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

              Sunday, November 17, 2024, Vol. 28, No. 321

                            Headlines

1988 CLO 1 LTD: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
ALLY BANK 2024-B: Moody's Assigns B2 Rating to Class F Notes
AMSR 2023-SFR4: DBRS Confirms BB Rating on Class F Certs
AREIT 2022-CRE7: DBRS Confirms B(low) Rating on Class G Notes
ATLX 2024-RPL2: DBRS Finalizes BB(High) Rating on Class B-1 Notes

BAIN CAPITAL 2022-6: Fitch Assigns 'BB-sf' Rating on Class E-R Debt
BANK5 2024-5YR11: DBRS Gives Prov. BB(low) Rating on Class G Certs
BBCMS MORTGAGE 2020-C6: DBRS Confirms BB Rating on G-RR Certs
BBCMS MORTGAGE 2020-C8: Fitch Affirms 'B-sf' Rating on Two Tranches
BDS 2022-FL12: DBRS Confirms B(low) Rating on Class G Notes

BENEFIT STREET XXVIII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
BFLD COMMERCIAL 2024-UNIV: Moody's Gives Ba2 Rating to Cl. E Certs
BLUE OWL 2024-1: Moody's Assigns Ba2 Rating to Class D Notes
BLUE STREAM 2024-1: Fitch Assigns BB-sf Final Rating on Cl. C Notes
BMO 2024-C10: Fitch Assigns 'B-sf' Final Rating on Class GRR Certs

BPR COMMERCIAL 2024-PARK: DBRS Gives Prov. BB Rating on E Certs
BX COMMERCIAL 2021-ACNT: DBRS Confirms B(low) Rating on G Certs
BX COMMERCIAL 2024-GPA2: DBRS Gives Prov. B Rating on HRR Certs
BX TRUST 2021-RISE: DBRS Confirms B(low) Rating on Class G Certs
CANADIAN COMMERCIAL 2022-5: DBRS Confirms BB Rating on F Certs

CARLYLE US 2021-1: Fitch Assigns 'BB-sf' Rating on Class D-R Notes
CASCADE FUNDING 2024-RM5: DBRS Gives Prov. B Rating on M5 Notes
CEDAR FUNDING X: S&P Assigns Prelim B- (sf) Rating on F-R2 Notes
CHASE HOME 2023-RPL3: DBRS Confirms B(low) Rating on B-2 Certs
CITIGROUP 2024-CMI1: DBRS Finalizes B(low) Rating on B5 Certs

COLT 2024-INV4: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs
COMM 2013-CCRE10: DBRS Confirms BB Rating on Class E Certs
CSMC 2021-BHAR: DBRS Confirms B(low) Rating on Class F Certs
CSWF 2021-SOP2: S&P Affirms CCC (sf) Rating on Class F Certs
ELMWOOD CLO 36: S&P Assigns Prelim BB- (sf) Rating on E-R Notes

ELMWOOD CLO II: S&P Assigns B- (sf) Rating on Class F-RR Notes
ELP COMMERCIAL 2021-ELP: DBRS Confirms B(low) Rating on G Certs
FIRST INVESTORS 2022-1: S&P Affirms BB- (sf) Rating on E Notes
FLAGSHIP CREDIT 2024-3: DBRS Finalizes BB Rating on E Notes
FLAGSHIP CREDIT 2024-3: S&P Assigns BB- (sf) Rating on Cl. E Notes

FS COMMERCIAL 2023-4SZN: DBRS Confirms B Rating on Class HRR Certs
GCAT TRUST 2022-INV3: Moody's Hikes Rating on Cl. B-5 Certs to B1
GENERATE CLO 18: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
GLS AUTO 2024-4: S&P Assigns BB (sf) Rating on Class E Notes
GS MORTGAGE 2020-GC45: DBRS Confirms B Rating on G-RR Certs

GS MORTGAGE 2021-STAR: DBRS Confirms B(low) Rating on G Certs
GS MORTGAGE 2024-PJ9: DBRS Finalizes B(low) Rating on B-5 Notes
GS MORTGAGE 2024-RPL6: DBRS Gives BB Rating on Class B-1 Notes
H.I.G. RCP 2023-FL1: DBRS Confirms B(low) Rating on Class G Notes
HARBORVIEW MORTGAGE 2005-9: Moody's Cuts Rating on B-1 Certs to B1

HUNTINGTON BANK 2024-2: Moody's Assigns B3 Rating to Class D Notes
ICG US 2014-2: Moody's Cuts Rating on $8MM Cl. F-RR Notes to Caa3
JP MORGAN 2017-FL11: DBRS Confirms BB(low) Rating on Class E Notes
JP MORGAN 2024-10: DBRS Finalizes B(low) Rating on B-5 Certs
LAKE SHORE IV: S&P Assigns BB- (sf) Rating on Class E-R Notes

LEGENDS SASB: DBRS Finalizes B(low) Rating on Class G Certs
MADISON PARK XXVIII: Fitch Assigns 'BB+(EXP)sf' Rating on E-R Notes
MADISON PARK XXVIII: Moody's Assigns (P)B3 Rating to Cl. F-R Notes
MAGNETITE XLIV: Fitch Assigns 'BB+sf' Rating on Class E Notes
MF1 2022-FL10: DBRS Confirms B(low) Rating on 3 Classes

MF1 2024-FL16: DBRS Finalizes B(low) Rating on 3 Classes
MFA 2024-RTL3: DBRS Finalizes BB(low) Rating on Class M Notes
MIDOCEAN CREDIT XVI: Fitch Assigns 'BB-sf' Rating on Class E Notes
MONROE CAPITAL XVII: S&P Assigns BB- (sf) Rating on Class E Notes
MORGAN STANLEY 2015-C24: DBRS Confirms B(low) Rating on F Certs

MORGAN STANLEY 2024-RPL1: Fitch Assigns BB Rating on Cl. B-1 Notes
MTK 2021-GRNY: DBRS Confirms B(low) Rating on Class F Certs
NEUBERGER BERMAN 53: Fitch Assigns 'BB-(EXP)sf' Rating on E-R Debt
OAKTREE CLO 2019-3: S&P Assigns BB- (sf) Rating on Cl. E-R2 Notes
OCP CLO 2017-13: S&P Assigns Prelim BB- (sf) Rating on E-R2 Notes

OCP CLO 2020-8R: S&P Assigns BB- (sf) Rating on Class E-R Notes
OCP CLO 2021-22: S&P Assigns BB-(sf) Rating on Class E-R Notes
OCP CLO 2024-36: S&P Assigns BB- (sf) Rating on Class E Notes
OCTAGON INVESTMENT XXI: Moody's Cuts Rating on E-RR Notes to Caa2
OCTANE RECEIVABLES 2024-3: S&P Assigns BB (sf) Rating on E Notes

ONE 2021-PARK: S&P Lowers Class D Notes Rating to 'BB- (sf)'
PMT LOAN 2024-INV1: Moody's Assigns B3 Rating to Cl. B-5 Certs
PROVIDENT FUNDING 2024-1: Moody's Gives B2 Rating to Cl. B-5 Certs
RAMP TRUST 2006-RS1: Moody’s Hikes Rating on 2 Tranches to Ba3
RCMF 2023-FL11: Fitch Affirms 'B-sf' Rating on Class G Debt

REPUBLIC FINANCE 2024-B: DBRS Finalizes BB(low) Rating on D Notes
REPUBLIC FINANCE 2024-B: DBRS Gives Prov. BB(low) on D Notes
ROCKFORD TOWER 2024-2: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
RR 34 LTD: S&P Assigns BB- (sf) Rating on Class D-R Notes
RR 34: S&P Assign Prelim BB- (sf) Rating on Class D-R Notes

SAPPHIRE AVIATION II: Fitch Affirms 'Bsf' Rating on Class C Notes
SEQUOIA MORTGAGE 2024-INV1: Fitch Assigns B(EXP) Rating on B5 Certs
SIGNAL PEAK 8: S&P Assigns BB- (sf) Rating on Class E-R Notes
STWD TRUST 2021-LIH: DBRS Confirms B(low) Rating on Class F Certs
SUNNOVA AURORA I 2024-PR1: DBRS Gives Prov. BB Rating on C Notes

TOWD POINT 2024-4: DBRS Finalizes B(low) Rating on Class B3 Notes
TOWD POINT 2024-5: DBRS Gives Prov. BB Rating on Class B1 Notes
UNITED WHOLESALE: Fitch Alters Outlook on 'BB-' IDR to Positive
VOYA CLO 2012-4: S&P Affirms B- (sf) Rating on Class E-R-R Notes
WELLS FARGO 2021-C60: DBRS Confirms B(low) Rating on L-RR Certs

WELLS FARGO 2024-5C2: Fitch Assigns B-(EXP) Rating on J-RR Certs
WFRBS COMMERCIAL 2012-C9: DBRS Confirms B(high) Rating on F Certs
[*] DBRS Confirms 22 Ratings From 6 Prestige Auto Transactions
[*] DBRS Confirms 25 Ratings From 6 Lendmark Trust Transactions
[*] DBRS Reviews 443 Classes From 112 US RMBS Transactions

[*] DBRS Takes Rating Actions on 38 Freddie Mac Transactions
[*] Moody's Cuts Ratings on 4 Bonds from 3 US RMBS Deals
[*] Moody's Takes Action on 14 Bonds from 5 US RMBS Deals
[*] Moody's Takes Action on 5 Bonds from 4 US RMBS Deals
[*] Moody's Takes Action on 7 Bonds from 4 US RMBS Deals

[*] Moody's Takes Action on 7 Bonds from 5 US RMBS Deals
[*] Moody's Takes Action on 9 Bonds from 2 US RMBS Issued 2007-2008
[*] Moody’s Takes Action on 28 Bonds from 18 US RMBS Deals
[*] S&P Takes Various Actions on 153 Classes From 56 US RMBS Deals
[*] S&P Takes Various Actions on 17 Classes From Three US CLO Deals


                            *********

1988 CLO 1 LTD: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R loans and class A-R, B-R, C-R, D-1R, D-2R, and E-R replacement
debt from 1988 CLO 1 Ltd./1988 CLO 1 LLC, a CLO originally issued
in November 2022 that is managed by 1988 Asset Management LLC and
was not rated by S&P Global Ratings.

The preliminary ratings are based on information as of Nov. 14,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 15, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. At that
time, S&P expects to assign ratings to the replacement debt.
However, if the refinancing doesn't occur, S&P may withdraw its
preliminary ratings on the replacement debt.

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

-- The non-call period will be extended to Oct. 15, 2026.

-- The reinvestment period will be extended to Oct. 15, 2029.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) will be extended to Oct. 15,
2039.

-- Additional assets will be purchased on the Nov. 15, 2024,
refinancing date, and the target initial par amount will change to
$500 million from $400 million.

-- There will be no additional effective date or ramp-up period,
and the first payment date following the refinancing is Jan. 15,
2025.

-- Additional subordinated notes of $11.6 mill will be issued on
the refinancing date.

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

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

  Preliminary Ratings Assigned

  1988 CLO 1 Ltd./1988 CLO 1 LLC

  Class A-R, $195.0 million: AAA (sf)
  Class A-R loans (i), $125.0 million: AAA (sf)
  Class B-R, $60.0 million: AA (sf)
  Class C-R (deferrable), $30.0 million: A (sf)
  Class D-1R (deferrable), $30.0 million: BBB- (sf)
  Class D-2R (deferrable), $5.0 million: BBB- (sf)
  Class E (deferrable), $15.0 million: BB- (sf)
  Subordinated notes, $52.95 million: Not rated

(i)No portion of the class A-R loans may be converted or exchanged
into class A-R debt.



ALLY BANK 2024-B: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Ally Bank Auto Credit-Linked Notes, Series 2024-B (ABCLN
2024-B). The credit-linked notes reference a pool of fixed rate
auto installment contracts with prime-quality borrowers originated
and serviced by Ally Bank (Ally, long-term issuer rating Baa2).

ABCLN 2024-B is the second credit linked notes transaction issued
by Ally to transfer credit risk to noteholders through a
hypothetical-financial guaranty on a reference pool of auto loans
originated and serviced by Ally.

The complete rating actions are as follows:

Issuer: Ally Bank Auto Credit-Linked Notes, Series 2024-B

Class A-2 Notes, Definitive Rating Assigned Aaa (sf)

Class B Notes, Definitive Rating Assigned Aa2 (sf)

Class C Notes, Definitive Rating Assigned A2 (sf)

Class D Notes, Definitive Rating Assigned Baa2 (sf)

Class E Notes, Definitive Rating Assigned Ba2 (sf)

Class F Notes, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rated notes are fixed-rate obligations secured by a cash
collateral account. There is also a letter of credit in place to
cover up to five months of interest in case of a failure to pay by
Ally Bank or as a result of a FDIC conservator or receivership. The
source of principal payments is the cash proceeds from the initial
sale of the notes that are held in a collateral account with a
third-party eligible institution rated at least A2 or P-1 by us.
Ally will solely be responsible for interest payments and, in the
unlikely event that the amount on deposit in the collateral account
is less than the outstanding principal amount of the notes, also
for the payments of principal. The Letter of Credit is provided by
a third party with a rating of A2 or P-1 by us. As a result, the
rated notes are not capped by the LT Issuer rating of Ally (Baa2).
The credit risk exposure of the notes depends on the actual
realized losses incurred by the reference pool. This transaction
has a pro-rata structure with target enhancement levels, which is
more beneficial to the subordinate bondholders than the typical
sequential-pay structure for US auto loan transactions. However,
the subordinate bondholders will not receive any principal unless
performance tests are satisfied.

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience of Ally as the servicer.

Moody's median cumulative net loss expectation for the ABCLN 2024-B
reference pool is 1.30% and loss at a Aaa stress of 7.25%. Moody's
based Moody's cumulative net loss expectation on an analysis of the
credit quality of the underlying collateral; the historical
performance of similar collateral, including securitization
performance and managed portfolio performance; the ability of Ally
to perform the servicing functions; and current expectations for
the macroeconomic environment during the life of the transaction.

At closing, the Class A-2 notes, Class B notes, Class C notes,
Class D notes, Class E notes, and Class F notes benefit from 9.65%,
7.70%, 5.80%, 4.60%, 3.40%, and 2.95% of hard credit enhancement,
respectively. Hard credit enhancement for the notes consists of
subordination.

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

Moody's could upgrade the class B, class C, class D, class E and
class F notes if levels of credit enhancement are higher than
necessary to protect investors against current expectations of
portfolio losses. 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 vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market and the market for used vehicles. Other reasons for
better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Down

Moody's could downgrade the notes if given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if realized losses
reduce available subordination. Moody's expectation of pool losses
could rise as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market, the market for used vehicles, and poor servicing. Other
reasons for worse-than-expected performance include error on the
part of transaction parties, inadequate transaction governance, and
fraud.


AMSR 2023-SFR4: DBRS Confirms BB Rating on Class F Certs
--------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Single-Family Rental Pass-Through Certificates issued by AMSR
2023-SFR4 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 at BB (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.

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


AREIT 2022-CRE7: DBRS Confirms B(low) Rating on Class G Notes
-------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by AREIT 2022-CRE7 LLC (the Issuer) as follows:

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

All trends are Stable.

The credit rating confirmations and Stable trends reflect the
overall stable performance of the underlying loans, which remains
in line with Morningstar DBRS' expectations at issuance. Supported
by the fact that the majority of loans, representing 83.4% of the
pool are secured by multifamily property types, and individual
borrowers are generally progressing through the stated business
plans to increase property cash flows. In addition, the transaction
benefits from a notable nonrated, first-loss piece of $86.0 million
as well as two below investment-grade bonds, Classes F and G,
totaling $88.4 million with no losses incurred to date. There are
some loans in the transaction for which the borrower's respective
business plans have stalled or there have been other signs of
increased credit risks since issuance. Where applicable,
Morningstar DBRS considered stressed scenarios for those loans to
increase the loan-level expected losses (ELs) and, while this
approach resulted in an increased pool EL, the overall analysis
supported the credit rating confirmations.

In conjunction with this press release, Morningstar DBRS has
published a Surveillance Performance Update rating report with
in-depth analysis and credit metrics for the transaction and
business plan updates on select loans. For access to this report,
please click on the link under Related Documents below or contact
us at info@dbrsmorningstar.com.

As of the October 2024 remittance, the pool consists of 35
floating-rate mortgages secured by 44 properties with an aggregate
balance of $955.5 million. Most loans are in a period of transition
with plans to stabilize and improve asset values. The transaction
is static with a replenishment period whereby the Issuer can use
principal proceeds to acquire fully funded future funding
participations into the trust during the Permitted Funded Companion
Participation Acquisition Period (Acquisition Period). The
Acquisition Period is scheduled to end with the December 2024
Payment Date. Since the last review in October 2023, three loans,
Northside Portfolio (Prospectus ID#14 2.1% of the current pool
balance), Domain at Northgate (Prospectus ID#17, 2.7% of the
current pool balance), and HIE Atlanta Airport (Prospectus ID#36,
1.2% of the current pool balance) have been repaid with funds
placed in a Permitted Funded Companion Participation Acquisition
Account, which as of October 2024 has a balance of $26.1 million.

As of the October 2024 remittance two loans, L&C Complex
(Prospectus ID#4, 4.0% of the current pool balance) and Park at
Aventino (Prospectus ID#9, 3.5% of the current pool balance) are in
special servicing for maturity default after failing to extend
their respective loans. There are 24 loans, representing 67.8% of
the current trust balance that are on the servicer's watchlist. All
24 loans were flagged for performance-related issues with low debt
service coverage ratios (DSCRs) or the placement of active cash
management triggers; however, as individual borrowers continue to
progress through the stated business plans to stabilize the assets,
temporary cash flow declines are expected. Additionally, debt
service payments have increased given the floating rate nature of
all the loans in the pool amid the current interest rate
environment. The largest loan on the servicer's watchlist, Noble on
Newberry (Prospectus ID#1 7.9% of the current pool balance), is
secured by a 300-unit garden-style multifamily property in
Gainesville, Florida. The loan was added to the servicer's
watchlist in September 2023 following a decline in DSCR, which was
attributed to increased debt service payments, which increased over
100.0% from issuance.

In total, all 35 loans in the pool are scheduled to mature by
YE2025 and all but one of the loans have remaining extension
options available to the individual borrowers. While most extension
options do not require performance tests to be achieved to qualify
for the first year of extension, some loans that do require
property performance tests currently do not meet the related
thresholds. Morningstar DBRS expects borrowers and lenders to agree
to mutually beneficial modification terms, if necessary, to allow
loan maturity dates to be extended. To date, 13 loans have been
modified primarily to assist with loan extensions including the
modification of the terms of required interest rate caps for
extension, waiving of extension tests, and actual extensions.

The transaction benefits from a significant concentration of loans
backed by multifamily properties, representing 83.4% of the current
trust balance, followed by office properties, representing 6.5% of
the current trust balance. The loans are primarily secured by
properties in suburban markets with 32 loans, representing 89.4% of
the current trust balance, in locations with Morningstar DBRS
Market Ranks of 3, 4, and 5. The remaining three loans,
representing 10.6% of the pool, are secured by properties in an
urban location with a Morningstar DBRS Market Rank of 6, 7, or 8.
In terms of leverage, the pool has a current Morningstar DBRS
Weighted-Average (WA) Appraised Loan-to-Value Ratio (LTV) of 70.9%
and a Morningstar DBRS WA Stabilized LTV Ratio of 62.2%. By
comparison, these figures were 71.4% and 61.9%, respectively, at
the time of last review in October 2023. The majority of the
individual property appraisals were completed in 2021 and 2022 and
as such, the appraisers' cap rates may not reflect the rise in
interest rates (and corresponding widening of cap rates) that began
later that year. Morningstar DBRS evaluated the appraised values
and the implied cap rates on the issuer's cash flows and, where
applicable, made upward adjustments to reflect the current
valuation and lending environments. This analysis affected 14
loans, representing 54.4% of the current trust balance.

Through October 2024, the collateral manager had advanced a
cumulative $78.2 million in loan future funding to 28 individual
borrowers to aid in property stabilization efforts. The largest
advance, $7.1 million, was made to the borrower of Trails of
Ashford Apartments (Prospectus ID#10, 3.3% of the current pool
balance), which is secured by a 514-unit multifamily complex in
Houston. The borrower's business plan centers on using funding for
significant unit renovations. An additional $64.5 million of future
funding allocated to eight individual borrowers remains available.
Of this amount, the largest future funding balance is allocated to
the borrower of Balboa Retail Portfolio (Prospectus ID#5, 3.3% of
the current pool balance) for its stabilization efforts. The loan
is secured by a portfolio of four retail properties with the
borrower's business plan to utilize $30.9 million in future funding
to finance renovation and leasing costs. According to the Q3 2024
collateral manager update, the consolidated occupancy rate across
the subject portfolio was reported at 83.0% with the sponsor only
executing shorter term one- to two-year tenant lease renewals to
maintain long-term flexibility and control of the spaces.

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


ATLX 2024-RPL2: DBRS Finalizes BB(High) Rating on Class B-1 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
Mortgage-Backed Notes, Series 2024-RPL2 (the Notes) issued by ATLX
2024-RPL1 Trust (ATLX 2024-RPL2 or the Trust) as follows:

-- $342.5 million Class A-1 at AAA (sf)
-- $23.2 million Class A-2 at AA (high) (sf)
-- $21.6 million Class M-1 at A (high) (sf)
-- $16.8 million Class M-2 at BBB (high) (sf)
-- $38.4 million Class M at BBB (high) (sf)
-- $5.8 million Class B-1 at BB (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 25.55% of credit
enhancement provided by subordinated notes. The AA (high) (sf), A
(high) (sf), BBB (high) (sf), and BB (high) (sf) credit ratings
reflect 20.50%, 15.80%, 12.15%, and 10.90% 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 of a portfolio of seasoned performing and
reperforming first-lien residential mortgages funded by the
issuance of the Notes. The Notes are backed by 3,170 loans with a
total principal balance of $460,104,959 as of the Cut-Off Date
(September 30, 2024).

The mortgage loans are approximately 214 months seasoned. As of the
Cut-Off Date, 85.5% of the loans are current (including 0.6%
bankruptcy-performing loans), 12.7% of the loans are 30 days
delinquent (including 0.04% bankruptcy loans), and 1.8% of the
loans are 60-plus days delinquent under the Mortgage Bankers
Association (MBA) delinquency method. Under the MBA delinquency
method, 56.9% and 66.2% of the mortgage loans have been zero times
30 days delinquent for the past 24 months and 12 months,
respectively.

The portfolio contains 80.7% modified loans as determined by the
Issuer. Morningstar DBRS considers the modifications happened more
than two years ago for 98.1% of these loans. Within the pool, 1,218
mortgages have an aggregate noninterest-bearing deferred amount of
$ 44,148,032, which comprises 9.6% of the total principal balance.

ATLX 2024-RPL2 represents the second 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 are being serviced by Select Portfolio Servicing, Inc.,
Nationstar Mortgage LLC doing business as (dba) Rushmore Loan
Management Services LLC, and NewRez LLC dba Shellpoint Mortgage
Servicing. 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 is obligated to
make advances in respect of homeowners association fees in super
lien states and, in certain cases, taxes and insurance as well as
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

The Controlling Holder will have the option to direct the Servicers
to sell any mortgage loan that becomes 90-plus days delinquent in a
sale conducted at arm's length terms in a commercially reasonable
manner to any person, other than the 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% 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.


BAIN CAPITAL 2022-6: Fitch Assigns 'BB-sf' Rating on Class E-R Debt
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Bain
Capital Credit CLO 2022-6, Limited Reset Transaction.

   Entity/Debt            Rating               Prior
   -----------            ------               -----
Bain Capital Credit
CLO 2022-6, Limited

   X-R                LT AAAsf  New Rating
   A-1 05685LAA2      LT PIFsf  Paid In Full   AAAsf
   A-1-R              LT AAAsf  New Rating
   A-2 05685LAC8      LT PIFsf  Paid In Full   AAAsf
   A-2-R              LT AAAsf  New Rating
   B 05685LAE4        LT PIFsf  Paid In Full   AAsf
   B-R                LT AAsf   New Rating
   C 05685LAJ3        LT PIFsf  Paid In Full   Asf
   C-R                LT Asf    New Rating
   D 05685LAL8        LT PIFsf  Paid In Full   BBB-sf
   D-1-R              LT BBBsf  New Rating
   D-2-R              LT BBB-sf New Rating
   E 05685MAA0        LT PIFsf  Paid In Full   BB-sf
   E-R                LT BB-sf  New Rating

Transaction Summary

Bain Capital Credit CLO 2022-6, Limited (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Bain Capital Credit U.S. CLO Manager II, LP and
originally closed in August 2022. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $500 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.76, versus a maximum covenant, in accordance with
the initial expected matrix point of 26. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.76% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.77% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.7%.

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

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

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

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

RATING SENSITIVITIES

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-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, 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 Bain Capital Credit
CLO 2022-6, Limited. 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.


BANK5 2024-5YR11: DBRS Gives Prov. BB(low) Rating on Class G Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates Series,
2024-5YR11 (the Certificates) to be issued by BANK5 2024-5YR11 (the
Trust):

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

All trends are Stable.

Classes X-D, X-F, X-G, D, E, F, and G will be privately placed.

The Class A-2-1, Class A-2-2, Class A-2-X1, Class A-2-X2, Class
A-3-1, Class A-3-2, Class A-3-X1, Class A-3-X2, Class A-S-1, Class
A-S-2, Class A-S-X1, Class A-S-X2, Class B-1, Class B-2, Class
B-X1, Class B-X2, Class C-1, Class C-2, Class C-X1, and Class C-X2
certificates are also offered certificates. Such classes of
certificates, together with the Class A-2, Class A-3, Class A-S,
Class B, and Class C certificates, constitute the "Exchangeable
Certificates". The Class D, Class E, Class F, Class G, and Class J
certificates, together with the Exchangeable Certificates with a
certificate balance, are referred to as the "principal balance
certificates."

