pool balance. While
a select number of those loans continue to perform as expected,
several others, including the second and fourth largest loans in
the pool, One Wilshire (Prospectus ID#2, 9.4% of the pool) and
Romaine & Orange (Prospectus ID#4, 7.5% of the pool), are
exhibiting increased credit risk with exposure to upcoming lease
roll-overs, softening office submarket fundamentals, and/or have
experienced sustained performance declines since issuance. The
Negative trends assigned to the four lowest-rated classes reflect
these loan-specific challenges considering those classes are most
exposed to loss if the performance of the underlying collateral
continues to deteriorate. Mitigating factors include a sizable
unrated first-loss piece totaling $29.3 million with no losses
incurred to the trust to date. In addition, the largest loan in the
pool, which is secured by an office property, is shadow-rated
investment grade, as further described below.

The credit rating confirmations reflect the overall stable
performance of the transaction, as evidenced by the pool's strong
weighted-average (WA) debt service coverage ratio (DSCR) of 2.58
times (x) and the WA debt yield of approximately 10.0%, based on
the most recent financial reporting available. There is only one
loan in special servicing, which represents 1.0% of the pool
balance. That loan was analyzed with a liquidation scenario,
resulting in a relatively minor projected loss of $6.0 million.

As of the August 2024 remittance, all of the original 37 loans
remain in the pool with a trust balance of $909.1 million,
representing a collateral reduction of 0.6% since issuance. Six
loans, representing 19.8% of the pool balance, are on the
servicer's watchlist, and no loans have defeased. The sole loan in
special servicing, Arlington Green Executive Plaza (Prospectus
ID#29, 1.0% of the pool) is secured by a 63,000-square-foot (sf)
office building located in the suburban Chicago neighborhood of
Arlington Heights. The loan transferred to special servicing in
June 2023 for payment default and a receiver has been appointed to
oversee the asset through the foreclosure process. As of August
2024, outstanding advances totaled approximately $1.1 million.
According to Reis, office properties in the Northwest Suburbs
submarket reported a vacancy rate of 31.7% with an average
effective rental rate of $34.4 per sf (psf) as of Q2 2024. No
updated appraisal has been provided since issuance when the
property was valued at $14.6 million; however, given the property's
low occupancy rate, which was most recently reported at 77.0% as of
February 2023, 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. Morningstar DBRS' liquidation scenario considered a
conservative haircut to the property's appraised value at issuance
resulting in a loss severity in excess of 70.0%.

The largest loan in the pool, One Wilshire (Prospectus ID#1, 9.4%
of the pool), is secured by a 30-storey office tower in downtown
Los Angeles totaling approximately 662,000 sf. 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 $85.0 million component of a $389.3 million
whole loan across six transactions, of which one (Benchmark
2022-B35 Mortgage Trust) is rated by Morningstar DBRS. As of the
March 2024 rent roll, the property was 70.3% occupied, a decline
from 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). Near-term rollover risk is moderate with leases
representing approximately of 13.0% of the NRA set to expire prior
to 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 higher than 3.0x, 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. However with this
review, Morningstar DBRS has elected to remove the shadow rating,
given 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.

The largest loan on the servicer's watchlist, Romaine & Orange
Square, is secured by two adjacent office buildings totaling
122,411 sf in the Creative District of Los Angeles. The Romaine
building is a 91,286 sf, Class A office building, built in 2018 by
the sponsor. The property has since been converted into medical
office space. The Orange building is an older- vintage, Class B
office building, built in 1928, and over the years it was fully
converted into a creative and media/post production space. The loan
was added to the servicer's watchlist in March 2023 for a low DSCR,
and, as of the August 2024 remittance, is cash managed. According
to the March 2024 rent roll, tenants paid an average rental rate of
$42.3 psf with a consolidated occupancy rate of 85.9%, an increase
from the YE2023 occupancy rate of 80.7% but below the issuance
figure of 95.0%. Within a one-mile radius of the subject, office
properties reported a Q2 2024 average effective rental and vacancy
rates of $45.0 psf and 16.0%, respectively. For the same period,
the larger Mid-Wilshire/Miracle Mile/Park Mile submarket reported
average figures of $30.7 psf and 23.0%, respectively, according to
Reis. The financial reporting for the trailing-twelve month period
ended March 31, 2024, reflects a net cash flow (NCF) figure of $3.9
million (DSCR of 1.28x) compared with the YE2023 figure of $3.7
million (DSCR of 1.21x) and the issuance figure of $5.4 million
(DSCR of 1.78x). As a result of the soft submarket fundamentals and
recent volatility in cash flow, Morningstar DBRS applied a stressed
LTV ratio and probability of default penalty in its analysis,
resulting in an EL that exceeded the pool average by approximately
50.0%.

At issuance, Morningstar DBRS shadow-rated two loans¿601 Lexington
Avenue (Prospectus ID#5, 5.6% of the pool) and One Wilshire as
investment grade. As outlined above, Morningstar DBRS elected to
remove the shadow rating for the One Wilshire loan. Morningstar
DBRS confirms that the characteristics of the 601 Lexington Avenue
loan remain consistent with an investment-grade shadow rating,
given 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 2022-B36: DBRS Confirms BB Rating on Class G Certs
------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-B36
issued by Benchmark 2022-B36 Mortgage Trust 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-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AAA (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (low) (sf)
-- Class X-D at BBB (sf)
-- Class F at BB (high) (sf)
-- Class X-F at BBB (low) (sf)
-- Class G at BB (sf)
-- Class X-G at BB (high) (sf)
-- Class H at B (high) (sf)
-- Class X-H at BB (low) (sf)
-- Class J at B (low) (sf)
-- Class X-J at B (sf)

All trends 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 has a weighted-average (WA) debt service coverage
ratio (DSCR) of 2.01 times (x) and the WA debt yield of 10.9% based
on the most recent financial reporting available. The pool is well
diversified by property type with office, retail, and mixed-use
properties comprising 32.6%, 16.9%, and 15.6% of the pool,
respectively. 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.
Morningstar DBRS increased the probability of default and/or
loan-to-value ratios for two loans representing 16.1% of the pool,
given performance and/or tenancy concerns, and the WA expected loss
(EL) for these loans was more than 2x the WA pool EL.

As of the August 2024 remittance, all 31 of the original loans
remain in the pool with an aggregate balance of $753.8 million.
There has been no defeasance since issuance and no loans are in
special servicing. Two loans, representing 10.5% of the pool, are
on the servicer's watchlist, including the largest loan in the
pool, which has been flagged for performance-related concerns as
further discussed below.

The largest loan in the pool and the largest loan on the servicer's
watchlist is 79 Fifth Avenue (Prospectus ID#1; 9.4% of the pool),
which is secured by a 345,751-square-foot (sf) Class B office
property, which includes 28,345 sf of ground floor retail, in New
York City. The loan is currently on the servicer's watchlist for
low debt service coverage ratio (DSCR), which was most recently
reported at 0.99x for the trailing-three month period ended March
31, 2024. According to the watchlist commentary, the decline in
performance was primarily the result of increased repair and
maintenance expenses. Morningstar DBRS has inquired about the
potential cause of the increased expenses, but no additional
information is available at this time.

According to the March 2024 rent roll, the property was 98.8%
occupied, a marginal increase from 95% at issuance. The YE2023
reported DSCR was 1.72x, with cash flow indicating a slight
improvement from Morningstar DBRS' expectation. Over the next 12
months, two leases, representing 12.2% of the net rentable area
(NRA), are scheduled to expire, including that of the third-largest
tenant, Hulu (11.6% of the NRA, lease expiry in May 2025).
According to the lease terms, Hulu has no exercisable extension
options and it remains uncertain whether Hulu plans on remaining at
the subject property. The largest tenant at the property is the New
School, which has been at the subject since 2004. The tenant
currently occupies more than 66% of the NRA on a lease expiring in
June 2030, with two 10-year extension options remaining and no
termination options. According to the Reis report for the Midtown
South submarket in Manhattan, the office vacancy rate averaged
12.7% as of Q2 2024. Given the low reported DSCR for March 2024 and
upcoming lease rollovers, Morningstar DBRS stressed the
loan-to-value ratio (LTV), resulting in an EL that was more than
80% higher than the WA pool EL.

At issuance, Morningstar DBRS shadow-rated one loan: Yorkshire and
Lexington Avenue (Prospectus ID#2 8.8% of the pool). Morningstar
DBRS confirms that the characteristics of the loan remain
consistent with an investment-grade shadow rating, supported by
strong sponsorship strength and the historically stable performance
of the collateral.

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


BENEFIT STREET XIV: S&P Assigns BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-1R, D-2R, and E-R replacement debt from Benefit Street Partners
CLO XIV Ltd./Benefit Street Partners CLO XIV LLC, a CLO originally
issued in March 2018 that is managed by Benefit Street Partners
LLC. At the same time, S&P withdrew its ratings on the original
class A-1, B, C, D, and E debt following payment in full.

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 September 2026.

-- The reinvestment period was extended to Oct. 20, 2029.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) were extended to Oct. 20, 2037.

-- The required minimum overcollateralization and interest
coverage ratios were amended.

-- 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

  Benefit Street Partners CLO XIV Ltd./
  Benefit Street Partners CLO XIV LLC

  Class A-R, $315.00 million: AAA (sf)
  Class B-R, $65.00 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), $3.75 million: BBB- (sf)
  Class E-R (deferrable), $16.25 million: BB- (sf)

  Ratings Withdrawn

  Benefit Street Partners CLO XIV Ltd./
  Benefit Street Partners CLO XIV LLC

  Class A-1 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

  Benefit Street Partners CLO XIV Ltd./
  Benefit Street Partners CLO XIV LLC

  Subordinated notes, $130.321 million: NR

  NR--Not rated.



BLACKROCK DLF IX 2019-G: DBRS Confirms B Rating on Class W Notes
----------------------------------------------------------------
DBRS, Inc. confirmed its following credit ratings on the Class A-1
Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes (together, the Secured Notes), and the Class W
Notes (together with the Secured Notes, the Notes) issued by
BlackRock DLF IX 2019-G CLO, LLC (the Issuer), pursuant to the
Amended and Restated Note Purchase and Security Agreement (the
NPSA) dated December 23, 2020, as amended by the Amendment
Agreement (the Amendment), dated August 18, 2023, among the Issuer;
U.S. Bank Trust Company, National Association (rated AA stb / R-1
(high) stb by Morningstar DBRS) as the Collateral Agent, Collateral
Administrator, Information Agent, and Note Agent; U.S. Bank
National Association (rated AA stb / R-1 (high) stb by Morningstar
DBRS) as Custodian and Document Custodian and the Purchasers
referred to therein:

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AA (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class W Notes at B (sf)

The credit ratings on the Class A-1 Notes and Class A-2 Notes
address the timely payment of interest (excluding the interest
payable at the Post-Default Rate, as defined in the NPSA) and the
ultimate repayment of principal on or before the Stated Maturity of
October 16, 2031.

The credit ratings on the Class B Notes, Class C Notes, Class D
Notes, Class E Notes, and Class W Notes address the ultimate
payment of interest (excluding the interest payable at the
Post-Default Rate, as defined in the NPSA) and the ultimate
repayment of principal on or before the Stated Maturity of October
16, 2031. The Class W Notes have a fixed-rate coupon that is lower
than the spread/coupon of some of the more-senior Notes. The Class
W Notes also benefit from the Class W Note Payment Amount, which
allows for principal repayment of the Class W Notes with collateral
interest proceeds, in accordance with the Priority of Payments.

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.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating action is a result of Morningstar DBRS' review of
the transaction performance. The Reinvestment Period end date is
October 16, 2025. The Stated Maturity is October 16, 2031.
For the transaction performance review, Morningstar DBRS applied
the Current Profile analysis, which is based on the actual pool of
assets as reported in the trustee report dated as of July 15, 2024.
The Current Profile analysis, which accounted for a failing Minimum
Weighted Average Coupon test (current 3.85% vs required 6.00%),
produced satisfactory results. Given that the Notes are performing
within Morningstar DBRS' expectation, the credit ratings were
confirmed.

In its review, Morningstar DBRS also considered the following
aspects of the transaction:
(1) The transaction's capital structure and the form and
sufficiency of available credit enhancement.

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(4) Morningstar DBRS' assessment of the origination, servicing, and
CLO management capabilities of BlackRock Capital Investment
Advisors, LLC.

(5) The legal structure as well as legal opinions addressing
certain matters of the Issuer and the consistency with the
Morningstar DBRS "Legal Criteria for U.S. Structured Finance"
methodology.

Some of the performance metrics that Morningstar DBRS reviewed are
listed below:

Collateral Quality Tests

Minimum Weighted Average Spread: Actual 6.13%; Required 5.75%
Minimum Weighted Average Coupon: Actual 3.85%; Required 6.00%
Maximum Risk Score: Actual 38.24%; Required 39.88%
Minimum Weighted Average Recovery Rate Test: Actual 48.3%; Required
47.5%
Minimum Diversity Score Test: Actual 41; Required 30

Coverage Tests

Class A-2 Overcollateralization Ratio: Actual 160.13%; Required
143.97%
Class B Overcollateralization Ratio: Actual 145.12%; Required
132.18%
Class C Overcollateralization Ratio: Actual 137.51%; Required
125.71%
Class D Overcollateralization Ratio: Actual 128.50%; Required
119.01%
Class E Overcollateralization Ratio: Actual 121.54%; Required
110.28%

Class A-2 Interest Coverage: Actual 238.45%; Required 145.00%
Class B Interest Coverage: Actual 213.01%; Required 140.00%
Class C Interest Coverage: Actual 199.05%; Required 120.00%
Class E Interest Coverage: Actual 181.53%; Required 115.00%
Class D Interest Coverage: Actual 164.76%; Required 110.00%
Class W Interest Coverage: Actual 159.13%; Required 100.00%

Morningstar DBRS analyzed the transaction using the Morningstar
DBRS CLO Insight Model and its proprietary cash flow engine, which
incorporated assumptions regarding principal amortization, amount
of interest generated, principal pre-payments, default timings, and
recovery rates, among other credit considerations referenced in the
Morningstar DBRS "Global Methodology for Rating CLOs and Corporate
CDOs" (February 23, 2024;
https://dbrs.morningstar.com/research/428544). Model-based analysis
produced satisfactory results, which supported the respective
confirmations of the credit ratings on the Notes.

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate
Middle Market loans and (2) the adequate diversification of the
portfolio of collateral obligations (the current DScore of 41
compared with test level of 30). Some challenges were identified as
follows: (1) the weighted-average credit quality of the underlying
obligors may fall below investment grade and may not have public
ratings and (2) the underlying collateral portfolio may be
insufficient to redeem the Notes in an Event of Default.

Morningstar DBRS analyzed the actual obligations in the pool as
reported in the trustee report on July 15, 2024, accounting for a
failing Minimum Weighted-Average Coupon test (3.846% vs required
6.000%) and two defaulted obligations (the total par amount of
$4.87MM). Morningstar DBRS analyzed each loan in the pool
separately by inputting its tenor, Morningstar DBRS rating, country
of origin, and industry into the CLO Insight Model. Considering the
transaction performance, its legal aspects, and structure,
Morningstar DBRS confirmed its credit ratings on the Notes issued
by BlackRock DLF IX 2019-G CLO, LLC.

To assess portfolio credit quality, Morningstar DBRS provides a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio not rated by Morningstar DBRS.
Credit estimates are not ratings; rather, they represent a
model-driven default probability for each obligor that is used in
assigning ratings to a facility.

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


BLACKROCK DLF IX 2020-1: DBRS Hikes W Notes Rating to BB(low)
-------------------------------------------------------------
DBRS, Inc. confirmed and upgraded its credit ratings on the Class
A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes (together, the Secured Notes), and the Class W
Notes (together with the Secured Notes, the Notes) issued by
BlackRock DLF IX 2020-1 CLO, LLC, pursuant to the Note Purchase and
Security Agreement (the NPSA) dated as of July 21, 2020, among
BlackRock DLF IX 2020-1 CLO, LLC, as Issuer, U.S. Bank National
Association (rated AA stb / R-1 (high) stb by Morningstar DBRS), as
Collateral Agent, Custodian, Document Custodian, Collateral
Administrator, Information Agent, and Note Agent, and the
Purchasers referred to therein:

-- Class A-1 Notes confirmed at AAA (sf)
-- Class A-2 Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (sf) from AA (low) (sf)
-- Class C Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Class D Notes upgraded to A (low) (sf) from BBB (high) (sf)
-- Class E Notes upgraded to BBB (low) (sf) from BB (high) (sf)
-- Class W Notes upgraded to BB (low) (sf) from B (sf)

The credit ratings on the Class A-1 Notes and Class A-2 Notes
address the timely payment of interest (excluding the additional
interest payable at the Post-Default Rate, as defined in the NPSA)
and the ultimate payment of principal on or before the Stated
Maturity of July 21, 2030.

The credit ratings on the Class B Notes, Class C Notes, Class D
Notes, Class E Notes, and Class W Notes address the ultimate
payment of interest (excluding the additional interest payable at
the Post-Default Rate, as defined in the NPSA) and the ultimate
payment of principal on or before the Stated Maturity of July 21,
2030. The Class W Notes have a fixed-rate coupon that is lower than
the spread/coupon of some of the more-senior Notes. The Class W
Notes also benefit from the Class W Note Payment Amount, which
allows for principal repayment of the Class W Notes with collateral
interest proceeds, in accordance with the Priority of Payments.

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.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating action is a result of Morningstar DBRS' annual
review of the transaction performance. The Reinvestment Period
ended on July 21, 2024. The Stated Maturity is July 21, 2030.

The rationale for Morningstar DBRS's credit rating actions on the
Notes is that the static-pool analysis produced lower expected
losses, given the greater certainty about the underlying pool of
assets. Given a static pool, Morningstar DBRS analyzed the actual
obligations in the pool as opposed to a hypothetical pool, which is
governed by the covenanted test limitations. The actual pool
analysis produced better than expected loss results, which
warranted the credit rating actions.

In its analysis, Morningstar DBRS considered the following aspects
of the transaction:

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

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(4) Morningstar DBRS' assessment of the origination, servicing, and
CLO management capabilities of BlackRock Capital Investment
Advisors, LLC.

(5) The legal structure as well as legal opinions addressing
certain matters of the Issuer and the consistency with the
Morningstar DBRS "Legal Criteria for U.S. Structured Finance"
methodology.

The Notes are collateralized primarily by a portfolio of U.S.
middle-market corporate loans. This portfolio is static in nature
and does not allow for reinvestment. To account for a static pool,
Morningstar DBRS analyzed the actual obligations in the pool as
reported in the trustee report on August 8, 2024, accounting for a
failing Minimum Weighted Average Spread test (5.56% vs required
5.75%), a failing Minimum Weighted Average Coupon test (3.77% vs
required 6.00%), a failing Weighted Average Life test (WAL, the
actual WAL produced by the pool was used), and two defaulted
obligors ($7.77MM). Morningstar DBRS analyzed each loan in the pool
separately by inputting its tenor, Morningstar DBRS rating, country
of origin, and industry into the CLO Insight Model. The model-based
analysis, along with the cash flow engine output, produced
satisfactory results, which supported the credit rating
confirmations and upgrades.

Some of the performance metrics that Morningstar DBRS reviewed are
listed below:

Collateral Quality Tests

Minimum Weighted Average Spread: Actual 5.56%; Required 5.75%
Minimum Weighted Average Coupon: Actual 3.77%; Required 6.00%
Maximum Risk Score: Actual 37.56; Required 38.00
Minimum Weighted Average Recovery Rate Test: Actual 48.9%; Required
47.5%
Minimum Diversity Score Test: Actual 41; Required 30

Coverage Tests

Class A Overcollateralization Ratio: Actual 167.86%; Required
143.97%
Class B Overcollateralization Ratio: Actual 152.16%; Required
134.18%
Class C Overcollateralization Ratio: Actual 141.17%; Required
127.71%
Class D Overcollateralization Ratio: Actual 130.77%; Required
120.03%
Class E Overcollateralization Ratio: Actual 123.01%; Required
117.55%

Class A Interest Coverage: Actual 326.99%; Required 150.00%
Class B Interest Coverage: Actual 292.27%; Required 140.00%
Class C Interest Coverage: Actual 265.84%; Required 130.00%
Class D Interest Coverage: Actual 240.59%; Required 110.00%
Class E Interest Coverage: Actual 221.61%; Required 110.00%
Class W Interest Coverage: Actual 214.08%; Required 100.00%

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate MM
loans; and (2) the adequate diversification of the portfolio of
collateral obligations (the current DScore of 41 compared with test
level of 30). Some challenges were identified as follows: (1) the
WA credit quality of the underlying obligors may fall below
investment grade and may not have public ratings and (2) the
underlying collateral portfolio may be insufficient to redeem the
Notes in an Event of Default.

The transaction is performing according to the contractual
requirements of the NPSA. There were three defaults registered in
the underlying portfolio to date with total principal balance of
(totaling $7,774,051). Considering the transaction performance, its
legal aspects, and structure, Morningstar DBRS confirmed and
upgraded its credit ratings on the Notes.


BLACKROCK DLF IX 2021-1: DBRS Confirms B Rating on Class W Notes
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the Class A-1 Notes,
Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes, Class
E Notes, and Class W Notes (together, the Secured Notes) issued by
BlackRock DLF IX CLO 2021-1, LLC (the Issuer), as follows:

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class W Notes at B (sf)

The Secured Notes were issued pursuant to the Note Purchase and
Security Agreement (NPSA) dated March 30, 2021, and amended on
August 10, 2022, among the Issuer and U.S. Bank National
Association (rated AA stb / R-1 (high) stb by Morningstar DBRS) as
the Collateral Agent, Custodian, Document Custodian, Collateral
Administrator, Information Agent, and Note Agent; and the
Purchasers referred to therein. The Secured Notes are
collateralized primarily by a portfolio of U.S. middle-market
corporate loans. The Issuer is managed by BlackRock Capital
Investment Advisors, LLC (BCIA), which is a wholly owned subsidiary
of BlackRock, Inc. Morningstar DBRS considers BCIA an acceptable
collateralized loan obligation (CLO) manager.

The credit ratings on the Class A-1 Notes and Class A-2 Notes
address the timely payment of interest (excluding the additional
interest payable at the Post-Default Rate, as defined in the NPSA)
and the ultimate payment of principal on or before the Stated
Maturity of March 30, 2031.

The credit ratings on the Class B Notes, Class C Notes, Class D
Notes, Class E Notes, and Class W Notes address the ultimate
payment of interest (including any Deferred Interest, but excluding
the additional interest payable at the Post-Default Rate, as
defined in the NPSA) and the ultimate payment of principal on or
before the Stated Maturity of March 30, 2031. The Class W Notes
have a fixed-rate coupon that is lower than the spread/coupon of
some of the more-senior Secured Notes. The Class W Notes also
benefit from the Class W Note Payment Amount, which allows for
principal repayment of the Class W Notes with collateral interest
proceeds, in accordance with the Priority of Payments.

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.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating action is a result of Morningstar DBRS' review of
the transaction performance. The Reinvestment Period end date is
March 30, 2025. The Stated Maturity is March 30, 2031.

Morningstar DBRS monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
July 19, 2024, the transaction is in compliance with all
performance metrics. The current transaction performance is within
Morningstar DBRS's expectations, which supports the confirmations
on the Secured Notes.

In its review, Morningstar DBRS considered the following aspects of
the transaction:

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

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The ability of the Secured Notes to withstand projected
collateral loss rates under various cash flow stress scenarios.

(4) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(5) Morningstar DBRS' assessment of the origination, servicing, and
CLO management capabilities of BCIA.

(6) The legal structure as well as legal opinions addressing
certain matters of the Borrower and the consistency with the
Morningstar DBRS "Legal Criteria for U.S. Structured Finance"
methodology.

Some of the performance metrics that Morningstar DBRS reviewed are
listed below:

Coverage Tests

Class A-2 Overcollateralization (OC): Actual 166.68%; Required
143.97%
Class B OC: Actual 150.85%; Required 134.18%
Class C OC: Actual 136.78%; Required 124.95%
Class D OC: Actual 125.11%; Required 115.33%
Class E OC: Actual 112.93%; Required 107.54%

Class A-2 Interest Coverage (IC): Actual 291.99%; Required 150.00%
Class B IC: Actual 260.54%; Required 140.00%
Class C IC: Actual 230.15%; Required 130.00%
Class D IC: Actual 204.87%; Required 120.00%
Class E IC: Actual 178.69%; Required 110.00%
Class W IC: Actual 174.38%; Required 100.00%

Collateral Quality Tests

Minimum WAS: Actual 6.08%; Required 5.75%
Minimum Weighted-Average Coupon: Actual 8.66%; Required 6.00%
Maximum Morningstar DBRS Risk Score: Actual 37.38; Required 38.00
Minimum Weighted-Average Recovery Rate: Actual 48.80%; Required
47.50%
Minimum DScore: Actual 41; Required 30

The transaction is performing according to the parameters set in
the NPSA. As of July 19, 2024, the Borrower is in compliance with
all coverage and collateral quality tests. There is one defaulted
obligation (a total par amount of $9,878,722.28) registered in the
portfolio. The current credit quality of the portfolio is reflected
in the current Morningstar DBRS Risk Score of 37.38.

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured middle market
loans, (2) the adequate diversification of the portfolio of
collateral obligations (DScore currently at 41 versus test level of
30), and (3) the Collateral Manager's expertise in CLOs and overall
approach to the selection of Collateral Obligations.

Some challenges were identified in that (1) the expected
weighted-average credit quality of the underlying obligors may fall
below investment grade (per the per the Collateral Quality Matrix)
and the majority may not have public credit ratings once purchased,
and (2) the underlying collateral portfolio may be insufficient to
redeem the Secured Notes in an Event of Default.

To assess portfolio credit quality, Morningstar DBRS provides a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio not rated by Morningstar DBRS.
Credit estimates are not ratings; rather, they represent a
model-driven default probability for each obligor that Morningstar
DBRS uses when rating the Secured Notes.

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


BLACKROCK DLF IX 2021-2: DBRS Confirms B Rating on Class W Notes
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the Class A-1 Notes,
Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes, Class
E Notes (together, the Secured Notes), and the Class W Notes
(together with the Secured Notes, the Notes) issued by BlackRock
DLF IX CLO 2021-2, LLC (BlackRock IX CLO or the Issuer), as
follows:

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AA (high) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class W Notes at B (sf)

The Notes were issued pursuant to the Note Purchase and Security
Agreement (NPSA) dated May 20, 2021, as amended on August 2, 2022,
among the Issuer and U.S. Bank National Association (rated AA stb /
R-1 (high) stb by Morningstar DBRS) as the Collateral Agent,
Custodian, Document Custodian, Collateral Administrator,
Information Agent, and Note Agent; and the Purchasers referred to
therein. The Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. The Issuer is managed by
BlackRock Capital Investment Advisors, LLC (BCIA), which is a
wholly owned subsidiary of BlackRock, Inc. Morningstar DBRS
considers BCIA an acceptable collateralized loan obligation (CLO)
manager.

The ratings on the Class A-1 and A-2 Notes address the timely
payment of interest (excluding the additional interest payable at
the Post-Default Rate, as defined in the NPSA) and the ultimate
payment of principal on or before the Stated Maturity of May 20,
2035.

The ratings on the Class B Notes, Class C Notes, Class D Notes,
Class E Notes, and Class W Notes address the ultimate payment of
interest (including any Deferred Interest, but excluding the
additional interest payable at the Post-Default Rate, as defined in
the NPSA) and the ultimate payment of principal on or before the
Stated Maturity of May 20, 2035. The Class W Notes have a
fixed-rate coupon that is lower than the spread/coupon of some of
the more-senior Secured Notes. The Class W Notes also benefit from
the Class W Note Payment Amount, which allows for principal
repayment of the Class W Notes with collateral interest proceeds,
in accordance with the Priority of Payments.

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.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating action is a result of Morningstar DBRS' review of
the transaction performance. The Reinvestment Period end date is
May 20, 2027. The Stated Maturity is May 20, 2035.
Morningstar DBRS monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
July 19, 2024, the transaction is in compliance with all
performance metrics. The current transaction performance is within
Morningstar DBRS's expectations, which supports the confirmations
on the Notes.

In its review, Morningstar DBRS considered the following aspects of
the transaction:

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

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The ability of the Notes to withstand projected collateral loss
rates under various cash flow stress scenarios.

(4) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(5) Morningstar DBRS' assessment of the origination, servicing, and
CLO management capabilities of BCIA.

(6) The legal structure as well as legal opinions addressing
certain matters of the Borrower and the consistency with the
Morningstar DBRS "Legal Criteria for U.S. Structured Finance"
methodology.

Some of the performance metrics that Morningstar DBRS reviewed are
listed below:

Coverage Tests

Class A Overcollateralization (OC): Actual 166.54%; Required
143.97%
Class B OC: Actual 152.12%; Required 135.27%
Class C OC: Actual 141.02%; Required 128.66%
Class D OC: Actual 128.80%; Required 119.22%
Class E OC: Actual 116.02%; Required 110.75%

Class A Interest Coverage (IC): Actual 289.72%; Required 150.00%
Class B IC: Actual 261.02%; Required 140.00%
Class C IC: Actual 236.94%; Required 130.00%
Class D IC: Actual 210.22%; Required 120.00%
Class E IC: Actual 182.74%; Required 110.00%
Class W IC: Actual 177.04%; Required 100.00%

Collateral Quality Tests

Minimum Weighted Average Spread: Current 5.83%; Threshold 5.50%
Minimum Weighted Average Coupon: Current 12.00%; Threshold 6.00%
Maximum Morningstar DBRS Risk Score: Current 36.21; Threshold
38.75
Minimum Weighted Average Recovery Rate: Current 49.3%; Threshold
46.8%
Minimum Diversity Score: Current 42; Threshold 23

The transaction is performing according to the parameters set in
the NPSA. As of July 19, 2024, the Borrower is in compliance with
all coverage and collateral quality tests and there were no
defaulted obligations registered in the portfolio. The credit
quality of the portfolio is reflected in the current Morningstar
DBRS Risk Score of 36.21.

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured middle market
loans, (2) the adequate diversification of the portfolio of
collateral obligations (DScore currently at 42 versus test level of
23), and (3) the Collateral Manager's expertise in CLOs and overall
approach to the selection of Collateral Obligations.

Some challenges were identified in that (1) the expected
weighted-average credit quality of the underlying obligors may fall
below investment grade (per the Collateral Quality Matrix) and the
majority may not have public ratings once purchased, and (2) the
underlying collateral portfolio may be insufficient to redeem the
Notes in an Event of Default.

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


BLACKROCK DLF X 2022-1: DBRS Confirms B Rating on Class W Notes
---------------------------------------------------------------
DBRS, Inc. confirmed its following credit ratings on the Class A-1
Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes,
and the Class D Notes (together, the Secured Notes) issued by
BlackRock DLF X CLO 2022-1, LLC, and also confirmed its credit
rating on the Issuer's Class W Notes (together with the Secured
Notes, the Notes), pursuant to the Note Purchase and Security
Agreement (the NPSA) dated as of August 5, 2022, among BlackRock
DLF X CLO 2022-1, LLC, as the Issuer; Wilmington Trust National
Association (rated A stb by Morningstar DBRS), as the Collateral
Agent, Custodian, Collateral Administrator, Information Agent, and
Note Agent; and the Purchasers.

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AA (high) (sf)
-- Class B Notes at A (low) (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (sf)
-- Class W Notes at B (sf)

The ratings on the Class A-1 Notes and the Class A-2 Notes address
the timely payment of interest (excluding the additional interest
payable at the Post-Default Rate, as defined in the NPSA) and the
ultimate repayment of principal on or before the Stated Maturity of
August 5, 2034.

The ratings on the Class B, Class C, Class D, and Class W Notes
address the ultimate payment of interest (excluding the additional
interest payable at the Post-Default Rate, as defined in the NPSA)
and the ultimate repayment of principal on or before the Stated
Maturity. The Class W Notes have a fixed-rate coupon that is lower
than the spread/coupon of some of the more-senior Secured Notes.
The Class W Notes also benefit from the Class W Note Payment
Amount, which allows for principal repayment of the Class W Notes
with collateral interest proceeds, in accordance with the Priority
of Payments.

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.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating action is a result of Morningstar DBRS' review of
the transaction performance. The Reinvestment Period end date is
August 5, 2026. The Stated Maturity is August 5, 2034.
Morningstar DBRS monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
July 15, 2024, the transaction is in compliance with all
performance metrics. The current transaction performance is within
Morningstar DBRS's expectations, which supports the confirmations
on the Notes.

In its review, Morningstar DBRS also considered the following
aspects of the transaction:

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

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(4) Morningstar DBRS' assessment of the origination, servicing, and
CLO management capabilities of BlackRock Capital Investment
Advisors, LLC.

(5) The legal structure as well as legal opinions addressing
certain matters of the Issuer and the consistency with the
Morningstar DBRS "Legal Criteria for U.S. Structured Finance"
methodology.

Some of the performance metrics that Morningstar DBRS reviewed are
listed below:

Coverage Tests:

Class A Overcollateralization (OC): Actual 196.52%; Required
134.18%
Class B OC: Actual 155.53%; Required 119.11%
Class C OC: Actual 142.59%; Required 117.63%
Class D OC: Actual 128.23%; Required 112.76%

Class A Interest Coverage (IC): Actual 501.87%; Required 150.00%
Class B IC: Actual 363.39%; Required 140.00%
Class C IC: Actual 318.72%; Required 120.00%
Class D IC: Actual 268.07%; Required 110.00%
Class W IC: Actual 254.48%; Required 100.00%

Collateral Quality Tests:

Minimum Weighted Average Spread: Actual 5.85%; Threshold 5.25%
Maximum Morningstar DBRS Risk Score: Actual 32.33; Threshold 32.75
Minimum Weighted Average Recovery Rate: Actual 50.70%; Threshold
49.00%
Minimum Diversity Score: Actual 30.91; Threshold 20

The transaction is performing according to the contractual
requirements of the NPSA. There were no defaults registered in the
underlying portfolio to date. Considering the transaction
performance, its legal aspects and structure, Morningstar DBRS
confirmed its credit ratings on the Notes issued by BlackRock DLF X
2022-1 CLO, LLC.

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate
Middle Market loans and (2) the adequate diversification of the
portfolio of collateral obligations. Some challenges were
identified as follows: (1) the weighted average credit quality of
the underlying obligors may fall below investment grade and may not
have public ratings and (2) the underlying collateral portfolio may
be insufficient to redeem the Notes in an Event of Default.

To assess portfolio credit quality, Morningstar DBRS provides a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio not rated by Morningstar DBRS.
Credit estimates are not ratings; rather, they represent a
model-driven default probability for each obligor that Morningstar
DBRS uses when rating the Notes.

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


BRIDGECREST LENDING 2023-1: DBRS Confirms BB Rating on E Notes
--------------------------------------------------------------
DBRS, Inc. confirmed four credit ratings and upgraded two credit
ratings on Bridgecrest Lending Auto Securitization Trust 2023-1.

Note             Rating         Action
----             ------         ------
Class A-2 Notes  AAA (sf)       Confirmed
Class A-3 Notes  AAA (sf)       Confirmed
Class B Notes    AA (high)(sf)  Upgraded
Class C Notes    A (high)(sf)   Upgraded
Class D Notes    BBB (sf)       Confirmed
Class E Notes    BB (sf)        Confirmed

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

-- Although losses are tracking above the Morningstar DBRS initial
base-case CNL expectation, the current level of hard CE and
estimated excess spread are sufficient to support the Morningstar
DBRS projected remaining CNL assumptions at a multiple of coverage
commensurate with the credit ratings.

-- The transaction capital structures and form and sufficiency of
available CE.

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

-- 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 notes
are the related Noteholders' Monthly Accrued Interest and the
related Note Balance.

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

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: The principal methodology applicable to the credit ratings
is Morningstar DBRS Master U.S. ABS Surveillance (August 06, 2024).


BRYANT PARK 2024-24: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Bryant Park Funding
2024-24 Ltd./Bryant Park Funding 2024-24 LLC's fixed- and
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 Marathon Asset Management L.P.

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

  Bryant Park Funding 2024-24 Ltd./Bryant Park Funding 2024-24 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $22.00 million: AAA (sf)
  Class B, $42.00 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), $11.00 million: BB- (sf)
  Subordinated notes, $37.65 million: Not rated



BRYANT PARK 2024-24: S&P Assigns Prelim BB- (sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bryant Park
Funding 2024-24 Ltd./Bryant Park Funding 2024-24 LLC's fixed- and
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 Marathon Asset Management L.P..

The preliminary ratings are based on information as of Sept. 19,
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

  Bryant Park Funding 2024-24 Ltd./
  Bryant Park Funding 2024-24 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $22.00 million: AAA (sf)
  Class B, $42.00 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), $11.00 million: BB- (sf)
  Subordinated notes, $37.65 million: Not rated



BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by BSPDF 2021-FL1 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stability of
the transaction as the majority of loan collateral, including 13
loans, representing 58.9% of the current trust balance, is secured
by multifamily properties. Multifamily properties have historically
proved better able to retain property value and cash flow compared
with other property types. In its analysis for the review,
Morningstar DBRS determined the majority of individual borrowers
are progressing with their business plans to increase property cash
flow and property value. The transaction also benefits from
collateral reduction of 18.7% since issuance.

The transaction is partially exposed to adverse selection as three
loans, representing 24.8% of the current trust balance, including
the two largest loans in the trust, are secured by office
properties. The borrowers of these loans have been unable to
materially increase property occupancy rates and cash flows, with
loans exhibiting increased credit risk from closing. These risks
are mitigated as Morningstar DBRS applied increased loan-to-value
(LTV) and probability of default adjustments to increase the
individual loan expected loss levels in its analysis. Additionally,
the unrated first-loss bond of $68.8 million provides significant
cushion against realized losses should the increased risks for
those loans ultimately result in defaults and dispositions. 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 $630.5 million with 22 loans secured by 25
properties remaining in the trust. As noted above, there has been a
collateral reduction of 18.7% since the transaction became static
in October 2023, following the post-closing, 24-month Reinvestment
Period. Of the original 21 loans from the transaction closing in
October 2021, 12 loans, representing 70.7% of the current pool
balance, remain in the trust. Since the previous Morningstar DBRS
credit rating action in September 2023, one loan, representing 2.8%
of the current pool balance, has been added to the trust while six
loans with a former cumulative trust balance of $132.2 million were
successfully paid in full.

Beyond the multifamily and office concentrations noted above, four
loans, representing 11.6% of the current trust balance, are secured
by hotel properties and two loans, representing 4.7% of the current
trust balance, are secured by industrial properties. As of August
2023, multifamily collateral represented 67.5% of the trust
balance, office collateral represented 21.1%, and hotel collateral
represented 7.4%.

The pool collateral is concentrated in properties located in
suburban markets as 15 loans, representing 55.4% of the pool, are
secured by properties in such markets, as defined by Morningstar
DBRS, with Morningstar DBRS Market Ranks of 3, 4, or 5. An
additional four loans, representing 34.0% of the pool, are secured
by properties with Morningstar DBRS Market Ranks of 6 and 8,
denoting urban markets, while the remaining three loans,
representing 10.6% of the pool, are secured by properties with
Morningstar DBRS Market Ranks of 1 or 2, denoting rural and
tertiary markets. Those proportions compare with the pool as of
August 2023, when properties in suburban markets represented 62.3%
of the collateral, properties in urban represented 28.8% of the
collateral, and properties in tertiary and rural markets
represented 8.8% of the collateral.

Leverage across the pool has remained similar since issuance as the
current weighted-average (WA) as-is appraised value LTV is 71.2%
with the current WA stabilized LTV of 61.0%. In comparison, these
figures were 71.4% and 62.9%, respectively, at issuance.
Morningstar DBRS recognizes these appraised values may be inflated
as the 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 16 loans,
representing 88.3% of the current trust balance, generally
reflective of higher cap rate assumptions compared with the implied
cap rates based on the appraisals.

As of August 2024, there are no loans in special servicing;
however, two loans, representing 4.1% of the current trust balance,
are delinquent. The larger loan, Green Oak Apartments (Prospectus
ID#14; 3.1% of the current pool balance), is secured by a 188-unit
multifamily property in Arlington, Texas. The loan matured in July
2024 and is currently categorized as a nonperforming maturity
balloon asset as the sponsor, Tides Equities, LLC (Tides), has not
paid monthly debt service since the loan matured. The senior loan
has a current balance of $19.4 million after existing reserves of
$1.6 million were used to pay down the loan balance. There is also
$4.6 million of mezzanine debt held by Electra Capital.

According to an update from the collateral manager, the servicer is
discussing resolution strategies with the mezzanine debt lender and
the borrower. Tides has experienced stress across its commercial
real estate portfolio in recent years as a result of increased debt
service payments and slowed rental rate growth. Regarding the
subject loan, Tides has not progressed in the business plan to use
$2.9 million of loan future funding to renovate all 188 units as
only 48 units have been upgraded, according to the Q1 2024 update.
Additionally, the collateral manager reported unapproved liens
remained held against the property as of Q1 2024. As of March 2024,
the property was 91.0% occupied with a trailing 12-month (T-12) net
cash flow (NCF) of $1.0 million and a debt service coverage ratio
(DSCR) of 0.88 times (x). The property was valued at $24.5 million
at closing; however, given the status of the loan and property
performance, Morningstar DSCR suspects the borrower's initial
equity may be fully eroded. In its current analysis, Morningstar
DBRS applied upward LTV and probability of default adjustments to
increase the loan expected loss level. The adjustments resulted in
a loan expected loss approximately two times greater than the
expected loss for the pool.

Six loans, representing 36.4% of the current trust balance, are on
the servicer's watchlist as of the July 2024 reporting. The loans
have generally been flagged for low DSCRs. The largest loan on the
servicer's watchlist, 345 Seventh Avenue (Prospectus ID#1, 11.8% of
the current trust balance), is secured by an office property in
Midtown Manhattan. The borrower's business plan is to complete
upgrades across the lobby and tenant amenities and to stabilize
occupancy. While the upgrades have been completed, the borrower has
not succeeded in improving occupancy, which was quoted at 44.1% as
of the March 2024 rent roll with T-12 NCF of $2.4 million. The loan
matures in September 2024 and Morningstar DBRS expects the lender
will need to modify the loan as property cash flow does not support
the $74.1 million senior loan or the $7.0 million mezzanine debt,
also provided by the issuer. Given the increased credit risk
associate with the loan, Morningstar DBRS applied upward LTV and
probability of default adjustments with the resulting increased
loan expected loss in excess of the expected loss for the pool.

A total of nine loans, representing 43.0% 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.

Throughout 2024, 13 loans, representing 59.5% of the current trust
balance, have scheduled maturity dates. The only loan without an
existing extension option is The View at Middlesex (Prospectus ID4,
7.2% of the current trust balance), which is secured by a
multifamily property in Middlesex, New Jersey. Morningstar DBRS
expects the borrower to successfully execute its exit strategy as
it has completed the initial lease-up of the property and
stabilized operations. According to the collateral manager, the
property was 96.0% occupied as of March 2024 and achieved the
stabilized NCF projection of $3.1 million. Regarding the remaining
12 maturing loans, 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 July 2024, the lender had advanced $69.3 million in
cumulative loan future funding to 16 of the outstanding individual
borrowers to aid in property stabilization efforts, including $26.0
million since the previous Morningstar DBRS rating action in August
2023. The largest advance to a single borrower ($18.5 million) has
been made to the 5 Post Oak Park loan, which is secured by a
28-story, 566,618-sf office tower in Houston. The borrower's
business plan is to invest up to $31.0 million between $20.2
million of loan future funding and $10.8 million of additional
equity to complete a significant $8.0 million capital expenditure
program across the property and finance leasing costs. According to
the Q1 2024 update from the collateral manager, the building
upgrades are largely complete and the borrower remains focused on
executing new leases. The loan matured in August 2024 and the
lender modified the loan, waiving the minimum property performance
tests to allow the borrower to exercise the extension option. The
lender also placed the remaining $9.2 million of unadvanced future
funding dollars into an interest-bearing reserve, which remain
available to the borrower. According to the Q1 2024 update from the
collateral manager, the borrower has successfully increased the
leased rate of the property to 73.1% and has executed lease
renewals with several key tenants, including UBS Financial
Services, Inc. (55,000 sf). Both the T-12 NCF figure of $5.3
million and DSCR of 0.97x are expected to improve as new tenants
take occupancy and begin paying rent, though it may be difficult
for the borrower to achieve the issuer's original stabilized NCF
projection of $8.9 million. In its analysis, Morningstar DBRS
applied an upward LTV adjustment to reflect the increased credit
risk of the loan given the decline in office demand across tenants,
lenders, and investors alike.