The collateral of the BANK5 2024-5YR11 transaction consists of 33
fixed-rate loans secured by 77 commercial and multifamily
properties with an aggregate cut-off date balance of $795.38
million. One loan (Atrium Hotel Portfolio 24 Pack), representing
6.3% of the pool, is shadow-rated investment grade by Morningstar
DBRS. The conduit pool was analyzed to determine the provisional
ratings, reflecting the long-term probability of loan default
within the term and its liquidity at maturity. When the cut-off
balances were measured against the Morningstar DBRS NCF and their
respective constants, the initial Morningstar DBRS WA DSCR of the
pool was 1.47x. The WA Morningstar DBRS Issuance LTV and Balloon
LTV of the pool is 58.3% as a result of the pool lacking
amortization. These credit metrics are based on the A-note
balances. Excluding the shadow-rated loans, the deal still exhibits
reasonable WA Morningstar DBRS Issuance and Balloon LTVs of 60.1%.
However, six loans, representing 23.7% of the allocated pool
balance, exhibit a Morningstar DBRS Issuance LTV in excess of
67.1%, a threshold generally indicative of above-average default
frequency. Additionally, 18 loans, representing 41.0% of the
allocated pool balance, exhibit a Morningstar DBRS DSCR below
1.25x, a threshold indicate of a higher likelihood of midterm
default. The transaction has a sequential-pay pass-through
structure.

Seven loans, representing 28.7% of the pool, are located in areas
with a Morningstar DBRS Market Rank of 7 or 8, indicative of dense
urban areas that benefit from increased liquidity driven by
consistently strong investor demand, even during times of economic
stress. Additionally, seven loans, representing 26.8% of the
allocated pool balance, are located in areas with a Morningstar
DBRS Market Rank of 5 or 6. Markets with these ranks benefit from
lower default frequencies than less dense suburban, tertiary, and
rural markets. The predominant urban markets represented in the
deal are in New York and Chicago. Additionally, 12 loans,
representing 43.3% of the pool, are located in MSA Group 3, which
represents the best-performing group in historical CMBS default
rates among the top 25 MSAs.

Eleven loans, representing 35.2% of the pool, have Morningstar DBRS
Issuance LTVs below 59.3%, a threshold historically indicative of
relatively low-leverage financing and generally associated with
below-average default frequency. Even with the exclusion of the
shadow-rated loan, which represents 6.3% of the pool, the
transaction exhibits a WA Morningstar DBRS Issuance LTV of 60.1%.
Only one loan in the pool, Lake Eustis MHP, has a Morningstar DBRS
LTV equal to or above 70.0%.

Four loans, representing 19.5% of the pool, received a property
quality assessment of Average + or better, with no loans in the
pool receiving a property quality of Average - or worse.
Higher-quality properties are more likely to retain existing
tenants/guests and more easily attract new tenants/guests,
resulting in a more stable performance.

The pool contains 33 loans and is concentrated with a lower
Herfindahl score of 16.0, with the top 10 loans representing 70.5%
of the pool. These metrics are lower than those in the Morningstar
DBRS-rated BANK5 2024-5YR7, BANK5 2024-5YR8, and BANK5 2024-5YR10
transactions, which had Herfindahl scores of 21.2, 16.7, and 19.5,
respectively. The pool's low diversity is accounted for in the
Morningstar DBRS model, raising the transaction's credit
enhancement levels to account for the more concentrated pool.

The pool has a relatively high concentration of loans secured by
office and retail properties at 14 loans, representing 59.5% of the
pool balance. These were among the property types most affected by
the COVID-19 pandemic. Future demand for office space is uncertain
due to the post-pandemic growth of work from home or hybrid work,
resulting in less use of office space, and in some cases, companies
downsizing their office space footprints. Retail will continue to
be affected by decreasing consumer sentiment and spending, with
many retail companies closing stores as a result of decreased
sales. Four of the office loans and four of the retail loans,
representing 41.4% of the total pool balance, are located in areas
with Morningstar DBRS Market Ranks of 6, 7, and 8, which exhibit
the lowest historical CMBS PODs and LGDs. Furthermore, two of the
office loans and five of the retail loans, representing 35.6% of
the total pool balance, are in MSA Group 3, which is the
best-performing group among the top 25 MSAs in historical CMBS
default rates. Four of the five office loans and six of the nine
retail properties in the pool were sampled, representing 94.3% and
89.4% of each property type's respective trust balance.

In today's challenging interest-rate environment, debt service
payments have nearly doubled from mid-2022. Elevated interest rates
have severely constrained DSCRs, and the subject transaction has a
WA Morningstar DBRS DSCR of 1.47x, or 1.30x when excluding
shadow-rated loans. While adequate to service debt, the ratio is
considerably lower than historical conduit transactions and
provides for a smaller cushion should cash flows be disrupted.
Loans with lower DSCRs receive a POD penalty in the Morningstar
DBRS model.

All 33 loans in the pool are structured with IO payment structures
and do not benefit from any amortization. One of the IO loans,
Atrium Hotel Portfolio 24 Pack, representing 6.3% of the pool, is
shadow-rated investment grade by Morningstar DBRS. The IO loans
have a WA Morningstar DBRS LTV of 58.3%, indicative of moderately
low leverage. Twelve loans, representing 46.2% of the pool, are
located in areas with Morningstar DBRS Market Ranks of 6 or higher,
while seven loans, representing 28.7% of the pool are in areas with
Morningstar DBRS Market Ranks of 7 or 8. These urban markets
benefit from increased liquidity even during times of economic
stress.

Twenty-five loans, representing 86.1% of the total pool balance,
are refinancing or recapitalizing existing debt. Morningstar DBRS
views loans that refinance existing debt as more credit negative
compared with loans that finance an acquisition. Acquisition
financing typically includes a meaningful cash investment by the
sponsor, which aligns their interests more closely with those of
the lender, whereas refinance transactions may be cash neutral or
cash-out transactions, the latter of which may reduce the
borrower's commitment to a property. The loans that are refinancing
existing debt exhibit relatively low leverage. Specifically, the
Morningstar DBRS WA Issuance and Balloon LTVs of the loans
refinancing existing debts are 57.4%.

Twenty-six of the 33 loans in the pool exhibit negative leverage,
defined as the issuer's implied cap rate (issuer's NCF divided by
the appraised value), less the current interest rate. On average,
the transaction exhibits -0.32% of negative leverage. While cap
rates have been increasing over the last few years, they have not
surpassed the current interest rates. In the short-term, this
suggests borrowers are willing to have their equity returns reduced
in order to secure financing. Longer-term, should interest rates
hold steady, the loans in this transaction could be subject to
negative value adjustments that may affect the borrower's ability
to refinance their loans.

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


BBCMS MORTGAGE 2020-C6: DBRS Confirms BB Rating on G-RR Certs
-------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2020-C6
issued by BBCMS Mortgage Trust 2020-C6 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 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 A (low) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class F-RR at BBB (low) (sf)
-- Class G-RR at BB (sf)
-- Class H-RR at B (high) (sf)
-- Class J-RR at B (low) (sf)

Morningstar DBRS also confirmed its credit ratings on the
loan-specific certificates as follows:

-- Class F5T-A at BBB (high) (sf)
-- Class F5T-B at BB (high) (sf)
-- Class F5T-C at B (high) (sf)
-- Class F5T-D at CCC (sf)

Morningstar DBRS changed the trends on Classes E, F-RR, G-RR, H-RR,
J-RR, and X-D to Negative from Stable. The trends on all remaining
classes are Stable, apart from Class F5T-D, which has a credit
rating that typically does not carry a trend in commercial
mortgage-backed securities (CMBS) transactions.

The Negative trends reflect Morningstar DBRS' loss projections for
2000 Park Lane (Prospectus ID#17; 3.0% of the pool), secured by a
suburban office property in Pittsburgh, and its further concerns
about the two largest loans in the pool: Parkmerced (Prospectus
ID#1; 7.3% of the pool), a multifamily complex in San Francisco
that transferred to special servicing, and 650 Madison Avenue
(Prospectus ID#2; 6.7% of the pool), an office tower in New York
City that experienced a decline in occupancy and cash flow after
the property's two largest tenants downsized. The Negative trends
also reflect the overall risks for the pool related to office
exposure and the likelihood of further credit and/or value
deterioration in the near to moderate term. Office collateral
currently comprises 17.4% of the pool balance, increasing to 35.1%
when including mixed-use collateral with an office component.
Morningstar DBRS applied loan-to-value ratio (LTV) and probability
of default (POD) adjustments to six office loans that exhibited
increased risks to the pool, including low debt service coverage
ratios (DSCRs), increased tenant rollover risk, or low occupancy.
The resulting weighted average (WA) expected loss (EL) of these
loans exceeded the pool average by approximately 40.0%.

The credit rating confirmations reflect an overall healthy loan
pool, as evidenced by its WA DSCR of 2.35 times (x) and the
investment-grade shadow ratings on three of the top 15 loans, which
Morningstar DBRS confirmed with this review. In its analysis for
the Parkmerced and 650 Madison Avenue loans, Morningstar DBRS
applied conservative a POD adjustment, which was a contributing
factor to the negative pressure observed toward the bottom of the
capital stack. While both loans have exhibited increased credit
risk since issuance, their A-note LTVs remain low, the underlying
assets are well located, and, in the case of 650 Madison Avenue,
there is ample time until loan maturity, supporting the credit
rating confirmations and trend changes made as part of this
review.

As of the October 2024 remittance, all 45 of the original loans
remain in the pool, with an aggregate principal balance of $1.0
billion, representing a collateral reduction of 1.4% since
issuance. Nine loans, representing 20.4% of the pool balance, are
currently on the servicer's watchlist being monitored primarily for
low occupancy rates and DSCRs, near-term tenant rollover, and cash
management triggers. The pool benefits from three fully defeased
loans, representing 5.7% of the current pool balance. Excluding
defeasance, the pool is primarily concentrated by retail and office
properties, representing 20.3% and 17.2% of the pool balance,
respectively. In addition, two loans, representing 10.0% of the
pool balance, are in special servicing.

The largest specially serviced asset, Parkmerced (Prospectus ID#14;
2.9% of the pool), 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, which, according to an April 2024 online
article from The Real Deal, was sold to a third-party buyer for
$167.5 million. The trust debt represents a pari passu portion of
the senior loan. At Morningstar DBRS' last credit rating action,
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 improvement in occupancy 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 October 2024 remittance. The property
received an updated appraisal in July 2024, valuing the complex 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 increased credit risk from issuance,
the implied LTV for the senior debt with the updated value remains
healthy at 39.3%, 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 was approximately double the pool average.

The second loan in special servicing is Trinity Multifamily
Portfolio (Prospectus ID#19; 2.7% of the pool), secured by a
seven-property portfolio totaling 354 units across Illinois,
Georgia, and Arizona. The loan transferred to special servicing for
payment default in September 2024 and remains due for the July 2024
loan payment as of the October remittance. In early 2022, a fire at
the South Clyde property in Chicago caused approximately $950,000
in damage and rendered all 53 units uninhabitable. According to the
servicer commentary, the servicer advanced forced-place insurance
coverage totaling approximately $100,000 for three of the seven
properties. Although no updated appraisal was provided, Morningstar
DBRS suspects the overall portfolio value has declined as a result
of the fire and subsequent decreases in occupancy and cash flow,
and applied a conservative POD adjustment in its analysis. The
resulting EL was approximately 150.0% higher than the pool
average.

The 650 Madison Avenue pari passu 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 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.
According to the June 2024 rent roll, the property's occupancy was
81.9%, down from 97.0% at issuance. Morningstar DBRS expects the
occupancy rate to fall further following the servicer-confirmed
downsizing of both the largest tenant, Ralph Lauren (currently
40.7% of the net rentable area (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 continue to occupy 141,871 sf (23.6% of
the NRA; new lease expiration in April 2036), while BC Partners
Inc. has agreed to renew a portion of its space representing 7.4%
of the NRA (lease expiration in August 2037), both at reduced rates
compared with those previously paid. In addition, both tenants were
given one year of free rent as part of their respective long-term
renewals. As of the most recent financials for the trailing 12
months ended March 31, 2024, the net cash flow (NCF) was $38.5
million (reflecting a DSCR of 1.71x on the senior debt and 1.36x on
the whole loan), well below the Morningstar DBRS NCF of $50.8
million derived at issuance (DSCR of 2.45x on the senior debt).
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, building quality, and desirable location. To stress
the loan in the analysis, given the increased risks, Morningstar
DBRS considered an elevated LTV and POD, resulting in an EL that
was double the pool average.
.
Morningstar DBRS also has concerns about the 2000 Park Lane loan,
secured by a 234,859 sf suburban office property in Pittsburgh. The
loan was added to the servicer's watchlist in April 2024 as the
largest tenant, New York Life (40.5% of NRA), had not renewing
multiple leases 12 months prior to the lease expirations in
December 2024 and April 2025. As a result, a cash trap was
activated with excess cash swept into a reserve with a current
balance of $1.4 million as of the October reporting. In addition to
the largest tenant rolling in the near term, Coterra Energy Inc.
(24.0% of NRA) has a lease expiration in August 2025. Neither
tenant has provided notice of renewal or departure as of this press
release. As a result of the potential increase in vacancy in the
near term in a submarket that, according to Reis, reported a
vacancy rate of 19.3% as of Q2 2024, Morningstar DBRS believes the
subject property has likely suffered a significant decline in value
from issuance. To account for the increased risks, Morningstar DBRS
analyzed the loan with a liquidation scenario, applying a
conservative haircut to the issuance appraised value of $41.4
million, resulting in a loss severity of approximately 60.0%.

At issuance, Morningstar DBRS assigned an investment-grade shadow
rating to three loans: Kings Plaza (Prospectus ID#3; 67.2% of the
current pool); F5 Tower (Prospectus ID#5; 6.1% of the current
pool); and Bellagio Hotel and Casino (Prospectus ID#7; 5.3% of the
current pool). With this review, Morningstar DBRS confirmed that
the respective performances of each of these loans remain
consistent with the characteristics of investment-grade loans.

The Class F5T-A, F5T-B, F5T-C, and F5T-D loan-specific certificates
are backed by the $112.6 million subordinate companion loan of the
$297.6 million F5 Tower whole loan, which is secured by 515,518 sf
of Class A office space and a 259-space underground parking garage
in Seattle. The office space is 100% occupied by F5 Networks, Inc.,
which uses the space as its headquarters, on a lease through
September 2033. The loan-specific certificates are not pooled with
the remainder of the trust loans. In April 2024, Morningstar DBRS
downgraded all four loan-specific certificates as part of a bulk
credit rating action taken on its portfolio of
Single-Asset/Single-Borrower transactions secured by office
properties. As part of that review, Morningstar DBRS increased the
loan's capitalization rate 50 basis points to 7%, bringing it in
line with assets of similar quality and location that were analyzed
as part of the bulk review. With this review, Morningstar DBRS
confirmed that the performance of the underlying loan remains in
line with expectations since the April 2024 review, supporting the
rating confirmations for those classes.

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


BBCMS MORTGAGE 2020-C8: Fitch Affirms 'B-sf' Rating on Two Tranches
-------------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of BBCMS Mortgage Trust
2020-C8 (BBCMS 2020-C8). The Rating Outlooks for classes H and X-H
have been revised to Negative from Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
BBCMS 2020-C8

   A-1 05552AAY4    LT AAAsf  Affirmed   AAAsf
   A-3 05552ABA5    LT AAAsf  Affirmed   AAAsf
   A-4 05552ABB3    LT AAAsf  Affirmed   AAAsf
   A-5 05552ABC1    LT AAAsf  Affirmed   AAAsf
   A-S 05552ABD9    LT AAAsf  Affirmed   AAAsf
   A-SB 05552AAZ1   LT AAAsf  Affirmed   AAAsf
   B 05552ABE7      LT AA-sf  Affirmed   AA-sf
   C 05552ABF4      LT A-sf   Affirmed   A-sf
   D 05552AAA6      LT BBBsf  Affirmed   BBBsf
   E 05552AAC2      LT BBB-sf Affirmed   BBB-sf
   F 05552AAE8      LT BB+sf  Affirmed   BB+sf
   G 05552AAG3      LT BB-sf  Affirmed   BB-sf
   H 05552AAJ7      LT B-sf   Affirmed   B-sf
   X-A 05552ABG2    LT AAAsf  Affirmed   AAAsf
   X-B 05552ABH0    LT A-sf   Affirmed   A-sf
   X-D 05552ABJ6    LT BBB-sf Affirmed   BBB-sf
   X-FG 05552AAQ1   LT BB-sf  Affirmed   BB-sf
   X-H 05552AAS7    LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

Performance and 'Bsf' Loss Expectations: The affirmations in BBCMS
2020-C8 reflect generally stable pool performance and loss
expectations since Fitch's prior rating action. Deal-level 'Bsf'
rating case loss is 3.63% and the transaction has seven Fitch Loans
of Concern (FLOCs; 14.8% of the pool), including one loan (1.3%) in
special servicing.

The Negative Outlooks on classes H and X-H reflect the pool's
elevated office exposure of 36.5% and the potential for downgrades
should performance of the FLOCs, particularly 7 Powder Horn Drive
(2.4%), CH Robinson Plano (1.4%) and specially serviced loan 2260
University Drive (1.3%), fail to stabilize, and/or with additional
declines in performance.

Largest Contributors to Loss: The largest increase in loss
expectations since the prior rating action and the second largest
contributor to overall pool loss expectations is the CH Robinson
Plano (1.4%) loan, secured by a 39,324-sf office building located
in Plano, TX. The property is fully leased to C.H. Robinson with an
imminent lease expiration in July 2025.

Performance of the single-tenant property has remained stable since
issuance reporting a YE 2023 NOI DSCR of 2.36x, in line with prior
years. The latest site inspection confirmed that the tenant fully
occupies the property, with no space available for lease according
to CoStar. Fitch has reached out to the servicer for a renewal
update and a response is pending.

Fitch's 'Bsf' rating case loss of 26.1% (prior to concentration
adjustments) reflects an elevated 10% cap rate, 30% stress to the
YE 2023 NOI and factors a higher probability of default to account
for the binary risk associated with the single tenant exposure
coupled with imminent lease expiration.

The second largest increase in loss expectations since the prior
rating action is the 7 Powder Horn Drive (2.4%) loan, secured by a
181,210-sf flex warehouse located in Warren, NJ. The property is
fully leased to Celgene Corporation with a lease expiration in
October 2025.

CoStar indicates that the entirety of the space is available for
lease beginning in November 2025. A cash sweep has been activated
with approximately $1.4 million reflected in the October 2024 loan
level reserve report. The Somerset industrial submarket of Northern
New Jersey reflects a vacancy rate of 5.4% and an elevated
availability rate of 8.3%.

Fitch's 'Bsf' rating case loss of 12.0% (prior to concentration
adjustments) reflects a 9.75% cap rate, 20% stress to the YE 2023
NOI and incorporates a higher probability of default to account for
the dark single-tenant exposure and escalating default risk as
lease expiration approaches

Increased Credit Enhancement (CE): As of the October 2024
distribution date, the transaction balance has been reduced by 2.1%
since issuance. The transaction includes four loans (3.7%) that
have fully defeased. Cumulative interest shortfalls of $32,305 are
affecting the non-rated class K-RR. Of the pool balance, 16 loans
(49.0%) are full-term, interest-only and the remaining 51.0% of the
pool is amortizing.

RATING SENSITIVITIES

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

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

Downgrades to junior 'AAAsf' rated classes with Negative Outlooks
are possible with continued performance deterioration of the FLOCs,
increased expected losses and limited to no improvement in class
CE, or if interest shortfalls occur.

Downgrades to classes rated in the 'AAsf' and 'Asf' categories
could occur should performance of the FLOCs, most notably CH
Robinson Plano, 2260 University Drive and 7 Powder Horn Drive,
deteriorate or if more loans than expected default at or prior to
maturity.

Downgrades for the 'BBBsf', 'BBsf' and 'Bsf' categories are likely
with higher than expected losses from continued underperformance of
the FLOCs, particularly the aforementioned loans with deteriorating
performance and with greater certainty of losses on the specially
serviced loans or other FLOCs.

Downgrades to distressed 'CCCsf' ratings would occur should
additional loans transfer to special servicing or default, as
losses are realized or become more certain.

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

Upgrades to classes rated in the 'AAsf' and 'Asf' category may be
possible with significantly increased CE from paydowns and/or
defeasance, coupled with stable-to-improved pool-level loss
expectations and improved performance on the FLOCs. This includes
CH Robinson Plano, 2260 University Drive and 7 Powder Horn Drive.

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 the '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.

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.


BDS 2022-FL12: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of notes
issued by BDS 2022-FL12 LLC as follows:

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

All trends are Stable.

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

As of the October 2024 remittance, the pool comprised 18 loans
secured by 21 properties with a cumulative trust balance of $708.1
million. The collateral pool for the transaction is static;
however, the Issuer has the right to use principal proceeds to
acquire fully funded future funding participations subject to
stated criteria. The replenishment period ends with the April 2025
Payment Date. Since issuance, six loans with a cumulative trust
balance of $133.2 million have been paid in full, and five of these
(totaling $118.2 million) were paid in full since Morningstar DBRS'
previous credit rating action in October 2023.

Leverage across the pool has remained consistent as of the
September 2024 reporting when compared with issuance metrics. The
current weighted-average (WA) as-is appraised value loan-to-value
ratio (LTV) is 70.9%, with a current WA stabilized LTV of 60.9%. In
comparison, these figures were 70.6% and 61.0%, respectively, at
issuance. Morningstar DBRS recognizes that select property values
may be inflated as the majority of the individual property
appraisals were completed in 2022 and may not reflect the current
rising interest rate or widening capitalization rate environments.
In its analysis for this review, Morningstar DBRS applied upward
LTV adjustments to seven loans, representing 62.4% of the current
trust balance.

As of the October 2024 remittance, there are no delinquent or
special serviced loans; however, 11 loans, representing 64.6% of
the pool, are being monitored on the servicer's watchlist. The
loans have primarily been flagged for below breakeven debt service
coverage ratios and/or deferred maintained items. Performance
declines noted in the pool are expected to be temporary as
multifamily units become unavailable while their respective
borrowers complete interior renovations. One loan, representing
7.2% of the pool, matured in September 2024 while most loans are
scheduled to mature in 2025. All loans are structured with
extension options.

Through June 2024, the lender had advanced cumulative loan future
funding of $63.0 million to the borrowers of 16 of the 18
outstanding loans to aid in property stabilization efforts. The
largest advance, $10.3 million, was made to the borrower of the
South Hampton Estates loan (Prospectus ID#22; 3.4% of the pool).
The loan is secured by a 330-unit, Class B multifamily property in
College Park, Georgia. The advanced funds have been used for the
borrower's planned $13.0 million capital improvement plan. The plan
entails approximately $7.5 million for the unavailable units and
$2.3 million for the vacant units. As of Q2 2024, 300 units have
been renovated.

An additional $17.4 million of loan future funding allocated to
eight individual borrowers remains available. The largest portions
are allocated to the borrowers of the Haven at Towne Center
(Prospectus ID#1; 9.7% of the pool) and Harmon at 370 Apartments
(Prospectus ID#5; 6.7% of the pool) loans. Haven at Towne Center is
secured by a 240-unit, Class B multifamily property in Glendale,
Arizona. The available funds are to be used for unit interior
renovations totaling $6.3 million ($26,133 per unit) across all 240
units and $1.3 million for common area improvements and amenity
upgrades. Through June 2024, the lender had advanced $4.8 million
of future funding to the borrower. As of Q2 2024, 168 units had
been renovated with an average rent premium of $216 per unit,
slightly below the Morningstar DBRS stabilized estimate of $252 per
unit. The Harmon at 370 Apartments loan is secured by a 996-unit
multifamily property in Las Vegas. The sponsor's business plan is
to invest $15.0 million in capital improvements across the
property, consisting of $8.9 million ($8,928 per unit) toward
interior renovations to all 996 units and $6.1 million toward
exterior renovations. Through September 2024, the lender had
advanced $8.2 million of future funding to the borrower.

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


BENEFIT STREET XXVIII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement debt from Benefit
Street Partners CLO XXVIII Ltd./Benefit Street Partners CLO XXVIII
LLC, a CLO managed by BSP CLO Management LLC that was originally
issued in November 2022.

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

On the Nov. 20, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. At that
time, we expect to withdraw our ratings on the original class B-1,
B-2, C, D-1, D-2, and E debt and assign ratings to the new class
A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt. S&P did not rate the
original class A debt. However, if the refinancing doesn't occur,
S&P may affirm its ratings on the original debt and withdraw its
preliminary ratings on the replacement debt.

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

-- The replacement debt is expected to be issued at a lower
weighted average cost of debt than the previous debt.

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

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

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

-- The target initial par amount will remain at $500.00 million.
There will be no additional effective date or ramp-up period, and
the first payment date following the refinancing is Jan. 20, 2025.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- No additional subordinated notes will be issued on the
refinancing date.

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

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

  Class A-R, $320.00 million: AAA (sf)
  Class B-R, $60.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1-R (deferrable), $30.00 million: BBB- (sf)
  Class D-2-R (deferrable), $5.00 million: BBB- (sf)
  Class E-R (deferrable), $15.00 million: BB- (sf)

  Other Debt

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

  Subordinated notes, $35.60 million: Not rated



BFLD COMMERCIAL 2024-UNIV: Moody's Gives Ba2 Rating to Cl. E Certs
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to six classes of
CMBS securities, issued by BFLD Commercial Mortgage Trust
2024-UNIV, Commercial Mortgage Pass-Through Certificates, Series
2024-UNIV:

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba2 (sf)

Cl. HRR, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

This transaction is collateralized by the borrower's fee simple
and/or leasehold interests in 11 student housing located across 8
states and 10 universities.

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

In aggregate, the portfolio contains the fee simple interests in a
portfolio of 9 student housing properties totaling 6,040 beds
(1,784 units) and leasehold interest related to 2 of the properties
totaling 737 beds (355 units). The Portfolio is located across 10
universities in 8 states. The properties are primarily situated
within close proximity to campus, with a weighted average distance
from campus of approximately 0.27 miles for the portfolio.
Construction dates for properties in the portfolio range between
2005 and 2022. The portfolio has a weighted average year built of
2016, resulting in a weighted average age of approximately 8 years.
On a per bed basis, property sizes for assets in the portfolio
range between 99 beds and 816 beds. The average size of each
property in the portfolio is 616 beds. As of September 2024, the
portfolio was approximately 96.4% preleased for the 2024/2025
academic year.

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

The Moody's first mortgage actual DSCR is 1.07x compared to 1.02x
at Moody's provisional ratings due to an interest rate decrease and
Moody's first mortgage stressed DSCR at a 9.25% constant is 0.81x.
Moody's DSCR is based on Moody's stabilized net cash flow.

Moody's LTV ratio for the first mortgage balance is 104.6% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 96.1% based on Moody's Value using a cap rate adjusted
for the current interest rate environment. Taking into
consideration the additional $50,000,000 mezzanine loan, the total
debt Adjusted Moody's LTV would increase to 105.8%.

With respect to property level diversity, the pool's property level
Herfindahl score is 8.2. Moody's also grade properties on a scale
of 0 to 5 (best to worst) and consider those grades when assessing
the likelihood of debt payment. The factors considered include
property age, quality of construction, location, market, and
tenancy. The portfolio's property quality grade is 1.36.

Notable strengths of the transaction include: i. property type; ii.
asset quality; iii. portfolio's geographic diversity; iv. strong
sponsorship and experienced management; and v. multiple property
pooling.

Notable concerns of the transaction include: i. lack of asset
diversification; ii. floating-rate, interest-only profile; and,
iii. credit negative legal features.

Moody's rating approach considers sequential pay in connection with
a collateral release as a credit neutral benchmark. Although the
loans' release premium mitigates the risk of a ratings downgrade
due to adverse selection, the pro rata payment structure limits
ratings upgrade potential as mezzanine classes are prevented from
building enhancement. The benefit received from pooling through
cross-collateralization is also reduced.

The principal methodology used in these ratings was "Large Loan and
Single Asset/Single Borrower Commercial Mortgage-backed
Securitizations" published in July 2024.

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

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

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


BLUE OWL 2024-1: Moody's Assigns Ba2 Rating to Class D Notes
------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the asset-backed
notes, Class A-1, Class A-2, Class B, Class C and Class D issued by
Blue Owl Asset Leasing Trust 2024-1 LLC. Blue Owl Asset Leasing
Fund Evergreen LP (Fund Evergreen) is the originator and the
servicer of the assets backing this transaction. The transaction is
the first 144A securitization sponsored by Fund Evergreen, a mid-
and large ticket equipment finance company.

The assets in the pool consist of loan and lease contracts
(contracts), secured primarily by mid-to-large ticket equipment
primarily consisting of manufacturing, transportation, IT
equipment, and others. Fund Evergreen, previously known as Atalaya
Equipment Leasing Fund Evergreen LP, was founded in 2021 and is led
by a senior management team each with over 20 years of experience
in equipment financing.

The complete rating actions are as follows:

Issuer: Blue Owl Asset Leasing Trust 2024-1 LLC

Class A-1 Notes, Definitive Rating Assigned P-1 (sf)

Class A-2 Notes, Definitive Rating Assigned Aaa (sf)

Class B Notes, Definitive Rating Assigned A2 (sf)

Class C Notes, Definitive Rating Assigned Baa3 (sf)

Class D Notes, Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The definitive ratings are based on; (1) the experience of Blue
Owl's management team and the company as servicer; (2) US Bank
National Association (long-term deposits Aa3, long-term CR
assessment A1(cr), short-term deposits P-1, BCA a2) as backup
servicer for the contracts; (3) the weak credit quality and
concentration of the obligors backing the contracts in the pool;
(4) the assessed value of the collateral backing the contracts in
the pool; (5) the transactions credit enhancement levels which
include overcollateralization, subordination, non-declining reserve
account and excess spread and (6) the legal aspects of the
transaction.

The overall credit quality of the obligors in this pool is weak,
with a weighted average rating factor (WARF) of about 5,250, which
is equivalent to a rating of Caa2.  The weighted average recovery
rate (WARR) of the contracts ranges from 44% to 57% in Moody's
stress and base assumptions. Moody's considered sensitivities to
various factors such as default rates and recovery rates in Moody's
analysis.

Additionally, Moody's base Moody's short term rating of the Class
A-1 notes on the cash flows that Moody's expect the underlying
receivables to generate during the collection periods prior to the
Class A-1 notes' legal final maturity date.

The Class A, Class B, Class C and Class D notes benefit from
44.00%, 32.00%, 26.00% and 23.00% of hard credit enhancement,
respectively. Hard credit enhancement for the notes consists of a
combination of initial overcollateralization of 22.00% of the
initial pool balance, which is the target as a percentage of the
outstanding pool balance, subject to a floor of 1.00% of the
initial pool balance, a 1.00% fully funded non-declining reserve
account, and subordination of the more junior classes of notes. The
notes will also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in July 2024.

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

Up

Moody's could upgrade the ratings on the subordinate notes if
levels of credit protection are greater than necessary to protect
investors against current expectations of loss. Moody's updated
expectations of loss may be better than Moody's original
expectations because of lower frequency of default or improved
credit quality of the underlying obligors or lower than expected
depreciation in the value of the equipment that secure the
obligor's promise of payment. As the primary drivers of
performance, positive changes in the US macro economy and the
performance of various sectors where the obligors operate could
also affect the ratings.

Down

Moody's could downgrade the notes if levels of credit protection
are insufficient to protect investors against current expectations
of portfolio losses. Losses could rise above Moody's original
expectations as a result of a higher number of obligor defaults,
weaker credit quality of the obligors, or greater than expected
deterioration in the value of the equipment that secure the
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud. Additionally, Moody's could downgrade the Class A-1
short term rating following a significant slowdown in principal
collections that could result from, among other reasons, high
delinquencies or a servicer disruption that impacts obligor's
payments.


BLUE STREAM 2024-1: Fitch Assigns BB-sf Final Rating on Cl. C Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Blue Stream Issuer, LLC, Secured Fiber Network Revenue Notes,
Series 2024-1 as follows:

- $201,600,000 series 2024-1, class A-2, 'Asf'; Outlook Stable;

- $21,100,000 series 2024-1, class B, 'BBB-sf'; Outlook Stable;

- $39,300,000 series 2024-1, class C, 'BB-sf'; Outlook Stable.

The note balances include $94.7 million of prefunding, which is
allocated between classes A, B and C.

Fitch has also affirmed the ratings of Blue Stream Issuer, LLC,
Secured Fiber Network Revenue Notes, Series 2023-1 as follows:

- $70 million(a) Series 2023-1, class A-1, at 'Asf'; Outlook
Stable;

- $297.8 million Series 2023-1, class A-2 at 'Asf'; Outlook
Stable;

- $55.8 million Series 2023-1, class B at 'BBBsf'; Outlook Stable;

- $111.6 million Series 2023-1, class C at 'BB-sf'; Outlook
Stable.

(a)This note is a variable funding note (VFN), which has a maximum
commitment of $70 million. This class will reflect a zero balance
at issuance.

The following class is not rated by Fitch:

- $13,800,000(b) series 2024-1, class R.

(b) Horizontal credit risk retention interest representing 5% of
the 2024-1 notes.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Blue Stream Issuer,
LLC, Secured Fiber
Network Revenue Notes,
Series 2023-1

   A-1                   LT Asf    Affirmed     Asf
   A-2 09606BAA2         LT Asf    Affirmed     Asf
   B 09606BAC8           LT BBB-sf Affirmed     BBB-sf
   C 09606BAE4           LT BB-sf  Affirmed     BB-sf

Blue Stream Issuer,
LLC, Secured Fiber
Network Revenue Notes,
Series 2024-1

   A2 09606BAG9          LT Asf    New Rating   A(EXP)sf
   B 09606BAJ3           LT BBB-sf New Rating   BBB-(EXP)sf
   C 09606BAL8           LT BB-sf  New Rating   BB-(EXP)sf
   R                     LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The transaction is a securitization of the contract payments
derived from existing Fiber to the Home (FTTH) networks. Debt is
secured by the cash flow from operations and benefits from a
perfected security interest in the securitized assets, which
include conduits, cables, network-level equipment, access rights,
customer contracts, transaction accounts and an equity pledge from
the asset entities.

The collateral consists of high-quality fiber networks that support
the provision of internet, cable, telephony and alarm services to a
portfolio of homeowners' associations (HOAs) and condominium
owners' associations (COAs), located exclusively in Florida. These
agreements are governed by long-term contracts with the
associations directly. The transaction also includes right of entry
(ROE) networks and supporting contracts, which represent a small
portion (4.6%) of annualized run-rate revenue (ARRR) of the total
collateral pool.

The ratings reflect a structured finance analysis of the cash flows
from the ownership interest in the pledged fiber optic networks,
not an assessment of the corporate default risk of the ultimate
parent, Blue Stream Communications LLC.

KEY RATING DRIVERS

Net Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool
is $55.3 million, implying a 17.3% haircut to issuer NCF. The debt
multiple relative to Fitch's NCF on the rated classes is 11.5x
versus the debt/issuer NCF leverage of 9.5x.

Inclusive of the prefunding and the cash flow required to draw on
the maximum variable funding note (VFN) commitment of $70 million,
the Fitch NCF on the pool is $71.9 million, implying a 17.9%
haircut to issuer NCF. The debt multiple relative to Fitch's NCF on
the rated classes is 11.1x compared with the debt/issuer NCF
leverage of 9.1x.

Based on the Fitch NCF and assumed annual revenue growth consistent
with the weighted average (WA) escalator of the fiber networks, and
following the transaction's ARD, the notes would be repaid 21.3
years from closing, excluding the VFN with 3.0% contractual
escalators, and in 15.4 years, including the VFN.

Credit Risk Factors: The major factors impacting Fitch's
determination of cash flow and MPL include the high quality of the
underlying collateral networks, long-term contractual cash flow, a
diverse and creditworthy customer base, the market position of the
sponsor, the capability of the operator, and the strength of the
transaction structure.

Technology-Dependent Credit: Due to the specialized nature of the
collateral and potential for changes in technology to affect
long-term demand for digital infrastructure, the senior classes of
this transaction do not achieve ratings above 'Asf'. The securities
have a rated final payment date 30 years after closing, and the
long-term tenor of the securities increases the risk that an
alternative technology, rendering obsolete the current transmission
of data through fiber optic cables, will be developed. Fiber optic
cable networks are currently the fastest and most reliable means of
transmitting information, and data providers continue to invest in
and utilize this technology.

RATING SENSITIVITIES

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

Declining cash flow as a result of higher expenses, contract churn,
declining contract rates, contract amendments or the development of
an alternative technology for the transmission of data could lead
to downgrades.

Fitch's NCF was 17.7% below the issuer's underwritten cash flow
inclusive of prefunding as of August 2024. A further 10% decline in
Fitch's NCF indicates the following ratings based on Fitch's
determination of Maximum Potential Leverage: class A to 'BBBsf'
from 'Asf', class B to 'BB+sf' from 'BBBsf', and class C to 'B-'
from 'BB-sf'.

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

Increasing cash flow without an increase in corresponding debt from
rate increases, additional contracts, lower expenses, or contract
amendments could lead to upgrades.

A 10% increase in Fitch's NCF indicates the following ratings based
on Fitch's determination of Maximum Potential Leverage: class A to
'Asf' from 'Asf', class B to 'BBB+' from 'BBB-sf', and class C to
'BBsf' from 'BB-sf'.

Upgrades are unlikely for these transactions due to the issuer's
ability to issue additional notes that rank pari passu with or
subordinate to existing notes, without the benefit of additional
collateral. In addition, the transaction is structured with a VFN
and prefunding account, which allow for further draws as cash flow
increases, resulting in limited deleveraging in the event of cash
flow growth. Moreover, the transaction is capped in the 'Asf'
category due to the risk of technological obsolescence.

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.


BMO 2024-C10: Fitch Assigns 'B-sf' Final Rating on Class GRR Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to BMO
2024-C10 Mortgage Trust commercial mortgage pass-through
certificates, series 2024-C10 as follows:

- $1,337,000 class A-1 'AAAsf'; Outlook Stable;

- $69,700,000 class A-3 'AAAsf'; Outlook Stable;

- $115,000,000 class A-4 'AAAsf'; Outlook Stable;

- $318,523,000 class A-5 'AAAsf'; Outlook Stable;

- $2,221,000 class A-SB 'AAAsf'; Outlook Stable;

- $506,781,000 class X-A 'AAAsf'; Outlook Stable;

- $135,745,000 class X-B 'A-sf'; Outlook Stable;

- $66,968,000 class A-S 'AAAsf'; Outlook Stable;

- $39,818,000 class B 'AA-sf'; Outlook Stable;

- $28,959,000 class C 'A-sf'; Outlook Stable;

- $7,457,000 class D 'BBB+sf'; Outlook Stable;

- $7,457,000 class X-D 'BBB+sf'; Outlook Stable;

- $16,072,000 class E-RR 'BBB-sf'; Outlook Stable;

- $15,385,000 class F-RR 'BB-sf'; Outlook Stable;

- $10,859,000 class G-RR 'B-sf'; Outlook Stable.

The following class is not rated by Fitch:

- $31,674,555 class J-RR.

Transaction Summary

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 28 loans secured by 65
commercial properties having an aggregate principal balance of
$723,973,556 as of the cut-off date. The loans were contributed to
the trust by Bank of Montreal, 3650 Real Estate Investment Trust 2
LLC, Citi Real Estate Funding Inc., Starwood Mortgage Capital LLC,
Zions Bancorporation, N.A., German American Capital Corporation,
and Goldman Sachs Mortgage Company.

The master servicer is expected to be KeyBank National Association,
and the special servicer is expected to be 3650 REIT Loan Servicing
LLC. The trustee is expected to be Wilmington Savings Fund Society,
FSB and Citibank N.A. as certificate administrator. The
certificates are expected to follow a sequential paydown
structure.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 62.5% of the loans by
balance, cash flow analysis of 95.9% of the pool and asset summary
reviews on 100% of the pool.

KEY RATING DRIVERS

Higher Leverage Compared to Recent Transactions: The pool has
higher leverage compared to recent U.S. Private Label Multiborrower
transactions rated by Fitch. The pool's Fitch loan-to-value ratio
(LTV) of 92.8% is higher than the 2024 YTD and 2023 averages of
91.1% and 88.3%, respectively. The pool's Fitch NCF debt yield (DY)
of 10.6% is lower than the 2024 YTD and 2023 averages of 11.0% and
10.9%, respectively.

Investment-Grade Credit Opinion Loans: Two loans representing 10.6%
of the pool received an investment-grade credit opinion. Newport
Centre (8.3% of the pool) received a standalone credit opinion of
'BBBsf*' and Arizona Grand Resort and Spa (2.3% of the pool)
received a standalone credit opinion of 'A-sf*'. The pool's total
credit opinion percentage is lower than the 2024 YTD and 2023
averages of 15.2% and 17.8%, respectively. Excluding credit opinion
loans, the pool's Fitch LTV and DY of 96.5% and 10.2%,
respectively, are in line with the equivalent conduit 2023 LTV and
DY averages of 93.3% and 10.4%, respectively.

Average Pool Concentration: The pool has an average concentration
compared to recently rated Fitch transactions. The top 10 loans in
the pool make up 60.3% of the pool, which is in line with the 2024
YTD and 2023 averages of 60.3% and 63.7%, respectively. The pool's
effective loan count of 21.3 is in line with the 2024 YTD and 2023
averages of 22.4 and 20.6, respectively.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down 0.6%, which is below the 2024 YTD and 2023
averages of 1.0% and 1.4%, respectively. Only four loans (5.1% of
the pool) have amortization during the loan term, with the
remaining 24 loans (94.9% of the pool) paying interest only, which
is above the 2024 YTD average of 88.0% and higher than the 2023
average of 84.5%.

Lower Concentration of Pari Passu Loans: Ten loans representing
43.2% of the pool are pari passu loans, which is lower than the
2024 YTD average of 45.7% and the 2023 average of 60.1%.

Higher Single-Tenant Occupancy: The pool has more single-tenant
occupied properties compared to recently rated Fitch transactions.
Forty-four properties representing 28.4% of the pool by balance are
single-tenant occupied properties, which is higher than the 2024
YTD average of 9.4% and the 2023 average of 17.8%. Furthermore,
four loans representing 17.8% of the pool were acquired by sponsors
in sale-leaseback transactions.

RATING SENSITIVITIES

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

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

- 10% NCF Decline:
'AA-sf'/'A-sf'/'BBB-sf'/'BBB-sf'/'BBsf'/'B-sf'/less than 'CCCsf'.

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

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

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

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

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


BPR COMMERCIAL 2024-PARK: DBRS Gives Prov. BB Rating on E Certs
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2024-PARK (the Certificates) to be issued by BPR Commercial
Mortgage Trust 2024-PARK (the Trust):

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

All trends are Stable.

The BPR 2024-PARK single-asset/single-borrower transaction is
collateralized by the borrower's leasehold and sublease hold
interest in the Shops at Merrick Park, an 848,280-sf open-air
shopping center located in Coral Gables, Florida. Coral Gables is a
Miami suburb located approximately five miles southwest of the
Miami CBD. The collateral is made up of three components: Shops at
Merrick Park, a three-story, open-air shopping center anchored by
Nordstrom and Neiman Marcus; Offices at Merrick, a five-story,
126,201-sf office building located adjacent to Shops at Merrick
Park; and several subleased parcels that contain residential
buildings and parking.

Shops at Merrick Park is well located in Coral Gables close to
Miami. The mall has benefited from the growing south Florida
population as evidenced by the center's growth in in-line sales
psf, which surged to $1,024 for the T-12 ended July 31, 2024,
period from $718 in 2019. The property is currently 93.8% leased
and has had strong occupancy historically, averaging 97% from 2016
to 2023. The property is leased to a mix of 101 tenants offering a
mixture of luxury aspirational products, as well as a movie theater
and full-service restaurants. Brookfield executed 67 new and
renewal leases totaling nearly 250,000 sf from 2019 to October
2024. Recently, the property has experienced leasing momentum
particularly with luxury tenants, as evidenced by the opening of
Louis Vuitton and Tory Burch at the property in 2023 and the
anticipated opening of David Yurman, Vuori, and Rhone in the coming
months. The property is anchored by Nordstrom and Neiman Marcus,
which generated $405 psf and $1,062 psf of sales in 2023,
respectively, and both recently renewed their leases.

Considering the property's strong sponsorship, asset quality, and
favorable location, evidence of increasing in-line sales, and
generally consistent occupancy trends, Morningstar DBRS has a
generally positive view of the collateral's credit characteristics.
Although brick-and-mortar retailers are facing secular headwinds
and the continued proliferation of e-commerce continues to gain
traction, the collateral has displayed consistent improvement in
performance, and sales at the property continue to rise.

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


BX COMMERCIAL 2021-ACNT: DBRS Confirms B(low) Rating on G Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2021-ACNT issued by BX Trust
2021-ACNT as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction. While the servicer reported a debt
service coverage ratio (DSCR) below breakeven of 0.71 times (x) for
the trailing 12 months (T-12) ended June 30, 2024, net cash flow
(NCF) remains in line with Morningstar DBRS' expectation as the
transaction continues to boast high occupancy rates across the
portfolio. Since the previous Morningstar DBRS credit rating action
in November 2023, 10 properties have been released, reducing the
total to 79 collateralized properties. The whole-loan balance has
been paid down by $285.8 million, or 12.9% since closing.

The collateral consists of the borrower's fee-simple and leasehold
interests in a portfolio of 79 industrial properties, totaling
approximately 24.7 million square feet (sf). The properties are a
mix of last-mile e-commerce, light industrial, warehouse, and
institutional quality logistics assets, across 18 states, with the
largest concentrations being in Georgia, Tennessee, and Texas. The
loan benefits from experienced sponsorship provided by an affiliate
of Blackstone Inc., a global real estate investment platform, which
contributed $636.0 million in equity at closing as part of the
transaction.

At closing, loan proceeds of $2.2 billion along with sponsor equity
went toward acquiring the portfolio for $2.8 billion and funding
upfront reserves of $12.6 million. The floating-rate loan has an
upcoming maturity date of November 9, 2024, with two 12-month
extension options remaining as the borrower previously exercised
the first extension option in November 2023. To exercise each
extension option, the borrower must purchase new interest rate cap
agreements with a strike rate resulting in a minimum DSCR of 1.10x.
According to the most recent servicer commentary, the borrower
plans to exercise the second extension option. There will be one
final 12-month extension option available to the borrower as the
fully extended loan maturity date is November 2026.

The transaction features a partial pro rata/sequential-pay
structure, which allows for pro rata paydowns for the first 30.0%
of the original principal balance, where individual properties may
be released from the trust at a price of 105.0% of the allocated
loan amount (ALA), with customary debt yield tests. Proceeds are
applied sequentially for the remaining 70.0% of the pool balance
with the release price increasing to 110.0% of the ALA. Morningstar
DBRS applied a penalty to the transaction's capital structure to
account for the pro rata nature of certain prepayments and for the
weak deleveraging premiums.

According to the Q2 2024 financial reporting, the portfolio was
94.1% occupied, a decrease from the occupancy rate of 98.5% at
issuance. The rent roll remains granular, with no single tenant
representing more than 7.0% of the net rentable area (NRA). The
largest tenant, FedEx, occupies 7.0% of the NRA across multiple
leases in the portfolio. At issuance, investment-grade rated
tenants represented more than 20.0% of the NRA, including FedEx,
Amazon, Honeywell, and Procter & Gamble. Given the stable occupancy
rate, geographic diversity, and strong sponsorship, Morningstar
DBRS believes performance will remain in line with issuance
expectations. The portfolio's NCF has remained consistent since
issuance with a T-12 ended June 30, 2024, NCF of $122.8 million, a
slight decline from the YE2023 and YE2022 reported figures of
$127.9 million and $133.0 million, respectively. Cash flow
continues to remain above the Morningstar DBRS NCF derived at
closing of $112.1 million. Despite the stable cash flows, the DSCR
at YE2023 fell below breakeven to 0.77x as a result of the
floating-rate nature of the loan and an increase in debt service;
however, Morningstar DBRS expects the loan to remain current.

Morningstar DBRS' credit ratings are based on a value analysis,
which was completed at issuance and updated in the current review
of the transaction to omit cash flow from the 10 released
properties. The analysis considered a capitalization rate of 6.75%,
resulting in a Morningstar DBRS value of $1.47 billion and a
whole-loan loan-to-value ratio (LTV) of 131.8% for the remaining 79
properties in the portfolio. The Morningstar DBRS value represents
a 37.4% haircut to the implied value of approximately $2.34 billion
for the remaining 79 properties. Additionally, Morningstar DBRS
applied positive qualitative adjustments to its LTV sizing
benchmarks, totaling 7.5%, to reflect the property's quality, cash
flow volatility, and market fundamentals, given the consistent
performance of the geographically diverse properties.

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


BX COMMERCIAL 2024-GPA2: DBRS Gives Prov. B Rating on HRR Certs
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2024-GPA2 (the Certificates) to be issued by BX Commercial Mortgage
Trust 2024-GPA2 (the Trust):

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

All trends are Stable.

The collateral for BX 2024-GPA2 (the Trust) includes the borrower's
fee-simple interest in 13 student housing properties totaling
11,029 beds located in New York, Florida, Texas, Michigan,
Kentucky, North Carolina, and Mississippi. Transaction proceeds of
$945.5 million will be used to refinance $926.5 million of debt
across the portfolio, including mezzanine debt, and debt for
noncollateral. The five-year loan is interest-only (IO) for the
full term.

Blackstone acquired American Campus Communities (ACC), the largest
student housing owner, operator, and developer in the country, in
August 2022. The various debt transactions used to take ACC private
included BX 2022-GPA, which this transaction will be partially
refinancing. This transaction will include only 13 of the original
51 properties financed as part of the BX 2022-GPA deal. Comparing
the same 13 assets, the portfolio has observed an NOI increase of
48.7% compared with the prior securitization in 2022. There has
been continued implementation of revenue generators at the property
since the acquisition in 2022, including utility income, upfront
leasing fees, parking, and landlord liability insurance, resulting
in a total Other Income increase of 86.0% from 2021 to the budgeted
figures for the upcoming 2024/2025 school year. Additionally,
Blackstone and ACC have driven significant rent growth with an
average rent per occupied bed (RPOB) increase from $734 in the
2022/2023 school year to a current RPOD of $924 as of September
2024. They have managed to compress operating expenses over the
same period, down from 44.9% in 2021 to 40.7% as of the May 2024
TTM reporting period. Occupancy has trailed slightly behind
budgeted preleasing estimates. The portfolio is 95.4% occupied as
of September 2024 compared with the estimated occupancy of 97.9%
for the 2024/2025 school year. This figure is down from the
2023/2024 school-year occupancy of 99.5%. While the occupancy has
shown some decline, there is a 13.6% increase in gross potential
income (GPI) YOY driven by the increased RPOB.

The subject portfolio consists of 13 assets spread across nine
universities in seven states and has a weighted average year built
of 2010 and an average distance to campus of 0.28 miles. Most of
the assets were built after 2010 and feature modern amenities,
including fitness centers, study rooms, club rooms, and pools. Unit
interiors feature beds, dressers, kitchen tables, couches, coffee
tables, and standard appliance packages. Since 2012, the portfolio
has received $95.1 million in capital improvements. All
universities represented are either Power 5, Carnegie R1, or
Carnegie R2. Approximately 58.2% of the Issuer's UW NCF is derived
from universities in Power 5 conferences, including Florida State
University, University of Kentucky, Michigan State University,
Texas A&M University, and University of Mississippi. The portfolio
has demonstrated consistently strong rent growth and occupancy
metrics, as the portfolio has never been below a weighted average
occupancy of 89.9% dating back to 2012.

The universities at which these properties serve have strong
enrollment trends and brand recognition. As of the 2023/2024
academic year, the universities represented in the portfolio had an
average enrollment of 37,000 students and have seen a 14.9% growth
in enrollment since 2013. The Power 5 and Carnegie R1 universities
have seen a higher growth rate in enrollment historically when
compared to the national average. Additionally, new supply in the
student housing sector has begun slow post-COVID. New supply each
year, represented as a percentage of total university enrollment,
was 2.2% between 2013 and 2019. Between 2021 and forward 2026
estimates, the new supply is estimated to be 0.9% of university
enrollment. The lack of new supply provides the sponsor a strong
opportunity to see continued rent growth and low vacancy throughout
the loan term.

The portfolio is owned and primarily managed by ACC (10 of the 13
properties managed by ACC), the largest student housing developer
and operator in the country, who was acquired by Blackstone in
August 2022. ACC was founded in 1993 and currently has over 3,000
team members and a portfolio of assets spread across 93 campuses.
The company was awarded the 2023 NAHB Property Management Firm of
the Year and was featured in Newsweek's 2022, 2023, and 2024 lists
of America's most trusted companies. Since the acquisition,
Blackstone has kept ACC involved in the property management due to
its strong historical performance and expertise.