An additional $13.2 million of loan future funding allocated to
seven individual borrowers remains available. The largest amount
($5.6 million) is available to the borrower of the Highwoods
Preserve V loan, which is secured by an office property in suburban
Tampa, Florida. The available funds are for accretive leasing
costs; however, the borrower has made little progress in its
business plan since loan closing in November 2021 as the occupancy
rate at the property was 44.9% as of March 2024. The loan exhibits
increased credit risk with T-12 NCF of $0.9 million and loan
maturity in December 2024. The issuer originally projected
stabilized figures of 87.5% and $2.7 million, respectively. Based
on the original As-Is appraised property value of $30.7 million,
the implied cap rate using the T-12 NCF figure is 3.0%, which is
not supportable. In its analysis, Morningstar DBRS analyzed the
loan with increased LTV and probability of default adjustments with
a loan expected loss approximately two times greater than the
expected loss for the overall pool.

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


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

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

All trends are Stable.

The credit ratings confirmations reflect the continued stable
performance of the transaction, which remains in line with
Morningstar DBRS' expectations at issuance. As of the August 2024
remittance, the current pool balance was reported at $899.9
million, representing a collateral reduction of approximately
$400.1 million (30.7%) since issuance. The paydown is directly
attributable to the release of nine properties since issuance, one
of which was released since the last credit rating action in
September 2023. The portfolio continues to post strong occupancy
rates across all of the remaining properties. Morningstar DBRS
revised the loan-to-value (LTV) sizing in its analysis for this
review to reflect the recent releases and derived an updated
Morningstar DBRS value of $636.9 million.

The $1.3 billion floating rate loan at issuance was structed with a
two-year initial term and three one-year extension options for a
fully extended maturity date of October 2026. The borrower
exercised its first extension option, extending the loan maturity
to October 2024, and, according to the servicer, is expected to
exercise its second extension. Although there are no performance
triggers, financial covenants, or fees required for the borrower to
exercise any of its extension options, the loan must not be in
default and the borrower is required to purchase an interest rate
cap agreement that would result in a debt service coverage ratio
(DSCR) of greater than 1.10 times (x) for each extension term.

The sponsor for the loan is the real estate fund commonly known as
Blackstone Real Estate Partners IX. At issuance, the transaction
was collateralized by the borrower's fee-simple interest in a
portfolio of 21 Class A and Class B multifamily properties totaling
6,671 units located in seven different states. As of August 2024
remittance, nine of the properties, representing 30.7% of the
allocated loan amount, have been released. Since the last credit
rating action, only one additional property (Alleia Luxury, which
was located in Savannah, Georgia) was released. The other eight
released properties were all located in Texas within the
Dallas-Fort Worth submarket. The loan has a partial pro
rata/sequential-pay structure that allows for pro rata paydowns
associated with property releases for the first 30% of the unpaid
principal balance. The sponsor was required to pay a release
premium of 105% until the original principal balance was reduced to
70% of the original loan balance. Ongoing release premiums will be
110% of the allocated loan amount for individual property releases.
Morningstar DBRS applied a penalty to the transaction's capital
structure to account for the partial pro rata structure and weak
release premiums.

As of the trailing 12-month period ending March 31, 2024, the
reported net cash flow (NCF) for the remaining properties was $43.2
million. The reported occupancy for the remaining properties as of
March 2024 was 92.6%, compared with 96.0% for the original
portfolio at issuance. Although cash flow has remained stable for
the remaining properties, the reported DSCR has declined because of
the loan's floating-rate coupon; however, as previously mentioned,
there is an interest rate cap agreement in place that yields a
minimum DSCR of 1.10x.

Morningstar DBRS updated the LTV sizing in its analysis for this
review to reflect the impact of property releases and the
subsequent paydown of the transaction. The updated Morningstar DBRS
NCF adjusted for the property releases was $41.4 million. The
analysis maintained a capitalization rate of 6.5%, which is on the
low end/middle range for this property type and reflective of the
portfolio's geographic diversity and above-average property
quality. Morningstar DBRS also maintained positive qualitative
adjustments totaling 6.75% to account for the historically strong
performance, property quality, and market fundamentals. The
resulting Morningstar DBRS value of $636.9 million implies an LTV
of 141.3%, which is largely in line with Morningstar DBRS' LTV of
137.3% at issuance.

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


CARVAL CLO XI-C: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to CarVal CLO XI-C
Ltd./CarVal CLO XI-C LLC's fixed- and 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 CarVal CLO 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

  CarVal CLO XI-C Ltd./CarVal CLO XI-C LLC

  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $25.00 million: Not rated
  Class B, $55.00 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, $50.00 million: Not rated



CARVANA AUTO 2024-N3: DBRS Gives Prov. BB(high) Rating on E Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the classes of
notes issued by Carvana Auto Receivables Trust 2024-N3 (CRVNA
2024-N3 or the Issuer) as follows:

-- $47,800,000 Class A-1 Notes at R-1 (high) (sf)
-- $148,900,000 Class A-2 Notes at AAA (sf)
-- $99,640,000 Class A-3 Notes at AAA (sf)
-- $78,000,000 Class B Notes at AA (sf)
-- $48,840,000 Class C Notes at A (high) (sf)
-- $62,620,000 Class D Notes at BBB (high) (sf)
-- $50,480,000 Class E Notes at BB (high) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

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

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

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

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

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

-- Carvana has a technology-driven platform that focuses on
providing the customer with high-level experience, selection, and
value. Its website and smartphone app provide the consumer with
vehicle search and discovery (currently showing more than 37,000
vehicles online); the ability to trade or sell vehicles almost
instantaneously; and real-time, personalized financing. Carvana has
developed underwriting policies and procedures for use across the
lending platform that leverages technology where appropriate to
validate customer identity, income, employment, residency,
creditworthiness, and proper insurance coverage.

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

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

As of the September 9, 2024 Cut-Off Date, the collateral pool for
the transaction is primarily composed of receivables due from
nonprime obligors with a nonzero weighted-average (WA) FICO score
of 569, a WA annual percentage rate of 22.41%, and a WA
loan-to-value ratio of 100.11%. Approximately 60.14%, 25.50%, and
14.36% of the pool include loans with Carvana Deal Scores greater
than or equal to 30, between 10 and 29, and between 0 and 9,
respectively.
Additionally, 1.39% is composed of obligors with FICO scores
greater than 751, 28.71% consists of FICO scores between 601 and
750, and 69.90% is from obligors with FICO scores less than or
equal to 600 or with no FICO score.

-- Morningstar DBRS analyzed the performance of Carvana's auto
loan and retail installment contract originations and static pool
vintage loss data broken down by Deal Score to determine a
projected CNL expectation for the CRVNA 2024-N3 pool.

(6) The Morningstar DBRS CNL assumption is 15.50% based on the
cut-off date pool composition.

-- The transaction assumptions consider Morningstar DBRS's
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's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

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

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

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


CHASE FUNDING 2003-5: Moody's Ups Rating on Cl. IIM-1 Certs to B2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of three bonds from two US
residential mortgage-backed transactions (RMBS), backed by subprime
mortgages issued by Chase Funding Trust in 2003.

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: Chase Funding Trust, Series 2003-4

Cl. IA-5, Upgraded to A3 (sf); previously on Apr 23, 2012 Confirmed
at Ba1 (sf)

Cl. IIA-2, Upgraded to Aa1 (sf); previously on Apr 23, 2012
Confirmed at A1 (sf)

Issuer: Chase Funding Trust, Series 2003-5

Cl. IIM-1, Upgraded to B2 (sf); previously on Dec 31, 2019
Downgraded to Caa1 (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 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 on the bonds 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 potential
impact of collateral performance volatility on ratings.

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.


CHASE HOME 2024-8: DBRS Gives Prov. B(low) Rating on B-5 Certs
--------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the Mortgage
Pass-Through Certificates, Series 2024-8 (the Certificates) to be
issued by Chase Home Lending Mortgage Trust 2024-8 (CHASE 2024-8)
as follows:

-- $529.5 million Class A-2 at AAA (sf)
-- $529.5 million Class A-3 at AAA (sf)
-- $529.5 million Class A-3-X at AAA (sf)
-- $397.1 million Class A-4 at AAA (sf)
-- $397.1 million Class A-4-A at AAA (sf)
-- $397.1 million Class A-4-X at AAA (sf)
-- $132.4 million Class A-5 at AAA (sf)
-- $132.4 million Class A-5-A at AAA (sf)
-- $132.4 million Class A-5-X at AAA (sf)
-- $317.7 million Class A-6 at AAA (sf)
-- $317.7 million Class A-6-A at AAA (sf)
-- $317.7 million Class A-6-X at AAA (sf)
-- $211.8 million Class A-7 at AAA (sf)
-- $211.8 million Class A-7-A at AAA (sf)
-- $211.8 million Class A-7-X at AAA (sf)
-- $79.4 million Class A-8 at AAA (sf)
-- $79.4 million Class A-8-A at AAA (sf)
-- $79.4 million Class A-8-X at AAA (sf)
-- $53.3 million Class A-9 at AAA (sf)
-- $53.3 million Class A-9-A at AAA (sf)
-- $53.3 million Class A-9-X at AAA (sf)
-- $582.8 million Class A-X-1 at AAA (sf)
-- $582.8 million Class A-X-2 at AAA (sf)
-- $582.8 million Class A-X-3 at AAA (sf)
-- $16.8 million Class B-1 at AA (low) (sf)
-- $16.8 million Class B-1-A at AA (low) (sf)
-- $16.8 million Class B-1-X at AA (low) (sf)
-- $9.3 million Class B-2 at A (low) (sf)
-- $9.3 million Class B-2-A at A (low) (sf)
-- $9.3 million Class B-2-X at A (low) (sf)
-- $6.9 million Class B-3 at BBB (low) (sf)
-- $3.1 million Class B-4 at BB (sf)
-- $1.9 million Class B-5 at B (low) (sf)

Classes A-5-X, A-6-X, A-8-X, A-9-X, 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-5-A, A-6-A, 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) credit ratings on the Certificates reflect 6.45% of
credit enhancement provided by subordinated certificates. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (sf), and B (low) (sf)
credit ratings reflect 3.75%, 2.25%, 1.15%, 0.65%, and 0.35% of
credit enhancement, respectively.

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

DBRS, Inc. (Morningstar DBRS) assigned provisional ratings to Chase
Home Lending Mortgage Trust 2024-8 (CHASE 2024-8), a securitization
of a portfolio of first-lien, fixed-rate prime residential
mortgages funded by the issuance of the Mortgage Pass-Through
Certificates, Series 2024-8 (the Certificates). The Certificates
are backed by 501 loans with a total principal balance of
$622,964,795 as of the Cut-Off Date (September 1, 2024).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity from 15 to 30 years and a
weighted-average (WA) loan age of three 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.

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

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

U.S. Bank Trust Company, National Association, rated AA with a
Stable trend by Morningstar DBRS, will act as Securities
Administrator. U.S. Bank Trust National Association will act as
Delaware 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, shifting-interest
cash flow structure that incorporates performance triggers and
credit enhancement floors.

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


CITIGROUP 2016-P5: Fitch Lowers Rating on Two Tranches to 'B-sf'
----------------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed three classes of
Citigroup Commercial Mortgage Trust 2016-P5 (CGCMT 2016-P5). Fitch
has also assigned Negative Outlooks to seven classes following
their downgrades. The Rating Outlooks are Stable for the three
affirmed classes.

Fitch has affirmed 15 classes of GS Mortgage Securities Trust
2017-GS8 (GSMS 2017-GS8). The Rating Outlooks remain Negative for
three of the affirmed classes.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
CGCMT 2016-P5

   A-3 17325DAC7    LT  AAAsf   Affirmed       AAAsf
   A-4 17325DAD5    LT  AAAsf   Affirmed       AAAsf
   A-AB 17325DAE3   LT  AAAsf   Affirmed       AAAsf
   A-S 17325DAF0    LT  AA-sf   Downgrade      AAAsf
   B 17325DAG8      LT  A-sf    Downgrade      AA-sf
   C 17325DAH6      LT  BBB-sf  Downgrade      A-sf
   D 17325DAL7      LT  B-sf    Downgrade      BBsf
   E 17325DAN3      LT  CCCsf   Downgrade      B-sf
   X-A 17325DAJ2    LT  AA-sf   Downgrade      AAAsf
   X-B 17325DAK9    LT  A-sf    Downgrade      AA-sf
   X-D 17325DAU7    LT  B-sf    Downgrade      BBsf

GSMS 2017-GS8

   A-2 36254KAJ1    LT  PIFsf   Paid In Full   AAAsf
   A-3 36254KAK8    LT  AAAsf   Affirmed       AAAsf
   A-4 36254KAL6    LT  AAAsf   Affirmed       AAAsf
   A-AB 36254KAM4   LT  AAAsf   Affirmed       AAAsf
   A-BP 36254KAN2   LT  AAAsf   Affirmed       AAAsf
   A-S 36254KAS1    LT  AAAsf   Affirmed       AAAsf
   B 36254KAT9      LT  AA-sf   Affirmed       AA-sf
   C 36254KAU6      LT  A-sf    Affirmed       A-sf
   D 36254KAA0      LT  BBBsf   Affirmed       BBBsf
   E-RR 36254KAC6   LT  BBB-sf  Affirmed       BBB-sf
   F-RR 36254KAD4   LT  BB-sf   Affirmed       BB-sf
   G-RR 36254KAE2   LT  B-sf    Affirmed       B-sf
   X-A 36254KAP7    LT  AAAsf   Affirmed       AAAsf
   X-B 36254KAR3    LT  AA-sf   Affirmed       AA-sf
   X-BP 36254KAQ5   LT  AAAsf   Affirmed       AAAsf
   X-D 36254KAB8    LT  BBBsf   Affirmed       BBBsf

KEY RATING DRIVERS

CGCMT 2016-P5: Deal-level 'Bsf' rating case loss increased to 10.9%
in CGCMT 2016-P5, up from 6.5% at Fitch's prior rating action. The
CGCMT 2016-P5 transaction has a high concentration of Fitch Loans
of Concern (FLOCs), totaling 14 loans (48.6% of the pool),
including two loans (6.5%) in special servicing.

The downgrades in CGCMT 2016-P5 reflect higher pool loss
expectations, driven primarily by the transfer to special servicing
and receipt of a significantly lower updated appraisal value since
the prior rating action on the 332 South Michigan loan (4.0%),
where YE 2023 property-level cash flow has become negative due to
increased vacancies, some tenants in occupancy not remitting their
full rent and weaker Chicago submarket fundamentals.

The downgrades also incorporate further performance deterioration
on other large office FLOCs in the pool, including Esplanade I
(3.1%), College Boulevard Portfolio (4.6%) and Plaza America I & II
(8.0%).

The Negative Outlooks reflect the high office concentration in the
pool of 42.8% and possible further downgrades with additional value
degradation, a prolonged special servicing workout and/or increased
exposure on the 332 South Michigan loan, as well as limited
performance stabilization on the other aforementioned office
FLOCs.

GSMS 2017-GS8: Deal-level 'Bsf' rating case loss is 5.2% in GSMS
2017-GS8. The GSMS 2017-GS8 transaction has five FLOCs (27.7%),
including one loan (3.7%) in special servicing.

The affirmations in GSMS 2017-GS8 reflect generally stable pool
performance and loss expectations since the prior rating action.
The Negative Outlooks reflect the uncertainty surrounding the
ultimate resolution strategy and timeline of the 90 Fifth Avenue
loan (3.7%), which transferred to special servicing in March 2024
due to the borrower failing to remit property tax payments and
became 60 days delinquent as of September 2024; downgrades are
possible should losses increase beyond Fitch's expectations.

Largest Increases in Loss Expectations: The largest increase in
loss since the prior rating action and largest contributor to
overall pool loss expectations in CGCMT 2016-P5 is the 332 South
Michigan loan, which is secured by an office property located in
the East Loop submarket of Chicago, IL. The collateral includes
floors 1-14, while floors 12-20 are residential units that are
non-collateral.

The loan transferred to special servicing in October 2023 due to
imminent monetary default, and a receiver subsequently took over
the management and leasing of the property.

The servicer-reported YE 2023 NOI DSCR declined to -0.05x from
1.02x at YE 2022. According to the March 2024 rent roll, occupancy
fell further to 67.5% from 82% at June 2023 due mainly to Compass
Lexecon reducing its space from 27.3% of the NRA to 12.7% in July
2023 and extending its lease through June 2029.

In addition, two in-place tenants, American Academy of Art College,
Inc. (15.2% of NRA; lease expiry in December 2029) and Intrax
English Academies, LLC (5.5% of NRA; leased expired May 2024), both
stopped paying rent in 2023. Further, Blackstone Group (0.9% of
NRA), which has an upcoming lease expiration in December 2024, is
only remitting a portion of their rent.

The largest tenant, RGN-Chicago L, LLC (Regus; 15.3% of NRA; lease
expiry in December 2033) — which took over the former WeWork at
the end of 2022 — has reportedly marketed some of its space for
sublease. The retail space at the property that is part of the
collateral has also been difficult to lease.

According to CoStar and as of September 2024, the Chicago East Loop
office submarket reported weaker fundamentals; the vacancy rate
increased over the last 12 months by 3.9% to 25.1%, with the
availability rate reported at 30.6%.

Fitch's 'Bsf' rating case loss of 75.6% (prior to concentration
add-ons) reflects a stressed value of approximately $25 psf,
factoring in the most recent appraisal value, which has declined by
85% from the appraisal value at issuance.

The second largest increase in loss since the prior rating action
in CGCMT 2016-P5 is the Esplanade I loan, which is secured by a
609,251-sf suburban, office property located in Downers Grove, IL,
approximately 20 miles west of Chicago.

Major tenants include IRS (12.3% NRA; lease expiry in July 2026),
DG Hotels LLC - Esplanade Conference Centre (5.1%; month to month),
Esplanade Fitness Center (4.4%, expired June 2024) and Syngenta
Corporation (3.8%; October 2024). Tenants representing 25.6% of the
NRA (24.8% of base rents) are month to month or have lease
expirations in 2024. Fitch requested a leasing update, but was not
provided a response.

Property-level YE 2023 NOI was down 24.8% from YE 2022. As a
result, the servicer-reported YE 2023 NOI DSCR fell to 0.93x from
1.24x at YE 2022. The YE 2023 occupancy has declined slightly to
70% from 72% at YE 2022.

Fitch's 'Bsf' rating case loss of 30.5% (prior to concentration
add-ons) reflects a 10% cap rate, 10% stress to the YE 2023 NOI and
a higher probability of default to reflect the upcoming rollover
concerns in 2024 and anticipated refinance concerns.

The third largest increase in loss since the prior rating action in
CGCMT 2016-P5 is the College Boulevard Portfolio loan, which is
secured by a portfolio of five office buildings in Overland, KS
totaling 768,461 sf. The five office buildings are 7101 College
Boulevard, Commerce Plaza I, Commerce Plaza II, Financial Plaza II
and Financial Plaza III. The largest tenants include BOKF National
Association (5% of portfolio NRA; lease expiry in December 2032)
and Partners, Inc. (3.6%; January 2027).

This FLOC was flagged for occupancy declines, upcoming rollover
risk and refinance concerns. The portfolio was 71% occupied as of
the latest available December 2023 rent roll. The occupancy has
declined from 76% at September 2022 due to multiple small tenants
vacating at lease expiration, including Arrowhead General (3% NRA)
in October 2022. Near-term rollover includes 21.5% of the NRA by YE
2024.

Fitch's 'Bsf' rating case loss of 13.8% (prior to concentration
add-ons) reflects a 10% cap rate, 20% stress to the YE 2023 NOI and
a higher probability of default to account for the declining
performance trends and anticipated refinance concerns.

The fourth largest increase in loss since the prior rating action
in CGCMT 2016-P5 is the Plaza America I & II loan, which is secured
by a 514,615-sf suburban office property consisting of two
buildings that are part of the larger Plaza America office campus
located in Reston, VA. This FLOC was flagged for occupancy declines
and upcoming rollover risk.

As of the March 2024 rent roll, occupancy fell to 63% from 75% in
YE 2022 due to the former largest tenant, Software AG (12.0% NRA),
vacating upon its February 2024 lease expiration. Federal Network
Systems, LLC (4.4%) also vacated after the most recent rent roll at
lease expiration in August 2024, dropping estimated occupancy below
60%.

According to the servicer, three additional tenants have indicated
they will be vacating upon their lease expiration, including CGI
Federal (2.6%, October 2024), Atyeti Inc. (0.4%, December 2024) and
Rockwell Automation, Inc. (1.1%, February 2025).

Current major tenants include NVR, Inc. (11.8%, April 2026) and
Stanley Martin Communities (6.9%, October 2026). The
servicer-reported March 2024 NOI DSCR was 1.90x, compared with
2.06x at YE 2023, 2.12x at YE 2022, 2.00x at YE 2021 and 1.97x at
YE 2020.

Fitch's 'Bsf' rating case loss of 13.7% (prior to concentration
add-ons) reflects a 10% cap rate, 20% stress to the YE 2023 NOI and
a higher probability of default to account for the upcoming
rollover and anticipated refinance concerns.

The largest increase in loss since the prior rating action in GSMS
2017-GS8 is the 90 Fifth Avenue loan, which is secured by a
139,886-sf office and retail property located adjacent to the Fifth
Avenue and West 14th Street subway stop, north of Union Square in
Manhattan. The loan transferred to special servicing in March 2024
due to the borrower's failure to remit property tax payments. The
special servicer is assessing the next steps to resolve the loan.
The loan was 60 days delinquent as of the September 2024
reporting.

Occupancy was 91% as of the April 2024 rent roll, compared with
100% at YE 2022 and YE 2021. The property has a major tenant
concentration, with the largest tenant being Urban Compass (71.8%
NRA through May 2025). According to the April 2024 rent roll, Urban
Compass downsized part of its space in April 2024, which
represented 9.0% of the NRA, reducing occupancy from 100% to 91%.
Additional tenants include Hash Map Lab (9.0%; May 2025), Republic
First Bancorp (7.5%; July 2034) and Commerce Bank, NA (2.8%;
November 2027).

A cash flow sweep was triggered when Urban Compass failed to renew
its lease 24 months prior to lease expiration, whereby these funds
can be applied towards re-tenanting costs for the Urban Compass
space. The servicer-reported YE 2023 NOI DSCR was 2.04x, compared
with 1.80x at YE 2022, 1.89x at YE 2021 and 1.82x at YE 2020.

Fitch's 'Bsf' rating case loss of 31.3% (prior to concentration
add-ons) reflects an 8.25% cap rate, 10% stress to the YE 2023 NOI
and the loan's delinquency status.

Increased Credit Enhancement (CE): As of the August 2024
distribution date, the pool's aggregate balance for CGCMT 2016-P5
has been reduced by 18.6% to $746.8 million from $917.4 million at
issuance. Nine loans (11.6%) have been defeased, including the
eighth largest loan, Flagler Corporate Center (4.0%), in September
2024 according to the servicer.

As of the August 2024 distribution date, the pool's aggregate
balance for GSMS 2017-GS8 has been reduced by 10% to $919.2 million
from $1.0 billion at issuance. One loan (1.6%) has been defeased.

RATING SENSITIVITIES

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

- Downgrades to the '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 affect
these classes;

- Downgrades to 'AAsf' and 'Asf' category rated classes could occur
should performance of the FLOCs, most notably 332 South Michigan,
Esplanade I, College Boulevard Portfolio and Plaza America I & II
in CGCMT 2016-P5 and 90 Fifth Avenue in GSMS 2017-GS8, deteriorate
further, higher than expected losses are realized on the specially
serviced loans and/or more loans than expected default at or prior
to maturity;

- Downgrades to the 'BBBsf', 'BBsf', 'Bsf' category rated classes
with Negative Outlooks are likely with higher than expected losses
from continued underperformance of the FLOCs, particularly the
aforementioned office FLOCs with deteriorating performance and with
greater certainty of losses on the specially serviced loans or
other FLOCs;

- A downgrade to the 'CCCsf' rated class would occur should
additional loans transfer to special servicing and/or default, or
as losses become realized or more certain.

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

- Upgrades to 'AAsf' and 'Asf' category rated classes are not
expected, but possible with increased CE from paydowns, coupled
with improved pool-level loss expectations and performance
stabilization of the FLOCs, including 332 South Michigan, Esplanade
I, College Boulevard Portfolio, and Plaza America I & II in CGCMT
2016-P5 and 90 Fifth Avenue in GSMS 2017-GS8;

- 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
is likelihood for interest shortfalls;

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

- Upgrades to the 'CCCsf' rated class is not likely, but may be
possible with better than expected recoveries on specially serviced
loans and/or significantly higher values on the 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.


CITIGROUP 2019-C7: DBRS Confirms B(low) Rating on J-RR Certs
------------------------------------------------------------
DBRS Limited confirmed all credit ratings on the classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-C7,
issued by Citigroup Commercial Mortgage Trust 2019-C7 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (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)
-- Class X-F at BBB (low) (sf)
-- Class X-G at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (high) (sf)
-- Class X-H at BB (low) (sf)
-- Class H at B (high) (sf)
-- Class J-RR at B (low) (sf)

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

The Negative trends reflect Morningstar DBRS' increased loss
expectations, primarily driven by 650 Madison Avenue (Prospectus
ID#2; 4.5% of the pool) and 805 Third Avenue (Prospectus ID#3; 4.5%
of the pool), which have exhibited performance deterioration since
Morningstar DBRS' last credit rating action. The pool has
significant exposure to the office sector, given loans representing
35.6% of the pool are secured office properties or mixed-use
properties with significant office components. Where applicable,
Morningstar DBRS increased the probability of default (POD)
penalties and/or stressed loan-to-value (LTV) ratios for these two
loans and others exhibiting increased risks from issuance. The
resulting weighted-average (WA) expected loss (EL) for these loans
was more than double the pool average.

The 650 Madison loan is collateralized by a Class A office and
retail tower that consists of approximately 544,000 square feet
(sf) of office space, with additional ground floor retail and
storage space. 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 as a result of a
low debt service coverage ratio (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 is expected to fall
further 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
(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 that
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. Based on the August 2024 reporting, four of the
five senior pari passu notes are listed as delinquent with the last
payment received in June 2024, whereas the trust debt indicates
payments are only one month late. Another area of concern is the
loan's sponsor, Cohen Brothers Realty Corporation, which, per media
sources, has accumulated approximately $1.0 billion of loans in
default. Given the observed 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
was approaching three times the pool's WA EL.

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


CITIGROUP COMMERCIAL 2017-B1: DBRS Confirms B Rating on X-F Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2017-B1
issued by Citigroup Commercial Mortgage Trust 2017-B1 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 X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class D at BBB (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class F at B (high) (sf)
-- Class X-F at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the majority of the loans in the transaction
evidenced by the pool's healthy weighted-average (WA) debt service
coverage ratio (DSCR) of 2.50 times (x) based on the most recent
financial reporting. In addition, since the last rating action in
September 2023, two additional loans, representing 2.5% of the pool
balance have fully defeased, including the 6 West 48th Street loan
(Prospectus ID#19; 1.8% of the pool balance), which was previously
secured by an office property exhibiting declining occupancy and
performance metrics. Morningstar DBRS recognizes that the
transaction's remaining office concentration in nine loans,
representing 32.6% of the pool balance, poses increased credit
risk. The majority of the office loans in the transaction continue
to perform as expected; however, there are a handful that are
exhibiting declines in performance from issuance, including the
pool's third- and 13th-largest loans, 411 East Wisconsin
(Prospectus ID# 3; 6.2% of the pool balance) and Wilshire Plaza
(Prospectus ID#11; 2.6% of the pool balance). In the analysis for
this review, select loans, secured by office collateral as well as
other property types, which were demonstrating increased risks from
issuance were analyzed with stressed scenarios to increase the
expected losses as applicable.

As of the August 2024 remittance, 45 of the original 48 loans
remain in the pool, with an aggregate trust balance of $840.8
million, representing a collateral reduction of approximately 10.7%
since issuance as a result of repayment and scheduled loan
amortization. Seven loans, representing 6.5% of the pool, have been
fully defeased. There are two specially serviced loans,
representing 2.2% of the pool. In addition, there are four loans,
representing 10.1% of the pool, being monitored on the servicer's
watchlist; however, three of the four loans have positive leasing
updates as of the most recent reporting, which are expected to
result in increased cash flow and DSCR.

The 411 E. Wisconsin loan is secured by the borrower's fee simple
interest in a 678,839-square-foot (sf), 30-story office building,
an adjacent eight-story parking garage, and a six-story parking
garage across the street from the office building in Milwaukee.
Occupancy declined to about 75% following the loss of Northwestern
Mutual Life Insurance, which vacated in March 2019. Occupancy has
remained near that level since 2019 and the servicer reported a
DSCR of 1.20x as of June 2024, a slight decline from 1.27x at
YE2023, but still comfortably above water. The property's inability
to backfill the vacant space over a prolonged period of time,
coupled with additional rollover risk prior to maturity, poses
increased risks for the loan; however, Morningstar DBRS applied a
stressed loan-to-value ratio and increased the probability of
default penalty, resulting in an expected loss that is more than
3.5x that of the pool average.

The Wilshire Plaza loan is secured by the borrower's fee simple
interest in a 349,643- sf, suburban office property built in 1986
in Troy, Michigan. Occupancy at the property declined to 76% as of
the most recent servicer reporting in June 2024, down from 79% at
YE2023 and 82% at YE2022. Similarly, the servicer reported a DSCR
of 1.26x as of June 2024, down from 1.37x at YE2023. Upcoming
tenant rollover is not significantly concentrated in any single
tenant, but collectively accounts for half of the property's net
rentable area (NRA), including two major tenants comprising 9.0% of
NRA by YE2025. Given the property's vintage, combined with the
shift in workplace dynamics resulting in challenges for older
properties, Morningstar DBRS anticipates there will be continued
leasing challenges stabilizing the property back to historical
occupancy levels. Consequently, Morningstar DBRS applied a stressed
loan-to-value ratio and increased the probability of default
penalty, resulting in an expected loss that is almost 3.0x that of
the pool average.

The transaction benefits from four loans that are shadow-rated
investment grade: General Motors Building (Prospectus ID#1, 11.0%
of the pool), Lakeside Shopping Center (Prospectus ID#2, 7.0% of
the pool), Two Fordham Square (Prospectus ID#5, 6.2% of the pool),
and Del Amo Fashion Center (Prospectus ID#18, 2.4% of the pool).
With this review, Morningstar DBRS confirms that the performance of
these four loans is consistent with the investment-grade shadow
ratings.

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


COMM 2014-CCRE17: Moody's Lowers Rating on Cl. E Certs to Caa3
--------------------------------------------------------------
Moody's Ratings has downgraded the ratings on six classes in COMM
2014-CCRE17 Mortgage Trust, Commercial Pass-Through Certificates,
Series 2014-CCRE17 as follows:

Cl. B, Downgraded to Baa1 (sf); previously on Nov 15, 2021
Downgraded to A1 (sf)

Cl. C, Downgraded to Ba2 (sf); previously on Nov 15, 2021
Downgraded to Baa3 (sf)

Cl. D, Downgraded to Caa2 (sf); previously on Nov 15, 2021
Downgraded to B3 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on Nov 15, 2021
Downgraded to Caa2 (sf)

Cl. PEZ, Downgraded to Baa3 (sf); previously on Nov 15, 2021
Downgraded to A3 (sf)

Cl. X-B*, Downgraded to B2 (sf); previously on Nov 15, 2021
Downgraded to Ba2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes were downgraded due to higher
anticipated losses and increased risk of interest shortfalls due to
exposure to specially serviced loans. All the remaining six loans
(100% of the pool) are currently in special servicing and have now
passed their original maturity dates. The largest loan in the pool,
25 Broadway (48.9% of the pool), is secured by an office building
with declining occupancy and cash flow. The largest tenant (20% of
the net rentable area (NRA)/21% of annual aggregate rental revenue)
is in default under its lease and has not paid since June 2023. The
second largest loan in the pool, Cottonwood Mall (32.8% of the
pool), is secured by an underperforming regional mall property that
has suffered significant decline in performance in recent years.
The third, fourth and fifth largest loans in the pool have realized
appraisal reductions of 31%, 41% and 38%, respectively. As a result
of the appraisal reduction, interest shortfalls have increased
significantly in recent months, and Moody's expect these shortfalls
to continue and potentially increase due to the performance of the
remaining loans in the pool.

The rating on the interest-only (IO) class was downgraded based on
the decline in credit quality of its referenced classes.

The rating on the exchangeable class, Cl. PEZ, was downgraded due
to the decline in the credit quality of its reference classes
resulting from principal paydowns of higher quality reference
classes. Cl. PEZ originally referenced classes A-M, B and C,
however, the most senior reference class, Cl. A-M, has paid off in
full.

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 49.2% of the
current pooled balance, compared to 12.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 11.9% of the
original pooled balance, compared to 9.8% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "Large Loan and Single Asset/Single
Borrower Commercial Mortgage-backed Securitizations" published in
July 2024.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determine a
probability of default for each specially serviced 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 loans to the most junior class(es) and the recovery as a
pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the September 12, 2024, distribution date, the transaction's
aggregate certificate balance has decreased by 78% to $259 million
from $1.19 billion at securitization. The certificates are
collateralized by six mortgage loans ranging in size from less than
2.9% to 48.9% of the pool.

As of the September 2024 remittance report, all remaining loans are
in special servicing and have passed their original maturity dates.
Five loans representing 97% were classified as non-performing
maturity balloon, and one loan representing 3% was classified as
real estate owned (REO). One loan has been liquidated from the
pool, contributing to an aggregate realized loss of $14.7 million
(for a loss severity of 25.2%).

Six loans, constituting 100% of the pool, are currently in special
servicing and Moody's have estimated an aggregate loss of $127.4
million (a 49.2% expected loss on average) from these specially
serviced loans. The largest specially serviced loan is the 25
Broadway loan ($126.4 million – 48.9% of the pool), which
represents a pari-passu portion of a $243 million first mortgage
loan. The loan is secured by a 22-story, 957,000 square feet (SF),
historic Class B office building located in the financial district
submarket of Manhattan, New York. At securitization, the three
largest tenants were Lehman Manhattan Preparatory (20% of the NRA;
lease expiration in September 2030), Teach For America (18% of the
NRA; lease expiration in January 2032), and WeWork (14% of the NRA;
lease expiration in December 2034). WeWork vacated their space in
2021 prior to lease expiration and Lehman Manhattan Preparatory is
currently in default under their lease and has not paid rent since
June 2023. As a result, revenue and NOI may decline further. The
loan transferred to special servicing in March 2024 due to maturity
default. Per servicer commentary, a twenty-four-month forbearance
agreement, including a $7 million upfront principal curtailment and
an option for an additional six-month extension, has closed.
Throughout the term of this agreement, the loan status will be
maintained as current, with the borrower continuing to lease up the
property.

The second largest specially serviced loan is the Cottonwood Mall
loan ($84.8 million – 32.8% of the pool), which is secured by
approximately 410,000 SF portion of a 1.06 million SF
super-regional mall located in western Albuquerque, New Mexico. The
property is one of two regional malls in the area primarily serving
the area west of Interstate 25 and the Rio Grande River, including
the Rio Grande submarket. The loan originally transferred to
special servicing for imminent default in July 2020 after being
added to the watchlist in May 2020 due to the coronavirus impact on
the property. The loan returned to the master servicer in October
2020 but transferred back to special servicing in June 2021 due to
the guarantor filing for Chapter 11 bankruptcy. The borrower noted
that they intend to transfer the ownership of the asset back to the
lender and a receiver was appointed in February 2022. As of June
2024, the collateral occupancy rate was 88%, with 66% occupied by
permanent tenants and 22% occupied by temporary tenants. For the
trailing twelve-month (TTM) period ending May 2024, in-line store
sales (excluding Regal Cinemas) were $336 per square foot (PSF)
compared to $347 for full year 2023. Property performance has
continued to trend down with NOI declining approximately 50% since
securitization as a result of a decrease in revenues. The most
recent appraisal from November 2023 valued the property 43% below
the value at securitization but above the outstanding loan balance.
The loan has amortized 19.1% since securitization.

The third largest specially serviced loan is the Crowne Plaza
Houston River Oaks Loan ($21.5 million – 8.3% of the pool), which
is secured by a 354-room full-service hotel located in Houston,
Texas. The property has not generated sufficient cash flow to cover
debt service since 2018. The loan transferred to special servicing
in June 2020 and a receiver was appointed in May 2021. The most
recent appraisal from July 2024 valued the property 26% below the
appraisal value at securitization. As a result, an appraisal
reduction of 31% of the outstanding loan balance has been
recognized as of the September 2024 remittance statement. Per
servicer commentary, the servicer is considering all resolution
options including a receiver sale.  The loan is last paid through
its September 2020 payment date and has accrued approximately $7.0
million in loan advances.

The fourth largest specially serviced loan is the Deerpath Plaza
Loan ($10.7 million – 4.1% of the pool), which is secured by a
two-story, 47,000 SF, office/retail mixed-use property located in
Lake Forest, Illinois. Additionally, the property is encumbered by
$2.25 million of mezzanine debt. The loan transferred to special
servicing in July 2020 after the borrower was delinquent on the
debt service payments driven by the impact on the property from the
coronavirus pandemic and a receiver was appointed in June 2021. In
February 2023, the property received an updated appraisal value of
$9.0 million which was 50% below the appraisal value at
securitization. As a result, an appraisal reduction of 41% of the
outstanding loan balance has been recognized as of the September
2024 remittance statement. The loan is last paid through its
November 2022 payment date and has accrued approximately $1 million
in loan advances.  Per servicer commentary, the servicer expects
the foreclosure process to be completed within the next few
months.

The remaining two specially serviced loans are secured by a
portfolio of one multifamily property and one office building
located in Evansville, Indiana, and a mixed-use property located in
Dundalk, Maryland.

As of the September 2024 remittance statement cumulative interest
shortfalls were $4.6 million. Moody's anticipate interest
shortfalls will continue and may increase because of the exposure
to specially serviced loans and/or modified loans. Interest
shortfalls are caused by special servicing fees, including workout
and liquidation fees, appraisal entitlement reductions (ASERs),
loan modifications and extraordinary trust expenses.


COMM 2015-CCRE27: DBRS Confirms B Rating on Class X-E Certs
-----------------------------------------------------------
DBRS, Inc. confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE27
issued by COMM 2015-CCRE27 Mortgage Trust as follows:

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

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

The Negative trends reflect Morningstar DBRS' concerns about the
increased maturity default risk for several loans as the pool
enters its maturity year in 2025, and the moderate increase in
expected losses to the trust, stemming from the four specially
serviced loans, which represent 9.6% of the pool. Morningstar DBRS
analyzed liquidation scenarios for each of the specially serviced
loans, resulting in implied losses of approximately $13.5 million,
which would be contained to the non-rated Class H Certificate.
While the majority of the maturing loans are expected to repay,
Morningstar DBRS identified 16 loans, representing 32.4% of the
pool, displaying elevated refinance risk because of deteriorating
credit metrics and/or tenant rollover risk. Four of these loans ,
representing 16.9% of the pool, are secured by office collateral.
Where applicable, Morningstar DBRS increased the probability of
default (POD) penalties and, in certain cases, applied stressed
loan-to-value ratios (LTVs) for loans exhibiting performance
concerns. The weighted-average (WA) expected loss (EL) for these
loans was more than 25% higher than the pool's WA EL. Based on a
recoverability analysis, which considered the likelihood of
repayment and value deficiency for the pool as a whole, the four
lowest-rated classes were most exposed to loss, supporting the
Negative trends.

The credit rating confirmations reflect the otherwise stable
performance of the remainder of the transaction, which remains in
line with Morningstar DBRS' expectations as exhibited by the pool's
WA debt service coverage ratio (DSCR) of 2.03 times (x) and a WA
debt yield of 12.5% based on the most recent year-end financials.
As of the August 2024 remittance, 59 of the original 65 loans
remain in the trust, with an aggregate balance of $758.9 million,
representing a collateral reduction of 18.5% since issuance. The
pool benefits from 18 loans, representing 34.0% of the pool
balance, that have been fully defeased. Ten loans, representing
15.7% of the pool balance, are on the servicer's watchlist,
primarily for declines in occupancy, low DSCRs, and/or deferred
maintenance.

Of the four loans in special servicing, Hotel Deluxe (Prospectus
ID#8;, 3.6% of the pool), which is secured by a 130-key
full-service luxury boutique hotel in Portland, Oregon, is the
primary driver of losses. Performance has declined significantly
since the loan transferred to special servicing for imminent
monetary default at the borrower's request in June 2020 as a result
of reduced foot traffic stemming from travel restrictions related
to the COVID-19 pandemic. The revenue per available room (RevPAR)
and occupancy rates for the trailing 12 months (T-12) ended May 31,
2024, were $57 and 45.4%, respectively, are depressed when compared
with the YE2019 pre-pandemic figures of $126 and 80.7%,
respectively. Most recently, the servicer reported a below
breakeven DSCR of -0.71 times (x) as of the year-to-date March
2024. The most recent appraisal value of $25.0 million as of July
2024 represents a 20.6% decline from the April 2023 appraisal value
of $31.5 million and a 47.0% decline from the issuance appraisal
value of $47.2 million. As previously mentioned, Morningstar DBRS'
analysis of this loan included a liquidation scenario based on a
haircut to the July 2024 appraised value resulting in a loss
severity approaching 35%.

Morningstar DBRS' expected losses have markedly increased for the
Chase Park loan (Prospectus ID#10; 3.3% of the pool), which is
secured by a five-building, 288,382 square foot office property
built between 1969 and 1975 in Austin, Texas. The servicer reported
the DSCR fell to 0.59x as of YE2023, following a year-over-year
decline in occupancy rate to 47% from 64%. According to Reis,
office properties in the Austin submarket reported a Q2 2024
vacancy rate of 18.1%. The softness in the market, combined with
the lack of demand for older vintage properties similar to the that
of the collateral, suggests the property will face significant
challenges with leasing traction and improving performance in the
near to medium term. Morningstar DBRS further notes that additional
headwinds are expected, given the third-largest tenant (4.7% of net
rentable area (NRA)) has an upcoming lease expiration date in March
2025 ahead of the loan's September 2025 maturity and the largest
tenant (16.9% of NRA) has a lease expiration in October 2026, but
has already vacated their space resulting in the loan's elevated
risk of maturity default. For this review, Morningstar DBRS applied
a stressed LTV and increased the POD, resulting in a loan-level
loss that was more than triple the pool average.

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


COMM 2018-HCLV: S&P Lowers Class E Certs Rating to 'CCC- (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from COMM 2018-HCLV
Mortgage Trust.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
borrower's fee simple and leasehold interests in 10 class A
suburban office buildings (1.4 million sq. ft.) and 10 unanchored
retail buildings (110,690 sq. ft.) that are a part of Hughes
Center, a 68-acre, mixed-use campus in Las Vegas. The properties
were built in stages from 1986 to 2017 and are located near the
Sands Expo Center, the Las Vegas Convention Center, and the Harry
Reid Airport.

Rating Actions

The downgrades on the class A, B, C, D, and E certificates
reflect:

-- S&P's view that the continued increase in loan exposure, due
primarily to servicer advances for loan debt service, real estate
taxes, insurance, and other expenses, may further reduce liquidity
and recovery of the $325.0 million loan. According to the
transaction's payment waterfall, servicer advances are repaid to
the servicer before any distributions to the bondholders. Since
November 2023, the reported exposure on the $325.0 million loan
increased approximately $14.2 million to $345.1 million. S&P
expects the servicer to advance an additional $15.6 million through
March 2025 (our earliest anticipated liquidation timing).

-- S&P's belief that the servicer may increase the appraisal
reduction amount (ARA) or deem the loan nonrecoverable if an
updated appraisal yields a lower value than the November 2023
appraisal value of $286.4 million. The transaction documents
require an updated appraisal to be ordered every nine months during
a period of default.

-- S&P's net recovery value of $175.2 million, or $117 per sq.
ft., which is 16.9% lower than the $211.0 million value we derived
in our November 2023 review and a 38.8% decline from the November
2023 appraisal value of $286.4 million. To arrive at our net
recovery value, S&P deducted the outstanding and projected servicer
advances totaling approximately $35.7 million from its
expected-case value.

The downgrades on classes C, D, and E to the 'CCC (sf)' category
also reflect S&P's view that these classes are susceptible to
reduced liquidity support and that the risk of default and losses
has increased or remained elevated based on S&P's current analysis,
the current market conditions, and their positions in the payment
waterfall.