Morningstar DBRS has a favorable view on the portfolio, driven by
strong historical performance, consistent NOI growth, university
representation, and institutional sponsorship and management. The
portfolio has a weighted average occupancy of 98.1% dating back to
2019 (excluding Fall 2020). Between the acquisition in August 2022
and the latest rent roll as of September 2024, the portfolio has
observed NOI growth of 48.7% driven by increased rental rates and
ancillary income initiatives. In addition to the strong growth and
performance metrics, the properties are ideally located on
well-established university campuses.

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


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

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction since issuance, backed by a
portfolio of multifamily properties across seven states. The
collateral continues to exhibit healthy performance metrics, with
occupancy and net cash flow (NCF) figures exceeding the Morningstar
DBRS figures derived at issuance.

At issuance, the loan was secured by the borrower's fee-simple
interest in 17 Class A and Class B multifamily properties, totaling
6,410 units, across seven states, including Georgia, Texas,
Florida, and Colorado. Loan proceeds of $1.2 billion along with
$485.2 million of sponsor equity facilitated the acquisition of the
portfolio. All of the properties had received extensive renovations
by the previous owners, totaling $162.5 million. The loan is
sponsored by a joint venture between Blackstone Real Estate Income
Trust (BREIT), with a 98.0% stake in the portfolio, and Cortland
Sponsors, LLC. The largest property in the portfolio, Bowery
Bayside Stepstone (9.9% of the allocated loan amount (ALA)) was
affected by Hurricane Milton in October 2024. Although the extent
of damage was not communicated to Morningstar DBRS, the loan is
structured with casualty insurance from which proceeds are
deposited into a lender-controlled account in the amount of 10.0%
of the ALA. Net insurance proceeds are made available to the
borrower if less than 30.0% of the property has been damaged,
destroyed, or rendered unusable.

The transaction features a partial pro rata paydown structure for
the first 30.0% of the original principal balance. In addition,
individual assets may be released from the transaction, subject to
debt yield tests, at a prepayment premium of 105% of the ALA until
the outstanding loan amount is reduced to 70%, at which point the
prepayment premium increases to 110%. Since Morningstar DBRS' last
review, two properties, Berkeley Park at New Albany (previously
2.8% of ALA, released August 2024) and Cortland Southpark Meadows
(previously 4.9% of ALA, released September 2024) were released
from the portfolio. In total, four properties have been released
since issuance, reducing the outstanding loan balance to $1.0
billion per the October 2024 reporting, representing a collateral
reduction of 15.5%.

The interest-only loan had an initial two-year term and three
one-year extension options, with the fully extended maturity date
scheduled for November 2026. As per the issuance documents, the
borrower is required to purchase an interest rate cap agreement
with each extension that results in a debt service coverage ratio
(DSCR) of at least 1.10 times (x). According to the servicer, the
borrower intends to exercise its second option to extend the term
to November 2025.

According to the financials for the trailing 12 months (T-12) ended
June 30, 2024, the portfolio had a consolidated occupancy rate of
96.8% compared with 95.4% at issuance. NCFs continue to steadily
increase year-over-year and, when adjusting for the released
collateral, the NCF for the T-12 ended June 30, 2024, was $70.7
million, compared with the YE2023 NCF of $68.5 million and the
Morningstar DBRS NCF of $58.1 million. Despite the improvement in
NCF, the increase in interest rates since issuance has resulted in
a lower implied DSCR, which has declined to 0.85x as of the June
2024 reporting, compared with the DSCR of 1.89x for YE2022.
Although the interest rate cap agreement mitigates against large
swings in the interest rate, the significant cost to the borrower
is also a consideration. In addition, Morningstar DBRS notes that
the refinance risks have increased from issuance given the current
interest rate environment and low in-place coverage. The sponsor's
significant equity contribution to close the subject transaction,
as well as the overall desirability of the collateral portfolio,
should provide motivation for additional capital injection to
continue purchasing the required rate caps and to secure a
replacement loan at the final maturity in 2026, if necessary.

In the analysis for this review, Morningstar DBRS removed the cash
flows for the released properties from the YE2023 NCF, resulting in
a Morningstar DBRS NCF of $67.1 million after applying a standard
surveillance haircut. Morningstar DBRS maintained the cap rate of
6.5% applied at issuance, which resulted in a Morningstar DBRS
value of $1.03 billion, a variance of -28.0% from the issuance
appraised value of $1.43 billion for the remaining collateral. The
updated Morningstar DBRS value implies a loan-to-value ratio (LTV)
of 98.2%, compared with the LTV of 70.7% on the issuance appraised
value for the remaining collateral but is relatively unchanged from
the Morningstar DBRS Issuance LTV. To evaluate the potential for
upgrades given the increases in cashflow and principal paydown from
released properties, Morningstar DBRS applied a conservative
upgrade stress to the YE2023 NCF and a 6.5% capitalization rate,
resulting in a stressed value of $843.2 million (LTV of 120.3% ).
The LTV sizing benchmarks resulting from that stressed analysis
indicated that upgrades were not warranted with this review. In
addition, Morningstar DBRS maintained positive qualitative
adjustments totaling 6.5% in the LTV sizing benchmark to reflect
the favorable diversification of cash flow and geography, low cash
flow volatility, and desirable property quality.

The credit ratings assigned to Classes D, E, F, and G are lower
than the results implied by the LTV sizing benchmarks by three or
more notches. These variances are warranted given the lack of
demonstrated sustained loan performance trends. Although the
improvement in NCF since issuance is notable, based on the
conservative upgrade stress applied, the LTV sizing benchmarks
indicated that upgrades were not warranted with this review.

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


CANADIAN COMMERCIAL 2022-5: DBRS Confirms BB Rating on F Certs
--------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-5 issued
by Canadian Commercial Mortgage Origination Trust 5 as follows:

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

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

Since the last credit rating action, one loan that was previously
in special servicing, CALM Building (Prospectus ID#10; 4.3% of the
pool balance) has been brought current and was returned to the
master servicer, the details of which are outlined below.
Additionally, six loans have been repaid in full since the prior
review, including 100 Dundas London (Prospectus ID#7; formerly 3.9%
of the pool balance), which was previously flagged as a credit risk
following the loss of the property's largest tenant. The pool's
performance has generally remained stable, as evidenced by its
weighted-average (WA) debt service coverage ratio (DSCR) of 1.60
times (x) based on the most recent financials, compared with the WA
term DSCR of 1.52x at issuance. The transaction continues to
deleverage as loans amortize or repay from the pool, resulting in a
collateral reduction of 30.2% since issuance. Most loans in the
pool benefit from some level of recourse to the sponsor and/or
low-to-moderate loan-to-value ratios (LTVs) that continue to
decrease. Morningstar DBRS considered this combination of factors,
among others, in its decision to change the trends on Classes F and
G with this credit rating action.

As of the October 2024 remittance, 28 of the original 35 loans
remain in the trust, with an aggregate principal balance of $345.3
million. The transaction is concentrated by property type, with
loans backed by industrial, multifamily, and retail properties
representing 42.3%, 18.2%, and 18.2%, respectively, of the current
pool balance. The transaction is also concentrated by geography,
with 16 loans, representing 42.8% of the current trust balance
secured by properties in Ontario. No loans are in special
servicing; however, three loans, representing 6.8% of the pool
balance, are on the servicer's watchlist.

The largest loan on the servicer's watchlist, CALM Building, is
secured by a 92,171-square-foot, Class B mixed-use (office, medical
office, and retail) property in Québec City. A blanket lien was
placed across the borrower's (Group Hout) entire real estate
portfolio in February 2023 after a covenant associated with an
unsecured operating credit facility was breached. The loan
subsequently transferred to special servicing in May 2023 following
a series of defaults, including delinquency on principal and
interest payments, and real estate taxes. Impact Gestion
Immobiliere, a Québec City real estate management company,
purchased the property for $17.0 million in August 2024, the terms
of which included takeback financing, a three-year extension of the
loan maturity (to July 2027), and additional funds to be made
available for capital and leasing costs associated with stabilizing
the property. As part of the loan modification and assumption, the
trust realized a loss of approximately $1.3 million, related to the
reimbursement of unpaid principal and interest payments and
associated expenses, including property tax arrears. As of the
October 2024 reporting, the loan has been returned to the master
servicer and is current. Occupancy has declined since issuance
because several tenants affiliated with the prior sponsor vacated
the property. An updated rent roll was not provided to Morningstar
DBRS; however, the July 2023 appraisal noted the property was
approximately 60.0% leased. According to a Q2 2024 CBRE report,
office properties within the Northwest region of Québec City
reported average vacancy rates of 11.5%. Although the loan's
maturity date in 2027 will provide the new sponsor time to backfill
vacant space and work toward stabilization, Morningstar DBRS
analyzed this loan with an elevated probability of default penalty
and stressed LTV to reflect the low occupancy rate and its expected
impact on cash flow. The resulting expected loss was more than five
times the pool average.

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


CARLYLE US 2021-1: Fitch Assigns 'BB-sf' Rating on Class D-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Carlyle
US CLO 2021-1, Ltd. reset transaction.

   Entity/Debt                   Rating             Prior
   -----------                   ------             -----
Carlyle US CLO 2021-1, Ltd.

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

Transaction Summary

Carlyle US CLO 2021-1, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. and originally closed in March 2021.
This is the first refinancing for this transaction, whereby the
existing notes will be refinanced in whole on Nov. 6, 2024. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $600 million
of primarily first-lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.92 versus a maximum covenant, in accordance with
the initial expected matrix point of 26. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.93% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 72.57% versus a
minimum covenant, in accordance with the initial expected matrix
point of 71.95%.

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

Date of Relevant Committee

01 November 2024

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Carlyle US CLO
2021-1, 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 which has a significant impact on the rating on an
individual basis.


CASCADE FUNDING 2024-RM5: DBRS Gives Prov. B Rating on M5 Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Mortgage-Backed Notes, Series 2024-RM5 to be issued by Cascade
Funding Mortgage Trust 2024-RM5:

-- $483.0 million Class A at (P) AAA (sf)
-- $46.0 million Class M1 at (P) AA (low) (sf)
-- $36.3 million Class M2 at (P) A (low) (sf)
-- $36.5 million Class M3 at (P) BBB (low) (sf)
-- $9.0 million Class M4A at (P) BB (sf)
-- $18.8 million Class M4B at (P) BB (low) (sf)
-- $17.5 million Class M5 at (P) B (sf)

The AAA (sf) credit rating reflects 24.9% of credit enhancement.
The AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (sf), BB (low)
(sf), and B (sf) credit ratings reflect 17.7%, 12.1%, 6.4%, 5.0%,
2.1%, and -0.6% 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 (HOA) dues if applicable. Reverse mortgages are
typically nonrecourse; borrowers do not have to provide additional
assets in cases where the outstanding loan amount exceeds the
property's value (the crossover point). As a result, liquidation
proceeds will fall below the loan amount in cases where the
outstanding balance reaches the crossover point, contributing to
higher loss severities for these loans.

As of the October 1, 2024, cut-off date, the collateral has
approximately $643.01 million in unpaid principal balance from 640
active and inactive reverse mortgage loans secured by first liens
typically on single-family residential properties, condominiums,
multifamily (two- to four-family) properties, manufactured homes,
planned unit developments, co-ops, and townhouses. The loans were
originated between 2002 and 2008. Of the total loans, 33 have a
fixed interest rate (9.45% of the balance), with a 9.37%
weighted-average coupon (WAC). The remaining 607 loans are
adjustable rate (90.55% of the balance) with a 9.29% WAC, bringing
the entire collateral pool to a 9.30% WAC.

The transaction comprises loans that were originally securitized in
the CFMT 2018-RM2 and CFMT 2019-RM3 transactions. Of the 640 loans
in this deal, 412 (58.59% of the balance) are conveyed from the
CFMT 2018-RM2 transaction and the remaining 228 loans (41.41% of
the balance) are conveyed from the CFMT 2019-RM3 transaction.

As of the initial cut-off date, 552 loans in this transaction are
active (87.11% of the balance) and the remaining 88 (12.89%) are
inactive. There are 47 mortgage assets that are in the foreclosure
process (6.76%), 10 are real estate owned (1.27%), 15 are in
default (2.13%), and two are in bankruptcy (0.14%). The
weighted-average loan-to-value ratio (LTV) of the active loans is
66.17% and 64.13% for the inactive loans, bringing the entire
collateral pool to a 67.21% LTV.

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


CEDAR FUNDING X: S&P Assigns Prelim B- (sf) Rating on F-R2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 replacement debt and
proposed new class F-R2 and X-R2 debt from Cedar Funding X CLO
Ltd./Cedar Funding X CLO LLC, a CLO originally issued in September
2019 that is managed by Aegon USA Investment LLC.

The preliminary ratings are based on information as of Nov. 7,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 19, 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 non-call period will be extended to Oct. 20, 2026.

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

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

-- No additional assets will be purchased on the Nov. 19, 2024,
refinancing date, and the target initial par amount will remain at
400 million. There will be no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 20, 2025.

-- Class X-R2 debt will be issued on the refinancing date and is
expected to be paid down using interest proceeds during the first
five payment dates in equal installments of $200,000, beginning on
the April 2025 payment date.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- No additional subordinated notes will be issued on the
refinancing date.

-- The transaction will adopt benchmark replacement language and
be 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

  Cedar Funding X CLO Ltd./Cedar Funding X CLO LLC

  Class X-R2, $1.00 million: AAA (sf)
  Class A-R2, $256.00 million: AAA (sf)
  Class B-R2, $48.00 million: AA (sf)
  Class C-R2 (deferrable), $24.00 million: A (sf)
  Class D-1-R2 (deferrable), $19.00 million: BBB (sf)
  Class D-2-R2 (deferrable), $9.00 million: BBB- (sf)
  Class E-R2 (deferrable), $12.00 million: BB- (sf)
  Class F-R2 (deferrable), $4.50 million: B- (sf)

  Other Outstanding Debt

  Cedar Funding X CLO Ltd./Cedar Funding X CLO LLC

  Subordinated notes, $35.75 million: Not rated



CHASE HOME 2023-RPL3: DBRS Confirms B(low) Rating on B-2 Certs
--------------------------------------------------------------
DBRS, Inc. reviewed 13 classes from two U.S. residential
mortgage-backed securities (RMBS) transactions. The two
transactions reviewed are classified as reperforming mortgages. Of
the 13 classes reviewed, Morningstar DBRS upgraded its credit
ratings on two classes and confirmed its credit ratings on 11
classes.

Chase Home Lending Mortgage Trust  

-- Mortgage Certificates, Series 2023-RPL3, Class A-1 AAA (sf)
     Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class A-1-A AAA (sf)  

     Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class A-1-B AAA (sf)
     Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class A-2 AA (low)
     (sf) Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class M-1 A (low)(sf)
     Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class M-2 BBB (low)
     (sf) Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class B-1 BB (low)
    (sf) Confirmed
-- Mortgage Certificates, Series 2023-RPL3, Class B-2 B (low)(sf)

     Confirmed

PRPM 2023-RCF2, LLC

-- Asset-Backed Notes, Series 2023-RCF2, Class A-1 AAA (sf)
     Confirmed
-- Asset-Backed Notes, Series 2023-RCF2, Class A-2 AA (high) (sf)

     Upgraded
-- Asset-Backed Notes, Series 2023-RCF2, Class A-3 A (high) (sf)
     Upgraded
-- Asset-Backed Notes, Series 2023-RCF2, Class M-1 BBB (sf)  
     Confirmed
-- Asset-Backed Notes, Series 2023-RCF2, Class M-2 BB (high) (sf)
     Confirmed

The credit rating upgrades reflect a positive performance trend and
an increase in credit support sufficient to withstand stresses at
the new credit rating level. The credit rating confirmations
reflect asset performance and credit support levels that are
consistent with the current credit ratings.

The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns September 2024 Update" published on September 25, 2024
(https://dbrs.morningstar.com/research/439965). 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.


CITIGROUP 2024-CMI1: DBRS Finalizes B(low) Rating on B5 Certs
-------------------------------------------------------------
DBRS, Inc. assigned the following provisional credit ratings on the
Mortgage Pass-Through Certificates, Series 2024-CMI1 (the
Certificates) issued by the Citigroup Mortgage Loan Trust 2024-CMI1
(CMLTI 2024-CMI1):

-- $231.8 million Class A-1 at AAA (sf)
-- $231.8 million Class A-2 at AAA (sf)
-- $231.8 million Class A-3 at AAA (sf)
-- $139.1 million Class A-4 at AAA (sf)
-- $139.1 million Class A-5 at AAA (sf)
-- $139.1 million Class A-6 at AAA (sf)
-- $92.7 million Class A-7 at AAA (sf)
-- $92.7 million Class A-8 at AAA (sf)
-- $92.7 million Class A-9 at AAA (sf)
-- $173.9 million Class A-10 at AAA (sf)
-- $173.9 million Class A-11 at AAA (sf)
-- $173.9 million Class A-12 at AAA (sf)
-- $58.0 million Class A-13 at AAA (sf)
-- $58.0 million Class A-14 at AAA (sf)
-- $58.0 million Class A-15 at AAA (sf)
-- $34.8 million Class A-16 at AAA (sf)
-- $34.8 million Class A-17 at AAA (sf)
-- $34.8 million Class A-18 at AAA (sf)
-- $20.0 million Class A-19 at AAA (sf)
-- $20.0 million Class A-20 at AAA (sf)
-- $20.0 million Class A-21 at AAA (sf)
-- $251.9 million Class A-X at AAA (sf)
-- $251.9 million Class A-X-1 at AAA (sf)
-- $251.9 million Class A-I-1 at AAA (sf)
-- $251.9 million Class A-I-2 at AAA (sf)
-- $251.9 million Class A-I-3 at AAA (sf)
-- $231.8 million Class A-I-4 at AAA (sf)
-- $231.8 million Class A-I-5 at AAA (sf)
-- $231.8 million Class A-I-6 at AAA (sf)
-- $139.1 million Class A-I-7 at AAA (sf)
-- $139.1 million Class A-I-8 at AAA (sf)
-- $139.1 million Class A-I-9 at AAA (sf)
-- $92.7 million Class A-I-10 at AAA (sf)
-- $173.9 million Class A-I-11 at AAA (sf)
-- $58.0 million Class A-I-12 at AAA (sf)
-- $58.0 million Class A-I-13 at AAA (sf)
-- $58.0 million Class A-I-14 at AAA (sf)
-- $34.8 million Class A-I-15 at AAA (sf)
-- $34.8 million Class A-I-16 at AAA (sf)
-- $34.8 million Class A-I-17 at AAA (sf)
-- $20.0 million Class A-I-18 at AAA (sf)
-- $20.0 million Class A-I-19 at AAA (sf)
-- $20.0 million Class A-I-20 at AAA (sf)
-- $12.5 million Class B-1 at AA (low) (sf)
-- $12.5 million Class B-1-A at AA (low) (sf)
-- $12.5 million Class B-1-IO at AA (low) (sf)
-- $16.0 million Class B-1-2IO at A (low) (sf)
-- $18.4 million Class B-1-3IO at BBB (low) (sf)
-- $3.4 million Class B-2 at A (low) (sf)
-- $3.4 million Class B-2-A at A (low) (sf)
-- $3.4 million Class B-2-IO at A (low) (sf)
-- $2.5 million Class B-3 at BBB (low) (sf)
-- $2.5 million Class B-3-A at BBB (low) (sf)
-- $2.5 million Class B-3-IO at BBB (low) (sf)
-- $945.0 thousand Class B-4 at BB (low) (sf)
-- $682.0 thousand Class B-5 at B (low) (sf)

Classes A-X, A-X-1, A-I-1, A-I-2, A-I-3, A-I-4, A-I-5, A-I-6,
A-I-7, A-I-8, A-I-9, A-I-10, A-I-11, A-I-12, A-I-13, A-I-14,
A-I-15, A-I-16, A-I-17, A-I-18, A-I-19, A-I-20, B-1-IO, B-1-2IO,
B-1-3IO, B-2-IO, and B-3-IO are interest-only (IO) certificates.
The class balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-8, A-9, A-10, A-11, A-12,
A-13, A-14, A-16, A-17, A-19, A-20, A-X, A-I-1, A-I-2, A-I-3,
A-I-4, A-I-5, A-I-6, A-I-8, A-I-10, A-I-11, A-I-13, A-I-16, A-I-19,
B-1, B-1-2IO, B-1-3IO, B-2, and B-3 are exchangeable certificates.
These classes can be exchanged for combinations of exchange
certificates as specified in the offering documents.

Classes A-6, A-15, and A-18 are super-senior certificates. These
classes benefit from additional protection from the senior support
certificate (Class A-23) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 7.65% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 3.05%, 1.80%, 0.90%, 0.55%, and 0.30% of credit
enhancement, respectively.

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

The transaction is 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-CMI1 (the
Certificates). The Certificates are backed by 281 loans with a
total principal balance of $272,763,078 as of the Cut-Off Date
(October 1, 2024).

This transaction is sponsored by Citigroup Global Markets Realty
Corp. (CGMRC). The pool consists of fully amortizing fixed-rate
mortgages with original terms to maturity of 30 years and a
weighted-average (WA) loan age of seven months. The pool is
composed of nonagency, prime jumbo mortgage loans that were
manually underwritten using the originator's guidelines.

CitiMortgage, Inc. (CMI) is the Servicer and CMI's affiliate is the
Originator of all of the mortgage loans. Cenlar FSB (Cenlar) will
act as subservicer. For this transaction, the servicing fee rate is
0.500%.

CGMRC is the Mortgage Loan Seller and Sponsor of the transaction.
Citigroup Mortgage Loan Trust Inc. will act as Depositor of the
transaction. U.S. Bank Trust Company, National Association (U.S.
Bank; rated AA with a Stable trend by Morningstar DBRS) will act as
the Trust Administrator. U.S. Bank Trust National Association will
serve as Trustee, and U.S. Bank National Association will serve as
Custodian.

CMI as Servicer will be responsible for advancing delinquent
monthly scheduled payments of interest and principal (Scheduled
Payments), to the extent such payments are recoverable by the
Servicer. The Servicer, will be required to make all customary,
reasonable and necessary servicing advances with respect to
preservation, inspection, restoration, protection, and repair of a
mortgaged property.

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


COLT 2024-INV4: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to COLT
2024-INV4 Mortgage Loan Trust's mortgage-backed certificates.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans to both prime and nonprime borrowers
(some with interest-only periods). The loans are secured by
single-family residential properties, planned-unit developments,
condominiums, townhouses, two- to four-family residential
properties, condotels, and a cooperative. The pool consists of 601
business-purpose investment property loans, which are all
ATR-exempt loans.

The preliminary ratings are based on information as of Nov. 14,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, representation and warranty (R&W) framework, and
geographic concentration;

-- The mortgage aggregator and originators; and

-- S&P said, "An acceleration in the pace of monetary policy
easing, which is one key change in our baseline forecast since
June. We anticipate the Federal Reserve will deliver two more rate
cuts of 25 basis points (bps) this year and a total of 225 bps of
rate cuts by year-end 2025--a 75 bps increase from our prior
forecast. We continue to expect real GDP growth to slow from
above-trend growth this year to below-trend growth in 2025,
accompanied by a further rise in the unemployment rate and lower
inflation. However, our probability of a recession starting over
the next 12 months remains unchanged at 25%.With personal
consumption still healthy for now, near-term recession fears appear
overblown. Therefore, we maintain our current market outlook as it
relates to the 'B' projected archetypal foreclosure frequency of
2.50%. This 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)

  COLT 2024-INV4 Mortgage Loan Trust

  Class A-1, $151,378,000: AAA (sf)
  Class A-2, $13,386,000: AA (sf)
  Class A-3, $22,854,000: A (sf)
  Class M-1, $11,209,000: BBB (sf)
  Class B-1, $7,944,000: BB (sf)
  Class B-2, $6,421,000: B (sf)
  Class B-3, $4,462,540: NR
  Class A-IO-S, notional(ii): NR
  Class X, notional(ii): NR
  Class R, not applicable: NR

(i)The collateral and structural information in this report
reflects the Nov. 12, 2024, term sheet. The preliminary ratings
address the ultimate payment of interest and principal. They do not
address payment of the cap carryover amounts.
(ii)The notional amount will equal the aggregate principal balance
of the mortgage loans as of the first day of the related due
period.
NR--Not rated.



COMM 2013-CCRE10: DBRS Confirms BB Rating on Class E Certs
----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the remaining classes of
the Commercial Mortgage Pass-Through Certificates, Series
2013-CCRE10 issued by COMM 2013-CCRE10 Mortgage Trust as follows:

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

The trends are Stable.

Both classes maintain Stable trends.

Since the last credit rating action, one loan that was previously
in special servicing was disposed from the trust with a
better-than-expected recovery. As of the October 2024 remittance,
only two loans remain in the pool, both of which defaulted at
maturity and have since been granted maturity extensions. To test
the recoverability of the remaining bonds, Morningstar DBRS
considered liquidation scenarios for both loans based on
conservative haircuts to the most recent appraised values and
concluded that any losses are likely to be contained to the unrated
Class G. However, given the adverse selection and concentration of
defaulted loans, Morningstar DBRS' credit ratings remain reflective
of the high credit risk of the remaining assets.

The largest loan remaining is Prince Kuhio Plaza (Prospectus ID#6,
89.8% of the pool), secured by a regional mall in Hilo, Hawaii,
owned by Brookfield. The loan transferred to special servicing in
June 2023 prior to the July 2023 repayment maturity date.
Brookfield was granted a 12-month forbearance through July 2024 in
exchange for a $5.0 million reserve deposit. The maturity date has
been extended again to July 2025, though it is unclear if there was
an additional deposit made. As of the October 2024 remittance, the
loan has a current total reserve balance of $11.2 million and is
pending return to the master servicer. Historically, the loan has
reported stable cash flow, although occupancy declined following
the departure of previous anchor tenant Sears, which continues to
pay rent. Morningstar DBRS expects this revenue stream will drop
once Sears stops paying rent after the April 2025 lease expiration.
The asset primarily serves shoppers local to the region, as it is
located some distance from the main tourist areas on the island. It
is the only enclosed regional mall on the Big Island. An updated
appraisal, dated April 2024, valued the property at $54.0 million,
down from the issuance appraised value of $71.0 million. This value
could withstand up to an additional 30% of stress before the loan
would experience any loss at disposition, indicating significant
cushion against additional deterioration in performance and/or
value.

The smallest loan is Starks Parking Louisville (Prospectus ID# 47,
10.2% of the pool), secured by a 725-space parking garage located
in downtown Louisville, Kentucky. Performance was drastically
affected by the COVID-19 pandemic, as demand for parking plummeted
and monthly permits were cancelled. The loan's maturity date was
extended to August 2025. The April 2024 appraised value of $5.1
million indicates the asset could withstand an additional 10% in
value deterioration before the loan would experience any loss at
disposition. A full loss to the loan amount would still be
contained to the unrated Class G.

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


CSMC 2021-BHAR: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2021-BHAR
issued by CSMC 2021-BHAR:

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

All trends are Stable.

The credit rating confirmations reflect the collateral's overall
healthy performance since issuance, as revenue per available room
(RevPAR) continues to surpass pre-pandemic levels as expected. The
loan continues to benefit from strong sponsorship and the
collateral's prime location, with the servicer-reported financials
for the trailing 12 months (T-12) ended June 30, 2024, reflecting
an annualized net cash flow (NCF) of $17.7 million, exceeding the
Morningstar DBRS NCF of $15.0 million.

The transaction is collateralized by the fee-simple interest in the
St. Regis Bal Harbour Resort, a 216-key luxury full-service hotel
in Miami Beach, Florida. The hotel features 192 hotel rooms and 24
third party-owned condominium units that participate in a rental
management program. The collateral is within the Center Tower,
uniquely offering all oceanfront rooms. The property boasts four
upscale restaurants, multiple swimming pools, approximately 14,000
square feet (sf) of amenities, and more than 33,000 sf of
indoor/outdoor event space. The property is operated and managed by
Sheraton, a Marriott-owned brand, with sponsorship provided by the
Qatar-based Al Faisal Holding, a real estate investment company
that, at issuance, owned 37 properties across the world, including
five luxury hotels in the United States.

The whole-loan proceeds of $188.0 million refinanced existing debt
returned $44.5 million of equity to the sponsor and funded upfront
reserves. The floating-rate loan is interest-only (IO) and has a
two-year initial term, with three one-year extension options and a
fully extended maturity date in November 2026. According to
servicer commentary, the borrower has decided to exercise the
second extension option in November 2024 and the request is
currently under review. As a condition to extending the loan, the
borrower must enter into an interest rate cap agreement with a
strike rate that results in a debt service coverage ratio (DSCR) of
at least 1.15 times (x). Given the current interest rate
environment, the costs of new interest rate cap agreements have
increased significantly in the past year.

According to the STR report for the T-12 ended June 30, 2024, the
hotel's occupancy, average daily rate (ADR), and RevPAR were 68.0%,
$1,105, and $751, respectively, an improvement over the issuance
RevPAR of $695 and the Morningstar DBRS RevPAR of $613. The most
recent metrics have surpassed pre-pandemic levels, although
occupancy, ADR, and RevPAR declined 2.6%, 2.3%, and 4.9%,
respectively, from the T-12 ended June 30, 2023, levels. Despite
the year-over-year declines, the property continues to outperform
its competitive set, reporting a 121.1% RevPAR penetration rate for
the T-12 ended June 30, 2024, period.

The loan continues to perform in line with Morningstar DBRS'
expectations. According to the T-12 ended June 30, 2024,
financials, the loan reported an NCF of $17.7 million (representing
a DSCR of 1.16x), surpassing the Morningstar DBRS NCF of $15.0
million but declining from the YE2023 NCF of $20.7 million
(representing a DSCR of 1.43x). The drop in NCF was attributed to a
decline in room revenue and an increase in property insurance
expenses.

Morningstar's DBRS credit ratings are based on a value analysis
completed at issuance, which considered a capitalization rate of
7.75%, resulting in a Morningstar DBRS value of $193.4 million and
a whole-loan LTV of 97.2%. The Morningstar DBRS value represents a
47.2% haircut to the appraiser's value of $366.0 million. To
account for the high leverage, Morningstar DBRS programmatically
reduced its LTV benchmark targets for the transaction by 1.50%
across the capital structure. Additionally, Morningstar DBRS
applied positive qualitative adjustments to its sizing, totaling
6.0%, to reflect the property's quality, cash flow volatility, and
market fundamentals. Despite the recent decline in NCF,
Morningstar's DBRS credit view remains unchanged from issuance
given the subject's prime location, luxury brand, and experienced
institutional sponsorship.

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


CSWF 2021-SOP2: S&P Affirms CCC (sf) Rating on Class F Certs
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from CSWF 2021-SOP2,
a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a $223 million, floating-rate (indexed to one-month SOFR plus a
3.157% spread), interest-only mortgage loan (according to the Oct.
15, 2024, trustee remittance report). The loan currently matures
June 9, 2025 (the final extended maturity date is in June 2026),
and is secured by the borrower's fee simple and leasehold interests
in a portfolio of nine (the same as in our last review and down
from 11 at issuance) predominantly single-tenanted suburban office
properties totaling 1.1 million sq. ft. in Arizona, Florida,
California, Texas, and Oregon. The properties, averaging 127,322
sq. ft., were built between 1982 and 2018.

Rating Actions

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

-- That the portfolio's most recent available reported occupancy
and net cash flow (NCF) have been relatively stable and that we
assessed that the portfolio would continue to perform as S&P
expected in its January 2024 review. The portfolio's occupancy is
steady, at 93.9%, according to the June 1, 2024, rent roll.

-- S&P's expected-case valuation for the portfolio properties,
which is unchanged from its January 2024 review.

-- Specifically, the 'CCC (sf)' affirmation on class F reflects
S&P's view that the class remains at a heightened risk of default
and loss due to current market conditions and its more-subordinate
position in the payment waterfall.

While the model-indicated rating was higher for the class B
certificates, S&P affirmed the outstanding rating because it
qualitatively considered:

-- The potential for higher-than-expected vacancy at the remaining
properties because leases comprising approximately 46.9% of the
portfolio net rentable area (NRA) roll in 2026, coincident with the
loan's final extended maturity date. Additionally, two tenants in
two properties with leases comprising 9.0% of portfolio NRA and
expiring in 2026 and 2028, respectively, are currently dark.
According to the October 2024 CRE Finance Council loan-level
reserve report, there is about $1.6 million in tenant, ground
rents, and other reserve accounts.

-- That the borrower may face challenges re-leasing vacant spaces
in a timely manner due to still-weak office submarket fundamentals,
which we assessed may affect its ability to refinance the loan.

-- S&P said, "We will continue to monitor the tenancy and
performance of the portfolio and loan, as well as the borrower's
ability to refinance the loan upon its June 2025 or final extended
June 2026 maturity dates. If we receive information that differs
materially from our expectations, we may revisit our analysis and
take rating actions as we determine necessary."

Property-Level Analysis Updates

S&P said, "In our last review in January 2024, the remaining nine
suburban office properties were approximately 93.9% leased.
However, we noted that the portfolio properties were in office
submarkets that reported double-digit vacancy and availability
rates, faced concentrated rollover risk, and had dark tenant
spaces. As a result, we assumed a 19.9% overall portfolio vacancy
rate, an S&P Global Ratings $24.69 per-sq.-ft. gross rent, and a
34.5% operating expense ratio to arrive at our long-term
sustainable NCF of $13.1 million. Using an S&P Global Ratings
capitalization rate of 8.50%, we derived an S&P Global Ratings
expected-case value of $153.8 million, or $134 per sq. ft. on the
remaining properties.

"As we previously mentioned, the portfolio's occupancy, according
to the June 1, 2024, rent roll, was stable at 93.9%. The office
submarkets where the remaining properties are located continue to
experience elevated vacancy and availability rates. The portfolio
still faces concentrated rollover risk and has dark tenant spaces.

"As a result, given that the portfolio's performance, tenancy, and
submarket conditions have not materially changed since our last
review, we maintained our NCF and expected-case value assumptions
that we derived in our last review. This yielded an S&P Global
Ratings' loan-to-value ratio of 145.0%."

  Ratings Affirmed

  CSWF 2021-SOP2

  Class A: AAA (sf)
  Class B: AA- (sf)
  Class C: A- (sf)
  Class D: BB+ (sf)
  Class E: B- (sf)
  Class F: CCC (sf)



ELMWOOD CLO 36: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1R, D-2R, and E-R replacement debt from Elmwood
CLO 36 Ltd./Elmwood CLO 36 LLC, a CLO issued in 2024 that is
managed by Elmwood Asset Management LLC. This is a reset of the
Logan II CLO Ltd. transaction that originally closed in December
2021, which was not rated by S&P Global Ratings.

The preliminary ratings are based on information as of Nov. 7,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 14, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. At that
time, S&P expects to assign ratings to the replacement debt.
However, if the refinancing doesn't occur, S&P may withdraw its
preliminary ratings on the replacement debt.

The replacement debt will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement debt.
According to the proposed supplemental indenture, the transaction
will be collateralized by at least 90.00% senior secured loans,
cash, and eligible investments, with a minimum of 85.00% of the
loan borrowers required to be based in the U.S., Canada.

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

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

  Preliminary Ratings Assigned

  Elmwood CLO 36 Ltd./Elmwood CLO 36 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), $2.50 million: BBB- (sf)
  Class E-R (deferrable), $16.75 million: BB- (sf)

  Other Debt

  Elmwood CLO 36 Ltd./Elmwood CLO 36 LLC

  Subordinated notes, $42.00 million: Not rated



ELMWOOD CLO II: S&P Assigns B- (sf) Rating on Class F-RR Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class X,
A-1-RR, A-2-RR, B-RR, C-RR, D-1-RR, D-2-RR, E-RR, and F-RR debt
from Elmwood CLO II Ltd./Elmwood CLO II LLC, a CLO originally
issued in 2019 and refinanced in April 2021 that is managed by
Elmwood Asset 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 B-RR, C-RR, E-RR, and F-RR debt was
issued at a lower spread over three-month SOFR than the original
debt.

-- The original class A-R debt was replaced by two new
floating-rate classes: A-1-RR and A-2-RR. The class A-1-RR debt
will be senior to the class A-2-RR debt.

-- The original class D-R debt was replaced by two new
floating-rate classes: D-1-RR and D-2-RR. The class D-1-RR debt
will be senior to the class D-2-RR debt.

-- The stated maturity and reinvestment period were extended three
years.

-- Class X debt was issued in connection with this refinancing.
These notes will be paid down using interest proceeds during the
first eight payment dates beginning with the payment date in period
one.

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

  Elmwood CLO II Ltd./Elmwood CLO II LLC

  Class X, $3.0 million: AAA (sf)
  Class A-1-RR, $610.0 million: AAA (sf)
  Class A-2-RR, $25.0 million: AAA (sf)
  Class B-RR, $125.0 million: AA (sf)
  Class C-RR (deferrable), $60.0 million: A (sf)
  Class D-1-RR (deferrable), $60.0 million: BBB- (sf)
  Class D-2-RR (deferrable), $5.0 million: BBB- (sf)
  Class E-RR (deferrable), $32.5 million: BB- (sf)
  Class F-RR (deferrable), $12.5 million: B- (sf)

  Ratings Withdrawn

  Elmwood CLO II Ltd./Elmwood CLO II LLC

  Class A-R to not rated from 'AAA (sf)'  
  Class B-R to not rated from 'AA (sf)'
  Class C-R to not rated from 'A (sf)'
  Class D-R to not rated from 'BBB- (sf)'
  Class E-R to not rated from 'BB- (sf)'
  Class F-R to not rated from 'B- (sf)'

  Other Debt

  Elmwood CLO II Ltd./Elmwood CLO II LLC

  Subordinated notes, $86.0 million: Not rated



ELP COMMERCIAL 2021-ELP: DBRS Confirms B(low) Rating on G Certs
---------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-ELP
issued by ELP Commercial Mortgage Trust 2021-ELP as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall
stable-to-improving performance of the underlying collateral, as
evidenced by the year-over-year growth in net cash flow (NCF) and
steady overall occupancy rates for the collateral portfolio, which
have averaged above 90.0% since issuance.

At issuance, the loan was secured by the borrower's fee-simple and
leasehold interests in a portfolio of 142 industrial properties
totaling approximately 28.0 million square feet (sf) across 18
markets and 17 U.S. states. As of the October 2024 reporting, only
one property, 7172 Columbia Gateway Drive, has been released. The
current trust balance of $1.8 billion represents a nominal
collateral reduction of 0.1% since issuance. Property releases are
subject to a payment release price of 105.0% of the allocated loan
amount (ALA) for the first 25.0% of the original principal balance
and 110.0% of ALA thereafter. Proceeds from the first 25.0% of
property releases are distributed on a pro rata basis across the
capital stack, with all subsequent principal repayment applied
sequentially. Morningstar DBRS adjusted its LTV thresholds to
account for the structure of the transaction as well as what
Morningstar DBRS considered to be generally weak release premiums
associated with the partial release of properties permitted by the
mortgage loan documents.

The loan sponsors, EQT Exeter and EG Industrial Properties, LLC (G
Investor), entered a contract to recapitalize a larger platform of
more than 300 industrial properties for approximately $6.9 billion
in 2020. G Investor contributed approximately $2.7 billion in
connection with the broader recapitalization, of which
approximately $591.5 million was allocated to the subject
portfolio. Loan proceeds totaling $1.8 billion, along with sponsor
equity, were used to finance the acquisition of the portfolio at a
purchase price of $2.3 billion and cover closing costs. G Investor
is owned by GIC Realty Private Limited, which is a global
investment firm with investments across several asset classes,
including real estate in more than 40 countries, while EQT Exeter
is one of the largest real estate investment managers in the
world.

The interest-only, floating-rate underlying loan had an initial
two-year term with three one-year extension options. The loan is
currently scheduled to mature in November 2024; however, the
servicer has confirmed that the borrower intends to exercise its
second extension option. To exercise the extension option, the
borrower is required to purchase an interest rate cap agreement
with a strike rate such that the new cap results in a minimum debt
service coverage ratio (DSCR) of 1.10 times (x) (subject to a
maximum strike rate of 4.50%).

The remaining collateral is located across 17 states, with the
largest market concentrations in Memphis, Tennessee (22 properties;
approximately 19.6% of net operating income (NOI)), Indianapolis
(32 properties; approximately 16.0% of NOI), and Louisville,
Kentucky (15 properties; approximately 11.1% of NOI). The portfolio
primarily consists of general industrial, warehouse/distribution
and research and development/flexible space with approximately 8.0%
of the net rentable area classified as office space. According to
the financial reporting for the trailing six months ended June 30,
2024, the portfolio generated annualized NCF of $122.3 million (a
DSCR of 0.96x) ¿ 9.0% and 13.1% greater than the YE2023 and
Morningstar DBRS figures of $112.2 million (a DSCR of 0.93x) and
$108.1 million (a DSCR of 3.58x), respectively. As of June 2024,
the portfolio was approximately 94.0% occupied, generally in line
with the issuance occupancy rate of 97.2%. Although occupancy and
cash flow remain healthy, the loan's DSCR has declined from
issuance, primarily because of an increase in debt service
obligations given the floating-rate nature of the loan.

At issuance, Morningstar DBRS derived a value of $1.6 billion based
on the Morningstar DBRS NCF of $108.1 million and capitalization
rate of 6.75%. The Morningstar DBRS value represents a -36.7%
variance from the issuance appraised value of $2.5 billion. The
resulting Morningstar DBRS loan-to-value ratio (LTV) was 109.3%
compared with the LTV of 69.3% based on the appraised value at
issuance. Morningstar DBRS maintained positive qualitative
adjustments totaling 7.5% to reflect low cash flow volatility,
generally strong property quality, and stable market fundamentals.
The subject portfolio benefits from both favorable geographic
diversification and favorable tenant granularity, both of which
contribute to potential cash flow stability over time.

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


FIRST INVESTORS 2022-1: S&P Affirms BB- (sf) Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings raised its ratings on 13 classes and affirmed
its ratings on nine classes of notes from five First Investors Auto
Owner Trust (FIAOT) transactions. These ABS transactions are backed
by subprime retail auto loan receivables originated by Stellantis
Financial Services Inc. (doing business as First Investors
Financial Services) and serviced by First Investors Servicing
Corp.

The rating actions reflect:

-- S&P said, "Each transaction's collateral performance to date
and our expectations regarding future collateral performance; Our
remaining cumulative net loss (CNL) expectations for each
transaction, and the transactions' structures and credit
enhancement levels; and Other credit factors, including credit
stability, payment priorities under various scenarios, and sector-
and issuer-specific analyses, including our most recent
macroeconomic outlook that incorporates baseline forecasts for U.S.
GDP and unemployment."

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

S&P said, "The FIAOT 2021-1, 2021-2, and 2022-1 transactions are
performing better than our prior CNL expectations. Delinquencies
are slightly elevated, but extensions are within historical norms.
As such, we revised and lowered our expected CNLs for these
transactions. FIAOT 2022-2 and 2023-1 are performing worse than our
initial CNL expectations. With fewer months of performance and
higher pool factors, these transactions are more exposed to the
prevailing adverse economic headwinds. Based on these factors and
taking into consideration our expectation of the transactions'
future performance, we increased our expected CNL for FIAOT 2022-2
and FIAOT 2023-1."

  Table 1

  Collateral performance (%)(i)

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

  2021-1    45    13.65      5.37         5.67         2.87
  2021-2    38    23.07      5.76         5.94         2.92
  2022-1    32    31.99      6.82         5.95         2.75
  2022-2    24    46.53      7.06         4.85         3.12
  2023-1    12    72.17      4.90         4.12         3.15        


(i)As of the October 2024 distribution date.
Mo.--Month.
Delinq.--Delinquencies.
CNL--Cumulative net loss.

  Table 2

  CNL expectations (%)

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

  2021-1         12.00         7.00            6.25
  2021-2         10.00         9.25            7.25
  2022-1          9.50        10.75           10.00
  2022-2          9.50        11.25           11.50
  2023-1         10.25          N/A           12.50

(i)Revised in November 2023 except 2022-1, which was revised in
June 2023.
(ii)As of November 2024.
CNL exp.--Cumulative net loss expectations.
N/A--Not applicable.

Each transaction has a sequential principal payment structure--in
which the notes are paid principal by seniority--that will increase
the credit enhancement for the senior notes as the pool amortizes.
Each transaction also has credit enhancement consisting of
overcollateralization, a non-amortizing reserve account,
subordination for the more senior classes, and excess spread. As of
the November 2024 distribution date, each of the FIAOT 2021-1,
2021-2, and 2022-1 transactions are at their specified target
overcollateralization levels and specified reserve levels. FIAOT
2022-2 and 2023-1 are building toward their target
overcollateralization targets and First Investors forewent its
servicing fees from March 2024 and April 2024, which is credit
positive for overcollateralization.

The raised and affirmed ratings reflect our view that the total
credit support as a percentage of the amortizing pool balance as of
the collection period ended Sept. 31, 2024, compared with S&P's
expected remaining losses, is commensurate with each rating.

  Table 3

  Hard credit support(i)(ii)

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

  2021-1   C                 11.50                87.90
  2021-1   D                  8.00                62.25
  2021-1   E                  4.25                34.79
  2021-1   F                  1.50                14.65

  2021-2   B                 18.00                81.05  
  2021-2   C                  9.75                45.29
  2021-2   D                  4.50                22.53
  2021-2   E                  1.50                 9.53

  2022-1   A                 27.45                91.55
  2022-1   B                 22.10                74.83
  2022-1   C                 13.50                47.95
  2022-1   D                  6.40                25.76
  2022-1   E                  1.50                10.44

  2022-2   A                 31.10                69.17
  2022-2   B                 26.30                58.85
  2022-2   C                 18.10                41.23
  2022-2   D                 11.55                27.15
  2022-2   E                  5.75                14.68

  2023-1   A                 32.75                48.33
  2023-1   B                 26.75                40.01
  2023-1   C                 21.10                32.19
  2023-1   D                 10.50                17.50

(i)As of the October 2024 distribution date.
(ii)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination. Excludes excess spread that can
also provide additional enhancement.

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

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

"In our view, the results demonstrated that all of the classes have
adequate credit enhancement at their respective raised and affirmed
rating levels, which is based on our analysis as of the collection
period ended Sept. 30, 2024 (the October 2024 distribution date).

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

  RATINGS RAISED

  First Investors Auto Owner Trust

                       Rating
  Series   Class   To         From

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

  2021-2   C       AAA (sf)   AA- (sf)  
  2021-2   D       AA (sf)   BBB (sf)
  2021-2   E       BB (sf)   BB- (sf)

  2022-1   B       AAA (sf)   AA+ (sf)  
  2022-1   C       AA+ (sf)   AA (sf)
  2022-1   D       A+ (sf)    A- (sf)

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

  2023-1   B       AA+ (sf)   AA (sf)


  RATINGS AFFIRMED

  First Investors Auto Owner Trust

  Series   Class   Rating

  2021-1   C       AAA (sf)

  2021-2   B       AAA (sf)

  2022-1   A       AAA (sf)
  2022-1   E       BB (sf)

  2022-2   A       AAA (sf)
  2022-2   E       BB- (sf)  

  2023-1   A       AAA (sf)
  2023-1   C       A (sf)  
  2023-1   D       BBB (sf)  



FLAGSHIP CREDIT 2024-3: DBRS Finalizes BB Rating on E Notes
-----------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of notes issued by Flagship Credit Auto Trust
2024-3 (FCAT 2024-3 or the Issuer):

-- $84,640,000 Class A Notes at AAA (sf)
-- $18,810,000 Class B Notes at AA (sf)
-- $22,690,000 Class C Notes at A (sf)
-- $15,670,000 Class D Notes at BBB (sf)
-- $11,640,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

-- The Morningstar DBRS CNL assumption is 13.60%, based on the
expected Cut-Off 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 September 2024 Update," published on September 25, 2024.
These baseline macroeconomic scenarios replace Morningstar DBRS'
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

-- The consistent operational history of Flagship Credit
Acceptance, LLC (Flagship or the Company) and the strength of the
overall Company and its management team.

-- The Flagship senior management team has considerable experience
and a successful track record within the auto finance industry.--
The capabilities of Flagship with regard to originations,
underwriting, and servicing.

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

-- The Company indicated it may be subject to various consumer
claims and litigation seeking damages and statutory penalties. Some
litigation against Flagship could take the form of class-action
complaints by consumers; however, the Company indicated there is no
material pending or threatened litigation.

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

-- Flagship 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 to
purchase late-model vehicles and (2) refinancing of existing
automotive financing.

Morningstar DBRS' credit rating on the Class A, Class B, Class C,
Class D, and Class E Notes 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 US dollars unless otherwise noted.


FLAGSHIP CREDIT 2024-3: S&P Assigns BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Flagship Credit Auto
Trust 2024-3's automobile receivables-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 52.24%, 44.90%, 34.71%,
27.08%, and 21.17% credit support--hard credit enhancement and
haircut to excess spread--for the class A, B, C, D, and E notes,
respectively, based on final post-pricing stressed cash flow
scenarios. These credit support levels provide at least 3.40x,
2.90x, 2.25x, 1.75x, and 1.40x coverage of our expected net loss
(ECNL) of 14.50% for the class A, B, C, D, and E notes,
respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.75x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB- (sf)' ratings on
the class A, B, C, D, and E notes, respectively, are within the
credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under S&P's stressed cash flow modeling
scenarios, which it believes are appropriate for the assigned
ratings.

-- The collateral characteristics of the subprime automobile loans
in this transaction, S&P's view of the credit risk of the
collateral, its updated macroeconomic forecast, and its
forward-looking view of the auto finance sector.

-- The series' bank accounts at UMB Bank N.A. (A-/Stable/A-2),
which do not constrain the ratings.

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

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

-- The transaction's payment and legal structures.

  Ratings Assigned

  Flagship Credit Auto Trust 2024-3

  Class A, $84.64 million: AAA (sf)
  Class B, $18.81 million: AA (sf)
  Class C, $22.69 million: A (sf)
  Class D, $15.67 million: BBB (sf)
  Class E, $11.64 million: BB- (sf)



FS COMMERCIAL 2023-4SZN: DBRS Confirms B Rating on Class HRR Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-4SZN
issued by FS Commercial Mortgage Trust 2023-4SZN as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which remains in line with
Morningstar DBRS' expectations. In the relatively short time since
closing, the underlying collateral -- Four Seasons Palm Beach and
Four Seasons at The Surf Club -- have demonstrated improvements in
operating performance with increases in occupancy and net cash flow
(NCF) that, as of the most recent reporting, have surpassed the
Morningstar DBRS and issuer's underwritten figures.

The two luxury hotel and resort properties consist of 309 keys,
including 25 condominium units that are owned by third parties and
managed by the sponsor subject to a revenue-sharing program. The
properties are well located on the eastern seaboard of South
Florida and offer a combined 1,300 feet of direct ocean frontage.
In addition to exceptional accommodations, the properties offer
luxurious amenities, including outdoor resort-style swimming pools,
beachfront cabanas, a full-service spa, and food and beverage (F&B)
outlets run by world-renowned chefs. Both properties carry the
prestigious AAA Five Diamond designation. Since 2019, the sponsor
has invested more than $80.0 million towards upgrading the Four
Seasons Palm Beach property, having renovated all 207 rooms and
suites, the F&B outlets, and the ballrooms and meeting space.

The $410.0 million whole-loan refinanced existing debt with
approximately $56.5 million of cash-out proceeds returned to the
sponsor, Fort Hospitality Group (Fort). Fort owns several other
luxury hotels and resorts in Florida, including Four Seasons Hotel
Miami, Four Seasons Hotel Fort Lauderdale, and The Surf Club at
Norman's Cay. The four-year fixed-rate loan is interest-only (IO)
through its maturity in November 2027. Prepayment of the loan is
locked out except for the last 12 months of the loan term.