The loan transferred to the special servicer on March 2, 2023, due
to imminent monetary default. The loan initially matured on Sept.
9, 2020, with five one-year extension options (the fully extended
maturity is Sept. 9, 2025) exercisable upon satisfying certain
terms and conditions. After exercising the first three options, the
borrower failed to exercise its fourth extension option on Sept. 9,
2023. In S&P's Nov. 21, 2023, review, it noted that the loan had a
reported performing matured balloon payment status, although the
servicer had advanced $5.9 million in operating expenses and was
unhedged against rising interest rates.

Since then, according to the Sept. 16, 2024, trustee remittance
report, the specially serviced loan had a reported nonperforming
matured balloon payment status with a paid-through date of February
2024. The outstanding advances and accruals, totaling $20.1
million, included:

-- Interest advances totaling $11.2 million,

-- Real estate tax and insurance advances totaling $906,257,

-- Other expense advances totaling $4.0 million,

-- Cumulative appraisal subordinate entitlement reduction (ASER)
amounts totaling $3.5 million, and

-- Cumulative accrued unpaid advance interest totaling $588,203.

In addition to a monthly special servicing fee of $69,965, a
monthly ASER amount of $513,437 resulting from a $78.0 million ARA
have caused classes F, G, and VRR (which are not rated by S&P
Global Ratings) to experience interest shortfalls. As of the
September 2024 trustee remittance report, the cumulative interest
shortfalls outstanding totaled $3.7 million.

According to the current special servicer, KeyBank Real Estate
Capital, a receiver was appointed in November 2023, and it is
currently evaluating liquidation options. As a result, S&P believes
that the specially serviced loan will resolve at the earliest in
about six months and that the servicer may advance an additional
$15.6 million in that period.

S&P said, "We will continue to monitor the tenancy and performance
of the properties and loan. If we receive information that differs
materially from our expectations, including an updated appraisal
value that is below our net recovery value, an increase in ARA,
and/or a nonrecoverable determination, we may revisit our analysis
and take additional rating actions as we determine appropriate."

Property-Level Analysis Updates

S&P said, "In our last review, in November 2023, we assumed an
in-place occupancy rate of 69.8%, an S&P Global Ratings
$39.99-per-sq.-ft. gross rent, and a 54.0% operating expense ratio
to arrive at our long-term sustainable net cash flow (NCF) of $16.8
million. Using an S&P Global Ratings 8.00% capitalization rate, we
derived an S&P Global Ratings expected-case value of $211.0 million
or $141 per sq. ft.

"While we did not receive an updated rent roll from the special
servicer, CoStar reports that the properties' weighted-average (by
sq. ft.) occupancy rate was 52.6% as of September 2024, which is
lower than our last review and well below the office submarket
metrics. According to CoStar, the Central East Las Vegas office
submarket has an overall vacancy rate of 18.2% and availability of
17.9% as of year-to-date September 2024. Despite declining vacancy,
the servicer-reported NCF of $18.6 million for year-end 2023 and
$17.2 million for the trailing-12-months ended March 31, 2024, is
higher than our last review NCF of $16.8 million.

"Given that the property's NCF has not materially changed since our
last review, we maintained our NCF and expected-case value.
However, in our current analysis, we deducted $35.7 million of
outstanding and projected servicer advances and accruals to arrive
at our current net recovery value of $175.2 million, or $117 per
sq. ft. This yielded an S&P Global Ratings loan to value ratio of
185.5%."

  Ratings Lowered

  COMM 2018-HCLV Mortgage Trust

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



CPS AUTO 2024-D: DBRS Assigns Prov. BB Rating on Class E Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the classes of
notes to be issued by CPS Auto Receivables Trust 2024-D (the
Issuer) as follows:

-- $188,352,000 Class A Notes at AAA (sf)
-- $56,240,000 Class B Notes at AA (sf)
-- $71,944,000 Class C Notes at A (sf)
-- $45,998,000 Class D Notes at BBB (sf)
-- $54,282,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

-- The Series 2024-D will not include a CNL trigger.

-- The Series 2024-D will include a prefunding feature.

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

(3) The Morningstar DBRS CNL assumption is 19.55% based on the
Cutoff Date pool composition.

-- 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's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

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

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

-- The CPS senior management team has considerable experience and
a successful track record within the auto finance industry,
managing the company through multiple economic cycles.

(5) The quality and consistency of provided historical static pool
data for CPS originations and performance of the CPS auto loan
portfolio.

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

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

The rating on the Class A Notes reflects 57.80% of initial hard
credit enhancement provided by the subordinated notes in the pool
(52.40%), the reserve account (1.00%), and OC (4.40%). The ratings
on the Class B, C, D, and E Notes reflect 44.90%, 28.40%, 17.85%,
and 5.40% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

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 notes
are the related Noteholders' Monthly Interest Distributable Amount
and the related Note Balance.

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


CSAIL 2017-CX10: Fitch Lower Rating on 3 Tranches to CCCsf
----------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed nine classes of
CSAIL 2017-CX10 Commercial Mortgage Trust Pass-through
Certificates, series 2017-CX10. The Rating Outlooks on affirmed
classes A-S, V1-A, and X-A have been revised to Negative from
Stable. Following the downgrade to classes B, C, V1-B, and X-B,
these classes were assigned a Negative Outlook.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CSAIL 2017-CX10

   A-3 12595JAE4    LT AAAsf  Affirmed    AAAsf
   A-4 12595JAG9    LT AAAsf  Affirmed    AAAsf
   A-5 12595JAJ3    LT AAAsf  Affirmed    AAAsf
   A-S 12595JAS3    LT AAAsf  Affirmed    AAAsf
   A-SB 12595JAL8   LT AAAsf  Affirmed    AAAsf
   B 12595JAU8      LT Asf    Downgrade   AA-sf
   C 12595JAW4      LT BBBsf  Downgrade   A-sf
   D 12595JBA1      LT BBsf   Affirmed    BBsf
   E 12595JBC7      LT CCCsf  Downgrade   Bsf
   F 12595JBE3      LT CCsf   Downgrade   CCCsf
   V1-A 12595JBL7   LT AAAsf  Affirmed    AAAsf
   V1-B 12595JBN3   LT BBBsf  Downgrade   A-sf
   V1-D 12595JBQ6   LT BBsf   Affirmed    BBsf
   V1-E 12595JBS2   LT CCCsf  Downgrade   Bsf
   X-A 12595JAN4    LT AAAsf  Affirmed    AAAsf
   X-B 12595JAQ7    LT Asf    Downgrade   AA-sf
   X-E 12595JAY0    LT CCCsf  Downgrade   Bsf

KEY RATING DRIVERS

Increased 'Bsf' Loss Expectations: Fitch's current ratings
incorporate a 'Bsf' rating case loss of 5.8%, up from 4.5% at the
prior rating action. Seven loans are classified as Fitch Loans of
Concern (FLOCs; 39.1% of the pool), including two loans (12.5%) in
special servicing.

The downgrades reflect increased pool loss expectations since
Fitch's last rating action, primarily driven by higher losses
attributed to office FLOCs, specifically One California Plaza (7.5%
of the pool) which transferred to the special servicer recently in
September 2024 for imminent maturity default, and 600 Vine (5% of
the pool) due to a lower updated appraisal value.

The Negative Outlooks reflect the high office concentration in the
pool of 49.5% and the potential for additional downgrades should
the office FLOCs experience further performance declines and/or
extended specially serviced loan workouts lead to further value
declines.

The largest increase in loss expectations since the prior rating
action is the specially serviced One California Plaza (7.5%),
secured by a 1,047,062-sf, 42 story, LEED Platinum office building
built in 1985 and located in Los Angeles, CA. The loan recently
transferred to special servicing in September 2024 for imminent
maturity default; the loan has an upcoming maturity in November
2024.

According to the June 2024 rent roll, the property was 71.4%
occupied, but is expected to decline to approximately 61% when the
second largest tenant, Skadden, Arps, Slate, Meagher & Flom LLP
(10% of NRA), vacates at lease expiration in November 2024.
Additional upcoming lease rollover includes 12.6% in 2025 and 4.7%
in 2026. The servicer-reported YE 2023 NOI DSCR was 1.48x compared
to 1.40x at YE 2022, 1.48x at YE 2021, and 1.89x at YE 2019.
According to Costar and as of September 2024, the Downtown Los
Angeles office submarket reported a vacancy of 26.6%.

Fitch's 'Bsf' rating case loss of 13.0% (prior to concentration
add-ons) reflects a 9% cap rate, 15% stress to the TTM March 2024
NOI and a higher probability of default to account for the transfer
to special servicing and declining property and submarket
performance trends.

The largest contributor to overall loss expectations is the
specially serviced 600 Vine loan (5%), secured by a 578,893-sf
office property located in Cincinnati, OH. The loan transferred to
special servicing in June 2023 for imminent default due to
continued year-over-year performance declines.

Occupancy declined to 59.4% as of June 2024 when the largest
tenant, FirstGroup America (10.6% of NRA), vacated before the March
2024 lease expiration. The next largest tenants include Cole +
Russell Architects (5.1%; April 2025), Rendigs, Fry, Kiely & Dennis
(4.5%, July 2027), and Wood, Herron & Evans, L.L.P. (3.9%; February
2035).

Fitch's 'Bsf' rating case loss of 32.4% (prior to concentration
add-ons) reflects a stressed value of approximately $57 psf,
factoring in the most recent appraisal value, which has declined by
45% from the appraisal value at issuance.

The second largest contributor to overall loss expectations is the
379 West Broadway loan (6.3%), secured by a 69,392-sf office
property located in the Soho neighborhood of Manhattan. The three
tenants at the property are WeWork (87.6%; month-to-month), Celine
(6.2%; June 2029) and Ralph Lauren (6.2%; January 2027). The
servicer-reported YE 2023 NOI was 1.93x compared with 1.98x at YE
2022, 1.88x at YE 2021 and 1.69x at YE 2020.

WeWork is currently on a month-to-month lease and discussing a
lease renewal. Approximately 65% of the total rental income comes
from the five floors of office space leased to WeWork and the
remaining 35% comes from the two retail tenants.

Fitch's 'Bsf' rating case loss of 18% (prior to concentration
add-ons) reflects an 8.50% cap rate and a 50% stress to the YE 2023
NOI, as well as a higher probability of default to address the
large WeWork exposure.

The third largest contributor to overall loss expectations is the
300 Montgomery loan (4.5%), secured by a 192,574-sf office building
located in the Financial District of San Francisco, CA. Major
tenants include FrontApp (8.5%; October 2025), Delagnes Mitchell &
Linder (7.3%; August 2028), Smartly.io Solutions (5.8%; September
2024), Stantec Consulting Services (5.4%; December 2029), and
Consulate General of Brazil (4.9%; May 2032).

Occupancy was 67.6% as of the March 2024 rent roll, compared to 59%
as of March 2023, 53% as of YE 2021, 57% as of YE 2020 and 83% as
of YE 2019. The large decline in occupancy since 2019 was
attributed to Lyric Hospitality (30% of NRA) vacating a significant
portion of its space at the property during Q4 2020. The
servicer-reported YE 2023 NOI DSCR has fallen to 1.68x from 2.83x
at YE 2019.

Fitch's 'Bsf' rating case loss of 12% (prior to concentration
add-ons) reflects a 9.50% cap rate and a 10% stress to the YE2023
NOI, which addresses occupancy concerns and the weak submarket
fundamentals.

Credit Opinion Loans: Three loans, representing 21% of the pool,
had investment-grade credit opinions at issuance, including One
California Plaza (7.5%), The Standard Highline NYC (6.8%) and
Centre 425 Bellevue (6.6%).

Given the declines in performance, One California Plaza and The
Standard Highline, are no longer considered as credit opinion
loans. Based on the collateral quality and continued stable
performance, the Centre 425 Bellevue loan remains consistent with
an investment-grade credit opinion loan.

Increased Credit Enhancement (CE): As of the September 2024
distribution date, the pool's aggregate balance has been reduced by
35.3% to $720.4 million from $1.1 billion at issuance. There are
four loans (7.2%) of the pool that have fully defeased. There are
17 loans (68.4% of the pool) that are full-term, interest-only and
12 loans (31.6%) that are currently amortizing.

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 these classes 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.

The Negative Outlook on the junior 'AAAsf' rated class A-S, V1-A,
and X-A reflects the potential for downgrades if performance of the
office FLOCs, particularly One California Plaza, 379 West Broadway,
600 Vine, and 300 Montgomery, deteriorates further and expected
losses increase.

Downgrades to classes rated in the 'Asf' category could occur if
deal-level losses increase significantly from outsized losses on
larger office FLOCs or more loans than expected experience
performance deterioration or default at or before maturity. Office
loans of particular concern include One California Plaza, 379 West
Broadway, 600 Vine, and 300 Montgomery.

Downgrades to the 'BBBsf' and 'BBsf' 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.

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 'Asf' category may be possible
with significantly increased credit enhancement from paydowns
and/or defeasance, coupled with stable-to-improved pool-level loss
expectations and improved performance on the FLOCs, including One
California Plaza, 379 West Broadway, 600 Vine, and 300 Montgomery.

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

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.


CSAIL 2019-C16: DBRS Confirms BB Rating on Class F-RR Certs
-----------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-C16
issued by CSAIL 2019-C16 Commercial Mortgage Trust as follows:

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

All trends are Stable.

The credit rating confirmations reflect the transaction's overall
stable performance, 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 1.83 times (x) and the WA debt yield of
10.9% based on the most recent financial reporting available.
Although there are two loans, representing 5.4% of the pool
balance, in special servicing, the largest specially serviced loan
is pending a return to the master servicer in the near term while
the underlying collateral for the smaller loan received an updated
appraisal in September 2023, reflecting a value that is
approximately double the loan's current outstanding balance.
Additional details are outlined below. In addition, two loans,
representing 10.5% of the pool balance, are shadow-rated as
investment grade by Morningstar DBRS.

The transaction is concentrated by property type with loans
representing 30.2%, 27.5%, and 18.16% of the pool collateralized by
lodging, retail, and office properties, respectively. The majority
of loans secured by office properties continue to exhibit healthy
credit metrics with a WA debt yield and DSCR of 11.1% and 2.2x,
respectively.

As of the August 2024 remittance, all of the original 47 loans
remain in the pool with a trust balance of $763.7 million,
representing a collateral reduction of 3.0% since issuance.
Thirteen loans, representing 34.8% of the pool balance, are on the
servicer's watchlist, seven of which (20.3% of the pool balance)
are being monitored for performance-related reasons. Three loans,
representing 3.1% of the pool balance, have fully defeased.

The largest loan in special servicing, Santa Fe Portfolio
(Prospectus ID#6, 4.3% of the pool), is secured by an 11-building
mixed-use office and retail portfolio in Santa Fe, New Mexico. The
loan transferred to special servicing in August 2022 for payment
default shortly after undergoing a loan modification in June 2021,
terms of which included the deferral of interest and reserve
payments that have since been repaid. According to the servicer, a
reinstatement agreement has been signed and the loan is slated to
transfer back to the master servicer upon the borrower's repayment
of outstanding charges and fees. The portfolio was reappraised in
December 2023 for $43.5 million, unchanged from the December 2022
appraised value but below the issuance appraised value of $52.6
million. Although no updated financial reporting was provided, the
largest tenant, Peters Gallery (23.5% of net rentable area (NRA)),
has a long-term lease that runs through October 2033. The remainder
of the rent roll is relatively granular with no other tenant
occupying more than 10.0% of the portfolio's NRA. Morningstar DBRS
analyzed this loan with an elevated probability of default (POD)
penalty, resulting in an expected loss (EL) that is approximately
3.5x greater than the pool average.

The 1600 Western Buildings (Prospectus ID#29, 1.1% of the pool)
loan is secured by two industrial buildings in Chicago totaling
approximately 290,000 square feet. The loan transferred to special
servicing in July 2023 for payment default and, since that time,
the lender has engaged legal counsel with a receivership hearing
scheduled for the end of September 2024. Despite the loan's
transfer to special servicing, the properties continue to perform
well with the most recent financial reporting dated June 2023
reflecting a DSCR of 1.80x and an occupancy rate of 100.0%. The
properties were reappraised in September 2023 for $19.4 million, a
modest increase from the issuance appraised value of $12.9 million
and above the current whole loan balance of $8.4 million.
Morningstar DBRS analyzed this loan with a stressed POD penalty,
resulting in an EL that exceeded the pool average by approximately
150.0%.

The second-largest loan on the watchlist, Embassy Suites Seattle
Bellevue (Prospectus ID#3, 5.4% of the pool), is secured by a
240-key full service hotel in Bellevue, Washington. The hotel's
performance was trending downward even prior to the pandemic and
the loan continues to be monitored on the servicer's watchlist for
a low DSCR, which was reported at 1.05x as of the trailing 12
months (T-12) ended March 31, 2024. Although performance continues
to improve with a net cash flow (NCF) of $2.4 million for the T-12
period ended March 31, 2024, up from $2.2 million (a DSCR of 0.98x)
at YE2022, NCF remains considerably below the Morningstar DBRS NCF
of $3.9 million derived at issuance. Similarly, the hotel's revenue
per available room penetration rate remains well below pre-pandemic
levels, most recently reported at 96.1% as of the STR, Inc. report
dated March 31, 2024, compared with the December 2019 T-12 figure
of 128.8%. Given the sustained decline in cash flow and extended
period of time on the servicer's watchlist, Morningstar DBRS
analyzed the loan with a conservative POD penalty, resulting in an
EL that was approximately double the pool average.

At issuance, Morningstar DBRS shadow-rated two loans, 3 Columbus
Circle (Prospectus ID#1, 6.5% of the pool) and 787 Eleventh Avenue
(Prospectus ID#9, 3.9% of the pool), investment grade. This
assessment was supported by the loans' strong credit metrics,
strong sponsorship strength, and historically stable collateral
performance. With this review, Morningstar DBRS confirms that the
performance of these loans remains consistent with investment-grade
characteristics.

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


CSFB HOME 2005-7: Moody's Raises Rating on Cl. M-2 Certs From Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating of Class M-2 issued by CSFB
Home Equity Asset Trust 2005-7. The collateral backing this deal
consists of subprime mortgages.

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

The complete rating actions is as follows:

Issuer: CSFB Home Equity Asset Trust 2005-7

Cl. M-2, Upgraded to Baa1 (sf); previously on Nov 9, 2023 Upgraded
to Ba1 (sf)

RATINGS RATIONALE

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

The upgraded bond has experienced a growth of 10% in credit
enhancement since Moody's last review in November 2023.

The rating 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 upgrade.

No action was taken on the other rated class in this deal because
the expected loss remain commensurate with the current rating,
after taking into account the updated performance information,
structural features, credit enhancement and other qualitative
consideration.

Principal Methodologies

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

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

Up

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

Down

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

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


DBGS 2018-C1: DBRS Cuts Rating on Class G-RR Certs to CCC(sf)
-------------------------------------------------------------
DBRS Limited downgraded the credit ratings on five classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-C1
issued by DBGS 2018-C1 Mortgage Trust 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 (high) (sf) from BB (sf)
-- Class F to B (sf) from BB (low) (sf)
-- Class G-RR to CCC (sf) from B (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-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 (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)

Morningstar DBRS changed the trends on Classes B, X-B, and C to
Negative from Stable and maintained Negative trends on Classes D,
X-D, E, X-F, and F. The trend for Class G-RR was removed as it now
carries a credit rating that does not typically carry a trend in
commercial mortgage-backed securities (CMBS). All other trends are
Stable.

During previous credit rating actions, Morningstar DBRS had
assigned Negative trends to Classes D through G-RR because of
concerns related to the loans in special servicing, as well as the
high concentration of loans secured by office properties, which, as
of the most recent reporting, represents 39.5% of the pool balance.
Since the most recent action in September 2023, performance of the
underlying collateral securing several of those loans has
deteriorated further, with the concentration of loans in special
servicing rising to 11.6% as of the most recent reporting, and, as
such, Morningstar DBRS is projecting an increase in the expected
loss to the trust, supporting the credit rating downgrades and
Negative trends with this review.

With this review, Morningstar DBRS used liquidation scenarios for
three of the five loans in special servicing: Time Square Office
Renton (Prospectus ID#4, 5.4% of the current pool balance), MSR
Holdings Portfolio (Prospective ID#26, 1.6% of the pool), and GSK
North American HQ (Prospectus ID#32, 1.0% of the pool). These
liquidations resulted in implied losses of nearly $29.0 million,
which would write down the principal balance of Class H-RR by more
than 90.0% and significantly reduce the credit support to the
lower-rated bonds in the transaction.

Outside of the specially serviced loans, there are several loans
which are secured by office properties, continuing to exhibit
increased credit risk with exposure to near-term lease roll-over
and softening submarket fundamentals, most notably 90-100 John
Street (Prospectus ID#7, 4.2% of the pool), Summit Office Park
(Prospectus ID#15, 2.6% of the pool), and Chase Bank Tower
(Prospectus ID#19, 2.0% of the pool). Morningstar DBRS analyzed
those loans, in addition to select others exhibiting increased
credit risk with elevated probability of default penalties and/or
loan-to-value ratios, resulting in weighted-average (WA) expected
loss that was 3.4 times (x) greater than the pool average.

The credit rating confirmations reflect the otherwise overall
stable performance of the remaining loans in the pool, which
reported a WA debt service coverage ratio (DSCR) of higher than
2.00x and WA debt yield higher than 10.0% based on the most recent
year-end financials. The transaction also benefits from a
concentration of loans that are shadow-rated investment-grade,
representing 30.3% of the pool, and six years of amortization since
issuance.

As of the August 2024 remittance, 35 of the original 37 loans
remained in the trust, with an aggregate balance of $996.1 million,
representing a collateral reduction of 6.4% since issuance. Two
loans, representing 4.3% of the pool, are secured by collateral
that has been fully defeased. There are six loans, representing
21.8% of the pool, on the servicer's watchlist primarily being
monitored for low DSCRs, declines in occupancy, and deferred
maintenance. Excluding collateral that has been fully defeased, the
pool is most concentrated by loans that are secured by office and
retail properties, representing 39.5% and 26.7% of the pool
balance, respectively.

The largest contributor to the increase in expected loss to the
trust is Time Square Office Renton loan, which is secured by a
323,737-square-foot (sf), Class B suburban office property in
Renton, Washington. The loan transferred to special servicer in
July 2024 for imminent monetary default. The loan was previously on
the servicer's watchlist as a result of low occupancy and DSCR. As
of Q1 2024, the loan reported a DSCR of 0.67x, compared with the
YE2023 of 0.96x and the Issuer's underwritten figure of 1.22x. Per
the March 2024 rent roll, the property was 77.8% occupied,
consistent with the previous year's reporting, but significantly
less than the issuance level of 90.6%, primarily stemming from the
departure of Integra Telecom (formerly 14.1% of the net rentable
area (NRA)) in June 2021. In addition to the declining cash flow,
rollover risk is also significant, with leases representing 35.7%
of the NRA that have already expired or will expire in the next 12
months, including the second-largest tenant, Microscan Systems
(12.7% of the NRA), which had a lease expiration in May 2024. The
sponsor is currently advertising 267,544 (82.6% of the NRA) as
available for leasing at an average rental rate of $20.00 psf,
which is higher than the current average in-place rental rate of
$15.42 psf, according to the March 2024 rent roll. As of Q2 2024,
Reis reported that office properties in the Renton/Kent/Southend
submarket reported an average vacancy rate of 25.1%, an average
asking rental rate of $29.13 per sf (psf), and an average effective
rental rate of $22.98 psf.

No updated appraisal has been provided since issuance when the
property was valued at $72.9 million; however, given the sponsor's
inability to backfill vacant space, combined with listed
availability, 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. Morningstar
DBRS' liquidation scenario considered a conservative haircut to the
property's appraised value at issuance resulting in a loss severity
approaching 50.0%.

Another loan in special servicing is GSK North American HQ
following the decision by the property's single tenant,
GlaxoSmithKline (GSK), to vacate its space in Q1 2022. The loan
transferred to special servicing for imminent maturity default in
November 2022. During workout negotiations, the borrower had
requested approval to terminate GSK's lease, scheduled to expire in
2028, and requested a maturity extension prior to the June 2023
maturity date; however, these proposals were rejected and the
borrower agreed to a deed in lieu of foreclosure. The July 2024
servicer commentary indicates that the foreclosure sale has been
completed and a receiver is in place. Per the most recent appraisal
dated April 2024, the property is valued at $76.7 million, down
from the August 2023 value of $89.3 million and the issuance
appraised value of $132.7 million.

The subject loan is secured by a Class A office complex in
Philadelphia's Navy Yard submarket. The property was built-to-suit
for GSK at a cost of $80.0 million in 2013, when GSK executed a
15-year lease through September 2028 with no termination options.
Although the space is dark, the former tenant will continue to make
its monthly rental payments until September 2028. The loan is
structured with a cash flow sweep that was activated as GSK went
dark. Given the property's single-tenant nature, cash flow has
historically been stable; although, Morningstar DBRS expects there
will be no incoming revenue once the lease expires, unless the
receiver is able to backfill the dark space. Based on a Q2 2024
Reis report, office properties in the South Philadelphia submarket
reported a vacancy rate of 2.7%. The developers of Philadelphia's
Navy Yard have announced a 20-year multibillion-dollar plan to
revitalize and redevelop the Navy Yard site, which could
potentially bring new commercial activity to the area and improve
the asset's desirability in the long term.

Although there are mitigating factors to offset the subject's
vacancy, including an in-place lease to 2028, and stable submarket
fundamentals, Morningstar DBRS expects that the loan will take a
loss at resolution given the declined value, lack of amortization,
and lack of liquidity for vacant office assets in the current
environment. With this review, Morningstar DBRS analyzed the loan
with a liquidation scenario based on a haircut to the most recent
appraised value, indicating an implied loss severity in excess of
30%.

At issuance, Morningstar DBRS assigned investment-grade shadow
ratings to nine loans, of which seven remain for this review:
Moffett Towers - Buildings E, F, G (Prospectus ID#1, 8.0% of the
pool), Christiana Mall (Prospectus ID#5, 5.3% of the pool),
Aventura Mall (Prospectus ID#6, 4.7% of the pool), The Gateway
(Prospectus ID#10, 3.8% of the pool), 601 McCarthy (Prospectus
ID#13, 3.1% of the pool), West Coast Albertsons (Prospectus ID#14,
2.9% of the pool), and Moffett Towers II - Building 1 (Prospectus
ID#18, 2.5% of the pool). As part of this review, Morningstar DBRS
confirmed that the performance of these loans remains consistent
with the investment-grade loan characteristics.

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


DBJPM 2016-C1: DBRS Cuts Rating on 2 Tranches to C(sf)
------------------------------------------------------
DBRS Limited downgraded its credit ratings on seven classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C1
issued by DBJPM 2016-C1 Mortgage Trust as follows:

-- Class B to A (low) (sf) from AA (low) (sf)
-- Class X-B to BBB (sf) from A (sf)
-- Class C to BBB (low) (sf) from A (low) (sf)
-- Class D to CCC (sf) from BB (low) (sf)
-- Class X-C to CCC (sf) from BB (sf)
-- Class E to C (sf) from CCC (sf)
-- Class X-D to C (sf) from B (low) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

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

Morningstar DBRS maintained the Negative trends on Classes B, C,
and X-B. There are no trends for Classes D, E, F, G, X-C, and X-D,
which have credit ratings that do not typically carry trends in
commercial mortgage-backed securities (CMBS) credit ratings. All
other classes have Stable trends.

The credit rating downgrades reflect Morningstar DBRS' increased
loss projections and increased certainty of loss for the two loans
in special servicing, collectively representing 8.8% of the pool
balance. Morningstar DBRS' analysis included a liquidation scenario
for both of these loans, resulting in implied losses in excess of
$35.0 million. The projected losses would fully erode Class F,
Class G, and the unrated Class H certificate, as well as partially
erode the Class E certificate. The Negative trends reflect
Morningstar DBRS' concerns for further value decline for the loans
in special servicing, in addition to specific concerns regarding a
number of loans: 787 Seventh Avenue - Pooled loan (Prospectus ID#1,
11.6% of the pool), Williamsburg Premium Outlets (Prospectus ID#2,
10.1% of the pool), and 7700 Parmer (Prospectus ID#9, 4.6% of the
pool). The Negative trends also reflect increased propensity for
interest shortfalls, which have doubled since the last credit
rating action and continue to accrue with each reporting period.
All remaining loans in the pool are scheduled to mature within the
next 18 months and while Morningstar DBRS expects most loans are to
repay, additional defaults could increase Morningstar DBRS'
projected losses and could result in further credit rating
downgrades.

Excluding Morningstar DBRS' loans of concern, the remaining pool
reported a YE2023 weighted-average (WA) debt service coverage ratio
(DSCR) of 2.20 times (x). As of the September 2024 remittance, 31
of the original 33 loans remain in the trust, with an aggregate
balance of $690.8 million, representing a collateral reduction of
15.6% since issuance. The pool also benefits from six fully
defeased loans, representing 13.4% of the current pool balance.
Excluding the defeased loans, the pool is most concentrated by
office and retail properties, which each represent approximately
33.0% of the pool balance. Morningstar DBRS increased probability
of default, and, in certain cases, applied stressed loan-to-value
ratios for loans that have exhibited increased default risk. The
resulting WA expected loss for these loans is nearly 30% higher
than the pool average.

The largest loan in special servicing, Sheraton North Houston
(Prospectus ID#4, 5.0% of the pool), is secured by a 419-key,
full-service hotel located near the George Bush Intercontinental
Airport in Houston. The loan transferred to the special servicer in
November 2020 for payment default and a receiver was appointed in
April 2021. According to the provided STR report, the subject
reported a trailing 12 months ended May 31, 2024, occupancy rate,
average daily rate, and revenue per available room (RevPAR) of
64.7%, $97.94, and $63.33, respectively. While this is indicative
of an improvement in property performance from the prior year, the
property continues to underperform compared with its competitive
set with a RevPAR penetration of 77.5%. The property was
reappraised in August 2023 at $43.7 million, which represents a
35.7% decline from the issuance appraised value of $68.0 million.
Morningstar DBRS analyzed this loan with a liquidation scenario
based on a conservative haircut to the most recent value,
suggesting a loss severity approaching 50%.

The second loan in special servicing, Hagerstown Premium Outlets
(Prospectus ID#12, 3.8% of the pool), is secured by an open-air
retail outlet center in Hagerstown, Maryland, which is owned and
operated by Simon Property Group. This loan is pari passu with
JPMCC Commercial Mortgage Securities Trust 2016-JP2, which is also
rated by Morningstar DBRS. The loan has been in and out of
delinquency since the onset of the coronavirus pandemic and was
most recently transferred to the special servicer after the
borrower defaulted on its September 2023 payment. Property cash
flows have been depressed for several years, with the DSCR hovering
near or just below breakeven since 2021. As per the March 2024 rent
roll, the property was 50.4% occupied, compared with the 90.4% at
issuance. There is significant upcoming rollover risk with
approximately 32% of the total net rentable area (NRA) scheduled to
expire prior to loan maturity in February 2026. The special
servicer is now dual tracking foreclosure while discussing a
potential loan modification. The property was reappraised in
January 2024 at $32.5 million, which represents a 78.3% decline
from the issuance appraised value of $150.0 million. With this
review, Morningstar DBRS liquidated the loan from the trust with a
stressed haircut to the January 2024 value, resulting in a loss
severity approaching 80%.

The largest loan in the pool, 787 Seventh Avenue - Pooled, is
secured by a 1.7 million square-foot (sf), Class A office building
in Midtown Manhattan located on Seventh Avenue between 51st and
52nd Streets. The controlling piece is secured in the COMM
2016-787S Mortgage Trust single-asset, single-borrower transaction,
which is also rated by Morningstar DBRS. To read more on
Morningstar DBRS' recent credit rating action on that transaction,
please see the press release titled "Morningstar DBRS Takes Rating
Actions on North American Single-Asset/Single-Borrower Transactions
Backed by Office Properties," published on April 15, 2024, on the
Morningstar DBRS website. The loan is sponsored by Fifth Street
Properties, LLC, a joint venture between the California Public
Employees' Retirement System and CommonWealth Partners LLC.
According to the December 2023 rent roll, the property was 95.9%
occupied with 10.4% of the leases scheduled to expire ahead of loan
maturity in February 2026. The former largest tenant, BNP Paribas
(16.7% of NRA, lease expiry in December 2041) downsized from its
original footprint on 29.4% of NRA in 2022 and under the new lease
terms, the tenants' rental rate decreased by 38% to $47.00 per sf.
Other large tenants include Sidley Austin LLP (21.7% of the NRA,
lease expiry in May 2037); Willkie Farr & Gallagher LLP (17.1% of
the NRA, lease expiry in August 2027); and Stifel, Nicolaus &
Company, Incorporated (14.0% of the NRA, lease expiry in November
2030). The average rental rate at the subject has decreased by 10%
since issuance and consequently, net cash flow (NCF) continues to
decline, with the YE2023 NCF reported at $60.4 million, which
remains less than the $65.4 million Morningstar DBRS NCF derived in
2020. At issuance, the loan was shadow rated investment grade,
given the property's prime location within a desirable submarket,
high-quality tenancy, and strong credit metrics. However, given the
aforementioned factors, Morningstar DBRS removed the loan's shadow
rating as the loan's characteristics are no longer consistent with
the investment-grade shadow rating determined at issuance.

At issuance, 225 Liberty Street (Prospectus ID#5, 5.9% of the
current pool balance) was shadow-rated investment grade by
Morningstar DBRS. With this review, the shadow rating on the loan
was maintained given the strong occupancy, credit tenancy, and high
asset quality, all of which are characteristics that are consistent
with an investment-grade shadow rating.

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


DBWF 2016-85T: S&P Lowers Class D Certs Rating to 'B+ (sf)'
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of commercial
mortgage pass-through certificates from DBWF 2016-85T Mortgage
Trust, a U.S. CMBS transaction.

This U.S. CMBS transaction is backed by a portion of a 10-year,
3.82% per annum fixed-rate, interest-only (IO) $396.0 million
mortgage whole loan secured by an 11-story, 632,584-sq.-ft. office
building that was built in 1914, with ground-floor retail and
restaurant spaces located at 85 10th Avenue in Manhattan's Chelsea
office submarket. The property's amenities include 11 emergency
generators with 22 megawatts of backup power, 320 tons of cooling
capacity per floor, access to Chelsea Market via a skybridge, and
is in proximity to the West Side Highway.

Rating Actions

The downgrades on the class A, B, C, D, and E certificates
reflect:

-- That occupancy, which was 83.5%, as of the March 31, 2024, rent
roll, while unchanged from S&P's last review, in February 2024, is
down from 99.6% at issuance. The property, as noted in CoStar, has
not had any material leasing activity since our last review.

-- S&P said, "Our assessment that the largest tenant at the
property, Google (46.4% of net rentable area [NRA] and 52.8% of S&P
Global Ratings in-place base rent), may downsize or fully vacate
the premises, and move to its new headquarters that opened earlier
this year at the St. John's Terminal building, upon its lease
expiration in February 2026. We have not received confirmation if
Google will be renewing its lease or if they will vacate at the end
of their current lease term. In September 2021, Google purchased
St. John's Terminal, a 12-story, 1.3 million-sq.-ft. building in
the nearby Hudson Square office submarket for $2.1 billion, which,
with two other adjacent buildings totaling approximately 400,000
sq. ft., serve as its headquarters and Hudson Square campus. We
accounted for this risk by increasing our vacancy rate (to align
with the current office submarket fundamentals) and capitalization
rate assumptions at our last review."

-- S&P's belief that, due to still weak office submarket
fundamentals and concentrated tenant rollover in 2026 (including
Telehouse International Corp. [9.6% of NRA]), the borrower will
continue to face challenges re-tenanting vacant spaces in a timely
manner and the property's performance is not likely to return to
historical levels in the near term.

-- S&P's expected-case value, while unchanged from its last
review, is still 17.2% below the value that it derived at
issuance.

S&P said, "The downgrade on the class E certificates to 'CCC (sf)'
also reflects our view that this class is at a heightened risk of
default and losses, and based on our analysis, it is susceptible to
liquidity interruption, the current market conditions, and its
position in the payment waterfall.

"We lowered our rating on the class X-A IO certificates based on
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. Class X-A's notional amount references classes A
and B.

"We will continue to monitor the tenancy and performance of the
property and the loan. If we receive information that differs
materially from our expectations, we may revisit our analysis and
take additional rating actions as we determine necessary."

Property-Level Analysis Updates

S&P said, "In our February 2024 review, we noted that the
property's occupancy was 83.5%, down from 99.6% at issuance, and
the Chelsea office submarket continued to be severely depressed,
with CoStar reporting a 25.3% vacancy rate, 29.6% availability
rate, and an $86.69 per sq. ft. average submarket rent for four-
and five-star office properties. At that time, coupled with our
concerns that Google may partially or fully vacate upon its 2026
lease expiration, we assumed a 20.0% vacancy rate, an $89.13
per-sq.-ft. S&P Global Ratings' gross rent, a 39.2% operating
expense ratio, and higher tenant improvement costs to arrive at an
S&P Global Ratings' long-term sustainable net cash flow (NCF) of
$26.3 million. Using a 6.50% S&P Global Ratings' capitalization
rate, we derived an S&P Global Ratings' expected-case value of
$404.4 million, or $639 per sq. ft."

Since that time, according to the March 31, 2024, rent roll, the
property remained 83.5% occupied. While the servicer reported an
NCF for year-end 2023 of $21.2 million, which is 2.9% higher than
year-end 2022's NCF, it was still 19.5% below our assumed NCF of
$26.3 million. S&P attributed the lower reported 2023 NCF mainly to
significant rent abatements that tenants received to sign new or
renewal leases. According to CoStar, four- and five-star properties
in the Chelsea office submarket continue to experience high vacancy
(22.7%) and availability (36.6%) rates and slightly higher asking
rent ($91.76 per sq. ft.) as of year-to-date September 2024.

S&P said, "Given that the property's performance, tenancy, and
submarket conditions have not materially changed since our last
review, we maintained our NCF and expected-case value, which is
17.2% below our issuance value of $489.2 million, and a 51.5%
decline from the issuance appraised value of $835.0 million. This
yielded an S&P Global Ratings' loan-to-value ratio of 97.8% on the
whole loan balance."

As of the September 2024 remittance report, there are $18.4 million
in reserves. Additionally, according to the loan agreement,
18-months prior to Google's lease expiration date, commencing in
August 2024, a full cash sweep event would occur if Google has not
yet exercised its renewal option.

  Ratings Lowered

  DBWF 2016-85T Mortgage Trust

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



EFMT 2024-INV2: S&P Assigns Prelim B- (sf) Rating on Cl. B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to EFMT
2024-INV2's mortgage pass-through certificates.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate fully amortizing residential
mortgage loans (some with an interest-only period), secured
primarily by single-family residential properties, including
townhomes, planned-unit developments, condominiums, two- to
four-family units, condotels, five- to 10-unit multifamily
residential properties, and manufactured housing to prime and
nonprime borrowers. The pool consists of 962 ATR-exempt residential
mortgage loans backed by 1,148 properties, including 25
cross-collateralized loans backed by 211 properties.

The preliminary ratings are based on information as of Sept. 24,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;

-- The credit enhancement provided for this transaction;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The mortgage aggregator, Ellington Financial Inc., and the
originators;

-- 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(i)

  EFMT 2024-INV2

  Class A-1, $173,386,000: AAA (sf)
  Class A-2, $24,337,000: AA- (sf)
  Class A-3, $37,874,000: A- (sf)
  Class M-1, $20,737,000: BBB- (sf)
  Class B-1, $14,545,000: BB- (sf)
  Class B-2, $10,657,000: B- (sf)
  Class B-3, $6,480,807: NR
  Class A-IO-S, notional(ii): NR
  Class X, notional(ii): NR
  Class R, N/A: NR

(i)The preliminary ratings address the ultimate payment of interest
and principal. (ii)Notional amount equals the loans' aggregate
stated principal balance as of the cutoff date.
NR--Not rated.
N/A--Not applicable.



ELEVATION CLO 2020-11: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 the
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. At the same time, S&P withdrew
its ratings on the original class A, B, C, D-1, D-2, and E debt
following payment in full.

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-1A-R, D-1B-R,
and E-R debt was issued at a floating spread.

-- The original class A debt has been split into class A-1-R and
A-2-R tranches, which will pay sequentially.

-- The original class D-1 and D-2 debt was split into class
D-1A-R, D-1B-R, and D-2-R debt; and the class D-2-R tranche was
issued at a fixed coupon. Classes D-1 and D-2 are pari passu, and
classes D-1A-R and D-1B-R will be paid sequentially within the
class D-1 distribution.

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

-- The reinvestment period was extended to Sept. 20, 2029.

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

-- The new class X-R debt issued in connection with this
refinancing is scheduled to be paid down using interest proceeds
during the first 19 payment dates, beginning with the January 2025
payment 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

  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)

  Ratings Withdrawn

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

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

  Other Debt

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

  Subordinated notes, $84.15 million: Not rated

  NR--Not rated.



EXETER AUTOMOBILE 2024-5: Fitch Gives BB-(EXP) Rating on E Notes
----------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
Exeter Automobile Receivables Trust (EART) 2024-5.

   Entity/Debt         Rating           
   -----------         ------           
Exeter Automobile
Receivables
Trust 2024-5

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

KEY RATING DRIVERS

Collateral Performance — Subprime Credit Quality: EART 2024-5 is
backed by collateral with subprime credit attributes; however, it
exhibits some improvements in credit attributes when compared to
the prior Fitch-rated series, 2024-2. The weighted average (WA)
FICO score is 582, up from 572 for 2024-2. Additionally, 8.85% of
the pool is backed by new vehicles, up from 2.41% in 2024-2. Other
credit metrics, such as the WA LTV ratio of 116.47% and the WA
annual percentage rate (APR) of 21.62%, are generally consistent
with prior Exeter transactions.

Forward-Looking Approach to Derive Rating Case Proxy: Fitch
considered economic conditions and future expectations by assessing
key macroeconomic and wholesale market conditions to derive the
series loss proxy. Fitch maintained the vintage ranges to derive
the rating case loss proxy for 2024-5 with those for 2024-2, in
recognition of continued weak performance for the 2022 and 2023
securitizations. Fitch utilized 2006-2008 data from Santander
Consumer — as proxy recessionary static-managed portfolio data
— and 2015-2017 vintage data from Exeter to arrive at a
forward-looking rating case cumulative net loss (CNL) proxy of
21.50% compared with 22.00% in 2024-2.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) levels are 60.95%, 45.00%, 31.35%, 17.65%,
and 6.65% for classes A, B, C, D and E, respectively. These CE
levels are lower than 2024-2 but in line with prior transactions.
Excess spread is expected to be 12.88%, down from 13.10% per annum
in 2024-2. Loss coverage for each class of notes is sufficient to
cover the respective multiples of Fitch's rating case CNL proxy of
21.50%.

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

Fitch's base-case loss expectation, which does not include a margin
of safety and is not used in Fitch's quantitative analysis to
assign ratings, is 20.00%, based on its Global Economic Outlook and
transaction-based forecast loss projections.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

ESG Considerations

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

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


FIGRE TRUST 2024-HE4: DBRS Gives Prov. B(low) Rating on F Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Mortgage-Backed Notes, Series 2024-HE4 (the Notes) to be issued by
FIGRE Trust 2024-HE4 (FIGRE 2024-HE4):

-- $255.2 million Class A at AAA (sf)
-- $22.5 million Class B at AA (low) (sf)
-- $19.8 million Class C at A (low) (sf)
-- $12.8 million Class D at BBB (low) (sf)
-- $12.1 million Class E at BB (low) (sf)
-- $8.8 million Class F at B (low) (sf)

The AAA (sf) credit rating on the Class A Notes reflects 26.40% of
credit enhancement provided by subordinate notes. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
credit ratings reflect 19.90%, 14.20%, 10.50%, 7.00%, and 4.45% of
credit enhancement, respectively.

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

Morningstar DBRS assigned provisional credit ratings to FIGRE
2024-HE4, a securitization of recently originated first- and
junior-lien revolving home equity lines of credit (HELOCs) funded
by the issuance of mortgage-backed notes (the Notes). The Notes are
backed by 5,101 loans (individual HELOC draws), which correspond to
4,724 HELOC families (each consisting of an initial HELOC draw and
subsequent draws by the same borrower) with a total unpaid
principal balance (UPB) of $346,802,432 and a total current credit
limit of $374,191,667 as of the Cut-Off Date (August 31, 2024).

The portfolio, on average, is three months seasoned, though
seasoning ranges from one to 26 months. All of the HELOCs are
current and have been performing since origination. All of the
loans in the pool are exempt from the Consumer Financial Protection
Bureau Ability-to-Repay (ATR)/Qualified Mortgage (QM) rules because
HELOCs are not subject to the ATR/QM rules.