According to the financial reporting for the trailing 12 (T-12)
months ended June 30, 2024, the collateral generated NCF of $56.6
million (a debt service coverage ratio (DSCR) of 1.52 times (x)),
76.0% higher than the Morningstar DBRS NCF figure of $32.1 million
(a DSCR of 0.89x). However, the growth in NCF was driven by a
decrease in expenses, with income relatively in line with
Morningstar DBRS' expectations. The servicer reported revenue
figure of $180.7 million for the T-12 months ended June 30, 2024,
was only marginally higher than the Morningstar DBRS figure of
$174.7 million at issuance. The decline in expenses reported for
the T-12 month period ended June 30, 2024, is unlikely to be
sustained given that the historical reporting made available at
issuance shows expenses were significantly higher than the
servicer's most recently reported figures. Morningstar DBRS
requested STR reports for the collateral properties, but those
files have not been received as of the date of this press release.
According to the most recent servicer reporting, the portfolio was
62.6% occupied as of June 2024, a nominal increase from the YE2023
and issuance figures of 60.3% and 58.7%, respectively.
Comparatively, Morningstar DBRS assumed an occupancy rate of 58.1%
at issuance.

At issuance, Morningstar DBRS derived a value of $450.3 million
based on a capitalization rate of 7.14% and the Morningstar DBRS
NCF noted above. The Morningstar DBRS value represents a -43.7%
variance from the issuance appraised value of $799.8 million. The
resulting Morningstar DBRS loan-to-value ratio (LTV) was 91.1%
compared with the LTV of 51.3% based on the appraised value at
issuance. Morningstar DBRS maintained positive qualitative
adjustments totaling 7.0% to reflect the exceptional quality of the
portfolio and its strong historical performance and management
under Four Seasons, which is deemed one of the best luxury hotel
operators in the world. There is limited competition, construction,
or development of similar products in the area and, as such,
Morningstar DBRS believes that the portfolio will continue to
perform well.

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 U.S. dollars unless otherwise noted.


GCAT TRUST 2022-INV3: Moody's Hikes Rating on Cl. B-5 Certs to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of nine bonds from one US
residential mortgage-backed transaction (RMBS). GCAT 2022-INV3
Trust is backed by prime quality, agency-eligible, investment
property mortgage loans.

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

The complete rating actions are as follows:

Issuer: GCAT 2022-INV3 Trust

Cl. B-1, Upgraded to Aa2 (sf); previously on Aug 30, 2022
Definitive Rating Assigned Aa3 (sf)

Cl. B-1-A, Upgraded to Aa2 (sf); previously on Aug 30, 2022
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to Aa3 (sf); previously on Aug 30, 2022
Definitive Rating Assigned A2 (sf)

Cl. B-2-A, Upgraded to Aa3 (sf); previously on Aug 30, 2022
Definitive Rating Assigned A2 (sf)

Cl. B-3, Upgraded to A3 (sf); previously on Aug 30, 2022 Definitive
Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Aug 30, 2022
Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Aug 30, 2022 Definitive
Rating Assigned B2 (sf)

Cl. B-X-1*, Upgraded to Aa2 (sf); previously on Aug 30, 2022
Definitive Rating Assigned Aa3 (sf)

Cl. B-X-2*, Upgraded to Aa3 (sf); previously on Aug 30, 2022
Definitive Rating Assigned A2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pools. The
transaction continues to display strong collateral performance,
with no cumulative losses on the pools, and a small number of loans
in delinquencies. In addition, enhancement levels for the tranches
have grown, as the pools amortized. The credit enhancement for each
tranche upgraded has grown by, on average, 11% since closing.

The rating actions also reflect the further seasoning of the
collateral, and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs, and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

No actions were taken on the remaining rated classes in this deal
because their expected losses on the bonds remain commensurate with
their current ratings, after taking into account the updated
performance information, structural features and credit
enhancement.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

Down

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

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds.

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.


GENERATE CLO 18: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Generate CLO
18 Ltd./Generate CLO 18 LLC's floating-rate debt.

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

The preliminary ratings are based on information as of Nov. 13,
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 debt through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  Generate CLO 18 Ltd./Generate CLO 18 LLC

  Class A, $310.00 million: Not rated
  Class B, $70.00 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, $48.00 million: Not rated



GLS AUTO 2024-4: S&P Assigns BB (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to GLS Auto Receivables
Issuer Trust 2024-4's automobile receivables-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 56.2%, 47.6%, 37.2%, 28.5%,
and 24.5% of credit support (hard credit enhancement and haircut to
excess spread) for the class A (A-1, A-2, and A-3, collectively),
B, C, D, and E notes, respectively, based on final post-pricing
stressed cash flow scenarios. These credit support levels provide
at least 3.20x, 2.70x, 2.10x, 1.60x, and 1.38x of our 17.50%
expected cumulative net loss (ECNL) for the class A, B, C, D, and E
notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.60x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings on
the class A, B, C, D, and E notes, respectively, are within its
credit stability limit.

-- The timely payment of interest and principal by the designated
legal final maturity dates under S&P's stressed cash flow modeling
scenarios, which it believes are appropriate for the assigned
ratings.

-- The collateral characteristics of the series' subprime
automobile loans, including the representation in the transaction
documents that all contracts in the pool have made at least one
payment, S&P's view of the collateral's credit risk, and our
updated macroeconomic forecast and forward-looking view of the auto
finance sector.

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

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

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

-- The transaction's payment and legal structures.

  Ratings Assigned

  GLS Auto Receivables Issuer Trust 2024-4

  Class A-1, $64.50 million: A-1+ (sf)
  Class A-2, $187.00 million: AAA (sf)
  Class A-3, $75.83 million: AAA (sf)
  Class B, $102.29 million: AA (sf)
  Class C, $96.05 million: A (sf)
  Class D, $90.85 million: BBB (sf)
  Class E, $45.08 million: BB (sf)



GS MORTGAGE 2020-GC45: DBRS Confirms B Rating on G-RR Certs
-----------------------------------------------------------
DBRS Limited confirmed its credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2020-GC45
issued by GS Mortgage Securities Trust 2020-GC45:

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

Morningstar DBRS also confirmed its credit ratings on the
loan-specific certificates as follows:

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

In addition, Morningstar DBRS aligned its credit rating on the
interest-only certificate Class X-B to its current lowest
applicable reference obligation (Class B) resulting in an upgrade
to AA (sf) from A (sf). The trends on Classes D, E, F-RR, G-RR and
X-D were changed to Negative from Stable, while trends on all other
classes are Stable.

The pool includes a high concentration of loans secured by office
properties or mixed-use properties with significant office
components, representing approximately 31.7% of the current
balance. While a select number of those loans continue to perform
as expected, several others, including 650 Madison Avenue
(Prospectus ID#8; 3.8% of the pool), 90 North Campus (Prospectus
ID#10; 3.8% of the pool), and The Lincoln (Prospectus ID#16; 2.7%
of the pool), all of which are backed by office collateral, are
exhibiting increased credit risk, as further outlined below. The
Negative trends on the four lowest-rated classes reflect these
loan-specific challenges, considering that those classes are most
exposed to loss if the underlying collateral's performance
continues to deteriorate. Where applicable, Morningstar DBRS
increased the probability of default (POD) penalties and/or applied
stressed loan-to-value ratios (LTVs) for loans exhibiting increased
credit risk, resulting in expected losses (ELs) that were between
1.7 times (x) and 2.8x greater than the pool average.

The 650 Madison Avenue pari passu 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 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.
According to the June 2024 rent roll, the property's occupancy was
81.9%, down from 97.0% at issuance. Morningstar DBRS expects the
occupancy rate to fall further following the servicer-confirmed
downsizing of both the largest tenant, Ralph Lauren (currently
40.7% of the net rentable area (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 continue to occupy 141,871 sf (23.6% of
the NRA; new lease expiration in April 2036), while BC Partners
Inc. has agreed to renew a portion of its space representing 7.4%
of the NRA (lease expiration in August 2037), both at reduced rates
compared with those previously paid. In addition, both tenants were
given one year of free rent as part of their respective long-term
renewals. As of the most recent financials for the trailing 12
months ended March 31, 2024, the net cash flow (NCF) was $38.5
million (reflecting a DSCR of 1.71x on the senior debt and 1.36x on
the whole loan), well below the Morningstar DBRS NCF of $50.8
million derived at issuance (DSCR of 2.45x on the senior debt).
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, building quality, and desirable location. To stress
the loan in the analysis, given the increased risks, Morningstar
DBRS considered an elevated LTV and POD, resulting in an EL that
was nearly 1.8x the pool average.

The 90 North Campus pari passu loan is secured by a 256,703-sf,
four-building office complex in Bellevue, Washington. The loan was
added to the servicer's watchlist in August 2024 because of a
lockbox trigger tied to the consolidation of the property's largest
tenant's (T-Mobile) office footprint (previously 65.9% of NRA).
T-Mobile has a lease expiring in November 2029, one month ahead of
loan maturity. The tenant reportedly went dark on 125,500 sf of its
169,185-sf space leased across three buildings; however, the lease
is not structured with any termination options. The property's only
other tenant, Mindtree Ltd. (36.6% of NRA, expiring August 2029),
remains at the property, implying physical occupancy of 64%
compared with the issuance rate of 100.0%. As of Q2 2024, the
Bellevue/Issaquah submarket reported a vacancy rate of 11.8%, down
from 12.1% at Q2 2023, according to Reis. According to the June
2024 financials, the DSCR was reported at 2.82x, a slight increase
from previous years. Morningstar DBRS notes that cash flow is not
likely to change significantly if T-Mobile continues to make
contractual rent payments until lease expiration. According to an
online article from The Registry in July 2024, Verizon subleased
33,000 sf of T-Mobile's space and the remaining available space is
actively being marketed. To account for the increased risks
associated with a suburban office property that is partially dark,
Morningstar DBRS applied elevated LTV and POD assumptions in its
analysis with this review, resulting in an EL that was
approximately 3.0x the pool average.

The credit rating confirmations reflect the otherwise overall
stable performance of the remaining loans in the pool, as evidenced
by the most recent year-end weighted-average (WA) DSCR of 3.12x,
with the five largest loans in the pool maintaining
investment-grade shadow ratings and benefiting from strong
performance, with a WA DSCR of 6.77x. As of the October 2024
remittance, all 52 of the original loans remain in the pool, with
an aggregate principal balance of $1.31 billion, representing a
collateral reduction of 1.6% since issuance. There are currently 12
loans, representing 30.2% of the pool balance, on the servicer's
watchlist; these are primarily being monitored for low occupancy
and DSCR figures, near-term tenant rollover, and cash management
triggers. The pool benefits from two fully defeased loans,
representing 4.5% of the current pool balance.

The only specially serviced asset, Parkmerced (Prospectus ID#14;
2.9% of the pool), 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, which, according to an April 2024 online
article from The Real Deal, was sold to a third-party buyer for
$167.5 million. The trust debt represents a pari passu portion of
the senior loan. At Morningstar DBRS' last credit rating action,
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 improvement in occupancy 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 October 2024 remittance. The property
received an updated appraisal in July 2024, valuing the complex 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 increased credit risk from issuance,
the implied LTV for the senior debt with the updated value remains
healthy at 39.3%, 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 was approximately 2.0x the pool average.

With this review, Morningstar DBRS elected to remove the shadow
rating for the Parkmerced loan, as outlined above. Investment-grade
shadow ratings were assigned to six additional loans at issuance:
1633 Broadway (Prospectus ID#1; 4.6% of the current pool), 560
Mission Street (Prospectus ID#2; 4.6% of the pool), Starwood
Industrial Portfolio; Pooled (Prospectus ID#3; 4.4% of the pool),
Bellagio Hotel and Casino (Prospectus ID#4; 4.6% of the pool),
Southcenter Mall (Prospectus ID#5; 4.6% of the pool), and 510 East
14th Street (Prospectus ID#17; 2.7% of the pool). With this review,
Morningstar DBRS confirmed that the respective performance of all
six loans remains consistent with the characteristics of
investment-grade loans.

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


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

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, as evidenced by the
stable-to-improving cash flow and occupancy reported since
issuance. The portfolio is backed by multifamily properties in
desirable submarkets with generally stable occupancy and rental
rate trends. At issuance, Morningstar DBRS noted the portfolio's
generally favorable asset quality and location in high-growth
markets. These factors and the stability of the markets since
issuance have contributed to performance metrics for the portfolio
that are in line with Morningstar DBRS' expectations at issuance.

The $470.6 million loan is secured by the borrower's fee-simple
interest in seven Class A suburban multifamily properties totaling
2,494 units across five states and five distinct multifamily
submarkets of Tampa, Florida; Round Rock, Texas; Phoenix, Arizona;
Raleigh, North Carolina; and Lawrenceville, Georgia. The
transaction sponsorship is a joint venture between Starlight Group
Property Holdings Inc (Starlight), the Public Sector Pension
Investment Board (PSPIB), and the Future Fund Board of Guardians
(Future Fund). The interest-only, floating-rate loan had an initial
maturity in December 2023 and was structured with three one-year
extension options. The borrower previously executed one extension
option to December 2024 and is required to purchase a new interest
rate cap agreement with each extension. The servicer has noted that
a second extension is in process, which would extend the loan
maturity to December 2025, leaving the loan with only one one-year
extension option remaining.

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

At issuance, Morningstar DBRS noted the sponsors had planned a
capital expenditure project of $29.1 million for the portfolio.
Planned improvements during the first three years of the loan term
included the renovation of 1,214 units across the portfolio along
with improvements to common areas, including clubhouses, common
rooms, gyms, and dog parks. The project was to be funded directly
by the sponsors, with no reserve collected at issuance. The
servicer provided site inspections dated November 2023 for all
seven properties and, as of the date of those visits, while the
larger scale renovations/repairs have been completed, some smaller
planned renovations remain ongoing. Morningstar DBRS' analysis does
not consider any upside as a result of the completion of the
planned improvements, but it is expected to contribute to the
overall stability of performance through the fully extended loan
term.

The loan is currently on the watchlist for delinquent taxes and an
upcoming maturity date. The servicer commentary notes that a
maturity extension is currently in process, and that the borrower
is in discussion with the tax authority regarding the delinquent
taxes. As per the rent rolls dated June 2024, the portfolio
reported a consolidated occupancy of 93.3%, compared with YE2023
and issuance occupancy rates of 93.6% and 94.9%, respectively. The
net cash flow (NCF) for the trailing six months (T-6) ended June
30, 2024, was reported at $14.5 million, implying an annualized NCF
of $29.0 million, compared with the YE2023 NCF of $28.7 million and
the Morningstar DBRS NCF of $25.4 million. The DSCR has declined
since issuance, given the floating-rate nature of the loan and
increased debt service amount. The borrower has an in-place
interest rate cap agreement that results in a minimum DSCR of
1.10x. As mentioned above, the borrower is required to purchase a
replacement interest rate cap agreement with each extension.

Morningstar DBRS notes increased concern about the rising insurance
costs for five of the seven properties (representing 75.5% of the
total portfolio). These five properties are located in Florida,
North Carolina, and Texas, all of which are areas prone to climate
risk. As per the YE2023 financials, since issuance, insurance
expenses across the three properties located in Florida increased
114.9% and 49.9% for the property in Texas. Morningstar DBRS
confirmed minor damage was sustained across the portfolio during
the recent Hurricanes Helene and Milton; however, there is no major
performance impact expected. The underlying properties are located
in submarkets that continue to be highly desirable for multifamily
assets, with strong growth potential and favorable population
statistics. According to Reis, the portfolio's respective
submarkets reported a weighted-average vacancy rate of 5.5% as of
Q2 2024, and a five-year forecasted vacancy rate of 4.5%. The
portfolio benefits from geographical diversity, limiting total
portfolio exposure to the idiosyncratic risks associated with each
region.

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

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


GS MORTGAGE 2024-PJ9: DBRS Finalizes B(low) Rating on B-5 Notes
---------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings on
the Mortgage-Backed Notes, Series 2024-PJ9 (the Notes) issued by GS
Mortgage-Backed Securities Trust 2024-PJ9:

-- $284.3 million Class A-1 at AAA (sf)
-- $284.3 million Class A-1-X at AAA (sf)
-- $284.3 million Class A-2 at AAA (sf)
-- $264.1 million Class A-3 at AAA (sf)
-- $264.1 million Class A-3A at AAA (sf)
-- $264.1 million Class A-3-X at AAA (sf)
-- $264.1 million Class A-4 at AAA (sf)
-- $264.1 million Class A-4A at AAA (sf)
-- $132.0 million Class A-5 at AAA (sf)
-- $132.0 million Class A-5-X at AAA (sf)
-- $132.0 million Class A-6 at AAA (sf)
-- $158.4 million Class A-7 at AAA (sf)
-- $158.4 million Class A-7-X at AAA (sf)
-- $158.4 million Class A-8 at AAA (sf)
-- $26.4 million Class A-9 at AAA (sf)
-- $26.4 million Class A-9-X at AAA (sf)
-- $26.4 million Class A-10 at AAA (sf)
-- $66.0 million Class A-11 at AAA (sf)
-- $66.0 million Class A-11-X at AAA (sf)
-- $66.0 million Class A-12 at AAA (sf)
-- $39.6 million Class A-13 at AAA (sf)
-- $39.6 million Class A-13-X at AAA (sf)
-- $39.6 million Class A-14 at AAA (sf)
-- $198.1 million Class A-15 at AAA (sf)
-- $198.1 million Class A-15-X at AAA (sf)
-- $198.1 million Class A-16 at AAA (sf)
-- $132.0 million Class A-17 at AAA (sf)
-- $132.0 million Class A-17-X at AAA (sf)
-- $132.0 million Class A-18 at AAA (sf)
-- $105.6 million Class A-19 at AAA (sf)
-- $105.6 million Class A-19-X at AAA (sf)
-- $105.6 million Class A-20 at AAA (sf)
-- $66.0 million Class A-21 at AAA (sf)
-- $66.0 million Class A-21-X at AAA (sf)
-- $66.0 million Class A-22 at AAA (sf)
-- $20.2 million Class A-23 at AAA (sf)
-- $20.2 million Class A-23-X at AAA (sf)
-- $20.2 million Class A-24 at AAA (sf)
-- $284.3 million Class A-X at AAA (sf)
-- $23.0 million Class B at BBB (low) (sf)
-- $16.3 million Class B-1 at AA (low) (sf)
-- $16.3 million Class B-1-A at AA (low) (sf)
-- $16.3 million Class B-1-X at AA (low) (sf)
-- $3.9 million Class B-2 at A (low) (sf)
-- $3.9 million Class B-2-A at A (low) (sf)
-- $3.9 million Class B-2-X at A (low) (sf)
-- $2.8 million Class B-3 at BBB (low) (sf)
-- $2.8 million Class B-3-A at BBB (low) (sf)
-- $2.8 million Class B-3-X at BBB (low) (sf)
-- $1.7 million Class B-4 at BB (low) (sf)
-- $777.0 thousand Class B-5 at B (low) (sf)
-- $23.0 million Class B-X at BBB (low) (sf)

Morningstar DBRS discontinued and withdrew its credit ratings on
Classes A-3L, A-4L, A-16L, and A-22L Loans initially contemplated
in the offering documents, as they were not issued at closing.

Classes A-1-X, A-3-X, A-5-X, A-7-X, A-9-X, A-11-X, A-13-X, A-15-X,
A-17-X, A-19-X, A-21-X, A-23-X, A-X, B-1-X, B-2-X, B-3-X, and B-X
are interest-only (IO) notes. The class balances represent notional
amounts.

Classes A-1, A-1-X, A-2, A-3, A-3A, A-3-X, A-4, A-4A, A-6, A-7,
A-7-X, A-8, A-10, A-11, A-11-X, A-12, A-14, A-15, A-15-X, A-16,
A-17, A-17-X, A-18, A-19, A-19-X, A-20, A-22, A-24, B, B-1, B-2,
B-3, and B-X are exchangeable notes. These classes can be exchanged
for combinations of exchange notes as specified in the offering
documents.

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

The AAA (sf) credit ratings on the Notes reflect 8.50% of credit
enhancement provided by subordinated notes. The AA (low) (sf), A
(low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf) credit
ratings reflect 3.25%, 2.00%, 1.10%, 0.55%, and 0.30% credit
enhancement, respectively.

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

This securitization is a portfolio of first-lien fixed-rate prime
residential mortgages funded by the issuance of the Mortgage-Backed
Notes, Series 2024-PJ9 (the Notes). The Notes are backed by 318
loans with a total principal balance of $310,686,0861 as of the
Cut-Off Date.

The pool consists of first-lien, fully amortizing fixed-rate
mortgages (FRMs) with original terms to maturity of 30 years. The
weighted-average (WA) original combined loan-to-value (CLTV) for
the portfolio is 68.7%. A small portion of the pool (3.0%)
comprises loans with Morningstar DBRS calculated current CLTV
ratios between 80.0% and 90.0%, while none of the pool falls above
90.0% current CLTV. In addition, 95.9% of the loans in the pool
were originated in accordance with the general Qualified Mortgage
(QM) rule subject to the average prime offer rate designation.

The mortgage loans are originated by United Wholesale Mortgage, LLC
(UWM; 54.9%), and various other originators, each comprising less
than 10.0% of the pool.

Computershare Trust Company, N.A. will act as the Master Servicer,
Paying Agent, and Custodian. U.S. Bank Trust National Association
(U.S. Bank; rated AA with a Stable trend by Morningstar DBRS) will
act as Delaware Trustee. U.S. Bank Trust Company, National
Association will act as Collateral Trustee. Pentalpha Surveillance
LLC (Pentalpha) will serve as the Representation and Warranty
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.


GS MORTGAGE 2024-RPL6: DBRS Gives BB Rating on Class B-1 Notes
--------------------------------------------------------------
DBRS, Inc. assigned credit ratings to the Mortgage-Backed
Securities, Series 2024-RPL6 (the Notes) issued by GS
Mortgage-Backed Securities Trust 2024-RPL6 (the Trust) as follows:

-- $249.7 million Class A-1 at AAA (sf)
-- $24.4 million Class A-2 at AA (high) (sf)
-- $274.1 million Class A-3 at AA (high) (sf)
-- $296.1 million Class A-4 at A (high) (sf)
-- $313.7 million Class A-5 at BBB (sf)
-- $21.9 million Class M-1 at A (high) (sf)
-- $17.6 million Class M-2 at BBB (sf)
-- $11.1 million Class B-1 at BB (sf)
-- $8.3 million Class B-2 at B (high) (sf)

The Class A-3, Class A-4, and Class A-5 Notes are exchangeable.
These classes can be exchanged for combinations of initial
exchangeable notes as specified in the offering documents.

The AAA (sf) credit rating on the Notes reflects 30.55% of credit
enhancement provided by subordinated notes. The AA (high) (sf), A
(high) (sf), BBB (sf), BB (sf), and B (high) (sf) credit ratings
reflect 23.75%, 17.65%, 12.75%, 9.65%, and 7.35% of credit
enhancement, respectively.

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

The Trust is a securitization of a portfolio of seasoned performing
and reperforming, first-lien residential mortgages funded by the
issuance of the Notes. The Notes are backed by 1,546 loans with a
total principal balance of $378,433,800 as of the Cut-Off Date
(September 30, 2024).

As of the Cut-Off Date, there were $10,197,869 of principal
reduction amounts (PRA), and collections on the related mortgage
loans will constitute reimbursements for such PRA and will be paid
to the holder of the Class PRA Notes and the retained interest
owner. The Class PRA Notes will not be entitled to receive interest
payments.

The portfolio is approximately 130 months seasoned and contains
50.4% modified loans. The modifications happened more than two
years ago for 79.1% of the modified loans. Within the pool, 382
mortgages have non-interest-bearing deferred amounts, which equate
to approximately 5.2% of the total principal balance. There are no
Government-Sponsored Enterprise Home Affordable Modification
Program and proprietary principal forgiveness amounts included in
the deferred amounts.

As of the Cut-Off Date, 97.1% of the loans in the pool are current.
Approximately 0.9% of the loans are in bankruptcy (all but one of
the bankruptcy loans are performing) and 2.9% are 30 days
delinquent. Approximately 56.7% of the mortgage loans have been
zero times 30 days delinquent (0 x 30) for at least the past 24
months under the Mortgage Bankers Association (MBA) delinquency
method and 76.7% have been 0 x 30 for at least the past 12 months
under the MBA delinquency method.

Approximately 52.4% of the pool is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules because the loans were originated as investor
property loans or were originated prior to January 10, 2014, the
date on which the rules became applicable. The loans subject to the
ATR rules are designated as non-QM (47.6%).

The Mortgage Loan Sellers, Goldman Sachs Mortgage Company (GSMC)
and MCLP Asset Company, Inc., acquired the mortgage loans in
various transactions prior to the Closing Date from various
mortgage loan sellers or from an affiliate. GS Mortgage Securities
Corp. (the Depositor) will contribute the loans to the Trust. These
loans were originated and previously serviced by various entities
through purchases in the secondary market.

The Sponsor, GSMC, or a majority-owned affiliate, will retain an
eligible vertical interest in the transaction consisting of an
uncertificated interest (the Retained Interest) in the Trust
representing the right to receive at least 5.0% of the amounts
collected on the mortgage loans, net of the Trust's fees, expenses,
and reimbursements and paid on the Notes (other than the Class R
Notes) and the Retained Interest to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder.

The mortgage loans will be serviced by NewRez LLC doing business as
(dba) Shellpoint Mortgage Servicing (SMS, 46.3%) and Nationstar
Mortgage LLC dba Rushmore Servicing (Rushmore, 34.7%).
Approximately 19.1% of the mortgage loans being serviced by an
interim servicer will be transferred to SMS on or about November
26, 2024. The servicing fees for SMS and Rushmore are 4.5 basis
points and 5.1 basis points, respectively.

There will not be any advancing of delinquent principal or interest
on any mortgages by the related Servicer or any other party to the
transaction; however, the related Servicer is obligated to make
advances in respect to the preservation, inspection, restoration,
protection, and repair of a mortgaged property, which includes
delinquent tax and insurance payments, the enforcement of judicial
proceedings associated with a mortgage loan, and the management and
liquidation of properties (to the extent that the related Servicer
deems such advances recoverable).

On or after the Payment Date on which the aggregate Unpaid
Principal Balance of the Mortgage Loans is less than 25% of the
Aggregate Cut-Off Date Unpaid Principal Balance, the Controlling
Holder will have the option to purchase all remaining property of
the Issuer at the Minimum Price (Optional Clean-Up Call). The
Controlling Holder will be the beneficial owner of more than 50% of
the Class B-5 Notes (if no longer outstanding, the next most
subordinate class of Notes, other than Class X).