Figure Lending LLC (Figure) is a wholly owned, indirect subsidiary
of Figure Technologies, Inc. (Figure Technologies) that was formed
in 2018. Figure Technologies is a financial services and technology
company that leverages blockchain technology for the origination
and servicing of loans, loan payments, and loan sales. In addition
to the HELOC product, Figure has offered several different lending
products within the consumer lending space including student loan
refinance, unsecured consumer loans, and conforming first lien
mortgage. In June 2023, the company launched a wholesale channel
for its HELOC product. Figure originates and services loans in 46
states and the District of Columbia. As of July 31, 2024, Figure
originated, funded, and serviced more than 148,000 HELOCs totaling
approximately $10.9 billion.

Figure is the Originator of most and the Servicer of all HELOCs in
the pool. Other originators in the pool are REMN Wholesale, The
Loan Store, and certain other lenders (together, the White Label
Partner Originators). The White Label Partner Originators
originated HELOCs using Figure's online origination applications
under Figure's underwriting guidelines. Also, Figure is the Seller
of all the HELOCs. Morningstar DBRS performed a telephone
operational risk review of Figure's origination and servicing
platform and believes the Company is an acceptable HELOC originator
and servicer with a backup servicer that is acceptable to
Morningstar DBRS.

Figure is the transaction's Sponsor. FIGRE 2024-HE4 is the
eighth-rated securitization of HELOCs by the Sponsor. Also,
Figure-originated HELOCs are included in five securitizations
sponsored by Saluda Grade. These transactions' performances to date
are satisfactory.

The transaction includes mostly junior liens (primarily second
liens) and some first-lien HELOCs.

In this transaction, all loans are open HELOCs that have a draw
period of two, three, four, or five years, during which borrowers
may make draws up to a credit limit, though such right to make
draws may be temporarily frozen, suspended, or terminated under
certain circumstances. At the end of the draw term, the HELOC
mortgagors have a repayment period ranging from three to 25 years.
During the repayment period, borrowers are no longer allowed to
draw, and their monthly principal payments will equal an amount
that allows the outstanding loan balance to evenly amortize down.
All HELOCs in this transaction are fixed-rate loans. The HELOCs
have no interest-only payment period, so borrowers are required to
make both P&I payments during the draw and repayment periods. No
loans require a balloon payment.

The loans are made mainly to borrowers with prime and near-prime
credit quality who seek to take equity cash out for various
purposes. These HELOCs are fully drawn at origination, as evidenced
by the weighted-average (WA) utilization rate by current line
amount of approximately 96.8% after three months of seasoning on
average. For each borrower, the HELOC, including the initial and
any subsequent draws, is defined as a loan family within which
every new credit line draw becomes a de facto new loan with a new
fixed interest rate determined at the time of the draw by adding
the margin determined at origination to the then current prime
rate.

Relative to other HELOCs in Morningstar DBRS-rated deals, the loans
in the pool are all fixed rate, fully amortizing with a shorter
draw period and may have terms significantly shorter than 30 years,
including five- to 10-year maturities.

Certain Unique Factors in HELOC Origination Process

Figure seeks to originate HELOCs for borrowers of prime and
near-prime credit quality with ample home equity. It leverages
technology in underwriting, title searching, regulatory compliance,
and other lending processes to shorten the approval and funding
process and improve the borrower experience. Below are certain
aspects in the lending process that are unique to Figure's
origination platform:

-- To qualify a borrower for income, Figure seeks to confirm the
borrower's stated income using proprietary technology algorithms.

-- The lender uses the FICO 9 credit score model instead of the
classic FICO credit score model used by most mortgage originators.

-- Instead of title insurance, Figure uses an electronic lien
search algorithm to identify existing property liens.

-- Instead of a full-property appraisal Figure uses a property
valuation provided by an automatic valuation model (AVM), or in
some cases where an AVM is not available or is ineligible, a broker
price opinion (BPO), or a residential evaluation.

The credit impact of these factors is generally loan specific.
Although technologically advanced, the income, employment, and
asset verification methods used by Figure were treated as less than
full documentation in the residential mortgage-backed securities
(RMBS) Insight model. In addition, Morningstar DBRS applied
haircuts to the provided AVM and BPO valuations, reduced the
projected recoveries on junior-lien HELOCs, and generally stepped
up expected losses from the model to account for a combined effect
of these and other factors.

Transaction Counterparties

Figure will service all loans within the pool for a servicing fee
of 0.25% per year. Also, Newrez LLC doing business as Shellpoint
Mortgage Servicing (Shellpoint) will act as a Subservicer for loans
that default or are 60 or more days delinquent under the Mortgage
Bankers Association (MBA) method. In addition, Northpointe Bank
(Northpointe) will act as a Backup Servicer for all mortgage loans
in this transaction for a fee of 0.01% per year. If Figure fails to
remit the required payments, fails to observe or perform the
Servicer's duties, or experiences other unremedied events of
default described in detail in the transaction documents, servicing
will be transferred to Northpointe from Figure, under a successor
servicing agreement. Such servicing transfer will occur within 45
days of the termination of Figure. In the event of a servicing
transfer, Shellpoint will retain servicing responsibilities on all
loans that were being special serviced by Shellpoint at the time of
the servicing transfer. Morningstar DBRS performed an operational
risk review of Northpointe's servicing platform and believes the
company is an acceptable loan servicer for Morningstar DBRS-rated
transactions.

The Bank of New York Mellon will serve as Indenture Trustee, Paying
Agent, Note Registrar, Certificate Registrar, and REMIC
Administrator. Wilmington Savings Fund Society, FSB will serve as
the Custodian and the Owner Trustee. DV01, Inc. will act as the
loan data agent.

The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain an eligible vertical interest
consisting of the required percentage of the Class A, B, C, D, E,
F, and CE Note amounts and Class FR Certificate to satisfy the
credit risk-retention requirements under Section 15G of the
Securities Exchange Act of 1934 and the regulations promulgated
thereunder. The Sponsor or a majority-owned affiliate of the
Sponsor will be required to hold the required credit risk until the
later of (1) the fifth anniversary of the Closing Date and (2) the
date on which the aggregate loan balance has been reduced to 25% of
the loan balance as of the Cut-Off Date, but in any event no longer
than the seventh anniversary of the Closing Date.

Similar to other transactions backed by junior lien mortgage loans
or HELOCs, but different from certain Morningstar DBRS-rated FIGRE
transactions, the HELOCs that are 180 days delinquent under the MBA
delinquency method may not be charged off by the Servicer in its
discretion. In its analysis, Morningstar DBRS assumes all junior
lien HELOCs that are 180 days delinquent under the MBA delinquency
method will be charged-off.

Draw Funding Mechanism

This transaction uses a structural mechanism similar to other HELOC
transactions to fund future draw requests. The Servicer will be
required to fund draws and will be entitled to reimburse itself for
such draws from the principal collections prior to any payments on
the Notes and the Class FR Certificates.

If the aggregate draws exceed the principal collections (Net Draw),
the Servicer is entitled to reimburse itself for draws funded from
amounts on deposit in the Reserve Account (including amounts
deposited into the Reserve Account on behalf of the Class FR
Certificate holder after the Closing Date).

The Reserve Account is funded at closing initially with a rounded
balance of $1,734,012 (0.50% of the aggregate UPB as of the Cut-Off
Date). Prior to the payment date in September 2029, the Reserve
Account Required Amount will be 0.50% of the aggregate UPB as of
the Cut-Off Date. On and after the payment date in September 2029
(after the draw period ends for all HELOCs), the Reserve Account
Required Amount will become $0. If the Reserve Account is not at
target, the Paying Agent will use the available funds remaining
after paying transaction parties' fees and expenses, reimbursing
the Servicer for any unpaid fees or Net Draws, and paying the
accrued and unpaid interest on the bonds to build it to the target.
The top-up of the account occurs before making any principal
payments to the Class FR Certificate holder or the Notes. To the
extent the Reserve Account is not funded up to its required amount
from the principal and interest (P&I) collections, the Class FR
Certificate holder will be required to use its own funds to
reimburse the Servicer for any Net Draws.

Nevertheless, the servicer is still obligated to fund draws even if
the principal collections and the Reserve Account are insufficient
in a given month for full reimbursement. In such cases, the
Servicer will be reimbursed on subsequent payment dates first, from
amounts on deposit in the Reserve Account (subject to the deposited
funds), and second, from the principal collections in subsequent
collection periods. Figure, as a holder of the Trust
Certificate/Class FR Certificates, will have an ultimate
responsibility to ensure draws are funded by remitting funds to the
Reserve Account to reimburse the Servicer for the draws made on the
loans, as long as all borrower conditions are met to warrant draw
funding. The Class FR Certificates' balance will be increased by
the amount of any Net Draws funded by the Class FR Certificate
holder. The Reserve Account's required amount will become $0 on the
payment date in September 2029 (after the draw period ends for all
HELOCs), at which point the funds will be released through the
transaction waterfall.

In its analysis of the proposed transaction structure, Morningstar
DBRS does not rely on the creditworthiness of either the Servicer
or Figure. Rather, the analysis relies on the assets' ability to
generate sufficient cash flows, as well as the Reserve Account, to
fund draws and make P&I payments.

Additional Cash Flow Analytics for HELOCs

Morningstar DBRS performs a traditional cash flow analysis to
stress prepayments, loss timing, and interest rates. Generally, in
HELOC transactions, because prepayments (and scheduled principal
payments, if applicable) are primary sources from which to fund
draws, Morningstar DBRS also tests a combination of high draw and
low prepayment scenarios to stress the transaction.

Transaction Structure

The transaction employs a pro rata cash flow structure subject to a
Credit Event, which is based on certain performance triggers
related to cumulative losses and delinquencies. This transaction
differs from certain previous Morningstar DBRS-rated FIGRE
transactions where there is no performance trigger related to Net
WA Coupon (WAC) Rate.

Relative to a sequential pay structure, a pro rata structure
subject to sequential trigger (Credit Event) is more sensitive to
the timing of the projected defaults and losses as the losses may
be applied at a time when the amount of credit support is reduced
as the bonds' principal balances amortize over the life of the
transaction.

Excess cash flows can be used to cover any realized losses and are
then used to maintain overcollateralization (OC) at the target. The
excess interest can be released to the residual holder if the OC is
built to the OC Target so long as the Credit Event does not exist.
Please see the Cash Flow Structure and Features section of this
report for more details.

Notable Structural Features

Similar to previous Morningstar DBRS-rated FIGRE transactions, this
deal employs a Delinquency Trigger and a Cumulative Loss Trigger.
The effective dates for the triggers may differ from prior rated
transactions. The Delinquency Trigger is applicable on or after the
12th payment date (September 2025) rather than being applicable
immediately after the Closing Date.

Unlike some of the prior FIGRE securitizations that employed a
pro-rata pay structure amongst all rated notes, this transaction
includes rated classes; Class D, Class E, and Class F, that receive
their principal payments after the pro-rata classes (Class A, Class
B, and Class C) are paid in full. The inclusion of sequential pay
classes retains credit support that would otherwise be reduced in
the absence of a credit event.

The OC floor (1.50% of Cut-Off Date balance) is lower than in some
of the prior FIGRE securitizations. However, the Class CE notes
support B (low)-rated Class F notes, rather than investment-grade
classes in those prior deals, and the Class CE, Class F, and Class
E notes support the investment-grade classes.

Other Transaction Features

For this transaction, other than the Servicer's obligation to fund
any monthly Net Draws, described above, neither the Servicer nor
any other transaction party will fund any monthly advances of P&I
on any HELOC. However, the Servicer is required to make advances in
respect of taxes, insurance premiums, and reasonable costs incurred
in the course of servicing and disposing of properties (servicing
advances) to the extent such advances are deemed recoverable or as
directed by the Controlling Holder (the holder of more than a 50%
interest of the Class CE Notes). For the junior-lien HELOCs, the
Servicer will make servicing advances only if such advances are
deemed recoverable or if the associate first-lien mortgage has been
paid off and such HELOC has become a senior-lien mortgage loan.

The Depositor may, at its option, on or after the earlier of (1)
the payment date on which the balance of the Class A Notes is
reduced to zero or (2) the date on which the total loans' and real
estate owned (REO) properties' balance falls to or less than 25% of
the loan balance as of the Cut-Off Date (Optional Termination
Date), purchase all of the loans and REO properties at the optional
termination price described in the transaction documents.

The Depositor, at its option, may purchase any mortgage loan that
is 90 days or more delinquent under the 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.

The Servicer, at a direction of the Controlling Holder, may direct
the Issuer to sell (and direct the Indenture Trustee to release its
lien on and relinquish its security interest in) eligible
nonperforming loans (those 120 days or more delinquent under the
MBA method) or REO properties (including Eligible Nonperforming
Loans (NPLs)) to third parties individually or in bulk sales. The
Controlling Holder will have a sole authority over the decision to
sell the Eligible NPLs, as described in the transaction documents.

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


FLAGSHIP CREDIT 2022-2: S&P Lowers Class E Notes Rating to CC (sf)
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of notes and
affirmed its ratings on three classes of notes from Flagship Credit
Auto Trust 2022-2 (FCAT 2022-2). This is an ABS transaction backed
by subprime retail auto loans originated by Flagship Credit
Acceptance LLC (Flagship) and CarFinance Capital LLC and serviced
by Flagship.

The rating actions reflect:

-- The transaction's collateral performance to date;

-- S&P's remaining cumulative net loss (CNL) expectations
regarding future collateral performance and the transaction's
structure and credit enhancement levels; and

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

S&P said, "Since our last rating action on July 1, 2024, the
transaction continues to perform within our revised expectation. As
noted in our previous rating action, the series'
overcollateralization amount, which was never at its target, was
exhausted because excess spread has largely been used to cover net
losses, leaving little or no funds available to build the
transaction's overcollateralization amount. In addition, since June
2024, to ensure parity between the series notes and collateral
amount, approximately $5,118,030 has been withdrawn from the
reserve account, placing the series at risk of exhausting its
reserve account with expectations that the series reserve account
will be fully exhausted within the next performance month."

  Table 1

  FCAT 2022-2 collateral performance (%)(i)

                 Pool   60+ day
  Series   Mo.   factor   delinq.   Ext.     CGL     CRR     CNL
  2022-2    28    41.30     10.65   3.67   23.93   38.10   14.81

(i)As of the September 2024 distribution date.
FCAT--Flagship Credit Auto Trust.
Mo.--Month.
Delinq.--Delinquencies.
Ext.--Extensions.
CGL--Cumulative gross loss.
CRR--Cumulative recovery rate.
CNL--Cumulative net loss.


  Table 2a

  FCAT 2022-2 overcollateralization summary(i)

           Current     Target
  Series       (%)(ii)    (%)(iii)   Current ($)   Target ($)

  2022-2      0.00        7.25          0.00       18,267,476

(i)As of the September 2024 distribution date.
(ii)Percentage of the current collateral pool balance.
(iii)The overcollateralization target on any distribution date is
equal to the greater of the target percentage of the current pool
balance and 1.00% of the initial pool balance.
FCAT--Flagship Credit Auto Trust.


  Table 2b

  FCAT 2022-2 reserve summary(i)

           Current     Target
  Series       (%)(ii)   (%)(iii)   Current ($)   Target ($)

  2022-2      0.51       1.05       1,287,711     6,405,741

(i)As of the September 2024 distribution date.
(ii)Percentage of the current collateral pool balance.
(iii)The reserve target on any distribution date is equal to 1.05%
of the initial pool balance.
FCAT--Flagship Credit Auto Trust.

In view of the transaction's performance since S&P's last review,
S&P maintained its expected CNL for FCAT 2022-2.

  Table 3

  CNL expectations (%)

              Original
              lifetime    Previous revised     Current revised
  Series      CNL exp.   lifetime CNL exp.   lifetime CNL exp.

  2022-2   11.50-12.00               22.00(i)           22.00(ii)

(i)Revised in July 2024.
(ii)Revised as of the collection period ended Aug. 31, 2024.
CNL exp.--Cumulative net loss expectations.


The transaction contains a sequential principal payment structure
in which the notes are paid principal by seniority. The sequential
payment structure increases subordination as a percentage of the
amortizing pool for all classes except the lowest-rated subordinate
class E. The transaction also has credit enhancement in the form of
the remaining reserve amount and excess spread. The exhaustion of
the overcollateralization and the continued decline in the reserve
amount negatively impacted and reduced the hard credit enhancement
for class E.

S&P said, "As we expect the series to continue to experience losses
at an elevated pace, as it has in recent months, we expect the
reserve amount to be fully exhausted within the next performance
month. When this occurs,  the series notes, particularly the most
subordinated class E, will be under-collateralized. As such, we
lowered the rating on the class E notes to 'CC (sf)' from 'CCC
(sf)'. Similarly, due to the future expected level of
under-collateralization, we lowered the rating on the class D notes
to 'B- (sf)' from 'B (sf)'."

  Table 4

  Hard credit support(i)

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

  2022-2   A-3                 34.85                78.36
  2022-2   B                   27.45                60.44
  2022-2   C                   17.35                35.98
  2022-2   D                    9.25                16.37
  2022-2   E                    2.70                 0.51

(i)Calculated as a percentage of the total receivable pool balance,
which consists of a reserve account and overcollateralization.
Excludes excess spread that can also provide additional
enhancement.
(ii)As of the collection period ended Aug. 31, 2024.


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

"In our view, the results demonstrated that the classes have credit
enhancement consistent with the lowered and affirmed rating levels,
which is based on our analysis as of the collection period ended
Aug. 31, 2024 (the September 2024 distribution date).
We will continue to monitor the performance of the transaction to
ensure that the credit enhancement remains sufficient, in our view,
to cover our CNL expectations under our stress scenarios for each
rated class."

  RATINGS LOWERED

  Flagship Credit Auto Trust 2022-2

               Rating
  Class   To            From

  D       B- (sf)       B (sf)
  E       CC (sf)       CCC (sf)

  RATINGS AFFIRMED

  Flagship Credit Auto Trust 2022-2

  Class   Rating

  A-3     AAA (sf)
  B       AA+ (sf)
  C       A- (sf)



GENERATE CLO 11: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1R, A-2R, B-R, C-R, D-1R, D-2RA, D-2RB, and E-R replacement debt
and the new class X debt from Generate CLO 11 Ltd./Generate CLO 11
LLCC, a CLO originally issued in February 2023 that is managed by
Generate Advisors LLC.

The preliminary ratings are based on information as of Sept. 19,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 26, 2024, refinancing date, the proceeds from the
replacement and new 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 and new 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 and new debt."

The replacement and new 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-1R, A-2R, B-R, C-R, D-1R, D-RA, D-2RB,
and E-R debt and the new class X debt are expected to be issued at
a lower spread over three-month SOFR than the original debt.

-- The replacement class A-1R, A-2R, B-R, C-R, D-1R, D-RA, and E-R
debt and the new class X debt are expected to be issued at a
floating spread, while the class D-2RB debt is expected to be
issued at a fixed coupon.

-- The stated maturity will be extended to Oct. 20 2037, the
reinvestment period will be extended to Oct. 20, 2029, and the
non-call period will be extended to Oct. 20, 2026.

-- The new class X debt issued in connection with this refinancing
is expected to be paid down using interest proceeds during the
first seven payment dates beginning with the April 2025 payment
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

  Generate CLO 11 Ltd./Generate CLO 11 LLC

  Class X, $4.50 million: AAA (sf)
  Class A-1R, $240.00 million: AAA (sf)
  Class A-2R, $8.00 million: AAA (sf)
  Class B-R, $56.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1R (deferrable), $22.00 million: BBB (sf)
  Class D-2RA (deferrable), $2.00 million: BBB- (sf)
  Class D-2RB (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Other Debt

  Generate CLO 11 Ltd./Generate CLO 11 LLC

  Subordinated notes, $27.00 million: Not rated



GOLUB CAPITAL 62(B)-R: Fitch Assigns BB-(EXP)sf Rating on E-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Golub Capital Partners CLO 62(B)-R, Ltd. reset transaction.

   Entity/Debt       Rating           
   -----------       ------           
Golub Capital
Partners CLO
62(B)-R, Ltd.

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

Transaction Summary

Golub Capital Partners CLO 62(B)-R, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) managed by
OPAL BSL LLC that originally closed in July 2022. This is the first
refinancing in which the original notes will be refinanced in whole
on Sept. 24, 2024. Net proceeds from the issuance of the secured
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 25.66, versus a maximum covenant, in
accordance with the initial expected matrix point of 25.75. 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
99.22% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76.76% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.1%.

Portfolio Composition (Negative): The largest three industries may
comprise up to 57% 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
obligor and geographic concentrations is in line with other recent
CLOs. The level of diversity resulting from the industry
concentration is higher than other recent CLOs but was accounted
for in its stressed analysis.

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 '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 D-1-R, between less than 'B-sf' and 'BB+sf' for class
D-2-R, and between less than 'B-sf' and 'BB-sf' for class E-R.

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-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 Golub Capital
Partners CLO 62(B)-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.


GREENPOINT MORTGAGE 2006-AR1: Moody's Upgrades 2 Tranches From Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of two bonds issued by
Greenpoint Mortgage Funding Trust 2006-AR1. The collateral backing
this deal consists of option ARM mortgages.

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: Greenpoint Mortgage Funding Trust 2006-AR1

Cl. A-1A, Upgraded to A2 (sf); previously on Jan 6, 2023 Upgraded
to Ba1 (sf)

Cl. A-1B, Upgraded to A2 (sf); previously on Jan 6, 2023 Upgraded
to Ba1 (sf)

RATINGS RATIONALE

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

Each of the upgraded bonds has seen growth in credit enhancement
over the past 12 months, resulting in improved loss coverage
levels. Moody's analysis also considered the uncertainty of excess
interest being materialized from the collateral pool. In addition,
the existence of historical interest shortfalls for the bonds was
also considered.

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 other rated classes in this deal
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 "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.


GS MORTGAGE 2018-TWR: S&P Lowers Cl. E Certs Rating to 'CCC-(sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of commercial
mortgage pass-through certificates from GS Mortgage Securities
Corp. Trust 2018-TWR, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
Development Authority of Fulton County's fee interest and the
borrower's leasehold interest in Tower Place, a 29-story, 615,000
sq. ft. office tower and an approximately 156,000 sq. ft. adjacent
retail/office plaza, and an approximately 19,000 sq. ft. vacant
movie theater space (a total of 790,000 sq. ft.) in the Buckhead
neighborhood of Atlanta. The property was built in 1977 and is
connected to the Buckhead MARTA station via a pedestrian bridge
that opened in 2014.

Rating Actions

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

-- S&P said, "Our view that the continued increase in loan
exposure, due primarily to servicer advances for loan debt service,
real estate taxes, insurance, and other expenses, may further
reduce liquidity and recovery of the $212.5 million loan. According
to the transaction's payment waterfall, servicer advances are
repaid to the servicer before any distributions to the bondholders.
Since November 2023, the reported loan exposure increased $18.8
million to $235.4 million. We expect the servicer to advance an
additional $9.7 million through March 2025 (our anticipated
liquidation timing)."

-- S&P's belief that the servicer may increase the appraisal
reduction amount (ARA) or deem the loan nonrecoverable if, among
other items, the updated appraisal value, which the special
servicer indicated is currently being finalized, declines
significantly from the issuance appraisal value of $277.0 million.
An ARA of $33.9 million is currently in effect.

-- S&P said, "Our net recovery value of $109.8 million or $140 per
sq. ft., which is 21.5% lower than the value we derived in our
November 2023 review of $140.0 million, and a 60.3% decline from
the issuance appraisal value of $277.0 million. To arrive at our
net recovery value, we deducted the outstanding and projected
servicer advances totaling approximately $30.1 million from our
expected-case value."

The downgrade on the class X-NCP IO certificates reflects S&P's
criteria for rating IO securities, which states that the rating on
the IO securities would not be higher than that of the lowest-rated
reference class. The notional amount of class X-NCP references
classes A, B, C, and D.

The loan transferred to the special servicer on June 23, 2023, due
to imminent monetary default. The loan matured July 9, 2023, and
the borrower was unable to pay it off at maturity. In our Nov. 22,
2023, review, we noted that the loan had a reported nonperforming
matured balloon payment status and was unhedged against rising
interest rates. The outstanding advances and accruals totaled $4.1
million.

Since then, according to the Sept. 16, 2024, trustee remittance
report, the outstanding advances and accruals, totaling $22.9
million, included the following:

-- Interest advances totaling $13.3 million,

-- Real estate tax and insurance advances totaling $1.9 million,

-- Other expense advances totaling $4.3 million,

-- Cumulative appraisal subordinate entitlement reduction (ASER)
amounts totaling $2.5 million, and

-- Cumulative accrued unpaid advance interest totaling $892,960.

As a result of the $33.9 million ARA, a monthly ASER amount of
$277,934 has caused classes F, G, and RR Interest (which are not
rated by S&P Global Ratings) to experience interest shortfalls. As
of the September 2024 trustee remittance report, the cumulative
interest shortfalls outstanding totaled $2.5 million.

According to the current special servicer, KeyBank Real Estate
Capital, who replaced Trimont Real Estate Advisor LLC in May 2024,
a receiver was appointed in November 2023, and it is currently
working on leasing up and stabilizing the property before marketing
it for sale. As a result, S&P believes that the specially serviced
loan will resolve at the earliest in about six months, and the
servicer may advance an additional $9.7 million in that period.

S&P said, "We will continue to monitor the tenancy and performance
of the property and loan. If we receive information that differs
materially from our expectations, including an updated appraisal
value that is below our net recovery value, an increase in ARA,
and/or a nonrecoverable determination, we may revisit our analysis
and take additional rating actions as we determine appropriate."

Updates To Property-Level Analysis

S&P said, "In our last review, in November 2023, we assumed a
decrease in the property's occupancy rate to 57.9% after excluding
known tenant movements, an S&P Global Ratings $35.84 per sq. ft.
gross rent, and a 38.0% operating expense ratio to arrive at our
long-term sustainable net cash flow (NCF) of $10.3 million. Using
an S&P Global Ratings 7.55% capitalization rate, we derived an S&P
Global Ratings expected-case value of $140.0 million or $177 per
sq. ft.

"As of the July 31, 2024, rent roll, the property's occupancy rate
was 59.9%, which is on par with our last review. The servicer
reported a NCF of $13.4 million for year-end 2023 and $3.8 million
for the three months ended March 31, 2024. According to CoStar, the
4- and 5-star properties in the Upper Buckhead office submarket
continue to experience high vacancy (28.8%) and availability
(32.5%) rates as of September 2024.

"Given that the property's performance has not materially changed
since our last review, we maintained our NCF and expected-case
value. However, in our current analysis, we deducted $30.1 million
of outstanding and projected servicer advances and accruals to
arrive at our current net recovery value of $109.8 million or $140
per sq. ft. This yielded an S&P Global Ratings loan to value ratio
of 193.4%."

  Ratings Lowered

  GS Mortgage Securities Corp. Trust 2018-TWR

  Class A to 'BB (sf)' from 'A (sf)'
  Class B to 'B- (sf)' from 'BB+ (sf)'
  Class C to 'CCC (sf)' from 'BB- (sf)'
  Class D to 'CCC- (sf)' from 'CCC (sf)'
  Class E to 'CCC- (sf)' from 'CCC (sf)'
  Class X-NCP to 'CCC- (sf)' from 'CCC (sf)'



GS MORTGAGE 2019-GC42: DBRS Confirm BB Rating on Class F-RR Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-GC42
issued by GS Mortgage Securities Trust 2019-GC42 (the Issuer) as
follows:

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

In addition, Morningstar DBRS changed the trends on the Class D,
Class E, Class F-RR, Class G-RR, and Class X-D certificates to
Negative from Stable. All other classes continue to have Stable
trends.

The Negative trends reflect Morningstar DBRS' view that there are
increased risks in the pool's nearly 40% concentration of loans
backed by office properties. The most concerning of these are two
specially serviced loans in the 222 Kearny Street loan (Prospectus
ID#21, 2.4% of the pool balance), which are backed by a San
Francisco property that transferred to special servicing in July
2023 following performance declines, and the Midland Office
Portfolio loan (Prospectus ID#25, 1.8% of the pool balance), backed
by an office complex in Midland, Texas, which transferred to
special servicing in August 2023, also because of performance
declines. Given the outsized stress for the respective markets amid
the changing dynamics for the office sector, Morningstar DBRS
believes a disposition is a likely outcome in both cases and as
such, analyzed liquidation scenarios for both loans, which resulted
in loss severities of more than 45% and 20%, respectively.

Although there are sector shifts in place that Morningstar DBRS
believes are increasing the risks for the office sector as a whole,
in general, the other loans secured by office properties are
performing as expected, most recently reporting a weighted-average
(WA) debt service coverage ratio (DSCR) of 2.71 times (x) and a WA
debt yield (DY) of 10.4%. There were five additional office loans
stressed in the analysis to reflect property-specific and/or market
concerns, which could lead to increased risks over the loan terms
and those were analyzed with stressed loan-to-value ratios (LTVs)
and/or elevated probability of defaults to increase the expected
loss (EL) at the loan level, as applicable. The resulting WA EL for
the office loans in the pool was approximately 30% higher than the
pool's WA expected loss.

Most notably, the 19100 Ridgewood loan (Prospectus ID#4, 5.5% of
the pool balance) is secured by a two-building, 618,017-sf office
property in San Antonio leased solely to Marathon Petroleum
Corporation through May 2029, just short of the loan's scheduled
maturity in September 2029. Currently, one of the buildings,
accounting for about 30% of the net rentable area (NRA), is
subleased through January 2026 to an investment-grade-rated tenant,
EOG Resources, Inc., with one renewal option extending the lease
term to May 2029. Morningstar DBRS also notes that additional space
is listed as available for sublease, suggesting that the tenant's
demand for space continues to decrease. As such, it is much less
likely that the tenant will renew the entirety of the space upon
lease expiration, given the compression in the Northeast submarket,
which is facing challenges as supply continues to outpace demand
and vacancy rates hover around 20% as of Q2 2024, according to
Reis. For this review, Morningstar DBRS analyzed this loan with a
stressed LTV, resulting in an expected loss that is more than 3.5
times the pool average.

The credit rating confirmations reflect the overall stable
performance of the transaction, evidenced by the strong WA DSCR of
2.59 times (x) and a healthy WA DY of 10.9%, based on the most
recent financial reporting available. While the pool has a
meaningful concentration of loans secured by office properties,
representing the largest property type concentration, two of these
loans, representing 8.6% of the pool balance, are shadow-rated
investment-grade, benefiting from long-term leases with
investment-grade-rated tenants. As of the August 2024 remittance,
35 of the original 36 loans remain in the pool. The initial pool
balance of $1.06 billion has been reduced by 5.9% to $1.0 billion,
with no realized losses to the trust. Four loans, representing
11.6% of the pool balance, are on the servicer's watchlist.

At issuance, Morningstar DBRS shadow-rated four loans, representing
15.6% of the pool balance. Two of these, Moffet Towers II Buildings
3 & 4 (Prospectus ID#1, 6.6% of the pool) and 30 Hudson Yards
(Prospectus ID#23, 2.0% of the pool), are backed by office
properties leased to investment-grade-rated tenants on long-term
leases. The other two shadow-rated loans, Woodlands Mall loan
(Prospectus ID#6, 5.0% of the pool) and Grand Canal Shoppes loan
(Prospectus ID#24, 2.0% of the pool), are backed by
strong-performing retail properties located in desirable markets.
Morningstar DBRS confirmed that all four loans continue to exhibit
investment-grade loan characteristics as part of this review.

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


HARMONY-PEACE PARK: S&P Assigns Prelim BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to
Harmony-Peace Park CLO Ltd./Harmony-Peace Park CLO 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 Blackstone Liquid Credit Strategies
LLC.

The preliminary ratings are based on information as of Sept. 20,
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 collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Harmony-Peace Park CLO Ltd./Harmony-Peace Park CLO LLC

  Class X, $1.00 million: AAA (sf)
  Class A, $317.50 million: AAA (sf)
  Class B-1, $47.50 million: AA (sf)
  Class B-2, $15.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $3.75 million: BBB- (sf)
  Class E (deferrable), $16.25 million: BB- (sf)
  Subordinated notes, $48.26 million: Not rated



INVITATION HOME 2024-SFR1: DBRS Finalizes BB(high) on Cl. F Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings to the
Single-Family Rental Pass-Through Certificates (the Certificates)
to be issued by Invitation Homes 2024-SFR1 Trust (IH 2024-SFR1 or
the Issuer):

-- $492.4 million Class A at AAA (sf)
-- $79.8 million Class B at AA (low) (sf)
-- $84.1 million Class C at A (low) (sf)
-- $99.5 million Class D at BBB (low) (sf)
-- $42.6 million Class E at BBB (low) (sf)
-- $26.6 million Class F at BB (high) (sf)

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

The AAA (sf) credit rating on the Class A certificates reflects
44.80% of credit enhancement provided by subordinate certificates.
The AA (low) (sf), A (low) (sf), BBB (low) (sf), and BB (high) (sf)
credit ratings reflect 35.84%, 26.41%, 10.48%, and 7.50% of credit
enhancement, respectively.

The IH 2024-SFR1 certificates are supported by the income streams
and values from 2,600 rental properties. The properties are
distributed across eight states and 29 metropolitan statistical
areas (MSAs) in the United States. Morningstar DBRS maps an MSA
based on the ZIP code provided in the data tape, which may result
in different MSA stratifications than those provided in offering
documents. As measured by broker price opinion (BPO) value, 68.6%
of the portfolio is concentrated in three states: Florida (26.0%),
North Carolina (22.6%), and Arizona (20.0%). The average BPO value
is $409,456. The average age of the properties is roughly 18 years
as of the cut-off date. The majority of the properties have three
or more bedrooms. The certificates represent a beneficial ownership
in an approximately five-year, fixed-rate, interest-only loan with
an initial aggregate principal balance of approximately $891.9
million.

Morningstar DBRS finalized its provisional credit ratings for each
class of certificates by performing a quantitative and qualitative
collateral, structural, and legal analysis. This analysis uses
Morningstar DBRS' single-family rental (SFR) subordination
analytical tool and is based on Morningstar DBRS' published
criteria. (For more details, see https://dbrs.morningstar.com).
Morningstar DBRS developed property-level stresses for the analysis
of SFR assets. Morningstar DBRS finalized its provisional credit
ratings to each class based on the levels of stresses each class
can withstand and whether such stresses are commensurate with the
applicable credit rating level. Morningstar DBRS' analysis includes
estimated base-case net cash flows (NCFs) derived by evaluating the
gross rent, concession, vacancy, operating expenses, and capital
expenditure data. The Morningstar DBRS NCF analysis resulted in a
minimum debt service coverage ratio higher than 1.0 times. (For
more details, see Morningstar DBRS' presale report.)

Furthermore, Morningstar DBRS reviewed the third-party participants
in the transaction, including the property manager, servicer, and
special servicer. These transaction parties are acceptable to
Morningstar DBRS. (For more details, see the Property Manager and
Servicer Summary section of the related presale report.)
Morningstar DBRS also conducted a legal review and found no
material rating concerns. (For details, see the Scope of Analysis
section of the related presale report.)

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


JP MORGAN 2013-C16: DBRS Lowers Rating on Class D Certs to CCC(sf)
------------------------------------------------------------------
DBRS, Inc. downgraded the credit rating on one class of Commercial
Mortgage Pass-Through Certificates, Series 2013-C16 issued by JP
Morgan Chase Commercial Mortgage Securities Trust 2013-C16 as
follows:

-- Class D to CCC (sf) from B (low) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class E at CCC (sf)
-- Class F at C (sf)
-- Class X-C at C (sf)

There are no trends as all classes are assigned credit ratings that
do not typically carry a trend in commercial mortgage-backed
securities (CMBS) credit ratings.

The downgrade reflects ongoing interest shortfalls that exceed
Morningstar DBRS' tolerance for untimely interest to rated bonds.
Classes D, E, and F have been shorted interest payments since
February 2024. As of the August 2024 remittance, the trust has
accumulated approximately $3.5 million in interest shortfalls.
Morningstar DBRS' tolerance for interest unpaid to rated bonds is
limited to six remittance periods for the BB and B rating
categories. The credit rating downgrade of Class D is a result of
continued interest shortfalls, stemming from a lack of resolution
on the last four loans remaining in the pool, all of which are in
default. Morningstar DBRS previously downgraded Classes E, F, and
X-C to reflect liquidated loss expectations upon resolution, as
well as the expectation that interest shortfalls would continue to
build as the pool became more concentrated in defaulted loans.

The four outstanding loans are backed by office properties located
in four distinct markets. Given the concentration of defaulted
loans, Morningstar DBRS considered a liquidation scenario for all
four remaining loans. The liquidation scenarios were based on
stresses ranging from 10% to 15% applied to the most recent
appraised values and considered multiple factors, including the
property type, age, submarket conditions, historical performance,
and upcoming rollover, in determining an expected loss severity.
While Morningstar DBRS expects the senior outstanding classes will
likely be recovered, the workout and disposition timelines are
uncertain and, as noted above, Morningstar DBRS' ratings are
constrained by the expectation that the servicer will continue to
short interest through the final resolution for the remaining
loans.

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


LOBEL AUTOMOBILE 2023-1: DBRS Confirms BB Rating on Class D Notes
-----------------------------------------------------------------
DBRS, Inc. confirmed eight credit ratings on two Lobel Automobile
Receivables Trust Transactions detailed in the summary chart
below.

Lobel Automobile Receivables Trust 2023-1

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

Lobel Automobile Receivables Trust 2023-2

-- Class A AA (sf) Confirmed
-- Class B A (sf) Confirmed
-- Class C BBB (sf) Confirmed
-- Class D BB (sf) Confirmed

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

-- Although losses are tracking above the Morningstar DBRS initial
base-case CNL expectations, the current level of hard CE and
estimated excess spread are sufficient to support the Morningstar
DBRS projected remaining CNL assumptions at a multiple of coverage
commensurate with the credit ratings.

-- The transaction capital structures and form and sufficiency of
available CE.

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

-- 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 notes
are the related Noteholders' Monthly Interest Distributable Amount
and the related Outstanding Amount.

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


MADISON PARK XLIII: Fitch Assigns 'BB+sf' Rating on Class E-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Madison
Park Funding XLIII, Ltd. reset transaction.

   Entity/Debt            Rating               Prior
   -----------            ------               -----
Madison Park
Funding XLIII, Ltd.
(f/k/a Atrium XIV)

   A-1 04965LAC2      LT PIFsf  Paid In Full   AAAsf
   A-1-R              LT AAAsf  New Rating     AAA(EXP)sf
   A-2-RR             LT AAAsf  New Rating     AAA(EXP)sf
   A-2a 04965LAE8     LT PIFsf  Paid In Full   AAAsf
   A-2b-R 55820WAA9   LT PIFsf  Paid In Full   AAAsf
   B-1-R              LT AA+sf  New Rating     AA(EXP)sf
   B-2-R              LT AA+sf  New Rating     AA(EXP)sf
   C-R                LT A+sf   New Rating     A+(EXP)sf
   D-1-R              LT BBB+sf New Rating     BBB-(EXP)sf
   D-2-R              LT BBB+sf New Rating     BBB-(EXP)sf
   D-3-R              LT BBB-sf New Rating
   E-R                LT BB+sf  New Rating     BB+(EXP)sf
   F-R                LT NRsf   New Rating     NR(EXP)sf

Transaction Summary

Madison Park Funding XLIII, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
UBS Asset Management (Americas) LLC. Net proceeds from the issuance
of the secured and subordinated notes will provide financing on a
portfolio of approximately $797 million (not including defaulted
obligations) of primarily first lien senior secured leveraged
loans.

The final ratings for the class B-1-R, B-2-R, D-1-R, and D-2-R
notes are 'AA+sf', 'AA+sf', 'BBB+sf', and 'BBB+sf' respectively,
which is higher than the expected ratings of 'AA(EXP)sf',
'AA(EXP)sf', 'BBB-(EXP)sf', and 'BBB-(EXP)sf'. This was largely due
to structural changes, which included a new class D-3-R note that
is junior to the D-1-R and D-2-R notes and provided additional par
subordination to the class D-1-R and D-2-R notes and lowered
overall cost of funding. In addition, a new portfolio was provided,
which increased the weighted average recovery rate of the
indicative portfolio.

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
96.17% first-lien senior secured loans and has a weighted average
recovery assumption of 75.93%. 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 37% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs.

Portfolio Management (Neutral): The transaction has a 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 'A-sf' and 'AAAsf' for class A-1-R, between
'BBB+sf' and 'AA+sf' for class A-2-RR, between 'BB+sf' and 'AA-sf'
for class B-R, between 'B+sf' and 'A-sf' for class C-R, between
less than 'B-sf' and 'BBB-sf' for class D-1-R, between less than
'B-sf' and 'BB+sf' for class D-2-R, between less than 'B-sf' and
'BB+sf' for class D-3-R, and between less than 'B-sf' and 'BBsf'
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-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-R, 'AA+sf' for class C-R, 'A+sf'
for class D-1-R, 'A+sf' for class D-2-R, 'A+sf' for class D-3-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, 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 Madison Park
Funding XLIII, 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.


MADISON PARK XLIII: S&P Assigns B- (sf) Rating on Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R and F-R
replacement debt from Madison Park Funding XLIII Ltd./Madison Park
Funding XLIII LLC, a CLO managed by UBS Asset Management (Americas)
LLC that was originally issued in August 2018 as Atrium XIV
Ltd./Atrium XIV LLC and underwent a partial refinancing in August
2020. At the same time, S&P withdrew its ratings on the original
debt following payment in full on the Sept. 23, 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 replacement class A-1-R, A-2-RR, B-1-R, B-2-R, C-R, D-1-R,
D-2-R, D-3-R, E-R, and F-R debt were issued at a lower spread or
coupon than the original debt.

-- The stated maturity was extended to Oct. 16, 2036, for the
class A-1-R notes and Oct. 16, 2037, for the other new debt.

-- The new non-call date will be Oct. 16, 2026.

-- There will be no additional effective date or ramp-up period,
and the first payment date following the refinancing will be Jan.
16, 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."

  Ratings Assigned

  Madison Park Funding XLIII Ltd./Madison Park Funding XLIII LLC

  Class A-1-R, $490.80 million: AAA (sf)
  Class F-R (deferrable), $0.25 million: B- (sf)

  Ratings Withdrawn

  Madison Park Funding XLIII Ltd./Madison Park Funding XLIII LLC

  Class A-1 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

  Madison Park Funding XLIII Ltd./Madison Park Funding XLIII LLC

  Class A-2-RR, $45.20 million: NR
  Class B-1-R, $62.00 million: NR
  Class B-2-R, $10.00 million: NR
  Class C-R (deferrable), $48.00 million: NR
  Class D-1-R (deferrable), $40.00 million: NR
  Class D-2-R (deferrable), $8.00 million: NR
  Class D-3-R (deferrable), $12.00 million: NR
  Class E-R (deferrable), $18.00 million: NR
  Subordinated notes, $93.80 million: NR
  NR--Not rated.



MAGNETITE XXXIII: S&P Assigns BB- (sf) Rating on Class E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 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.
At the same time, we withdrew our ratings on the original class A,
B-1, B-2, C, D, and E debt following payment in full on the Sept.
20, 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 September 2026.

-- The reinvestment period was extended to October 2029.

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

-- The target initial par amount will remain at $500.00 million.
There was no additional effective date or ramp-up period, and the
first payment date following the refinancing is October 2024.

-- The class X debt was 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 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

  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)

  Ratings Withdrawn

  Magnetite XXXIII Ltd./Magnetite XXXIII LLC

  Class A 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

  Magnetite XXXIII Ltd./Magnetite XXXIII LLC

  Subordinated notes, $38.75 million: NR

  NR--Not rated.



MARANON LOAN 2021-3: S&P Assigns BB-(sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
X-R, A-R, A-L-R, B-R, C-R, D-R, and E-R debt from Maranon Loan
Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC, a CLO
originally issued in December 2021 that is managed by Maranon
Management LLC.

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-L-R loans and class D-R debt were
issued at a higher spread over three-month CME term SOFR than the
class D debt; and the replacement class X-R, A-R, A-L-R, B-R, C-R,
and E-R debt was issued at a lower spread over three-month CME term
SOFR than the class X, A, A-L, B, C, and E debt.

-- The replacement class A-L-R loans and class X-R, A-R, B-R, C-R,
D-R, and E-R debt were issued at a floating spread, replacing the
current floating spread.

-- The stated maturity and reinvestment period were extended 2.75
years.

-- New class X-R debt was issued in connection with this
refinancing and will be paid down using interest proceeds during
the first 16 payment dates, beginning with the January 2025 payment
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 notes remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Maranon Loan Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC

  Class X-R, $20.00 million: AAA (sf)
  Class A-R, $174.00 million: AAA (sf)
  Class A-L-R, $50.00 million: AAA (sf)
  Class B-R, $46.00 million: AA (sf)
  Class C-R (deferrable), $32.00 million: A (sf)
  Class D-R (deferrable), $24.00 million: BBB- (sf)
  Class E-R (deferrable), $26.00 million: BB- (sf)

  Ratings Withdrawn

  Maranon Loan Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC

  Class X to NR from 'AAA (sf)'
  Class A to NR from 'AAA (sf)'
  Class A-L to NR from 'AAA (sf)'
  Class B to NR from 'AA (sf)'
  Class C (deferrable) to NR from 'A (sf)'
  Class D (deferrable) to NR from 'BBB- (sf)'
  Class E (deferrable) to NR from 'BB- (sf)'

  Other Outstanding Debt

  Maranon Loan Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC

  Variable dividend notes, $50.00 million: NR

  NR--Not rated.



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

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

All trends are Stable.

The rating confirmations reflect the increased credit support to
the notes as there has been a collateral reduction of 13.6% since
the transaction became static in August 2023 following the
post-closing two-month reinvestment period. The transaction also
benefits from being composed primarily of loans backed by
multifamily collateral, which has historically proven to better
retain property value and cash flow compared with other property
types. In its analysis for the review, Morningstar DBRS determined
the majority of individual borrowers are progressing with their
business plans to increase property cash flow and property value;
however, some borrowers' business plans and loan exit strategies
have lagged for a variety of factors, including increased
construction costs, slowed rent growth, and increased debt service
costs, which has increased the execution risk. The unrated,
first-loss note of $95.9 million provides significant cushion
against realized losses should the increased risks for those loans
ultimately result in defaults and dispositions. 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

The initial collateral consisted of 37 floating-rate mortgages
secured by 50 mostly transitional properties with a cut-off date
balance totaling $993.2 million. Most loans were in a period of
transition with plans to stabilize performance and improve values
for the underlying assets. The trust reached its maximum funded
balance of $1.30 billion in October 2021.

As of the August 2024 remittance, the pool comprises 38 loans
secured by 100 properties with a cumulative trust balance that has
amortized down to $1.12 billion. Currently, 15 of the original
loans in the transaction at closing, representing 37.2% of the
current trust balance, remain in the trust. Since issuance, 22
loans with a prior cumulative trust balance of $579.8 million have
been successfully repaid from the pool, including six loans
totaling $152.9 million that have repaid since the previous
Morningstar DBRS rating action in September 2023.

The transaction is concentrated by property type as 36 loans,
representing 92.1% of the current trust balance, are secured by
multifamily properties with the remaining two loans (7.9% of the
current trust balance) secured by healthcare properties. In
comparison, when the previous Morningstar DBRS Surveillance
Performance Update for the transaction was published in September
2023, multifamily properties represented 93.0% of the collateral
and healthcare properties represented 7.0% of the collateral.

The pool is secured primarily by properties in suburban markets, as
defined by DBRS Morningstar, with 23 loans, representing 60.1% of
the pool, assigned a Morningstar DBRS Market Rank of 3, 4, or 5. An
additional 11 loans, representing 30.1% of the pool, are secured by
properties with a Morningstar DBRS Market Rank of 6, 7 and 8,
denoting urban markets, while four loans, representing 9.8% of the
pool, are secured by properties with a Morningstar DBRS Market Rank
of 2, denoting tertiary markets. In comparison, at September 2023,
properties in suburban markets represented 60.0% of the collateral,
properties in urban markets represented 31.4% the collateral, and
properties in tertiary markets represented 8.6% of the collateral.

As of the August 2024 reporting, leverage across the pool has
remained consistent with the issuance and September 2023 metrics.
The current weighted-average (WA) as-is appraised value
loan-to-value ratio (LTV) is 71.2%, with a current WA stabilized
LTV of 66.3%. In comparison, these figures were 70.6% and 65.5%,
respectively, at issuance and 70.5% and 65.1%, respectively, as of
September 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 (cap
rate) environments. In the analysis for this review, Morningstar
DBRS applied LTV adjustments to 22 loans, representing 65.7% of the
current trust balance, generally reflective of higher cap rate
assumptions compared with the implied cap rates based on the
appraisals.

Through August 2024, the lender had advanced cumulative loan future
funding of $153.6 million to 25 of the 36 outstanding individual
borrowers to aid in property stabilization efforts. The largest
advance, $16.4 million, has been made to the borrower of the SF
Multifamily Portfolio III loan. The loan is secured by a portfolio
of 10 multifamily properties totaling 308 units in San Francisco.
The advanced funds have been used to fund the borrower's extensive
$33.9 million planned capital expenditure plan across the
portfolio. The Q1 2024 collateral manager's report noted the
borrower had completed 151 out of the total 308 planned unit
upgrades. The sponsor, Veritas Investment Group (Veritas), backs
four portfolio loans in the MF1 2021-FL6 transaction with a current
cumulative trust balance of $72.6 million (6.5% of the pool). The
loans are secured by multifamily properties in Los Angeles and San
Francisco. All four loans mature in January 2024 with three
one-year extension options and, according to the collateral
manager, each loan has been extended to the January 2025 maturity.
Currently, $22.4 million of future funding, which includes a
potential $5.0 million earnout, remains available to the borrower
of the SF Multifamily Portfolio III loan.

An additional $101.7 million of loan future funding allocated to 10
of the outstanding individual borrowers remains available. The vast
majority of available funding ($83.9 million) is allocated to the
four portfolio loans sponsored by Veritas, ranging from $26.0
million for the LA Multifamily Portfolio I loan to $16.7 million
for the LA Multifamily Portfolio III loan. The business plan for
each loan is similar, with funds available to renovate properties
and a small amount allocated for potential performance-based
earnouts.

As of the August 2024 remittance, two loans, representing 4.0% of
the pool, are delinquent and one loan, Tides on Country Club
(Prospectus ID#54; 3.8% of the pool) is in special servicing. The
loan is secured by a 582-unit apartment community in Mesa, Arizona,
that transferred to the special servicer in August 2023 for
imminent monetary default. In June 2024, the loan was modified and
assumed by a new sponsor, which contributed $2.0 million in fresh
equity and will be rebranding the property. In addition, 28 loans,
representing 74.5% of the current trust balance are, on the
servicer's watchlist.. The loans have been flagged primarily for
below breakeven debt service coverage ratios and upcoming loan
maturity. Performance declines noted in the pool are expected to be
temporary as multifamily units are being made unavailable by
respective borrowers to complete interior renovations.

In the next six months, 18 loans, representing 43.3% of the current
trust balance, are scheduled to mature. According to the collateral
manager, 16 of the individual borrowers are expected to exercise
loan extension options, while the two remaining borrowers are
expected to successfully execute exit strategies. Morningstar DBRS
expects borrowers and lenders to negotiate mutually beneficial loan
modifications to extend loans if property performance does not
qualify to exercise the related options. Modification terms would
likely include fresh sponsor equity to fund principal curtailments,
fund carry reserves, or purchase new interest rate cap agreements.

Twenty-one loans, representing 51.4% of the current trust balance,
have been modified. The modifications have generally allowed
borrowers to exercise loan extension options by amending loan terms
in return for fresh equity deposits and the purchase of a new
interest rate cap agreement. The most common amendments include the
removal of performance-based tests and changes to the required
strike price on the purchase of a new interest rate cap agreement.
The four Veritas loans were previously modified to extend the
maximum maturity date to January 2027 to allow the sponsor
additional time to complete its business plan, which was
significantly delayed by the pandemic and the resulting eviction
moratoria in Los Angeles and San Francisco.

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


MF1 2022-FL8: DBRS Confirms B(low) Rating on Class H Notes
----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all the classes of notes
issued by MF1 2022-FL8 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H at B (low) (sf)

Morningstar DBRS also changed the trends on Class G and Class H to
Negative from Stable. The trends on the remaining classes remain
Stable.

The trend changes reflect the increased credit risk to the
transaction because of Morningstar DBRS' higher loan-level loss
expectations for the majority of the loans in the transaction,
including two loans in special servicing, representing 4.0% of the
current trust balance. Morningstar DBRS notes many borrowers are
facing execution risk with their respective business plans because
of a combination of factors including decreased property values,
increased construction costs, slower rent growth, and increases in
debt service costs stemming from the high interest rate
environment. As a result of lagging business plans and loan exit
strategies, seven loans, representing 18.0% of the current trust
balance, have been modified. Terms for the modifications vary from
loan to loan; however, common terms include interest deferrals via
a hard and soft pay structure, waiving interest rate cap agreement
requirements; and forbearance agreements, which have been executed
to facilitate further modification discussions between both the
lender and the borrowers. Additionally, the transaction faces a
heighted maturity risk as 29 loans, representing 70.8% of the
current trust balance, are expected to mature within the next six
months. While all of the loans have built in extension options,
Morningstar DBRS notes that a number of the loans will not qualify
to exercise the related options based on current loan performance
and therefore will likely need to be modified.

The credit rating confirmations reflect the overall stability of
the transaction as the majority of loan collateral, or 36 loans,
representing 96.8% of the current trust balance, is secured by
multifamily properties. Multifamily properties have historically
proven to be better able to retain property value and cash flow
compared with other property types. While the individual borrowers
are proceeding with their business plans to increase property cash
flow and property value, the headwinds and challenges noted above
continue to present challenges. In conjunction with this press
release, Morningstar DBRS has published a Surveillance Performance
Update report with an 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.

The initial collateral consisted of 32 floating-rate mortgage loans
secured by 69 transitional multifamily properties and one
manufactured housing community property, totaling $1.8 billion
(77.0% of the fully funded balance of $2.0 billion), excluding
$152.6 million of future funding commitments and $392.1 million of
pari passu debt. Most loans were in a period of transition with
plans to stabilize performance and improve the asset value. The
transaction was structured with a Reinvestment Period that expired
with the January 2024 Payment Date.

As of the August 2024 remittance, the pool comprises 38 loans
secured by 90 properties with a cumulative trust balance of $1.99
billion, reflecting a collateral reduction of 1.7% since issuance.
Of the original 32 loans, 27 loans, representing 87.5% of the
current trust balance, remain in the pool. Since the previous
Morningstar DBRS credit rating action in September 2023, three
loans, totaling $11.3 million, have been added to the trust while
two loans, totaling $64.8 million, have repaid in full.

The remaining collateral in the transaction beyond the multifamily
concentration noted above includes two manufactured housing
community properties (3.2% of the current trust balance). The pool
is primarily secured by properties in suburban markets, with 21
loans, representing 50.1% of the pool, assigned a Morningstar DBRS
Market Rank of 3, 4, or 5. An additional 13 loans, representing
42.7% of the pool, are secured by properties in urban markets, with
a Morningstar DBRS Market Rank of 6, 7, or 8. The remaining loans
are backed by properties with a Morningstar DBRS Market Rank of 1
or 2, denoting tertiary markets. These property-type and
market-type concentrations remain generally in line with both the
pool composition and the September 2023 credit rating action.

Leverage across the pool has remained consistent as of August 2024
reporting when compared with issuance metrics, as the current
weighted-average (WA) as-is appraised loan-to-value (LTV) ratio is
72.7%, with a current WA stabilized LTV of 64.9%. In comparison,
these figures were 72.1% 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 fully reflect the effects of
increased interest rates and/or widening capitalization rates in
the current environment. In the analysis for this review,
Morningstar DBRS applied upward LTV adjustments across 19 loans,
representing 69.6% of the current trust balance.

Through August 2024, the lender had advanced cumulative loan future
funding of $226.0 million to each of the 28 outstanding individual
borrowers. The largest advance, $39.5 million, was made to the
borrower of the Park Portfolio loan, which is secured by a
portfolio of eight, garden-style multifamily properties totaling
317 units in Brooklyn, New York. The advanced funds have been used
to fund the borrower's $17.0 million planned capital expenditure
and fund various performance-based earnouts as part of the
borrower's business plan to convert the majority of the units into
affordable housing in order to qualify for an Article XI tax
abatement. The Q2 2024 collateral manager report noted the property
was only 41.6% occupied as of May 2024 as the borrower is in the
midst of the tenant application and screening process on completed
units in addition to the remainder of the units being offline
because of ongoing renovations.

An additional $73.0 million of loan future funding allocated to 20
of the outstanding individual borrowers remains available. The
largest portion of available funding ($15.1 million) is allocated
to the SF Multifamily Portfolio IV loan, which is secured by a
portfolio of five multifamily properties totaling 124 units in San
Francisco. The borrower's business plan is to complete both
interior and exterior renovations throughout the properties. As of
March 2024, the portfolio was 93.0% occupied with an average rental
rate of $2,722/unit, representing a rental premium of $472/unit
over in-place rents at issuance.

As of the August 2024 reporting, two loans, representing 4.0% of
the current trust balance, are delinquent and in special servicing.
The larger of the two loans, Brentmoor Apartments (Prospectus ID#
20; 2.3% of current trust balance), transferred to special
servicing in April 2024 for payment default. The loan, which is
secured by a 228-unit Class B, garden-style apartment property in
Raleigh, North Carolina, was 93.0% occupied of May 2024; however,
the loan reported a below-breakeven debt service coverage ratio
(DSCR) of 0.57x as of YE2023. According to the Q2 2024 collateral
manager report, the loan was placed into receivership in April
2024. At closing, the property had an As-Is appraised value of
$53.0 million, which Morningstar DBRS deems aggressive as the
implied cap rate is 4.3% based on the YE2023 NCF figure. As such,
Morningstar DBRS believes the current market value of the property
is lower. In its analysis, Morningstar DBRS applied an upward LTV
adjustment resulting in a loan expected loss in excess of the
weighted-average expected loss for the pool.

The second loan in special servicing, Mainstream Apartments
(Prospectus ID#25; 1.7% of the current trust balance), is secured
by a 324-unit Class B, garden-style multifamily property in
Houston. The loan transferred to special servicing in May 2024 for
payment default after the loan matured in January 2024. According
to the Q2 2024 collateral manager update, the property was 85.0%
occupied as of May 2024. The loan was also placed into receivership
in April 2024. In its current analysis, Morningstar DBRS assumed a
distressed property value given the status of the loan and
liquidated it from the trust. The resulting loan loss severity was
nearly 30.0%.

There are 31 loans on the servicer's watchlist, representing 71.8%
of the current trust balance. The loans have primarily been flagged
for below-breakeven DSCRs and upcoming loan maturities. The largest
loan on the servicer's watchlist, Park Portfolio (Prospectus ID #5;
4.9% of current trust balance), is secured by a portfolio of eight
properties totaling 317 units in Brooklyn, New York. The sponsor
benefits from partial or complete real estate tax abatements under
New York City's Article XI program (the Article XI units) as 229 of
the units are subject to affordable housing regulations. The loan
is currently on the servicer's watchlist for low NCF as the YE2023
figure was $0.4 million, equating to a 0.05x DSCR. According to the
Q2 2024 collateral manager report, the portfolio had an overall
occupancy rate of 41.6% with a 55.0% occupancy rate across the
Article XI units and a 6.8% occupancy rate across the market rate
units. In its analysis, Morningstar DBRS applied upward As-Is and
As-Stabilized LTV adjustments resulting in a loan expected loss
just below the pool average. Morningstar DBRS expects NCF to
improve as the completed affordable housing units become occupied
and as the market rate unit renovations are completed. The loan
matures in November 2024 and will likely need to be modified in
order for the borrower to qualify for an extension.

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


MF1 2022-FL9: DBRS Confirms B(low) Rating on 3 Note Classes
-----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all the classes of notes
issued by MF1 2022-FL9, LLC 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 (high) (sf)
-- Class F-E at BB (high) (sf)
-- Class F-X at BB (high) (sf)
-- Class G at BB (low) (sf)
-- Class G-E at BB (low) (sf)
-- Class G-X at BB (low) (sf)
-- Class H at B (low) (sf)
-- Class H-E at B (low) (sf)
-- Class H-X at B (low) (sf)

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

The trend changes reflect the increased credit risk to the
transaction as a result of increased loan-level loss expectations
for the majority of the loans in the transaction. Morningstar DBRS
notes many borrowers are facing execution risk with their
respective business plans because of a combination of factors,
including decreased property values, increased construction costs,
slower rent growth, and increases in debt service costs stemming
from the current elevated interest rate environment as all loans
have floating interest rates. As a result of lagging business plans
and loan exit strategies, the borrowers of 18 loans, representing
46.8% of the current trust balance, have received loan
modifications and/or forbearances. Terms for the modifications vary
from loan to loan; however, common terms include interest deferrals
via a hard and soft pay structure, waiving interest rate cap
agreement requirements. Forbearance agreements have been executed
to facilitate further modification discussions between the lender
and borrowers. Additionally, the transaction faces a heighted
maturity risk as 12 loans, representing 27.4% of the current trust
balance, have past due maturity dates or will mature by YE2024.
While all of the loans have built-in extension options, Morningstar
DBRS notes most loans will not qualify to exercise the related
options based on current collateral performance and therefore will
likely need to be modified.

The credit rating confirmations reflect the overall collateral
composition of the pool as the majority of loan collateral, 42
loans, representing 90.4% of the current trust balance, is secured
by multifamily properties. Multifamily properties have historically
proven to be better able to retain property value and cash flow
compared with other property types. While individual borrowers are
proceeding with their business plans to increase property cash flow
and property value, the headwinds and challenges noted above
continue to present challenges. In conjunction with this press
release, Morningstar DBRS has published a Surveillance Performance
Update report with an 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.

The initial collateral consisted of 45 loans secured by 61
transitional multifamily and one manufactured housing community
(MHC) properties, totaling $1.74 billion. The transaction had a
maximum funded balance of $1.80 billion and was formerly a managed
vehicle as the 24-month reinvestment period expired with the May
2024 Payment Date. As of the August 2024 remittance, the pool
comprises 47 loans secured by 98 properties with a cumulative trust
balance of $1.79 billion, reflecting a collateral reduction of 0.4%
since issuance. Of the original 45 loans, 37 loans, representing
87.0% of the current trust balance, remain in the pool. Since the
previous Morningstar DBRS credit rating action in September 2023,
seven loans, totaling $171.9 million (9.6% of the current trust
balance), have been added to the trust while seven loans, totaling
$178.8 million, have paid in full, including one loan (former trust
balance of $38.8 million), which was purchased out of the trust by
the Issuer as a credit risk asset.

The remaining collateral in the transaction beyond the multifamily
concentration noted above includes four loans secured by
manufactured housing community properties (8.6% of the current
trust balance). The pool is primarily secured by properties in
suburban markets, with 31 loans, representing 60.5% of the pool,
assigned a Morningstar DBRS Market Rank of 3, 4, or 5. An
additional 11 loans, representing 33.2% of the pool, are secured by
properties in urban markets, with a Morningstar DBRS Market Rank of
6, 7, or 8. The remaining loans are backed by properties with a
Morningstar DBRS Market Rank of 1 or 2, denoting tertiary markets.
These property-type and market-type concentrations remain generally
in line with both the pool composition and the September 2023
credit rating action.

Leverage across the pool has remained consistent as of August 2024
reporting when compared with issuance metrics, as the current
weighted-average (WA) as-is appraised loan-to-value ratio (LTV) is
74.4%, with a current WA stabilized LTV of 62.7%. In comparison,
these figures were 71.8% and 63.3%, 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 fully reflect the effects of
increased interest rates and/or widening capitalization rates in
the current environment. In the analysis for this review,
Morningstar DBRS applied upward LTV adjustments across 29 loans,
representing 75.8% of the current trust balance, generally
reflective of higher cap rate assumptions as compared with the
implied cap rates based on the appraisals.

As of the August 2024 reporting, one loan, Highline Lofts
(Prospectus ID#32; 1.4% of the current trust balance) is delinquent
and in special servicing. The loan is secured by a 112-unit Class
B, multifamily property in Aurora, Colorado. The loan transferred
to special servicing in May 2024 after the loan matured in March
2023 as the borrower was unable to successfully exit the loan or
qualify for a 12-month maturity extension. The loan is currently
six months delinquent on debt service payments. According to the Q2
2024 collateral manager report, the lender and borrower were
negotiating an agreement to extend the loan; however, no further
update is available at this time. As of April 2024, the property
was 91.0% occupied, and the borrower had completed over 90.0% of
the$2.0 million capital improvement plan to upgrade 111 unit
interiors and property common areas and exteriors. At loan closing,
the property was valued at $29.8 million ($266,000 per unit). In
its analysis, Morningstar DBRS identified comparable sales
transactions near the subject since the start of 2023, which sold
for a median price per unit of approximately $210,000 and an
average price per unit of approximately $230,000, suggesting the
current value of the subject has declined. In its analysis,
Morningstar DBRS liquidated the loan from the trust with a
resulting loan loss severity of approximately 20.0%.

There are 40 loans on the servicer's watchlist, representing 88.5%
of the current trust balance, which have primarily been flagged for
below-breakeven debt service coverage ratios (DSCRs) and upcoming
maturity dates. The largest loan on the servicer's watchlist and in
the trust, LA Lofts Portfolio (Prospectus ID #1; 12.7% of current
trust balance), is secured by a portfolio of five properties
totaling 1,037 units in downtown Los Angeles. The loan has been on
the servicer's watchlist for multiple years for low net cash flow
(NCF), which was most recently reported as $-4.4 million for the
trailing 12-month period ended May 31, 2024, according to the Q2
2024 collateral manager update. The original borrower's business
plan was to utilize up to $22.7 million of loan future funding to
complete a significant capital expenditure (capex) plan focused on
unit renovations, property exterior and amenity upgrades, and the
correction of deferred maintenance.

The original borrower experienced financial distress and
operational challenges implementing the business plan, partly due
to the extended tenant eviction moratorium for Los Angeles County.
The loan was subsequently assumed and modified in March 2023 with
the new borrower depositing $5.0 million into a shortfall reserve.
The modification also reduced the floating rate spread by 75 basis
points (bps) and allows the borrower to defer up to 100 bps of
interest due in for 12 months and up to 50 bps in the following 12
months. When the modification closed, $18.5 million of future
funding remained available, which was reallocated as $12.5 million
for capex and up to $6.0 million for additional operating
shortfalls. As of August 2024, the loan has an outstanding balance
of $333.1 million with a $227.9 million in the trust.

The loan matured in April 2024 and while the only requirement to
exercise the first 12-month extension option is the purchase of a
new interest rate cap agreement, according to the Q2 2024 update
from the collateral manager, the borrower has expressed liquidity
issues. As a result, the loan is currently under a forbearance
agreement while resolution negotiations are ongoing. In terms of
business plan progression, the borrower has utilized $7.6 million
of additional advances for its capex project with a focus on
elevator modernization across the portfolio, which is expected to
be completed by YE2024. The Q2 2024 update noted unit renovations
have commenced; however, the count of completed unit upgrades and
units in progress was not provided. There remains approximately
$4.9 million of future funding for capex projects per the terms of
the loan modification. As of May 2024, the portfolio was 60.0%
occupied, down from 72.0% in May 2023. The collateral manager also
noted 180 tenant evictions were in process across the portfolio as
of June 2024, which could allow the borrower access to additional
units to complete upgrades.

An updated portfolio valuation was conducted in March 2023 in
conjunction with the loan assumption and modification, resulting in
an As-Is value of $370.0 million and an As-Stabilized value of
$438.5 million. Given the portfolio is currently generating
negative cash flow, Morningstar DBRS assumed a current LTV of
100.0% in its current analysis despite the progress the borrower
has made in the capex program. At closing, Morningstar DBRS
concluded to a Stabilized NCF of $17.0 million, while the issuer
concluded to a figure of $21.2 million, which was updated to $22.7
million following the loan modification. Based on the updated
As-Stabilized portfolio value of $438.5 million, the implied cap
rate using the updated Issuer's stabilized NCF is 5.2% with a fully
funded LTV of 77.1%. Given the increased credit risk of the loan
regarding the payment status and the business plan execution risk,
Morningstar DBRS also adjusted the As-Stabilized LTV upwards in
addition to applying an additional probability of default penalty
to increase the loan expected loss. The resulting loan expected
loss is similar with the overall expected loss of the pool.

Through August 2024, the lender had advanced cumulative loan future
funding of $273.5 million to each of the 38 outstanding individual
borrowers. The largest advance, $62.5 million, was made to the
borrower of The 600 loan (Prospectus ID#54; 2.8% of the current
trust balance), which is secured by a 30-story, 404-unit
multifamily tower in Birmingham, Alabama. The advanced funds have
been used by the borrower to fund the complete conversion and
renovation of the property into a multifamily use from its former
office use. According to the Q2 2024 update from the collateral
manager, the capex project was 92.5% complete and was projected to
be finished in Q3 2024. As of May 2024, 371 units were rentable,
and 109 units were occupied. There is no more future funding
available to the borrower. The loan matured in July 2024 and was
modified to allow the borrower to exercise the first 12-month
extension option. Terms of the modification included reduction in
the floating interest rate spread to 4.50% from 5.90%. The borrower
was required to purchase an interest rate cap agreement with a
5.25% strike rate and deposit $5.4 million into a shortfall reserve
with the obligation to replenish the reserve to $3.0 million if it
falls below $1.0 million.

An additional $72.8 million of loan future funding allocated to 26
of the outstanding individual borrowers remains available. The
largest portion of available funding ($18.5 million) is allocated
to the borrower of The Reserve at Brandon loan (Prospectus ID#2;
5.0% of the current trust balance), which is secured by a 982-unit
multifamily complex in Brandon, Florida. The funds are available to
fund the borrower's significant capex program originally budgeted
at $27.6 million with $15.4 million allocated for unit upgrades and
the remaining funds allocated for property wide improvements.
According to the Q2 2024 collateral manager update, the borrower
had requested loan advances of $11.6 million and had completed 426
unit upgrades as well as all planned property exterior
improvements. Renovated and leased units reportedly achieved an
average rental rate of $1,569 per unit, representing a 40.0%
premium over the average rental rate for similar nonrenovated
units. The loan was modified in July 2024 to allow the borrower to
exercise the first 12-month maturity extension option to April
2025. The borrower made a $7.5 million principal curtailment and
deposited $2.5 million into a shortfall reserve to receive a hard
pay/soft pay interest structure on the loan. The hard pay rate
through October 2025 is 5.35% with any additional amounts
deferrable and due at loan maturity. An additional $8.5 million of
deferred interest, which accrued when the borrower received a
forbearance when the loan matured in April 2024 was also
categorized as deferred interest and is also due at loan maturity.

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


MORGAN STANLEY 2015-UBS8: DBRS Cuts Class G Certs Rating to D
-------------------------------------------------------------
DBRS Limited downgraded the credit rating on one Class of
Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8
issued by Morgan Stanley Capital I Trust 2015-UBS8 as follows:

-- Class G to D (sf) from C (sf)

In addition, the credit rating on Class G was simultaneously
discontinued and withdrawn.

The credit rating downgrade and discontinuation on Class G were
because of a loss to the trust that was reflected with the August
2024 remittance. The trust incurred a loss of $12.2 million, wiping
out the remainder of the unrated Class H and eroding $6.4 million
of Class G. This loss was tied to the liquidation of Mall de las
Aguilas (Prospectus ID#6). In the April 2024 review, Morningstar
DBRS analyzed this loan with a liquidation scenario, resulting in
an implied loss severity in excess of 75.0%. For more information
on this transaction, please see the press release dated April 16,
2024.

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


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

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

Morningstar DBRS maintained the Negative trends on Classes X-D, D,
E, and F. All other trends remain Stable.

The Negative trends continue to reflect Morningstar DBRS' concern
with the sole loan in special servicing, Key Center Cleveland
(Prospectus ID#5, 6.3% of the pool), as well as two of the three
loans on the servicer's watchlist, D.C. Office Portfolio
(Prospectus ID#8, 6.1% of the pool) and 141 Fifth Avenue
(Prospectus ID#10, 4.5% of the pool). All three loans have
experienced significant declines in performance. Both Key Center
Cleveland and D.C. Office Portfolio are backed by office
properties. 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 office space
demand. Considering the loan-specific concerns, the Negative trends
on the most junior bonds are supported.

The credit rating confirmations reflect the otherwise stable
performance of the transaction, as the majority of loans continue
to perform as expected, as evidenced by the weighted-average debt
service coverage ratio (DSCR) for the pool that is significantly
higher than 2.0 times (x) based on the most recent financials
available, when excluding the three aforementioned loans of
concern. Per the August 2024 reporting, 39 of the original 44 loans
remain in the trust, with an aggregate principal balance of $559.4
million, representing a collateral reduction of 20.4% since
issuance. There are eight loans, representing 14.3% of the pool,
that are fully defeased. As noted, there are three loans,
representing 12.6% of the pool, on the servicer's watchlist.

Key Center Cleveland is secured by a 2.1 million square foot (sf),
mixed-use property in Cleveland, comprising a 400-key hotel, two
Class A office buildings, and an underground parking garage. The
loan was transferred to special servicing at the borrower's request
in November 2020 because of imminent default as a result of the
coronavirus pandemic. The loan remained current as of the August
2024 remittance; although, the borrower has requested for a payment
deferral to help fund capital expenditures, which is likely tied to
the franchise agreement with Marriott in order to align with brand
standards. The borrower also submitted another request to change
the hotel management company and for a lease amendment, according
to servicer commentary. Discussions are reportedly ongoing between
the borrower and mezzanine lender.

Despite the transfer to special servicing, the YE2023 net cash flow
(NCF) was reported at $21.2 million (a DSCR of 1.33x), in line with
the YE2022 NCF of $21.3 million (a DSCR of 1.34x) and the
Morningstar DBRS NCF derived at issuance of $20.4 million (a DSCR
of 1.28x). Per the May 2023 STR report, the hotel portion of the
subject reported trailing-12-month (T-12) occupancy rate, average
daily rate (ADR), and revenue per available room (RevPAR) figures
of 66.7%, $185, and $123, respectively. All three metrics exhibited
a healthy recovery from pandemic lows with the T-12 May 31, 2023,
RevPAR exceeding the issuance figure of $108.

According to the August 2024 financial reporting, occupancy for the
office portion of the collateral had improved to 87.6%, an
improvement from 81.2% at YE2022, but below the issuance figure of
92.9%. The largest tenant, KeyBank (31.8% of the net rentable area
(NRA), lease expiring in June 2030), downsized by 44,000 sf (3.2%
of the NRA) in July 2020 after providing the required 12-month
notice and paying a $2.1 million fee. Although KeyBank's lease has
a three-year lockout period before the tenant can contract its
footprint further, the tenant has two options remaining to further
downsize a total of 103,000 sf. Rollover risk is rather limited in
the next 12 months with none of the top five largest tenants
scheduled to roll. According to Reis, the Downtown submarket
reported a Q2 2024 vacancy rate of 21.6%. Given the loan's
prolonged stay in special servicing since 2020, Morningstar DBRS
maintained a stressed probability of default (POD) in its analysis
for this review, resulting in an expected loss (EL) greater than
double the pool average.

The largest loan on the servicer's watchlist, D.C. Office
Portfolio, is secured by three Class B office buildings in
Washington, D.C. The loan is being monitored on the servicers
watchlist for a low DSCR with the Q1 2024 annualized figure at
0.93x, in line with the YE2023 and YE2022 DSCRs of 0.95x and 0.92x,
respectively, and significantly less than the Morningstar DBRS
figure of 1.41x. Occupancy has dropped from the issuance level to
69.5% from 87.8% as per the April 2024 rent roll with occupancy
rates ranging from 24.8% to 46.3% and an average rental rate of
$44.9 psf. According to Reis, the 2024 average asking rental rate
and vacancy figures within a one-mile radius of the subject were
reported at $59.1 psf and 16.3%, respectively, while the Downtown
submarket reported figures of $56.1 psf and 16.0%, respectively.
Given the current climate for the office sector and performance
declines below expectation, Morningstar DBRS analyzed the loan with
a stressed loan-to-value (LTV) ratio and an elevated POD, resulting
in an EL almost 1.5x than the pool average.

Another loan Morningstar DBRS is monitoring is, 141 Fifth Avenue,
which is secured by a 4,425 sf retail portion of a 14-story
mixed-use building in Manhattan. The loan was placed on the
watchlist in October 2023 following the departure of the property's
sole tenant, HSBC Bank USA, in October 2022. While servicer
commentary indicates the borrower has signed a new tenant to an
eight-year lease beginning in September 2024, the loans DSCR fell
to -0.07x as of YE2023. Morningstar DBRS has inquired about further
details regarding the recent leasing, which has improved occupancy
to approximately 46.0%; however, given the recent cash flow
disruption and increased vacancy, Morningstar DBRS analyzed the
loan with an elevated POD and stressed LTV, resulting in an EL
greater than double the pool average.

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


MORGAN STANLEY 2019-NUGS: Moody's Cuts Rating on Cl. C Certs to B1
------------------------------------------------------------------
Moody's Ratings has downgraded the ratings on five classes in
Morgan Stanley Capital I Trust 2019-NUGS as follows:

Cl. A, Downgraded to Baa1 (sf); previously on Aug 23, 2023
Downgraded to A1 (sf)

Cl. B, Downgraded to Ba2 (sf); previously on Aug 23, 2023
Downgraded to Baa2 (sf)

Cl. C, Downgraded to B1 (sf); previously on Aug 23, 2023 Downgraded
to Ba1 (sf)

Cl. D, Downgraded to Caa1 (sf); previously on Aug 23, 2023
Downgraded to B1 (sf)

Cl. E, Downgraded to Ca (sf); previously on Aug 23, 2023 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

The ratings on five P&I classes were downgraded due to an increase
in Moody's LTV driven by the continued decline in the property's
occupancy and net cash flow (NCF) as well as the weaker office
fundamentals and lower office valuations in the Denver downtown
market. The downgrades also reflect the loan's delinquent status as
the loan has been in special servicing since December 2022 after
failing to payoff or extend at its extended maturity date and the
loan was last paid through its June 2024 payment date as of the
September 2024 distribution date. Due to the loan's delinquent
status there is approximately $5.3 million (2% of loan balance) of
aggregate P&I and T&I advances, other expenses and cumulative
accrued unpaid advance interest outstanding.

The floating-rate loan is secured by a Class A office building in
the Denver downtown submarket and both the property's occupancy and
NCF have continued to decline since securitization. The property
was 67% leased in June 2024 compared to 79% in March 2023 and 87%
at securitization. Due to the decline in occupancy and revenue
since 2023 and the increased debt service amount on its floating
interest rate in recent years, the property is unlikely to generate
enough NCF to service the floating rate interest only debt service
amount in 2024. As a result, Moody's expect the advances and
interest shortfalls to remain outstanding and may increase.
Servicing advances are senior in the transaction waterfall and are
paid back prior to any principal recoveries which may result in
lower recovery to the total trust balance. As of the September 2024
remittance report there was a reported aggregate reserve balance of
$12.7 million, of which approximately $9.7 million was within
tenant or leasing reserves.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Large Loan and
Single Asset/Single Borrower Commercial Mortgage-backed
Securitizations" published in July 2024.


DEAL PERFORMANCE

As of the September 2024 distribution date, the transaction's
aggregate certificate balance remains unchanged at $277.1 million
from securitization. The initial 5-year (including three one-year
extensions with a final maturity date in December 2024), interest
only, floating rate loan is secured by a 1,195,149 square feet
(SF), Class A, office property comprised of 52-story tower and an
adjoining 12-story garage located in the central business district
of Denver, Colorado. In addition, the property is encumbered by
$50.6 million of non-pooled B-note and $45.3 million of non-pooled
mezzanine debt. The borrower previously exercised the loan's first
extension option which extended the maturity date to December 2022,
however, the loan transferred to special servicing in December 2022
after the borrower failed to exercise the next extension option.

The property has seen continued decline in its occupancy since
securitization after several large tenants downsized their spaces
at the property. The most recent downsizing was from the largest
tenant, Wells Fargo Bank, which did not renew the 69,778 SF (6% of
the property NRA) that expired in December 2023. Wells Fargo Bank's
remaining 175,115 SF (15% of NRA) will expire in December 2028. As
of June 2024, the property was 67% leased, down from 79% in March
2023, 83% in June 2022, 86% in December 2020 and 87% at
securitization. The property's 2023 reported net operating income
(NOI) was $21.3 million, 7% lower than the NOI in 2020 and 10%
lower than the trailing-twelve-month NOI reported as of September
2019. The remaining tenancy at the property has limited lease
rollover with less than 20% of the current NRA having lease
expiration by year end 2026.

Given the decline in the property's occupancy since 2023, the
property's revenue is likely to further decline and the property
may not be able to generate sufficient NCF to service the interest
only floating rate debt service amount in 2024. Based on the
annualized NOI reported as of June 2024, the senior mortgage loan
balance of $277.1 million had a DSCR of approximately 0.82X at the
SOFR rate as of the September 2024 remittance, the total debt DSCR
was 0.56X.

The property is well-located in the Denver CBD, however, the Denver
office market vacancies have increased significantly since
securitization. According to CBRE, the Downtown submarket in
Denver, Colorado included 25.5 million SF of Class A office space
in Q2 2024 with a vacancy of 29.2%, compared to a vacancy rate of
10.9% in 2019 and 25.40% in 2023. The Downtown Denver office
submarket has seen consecutive years of negative net absorption
since 2020.

Moody's LTV ratio for the first mortgage balance is 176% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 161% based on Moody's Value using a cap rate adjusted
for the current interest rate environment. As of the September 2024
remittance, the loan is classified as "non-performing maturity
balloon" and is last paid through its June 2024 payment date. There
are outstanding interest shortfalls totaling $1.16 million
impacting up to Cl. E and no losses have been realized as of the
current distribution date.


MORGAN STANLEY I: Fitch Lowers Rating on Class H-RR Certs to CCCsf
------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes and downgraded three classes
(classes F-RR, G-RR and H-RR) of Morgan Stanley Capital I Trust
commercial mortgage pass-through certificates, series 2018-L1. The
Rating Outlooks for classes C, D, E and X-D have been revised to
Negative from Stable. The downgraded classes, F-RR and G-RR, have
been assigned Negative Rating Outlooks.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
MSC 2018-L1

   A-2 61691QAB4    LT AAAsf  Affirmed    AAAsf
   A-3 61691QAD0    LT AAAsf  Affirmed    AAAsf
   A-4 61691QAE8    LT AAAsf  Affirmed    AAAsf
   A-S 61691QAH1    LT AAAsf  Affirmed    AAAsf
   A-SB 61691QAC2   LT AAAsf  Affirmed    AAAsf
   B 61691QAJ7      LT AA-sf  Affirmed    AA-sf
   C 61691QAK4      LT A-sf   Affirmed    A-sf
   D 61691QAN8      LT BBBsf  Affirmed    BBBsf
   E 61691QAQ1      LT BBB-sf Affirmed    BBB-sf
   F-RR 61691QAS7   LT B+sf   Downgrade   BB+sf  
   G-RR 61691QAU2   LT B-sf   Downgrade   BB-sf
   H-RR 61691QAW8   LT CCCsf  Downgrade   B-sf
   X-A 61691QAF5    LT AAAsf  Affirmed    AAAsf
   X-B 61691QAG3    LT AA-sf  Affirmed    AA-sf
   X-D 61691QAL2    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Performance and 'B' Loss Expectations: Transaction-level 'B' rating
case losses are 5.16% compared to 3.99% at Fitch's last rating
action. The higher modeled losses primarily reflect the increased
concentration of specially serviced loans with specific concern
regarding the potential for outsized losses on Regions Tower (3.5%
of pool). The higher modeled losses also reflect the weak
performance of FLOCs in the pool, and marginal paydown and
defeasance since issuance.

The Negative Outlooks for classes C, D, E, X-D, F-RR and G-RR
reflect continued concerns over the specially serviced Regions
Tower loan and the office concentration within the top 15 (24.6% of
the pool is comprised of top-15 office loans).

Fitch Loans of Concern (FLOCs) and Specially Serviced Loans: Nine
loans representing 15.7% of the pool are FLOCs, including three
specially serviced loans (7.2% of the pool).

Regions Tower (3.5% of the pool): Regions Tower is a FLOC and
largest loss contributor which transferred to special servicing on
August 28th, 2023 due to imminent monetary default ahead of the
October 1, 2023 loan maturity. The loan also experienced the
largest increase in loss expectations over last year's review. The
loan is secured by a 687,237-sf office building located within the
CBD of Indianapolis, IN. The property was 72% occupied as of the
June 2024 rent roll. A receiver has been appointed and is working
to lease up the asset while the special servicer is pursuing
foreclosure.

Fitch's 'Bsf' rating case loss of 55.7% is based on a 20% haircut
to the October 2023 BOV, and Fitch's stressed value of $34.2
million, or $49.72 psf, reflects a 73% value decline compared to
the issuance appraisal value.

Alex Park South (3.1% of the pool): Alex Park South is a FLOC and
second largest loss contributor. The loan is secured by a
353,685-sf office building in Rochester, NY and is considered a
FLOC due to declining occupancy. As of March 2024, the property was
62% occupied following the extension of major tenant GRHSF's lease
through February 2034.

Fitch's 'Bsf' rating case loss of 15.8% is based on a 10.00% cap
rate and 30% stress to YE 2023 NOI, and also factors in a higher
probability of default to account for rollover risks.

Embassy Suites Atlanta Airport (3.5% of the pool): Embassy Suites
Atlanta Airport is a FLOC and the third largest loss contributor.
The loan is secured by a 236-unit full-service hotel located in
Atlanta, GA built in 1989 and renovated in 2015. The property has
been slow to recover since the pandemic, with YE 2023 NOI
representing a 52.1% decline from YE 2019 NOI. The loan was assumed
in early 2024 and the new ownership expects to improve operating
performance via the PIP and increased efficiencies provided by new
property management.

Fitch's 'Bsf' rating case loss of 14.2% is based on a 11.25% cap
rate and the TTM March 2024 NOI figure.

Marginal Change to Credit Enhancement (CE) and Minimal Defeasance:
As of the August 2024 reporting, the pool's aggregate balance has
reduced 3.7% since issuance compared to 3.03% at Fitch's last
rating action. Additionally, two loans representing 2.7% of the
pool have been fully defeased since Fitch's last rating action.

RATING SENSITIVITIES

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

- Downgrades to 'AAAsf' and 'AAsf' category rated classes could
occur if deal-level expected losses increase significantly;

- Downgrades to classes rated in the 'Asf' and 'BBBsf' categories
could occur if deal-level losses increase significantly from
outsized losses on larger FLOCs or if loans in special servicing,
particularly Region's Tower, have extended workout timelines and
continued value erosion;

- Further downgrades to classes rated in the 'BBsf' and 'Bsf'
categories are possible with higher than expected losses from
continued underperformance of the FLOCs and/or lack of resolution
and increased exposures on the specially serviced loans;

- Further downgrades to 'CCCsf' would occur should additional loans
transfer to special servicing and/or default, or as losses become
realized or more certain.

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

- Upgrades to classes rated in the 'AAsf' and 'Asf' categories may
be possible with significantly increased CE from paydowns and/or
defeasance, coupled with stable-to-improved pool-level loss
expectations and improved performance on the FLOCs, namely Regions
Tower;

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

- Upgrades to classes rated in the 'Bsf' rated classes are not
likely until the later years in the transaction and only if the
performance of the remaining pool is stable and/or there is
sufficient CE;

- Upgrades to distressed ratings are not expected but would be
possible with better than expected recoveries on specially serviced
loans or significantly improved performance from 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.


MSC 2024-NSTB: Fitch Assigns 'B-(EXP)sf' Rating on Two Tranches
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
MSC 2024-NSTB, commercial mortgage pass-through certificates series
2024-NSTB, as follows:

- $325,780,000 class A 'AAAsf'; Outlook Stable;

- $57,012,000 class A-S 'AAAsf'; Outlook Stable;

- $382,792,000 class X-A 'AAAsf'; Outlook Stable;

- $22,688,000 class X-B 'AA-sf'; Outlook Stable;

- $22,688,000 class B 'AA-sf'; Outlook Stable;

- $16,871,000 class C 'A-sf'; Outlook Stable;

- $16,871,000 class X-C 'A-sf'; Outlook Stable;

- $9,308,000 class X-D 'BBBsf'; Outlook Stable;

- $4,654,000 class X-E 'BBB-sf'; Outlook Stable;

- $9,308,000 class X-F 'BB-sf'; Outlook Stable;

- $5,818,000 class X-G 'B-sf'; Outlook Stable;

- $9,308,000 class D 'BBBsf'; Outlook Stable;

- $4,654,000 class E 'BBB-sf'; Outlook Stable;

- $9,308,000 class F 'BB-sf'; Outlook Stable;

- $5,818,000 class G 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following class:

- $13,962,416 class H;

- $13,962,416 class X-H;

- $24,494,811a,b Combined VRR Interest.