The transaction employs 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 the Class
A-2 Notes and more subordinate bonds will not be paid from
principal proceeds until the more senior classes are retired.
Excess interest can be used to amortize the principal of the notes
after paying transaction parties fees, net weighted-average coupon
(WAC) shortfalls, and making deposits on to the breach reserve
account.

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


H.I.G. RCP 2023-FL1: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------------
DBRS Limited confirmed all credit ratings on the classes of notes
issued by H.I.G. RCP 2023-FL1, 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 (low) (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the collateral in the transaction as borrowers are
progressing with the stated business plans. The pool benefits from
favorable property type concentrations as five loans, representing
42.5% of the pool, are secured by multifamily properties, and four
loans, representing 32.5% of the pool are secured by industrial
properties. Historically, loans secured by these property types
have exhibited lower default rates and the ability to retain and
increase asset value. Morningstar DBRS also recognizes the notable
paydown since issuance and increased credit support to the capital
stack as four loans have been paid in full, resulting in collateral
reduction of 29.3% since closing. In conjunction with this press
release, Morningstar DBRS has published a Surveillance Performance
Update report with in-depth analysis and credit metrics for the
transaction and with business plan updates on select loans. For
access to this report, please click on the link under Related
Documents below or contact us at info-DBRS@morningstar.com.

At closing, the transaction consisted of 16 floating-rate mortgage
loans, secured by 35 mostly transitional properties, with a cut-off
date balance of $672.6 million. When the transaction closed in
November 2023, the aggregate unfunded future funding commitment
totaled $80.8 million to aid individual borrowers in their property
stabilization efforts. The transaction is static but contains a
Permitted Funded Companion Participation Acquisition period through
the October 2025 Payment Date, whereby the issuer can acquire
funded pari passu companion participations into the trust.

As of October 2024, the pool consists of 12 loans secured by 31
properties. Beyond the multifamily and industrial concentrations
noted above, there are two loans, representing 16.9% of the pool,
secured by self-storage properties and one loan, representing 8.2%
of the pool, secured by a hotel. The pool is primarily secured by
properties in suburban markets, with six loans, representing 50.3%
of the pool, with a Morningstar DBRS Market Rank of 3 or 4. An
additional four loans, representing 29.3% of the pool, are secured
by properties with a Morningstar DBRS Market Rank of 2, denoting a
tertiary market. In comparison, at issuance, properties in suburban
markets represented 40.7% of the collateral, and properties in
tertiary markets represented 23.4% of the pool.

The current weighted-average (WA) as-is appraised loan-to-value
ratio (LTV) is 69.1% as of the October 2024 reporting, with a
current WA stabilized LTV of 51.4%. In comparison, these figures
were 64.6% and 61.9%, respectively, at issuance. Morningstar DBRS
recognizes that select property values may be inflated as the
majority of the individual property appraisals were completed in
2022 and may not reflect the current high interest rate or wide
capitalization rate (cap rate) environment. In the analysis for
this review, Morningstar DBRS raised LTVs for nine loans,
representing 73.4% of the current trust balance, generally
reflective of higher cap rate assumptions as compared with the
implied cap rates based on the appraisals.

Through Q2 2024, the collateral manager had advanced cumulative
loan future funding of $30.8 million to five of the outstanding
individual borrowers per Morningstar DBRS' calculations. The
largest cumulative advance ($20.4 million) since November 2023 to a
single borrower was for the borrower of the Ardmore at Flowers &
Ardmore at Topside loan (Prospectus ID#16; 4.2% of the pool), which
is secured by two multifamily properties, totaling 678 units, in
Knoxville, Tennessee, and Raleigh, North Carolina. The borrower's
business plan is to finish building the properties as well as
stabilize occupancy and rental rates. While Morningstar DBRS did
not receive an update regarding the allocation of the advanced
funds to date, according to the Q2 2024 quarterly collateral
report, the sponsor has received the certificate of occupancy for
all units across both properties. According to the individual
property October 2024 rent rolls, Ardmore at Flowers was 66.2%
occupied with an average rental rate of $1,511 per unit and Ardmore
at Topside was 66.0% occupied with an average rental rate of $1,625
per unit as both properties remained in the initial lease-up phase.
The borrower has approximately $1.4 million of future funding
remaining.

An additional $31.2 million of loan future funding allocated to six
individual borrowers remains available. The largest portion of
available funds ($16.8 million) is for the borrower of the Kauai
Beach Resort loan (Prospectus ID#13; 8.2% of the pool), which is
secured by a 149-key, beachfront resort on the island of Kauai in
Hawaii. The borrower's business plan is to acquire and rebrand the
property from an independent hotel to an Outrigger hotel through a
value-add renovation program. Through Q2 2024, $1.1 million of
future funding had been advanced, with the borrower successfully
bringing the hotel under the Outrigger management system. Although
performance since issuance has been stable, according to the Q2
2024 collateral manager's report, the renovation program is likely
to commence in H2 2024.

As of October 2024, there are no specially serviced or delinquent
loans in the pool, nor have any loans been modified. There are also
no loans on the servicer's watchlist. Six loans, representing 48.9%
of the pool, are scheduled to mature over the next 12 months. Each
loan has outstanding maturity extension options, subject to
performance hurdles and the requirement to purchase new interest
rate caps, among other terms. Morningstar DBRS expects most of the
individual borrowers to successfully exercise these options, if
necessary. To date, the borrower of only one loan, Vancouver Tech
Center (Prospectus ID#15; 6.8% of the pool), has exercised its
first extension option, extending loan maturity to November 2024.
Morningstar DBRS has reached out to the servicer about the
borrower's plans regarding the upcoming maturity and if it will
potentially exercise the second, one-year extension option. Per a
recent update, the borrower has yet to confirm. According to the
loan agreement, the second extension option is subject to the
property meeting a minimum 9.0% debt yield hurdle and the borrower
purchasing a new interest rate cap agreement. Based on the
property's Q2 2024 annualized NCF of $2.5 million, the implied debt
yield equates to approximately 7.7%, suggesting a loan modification
may be necessary to exercise the second extension option.

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


HARBORVIEW MORTGAGE 2005-9: Moody's Cuts Rating on B-1 Certs to B1
------------------------------------------------------------------
Moody's Ratings has downgraded the ratings of two bonds issued by
HarborView Mortgage Loan Trust 2005-9. 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: HarborView Mortgage Loan Trust 2005-9

Cl. 2-A-1A, Downgraded to Baa1 (sf); previously on Apr 18, 2016
Upgraded to A3 (sf)

Cl. B-1, Downgraded to B1 (sf); previously on Sep 12, 2018 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

The day's rating actions reflect the recent performance, the level
of credit enhancement and Moody's updated loss expectations on the
underlying pools.

The downgrades include an assessment of tail end risk for this
transaction which has a shifting interest mechanism and no
compensating mechanisms of support, such as credit enhancement
floors.

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 this deal
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features and credit enhancement and other
qualitative considerations.

Principal Methodologies

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


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

Up

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

Down

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

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


HUNTINGTON BANK 2024-2: Moody's Assigns B3 Rating to Class D Notes
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the Huntington
Bank Auto Credit-Linked Notes, Series 2024-2 (HACLN 2024-2) notes
issued by The Huntington National Bank (HNB, senior unsecured A3).
The credit-linked notes reference a pool of fixed rate auto
installment contracts with prime-quality borrowers originated and
serviced by HNB. HACLN 2024-2 is the second credit linked notes
transaction issued by HNB to transfer credit risk to noteholders
through a hypothetical financial guaranty on a reference pool of
auto loans originated and serviced by HNB.

The complete rating actions are as follows:

Issuer: Huntington Bank Auto Credit-Linked Notes, Series 2024-2

Class B-1 Notes, Definitive Rating Assigned A3 (sf)

Class B-2 Notes, Definitive Rating Assigned A3 (sf)

Class C Notes, Definitive Rating Assigned Ba2 (sf)

Class D Notes, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The notes are floating-rate, with the exception of the Class B-1
notes which are fixed-rate.  All of the notes are unsecured
obligations of HNB. Unlike principal payment, interest payment to
the notes is not dependent on the performance of the reference
pool. This deal is unique in that the source of payments for the
notes will be HNB's own funds, and not the collections on the loans
or note proceeds held in a segregated trust account. As a result,
Moody's capped the ratings of the notes at HNB's senior unsecured
rating (A3 stable).

The credit risk exposure of the notes depends on the actual
realized losses incurred by the reference pool. This transaction
has a pro-rata structure, which is more beneficial to the
subordinate bondholders than the typical sequential-pay structure
seen in US auto loan securitizations.

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience of HNB as the servicer.

Moody’s median cumulative net loss expectation for the 2024-2
reference pool is 0.50% and the loss at a Aaa stress is 4.50%.
Moody's based Moody's cumulative net loss expectation on an
analysis of the credit quality of the underlying collateral; the
historical performance of similar collateral, including
securitization performance and managed portfolio performance; the
ability of HNB to perform the servicing functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

At closing, the Class B-1 notes, Class B-2 notes, Class C notes,
and Class D notes are expected to benefit from 2.50%, 2.50%, 1.75%,
and 1.00% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of subordination.

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

Moody's could upgrade the Class B-1, Class B-2, Class C, and Class
D notes if levels of credit enhancement are higher than necessary
to protect investors against current expectations of portfolio
losses. 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 vehicles securing an obligor's promise of payment.
Portfolio losses also depend greatly on the US job market and the
market for used vehicles. Other reasons for better-than-expected
performance include changes to servicing practices that enhance
collections or refinancing opportunities that result in
prepayments.  Moody's could also upgrade the Class B-1 and B-2
notes if HNB's senior unsecured rating is upgraded.

Down

Moody's could downgrade the notes if given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if realized losses
reduce available subordination. Moody's expectation of pool losses
could rise as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market, the market for used vehicles, and poor servicing. Other
reasons for worse-than-expected performance include error on the
part of transaction parties, inadequate transaction governance, and
fraud.  Moody's could also downgrade the notes if HNB's senior
unsecured rating is downgraded.


ICG US 2014-2: Moody's Cuts Rating on $8MM Cl. F-RR Notes to Caa3
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by ICG US CLO 2014-2, Ltd.:

US$21,200,000 Class C-RR Deferrable Mezzanine Term Notes due 2031,
Upgraded to Aaa (sf); previously on January 12, 2024 Upgraded to
Aa2 (sf)

US$26,800,000 Class D-RR Deferrable Mezzanine Term Notes due 2031,
Upgraded to A2 (sf); previously on January 12, 2024 Upgraded to
Baa1 (sf)

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

US$8,000,000 Class F-RR Deferrable Junior Term Notes due 2031
(current outstanding balance of $9,109,161.89), Downgraded to Caa3
(sf); previously on September 14, 2020 Confirmed at B3 (sf)

ICG US CLO 2014-2, Ltd., originally issued in August 2014 and
refinanced in full in March 2018, is a managed cashflow CLO. The
notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment 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 January 2024. The Class
A-RR notes have been paid down by approximately 66.3% or $124.1
million since that time.  Based on Moody's calculation, the OC
ratios for the Class B-RR, Class C-RR, and Class D-RR notes are
currently 176.07%, 146.95%, and 121.53%, respectively, versus
January 2024 levels of 137.38%, 125.83%, and 113.74%,
respectively.

The downgrade rating action on the Class F-RR 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 Moody's calculation, the OC ratio for the Class F-RR notes is
currently 102.31% versus 103.37% in January 2024. Furthermore,
Moody's calculated weighted average rating factor (WARF) has been
deteriorating and the current level is 3184  compared to 3013 in
January 2024.  Additionally, based on Moody's calculation, the
weighted average spread (WAS) has decreased to 3.34% compared to
3.53% in January 2024.

No actions were taken on the Class A-RR, Class B-RR, and Class E-RR
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: $188,047,743

Defaulted par:  $3,819,877

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3184

Weighted Average Spread (WAS): 3.34%

Weighted Average Coupon (WAC): 2.00%

Weighted Average Recovery Rate (WARR): 47.34%

Weighted Average Life (WAL): 3.2 years

Par haircut in OC tests and interest diversion test:  2.7%

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.


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

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

The trend is Stable.

The credit rating confirmation reflects Morningstar DBRS'
recoverability expectations for the remaining loan in the pool, One
Westchase Center (Prospectus ID#6), a Class A office property in
Houston's Westchase submarket. Following a two-year loan extension,
executed through loan modifications, the loan has now passed its
October 2024 maturity date and is deemed a performing matured
balloon as the borrower works to use its remaining one-year
extension option. With this review, Morningstar DBRS applied a
conservative liquidation scenario to test the recoverability of the
loan and concluded that losses associated with the loan are likely
to be contained to the unrated Class F certificate. However, given
the sustained performance and value declines since issuance,
coupled with soft market fundamentals and upcoming tenant rollover,
Morningstar DBRS' credit rating remains reflective of the remaining
asset's high credit risk.

Since Morningstar DBRS' last review, the loan returned to the
master servicer with the July 2024 payment date after the loan
maturity was extended to October 2024, with the borrower providing
a $1.0 million principal paydown in January 2024. While the
borrower retains an option to extend the loan through October 2025,
the extension is subject to a debt yield test of 12.3% and a $0.5
million principal paydown. As the property's most recent trailing
12-month (T-12) cash flow suggests a debt yield well below the
required threshold, Morningstar DBRS expects the loan to be
transferred back to special servicing and/or be subject to further
modifications, such as additional equity injection.

Although the property has reported stable cash flow and occupancy
since the COVID-19 pandemic, performance remains well below
issuance levels because of the departure of several tenants, as
well as the widened interest rate spreads from prior loan
modifications and the floating-rate nature of the loan. As of the
T-12 period ended June 30, 2024, the property reported a net cash
flow (NCF) of $3.9 million (reflecting a debt service coverage
ratio of 0.90 times), with a debt service that was nearly double
the YE2022 figure. According to the June 2024 rent roll, the
property was 81.9% occupied, with a concentration of five tenants,
representing 16.0% of the net rentable area (NRA), having lease
expirations scheduled during the next 12 months, including the
third-largest tenant, EDG Inc. (11.9% of the NRA). According to
Reis, office properties in the Westheimer/Westchase submarket
reported a Q2 2024 vacancy rate of 25.2% and an average asking
rental rate of $26.83 per square feet, above that of the subject
property.

An updated appraisal, dated December 2023, valued the property at
$47.1 million, down from the issuance appraised value of $85.2
million. This value could withstand a further 54.6% value reduction
(not inclusive of liquidation fees or potential advances) before
losses would exceed the unrated Class F. Given the anticipated
tenant rollover and soft market conditions, Morningstar DBRS also
derived a stressed value of $32.6 million by applying a haircut to
the T-12 NCF and assuming a capitalization rate of 9.5%, which
would also insulate the rated certificate from loss.

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


JP MORGAN 2024-10: DBRS Finalizes B(low) Rating on B-5 Certs
------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings on
the Mortgage Pass-Through Certificates, Series 2024-10 (the
Certificates) issued by the J.P. Morgan Mortgage Trust 2024-10
(JPMMT 2024-10):

-- $453.1 million Class A-2 at AAA (sf)
-- $453.1 million Class A-3 at AAA (sf)
-- $453.1 million Class A-3-X at AAA (sf)
-- $339.8 million Class A-4 at AAA (sf)
-- $339.8 million Class A-4-A at AAA (sf)
-- $339.8 million Class A-4-X at AAA (sf)
-- $113.3 million Class A-5 at AAA (sf)
-- $113.3 million Class A-5-A at AAA (sf)
-- $113.3 million Class A-5-X at AAA (sf)
-- $271.9 million Class A-6 at AAA (sf)
-- $271.9 million Class A-6-A at AAA (sf)
-- $271.9 million Class A-6-X at AAA (sf)
-- $181.2 million Class A-7 at AAA (sf)
-- $181.2 million Class A-7-A at AAA (sf)
-- $181.2 million Class A-7-X at AAA (sf)
-- $68.0 million Class A-8 at AAA (sf)
-- $68.0 million Class A-8-A at AAA (sf)
-- $68.0 million Class A-8-X at AAA (sf)
-- $64.0 million Class A-9 at AAA (sf)
-- $64.0 million Class A-9-A at AAA (sf)
-- $64.0 million Class A-9-X at AAA (sf)
-- $151.0 million Class A-11 at AAA (sf)
-- $151.0 million Class A-11-X at AAA (sf)
-- $151.0 million Class A-12 at AAA (sf)
-- $151.0 million Class A-13 at AAA (sf)
-- $151.0 million Class A-13-X at AAA (sf)
-- $151.0 million Class A-14 at AAA (sf)
-- $151.0 million Class A-14-X at AAA (sf)
-- $151.0 million Class A-14-X2 at AAA (sf)
-- $151.0 million Class A-14-X3 at AAA (sf)
-- $151.0 million Class A-14-X4 at AAA (sf)
-- $668.1 million Class A-X-1 at AAA (sf)
-- $668.1 million Class A-X-2 at AAA (sf)
-- $668.1 million Class A-X-3 at AAA (sf)
-- $17.1 million Class B-1 at AA (low) (sf)
-- $17.1 million Class B-1-A at AA (low) (sf)
-- $17.1 million Class B-1-X at AA (low) (sf)
-- $10.3 million Class B-2 at A (low) (sf)
-- $10.3 million Class B-2-A at A (low) (sf)
-- $10.3 million Class B-2-X at A (low) (sf)
-- $7.5 million Class B-3 at BBB (low) (sf)
-- $3.6 million Class B-4 at BB (low) (sf)
-- $1.4 million Class B-5 at B (low) (sf)

Classes A-3-X, A-4-X, A-5-X, A-6-X, A-7-X, A-8-X, A-9-X, A-11-X,
A-13-X, A-14-X, A-14-X2, A-14-X3, A-14-X4, A-X-1, A-X-2, A-X-3,
B-1-X, and B-2-X are interest-only (IO) certificates. The class
balances represent notional amounts.

Classes A-2, A-3, A-3-X, A-4, A-4-A, A-4-X, A-5, A-6, A-7, A-7-A,
A-7-X, A-8, A-9, A-11, A-11-X, A-12, A-13, A-13-X, A-X-1, B-1, and
B-2 are exchangeable certificates. These classes can be exchanged
for combinations of depositable certificates as specified in the
offering documents.

Classes A-2, A-3, A-4, A-4-A, A-5, A-5-A, A-6, A-6-A, A-7, A-7-A,
A-8, A-8-A, A-11, A-12, A-13, and A-14 are super-senior
certificates. These classes benefit from additional protection from
the senior support certificates (Classes A-9 and A-9-A) with
respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 6.00% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 3.60%, 2.15%, 1.10%, 0.60%, and 0.40% of credit
enhancement, respectively.

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

The transaction is a securitization of a portfolio of first-lien
fixed-rate prime residential mortgages to funded by the issuance of
the Mortgage Pass-Through Certificates, Series 2024-10 (the
Certificates). The Certificates are backed by 575 loans with a
total principal balance of $710,781,913 as of the Cut-Off Date
(October 1, 2024).

Subsequent to the issuance of the related Presale Report, seven
loans were removed from the pool. The Certificates are backed by
582 mortgage loans with a total principal balance of $720,784,007
in the Presale Report. Unless specified otherwise, all the
statistics regarding the mortgage loans in this report are based on
the Presale Report balance

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 15 to 30 years and a weighted-average
(WA) loan age of three months. Approximately 93.2% of the loans are
traditional, nonagency, prime jumbo mortgage loans. The remaining
6.8% of the loans are conforming mortgage loans that were
underwritten using an automated underwriting system (AUS)
designated by Fannie Mae or Freddie Mac and were eligible for
purchase by such agencies. Details on the underwriting of
conforming loans can be found in the Key Probability of Default
Drivers section. In addition, all of the loans in the pool were
originated in accordance with the new general Qualified Mortgage
(QM) rule.

United Wholesale Mortgage, LLC (UWM) originated 46.2% of the pool.
Various other originators, each comprising less than 15%,
originated the remainder of the loans. The mortgage loans will be
serviced or subserviced, as applicable, by Shellpoint Mortgage
Servicing (Shellpoint or SMS; 39.5%), UWM (46.2%), and PennyMac
(14.3%). For the JPMorgan Chase Bank, N.A. (JPMCB)-serviced loans,
Shellpoint will act as interim servicer until the loans transfer to
JPMCB on the servicing transfer date (December 1, 2024).

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

Nationstar Mortgage LLC (Nationstar) will act as the Master
Servicer. Citibank, N.A. (Citibank; rated AA (low) with a Stable
trend by Morningstar DBRS) will act as Securities Administrator and
Delaware Trustee. Computershare Trust Company, N.A. (Computershare)
will act as Custodian. Pentalpha Surveillance LLC (Pentalpha) will
serve as the Representations and Warranties (R&W) Reviewer.

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


LAKE SHORE IV: S&P Assigns BB- (sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-R, A-L,
B-R, B-L, C-R, D-R, and E-R replacement debt from Lake Shore MM CLO
IV LLC, a CLO originally issued in October 2021 that is managed by
First Eagle Alternative Credit LLC. At the same time, we withdrew
our ratings on the original class X, A, B, C, D, and E debt
following payment in full on the Nov. 7, 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 Nov. 9, 2026.

-- The reinvestment period was extended to Jan. 15, 2029.

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

-- The class X-R debt was issued on the refinancing date and is
expected to be paid down using interest proceeds during the first
16 payment dates in equal installments of $1,809,375, beginning on
the April 15, 2025, payment date.

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

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

-- The turbo feature of the original class D and E debt was
removed.

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

  Lake Shore MM CLO IV LLC

  Class X-R, $28.950 million: AAA (sf)
  Class A-R, $241.625 million: AAA (sf)
  Class A-L, $40.875 million: AAA (sf)
  Class B-R, $46.320 million: AA (sf)
  Class B-L, $6.000 million: AA (sf)
  Class C-R (deferrable), $42.160 million: A (sf)
  Class D-R (deferrable), $29.760 million: BBB- (sf)
  Class E-R (deferrable), $29.760 million: BB- (sf)

  Ratings Withdrawn

  Lake Shore MM CLO IV LLC

  Class X to NR from 'AAA (sf)'
  Class A 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

  Lake Shore MM CLO IV LLC

  Subordinated notes, $62.500 million: NR



LEGENDS SASB: DBRS Finalizes B(low) Rating on Class G Certs
-----------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of Commercial Mortgage Pass-Through Certificates
(the Certificates) issued by Legends (Kansas City, KS) SASB
Pass-Through Trust (the Trust):

-- 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 G at B (low) (sf)

All trends are stable.

The Legends (Kansas City, KS) SASB Pass-Through Trust Certificates
transaction is collateralized by the borrower's fee-simple interest
in Legends Outlet, a 739,248-sf regional retail outlet in Kansas
City. Built in 2005, the property is anchored by Dave & Buster's,
H&M, T.J.Maxx, HomeGoods, and AMC Theatres, which all serve as
collateral for the transaction. Legends Outlets features a variety
of apparel and F&B tenants, providing a family-oriented atmosphere
within the Village West retail and entertainment district. The
village West retail and entertainment district features venues such
as Children's Mercy Park, Kansas Speedway, Hollywood Casino,
Nebraska Furniture Mart, and many more, generating more than $1
billion in sales revenue on an annual basis. Legends Outlets holds
a dominant position in the market, being the only designer outlet
center in Kansas, and attracts approximately 13.0 million visitors
annually.

The property offers ample connectivity and accessibility via a
plethora of regional thoroughfares. Legends Outlets has maintained
consistent occupancy rates, achieving above 90% occupancy since the
sponsor's acquisition in 2016. The collateral achieved in-line
sales of $369 psf YE2023, excluding F&B tenants. Comparable in-line
sales have increased 9.6% from 2021 and 5.4% from 2022,
highlighting the collateral's consistent performance in the
market.

According to the appraisal, there are limited shopping center
competitors near the subject. The subject has an expansive trading
area, because the property is the only outlet center within 175
miles of Kansas City and the largest outlet center in the state of
Kansas.

The sponsor for this transaction is Walton Street Capital, LLC
(Walton Street), a private equity real estate investment firm based
in Chicago that sponsors equity and debt investment funds. Since
its founding in 1994, Walton Street's affiliates have received
total equity commitments of $12 billion and have committed to
invest in more than 350 separate transactions in the U.S. and
international real estate, including development and acquisition of
office, lodging, retail, industrial, multifamily, senior and
student housing, for-sale residential, gaming, and other assets.

Morningstar DBRS believes the loan will perform during its term,
considering the collateral's dominant market position, historically
consistent in-line sales, occupancy trends, and strong sponsorship.
Although brick-and-mortar retailers are facing secular challenges
and the proliferation of e-commerce continues to gain traction, the
collateral has weathered well against this trend and posted
consistent sales.

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


MADISON PARK XXVIII: Fitch Assigns 'BB+(EXP)sf' Rating on E-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Madison Park Funding XXVIII, Ltd. reset transaction.

   Entity/Debt            Rating           
   -----------            ------            
Madison Park Funding
XXVIII, Ltd.

   X                  LT AAA(EXP)sf  Expected Rating
   A-1-R              LT AAA(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
   F-R                LT NR(EXP)sf   Expected Rating

Transaction Summary

Madison Park Funding XXVIII, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) managed by UBS Asset
Management (Americas) LLC that originally closed in June 2018. The
existing secured notes are expected to be refinanced in whole on
Dec. 10, 2024. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $550 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. 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
97.29% first-lien senior secured loans and has a weighted average
recovery assumption of 75.24%. 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 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
metrics; the results under these sensitivity scenarios are as
severe as 'AAAsf' for class X notes, between 'BBB+sf' and 'AA+sf'
for class A-1-R notes, between 'BBB+sf' and 'AA+sf' for class A-2-R
notes, between 'BB+sf' and 'A+sf' for class B-R notes, between
'B+sf' and 'BBB+sf' for class C-R notes, between less than 'B-sf'
and 'BB+sf' for class D-1-R notes, between less than 'B-sf' and
'BB+sf' for class D-2-R notes, and between less than 'B-sf' and
'B+sf' for class E-R notes.

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

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

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

Key Rating Drivers and Rating Sensitivities are further described
in the presale report, which is available at www.fitchratings.com.

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 rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Madison Park
Funding XXVIII, Ltd. reset transaction. 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.



MADISON PARK XXVIII: Moody's Assigns (P)B3 Rating to Cl. F-R Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to two classes of
CLO refinancing notes (the Refinancing Notes) to be issued by
Madison Park Funding XXVIII, Ltd. (the Issuer):  

US$337,425,000 Class A-1-R Floating Rate Senior Notes due 2037,
Assigned (P)Aaa (sf)

US$250,000 Class F-R Deferrable Floating Rate Junior Notes due
2038, 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 not senior
secured loans.