Notes:

a) Privately Placed and pursuant to Rule 144A.

b) The VRR Interest certificates comprise the transaction's
vertical risk retention interest and the certificate balance is
subject to change based on the final pricing of all classes.

Transaction Summary

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 149 loans secured by 146
commercial properties having an aggregate principal balance of
$489,896,228 as of the cutoff date. The loans were originated
between 2013 and 2023 by a third-party originator unaffiliated with
the depositor and loan seller, and contributed to the trust by
Morgan Stanley Mortgage Capital Holdings LLC.

The master servicer is expected to be Wells Fargo Bank, National
Association, and the special servicer is expected to be Rialto
Capital Advisors, LLC. The trustee and certificate administrator is
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
35 loans totaling 55.4% of the pool by balance. Fitch's resulting
aggregate net cash flow (NCF) of $40.6 million represents an 11.9%
decline from the issuer's aggregate underwritten NCF of $46.1
million.

Fitch Leverage: The pool has higher leverage compared to recent
multiborrower transactions rated by Fitch. The pool's Fitch
loan-to-value ratio (LTV) of 100.2% is greater than both the 2024
YTD and 2023 multiborrower pool averages of 95.1% and 88.3%,
respectively. The pool has lower leverage than Fitch-rated Freddie
Mac 10-year K-Series deals rated in 2024 YTD and 2023, which
averaged 107.5% and 120.1%, respectively. The pool's Fitch NCF debt
yield (DY) of 8.3% is worse than both the 2024 YTD and 2023
multiborrower averages of 10.5% and 10.9%, respectively, but is in
line with the 2024 YTD K-Series average of 8.2% and better than the
2023 K-Series average of 7.3%.

Adjustable Rate Loans: The pool includes 100 loans with loan
documents that specify an interest-rate reset or extension option
wherein the loan's interest rate will reset to the greater of the
in-place interest rate or the Five-Year Treasury Rate plus a spread
ranging from 250 to 300 basis points at a future date. An
additional thirty-seven loans have passed their adjustment dates
and have already reset. Twelve loans in the pool do not have an
interest rate reset provision. The largest concentration of future
rate resets occurs in 2027, during which 58 loans (54.9% of the
pool) will reach their adjustment date. The current weighted
average (WA) interest rate for the pool is 4.25%, Fitch assumed a
WA constant of 8.74% for the pool.

Loan Diversification: The pool is less concentrated than recently
rated Fitch transactions. The top 10 loans make up only 32.8% of
the pool, which is significantly lower than both the 2024 YTD
multiborrower pool average of 60.5% and the 2023 average of 63.7%.
The pool's concentration is also lower than Fitch-rated Freddie Mac
10-year K-Series deals rated in 2024 YTD and 2023, which averaged
52.4% and 56.6%, 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 59.5. Fitch views
diversity as a key mitigant to idiosyncratic risk. Fitch raises the
overall loss for pools with effective loan counts below 40.

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';

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

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche 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.


NATIXIS COMMERCIAL 2017-75B: S&P Affirms 'CCC-' Rating on V2 Notes
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on 11 classes of commercial
mortgage pass-through certificates from Natixis Commercial Mortgage
Securities Trust 2017-75B, a U.S. CMBS transaction. At the same
time, S&P affirmed its ratings on three classes from the
transaction.

This U.S. stand-alone (single-borrower) transaction is backed by a
portion of a 10-year, fixed-rate, interest-only (IO) mortgage whole
loan. The whole loan is secured by the borrower's fee-simple
interest in a 671,366-sq.-ft. class B+ office building located at
75 Broad Street in downtown Manhattan's Financial District
submarket.

Rating Actions

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

-- The servicer has reported a decline in occupancy since our last
review in November 2023. The property, which was 70.9% occupied
after S&P adjusted the June 30, 2024, rent roll for known tenant
movements, also faces elevated tenant rollover (27.1% of the net
rentable area [NRA]) through the loan's maturity in April 2027.
Additionally, according to CoStar, four tenants, comprising 12.6%
of the NRA, are currently subleasing some of their spaces 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.

-- Given these factors, S&P assessed that the property's
performance will likely not materially improve in the near term.
S&P's expected-case valuation, while unchanged from its last
review, is 27.5% lower than the value we derived at issuance.

-- S&P has 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
1.23x for the whole loan balance and 1.10x including the mezzanine
debt, as of the year-to-date period ending June 30, 2024.

S&P said, "The downgrade on class D to 'CCC (sf)' and the
affirmation on class E at 'CCC- (sf)' also reflects our view that
these classes are susceptible to reduced liquidity support and that
the risk of default and losses has increased or remained elevated
based on our current analysis, the current market conditions, and
their positions in the payment waterfall.

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

"The ratings on the class V1 and V2 exchangeable certificates,
which can be exchanged for certain principal and interest and/or IO
classes, reflect the lowest rating on the certificates for which
they can be exchanged. As a result, we lowered our ratings on
classes V1-A, V1-B, V1-C, V1-D, and V1-XB, which are exchangeable
for classes A and X-A, B, C, D, and X-B, respectively.
Correspondingly, we affirmed our ratings on class V1-E, which is
exchangeable for class E, and class V2, which is exchangeable for
classes A through E, X-A, and X-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, 671,366-sq.-ft. class
B+ office building with ground floor retail space located at 75
Broad Street in the Financial District office submarket of downtown
Manhattan. The property was acquired by the sponsor, J.E.M.B.
Realty Corp., in 1999 for $75.0 million ($112 per sq. ft.). Floor
plates at the property range from 6,000 sq. ft. to 30,000 sq. ft.
and can accommodate both single- and multi-tenant configurations.
The building narrows at the higher floors: floors 1-22 generally
range from 20,000 sq. ft. to 35,000 sq. ft., floors 23-31 generally
range from 10,000 sq. ft. to 11,000 sq. ft., and floors 32-34
generally range from 5,600 sq. ft. to 7,500 sq. ft.

S&P said, "In our November 2023 review, we noted that the
property's occupancy fell below 80%. At that time, using the 77.0%
in-place occupancy rate, a $42.97 per sq. ft. S&P Global Ratings'
gross rent, a 53.5% operating expense ratio, we arrived at an S&P
Global Ratings' long-term sustainable NCF of $12.4 million.
Utilizing a 7.75% S&P Global Ratings' capitalization rate, we
derived an S&P Global Ratings' expected-case value of $161.2
million ($240 per sq. ft.).

"Since then, the servicer has reported a further decline in
occupancy (72.5%, as of the June 30, 2024, rent roll and 70.9%,
after we adjusted for known tenant movements) and slightly lower
NCF of $11.8 million for year-end 2023, from $12.8 million in 2022.
The servicer-reported NCF for the six months ended June 30, 2024,
was $6.2 million. The borrower projects NCF to be around $11.3
million for year-end 2024.

"According to CoStar, the sponsor signed two leases totaling 1.4%
of NRA on the sixth floor in August 2024 at about $50.00 per sq.
ft. base rent. Further, the servicer has provided us with two lease
proposals totaling about 15.3% of NRA. Since these proposals are in
early stages and have not been executed yet, we did not include in
our analysis. We qualitatively considered the potential that they
may partially mitigate our upcoming tenant rollover risk
concerns."

The five largest tenants, comprising 30.4% of NRA, are:

-- New York City Board of Education/Millennium High School (16.0%
of NRA; 18.1% of in-place base rent, as calculated by S&P Global
Ratings; September 2033 and January 2035 lease expirations). The
tenant has a no-cost termination option exercisable with 18 months'
notice.

-- AT&T Inc. (BBB/Stable/A-2; 4.3%; 5.0%; February 2034).

-- North South Production LLC (4.1%; 4.0%; April 2025).

-- Paetec Communications Inc. (3.3%; 5.4%; December 2024).

-- Human Rights First (2.7%; 2.7%; April 2025).

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 $61.85 per sq. ft. S&P Global Ratings' gross asking
rent and 29.1% 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 occupancy of 70.9%, an
S&P Global Ratings' gross rent of $61.85 per sq. ft., a 53.2%
operating expense ratio, and higher tenant-improvement costs, we
arrived at an S&P Global Ratings' NCF of $12.4 million, unchanged
from our last review. Utilizing a 7.75% S&P Global Ratings'
capitalization rate (unchanged from our last review) and including
$1.6 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 $161.2 million, or $240 per sq. ft., the
same as in our last review, but 27.5% lower than our issuance value
of $222.4 million, and 60.0% below the issuance appraised value of
$403.0 million. This yielded an S&P Global Ratings' loan-to-value
ratio of 109.2% on the trust balance, 142.7% on the whole loan
balance, and 155.1% on the total debt."

  Table 1

  Servicer-reported collateral performance

                       YEAR-TO-DATE
                       JUNE 30, 2024(I)  2023(I)  2022(I)  2021(I)

  Occupancy rate (%)             72.5    77.3     79.1     75.6

  Net cash flow (mil. $)          6.2    11.8     12.8     12.8

  Debt service coverage (x)(ii)  1.23    1.18     1.28     1.28
  
  Appraisal value (mil. $)      403.0   403.0    403.0    403.0

(i)Reporting period.
(ii)On the whole loan of $230.0 million.


  Table 2


  S&P Global Ratings' key assumptions

                          CURRENT       LAST REVIEW   AT ISSUANCE
                         (SEP 2024)(I) (NOV 2023)(I) (MAY 2017)(I)

  Occupancy rate (%)          70.9          77.0          85.8

  Net cash flow (mil. $)      12.4          12.4          14.9

  Capitalization rate (%)     7.75          7.75          6.75

  Add to value ($)             1.6           1.6           1.6
  
  Value (mil. $)             161.2         161.2         222.4

  Value per sq. ft. ($)        240           240           331

  Loan-to-value ratio (%)(ii) 142.7        142.7         103.5

(i)Review period.
(ii)On the whole loan balance of $230.0 million. S&P Global
Ratings' loan-to-value ratio on the trust balance is 109.2%,
109.2%, and 79.2%, respectively.

Transaction Summary

The 10-year, fixed rate, IO mortgage whole loan had an initial and
current balance of $230.0 million, pays a weighted average annual
fixed interest rate of 4.2935%, and matures on April 5, 2027. The
whole loan is split into multiple notes:

-- Two senior A notes (at a per annum rate of 4.0767%) totaling
$92.0 million;

-- A senior subordinate trust A-B note (at a rate of 4.0767%)
totaling $84.0 million; and

-- A junior subordinate nontrust B note (at a rate of 5.00%)
totaling $54.0 million.

In addition, there is a mezzanine loan totaling $20.0 million (at a
rate of 6.25%).

The $143.0 million trust balance (according to the Sept. 11, 2024,
trustee remittance report) comprises $59.0 million senior A and
$84.0 million senior subordinate A-B notes. The remaining senior A
note is in UBSCM 2017-C1 Commercial Mortgage Trust, a U.S. CMBS
conduit transaction.

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 and senior to the nontrust junior B notes. The nontrust
junior B notes are subordinate to the A and A-B notes.

The loan has a current payment status through its September 2024
payment period. The loan is on the master servicer's watchlist due
to a low reported DSC, which was 1.23x on the whole loan and 1.10x
on the total debt, as of the year-to-date period ending June 30,
2024. To date, the trust has not incurred any principal losses.

  Ratings Lowered

  Natixis Commercial Mortgage Securities Trust 2017-75B

  Class A to 'A- (sf)' from 'AA- (sf)'
  Class B to 'BB+ (sf)' from 'BBB (sf)'
  Class C to 'B+ (sf)' from 'BB (sf)'
  Class D to 'CCC (sf)' from 'B (sf)'
  Class X-A to 'A- (sf)' from 'AA- (sf)'
  Class X-B to 'B+ (sf)' from 'BB (sf)'
  Class V1-A to 'A- (sf)' from 'AA- (sf)'
  Class V1-B to 'BB+ (sf)' from 'BBB (sf)'
  Class V1-C to 'B+ (sf)' from 'BB (sf)'
  Class V1-D to 'CCC (sf)' from 'B (sf)'
  Class V1-XB to 'B+ (sf)' from 'BB (sf)'

  Ratings Affirmed

  Natixis Commercial Mortgage Securities Trust 2017-75B

  Class E: 'CCC- (sf)'
  Class V1-E: 'CCC- (sf)'
  Class V2: 'CCC- (sf)'



NEUBERGER BERMAN 28: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to the
Neuberger Berman Loan Advisers CLO 28, Ltd. reset transaction.

   Entity/Debt          Rating               Prior
   -----------          ------               -----
Neuberger Berman
Loan Advisers
CLO 28, Ltd.

   A-1 64130PAA1    LT PIFsf  Paid In Full   AAAsf
   A-1-R            LT AAAsf  New Rating     AAA(EXP)sf
   A-2 64130PAC7    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-R              LT Asf    New Rating     A(EXP)sf
   D-1-R            LT BBB-sf New Rating     BBB-(EXP)sf
   D-2-R            LT BBB-sf New Rating     BBB-(EXP)sf
   E-R              LT BB-sf  New Rating     BB-(EXP)sf

Transaction Summary

Neuberger Berman Loan Advisers CLO 28, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) managed by
Neuberger Berman Loan Advisers LLC that originally closed in June
2018. On Sept. 19, 2024 (the reset date) the CLO's secured notes
will be redeemed in full with refinancing proceeds. 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 24.73 versus a maximum covenant, in
accordance with the initial expected matrix point of 25.70. 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
98.33% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.78% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.10%.

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-1-R, 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 'BBB+sf' for class C-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 and the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-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 Neuberger Berman
Loan Advisers CLO 28, 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 Finalizes BB(low) Rating on Class C Notes
---------------------------------------------------------------
DBRS, Inc. assigned final 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 US Dollars unless otherwise noted.


NEW RESIDENTIAL 2024-NQM2: Fitch Assigns 'B-sf' Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings assigns final ratings to the residential
mortgage-backed notes to be issued by New Residential Mortgage Loan
Trust 2024-NQM2 (NRMLT 2024-NQM2).

   Entity/Debt        Rating             Prior
   -----------        ------             -----
NRMLT 2024-NQM2

   A-1A           LT  AAAsf  New Rating   AAA(EXP)sf
   A-1B           LT  AAAsf  New Rating   AAA(EXP)sf
   A-1            LT  AAAsf  New Rating   AAA(EXP)sf
   A-2            LT  AA-sf  New Rating   AA-(EXP)sf
   A-3            LT  A-sf   New Rating   A-(EXP)sf
   M-1            LT  BBB-sf New Rating   BBB-(EXP)sf
   B-1            LT  BB-sf  New Rating   BB-(EXP)sf
   B-2            LT  B-sf   New Rating   B-(EXP)sf
   B-3            LT  NRsf   New Rating   NR(EXP)sf
   XS             LT  NRsf   New Rating   NR(EXP)sf
   AIOS           LT  NRsf   New Rating   NR(EXP)sf
   R              LT  NRsf   New Rating   NR(EXP)sf

Transaction Summary

Fitch rates 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 model
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.


NEW RESIDENTIAL 2024-RTL2: DBRS Gives Prov. B Rating on M2 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Notes, Series 2024-RTL2 (the Notes) to be issued by
New Residential Mortgage Loan Trust 2024-RTL2 (NRMLT 2024-RTL2 or
the Issuer) as follows.

-- $360.0 million Class A1 at A (low) (sf)
-- $30.6 million Class A2 at BBB (low) (sf)
-- $17.1 million Class M1 at BB (low) (sf)
-- $19.8 million Class M2 at B (sf)

The A (low) (sf) credit rating reflects 20.00% of credit
enhancement provided by the subordinated notes and
overcollateralization. The BBB (low) (sf), BB (low) (sf), and B
(sf) credit ratings reflect 13.20%, 9.40%, 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 a three-year 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:

-- 369 mortgage loans with a total principal balance of
approximately $449,612,976,

-- Approximately $387,024 in the Accumulation Account, and

-- Approximately $4,075,134 in the Pre-Funding Interest Account.

Additional RTLs may be added to the revolving portfolio on future
additional transfer dates, subject to the transaction's eligibility
criteria. The amount in the Pre-Funding Interest Account is based
on the bond coupons and may change after pricing.

NRMLT 2024-RTL2 represents the third RTL securitization issued by
the Sponsor, Rithm Capital Corp. Genesis Capital, LLC is the
Originator, Seller, and Servicer for the transaction. Founded in
2013, Genesis, a wholly-owned subsidiary of Rithm, is a
business-purpose lender that provides financing solutions to
developers and investors of non-owner-occupied single-family and
multifamily properties.

The revolving portfolio generally consists of first-lien, fixed-
and adjustable-rate, interest-only (IO) balloon RTL with original
terms to maturity of six to 36 months. A small subset of the
population may be fully amortizing with original terms to maturity
of up to120 months. The loans may also 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:

-- A minimum non-zero weighted-average (NZ WA) FICO score of 735.

-- A maximum NZ WA Loan-to-Cost (LTC) ratio of 80.0%.

-- A maximum NZ WA As Repaired Loan-to-Value (ARV LTV) ratio of
67.0%.

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 Servicer.

In the NRMLT 2024-RTL2 revolving portfolio, RTLs may be:

(1) Fully funded:

-- With no obligation of further advances to the borrower

-- 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

-- With a portion of the loan proceeds allocated to an interest
reserve escrow account for future disbursement to fund interest
reserve requests upon the satisfaction of certain conditions.

(2) Partially funded:

-- With a commitment to fund construction draw 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 NRMLT
2024-RTL2 eligibility criteria, unfunded commitments are limited to
60.0% of the portfolio by the assets of the issuer, which includes
(1) the unpaid principal balance (UPB) 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 April 2028, the Class A1 and A2 fixed
rates will step up by 1.000%.

There will be no advancing of delinquent (DQ) interest on any
mortgage by the Servicer or any other party to the transaction.
However, the Servicer is obligated to fund Servicing Advances which
include taxes, insurance premiums, and reasonable costs incurred in
the course of servicing and disposing properties. The Servicer will
be entitled to reimburse itself for Servicing Advances from
available funds prior to any payments on the Notes.

The Servicer will also satisfy Disbursement Requests, which
include:

-- Construction draw requests: borrower-requested draws for
approved construction, repairs, restoration, and protection of the
property

-- Interest reserve amount requests: for loans with interest
reserve accounts, borrower-requested draws to cover interest
payments for the related mortgage loan, subject to certain
conditions.

The Servicer will satisfy such Disbursement Requests by, (1) for
loans with funded commitments, directing the release of funds from
the escrow account or (2) for loans with unfunded commitments, (a)
making Disbursement Request Advances or (b) directing the release
of funds from the Accumulation Account. The Servicer will be
entitled to reimburse itself for Disbursement Request Advances 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 5.00% to the most subordinate rated class. The
structure maintains this CE through a Maximum Effective Advance
Test, which if breached, redirects available funds to pay down the
Notes, sequentially, prior to replenishing the Accumulation
Account.

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.

A Pre-funding Interest Account is in place to help cover two months
of interest payments to the Notes. Such account is funded upfront
in an amount equal to $4,075,134. On the payment dates occurring in
October and November 2024, the Paying Agent will withdraw a
specified amount to be included in the available funds.

Historically, Genesis RTL originations 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 Genesis' historical mortgage repayments
relative to draw commitments and incorporated several stress
scenarios where paydowns may or may not sufficiently cover draw
commitments. Please see the Cash Flow Analysis section of the
presale report for more details.

Other Transaction Features

Optional Redemption

On or after the Payment Date in October 2027, the Issuer has the
option to redeem the outstanding Notes at the Redemption Price,
which is equal to par plus interest and fees.

Depositor Repurchase Option

The Depositor 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.

Loan Sales

The Issuer may sell a mortgage loan under the following
circumstances:

-- The Seller is required to repurchase a loan because of a
material breach, a material document defect, or a diligence
defect.

-- The Depositor elects to exercise its repurchase option.
-- An optional redemption occurs.

U.S. Credit Risk Retention

As the Sponsor, Rithm or one or more majority-owned affiliates,
will initially retain a 5% eligible horizontal residual interest in
the securities (Class XS Notes) to satisfy the credit risk
retention requirements.

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


NYMT LOAN 2024-BPL3: DBRS Gives Prov. B Rating on Class M2 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Notes, Series 2024-BPL3 (the Notes) to be issued by
NYMT Loan Trust Series 2024-BPL3 (NYMT 2024-BPL2 or the Issuer) as
follows:

-- $188.1 million Class A1 at A (low) (sf)
-- $17.1 million Class A2 at BBB (low) (sf)
-- $18.0 million Class M1 at BB (low) (sf)
-- $14.3 million Class M2 at B (sf)

The A (low) (sf) credit rating reflects 24.75% of credit
enhancement provided by the subordinated notes and
overcollateralization. The BBB (low) (sf), BB (low) (sf), and B
(sf) credit ratings reflect 17.90%, 10.70%, 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 a two-year revolving
portfolio of residential transition loans (RTLs) funded by the
issuance of the Mortgage-Backed Notes, Series 2024-BPL3 (the
Notes). As of the Initial Cut-Off Date, the Notes are backed by:

-- 401 mortgage loans with a total principal balance of
approximately $231,887,728

-- Approximately $18,112,272 in the Accumulation Account

Additional RTLs may be added to the revolving portfolio on future
additional transfer dates, subject to the transaction's eligibility
criteria.

NYMT 2024-BPL3 represents the fifth RTL securitization issued by
the Sponsor and Trust Manager, New York Mortgage Trust, Inc.
(NYMT). Formed in 2003, NYMT is an internally managed public real
estate investment trust in the business of acquiring, investing,
financing, and managing primarily mortgage-related single-family
and multifamily residential assets, including joint-venture equity
investments in multifamily apartment communities.

The revolving portfolio generally consists of first-lien,
fixed-rate, interest-only (IO) balloon RTL with original terms to
maturity of six to 24 months. The loans may also include extension
options, which may 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:

-- A minimum non-zero weighted-average (NZ WA) FICO score of 735.

-- A maximum NZ WA Loan-to-Cost (LTC) ratio of 80.0%.

-- A maximum NZ WA As Repaired Loan-to-Value (ARV LTV) ratio 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 interest-only (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 related Asset Manager,
Servicer, or Trust Manager.

In the revolving portfolio, RTLs may be:

-- Fully funded:

-- With no obligation of further advances to the borrower, or

-- 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.

-- 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 NYMT
2024-BPL3 eligibility criteria, unfunded commitments are limited to
50.0% of the portfolio by the assets of the issuer, which includes
(1) the unpaid principal balance (UPB) and (2) amounts in the
Accumulation Account and Payment 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 March 2027, the Class A1 and A2 fixed
rates will step up by 1.000% the following month.

There will be no advancing of delinquent (DQ) principal or interest
on any mortgage by the Servicers or any other party to the
transaction. However, the Trust Manager, Asset Managers, or
Servicers are obligated to fund Servicing Advances which include
taxes, insurance premiums, and reasonable costs incurred in the
course of servicing and disposing properties. Such Servicing
Advances will be reimbursable from collections and other recoveries
prior to any payments on the Notes.

The related Asset Manager or Servicer will satisfy Rehabilitation
Disbursement Requests using (1) collections on deposit in any
related custodial account, (2) its own funds, or (3) funds advanced
by the Trust Manager. The Trust Manager may use amounts on deposit
in the Accumulation Account to reimburse the related Asset Manager
or Servicer for any such Construction Advance, or to fund or
reimburse itself for any such Construction Advance Shortfall
Amounts.

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.

In contrast to the prior RTL securitization issued by NYMT (NYMT
2024-BPL2), NYMT 2024-BPL3 does not include an Interest Reserve
Account. For this transaction, the initial mortgage pool comprises
92.8% of the total assets of the issuer, which generates sufficient
interest to cover the first month's interest payments to the
bondholders.

Historically, NYMT RTL acquisitions 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 NYMT's historical mortgage repayments relative to
draw commitments and incorporated several stress scenarios where
paydowns may or may not sufficiently cover draw commitments.

Other Transaction Features:

-- Optional Redemption

On any date after the earlier of (1) the Payment Date following the
termination of the Reinvestment Period or (2) the date on which the
aggregate Note Amount falls to 25% or less of the initial Closing
Date Note Amount, the Issuer, at its option, may purchase all of
the outstanding Notes at the Redemption Price (par plus interest
and fees).

-- Repurchase Option

The Sponsor will have the option to repurchase mortgage loans at
the Repurchase Price (par plus interest and fees) if such mortgage
loan becomes DQ or defaulted. Such voluntary repurchases may not
exceed 10.0% of the cumulative UPB of the mortgage loans
(Repurchase Limit). During the reinvestment period, if the Sponsor
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.

-- Sales of Mortgage Loans

The Issuer may sell a mortgage loan under the following
circumstances:

The Sponsor is required to repurchase a loan because of a material
breach, a diligence defect, a material document defect, or such
mortgage loan is a non-REMIC qualified mortgage
The Sponsor elects to exercise its Repurchase Option subject to the
Repurchase Limit
An optional redemption occurs.

-- U.S. Credit Risk Retention

As the Sponsor, NYMT or one or more majority-owned affiliates will
initially retain an eligible horizontal residual interest
comprising at least 5% of the aggregate fair value of the
securities to satisfy the credit risk retention requirements.

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


OCP CLO 2024-35: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to OCP CLO 2024-35 Ltd./OCP
CLO 2024-35 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 Onex Credit Partners 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

  OCP CLO 2024-35 Ltd./OCP CLO 2024-35 LLC

  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $30.00 million: AAA (sf)
  Class B-1, $40.00 million: AA (sf)
  Class B-2, $10.00 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, $48.85 million: Not rated



OCTAGON LTD 60: Fitch Assigns BB-(EXP) Rating on Class E-R Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Octagon 60, Ltd.

   Entity/Debt         Rating
   -----------         ------
Octagon 60, Ltd.

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

Transaction Summary

Octagon 60, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Octagon Credit Investors, 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 of the indicative
portfolio is 24.02, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.71. Issuers rated in the
'B' 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
97.15% first-lien senior secured loans. The weighted-average
recovery rate of the indicative portfolio is 74.79%, versus a
minimum covenant, in accordance with the initial expected matrix
point of 72.57%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37% of the portfolio balance in aggregate, while the
top-five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity 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 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. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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-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 Octagon 60, Ltd. In
cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, program,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor that has a significant impact on the rating on an
individual basis.


OHA CREDIT 9: S&P Assigns Prelim BB-(sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, B-1-R, B-2-R, C-R, D-1-R, D-2-R, and E-R replacement debt
from OHA Credit Funding 9 Ltd./OHA Credit Funding 9 LLC, a CLO
originally issued in June 2021 that is managed by Oak Hill Advisors
L.P. S&P is not rating the class A-2-R replacement debt.

The preliminary ratings are based on information as of Sept. 24,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 2, 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-1-R, B-2-R, C-R, D-1-R,
D-2-R, and E-R notes are expected to be issued at a lower spread or
coupons replacing the current floating spreads, as applicable. S&P
Global Ratings is not rating the A-2-R notes.

-- The non-call period will be extended to Oct. 2, 2026.

-- The reinvestment period will be extended to Oct. 19, 2029.

-- The stated maturity (for the replacement debt and the existing
subordinated notes) will be extended to Oct. 19, 2037.

-- 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
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

  OHA Credit Funding 9 Ltd./OHA Credit Funding 9 LLC

  Class A-1-R, $370.5 million: AAA (sf)
  Class A-2-R, $34.5 million: Not rated
  Class B-1-R, $36.0 million: AA (sf)
  Class B-2-R, $15.0 million: AA (sf)
  Class C-R (deferrable), $36.0 million: A (sf)
  Class D-1-R (deferrable), $36.0 million: BBB- (sf)
  Class D-2-R (deferrable), $6.0 million: BBB- (sf)
  Class E-R (deferrable), $18.0 million: BB- (sf)

  Other Outstanding Debt

  OHA Credit Funding 9 Ltd./OHA Credit Funding 9 LLC

  Subordinated notes, $48.5 million: Not rated



OHA CREDIT XVI: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R, B-1-R, B-2-R, C-R, D-1-R, D-2-R, and E-R debt from OHA Credit
Partners XVI Ltd., a CLO originally issued in September 2021 that
is managed by Oak Hill Advisors L.P. At the same time, S&P withdrew
its ratings on the original class A, B, C, D, and E debt following
payment in full.

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

-- The original class B debt was replaced by two classes of pari
passu floating- and fixed-rate debt (classes B-1-R and B-2-R,
respectively).

-- The original class D debt was replaced by two classes of
floating-rate debt (classes D-1-R and D-2-R). The class D-1-R debt
will be senior to the class D-2-R debt.

-- The subordinated note balance was increased by $1.39 million.

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

-- The reinvestment period was extended to October 2029.

-- The stated maturity was extended to October 2037.

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

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

  Ratings Assigned

  OHA Credit Partners XVI Ltd./OHA Credit Partners XVI LLC

  Class A-R, $372.00 million: AAA (sf)
  Class B-1-R, $66.00 million: AA (sf)
  Class B-2-R, $18.00 million: AA (sf)
  Class C-R (deferrable), $36.00 million: A (sf)
  Class D-1-R (deferrable), $36.00 million: BBB- (sf)
  Class D-2-R (deferrable), $4.50 million: BBB- (sf)
  Class E-R (deferrable), $19.50 million: BB- (sf)

  Ratings Withdrawn

  OHA Credit Partners XVI Ltd./OHA Credit Partners XVI LLC

  Class A to NR from AAA (sf)
  Class B to NR 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

  OHA Credit Partners XVI Ltd./OHA Credit Partners XVI LLC

  Subordinated notes, $57.91 million: NR

  NR--Not rated.



ONITY LOAN 2024-HB2: DBRS Gives Prov. B Rating on Class M5 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the Asset-Backed
Notes, Series 2024-HB2 to be issued by Onity Loan Investment Trust
2024-HB2 as follows:

-- $218.4 million Class A at AAA (sf)
-- $34.6 million Class M1 at AA (low) (sf)
-- $25.9 million Class M2 at A (low) (sf)
-- $25.8 million Class M3 at BBB (low) (sf)
-- $25.9 million Class M4 at BB (low) (sf)
-- $17.2 million Class M5 at B (sf)

The AAA (sf) credit rating reflects 38.55% of credit enhancement.
The AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and
B (sf) credit ratings reflect 28.81%, 21.52%, 14.26%, 6.98%, and
2.14% 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 a period of 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 $355.39 million in unpaid principal balance from
1,078 performing and nonperforming home equity conversion mortgage
reverse mortgage loans and real estate owned assets secured by
first liens typically on single-family residential properties,
condominiums, multifamily (two- to four-family) properties,
manufactured homes, and planned unit developments. The mortgage
assets were originated between 2003 and 2021. Of the total assets,
414 have a fixed interest rate (44.48% of the balance), with a
5.48% weighted-average coupon (WAC). The remaining 664 assets have
floating-rate interest (55.52% of the balance) with a 7.39% WAC,
bringing the entire collateral pool to a 6.54% WAC.

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.

Classes M1, M2, M3, M4, and M5 (together, the Class M Notes) have
principal lockout 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 M4 and M5 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 Certificates are the
related Interest Payment Amount, Cap Carryover Amount, and Note
Amount.

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


OPORTUN FUNDING 2022-1: DBRS Confirms BB(low) Rating on C Notes
---------------------------------------------------------------
DBRS, Inc. confirmed three credit ratings and upgraded four credit
ratings from Oportun Funding 2022-1, LLC, Oportun Issuance Trust
2022-2, and Oportun Issuance Trust 2022-3.

Oportun Funding 2022-1, LLC

-- Class B Notes AA (sf) Upgraded
-- Class C Notes BB (low) (sf) Confirmed

Oportun Issuance Trust 2022-2

-- Class C Notes A (sf) Upgraded
-- Class D Notes B (sf) Confirmed

Oportun Issuance Trust 2022-3

-- Class B Notes AA (sf) Upgraded
-- Class C Notes A (sf) Upgraded
-- Class D Notes B (sf) Confirmed

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

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

-- The credit rating actions are the result of performance to
date, Morningstar DBRS' assessment of future performance
assumptions, and the increasing levels of credit enhancement.

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

-- The transaction assumptions consider Morningstar DBRS's
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's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

Notes: The principal methodology applicable to the credit ratings
is Morningstar DBRS Master U.S. ABS Surveillance (06 August 2024).


PRESTIGE AUTO 2024-2: DBRS Gives Prov. BB Rating on Class E Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of notes to
be issued by Prestige Auto Receivables Trust 2024-2 (PART 2024-2 or
the Issuer):

-- $27,500,000 Class A-1 Notes at R-1 (high) (sf)
-- $80,910,000 Class A-2 Notes at AAA (sf)
-- $42,290,000 Class B Notes at AA (sf)
-- $34,940,000 Class C Notes at A (sf)
-- $37,430,000 Class D Notes at BBB (sf)
-- $13,970,000 at Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

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

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

-- Morningstar DBRS has performed an operational review of
Prestige and considers the entity to be an acceptable originator
and servicer of subprime auto receivables. Additionally, the
transaction has an acceptable backup servicer.

-- The Company's management team has extensive experience. The
Company has been lending to the subprime auto sector since 1994 and
has considerable experience lending to Chapter 7 and 13 obligors.

(3) The credit quality of the collateral and performance of
Prestige's auto loan portfolio.

-- Prestige shared vintage CNL data with Morningstar DBRS broken
down by credit grade, payment-to-income ratio, and other buckets.

-- The Company continues to evaluate and adjust its underwriting
standards as necessary to target and maintain the credit quality of
its loan portfolio.

-- The Morningstar DBRS rating category loss multiples for each
rating assigned are within the published criteria.

(4) The Morningstar DBRS CNL assumption is 21.00% based on the
expected cutoff date pool composition.

-- 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.

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

The ratings on the Class A-1 and Class A-2 Notes reflect 57.55% of
initial hard credit enhancement provided by subordinated notes in
the pool (51.55%), the reserve account (1.00%), and OC (5.00%). The
ratings on the Class B, Class C, Class D, and Class E Notes reflect
40.60%, 26.60%, 11.60%, and 6.00% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

Morningstar DBRS' credit rating on the Class A-1, Class A-2, Class
B, Class C, Class D, and Class E Notes address the credit risk
associated with the identified financial obligations in accordance
with the relevant transaction documents. The associated financial
obligations are the related Note Interest and Note Balance for each
of the rated notes.

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


RADNOR RE 2024-1: DBRS Gives Prov. B(high) Rating on M-1C Notes
---------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Insurance-Linked Notes, Series 2024-1 (the Notes) to be
issued by Radnor Re 2024-1 Ltd. (RMIR 2024-1 or the Issuer):

-- $96.2 million Class M-1A at BB (high) (sf)
-- $76.9 million Class M-1B at BB (low) (sf)
-- $57.7 million Class M-1C at B (high) (sf)
-- $76.9million Class M-2 at B (low) (sf)
-- $19.2 million Class B-1 at B (low) (sf)

The BB (high) (sf) credit rating reflects 6.00% of credit
enhancement, provided by subordinated notes in the transaction. The
BB (low) (sf), B (high) (sf), and B (low) (sf) credit ratings
reflect 5.00%, 4.25%, and 3.00% of credit enhancement,
respectively.

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

RMIR 2024-1 is Essent Guaranty, Inc.'s (Essent Guaranty or the
Ceding Insurer) 10th rated mortgage insurance-linked note (MILN)
transaction. The Notes are backed by reinsurance premiums, eligible
investments, and related account investment earnings, in each case
relating to a pool of mortgage insurance (MI) policies linked to
residential loans. The Notes are exposed to the risk arising from
losses the Ceding Insurer pays to settle claims on the underlying
MI policies. As of the cut-off date, the pool of insured mortgage
loans consists of 120,648 fully amortizing, first-lien, fixed- and
variable-rate mortgages underwritten primarily to a full
documentation standard with original loan-to-value ratios (LTVs)
less than or equal to 100% that have never been reported to the
Ceding Insurer as 60 or more days delinquent, and have not been
reported to be in a payment forbearance plan as of the cut-off
date. The mortgage loans have MI policies effective on or after
July 2023 and on or before July 2024.

Approximately 0.7% (by balance) of the underlying insured mortgage
loans in this transaction are not eligible to be acquired by
Freddie Mac and Fannie Mae, i.e., by government-sponsored
enterprises (GSEs) or agencies.

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

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

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

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

The calculation of principal payments to the Notes will be based on
the reduction in aggregate exposed principal balance on the
underlying MI policy that is allocated to the Notes. The
subordinate Notes will receive their pro rata share of available
principal funds if the minimum credit enhancement (CE) test and the
delinquency test are satisfied. This is the first RMIR transaction
with dynamic thresholds for performance tests. The minimum CE test
has been set to pass at the closing date, thus allowing the rated
classes to receive principal payments from the first Payment Date.
The delinquency test will be satisfied if the three-month average
of 60+ days delinquency percentage is less than the applicable
delinquency threshold percentage times the subordinate percentage.
Additionally, if these performance tests are met and the
subordinate percentage is greater than the target CE percentage,
the subordinate Notes will be entitled to accelerated principal
payments equal to two times the subordinate principal reduction
amount, until the subordinate percentage comes down to target CE
percentage. See the Cash Flow Structure and Features section of the
related report for more detail.

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

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

The RMIR 2024-1 transaction is issued with a 10-year term. The
Notes are scheduled to mature on September 25, 2034, but are
subject to early redemption at the option of the Ceding Insurer for
a 10% clean-up call, or on or after the payment date in September
2029, among others. The Notes are also subject to mandatory
redemption before the scheduled maturity date upon the termination
of the Reinsurance Agreement. Additionally, there is a provision
for the Ceding Insurer to issue a tender offer to reduce all or a
portion of the outstanding Notes.

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

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.

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


SEQUOIA MORTGAGE 2024-9: Fitch Assigns 'Bsf' Rating on Cl. B5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates issued by Sequoia Mortgage Trust
2024-9 (SEMT 2024-9).

   Entity/Debt      Rating             Prior
   -----------      ------             -----
SEMT 2024-9

   A1           LT AAAsf  New Rating   AAA(EXP)sf
   A2           LT AAAsf  New Rating   AAA(EXP)sf
   A3           LT AAAsf  New Rating   AAA(EXP)sf
   A4           LT AAAsf  New Rating   AAA(EXP)sf
   A5           LT AAAsf  New Rating   AAA(EXP)sf
   A6           LT AAAsf  New Rating   AAA(EXP)sf
   A7           LT AAAsf  New Rating   AAA(EXP)sf
   A8           LT AAAsf  New Rating   AAA(EXP)sf
   A9           LT AAAsf  New Rating   AAA(EXP)sf
   A10          LT AAAsf  New Rating   AAA(EXP)sf
   A11          LT AAAsf  New Rating   AAA(EXP)sf
   A12          LT AAAsf  New Rating   AAA(EXP)sf
   A13          LT AAAsf  New Rating   AAA(EXP)sf
   A14          LT AAAsf  New Rating   AAA(EXP)sf
   A15          LT AAAsf  New Rating   AAA(EXP)sf
   A16          LT AAAsf  New Rating   AAA(EXP)sf
   A17          LT AAAsf  New Rating   AAA(EXP)sf
   A18          LT AAAsf  New Rating   AAA(EXP)sf
   A19          LT AAAsf  New Rating   AAA(EXP)sf
   A20          LT AAAsf  New Rating   AAA(EXP)sf
   A21          LT AAAsf  New Rating   AAA(EXP)sf
   A22          LT AAAsf  New Rating   AAA(EXP)sf
   A23          LT AAAsf  New Rating   AAA(EXP)sf
   A24          LT AAAsf  New Rating   AAA(EXP)sf
   A25          LT AAAsf  New Rating   AAA(EXP)sf
   AIO1         LT AAAsf  New Rating   AAA(EXP)sf
   AIO2         LT AAAsf  New Rating   AAA(EXP)sf
   AIO3         LT AAAsf  New Rating   AAA(EXP)sf
   AIO4         LT AAAsf  New Rating   AAA(EXP)sf
   AIO5         LT AAAsf  New Rating   AAA(EXP)sf
   AIO6         LT AAAsf  New Rating   AAA(EXP)sf
   AIO7         LT AAAsf  New Rating   AAA(EXP)sf
   AIO8         LT AAAsf  New Rating   AAA(EXP)sf
   AIO9         LT AAAsf  New Rating   AAA(EXP)sf
   AIO10        LT AAAsf  New Rating   AAA(EXP)sf
   AIO11        LT AAAsf  New Rating   AAA(EXP)sf
   AIO12        LT AAAsf  New Rating   AAA(EXP)sf
   AIO13        LT AAAsf  New Rating   AAA(EXP)sf
   AIO14        LT AAAsf  New Rating   AAA(EXP)sf
   AIO15        LT AAAsf  New Rating   AAA(EXP)sf
   AIO16        LT AAAsf  New Rating   AAA(EXP)sf
   AIO17        LT AAAsf  New Rating   AAA(EXP)sf
   AIO18        LT AAAsf  New Rating   AAA(EXP)sf
   AIO19        LT AAAsf  New Rating   AAA(EXP)sf
   AIO20        LT AAAsf  New Rating   AAA(EXP)sf
   AIO21        LT AAAsf  New Rating   AAA(EXP)sf
   AIO22        LT AAAsf  New Rating   AAA(EXP)sf
   AIO23        LT AAAsf  New Rating   AAA(EXP)sf
   AIO24        LT AAAsf  New Rating   AAA(EXP)sf
   AIO25        LT AAAsf  New Rating   AAA(EXP)sf
   AIO26        LT AAAsf  New Rating   AAA(EXP)sf
   B1           LT AAsf   New Rating   AA(EXP)sf
   B1A          LT AAsf   New Rating   AA(EXP)sf
   B1X          LT AAsf   New Rating   AA(EXP)sf
   B2           LT Asf    New Rating   A(EXP)sf
   B2A          LT Asf    New Rating   A(EXP)sf
   B2X          LT Asf    New Rating   A(EXP)sf
   B3           LT BBBsf  New Rating   BBB(EXP)sf
   B4           LT BBsf   New Rating   BB(EXP)sf
   B5           LT Bsf    New Rating   B(EXP)sf
   B6           LT NRsf   New Rating   NR(EXP)sf
   AIOS         LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by Sequoia Mortgage Trust 2024-9 (SEMT 2024-9)
as indicated. The certificates are supported by 403 loans with a
total balance of approximately $450.6 million as of the cutoff
date. The pool consists of prime jumbo fixed-rate mortgages
acquired by Redwood Residential Acquisition Corp. from various
mortgage originators. Distributions of principal and interest (P&I)
and loss allocations are based on a senior-subordinate,
shifting-interest structure.

Following the publication of the presale and expected ratings, the
issuer notified Fitch of an updated tape which consisted of five
loan drops and updated cutoff balances. Redwood also provided Fitch
with an updated structure to reflect the new balances. There were
no changes to the credit enhancement levels to the bonds. Fitch
reran both its asset and cash flow analysis, and there were no
changes to the loss feedback or expected ratings.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral consists of
403 loans totaling approximately $450.6 million and seasoned at
approximately four months in aggregate, as determined by Fitch. The
borrowers have a strong credit profile, with a weighted-average
Fitch model FICO score of 774 and 35.9% debt-to-income (DTI) ratio,
and moderate leverage, with a 79.7% sustainable loan-to-value
(sLTV) ratio and 70.9% mark-to-market combined loan-to-value (cLTV)
ratio.

Overall, the pool consists of 94.6% in loans where the borrower
maintains a primary residence, while 5.4% second homes; 77.4% of
the loans were originated through a retail channel. In addition,
100.0% of the loans are designated as qualified mortgage (QM)
loans.

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 10.7% above a long-term sustainable level (vs.
11.5% on a national level as of 1Q24, remaining unchanged 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.

Shifting-Interest Structure with Full Advancing (Mixed): The
mortgage cash flow and loss allocation are based on a
senior-subordinate, shifting-interest structure, whereby the
subordinate classes receive only scheduled principal and are locked
out from receiving unscheduled principal or prepayments for five
years.

The lockout feature helps maintain subordination for a longer
period should losses occur later in the life of the transaction.
The applicable credit support percentage feature redirects
subordinate principal to classes of higher seniority if specified
credit enhancement (CE) levels are not maintained.

After the credit support depletion date, principal will be
distributed sequentially to the senior classes, which is more
beneficial for the super-senior classes (A-9, A-12 and A-18).

Compared to 120-day stop advance framework in prior Redwood
transactions, SEMT 2024-9 will feature the servicing administrator
(RRAC) obligated to advance delinquent P&I to the trust until
deemed non-recoverable. Full advancing of P&I is a common
structural feature across prime transactions in providing liquidity
to the certificates, and absent the full advancing bonds can be
vulnerable to missed payments during periods of adverse
performance.

CE Floor (Positive): A CE or senior subordination floor of 1.00%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration.

RATING SENSITIVITIES

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

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

This defined 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 41.9% 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

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'.

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 and SitusAMC. The third-party due diligence
described in Form 15E focused on credit, compliance and property
valuation. Fitch considered this information in its analysis and,
as a result, made the following adjustment: a 5% reduction in its
loss analysis. This adjustment resulted in a 22bp reduction to the
'AAAsf' expected loss.

ESG Considerations

SEMT 2024-9 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk. Operational risk is well controlled for
in SEMT 2024-9 and includes strong R&W and transaction due
diligence as well as a strong aggregator, which resulted in a
reduction in the expected losses. This has a positive impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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


SG COMMERCIAL 2019-PREZ: S&P Affirms BB- (sf) Rating on E Certs
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from SG Commercial
Mortgage Securities Trust 2019-PREZ, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a 10-year, fixed-rate, interest-only (IO) mortgage loan secured
by the borrower's fee simple interest in a four-building apartment
complex with 1,015 units (Presidential City) and an adjacent office
building located in Philadelphia. The property was sold in October
2022 for a reported $357.0 million to the current sponsor, which
consists of a joint venture between KKR Real Estate Select Trust
Inc. and Mack Real Estate Group LLC, which assumed the loan as part
of the property sale.

Rating Action

S&P affirmed its ratings on classes A, B, C, D, E, and F, despite
higher model-indicated ratings, because S&P qualitatively
considered the following:

-- Whether the sponsor will be able to successfully control
expenses at the property following a decline in reported net
operating income. S&P said, "While our analysis considers a lower
overall expense than recent reported figures, it remains unproven
if the new sponsorship will be able to decrease expenses at the
property. Additionally, we also considered the potential for the
sponsor to have to continue to provide rental promotions, such as
free rents, for lease signing."

-- The residential complex benefits from tax abatements that
terminate in the near-term, ranging from December 2025 to December
2027. S&P's analysis considers the unabated tax; however, it is
possible that the actual tax, upon the termination of the tax
abatement, can increase beyond its expectations, resulting in lower
property cash flow.

-- S&P said, "Our property valuation includes the present value of
the tax savings. It is important to note that the tax savings are a
"wasting asset" with a present value that will decline with each
passing year as we move closer to the end of the abatement
period."

-- The affirmation on class X reflects S&P's criteria for rating
IO securities, in which the ratings on the IO securities would not
be higher than that of the lowest-rated reference class. The
notional amount of class X references classes A, B, and C.

S&P said, "We will continue to monitor the performance of the
property and the loan. If we receive information that materially
differs from our expectations, we may revisit our analysis and take
additional rating actions as we determine necessary."

Property-level analysis

Presidential City is a 1,015-unit multifamily complex located in
Philadelphia that consists of three 12-story towers and one
13-story tower, each tower named after a former U.S. president
(Washington, Madison, Jefferson, and Adams). Originally constructed
between 1952 and 1954, the property was last renovated in 2017 by
the former sponsors, Post Brothers, who spent $140.0 million on the
property, including improving floor layouts and adding amenities
such as the pool club and a fitness center. The Madison tower also
has a ground floor retail component. Adjacent to the towers is an
office property, called Monroe Building.

In addition to the buildings, the property also benefits from the
following amenities: 24/7 front desk attendant, a three-acre pool
club, and a wellness center that includes a spa, hot tubs, and
cabanas. The property includes covered parking garage spaces and
uncovered parking spaces.

S&P said, "At issuance, we assumed the property to sustain an
occupancy rate of 87.7% (as opposed to an actual occupancy rate of
94.5% at that time) and average rent per unit of approximately
$1,882, and a 36.9% operating expense ratio to derive our long-term
sustainable net cash flow (NCF) of $14.3 million. Using a 6.50% S&P
Global Ratings' capitalization rate, we arrived at an expected-case
valuation of $232.8 million ($229,316 per unit)."

Since issuance, servicer-reported occupancy has remained stable,
ranging from a low of 83% in 2020 to 94% as of year-end 2023.
However, the servicer reported an NCF of $12.0 million for
full-year 2023, down from a reported NCF of $18.4 million for 2022.
The decline in NCF primarily resulted from a reported increase in
expenses, to $11.4 million in 2023 from $7.8 million in 2022. S&P
said, "Although gross potential rent at the property also reported
a decline, it is our understanding from the servicer that the
decline in rent is primarily due to the new sponsors promoting the
property by offering concessions, like a two-month free rent period
for new tenants. We believe the new sponsors will temper free rent
periods as well as managing the property's expenses to bring it in
line with historical trends. Additionally, the 2024 borrower's
budget provided by the servicer indicates an increase in the
property's NCF to $14.3 million for 2024."

S&P said, "In our current analysis, based on the March 2024 rent
roll, we used a 91.7% occupancy rate and an average rent per unit
of $1,993 for the multifamily units, a 73.0% occupancy rate for the
retail components with an average rent of $32.62 per sq. ft., and
an 83.0% occupancy rate for the office building with an average
rent of $22.86 per sq. ft. We used a 43.4% operating expense ratio
to arrive at an S&P Global Ratings' NCF of $14.3 million, unchanged
from our issuance review. Utilizing an S&P Global Ratings'
capitalization rate of 6.00% to arrive at an S&P Global Ratings'
expected-case valuation of $251.3 million, or $247,546 per unit
value, which is up 8.0% up from issuance, down 29.6% from the
$357.0 million sales price, and down 33.9% from the $380.0 million
appraisal value in 2019. This yielded an S&P Global Ratings'
loan-to-value (LTV) ratio of 86.60% on the current loan balance."

  Table 1

  Servicer-reported collateral performance

                               2023(I)  2022(I)  2021(I)  2020(I)

  Occupancy rate (%)           92.5     85.6     95.0     83.0

  Net cash flow (mil. $)       12.0     18.4     16.1     16.9

  Debt service coverage (x)    0.94     1.45     1.26     1.33

  Appraisal value (mil. $)     380.0    380.0    380.0    380.0

(i)Reporting period.


  Table 2

  S&P Global Ratings key assumptions

                            CURRENT     LAST REVIEW  AT ISSUANCE
                           (SEPT. 2024) (FEB. 2022) (SEPT. 2019)
                               (I)          (I)         (I)
  Outstanding trust
  balance (mil $)               157.6      157.6        157.6

  Occupancy rate (%)            91.7       94.5         94.5

  Net cash flow (mil. $)        14.3       14.3         14.3

  Capitalization rate (%)       6.00       6.00         6.50

  Add to value (mil. $)(ii)     8.3        13.0         13.5

  Value (mil. $)                251.3      251.3        232.8

  Value per unit ($)            247,546    247,546      229,316

  Loan-to-value ratio (%)       86.6       86.6         93.5

(i)Review period.
(ii)Present value of tax savings.


Transaction Summary

The 10-year, fixed-rate, full-term IO mortgage loan has a current
balance of $157.6 million, unchanged from issuance. To date, the
mortgage loan is current on debt service payments, and the trust
has not experienced any principal losses.

In addition to the whole loan of $217.6 million, there is a
subordinate mezzanine whole loan of $72.4 million. This mezzanine
loan has been bifurcated into two pieces: $52.4 million and $20.0
million. The mezzanine loan is also IO and matures conterminously
with the mortgage loan in September 2029.

S&P is aware the special servicer of the transaction is in the
process of being replaced. The associated rights of the special
servicer is expected to be transferred from Situs Holdings LLC to
Torchlight Loan Services LLC. This transfer is yet to be
consummated based on the September 2024 trustee remittance report.

  Ratings Affirmed

  SG Commercial Mortgage Securities Trust 2019-PREZ

  Class A: AAA (sf)

  Class B: AA- (sf)

  Class C: A- (sf)

  Class D: BBB- (sf)

  Class E: BB- (sf)

  Class F: B- (sf)

  Class X: A- (sf)



SG COMMERCIAL 2020-COVE: DBRS Puts B(low) on F Certs Under Review
------------------------------------------------------------------
DBRS Limited placed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2020-COVE issued by SG Commercial
Mortgage Securities Trust 2020-COVE Under Review with Negative
Implications as follows:

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

There are no trends for these credit rating actions.

The loan is secured by a 283-unit, Class A multifamily property in
Marin County, California. The subject benefits from a prime
waterfront location, with many units having unobstructed views of
the San Francisco skyline. Downtown San Francisco is directly
across the bay from the property, approximately 14 miles by car or
30 minutes by ferry.

At issuance, Morningstar DBRS noted that the property benefits from
a prime waterfront location, superior amenities, and limited
competition within the submarket. However, despite these aspects
that were expected to contribute to cash flow stability over the
loan term, the property's reported occupancy rate and cash flow
have trended downward shortly after issuance; primarily as a result
of a slowdown in leasing activity. According to the June 2024 rent
roll, the property was 80.6% occupied (with an average rental rate
of $5,751/unit), a decline from 83.7% at year-end (YE) 2023 and
approximately 97.0% at issuance. Morningstar DBRS has requested
additional information from the servicer to further clarify the
drivers behind the recent fluctuation in occupancy, but to date, it
appears the sponsor and/or property manager has not provided a
comprehensive update. The loan is interest-only (IO) throughout its
five-year loan term with a scheduled maturity in March 2025.
Morningstar DBRS notes the near-term maturity date presents
elevated refinance risk driven by the in-place cash flow declines.
In addition, the sustained performance challenges could reduce the
sponsor's commitment to the asset, particularly given those trends
have likely contributed to a decline in the property's value since
issuance.

The submarket offers a limited supply of multifamily properties
given the lack of vacant land and environmental constraints on
further development, resulting in a historically low vacancy rate.
According to Reis, similar vintage apartment properties within the
South Marin submarket reported an average vacancy rate of 4.3% with
an average asking rental rate of $4,292 per unit. Market
fundamentals are expected to remain strong through to the loan's
maturity in 2025, with vacancy rates projected to remain below
5.0%. Although the subject's average rental rate remains higher
than the submarket's average, cash flow has trended downward;
reflective of the property's lower occupancy rate. The annualized
trailing three months ended March 31, 2024, net cash flow (NCF) of
$9.8 million (a debt service coverage ratio (DSCR) of 1.25 times
(x)) and the YE2023 figure of $9.6 million (a DSCR of 1.22x) are
considerably lower than the issuer's underwritten NCF and
Morningstar DBRS NCF of $11.4 million and $10.7 million,
respectively. The borrower-provided financials indicate that
concessions have been introduced and units are being leased at
discounted rates as part of a strategy to spur occupancy and curb
vacancy loss. In addition, operating expenses have been increasing
incrementally since issuance, primarily driven by real estate
taxes, property insurance, utilities, and advertising/marketing
costs.

The trust debt of $160.0 million is a pari passu participation in a
whole loan totaling $210.0 million, with the remaining balance
represented by senior notes securitized in the BBCMS Mortgage Trust
2020-C7 transaction that is also rated by Morningstar DBRS. During
the August 2024 credit rating action for that transaction,
Morningstar DBRS removed the investment-grade shadow rating from
the loan, as a result of a decline in performance for the
underlying collateral, as outlined above.

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


SIGNAL PEAK 7: S&P Assigns Prelim B- (sf) Rating on Cl. F-R Debt
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1R, A-2R, B-R, C-R, D-1R, D-2R, E-R, and F-R replacement debt
from Signal Peak CLO 7 Ltd./Signal Peak CLO 7 LLC, a CLO that was
originally issued in May 2019 and is managed by ORIX Advisers LLC,
a wholly owned subsidiary of ORIX Corp. USA.

The preliminary ratings are based on information as of Sept. 24,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 26, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the May 2019 debt. S&P
said, "At that time, we expect to withdraw our ratings on the May
2019 debt and assign ratings to the replacement debt. However, if
the refinancing doesn't occur, we may affirm our ratings on the May
2019 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-1R, A-2R, B-R, C-R, D-1R, D-2R, and E-R
debt is expected to be issued at a lower spread over three-month
SOFR than the original debt, and new class F-R debt will be issued
on the refinancing date.

-- The replacement class D-2R notes are expected to be issued at a
fixed coupon, replacing a portion of the current floating-spread
class D notes.

-- The stated maturity and reinvestment period will each be
extended five years.

-- The non-call period will be extended up to Sept. 26, 2026.

-- The concentration limitations of the collateral portfolio's
investment guidelines will be amended.

-- The overcollateralization tests and the interest diversion test
will be amended.

-- Of the identified underlying collateral obligations, 100.00%
have credit ratings (which may include confidential ratings,
private ratings, and credit estimates) assigned by S&P Global
Ratings.

-- Of the identified underlying collateral obligations, 94.63%
have recovery ratings (which may include confidential and private
ratings) assigned by S&P Global Ratings.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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

  Signal Peak CLO 7 Ltd./Signal Peak CLO 7 LLC

  Class A-1R, $240.00 million: AAA (sf)
  Class A-2R, $29.00 million: AAA (sf)
  Class B-R, $35.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1R (deferrable), $24.00 million: BBB- (sf)
  Class D-2R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)
  Class F-R (deferrable), $8.45 million: B- (sf)
  Subordinated notes, $50.07 million: Not rated



SILVER POINT 5: Fitch Assigns 'BB+sf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Silver
Point CLO 5, Ltd.

   Entity/Debt              Rating           
   -----------              ------           
Silver Point
CLO 5, Ltd.

   A-1                  LT  NRsf   New Rating
   A-2                  LT  AAAsf  New Rating
   B                    LT  AA+sf  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  NRsf   New Rating
   Subordinated Notes   LT  NRsf   New Rating

Transaction Summary

Silver Point CLO 5, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Silver
Point CLO Management, LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $450 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
98.16% first-lien senior secured loans and has a weighted average
recovery assumption of 74.84%. 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 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 'BBB-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-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.

ESG Considerations

Fitch does not provide ESG relevance scores for Silver Point CLO 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 in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


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

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

All trends are Stable.

The credit rating confirmations reflect the transaction's overall
stable performance, which has remained in line with Morningstar
DBRS' expectations since issuance. The transaction benefits from
tenant granularity within the underlying collateral portfolio,
institutional sponsorship, favorable asset quality, and strong
leasing trends, all of which support the expectation that there
will continue to be cash flow stability over the remaining loan
term.

The underlying loan is secured by the fee-simple interest in a
portfolio of 15 industrial properties totaling nearly 2.5 million
square feet, concentrated throughout infill areas of the Phoenix
(11 properties representing 85.9% of the portfolio's net rentable
area (NRA)) and Las Vegas (four properties representing 14.1% of
the portfolio's NRA) metropolitan statistical areas. Both markets
are generally high-growth markets with favorable industrial demand
trends. Loan proceeds of $341.2 million along with $165.4 million
of borrower equity financed the borrower's acquisition of the
underlying portfolio for $485.3 million and covered closing costs
associated with the transaction. The portfolio benefits from
institutional-quality sponsorship from Starwood Capital Group
Holdings, L.P., which indirectly controls the sponsor, Starwood
Real Estate Income Trust, Inc.

The floating-rate interest-only loan had an initial term of 24
months, with three one-year extension options and a fully extended
maturity date in October 2026. The borrower exercised its first
extension option, extending the loan maturity to October 2024, and,
according to the servicer, is expected to exercise its second
extension. Morningstar DBRS confirmed with the servicer that the
borrower has an interest rate cap agreement in place through
October 2026, with a maximum strike price that would yield a debt
service coverage ratio (DSCR) of no less than 1.10 times. The loan
also has a partial pro rata/sequential-pay structure that allows
for pro rata paydowns associated with property releases for the
first 20% of the unpaid principal balance. The borrower can release
individual properties with a prepayment premium of just 105% of the
allocated loan amount until the original principal balance has been
reduced to 85% of the original loan balance, at which point release
premiums increase to 110% of the allocated loan amount for
individual property releases. Morningstar DBRS applied a penalty to
the transaction's capital structure to account for the partial pro
rata structure and weak release premiums. As of the August 2024
remittance, no properties had been released.

According to the December 2023 rent rolls, the portfolio was 99.8%
occupied, up from 98.0% at issuance. Leases representing 20.0% of
the NRA are scheduled to roll over the next 12 months. Although
annual rollover concentrations have hovered around this figure each
year since issuance, the portfolio's stable occupancy rate suggests
strong tenant retention. The tenant roster across the 15-property
portfolio is granular, with only two tenants occupying more than
5.0% of the total NRA. As of YE2023, the portfolio reported a net
cash flow (NCF) of $21.5 million, up from $17.4 million at YE2022.
In comparison, the Morningstar DBRS NCF derived at issuance was
$16.4 million. The increase appears to be partially attributable to
rent growth. While cash flow has improved, the reported DSCR has
declined because of the loan's floating-rate coupon; however, as
previously mentioned, the servicer has confirmed that a rate cap
remains in place and is currently set to expire in 2026.

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

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


START II: Fitch Affirms BBsf Rating on Class C Notes
----------------------------------------------------
Fitch Ratings has affirmed the ratings on START II Ltd.'s series A
and C notes and has upgraded the series B notes to 'A-sf' from
'BBBsf'. The Rating Outlook on the series A and B notes is Stable.
The Rating Outlook on the series C notes has been revised to
Positive from Stable.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
START II Ltd.

   Class A 85573LAA9   LT Asf   Affirmed   Asf
   Class B 85573LAB7   LT A-sf  Upgrade    BBBsf
   Class C 85573LAC5   LT BBsf  Affirmed   BBsf

Transaction Summary

The ratings reflect current transaction performance, Fitch's cash
flow projections, and expectations for the structure to withstand
rating-specific stresses. Rating considerations include lease
terms, lessee credit quality and performance, updated aircraft
values, and Fitch's assumptions and stresses, which inform its
modeled cash flows and coverage levels. Fitch's updated rating
assumptions for airlines are based on a variety of performance
metrics and airline characteristics.

The series B note upgrade reflects improved LTVs and amortization
profiles, given recent deleveraging and the expectations for
continued health in collections. The series C note's Positive
Outlook reflects deleveraging and assumptions for potential future
cash flows positively impacting repayment.

Lease collections are consistent with Fitch's prior review
assumptions. The pool remains fully utilized with no reported
delinquencies. Two lessees subject to deferral plans have been
paying as agreed. All series of notes continue to receive timely
interest and have caught up to closing scheduled balances. Since
the prior review, rent collections have been stable and in line
with Fitch's prior forecasts. Debt service coverage ratio (DSCR)
remains significantly higher than the Rapid Amortization Event
(RAE) and cash trap trigger levels at 2.20x as of the latest
payment date. The maintenance reserve account is fully funded with
sufficient cash to cover expected costs over the near term.

Overall Market Recovery

Demand for air travel remains robust. Total passenger traffic is
above 2019 levels with June revenue passenger kilometers (RPKs) up
9.1% compared to June 2023, per the International Air Transport
Association (IATA). International traffic led with 12.3% yoy RPK
growth, while domestic traffic grew 4.3% yoy. Asia Pacific led
overall growth in traffic. Aircraft ABS transaction servicers are
reporting strong demand for aircraft, particularly those with
maintenance green time remaining, and increased lease rates.

Macro Risks

While the commercial aviation market has recovered significantly
over the past 12 months, it will continue to face risks, including
workforce shortages, supply chain issues, geopolitical risks, and
recessionary concerns that could affect passenger demand.
Additionally, there is uncertainty regarding inflationary pressures
despite improvements. Most of these events would lead to greater
credit risk due to increased lessee delinquencies, lease
restructurings, defaults, and reductions in lease rates and asset
values, particularly for older aircraft. All of these factors would
cause downward pressure on future cash flows needed to meet debt
service.

KEY RATING DRIVERS

Asset Values

START II's mean maintenance adjusted base values (MABV) increased
7.6% between the April 2023 and April 2024 appraisals, principally
driven by an increase in maintenance condition. Along with
continued paydown on all tranches, this has led to improved LTVs.
On a depreciated MABV basis, LTVs improved to 53.5%, 63.2%, and
64.3% on the class A, B and C notes, respectively, compared to
64.3%, 75.9%, and 80.5% at the time of prior review.

The Fitch Value for the pool is $276 million. Fitch used the April
2024 appraisals and applied depreciation assumptions pursuant to
its criteria. Fitch Values are generally the lower of mean and
median of base values unless the remaining leasable life is less
than three years, in which case a market value is used.

Tiered Collateral Quality

The pool consists of 13 narrowbody (NB) aircraft with the majority
characterized as mid-life aircraft (weighted-average [WA] age of
11.5 years). Fitch utilizes three tiers when assessing the quality
and corresponding marketability of aircraft collateral, with tier 1
being the most liquid. The weighted average tier for the portfolio
is 1.2, in line with peer comps. Additional detail regarding
Fitch's tiering assumptions can be found here.

Pool Concentration

The subject pool has moderately elevated concentration with 13
aircraft on lease to nine lessees. As the pool ages and aircraft
are assumed to be sold at the end of their leasable lives, pool
concentration is assumed to increase. Per Fitch's criteria, the
cash flows are stressed based on the effective aircraft count. The
effective count of the pool currently stands at 12.

START II has elevated geographic concentration with 64.9% of leases
to Emerging Asia Pacific. Remaining exposure is 15.0% to Developed
Europe and 6.7% to each Developed North America, Emerging Middle
East and Africa, and Emerging Europe and CIS.

Lessee Credit Risk

Fitch considers the credit risk posed by the pool of lessees to be
moderate. Two lessees subject to deferral plans have been paying as
agreed. There are no delinquencies reported.

Operation and Servicing Risk

Fitch deems the servicer, AerCap (BBB/Positive), to remain a
qualified servicer based on its experience as a lessor, overall
servicing capabilities and historical ABS performance to date.

RATING SENSITIVITIES

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

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

- The aircraft ABS sector has a rating cap of 'Asf'. All
subordinate tranches carry ratings lower than the senior tranche;

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

- Fitch conducted a sensitivity in which residual values were
reduced by 20% to simulate underperformance in sales beyond the
haircuts, depreciation and market value declines already
incorporated into Fitch's model. This sensitivity resulted in no
changes to the model-implied-ratings.

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

- If contractual lease rates or aircraft sales proceeds outperform
modeled cash flows, this may lead to an upgrade;

- The series A notes are currently capped in line with the aircraft
ABS sector cap of '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.


STORM KING: S&P Assigns BB-(sf) Rating on $17.75MM Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class B-R, C-R,
D-1R, D-2R and E-R replacement debt from Storm King Park CLO
Ltd./Storm King Park CLO LLC, a CLO originally issued in 2022 that
is managed by Blackstone Liquid Credit Strategies LLC. At the same
time, we withdrew our ratings on the original class B, C, D and E
debt following payment in full on the Sept. 23, 2024, refinancing
date. We did not rate the replacement class A-L Loans and the class
A-R and A-L 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 debt was issued at a lower weighted average
cost of debt than the previous debt.

-- The replacement class A debt was split into the class A-L Loans
and the class A-R and A-L debt, which are pro-rata in payment and
not rated by S&P Global Ratings.

-- The replacement class D debt was split into the class D-1R and
D-2R debt, which are pro-rata in payment.

-- The replacement class D-1R and D-2R debt were issued at
floating and fixed interest rate respectively, replacing the
original floating class D debt.

-- The non-call period was extended to Sept. 23, 2026.

-- The reinvestment period was extended to Oct. 15, 2029.

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

-- No additional assets were purchased on the Sept. 23, 2024,
refinancing date, and the target initial par amount remains at
$500.00 million.

-- There was no additional effective date or ramp-up period, and
the first payment date following the refinancing is Oct. 15, 2024.

-- The required minimum overcollateralization and interest
coverage ratios were amended.

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

-- Of the identified underlying collateral obligations, 99.69%
have credit ratings (which may include confidential ratings,
private ratings, and credit estimates) assigned by S&P Global
Ratings.

-- Of the identified underlying collateral obligations, 95.99%
have recovery ratings (which may include confidential and private
ratings) assigned by S&P Global Ratings.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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

  Storm King Park CLO Ltd./Storm King Park CLO LLC

  Class A-R, $206.80 million: NR
  Class A-L Loans(i), $113.20 million: NR
  Class A-L(i), $0.00 million: NR
  Class B-R, $56.00 million: AA (sf)
  Class C-R (deferrable), $34.00 million: A (sf)
  Class D-1R (deferrable), $15.00 million: BBB- (sf)
  Class D-2R (deferrable), $15.00 million: BBB- (sf)
  Class E-R (deferrable), $17.75 million: BB- (sf)

(i)All or a portion of the class A-L Loans may be converted into
class A-L notes, subject to a maximum conversion of $113.20 million
under the terms outlined in the credit agreement. Upon a
conversion, the balance on the class A-L notes may be increased,
and the balance of the class A-L Loans may be decreased in the same
amount, to reflect the conversion. No portion of the class A-L
notes may be converted into class A-L Loans.

  Ratings Withdrawn

  Storm King Park CLO Ltd./Storm King Park CLO LLC

  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

  Storm King Park CLO Ltd./Storm King Park CLO LLC

  Subordinated notes, $43.68 million: Not rated

  NR--Not rated.



TOORAK MORTGAGE 2024-RRTL2: DBRS Gives Prov. B Rating on B1 Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Notes, Series 2024-RRTL2 (the Notes) to be issued
by Toorak Mortgage Trust 2024-RRTL2 (TRK 2024-RRTL2 or the Issuer)
as follows:

-- $205.8 million Class A at BBB (low) (sf)
-- $189.9 million Class A-1 at A (low) (sf)
-- $15.9 million Class A-2 at BBB (low) (sf)
-- $17.1 million Class M-1 at BB (low) (sf)
-- $16.9 million Class B at B (low) (sf)
-- $11.3 million Class B-1 at B (sf)
-- $5.6 million Class B-2 at B (low) (sf)

Class A and B are exchangeable notes. These classes can be
exchanged for proportionate shares of the exchange notes as
specified in the offering documents.

The A (low) (sf) credit rating reflects 24.05% of credit
enhancement provided by the subordinated notes and
overcollateralization. The BBB (low) (sf), BB (low) (sf), B (sf),
and B (low) (sf) credit ratings reflect 17.70%, 10.85%, 6.35%, and
4.10% 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 two-year revolving
portfolio of residential transition loans (RTL) funded by the
issuance of the Notes. As of the Statistical Calculation Date, the
Notes are backed by (1) 521 mortgage loans with a total principal
balance of $179,061,281, (2) Approximately $70,938,719 in the
Funding Account, and (3) Approximately $1,600,000 in the Interest
Reserve Account. Additional RTL may be added to the revolving
portfolio on future additional transfer dates, subject to the
transaction's eligibility criteria.

Additional RTL may be added to the revolving portfolio on future
additional transfer dates, subject to the transaction's eligibility
criteria.

TRK 2024-RRTL2 represents the tenth RTL securitization issued by
the Sponsor, Toorak Capital Partners LLC, and their second rated
RTL securitization. Formed in 2016 and headquartered in Tampa,
Florida, Toorak is a mortgage loan aggregator that partners with
third-party loan originators to acquire business purpose
residential, multifamily, and mixed-use bridge and term loans.
Toorak is the named Servicer for the transaction, and the loans
will be subserviced by Merchants, BSI, FCI, and RCN. Merchants is
the largest originator in the revolving portfolio and will
subservice the Merchants-originated loans.

The revolving portfolio consists of first-lien, fixed-rate,
interest only (IO) balloon RTL with original terms to maturity of
five to 37 months. The loans also include extension options, which
may 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:

-- A minimum non-zero weighted-average (NZ WA) FICO score of 725.
-- A maximum NZ WA As-Is Loan-to-Value (AIV LTV) ratio of 85.0%.
-- A maximum NZ WA Loan-to-Cost (LTC) ratio of 85.0%.
-- A maximum NZ WA As Repaired LTV (ARV LTV) ratio of 70.0%.

RTL Features

RTL, also known as fix-and-flip mortgage loans, are short-term
bridge 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. RTL 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, RTL 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 Servicer.

In the TRK 2024-RRTL2 revolving portfolio, RTL may be:
(1) Fully funded:

-- With no obligation of further advances to the borrower,

-- 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

-- With a portion of the loan proceeds allocated to an interest
reserve escrow account for future disbursement to fund interest
draw requests upon the satisfaction of certain conditions.
(2) Partially funded:

-- With a commitment to fund borrower-requested draw requests for
approved rehab, construction, or repairs of the property 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 TRK
2024-RRTL2 eligibility criteria, unfunded commitments are limited
to 35.0% of the portfolio by unpaid principal balance (UPB) and (2)
amounts in the Funding Account and the Reserve Account.

Cash Flow Structure and Draw Funding

The transaction employs a sequential-pay cash flow structure.
During the revolving period, the Notes will be IO. After the
revolving period, or on the Redemption Date, principal will be
applied to pay down the Notes, sequentially. If the Issuer does not
redeem the Notes by the payment date in March 2027, the Class A-1
and A-2 fixed rates will step up by 1.000% the following month
(step up event).

There will be no advancing of delinquent (DQ) interest on any
mortgage by the Servicer, the Subservicers, or any other party to
the transaction. However, the Servicer is obligated to fund
Servicing Advances which include:

-- Customary amounts: taxes, insurance premiums, and reasonable
costs incurred in the course of servicing and disposing properties

-- Construction advances: borrower-requested draws for approved
construction, repairs, restoration, and protection of the property

-- Interest draw advances: for loans with interest reserve escrow
accounts, borrower-requested draws to cover interest payments for
the related mortgage loan, subject to certain conditions

-- Purchase advances: amounts used to acquire additional mortgage
loans up to 1.5% of the aggregate Class A-1 and A-2 Note amounts

The Servicer will be entitled to reimburse itself for Servicing
Advances from available funds prior to any payments on the Notes.
Interest draw advances are related to certain loans that have
mortgagor interest reserve escrow amounts that borrowers may draw
upon and are unrelated to DQ interest payments.

The transaction incorporates a Funding Account during the revolving
period, which is used to fund draws and purchase additional loans.
A Reserve Account, which is used to fund purchases of additional
loans solely from Merchants, is also available for the
transaction.

During the revolving period, the Funding Account is replenished
from the transaction cash flow waterfall, after payment of interest
to the Notes, to maintain a minimum required funding balance. The
Reserve Account is replenished from the Funding Account from time
to time at the direction of the Depositor. Amounts held in the
Funding Account and Reserve Account, along with the mortgage
collateral, must be sufficient to limit the effective advance rate
to no higher than 95.9%, which maintains a minimum level of credit
enhancement (CE) to the most subordinate rated class. Toorak
2024-RRLT2 incorporates the maximum effective advance rate as a
Trigger Event. During the revolving period (and prior to April
2027), if CE is not maintained for all tranches, on the third
consecutive such month, a Trigger Event will occur, leading to an
Amortization event.

An Expense Reserve Account 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 initial
three interest payments to the Notes. Such account is funded
upfront in an amount equal to $1,600,000. On the payment dates
occurring in October and November 2024, the Paying Agent will
withdraw a specified amount to be included in available funds, and
on the payment date in December 2024, any unused related amounts
will otherwise be allocated in the payment waterfall.

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 Toorak'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 presale report for more details.

Other Transaction Features

The Issuer may be permitted to sell one or more mortgage loans in a
discretionary sale, subject to certain conditions, for a price
equal to the greater of (1) the UPB and (2) the fair market value
of the mortgage loan.

On, or prior to the two-year anniversary of the Closing Date, the
Issuer will not be permitted to sell all the loans in aggregate in
one or more discretionary sales. After the two-year anniversary of
the Closing Date, the Issuer, at the direction of 100% of the Class
P Certificate holders, may sell all the loans in aggregate in a
discretionary sale at the Redemption Price (Optional Redemption).
The Redemption Price is equal to par plus interest and fees. The
Redemption Date is the date on which the aggregate Notes are
redeemed in full.

Similar to certain other issuers, each Seller will have the option
to repurchase any related mortgage loan that becomes 60+ days DQ at
a price equal to the UPB of the loan, as long as the UPB of the
aggregate repurchased DQ mortgages do not exceed 10.0% of the
cumulative principal balance of the mortgage loans. During the
revolving period, if a Seller repurchases DQ loans, this could
potentially delay the natural occurrence of an early amortization
event based on the DQ 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.

As the Sponsor, Toorak, or one or more majority-owned affiliates,
will retain a 5% eligible horizontal residual interest in the
securities to satisfy the credit risk retention requirements.

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


TOWD POINT 2024-CES4: DBRS Gives Prov. BB(high) on 4 Tranches
-------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Asset-Backed Securities, Series 2024-CES4 (the Notes) to be issued
by Towd Point Mortgage Trust 2024-CES4 (TPMT 2024-CES4 or the
Trust):

-- $298.7 million Class A1 at AAA (sf)
-- $29.1 million Class A2 at AA (high) (sf)
-- $20.6 million Class M1 at A (high) (sf)
-- $20.0 million Class M2 at BBB (high) (sf)
-- $13.1 million Class B1 at BB (high) (sf)
-- $7.5 million Class B2 at B (high) (sf)
-- $29.1 million Class A2A at AA (high) (sf)
-- $29.1 million Class A2AX at AA (high) (sf)
-- $29.1 million Class A2B at AA (high) (sf)
-- $29.1 million Class A2BX at AA (high) (sf)
-- $29.1 million Class A2C at AA (high) (sf)
-- $29.1 million Class A2CX at AA (high) (sf)
-- $29.1 million Class A2D at AA (high) (sf)
-- $29.1 million Class A2DX at AA (high) (sf)
-- $20.6 million Class M1A at A (high) (sf)
-- $20.6 million Class M1AX at A (high) (sf)
-- $20.6 million Class M1B at A (high) (sf)
-- $20.6 million Class M1BX at A (high) (sf)
-- $20.6 million Class M1C at A (high) (sf)
-- $20.6 million Class M1CX at A (high) (sf)
-- $20.6 million Class M1D at A (high) (sf)
-- $20.6 million Class M1DX at A (high) (sf)
-- $20.0 million Class M2A at BBB (high) (sf)
-- $20.0 million Class M2AX at BBB (high) (sf)
-- $20.0 million Class M2B at BBB (high) (sf)
-- $20.0 million Class M2BX at BBB (high) (sf)
-- $20.0 million Class M2C at BBB (high) (sf)
-- $20.0 million Class M2CX at BBB (high) (sf)
-- $20.0 million Class M2D at BBB (high) (sf)
-- $20.0 million Class M2DX at BBB (high) (sf)
-- $13.1 million Class B1A at BB (high) (sf)
-- $13.1 million Class B1AX at BB (high) (sf)
-- $13.1 million Class B1B at BB (high) (sf)
-- $13.1 million Class B1BX at BB (high) (sf)

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

The AAA (sf) credit rating on the Notes reflects 26.05% of credit
enhancement provided by subordinate Notes. The AA (high) (sf), A
(high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
credit ratings reflect 18.85%, 13.75%, 8.80%, 5.55%, and 3.70% of
credit enhancement, respectively.

Morningstar DBRS assigned provisional credit ratings to the Trust),
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-CES4 (the
Notes). The Notes are backed by 5,188 mortgage loans with a total
principal balance of $403,876,203 as of the Statistical Calculation
Date (August 1, 2024).

The portfolio, on average, is four months seasoned, though
seasoning ranges from three to 10 months. Borrowers in the pool
represent prime and near-prime credit quality; a weighted-average
(WA) Morningstar DBRS-calculated FICO score of 732, Issuer-provided
original combined loan-to-value ratio (CLTV) of 70.5%, and 100.0%
originated with Issuer-defined full documentation. All the loans
are current and none have been delinquent since origination.

TPMT 2024-CES4 represents the sixth CES securitization by FirstKey
Mortgage, LLC and the third by CRM 1 Sponsor, LLC (CRM). Spring EQ,
LLC (55.0%), Nationstar Mortgage LLC doing business as (dba) Mr.
Cooper (Nationstar; 23.7%), and PennyMac Loan Services, LLC
(PennyMac; 21.3%) are the originators for the mortgage pool.

Newrez, LLC dba Shellpoint Mortgage Servicing (64.9%), PennyMac
(21.3%), and Nationstar (13.9%) are the Servicers of the loans in
this transaction.

U.S. Bank Trust Company, National Association (rated AA with a
Stable trend by Morningstar DBRS) will act as the Indenture
Trustee, Paying Agent, Administrative Trustee, Note Registrar, and
Administrator. U.S. Bank National Association (rated AA with a
Stable trend by Morningstar DBRS) and Computershare Trust Company,
N.A. (rated BBB with a Stable trend by Morningstar DBRS) will act
as the Custodians.

CRM will acquire the loans from various transferring trusts on the
Closing Date. The transferring trusts acquired the mortgage loans
from the Originators. CRM and the transferring trusts are
beneficially owned by funds managed by affiliates of Cerberus
Capital Management, L.P. Upon acquiring the loans from the
transferring trusts, CRM will transfer the loans to CRM 1
Depositor, LLC (the Depositor). The Depositor in turn will transfer
the loans to Towd Point Mortgage Grantor Trust 2024-CES4 (the
Grantor Trust). The Grantor Trust will issue two classes of
certificates - P&I Grantor Trust Certificate and IO Grantor Trust
Certificate. The Grantor Trust certificates will be issued in the
name of the Issuer. The Issuer will pledge P&I Grantor Trust
Certificate with the Indenture Trustee and will be the primary
asset of the Trust. As a Sponsor, CRM, through one or more
majority-owned affiliates, will acquire and retain a 5% eligible
vertical interest in each class of securities to be issued (other
than any residual certificates) to satisfy the credit risk
retention requirements.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's Ability-to-Repay (ATR) rules, they
were made to borrowers who generally do not qualify for agency,
government, or private-label nonagency prime jumbo products for
various reasons. In accordance with the Qualified Mortgage (QM)/ATR
rules, 28.0% of the loans are designated as non-QM, 34.0% are
designated as QM Rebuttable Presumption, and 35.9% are designated
as QM Safe Harbor. Approximately 2.0% of the mortgages are loans
made to investors for business purposes and were not subject to the
QM/ATR rules.

The Servicers will generally fund advances of delinquent principal
and interest (P&I) on any mortgage until such loan becomes 60 days
delinquent under the Office of Thrift Supervision (OTS) delinquency
method (equivalent to 90 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method), contingent upon
recoverability determination. However, the Servicer will stop
advancing delinquent P&I if the aggregate amount of unreimbursed
P&I advances owed to a Servicer exceeds 95.0% of the amounts on
deposit in the custodial account maintained by such Servicer. In
addition, the related servicer is 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 150 days delinquent under
the OTS delinquency method (equivalent to 180 days delinquent under
the 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 principal
remittance amount and applied in accordance with the principal
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.

This transaction incorporates a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class A2
and subordinate bonds will not be paid from principal proceeds
until the Class A1 Notes are retired.

On or after (1) the payment date in September 2027 or (2) the first
payment date when the aggregate pool balance of the mortgage loans
(other than the Charged Off Loans and the real estate owned (REO)
properties) is reduced to less than 30.0% of the Cut-Off Date
balance, the call option holder will have the option to purchase
the P&I Grantor Trust Certificate so long as the aggregate proceeds
from such purchase exceed the minimum price (Optional Redemption).
The minimum price will at least equal the sum of (1) class balances
of the Notes plus the accrued interest and unpaid interest; (2) any
fees, expenses, and indemnification amounts; and (C) accrued and
unpaid amounts owed to the Class X Certificates minus the Class AX
distributable amount.

On or after the first payment date on which the aggregate pool
balance of the mortgage loans and the REO properties is less than
10% of the aggregate pool balance as of the Cut-Off Date, the call
option holder will have the option to purchase the P&I Grantor
Trust Certificate at the minimum price (Clean-Up Call).

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.

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


TRINITAS CLO XXX: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 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

  Trinitas CLO XXX Ltd./Trinitas CLO XXX LLC

  Class A-1, $310.0 million: AAA (sf)
  Class B, $60.0 million: AA (sf)
  Class C-1 (deferrable), $25.0 million: A (sf)
  Class C-2 (deferrable), $5.0 million: A (sf)
  Class D-1A (deferrable), $27.0 million: BBB- (sf)
  Class D-1B (deferrable), $3.0 million: BBB- (sf)
  Class D-2 (deferrable), $5.0 million: BBB- (sf)
  Class E (deferrable), $15.0 million: BB- (sf)

  Other Debt

  Trinitas CLO XXX Ltd./Trinitas CLO XXX LLC

  Class A-2, $10.0 million: Not rated

  Subordinated notes, $43.9 million: Not rated



UNITED AUTO 2022-2: S&P Lowers Class E Notes Rating to CC (sf)
--------------------------------------------------------------
S&P Global Ratings lowered its rating on one class of notes, raised
its ratings on one class of notes, and affirmed its rating on one
class of notes from the United Auto Credit Securitization Trust
(UACST) 2022-2, an ABS transaction backed by subprime retail auto
loan receivables originated and serviced by United Auto Credit
Corp.

The rating actions reflect:

-- The transaction's collateral performance to date and its
expectations regarding future collateral performance;

-- S&P's remaining cumulative net loss (CNL) expectation for the
transaction and the transaction's structure and credit enhancement
levels;

-- Other credit factors, including credit stability, payment
priorities under various scenarios, sector- and issuer-specific
analyses, and our most recent macroeconomic outlook, which
incorporates a baseline forecast for U.S. GDP and unemployment.

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

Since S&P's rating action on March 1, 2024, the UACST 2022-2
performance continues to trend worse than our previously revised
CNL expectations. Cumulative gross losses are notably higher,
which, coupled with lower cumulative recoveries, are resulting in
elevated CNLs. Delinquencies and extensions, while normalizing, are
elevated and concerning.

  Table 1

  Collateral performance (%)(i)

                Pool  60+ day Extensions Current Current Current
  Series  Month factor delinq.               CGL     CRR     CNL
  2022-2   26    29.77  6.85       3.20    34.80   21.55   27.30

(i)As of the September 2024 distribution date.
Delinq.--Delinquencies.
CGL--Cumulative gross loss.
CRR--Cumulative recovery rate.
CNL--Cumulative net loss.

Excess spread has largely been used to cover net losses, leaving
little or no funds available to build the transaction's
overcollateralization amount, and the transaction never reached its
target overcollateralization amount. Due to the sustained and
elevated losses since S&P's previous review in March 2024, to
ensure parity between the series notes and the collateral amount,
both the overcollateralization amount and the reserve amount are
exhausted. In fact, as of the September 2024 distribution date, the
UACST 2022-2 notes are undercollateralized by $533,887,
approximately -0.63% as a percentage of the current pool balance.

  Table 2a

  UACST overcollateralization summary (%)(i)

             Current       Target        Current         Target
  Series         (%)(ii)      (%)(iii)   (mil. $)       (mil. $)

  2022-2      (0.63)        15.50      (533,887)     13,149,853

(i)As of the September 2024 distribution date.
(ii)Percentage of the current collateral pool balance.
(iii)The overcollateralization target on any distribution date is
equal to the greater of (a) the target percentage of the current
pool balance, and (b) 1.00% of the initial pool balance.
UACST--United Auto Credit Securitization Trust.

  Table 2b

  UACST reserve summary (%)(i)

           Current       Target        Current         Target
  Series       (%)(i)       (%)(ii)    (mil. $)       (mil. $)

  2022-2        0.00       1.50          0.00       4,275,000

(i)As of the September 2024 distribution date.
(ii)The reserve target on any distribution date is equal to 1.50%
of the initial pool balance.
UACST--United Auto Credit Securitization Trust.

In view of the transaction's continued deteriorating performance to
date, coupled with adverse economic headwinds and weaker recovery
rates, we further revised and raised our expected CNL for UACST
2022-2.

  Table 3

  CNL expectation (%)

               Initial         Prior        Current
              lifetime      lifetime       lifetime
  Series      CNL exp.      CNL exp.(i)    CNL exp.(i)

  2022-2         20.25         31.50          32.50

(i)As of the September 2024 distribution date.
CNL exp.--Cumulative net loss expectations.


The transaction contains a sequential principal payment
structure--in which the notes are paid principal by
seniority—that will increase the credit enhancement for all
classes except the lowest-rated subordinate class E as the pool
amortizes. As of the September 2024 distribution date, the
transaction has credit enhancement consisting solely of
subordination for the more senior tranches and excess spread. The
undercollateralization of the notes and the exhaustion of the
reserve amount negatively affected and lowered the hard credit
enhancement for class E. As such, S&P lowered the rating on the
class E notes to 'CC (sf)' from 'CCC (sf)'.

S&P said, "At the same time, we raised our rating on the class C
notes to 'AAA (sf)' from 'AA+ (sf)' due to the total credit support
as a percentage of the amortizing pool balance compared with our
expected remaining loss as well as the relatively short expected
tenure that this class will be outstanding. We also affirmed our
rating on the class D notes at 'BBB', which took into consideration
a potential decrease in subordination available to the class D
notes. "

  Table 4

  Hard credit support(i)

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

  2022-2   C                   36.50                81.67
  2022-2   D                   24.35                40.86
  2022-2   E                   12.00               (0.63)

(i)Calculated as a percentage of the total receivables pool
balance, which consists of a reserve account,
overcollateralization, and, if applicable, subordination. Excludes
excess spread that can also provide additional enhancement.
(ii)As of the September 2024 distribution date.

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

"In our view, the results demonstrated that the classes are credit
enhanced at the lowered, raised, and affirmed rating levels, which
is based on our analysis as of the collection period ended Aug. 31,
2024 (the September 2024 distribution date).

"We will continue to monitor the transaction's performance to
ensure that the credit enhancement remains sufficient, in our view,
to cover our CNL expectations under our stress scenarios for each
rated class."

  RATING LOWERED

  United Auto Credit Securitization Trust 2022-2

              Rating
  Class   To         From

  E       CC (sf)    CCC (sf)

  RATING RAISED

  United Auto Credit Securitization Trust 2022-2

              Rating
  Class   To         From

  C       AAA (sf)   AA+ (sf)

  RATING AFFIRMED

  United Auto Credit Securitization Trust 2022-2

  Class       Rating

  D           BBB (sf)



US AUTO 2021-1: Moody's Lowers Rating on Class C Notes to Caa1
--------------------------------------------------------------
Moody's Ratings takes action on 14 classes of bonds issued from 13
non-prime auto securitizations. The bonds are backed by pools of
retail automobile non-prime loan contracts originated and serviced
by multiple parties.

The complete rating actions are as follows:

Issuer: American Credit Acceptance Receivables Trust 2022-2

Class D Asset Backed Notes, Upgraded to A2 (sf); previously on Jun
17, 2024 Upgraded to Baa1 (sf)

Issuer: American Credit Acceptance Receivables Trust 2023-2

Class C Asset Backed Notes, Upgraded to Aaa (sf); previously on Mar
18, 2024 Upgraded to Aa2 (sf)

Issuer: American Credit Acceptance Receivables Trust 2023-4

Class C Asset Backed Notes, Upgraded to Aaa (sf); previously on Nov
10, 2023 Definitive Rating Assigned Aa2 (sf)

Issuer: Carvana Auto Receivables Trust 2023-N4

Class B Notes, Upgraded to Aaa (sf); previously on Nov 29, 2023
Definitive Rating Assigned Aa1 (sf)

Issuer: CPS Auto Receivables Trust 2022-B

Class D Notes, Upgraded to Aaa (sf); previously on Jul 2, 2024
Upgraded to Aa1 (sf)

Issuer: CPS Auto Receivables Trust 2022-D

Class D Notes, Upgraded to A1 (sf); previously on Jul 2, 2024
Upgraded to A2 (sf)

Issuer: CPS Auto Receivables Trust 2023-B

Class C Notes, Upgraded to Aaa (sf); previously on Jul 2, 2024
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jul 2, 2024
Upgraded to Baa1 (sf)

Issuer: Drive Auto Receivables Trust 2024-1

Class C Notes, Upgraded to Aa1 (sf); previously on Feb 21, 2024
Definitive Rating Assigned Aa3 (sf)

Issuer: Exeter Automobile Receivables Trust 2021-4

Class D Notes, Upgraded to Aaa (sf); previously on Mar 27, 2024
Upgraded to Aa1 (sf)

Issuer: Exeter Automobile Receivables Trust 2022-6

Class C Notes, Upgraded to Aaa (sf); previously on Jun 17, 2024
Upgraded to Aa1 (sf)

Issuer: Exeter Automobile Receivables Trust 2023-5

Class C Notes, Upgraded to Aa1 (sf); previously on Nov 15, 2023
Definitive Rating Assigned Aa2 (sf)

Issuer: U.S. Auto Funding Trust 2021-1

Class C Notes, Downgraded to Caa1 (sf); previously on Apr 5, 2024
Downgraded to B3 (sf)

Issuer: Veros Auto Receivables Trust 2023-1

Class C Notes, Upgraded to A2 (sf); previously on May 20, 2024
Upgraded to A3 (sf)

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

RATINGS RATIONALE

The upgrade actions are primarily driven by the buildup of credit
enhancement due to structural features including a sequential pay
structure, non-declining reserve account and
overcollateralization.

The action on the Class C notes in U.S. Auto Funding Trust 2021-1
(USAUT 2021-1) is primarily driven by material declines in credit
enhancement available for the affected tranche  as well as an
increased likelihood of losses due to weaker pool performance.

Cumulative net loss-to-liquidation levels are 46.5% for USAUT
2021-1 as of July 2024. Additionally, hard credit enhancement
continues to decline for this tranche, declining to 40.2% as of the
August 2024 payment date from 41.6% as of the March payment date.
The servicing fee for USAUT 2021-1 has increased to 11.00% in July
2024, compared to servicing fees of 4.10% prior to December 2023.
WPM has attributed the increase in servicing fees to increases in
previous out-of-pocket repossession and servicing expenses due to
high loss rates on the underlying pools. Moody's rating actions
consider the effect these higher fees have on excess spread and
principal payments to the notes, and the potential for expenses to
remain elevated in future periods.

Moody's lifetime cumulative net loss expectations are noted below
for the transaction pools. The loss expectations reflect updated
performance trends on the underlying pools.

American Credit Acceptance Receivables Trust 2022-2: 39%

American Credit Acceptance Receivables Trust 2023-2: 34%

American Credit Acceptance Receivables Trust 2023-4: 30%

Carvana Auto Receivables Trust 2023-N4: 18.50%

CPS Auto Receivables Trust 2022-B: 22%

CPS Auto Receivables Trust 2022-D: 23%

CPS Auto Receivables Trust 2023-B: 23%

Drive Auto Receivables Trust 2024-1: 22%

Exeter Automobile Receivables Trust 2021-4: 23.5%

Exeter Automobile Receivables Trust 2022-6: 30%

Exeter Automobile Receivables Trust 2023-5: 21%

U.S. Auto Funding Trust 2021-1: 46%

Veros Auto Receivables Trust 2023-1: 27%

No actions were taken on the remaining 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 Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Losses could decline from Moody's
original expectations as a result of a lower number of obligor
defaults or greater recoveries from the value of the vehicles
securing the obligors promise of payment. The US job market and the
market for used vehicles are also primary drivers of the
transaction's performance. Other reasons for better-than-expected
performance include changes in servicing practices to maximize
collections on the loans or refinancing opportunities that result
in a prepayment of the loan.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Losses could increase from Moody's
original expectations as a result of a higher number of obligor
defaults or a deterioration in the value of the vehicles securing
the obligors promise of payment. The US job market and the market
for used vehicles are also primary drivers of the transaction's
performance. Other reasons for worse-than-expected performance
include poor servicing, error on the part of transaction parties
including further restatement of performance data, lack of
transactional governance and fraud.


VENTURE CLO XVIII: Moody's Cuts Rating on $29MM E-R Notes to Caa2
-----------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following note
issued by Venture XVIII CLO, Limited:

US$29,000,000 Class E-R Junior Secured Deferrable Floating Rate
Notes due 2029 (the "Class E-R Notes"), Downgraded to Caa2 (sf);
previously on October 30, 2020 Downgraded to B1 (sf)

Venture XVIII CLO, Limited, originally issued in August 2014 and
refinanced in October 2017, is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in October 2021.

A comprehensive review of all credit ratings for the respective
transactions(s) has been conducted during a rating committee.

RATINGS RATIONALE

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's August 2024 report [1], the OC ratio for the Class
E-R notes is reported at 96.38% versus March 2024 levels[2] of
98.99%. Furthermore, the weighted average rating factor (WARF) has
been deteriorating and based on Moody's calculations is currently
3332, compared to 2698, in March 2024.

No actions were taken on the Class B-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: $170,157,595

Defaulted par:  $353,024

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3332

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.84%

Weighted Average Coupon (WAC): 8.0%

Weighted Average Recovery Rate (WARR): 46.20%

Weighted Average Life (WAL): 2.6 years

Par haircut in OC tests and interest diversion test: 4.5%

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.            

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

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


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

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

Morningstar DBRS changed the trends on Classes F and G to Negative
from Stable. The trends on the remaining classes remain Stable.

The trend changes reflect the increased credit risk to the
transaction as a result of Morningstar DBRS' increased loan-level
expected losses for six loans secured by office and mixed-use
collateral with office components, which represent 32.7% of the
current trust balance. Two of these six loans have been modified to
allow borrowers to extend maturity dates by waiving performance
tests as additional time to execute their respective business plans
was needed. An additional three loans secured by office properties
will likely require modifications or principal paydowns in order
for borrowers to exercise upcoming maturity extension options.
Business plan progression across these assets has been slow to
date, with occupancy rates and/or cash flows below projected
stabilized levels. Morningstar DBRS analyzed these loans with
increased loan-to-value ratios (LTVs) and, in some cases, applied
probability of default penalties to reflect the current risk
profiles, resulting in a weighted-average (WA) expected loss
approximately 15.0% greater than the pool's WA expected loss.

Over the next 12 months, 13 loans, representing 73.5% of the
current trust balance, are scheduled to mature. Four of these
loans, representing 20.6% of the current trust balance, are secured
by office properties or mixed-use properties with office
components. Given the ongoing headwinds in the office sector,
lending activity on office properties slowed significantly in 2023
and continues to struggle through Q3 2024. As such, Morningstar
DBRS expects borrowers to face difficulties in executing exit
strategies over the near to medium term. While the majority of
these loans include extension options, the borrowers will likely
need loan modifications as the majority of these loans will be
unable to achieve the performance-based extension requirements. The
credit rating confirmations reflect the increased credit support to
the bonds as a result of successful loan repayment, with collateral
reduction of 16.6% since issuance, and the otherwise stable
performance of majority of the loans in the pool, as these
borrowers have generally been able to progress toward the
completion of the stated business plans.

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.

The transaction closed in March 2022 with an initial collateral
pool of 20 floating-rate mortgage loans secured by 20 mostly
transitional real estate properties, with a cut-off pool balance
totaling $650.0 million. The transaction was a managed vehicle with
a 24-month Reinvestment Period, which ended with the March 2024
Payment Date. The transaction now has a sequential-pay structure
following the expiration of the Reinvestment Period. As of August
2024, the pool comprises 19 loans secured by 19 properties with an
outstanding balance of $542.4 million. Since the previous
Morningstar DBRS credit rating action in September 2023, three
loans with a former trust balance of $101.6 million were repaid in
full and one loan, with a trust balance of $13.2 million, was added
to the trust.

Beyond the office concentration noted above, the transaction
comprises 10 loans, representing 55.9% of the pool, secured by
multifamily properties; two loans, representing 8.1% of the pool,
secured by hotel properties; and one loan, representing 3.3% of the
pool, secured by an industrial property. In comparison with the
August 2023 reporting, office and mixed-use represented 36.3% of
the collateral while multifamily, hotel, and industrial properties
represented 52.2%, 8.7%, and 2.8% of the collateral, respectively.

The loans are primarily secured by properties in suburban markets
as 13 loans, representing 72.8% of the pool, are secured by
properties in suburban markets, as defined by Morningstar DBRS,
with a Morningstar DBRS Market Rank of 3, 4, or 5. The remaining
six loans, representing 27.2% of the pool, are secured by
properties with a Morningstar DBRS Market Rank of 6, 7, or 8,
denoting urban markets. Both the suburban and urban market
concentrations in the pool remain relatively unchanged with the
August 2023 reporting.

Based on the as-is appraised values, leverage across the pool has
decreased from issuance, with a current WA LTV of 71.5%, in
comparison with the WA issuance LTV of 77.1%. Similarly, the WA
stabilized LTV decreased over that same period, dropping to 67.1%
from 70.0% at issuance. 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 eight loans,
representing 51.5% of the current trust balance.

Through July 2024, the lender had advanced cumulative loan future
funding of $30.3 million to 10 individual borrowers to aid in
property stabilization efforts. The largest future funding advances
have been released to the borrowers of the Crabtree Terrace loan
(Prospectus ID#8, 6.4% of the pool; $6.7 million) and the Citi on
Camelback loan (Prospectus ID#6, 7.6% of the pool; $5.8 million).
The Crabtree Terrace loan is secured by a 173,000 square-foot (sf)
suburban, Class A office property in Raleigh, North Carolina, while
the Citi on Camelback loan is secured by a 360-unit, Class A
multifamily complex in Phoenix, Arizona. The borrower for the
Crabtree Terrace loan has used loan future funding for tenant
improvement and leasing commission costs in order to lease-up the
property to a stabilized occupancy rate. According to the Q1 2024
collateral report, tenants representing 32.0% of net rentable area
(NRA) have been signed since issuance, with the property reporting
a physical occupancy rate of 87.1% as of March 2024. In April 2024,
the sponsor signed a tenant comprising 7.0% of NRA, increasing the
property's leased rate to 94.1%. The borrower for the Citi on
Camelback loan has used loan future funding for capital
improvements, budgeting $5.3 million ($23,000 per unit) for
value-add unit renovations on 230 units with an additional $735,000
budgeted for exterior renovations. As of March 2024, the property
was 94.4% occupied and renovations on 180 units had been completed.
Rental premiums of $207 per unit are being achieved over the
pre-renovated average rental rate.

An additional $31.2 million of loan future funding allocated to
eight individual borrowers remains available. Available loan
proceeds for each respective borrower are for planned capital
expenditures or tenant improvements, with the largest portion of
available funds, $10.0 million, allocated to the borrower of the
Mountain View Corporate Center loan (Prospectus ID#7, 6.8% of the
pool). The loan is secured by a four-building, Class A office park
in Broomfield, Colorado. Loan future funding is available to the
borrower to help fund leasing costs in order to manage tenant
rollover and lease vacant space. According to the Q1 2024
collateral manager update, the property was 78.4% occupied;
however, the largest tenant, Danone (39.5% of NRA, lease expires
December 2024) gave notice it will downsize its space
significantly, resulting in an implied occupancy rate of 50.0%.
Following Danone's failure to renew the entirety of its space, a
$5.0 million letter of credit was triggered and will be held as
additional collateral. Discussions with a prospective tenant which
would occupy 9.9% of NRA were ongoing as of March 2024. Given the
upcoming vacancy, Morningstar DBRS analyzed this loan with an
elevated LTV and probability of default penalty, resulting in an
expected loss more than 50.0% greater than the WA pool expected
loss.

As of the August 2024 remittance, there are no delinquent loans or
loans in special servicing; however, 12 loans, representing 70.6%
of the current trust balance, are on the servicer's watchlist for a
variety of reasons, mainly for upcoming loan maturity as well as
low debt service coverage ratios and occupancy rates. All affected
borrowers, with the exception of the Timberhill Common Apartments
loan (Prospectus ID#21, 3.4% of the pool), have available maturity
date extension options.

Ten loans, representing 65.7% of the pool, have been modified. The
modifications have generally allowed borrowers to exercise loan
extension options by amending loan terms in return for fresh equity
deposits in the form of a principal paydown or reserve deposits and
the purchase of a new interest rate cap agreement. Two loans,
Wilshire Palm (Prospectus ID#9, 5.3% of the pool) and Broadstone
Market Station (Prospectus ID#12, 4.8% of the pool), received
short-term forbearance agreements. Immediately following the
conclusion of the forbearance period, the Wilshire Palm loan was
modified to extend its maturity date to July 2026 and provide for
one, 12-month extension option, conditional on a $4.5 million
principal paydown, a $3.25 million deposit into a lease reserve,
and the purchase of a new interest rate cap agreement. The
forbearance period for the Broadstone Market Station loan will end
in September 2024, at which point it is expected that a similar
maturity extension will be granted subject to principal paydown and
reserve deposits. Outside of the modifications to interest rate cap
agreements and the aforementioned forbearances, the 1700 California
loan (Prospectus ID#2, 8.0% of the pool), was modified twice to
amend various collateral release provisions, extend the loan's
maturity one year to June 2025, and convert the loan into an A/B
note structure.

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


WELLS FARGO 2015-LC22: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-LC22
issued by Wells Fargo Commercial Mortgage Trust 2015-LC22 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 (low) (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (high) (sf)
-- Class F at B (sf)

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

The credit rating confirmations reflect performance that remains in
line with Morningstar DBRS' expectations as evidence by the pool's
weighted-average (WA) debt service coverage ratio (DSCR) of 1.84
times (x) and a WA debt yield of 13.7% based on the most recent
year-end financials. As of the August 2024 remittance, 89 of the
original 100 loans remain in the trust, with an aggregate balance
of $740.8 million, representing a collateral reduction of 23.1%
since issuance. The pool benefits from 23 loans, representing 28.3%
of the pool balance, that have been fully defeased.

The Negative trends assigned to Classes D, E, F, X-E, and X-F with
this credit rating action represent Morningstar DBRS' concerns with
increased maturity default risk as the pool enters its maturity
year. Loans representing 98.0% of the pool are scheduled to mature
in 2025. Although Morningstar DBRS expects the majority of the
maturing loans to repay, nine loans representing 26.7% of the pool
balance are at increased risk of default because of loan-level
performance declines and/or increased tenant rollover risk at the
pool. By loan balance, the majority of Morningstar DBRS' loans of
concern are backed by office properties. 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 (POD) penalties and, in certain cases,
applied stressed loan-to-value ratios (LTVs) for office-backed
loans and other loans exhibiting performance concerns. The WA
expected losses (ELs) for these loans was more than 60% higher than
the pool's WA EL. Should additional defaults occur, Morningstar
DBRS' loss projections for the pool may increase. There is also
increased propensity for interest shortfalls should the pool become
concentrated with nonperforming loans. These factors also
contributed to the Negative trends.

There are 12 loans, representing 16.2% of the pool, that are on the
servicer's watchlist, nine of which are on the servicer's watchlist
for performance-related concerns. The largest loan on the
servicer's watchlist is the Donald J. Trump-sponsored 40 Wall
Street (Prospectus ID#1, 9.5% of the current pool balance). It is
secured by the leasehold interest in a 71-story, 1.2
million-square-foot (sf) office building at 40 Wall Street in Lower
Manhattan, one block from the New York Stock Exchange building. The
loan is pari passu, with accompanying notes secured in two other
commercial mortgage-backed securities transactions, including one
other transaction (COMM 2015-CCRE24) that is also rated by
Morningstar DBRS. The loan had a brief stint with the special
servicer after the borrower allegedly engaged in fraudulent
activity, which is currently being appealed by the defendants. It
was returned to the master servicer earlier this year and remains
on the servicer's watchlist because of its declining DSCR, most
recently reported at 0.78x as of March 2024.

The decline in cash flow is primarily attributable to declines in
the property's occupancy. As of the March 2024 rent roll, the
property was 74.6% occupied, down from 82.9% at YE2022 and 97.8% at
issuance. In 2023, Duane Reade (formerly 6.8% of the net rentable
area (NRA)), vacated its office space in March and its retail space
in October. The tenant terminated its lease ahead of its March 2028
expiration date and, based on the prospectus, was responsible for
an approximate $500,000 fee. According to subsequent leasing
updates, there has been some leasing activity; however, newly
executed rental rates appear to be below the Downtown submarket
average reported by Reis. In addition, recently signed tenants were
also granted a WA free rent period of eight months. Leases
representing 7.8% of the NRA are scheduled to expire prior to loan
maturity in July 2025, and Thornton Tomasetti (5.2% of the NRA;
lease expiration in January 2033) has publicly indicated its plans
of relocating to another building in the area. It is not clear if
Thornton Tomasetti has a termination option available, but
Morningstar DBRS expects its space is underutilized or dark.

Given the sustained decline in cash flow performance and increasing
vacancy, Morningstar DBRS estimates that the collateral's value has
declined from issuance, suggesting high refinance risk as the loan
nears maturity. Other areas of concern include the borrower and
guarantor's ongoing litigation and the loan's ground lease payment,
which is scheduled to reset to fair market value in 2033, further
elevating refinancing risk. Morningstar DBRS analyzed the loan with
an elevated POD penalty and stressed LTV, resulting in an EL that
is nearly double the pool average.

In addition, one loan, Homewood Suites Austin (Prospectus ID#21,
1.3% of the pool) is in special servicing. This loan transferred to
the special servicer in June 2020 because of performance challenges
stemming from the pandemic. The special servicer executed a
forbearance agreement, which included a 12-month deferral period of
principal, interest, and replacement reserve payments. The borrower
was compliant and performed under the terms of the agreement; as of
the August 2024 remittance, the loan is current but remains with
the special servicer. An April 2024 appraisal valued the property
at $16.5 million, down slightly from $17.0 million in December 2022
and $18.6 million at issuance. Morningstar DBRS' analysis for this
loan included a stress to the LTV based on the most recent
appraisal.

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


WELLS FARGO 2016-C36: DBRS Lowers Class E-1 Certs Rating to BB(low)
-------------------------------------------------------------------
DBRS Limited downgraded the credit ratings on four classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C36
issued by Wells Fargo Commercial Mortgage Trust 2016-C36 as
follows:

-- Class C to A (low) (sf) from A (sf)
-- Class X-D to BBB (low) (sf) from BBB (sf)
-- Class D to BB (high) (sf) from BBB (low) (sf)
-- Class E-1 to BB (low) (sf) from BB (high) (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-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class E at B (sf)
-- Class E-2 at B (sf)
-- Class F-1 at B (low) (sf)
-- Class F-2 at CCC (sf)
-- Class F at CCC (sf)
-- Class EF at CCC (sf)
-- Class G-1 at CCC (sf)
-- Class G-2 at C (sf)
-- Class G at C (sf)
-- Class EFG at C (sf)

Additionally, Morningstar DBRS changed the trends on Classes C, D,
E1, E2, E, XD, and F1 to Stable from Negative.

Classes F-2, F, EF, G-1, G-2, G, and EFG have ratings that do not
typically carry trends for commercial mortgage-backed securities
(CMBS) ratings. All other trends are Stable.

The credit rating downgrades reflect continued performance
challenges for a few larger loans in the pool that are facing
elevated refinance risk, namely Gurnee Mills (Prospectus ID#1,
10.6% of the pool), 101 Hudson (Prospectus ID#2; 9.5% of the pool),
and Plaza America I & II (Prospectus ID#3, 9.2% of the pool). While
all three loans are current, property-level net cash flows (NCF)
and/or occupancy rates have experienced meaningful declines since
issuance, resulting in updated value projections that indicate
significant value deficiencies as the loans approach their
respective maturities. Where applicable, Morningstar DBRS increased
the probability of default penalties (POD) and/or increased
loan-to-value ratios (LTVs) for these three loans and others
exhibiting increased risk of maturity default. Morningstar DBRS
also maintained the liquidation of two real estate-owned loans from
the trust, Mall at Turtle Creek (Prospectus ID#7, 1.7% of the pool)
and One & Two Corporate Plaza (Prospectus ID#28, 0.9% of the pool),
resulting in an implied loss of more than $16.0 million,
significantly eroding the transaction's credit support,
particularly toward the bottom of the capital stack. When
compounded with Morningstar DBRS' increased weighted-average (WA)
expected loss, the CMBS Insight Model results indicate significant
downward pressure, supporting the credit rating actions.

The credit rating confirmations reflect the overall stable
performance of the underlying collateral, as exhibited by a healthy
WA debt service coverage ratio (DSCR) of 2.04 times (x) based on
the most recent financial reporting available. As of the August
2024 reporting, 66 of the original 73 loans in the pool, with a
trust balance of $708.7 million, represented a collateral reduction
of 17.4% since issuance as a result of scheduled loan amortization
and loan repayment. There are 15 loans, representing 13.2% of the
pool, secured by collateral that has been defeased. Two loans are
in special servicing, representing 2.6% of the pool, and 11 loans
are on the servicer's watchlist, representing 33.8% of the pool,
primarily for declines in occupancy, low DSCRs, or deferred
maintenance.

Gurnee Mills is secured by a 1.68 million-square-foot (sf) portion
of a larger 1.9 million-sf regional mall in the north-western
Chicago suburb of Gurnee, Illinois, which is owned and managed by
Simon Property Group (Simon). The largest collateral tenants are
Bass Pro Shops, Kohl's, and Macy's, while noncollateral tenants
include Marcus Cinema, Burlington Coat Factory, and Value City
Furniture. The property was 82.2% occupied as of December 2023,
relatively in line with the prior year but lower than the issuance
figure of 91.1%. Challenges at the property began after the
departure of Sears Grand (Sears; formerly 12.0% of the net rentable
area (NRA)) in 2018, with other notable tenants including Rink Side
(formerly 3.3% of NRA) and Bed Bath & Beyond (formerly 3.6% of NRA)
vacating in subsequent years; however, there has been some positive
leasing momentum in recent years. Most notably, the former Sears
space has been partially backfilled by Hobby Lobby (4.0% of the
NRA) and Round1 Bowling & Arcade (4.4% of NRA), while media sources
indicate Primark (2.6% of NRA) and Boot Barn (1.2% of NRA) are
expected to move into the space previously occupied by Bed Bath &
Beyond.

According to the year-end (YE) 2023 financial reporting, the
property generated $17.9 million of NCF, reflecting a DSCR of 1.7x;
lower than the prior year's figure and the Morningstar DBRS figure
at issuance of $19.7 million and $21.7 million, respectively.
However, there is potential for NCF to increase in the near term as
new tenants take possession of their space and rent abatements burn
off. Given occupancy and NCF at the property remain below issuance
expectations, Morningstar DBRS notes that the collateral's as-is
value has likely declined, elevating the credit risk to the trust.
As such, Morningstar DBRS increased the POD for this loan and
applied a stressed LTV ratio in its analysis for this review,
resulting in an expected loss approximately 2.5x greater than the
pool average.

101 Hudson is secured by a 1.3 million-sf, Class A office property
on the waterfront in Jersey City, New Jersey. The loan has been
monitored on the servicer's watchlist because of declines in
occupancy following the departure of the property's former
second-largest tenant, National Union Fire Insurance (formerly
20.2% of NRA), which vacated in 2018. Since then, occupancy hovered
in the mid-70.0% range but fell to 64.8% as of March 2024 following
the downsizing of TP ICAP America's Holdings, which gave back
37,000 sf of space. Outside of the largest tenant, which occupies
28.6% of the NRA on a lease that expires in March 2027, tenancy at
the subject is granular, with no tenant comprising more than 5.0%
of NRA and limited rollover through the loan's October 2026
maturity.

Despite the sustained low occupancy rate, the loan's DSCR was
reported at 2.11x as of Q1 2024, below 3.17x at YE2023, and the
Morningstar DBRS DSCR of 2.88x derived at issuance. The asset was
acquired by The Birch Group in October 2022 at a purchase price of
$346.0 million, below the issuance appraised value of $482.5
million, representing an LTV of 72.3%. Morningstar DBRS believes
the property's as-is value has likely declined further because of
the continued capitalization rate expansion and recent
deterioration of office market fundamentals. 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 approaching 2.0x
greater than the pool average.

Plaza America I & II is secured by a 514,615-sf, Class A, office
complex in Northern Virginia, about 20 miles northwest of
Washington, D.C. Occupancy at the subject property has declined
from 88.0% at issuance to 63.0% as of March 2024, following the
loss of a several tenants, including Software AG (formerly 12.1% of
NRA), which recently vacated its space in February 2024. Per the
most recent financials for the trailing 12 months ended March 31,
2024, the loan's DSCR has fallen to 1.68x, below the Morningstar
DBRS figure of 1.92x; however, given the recent departure of
Software AG, coupled with the borrower's lack of leasing momentum,
as well as soft market conditions and a significant amount of
near-term tenant rollover with leases representing 27.9% of the NRA
that have already expired or will expire in the next 12 months,
Morningstar DBRS anticipates further performance declines.

The sponsor is currently advertising 416,507 sf (82.6% of the NRA)
as available for leasing for an average rental rate between $35 per
sf (psf) and $44 psf, which is higher than the current average
in-place rental rate of $25.74 psf, according to the March 2024
rent roll. As of Q2 2024, Reis reported that office properties in
the Reston submarket had an average vacancy rate of 21.1%, an
average effective rental rate of $30.7 psf, and an average asking
rental rate of $37.2 psf, respectively. Morningstar DBRS believes
the property's as-is value has and will likely continue to decline;
as such, Morningstar DBRS increased the POD for this loan and
applied a stressed LTV ratio in its analysis for this review,
resulting in an expected loss approximately 2.0x greater than the
pool average.

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


WELLS FARGO 2019-C53: DBRS Confirms B(low) Rating on K-RR Certs
---------------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-C53
issued by Wells Fargo Commercial Mortgage Trust 2019-C53 as
follows:

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

All trends 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 2.21 times (x) and the WA debt yield of 10.7% based on the most
recent financial reporting available. Although the pool has a
notable concentration of loans secured by office properties, which
represent the largest property type concentration at 25.9% of the
pool, these loans are generally performing in line with issuance
expectations, reporting a WA DSCR of 1.86x and a WA occupancy rate
of 93.4%. Morningstar DBRS continues to maintain its cautious
outlook on the office asset type and, in the analysis for this
review, stressed the loan-to-value ratios (LTVs) for all seven
loans secured by office properties, resulting in a WA expected loss
(EL) that is double the pool average.

As of the August 2024 remittance, all 58 of the original loans
remain in the pool with a collateral reduction of 2.9% since
issuance because of scheduled loan amortization. Nine loans,
representing 20.4% of the pool, are on the servicer's watchlist,
however, only three of those loans, representing 4.0% of the pool,
are being monitored for low cash flow or large upcoming tenant
lease expiries while the remaining six loans are being monitored
for various noncredit issues, including unsubmitted financial
statements, deferred maintenance, and upcoming loan maturity. Four
loans, representing 3.0% of the pool, are fully defeased and no
loans are in special servicing.

The two largest office loans, 777 East Eisenhower (Prospectus ID#4;
6.2% of the pool) and 1000 Chesterbrook (Prospectus ID#5; 5.6% of
the pool), are both secured by suburban, Class A office properties.
777 East Eisenhower, consisting of 272,502 square feet (sf) of
office space in Ann Arbor, Michigan, benefits from its proximity to
the University of Michigan, an investment-grade rated institution
that leases 51.9% of the net rentable area (NRA) at the subject on
two leases scheduled to expire in May 2028 and September 2035. The
property was 91.0% occupied as of March 2024 and, as of the YE2023
financials, the loan reported a DSCR of 1.41x in comparison with
the Morningstar DBRS DSCR of 1.31x derived at issuance. Although
the loan continues to perform above Morningstar DBRS' issuance
expectations, there remain concerns about the subject's suburban
location and the soft Ann Arbor submarket that, according to Reis,
reported a 20.7% vacancy rate as of Q2 2024. In its analysis,
Morningstar DBRS analyzed the loan with a stressed LTV, which
resulted in an EL that was approximately 3.5x greater than the pool
average.

The 1000 Chesterbrook loan, secured by a suburban, Class A office
property in Berwyn, Pennsylvania, continues to report a 100%
occupancy rate and healthy DSCR of 2.40x as of the YE2023
financials. After expanding its space in 2022, Envestment, a
provider of wealth management and wealth management services to
financial services clients, occupies nearly 100% of the NRA on a
lease scheduled to expire in December 2032 with an early
termination option in December 2029. The termination option
requires 15 months' notice and the payment of a $1 million
termination fee. As with the 777 East Eisenhower loan, despite the
strong performance which is expected to persist while Envestnet
stays in occupancy, Morningstar DBRS is concerned with the
subject's suburban location and soft submarket which, according to
Reis, reported a vacancy rate of 20.5% as of Q2 2024. In its
analysis, Morningstar DBRS analyzed the loan with a stressed LTV,
which resulted in an EL that was approximately 3.5x greater than
the pool average.

Morningstar DBRS also has a cautious outlook for the third-largest
office loan in the pool, 600 & 620 National Avenue loan (Prospectus
ID#7; 4.4% of the pool), which is secured by a Class A office
property in Mountain View, California, approximately 12 miles north
of San Jose. The property is fully leased to single-tenant Google
through May 2029 and is structured with three five-year renewal
options. In 2023, various news articles revealed that Google is no
longer in occupancy and that the company was looking to offload
more than 1.4 million sf of office space in Silicon Valley,
including the subject location. Google's lease does not contain a
termination option, suggesting that loan performance should remain
steady through lease expiration despite the dark space. According
to Reis, the Santa Clara/Sunnyvale submarket reported a Q2 2024
vacancy rate of 19.4%, which is expected to remain flat through
2029 when Google's lease expires and the loan matures. Given the
increased maturity default risk associated with the fully dark
building and a lease that is scheduled to expire three months
before the loan maturity, Morningstar DBRS analyzed the loan with a
stressed LTV, which resulted in an EL that was approximately 15%
greater than the pool average.

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


WIND RIVER 2014-2: Moody's Cuts Rating on $12.3MM F-R Notes to Caa3
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Wind River 2014-2 CLO Ltd.:

US$66,700,000 Class B-R Senior Secured Floating Rate Notes due 2031
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on May 8,
2023 Upgraded to Aa1 (sf)

US$31,600,000 Class C-R Secured Deferrable Floating Rate Notes due
2031 (the "Class C-R Notes"), Upgraded to Aa1 (sf); previously on
May 8, 2023 Upgraded to A1 (sf)

US$38,900,000 Class D-R Secured Deferrable Floating Rate Notes due
2031 (the "Class D-R Notes"), Upgraded to Baa1 (sf); previously on
October 2, 2020 Confirmed at Baa3 (sf)

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

US$12,300,000 Class F-R Secured Deferrable Floating Rate Notes due
2031 (the "Class F-R Notes"), Downgraded to Caa3 (sf); previously
on May 8, 2023 Downgraded to Caa2 (sf)

Wind River 2014-2 CLO Ltd., originally issued in August 2014 and
refinanced in January 2018  is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in January 2023.

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

RATINGS RATIONALE

The upgrade rating actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since September 2023. The Class
A-R notes have been paid down by approximately 60.6% or $220
million since then. Based on the trustee's August 2024 report [1],
the OC ratios for the Class A/B, Class C, and Class D notes are
reported at 150.4%, 130.72%, and 112.59%, respectively, versus
September 2023 [2] levels of 129.11%, 119.92%, and 110.25%,
respectively.

The downgrade rating action on the Class F-R notes reflects the
specific risks to the junior notes posed by credit deterioration
and par loss observed in the underlying CLO portfolio. Based on the
trustee's August 2024 report [1], the weighted average rating
factor (WARF) is reported at 2975 compared to September 2023 [2]
level of 2871.  Additionally, based on Moody's calculation, the
Class F-R OC ratio has been decreasing, and is currently at
102.62%.  As of the last payment date, the Class E Par Value test
was failing, and the Class F-R did not receive the interest due for
that payment date. The Class F-R notes currently carries the
deferred interest balance of $418,499.12.

No actions were taken on the Class A-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: $328,920,354

Defaulted par: $175,066

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2999

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.39%

Weighted Average Recovery Rate (WARR): 46.63%

Weighted Average Life (WAL): 3.59 years

Par haircut in OC tests and interest diversion test: 4.29%

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.


[*] DBRS Reviews 123 Classes From 17 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 123 classes from 17 U.S. residential
mortgage-backed securities (RMBS) transactions. Out of the 17
transactions reviewed, 15 are classified as Non-QM, one as
Warehouse Facility, and one as Home Equity Line of Credit (HELOC).
Of the 123 classes reviewed, Morningstar DBRS upgraded its credit
ratings on 61 classes and confirmed its credit ratings on 62
classes.

The Affected Ratings are available at https://bit.ly/4eznBB8

The Issuers are:

MFA 2022-NQM1 Trust
MFA 2022-NQM3 Trust
MFA 2021-INV2 Trust
PRKCM 2023-AFC3 Trust
PRKCM 2022-AFC2 Trust
Verus Securitization Trust 2021-6
Verus Securitization Trust 2021-8
MFA 2023-INV2 Trust
MFA 2020-NQM3 Trust
PRKCM 2021-AFC1 Trust
Mello Warehouse Securitization Trust 2021-3
Verus Securitization Trust 2019-4
Verus Securitization Trust 2021-R1
Saluda Grade Alternative Mortgage Trust 2023-FIG3
Starwood Mortgage Residential Trust 2022-2
Starwood Mortgage Residential Trust 2020-2
Starwood Mortgage Residential Trust 2019-INV1

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.

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 credit rating
scale provides an opinion on the risk that an issuer will not meet
its short-term financial obligations in a timely manner.

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.


[*] Fitch Affirms & Withdraws 32 Distressed Classes in 4 CMBS Deals
-------------------------------------------------------------------
Fitch Ratings has affirmed 32 already distressed rated classes
across four U.S. CMBS transactions and has subsequently withdrawn
these ratings.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
Morgan Stanley Capital I
Trust 2007-TOP25

   D 61751XAK6     LT Dsf   Affirmed    Dsf
   D 61751XAK6     LT WDsf  Withdrawn   Dsf
   E 61751XAL4     LT Dsf   Affirmed    Dsf
   E 61751XAL4     LT WDsf  Withdrawn   Dsf
   F 61751XAM2     LT Dsf   Affirmed    Dsf
   F 61751XAM2     LT WDsf  Withdrawn   Dsf
   G 61751XAN0     LT Dsf   Affirmed    Dsf
   G 61751XAN0     LT WDsf  Withdrawn   Dsf
   H 61751XAP5     LT Dsf   Affirmed    Dsf
   H 61751XAP5     LT WDsf  Withdrawn   Dsf
   J 61751XAQ3     LT Dsf   Affirmed    Dsf
   J 61751XAQ3     LT WDsf  Withdrawn   Dsf
   K 61751XAR1     LT Dsf   Affirmed    Dsf
   K 61751XAR1     LT WDsf  Withdrawn   Dsf
   L 61751XAS9     LT Dsf   Affirmed    Dsf
   L 61751XAS9     LT WDsf  Withdrawn   Dsf
   M 61751XAT7     LT Dsf   Affirmed    Dsf
   M 61751XAT7     LT WDsf  Withdrawn   Dsf
   N 61751XAU4     LT Dsf   Affirmed    Dsf
   N 61751XAU4     LT WDsf  Withdrawn   Dsf
   O 61751XAV2     LT Dsf   Affirmed    Dsf
   O 61751XAV2     LT WDsf  Withdrawn   Dsf

WFRBS Commercial
Mortgage Trust
2011-C3

   D 92935VAS7     LT Dsf   Affirmed    Dsf
   D 92935VAS7     LT WDsf  Withdrawn   Dsf
   E 92935VAU2     LT Dsf   Affirmed    Dsf
   E 92935VAU2     LT WDsf  Withdrawn   Dsf
   F 92935VAW8     LT Dsf   Affirmed    Dsf
   F 92935VAW8     LT WDsf  Withdrawn   Dsf

Bear Stearns
Commercial
Mortgage
Securities Trust
2005-PWR7

   F 07383F4H8     LT Dsf   Affirmed    Dsf
   F 07383F4H8     LT WDsf  Withdrawn   Dsf
   G 07383F4J4     LT Dsf   Affirmed    Dsf
   G 07383F4J4     LT WDsf  Withdrawn   Dsf
   H 07383F4K1     LT Dsf   Affirmed    Dsf
   H 07383F4K1     LT WDsf  Withdrawn   Dsf
   J 07383F4L9     LT Dsf   Affirmed    Dsf
   J 07383F4L9     LT WDsf  Withdrawn   Dsf
   K 07383F4M7     LT Dsf   Affirmed    Dsf
   K 07383F4M7     LT WDsf  Withdrawn   Dsf
   L 07383F4N5     LT Dsf   Affirmed    Dsf
   L 07383F4N5     LT WDsf  Withdrawn   Dsf
   M 07383F4P0     LT Dsf   Affirmed    Dsf
   M 07383F4P0     LT WDsf  Withdrawn   Dsf
   N 07383F4Q8     LT Dsf   Affirmed    Dsf
   N 07383F4Q8     LT WDsf  Withdrawn   Dsf
   P 07383F4R6     LT Dsf   Affirmed    Dsf
   P 07383F4R6     LT WDsf  Withdrawn   Dsf

J. P. Morgan Chase
Commercial Mortgage
Securities Corp.
2004-PNC1

   F 46625M5R6     LT Dsf   Affirmed    Dsf
   F 46625M5R6     LT WDsf  Withdrawn   Dsf
   G 46625M5S4     LT Dsf   Affirmed    Dsf
   G 46625M5S4     LT WDsf  Withdrawn   Dsf
   H 46625M5T2     LT Dsf   Affirmed    Dsf
   H 46625M5T2     LT WDsf  Withdrawn   Dsf
   J 46625M5U9     LT Dsf   Affirmed    Dsf
   J 46625M5U9     LT WDsf  Withdrawn   Dsf
   K 46625M5V7     LT Dsf   Affirmed    Dsf
   K 46625M5V7     LT WDsf  Withdrawn   Dsf
   L 46625M5W5     LT Dsf   Affirmed    Dsf
   L 46625M5W5     LT WDsf  Withdrawn   Dsf
   M 46625M5X3     LT Dsf   Affirmed    Dsf
   M 46625M5X3     LT WDsf  Withdrawn   Dsf
   N 46625M5Y1     LT Dsf   Affirmed    Dsf
   N 46625M5Y1     LT WDsf  Withdrawn   Dsf
   P 46625M5Z8     LT Dsf   Affirmed    Dsf
   P 46625M5Z8     LT WDsf  Withdrawn   Dsf
  
Fitch has withdrawn all remaining ratings in Bear Stearns
Commercial Mortgage Securities Trust 2005-PWR7, J. P. Morgan Chase
Commercial Mortgage Securities Corp. 2004-PNC1, Morgan Stanley
Capital I Trust 2007-TOP25 and WFRBS Commercial Mortgage Trust
2011-C3 as they are no longer considered to be relevant to the
agency's coverage.

For JPMCC 2004-PNC1, there is no remaining collateral and the trust
balance has been reduced to zero. For BSCMS 2005-PWR7, MSCI
2007-TOP25 and WFRBS 2011-C3, their original pool balances have
been reduced by over 99% since issuance.

KEY RATING DRIVERS

Fitch has affirmed the remaining 'Dsf' ratings in these
transactions due to partial or full principal losses incurred.

RATING SENSITIVITIES

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

Negative rating sensitivities are not applicable as the ratings
have been withdrawn.

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

Positive rating sensitivities are not applicable as the ratings
have been withdrawn.

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.

Following the withdrawal of ratings for Bear Stearns Commercial
Mortgage Securities Trust 2005-PWR7, J. P. Morgan Chase Commercial
Mortgage Securities Corp. 2004-PNC1, Morgan Stanley Capital I Trust
2007-TOP25 and WFRBS Commercial Mortgage Trust 2011-C3, Fitch will
no longer be providing the associated ESG Relevance Scores.


[*] S&P Takes Various Actions on 33 Ratings From Six US CLO Deals
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on 20 classes of notes from
six U.S. cash flow CLO transactions. At the same time, S&P affirmed
its ratings on 13 classes from the same transactions.

A list of Affected Ratings can be viewed at:

            https://tinyurl.com/3tv96an8

The rating actions followed the application of S&P's global
corporate CLO criteria and its credit and cash flow analysis of
each transaction. S&P's analysis of the transactions entailed a
review of their performance, and the ratings list below highlights
key performance metrics behind specific rating changes.

The transactions have all exited their reinvestment period and are
paying down the notes in the order specified in their respective
documents. CLOs in their amortization phase possess dynamics that
can affect the analysis, such as paydowns that can increase the
credit support to the senior portion of the capital structure.
However, the benefit of this can be offset by increased
concentration risk. In some instances, the ratings were raised by
multiple rating categories.

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

While each class's indicative cash flow results are a primary
factor, S&P also incorporates other considerations into our
decision to raise, lower, affirm, or limit rating movements. These
considerations typically include:

-- Whether the CLO is still reinvesting post reinvestment period
or paying down its debt;

-- Existing subordination or O/C and recent trends;

-- The cushion available for coverage ratios and comparative
analysis with other CLO classes with similar ratings;

-- Forward-looking scenarios for 'CCC' and 'CCC-' rated
collateral, as well as collateral with stressed market values;

-- Current concentration levels;

-- The risk of imminent default or dependence on favorable market
conditions; and

-- Additional sensitivity runs to account for any of the above.

The upgrades primarily reflect increased credit support,
improvement in overcollateralization levels, passing cash flow
results at higher ratings, and application of the 'CCC' criteria
and guidance as applicable.

The affirmations reflect S&P's view that the available credit
enhancement for each respective class is still commensurate with
the assigned ratings.

S&P said, "Although our cash flow analysis indicated a different
rating for some classes of debt, we limited the upgrade or
downgrade of the ratings after considering one or more qualitative
factors listed above.

"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 will take rating actions as we deem
necessary."



                            *********

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