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

In addition to the issuance of the Refinancing Notes and additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: reinstatement 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: $550,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2999

Weighted Average Spread (WAS): 3.40%

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.


MAGNETITE XLIV: Fitch Assigns 'BB+sf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Magnetite
XLIV, Limited.

   Entity/Debt          Rating           
   -----------          ------           
Magnetite XLIV,
Limited

   A-1              LT NRsf   New Rating
   A-2              LT AAAsf  New Rating
   B                LT AAsf   New Rating
   C                LT A+sf   New Rating
   D-1              LT BBB-sf New Rating
   D-2              LT BBB-sf New Rating
   E                LT BB+sf  New Rating
   F                LT NRsf   New Rating
   Subordinated     LT NRsf   New Rating

Transaction Summary

Magnetite XLIV, Limited (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
BlackRock Financial Management, Inc. Net proceeds from the issuance
of the secured and subordinated notes will provide financing on a
portfolio of approximately $600 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
97.7% first-lien senior secured loans and has a weighted average
recovery assumption of 75.0%. 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 4.9-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

The WAL used for the transaction stress portfolio 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-2 notes, between
'BB+sf' and 'A+sf' for class B notes, between 'B+sf' and 'BBB+sf'
for class C notes, between less than 'B-sf' and 'BB+sf' for class
D-1 notes, between less than 'B-sf' and 'BB+sf' for class D-2
notes, and between less than 'B-sf' and 'B+sf' for class E notes.

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

Upgrade scenarios are not applicable to the class A-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 notes, 'AA+sf' for class C notes,
'A+sf' for class D-1 notes, 'Asf' for class D-2 notes, and 'BBB+sf'
for class E notes.

Key Rating Drivers and Rating Sensitivities are further described
in the new issue report.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Magnetite XLIV,
Limited.

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.


MF1 2022-FL10: DBRS Confirms B(low) Rating on 3 Classes
-------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of notes
issued by MF1 2022-FL10 LLC (the Issuer) as follows:

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

Morningstar DBRS also changed the trends on Class F, Class F-E,
Class F-X, Class G, Class G-E, Class G-X, Class H, Class H-E, and
Class 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 resulting from higher loan-level loss expectations for
the majority of the loans in the transaction. Morningstar DBRS
notes that 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 eight loans,
representing 26.9% 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 seven loans, representing 33.1% of the current
trust balance, have past due maturity dates or will mature through
Q1 2025. This includes the two largest loans in the trust: 175 West
87th Street (Prospectus ID#1; 7.7% of the current trust balance)
and Highland Park (Prospectus ID#2; 7.5% of the current trust
balance), which are both currently categorized as matured
performing balloons and are discussed below. 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 credit support
to the transaction with an unrated, first-loss piece of $75.6
million as well as three below-investment-grade bonds, Class F,
Class G, and Class H, totaling $78.2 million. Additionally, the
majority of loan collateral, 24 loans, representing 95.7% 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 majority of individual borrowers are proceeding
with their business plans to increase property cash flow and
property value, the headwinds and challenges noted above continue
to pressure select borrowers. 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. 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 24 floating-rate mortgage loans
secured by 34 mostly transitional properties with a cut-off balance
of $979.2 million. Most loans were in a period of transition with
plans to stabilize performance and improve values of the underlying
assets. The transaction had a maximum funded balance of $1.03
billion and a two-year Reinvestment Period that expired with the
August 2024 Payment Date. As of the October 2024 remittance, the
pool comprised 25 loans secured by 34 properties with a cumulative
trust balance of $979.5 million, representing a collateral
reduction of 4.4% since closing. Twenty of the original 24 loans,
representing 88.8% of the current pool balance, remain in the
trust.

Since the previous Morningstar DBRS credit rating action in October
2023, two loans, representing 2.7% of the current pool balance,
have been added to the trust. Over the same period, two loans with
a former cumulative trust balance of $40.9 million were paid in
full while one additional loan with a former cumulative trust
balance of $39.9 million was purchased from the trust by the Issuer
as a credit-risk asset. Beyond the multifamily concentration noted
above, one loan (representing 4.3% of the current trust balance) is
secured by a portfolio of manufactured housing communities.

Leverage across the pool has remained similar since issuance as the
current weighted-average (WA) as-is appraised LTV is 70.7% with a
current WA stabilized appraised LTV of 61.5%. In comparison, these
figures were 68.0% and 62.4%, respectively, at issuance.
Morningstar DBRS recognizes these appraised values may be inflated
as the majority of the individual property appraisals were
completed in 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 18 loans, representing 83.6% of the current pool balance,
generally reflective of higher cap rate assumptions compared with
the implied cap rates based on the appraisals.

There are no specially serviced loans; however, one loan, Hairston
Woods (Prospectus ID#17; 3.1% of the current trust balance) is
delinquent as the borrower last paid debt service in June 2024. The
loan is secured by a 240-unit multifamily property in Stone
Mountain, Georgia, and the borrower's business plan was to complete
a $4.8 million capex plan across the property including upgrades to
all unit interiors. Through Q2 2024, the lender had advanced $2.9
million to the borrower with 205 unit upgrades completed. While the
borrower has progressed in its capex plan, the achieved renovated
monthly rental rate was approximately $200 below expectation and
the property continued to experience increased collection loss,
which was below 75.0% for June 2024. In response, property
management has installed staff to assist in the eviction process.
Property cash flow continues to be depressed, reported by the
collateral manager as $0.5 million on an annualized basis for the
trailing six-month period ended May 31, 2024. The servicer is
currently discussing loan modification terms with the borrower but
is also dual tracking foreclosure with potential resolution timing
not known at this time. In its analysis, Morningstar DBRS
recognized the progress regarding the capex plan, but notes the
increased credit risk to the transaction given the low in-place
cash flow and loan status. In its current analysis, Morningstar
DBRS liquidated the loan, applying a haircut to the in-place
property value at closing of $38.8 million. The resulting loan loss
severity was approximately 30.0%.

There are 23 loans, representing 96.5% of the current trust
balance, on the servicer's watchlist as of the October 2024
reporting. The loans have been flagged for debt service coverage
ratios (DSCRs) below breakeven and upcoming loan maturities. The
largest loan on the servicer's watchlist, 175 West 87th Street,
which is secured by a 266-unit multifamily property in the Upper
West Side of Manhattan, New York. The loan matured in July 2024 and
is currently categorized as a performing matured balloon loan. The
property did not meet the performance-based extension tests, and
according to the collateral manager's Q2 2024 update, the borrower
indicated it would need relief in order to extend the loan.
According to the October 2024 reporting, discussions between the
lender and borrower remain ongoing with potential resolution terms
not provided. Through Q3 2024, the lender had advanced $20.4
million of loan future funding to the borrower, including $6.3
million since Q3 2023 as the borrower continued to implement its
capex plan over the prior year. As of May 2024, the property was
83.5% occupied, which is similar to the May 2023 occupancy rate of
80.8% and the 77.8% occupancy rate at closing. According to the
YE2023 reporting, the property generated NCF of $3.2 million, which
results in a DSCR of 0.27x and a debt yield of 1.8% based on the
currently funded whole loan balance. In its current analysis,
Morningstar DBRS applied upward As-Is and As-Stabilized LTV
adjustments as well as an increased POD to the loan to reflect the
increased business plan execution risk. The resulting loan expected
loss is below the WA expected loss for the overall pool.

The Highland Park loan was originally added to the servicer's
watchlist for a low YE2023 DSCR of 0.62x; however, the loan is now
also flagged as a performing matured balloon loan as noted above.
The loan matured in July 2024 and is secured by a 373-unit
multifamily property in the Columbia Heights neighborhood of
Washington, D.C. Given low in-place cash flow, the property did not
meet the performance-based extension tests and the borrower and
lender are currently in discussion regarding a potential loan
modification, according to the collateral manager's Q2 2024 update.
The loan did not include any future funding with the borrower's
business plan focused on stabilizing the property's occupancy rate
and increasing rental rates. As of May 2024, the property was 94.1%
occupied with an average rental rate of $2,264 per unit, which
represented a 7.4% increase over issuance levels, but remained
below the Issuer's stabilized estimate. In its current analysis,
Morningstar DBRS also applied upward As-Is and As-Stabilized LTV
adjustments as well as an increased POD to the loan to reflect the
increased business plan execution risk. The resulting loan expected
loss is below the WA expected loss for the overall pool.

Through September 2024, the collateral manager had advanced
cumulative loan future funding of $201.4 million to 19 of the
outstanding individual borrowers, including $57.5 million since the
previous Morningstar DBRS credit rating action, as borrowers
continued to make progress in their respective business plans. The
largest advance, $62.5 million, was made to the borrower of The 600
loan (Prospectus ID#19; 3.5% 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 $114.7 million of future loan funding allocated to 16
of the outstanding individual borrowers remains available. The
largest portion of available funds ($33.5 million) is allocated to
the borrower of the Park at Sheffield loan, which is secured by a
Class B multifamily property in Miami. The borrower's business plan
is to used future funding to complete a significant $36.2 million
renovation and expansion of the property, which includes adding a
second story to all existing multifamily buildings to develop
townhome-style units. According to the Q2 2024 collateral manager
update, there have delays in the design and permitting processes,
which has also led to an increased budget. The update also noted
that the collateral manager will require the borrower to replenish
the debt service reserve through loan maturity in January 2025. The
borrower had reportedly notified the lender of its intention to
secure takeout financing prior to loan maturity, suggesting the
originally planned capex plan will commence with new financing.

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


MF1 2024-FL16: DBRS Finalizes B(low) Rating on 3 Classes
--------------------------------------------------------
DBRS, Inc. finalized provisional credit ratings on the following
classes of notes (the Notes) issued by MF1 2024-FL16 (the Issuer).

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

All trends are Stable.

The initial collateral consists of 27 floating-rate mortgage loans
(two loans are cross-collateralized as part of the Mandrake BTR
Roll-Up and treated as one loan) secured by 34 transitional
multifamily and three student housing properties. All commentary in
this report will refer to the pool as a 26-loan pool since
Morningstar DBRS treated the two cross-collateralized loans as one
loan. The collateral is encumbered by $2.47 billion of debt,
composed of $1.03 billion going into the trust, $135.2 million in
future funding, and $1.31 billion of funded pari passu debt. Eight
loans in the pool, representing 29.0% of the initial pool balance,
are delayed-close mortgage assets, which are identified in the data
tape and included in the Morningstar DBRS analysis. The Issuer has
45 days after closing to acquire the delayed-close assets.

The transaction is a managed vehicle, which includes a 30-month
reinvestment period. As part of the reinvestment period, the
transaction includes a 120-day ramp-up acquisition period during
which the Issuer is expected to increase the trust balance by $13.8
million to a total target collateral principal balance of $1.04
billion. Morningstar DBRS assessed the ramp loans using a
conservative pool construct and, as a result, the ramp loans have
expected losses above the pool's weighted average (WA) expected
loss. All tables, charts, and metrics referenced in this presale
report reflect the $1.03 billion target pool balance, exclusive of
$13.8 million of hypothetical ramp loans. Reinvestment of principal
proceeds during the reinvestment period is subject to eligibility
criteria, which, among other criteria, include a rating agency
no-downgrade confirmation (RAC) by Morningstar DBRS for all new
mortgage assets and funded companion participations. If a
delayed-close asset is not expected to close or fund prior to the
purchase termination date, then the Issuer may acquire any delayed
close collateral interest at any time during the ramp-up
acquisition period. The eligibility criteria indicate that only
multifamily, manufactured housing, student housing, and senior
housing properties can be brought into the pool during the stated
ramp-up acquisition period. Additionally, the eligibility criteria
establish minimum, debt service coverage ratio (DSCR),
loan-to-value ratio (LTV), and Herfindahl requirements.
Furthermore, certain events within the transaction require the
Issuer to obtain rating agency confirmation (RAC). Morningstar DBRS
will confirm that a proposed action or failure to act or other
specified event will not, in and of itself, result in the downgrade
or withdrawal of the current rating. The Issuer is required to
obtain RAC for all acquisitions of companion participations.

The loans are secured by properties that are in a period of
transition with plans to stabilize and improve the asset value. In
total, 18 loans, representing 72.1% of the pool, have remaining
future funding participations totaling $135.2 million, which the
Issuer may acquire in the future. Please see the chart below for
the participations that the Issuer will be able to acquire.

All of the loans in the pool have floating rates, and Morningstar
DBRS incorporates an interest rate stress that is based on the
lower of a Morningstar DBRS stressed rate that corresponds to the
remaining fully extended term of the loans or the strike price of
an interest rate cap with the respective contractual loan spread
added to determine a stressed interest rate over the loan term.
When the debt service payments were measured against the
Morningstar DBRS As-Is NCF, all 26 loans had a Morningstar DBRS
As-Is DSCR of 1.00 times (x) or below, a threshold indicative of
default risk. Additionally, the Morningstar DBRS Stabilized NCF for
all 26 loans was below 1.00x, which is indicative of elevated
refinance risk. The properties are often transitioning with
potential upside in cash flow; however, Morningstar DBRS does not
give full credit to the stabilization if there are no holdbacks or
if other structural features in place are insufficient to support
such treatment. Furthermore, even with the structure provided,
Morningstar DBRS generally does not assume the assets will
stabilize above market levels.

Morningstar DBRS' credit rating on the Notes addresses the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related principal amounts, the
interest distribution amounts, and the deferred interest amounts
for the rated classes.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. For example, Default Interest and Interest on Unpaid
Interest.

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.

Classes Class F-E, Class F-X, Class G-E, Class G-X, Class H-E and
Class H-X are interest-only (IO) certificates that reference a
single rated tranche or multiple rated tranches. The IO rating
mirrors the lowest-rated applicable reference obligation tranche
adjusted upward by one notch if senior in the waterfall.

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


MFA 2024-RTL3: DBRS Finalizes BB(low) Rating on Class M Notes
-------------------------------------------------------------
DBRS, Inc. finalized the following provisional credit ratings on
Mortgage-Backed Notes, Series 2024-RTL3 (the Notes) issued by MFA
2024-RTL3 Trust (MFA 2024-RTL3 or the Issuer) as follows:

-- $183.3 million Class A1 at A (low) (sf)
-- $19.1 million Class A2 at BBB (low) (sf)
-- $19.1 million Class M at BB (low) (sf)

The A (low) (sf) credit rating reflects 26.70% of credit
enhancement provided by the subordinated notes and
overcollateralization. The BBB (low) (sf), and BB (low) (sf) credit
ratings reflect 19.05%, and 11.40% of credit enhancement,
respectively.

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

This transaction is a securitization of a two-year revolving
portfolio of residential transition loans (RTLs) funded by the
issuance of the Mortgage-Backed Notes, Series 2024-RTL3 (the
Notes). As of the Initial Cut-Off Date, the Notes are backed by:

-- 552 mortgage loans with a total principal balance of
approximately $214,686,248,

-- Approximately $35,313,752 in the Accumulation Account, and

-- Approximately $300,000 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.

MFA 2024-RTL3 represents the sixth RTL securitization issued by the
Sponsor and Trust Manager, MFA Financial, Inc. Formed in 1997, MFA
is a hybrid mortgage real estate investment trust (REIT) primarily
engaged in the business of investing, on a leveraged basis, in
residential mortgage assets. Lima One Capital, LLC is the
Originator, Asset Manager, and Servicer for the transaction. Formed
in 2010, acquired by MFA in 2021, and headquartered in Greenville,
South Carolina, Lima One is a specialty finance company that
originates and services first-lien residential mortgages to real
estate investors on nonowner occupied investment properties
nationwide.

The revolving portfolio generally consists of first-lien,
fixed-rate, interest-only (IO) balloon RTL with original terms to
maturity of 12 to 36 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 720.
-- A maximum NZ WA Loan-to-Cost (LTC) ratio of 75.0%.
-- 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 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 Asset Manager.

In the revolving portfolio, RTLs may be:

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.
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 MFA
2024-RTL3 eligibility criteria, unfunded commitments are limited to
55.0% of the portfolio by unpaid principal balance (UPB).

Cash Flow Structure and Draw Funding

The transaction employs a sequential-pay cash flow structure with
bullet pay features to Class A2 and M Notes on their respective
mandatory redemption dates. During the reinvestment period, the
Notes will generally be IO. During and after the reinvestment
period, principal and interest collections will be used to pay
interest to the Notes, sequentially. After the reinvestment period,
available funds will be applied as principal to pay down Class A1,
until reduced to zero. Class A2 and M are not entitled to any
payments of principal until the earliest of the optional redemption
date, the related note mandatory redemption date, or the occurrence
of an Event of Default (EOD). Prior to any related redemption date
or an EOD, any available funds remaining after Class A1 is paid in
full will be deposited into the Redemption Account. If the Issuer
does not redeem the Class A Notes by the payment date in April
2027, the note rates for each class will step up by 1.000%.

This transaction incorporates a debt for tax structure and the
interest rates on the Notes are set at fixed rates, which are not
capped by the net weighted-average coupon (Net WAC) or available
funds. This feature, along with the bullet feature, causes the
structure to have elevated subordination levels relative to a
comparable structure with fixed-capped interest rates and no bullet
feature because interest entitlements are generally higher, and
more principal may be needed to cover interest shortfalls.
Morningstar DBRS considered such nuanced features and incorporated
them in its cash flow analysis. The cash flow structure is
discussed in more detail in the Cash Flow Structure and Features
section of the related rating report.

There will be no advancing of delinquent (DQ) principal or 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.
Such Servicing Advances will be reimbursable from collections and
other recoveries prior to any payments on the Notes.

The Servicer will satisfy Rehabilitation Disbursement Requests by,
(1) for loans with funded commitments, releasing funds from the
Rehab Escrow Account to the applicable borrower; or (2) for loans
with unfunded commitments, (a) advancing funds on behalf of the
Issuer (Rehabilitation Advances), (b) releasing funds from
principal collections on deposit in the collection account, or (c)
directing the release of funds from the Accumulation Account. The
Servicer will be entitled to reimburse itself for Rehabilitation
Disbursement Requests from time to time from the Accumulation
Account.

The Accumulation Account is replenished from the transaction cash
flow waterfall, after payment of interest to the Notes, to maintain
a minimum required funding balance. During the reinvestment period,
amounts held in the Accumulation Account, along with the mortgage
collateral, must be sufficient to maintain a minimum credit
enhancement (CE) of approximately 11.40% 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.

Historically, Lima One 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 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 related rating report for
more details.

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 Depositor will have the option to repurchase mortgage loans at
the Repurchase Price (par plus interest and fees) if (1) amounts in
the Accumulation Account are insufficient to fund such loan's
unfunded commitments, (2) such mortgage loan becomes DQ or
defaulted, or (3) the maturity date of such mortgage loan extends
by more than six months beyond its original maturity date. Such
voluntary repurchases may not exceed 10.0% of the cumulative UPB of
the mortgage loans. 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 Representation Provider is required to repurchase a loan
because of a material breach or a material document defect,

-- The Depositor elects to exercise its Repurchase Option subject
to the repurchase limit,

-- An optional redemption occurs, or

-- The Issuer sells a mortgage loan to an affiliate at fair market
value but such price must be at least par plus interest.

U.S. Credit Risk Retention

The Depositor, a majority-owned affiliate of the Sponsor, 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.


MIDOCEAN CREDIT XVI: Fitch Assigns 'BB-sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to MidOcean
Credit CLO XVI.

   Entity/Debt          Rating           
   -----------          ------           
MidOcean Credit
CLO XVI

   A                LT NRsf   New Rating
   B                LT AAsf   New Rating
   C                LT Asf    New Rating
   D-1              LT BBB-sf New Rating
   D-2              LT BBB-sf New Rating
   D-3              LT BBB-sf New Rating
   E                LT BB-sf  New Rating
   Subordinated     LT NRsf   New Rating

Transaction Summary

MidOcean Credit CLO XVI (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
MidOcean Credit RR Manager LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first-lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.31 versus a maximum covenant, in accordance with
the initial expected matrix point of 24.24. Issuers rated in the
'B' rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.5% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.9% versus a
minimum covenant, in accordance with the initial expected matrix
point of 67.3%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BB+sf' and 'A+sf' for class B, between 'B+sf'
and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for
class D, between less than 'B-sf' and 'BB+sf' for class D-3, and
between less than 'B-sf' and 'B+sf' for class E.

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'AA-sf' for class C, 'A+sf' for
class D, 'A-sf' for class D-3, and 'BBB+sf' for class E.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for MidOcean Credit CLO
XVI.

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 which has a significant impact on the rating on an
individual basis.


MONROE CAPITAL XVII: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Monroe Capital MML CLO
XVII Ltd.'s floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by Monroe Capital Management Advisors 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

  Monroe Capital MML CLO XVII Ltd./Monroe Capital MML CLO XVII LLC

  Class A, $98.00 million: AAA (sf)
  Class A loans, $130.00 million: AAA (sf)
  Class B, $19.00 million: AA (sf)
  Class B loans, $25.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $47.82 million: Not rated



MORGAN STANLEY 2015-C24: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2015-C24 issued by
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 as
follows:

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

Additionally, Morningstar DBRS changed the trends on Classes D, E,
F, and X-D to Negative from Stable.

The trend changes reflect Morningstar DBRS' concerns about the
refinance prospects for select loans, including moderately
increased risks for the largest loan in the pool, 535-545 Fifth
Avenue (Prospectus ID#1, 13.9% of the current pool balance), which
has a high concentration of tenants with leases rolling close to
the 2025 maturity date. Morningstar DBRS' analysis included
consideration of a wind-down scenario in which only defaulted or
underperforming assets remained in the pool, and that analysis
showed that the three lowest-rated principal classes in the capital
stack would be the most exposed to these increased risks, further
supporting the Negative trends. Excluding the defeased loans, the
pool is most concentrated by loans backed by retail and multifamily
properties, which represent 22.6% and 20.0% of the pool balance,
respectively. This factor, as well as the pool's overall healthy
credit metrics, as further detailed below, supported the credit
rating confirmations with this review.

All of the remaining loans in the pool are scheduled to mature by
August 2025. Morningstar DBRS expects most of the loans will
successfully repay at their respective maturity dates based on the
performance of the underlying collateral. This is exhibited by a
weighted-average (WA) debt service coverage ratio (DSCR) of 1.79
times (x) and WA debt yield of 11.9% as of YE2023 financials.
However, in addition to the aforementioned 535-545 Fifth Avenue
loan, there are eight loans, representing 11.1% of the pool
balance, that were identified as having increased refinance risk
given performance declines and rollover concerns for the collateral
properties. Morningstar DBRS increased probability of default, and,
in certain cases, applied stressed loan-to-value ratios for loans
that have exhibited increased default risks. The resulting WA
expected loss (EL) for these loans is more than 40% higher than the
pool average EL.

As of the October 2024 remittance, 63 of the original 74 loans
remain in the trust, with an aggregate balance of $783.5 million,
representing a collateral reduction of 16.2% since issuance. The
pool also benefits from 16 fully defeased loans, representing 15.8%
of the current pool balance. There are no specially serviced loans
or delinquent loans. Fifteen loans, representing 44.8% of the pool
balance, are being monitored on the servicer's watchlist primarily
for performance-related concerns and deferred maintenance items.

The largest loan in the pool is the 535-545 Fifth Avenue loan,
which is secured by a mixed-use property comprising 415,440 square
feet (sf) of office space and 91,247 sf of retail space in midtown
Manhattan. The subject loan of $110 million represents a portion of
the $310 million senior whole loan amount, with the remaining
balance securitized within the MSBAM 2015-C26 transaction and the
MSBAM 2015-C27 transaction (which is also rated by Morningstar
DBRS). As per the most recent servicer commentary, discussions
surrounding a maturity extension on a non-transfer basis remain
ongoing. Though occupancy declined to a low of 65.3% in 2022,
occupancy has since improved to 92.8% as of August 2024. The
property's tenancy is granular, with the two largest tenants
combining for 12.6% of the net rentable area (NRA). However, leases
totaling 23.3% of the NRA (17.3% of the total annual rent) are
scheduled to rollover by YE2025. The loan reported a DSCR of 1.88x
for the trailing six months ended June 30, 2024, compared with the
Issuer's DSCR of 1.32x at issuance. As per Reis, office properties
in the Grand Central submarket reported an average vacancy rate of
12.8% and an average asking rental rate of $75.70 per sf (psf) in
Q2 2024, which is below the subject's average rental rate of $88.15
psf. The asset is generally well positioned near Grand Central
Station, and, given the strong leasing momentum over the past two
years as well as the tenants' above-market rental rates,
Morningstar DBRS expects the sponsor will remain well incentivized
to work with the servicer to come to terms on an extension of the
upcoming maturity. Given the concentration of rolling tenants in
the maturity year, a stressed analysis was considered to increase
the EL in the analysis for this review; however, Morningstar DBRS
considers the overall risks for this loan to be relatively low
given the mitigating factors outlined above.

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


MORGAN STANLEY 2024-RPL1: Fitch Assigns BB Rating on Cl. B-1 Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Morgan Stanley
Residential Mortgage Loan Trust 2024-RPL1, series 2024-RPL1 (MSRM
2024-RPL1).

   Entity/Debt       Rating            Prior
   -----------       ------            -----
MSRM 2024-RPL1

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

Transaction Summary

Fitch rates the residential mortgage-backed notes issued by Morgan
Stanley Residential Mortgage Loan Trust 2024-RPL1 (MSRM 2024-RPL1)
as indicated above. The notes are supported by 2,000 seasoned
performing and reperforming loans (RPLs) that had a balance of
$352.37 million as of the Sept. 30, 2024 cutoff date.

The transaction is expected to close on Nov. 12, 2024.

The notes are secured by a pool of re-performing and performing
fixed, step-rate and adjustable-rate mortgage (ARM) loans, which
are primarily fully amortizing and balloon payments, seasoned and
interest-only mortgage loans secured primarily by first liens on
one- to four-family residential properties, planned unit
developments (PUDs), condominiums, and manufactured housing
(together with any such properties acquired by the issuer through
foreclosure or grant of a deed in lieu of foreclosure after the
cutoff date).

In the pool, 100% of the loans are seasoned over 12 months. Of the
loans, 80.3% are exempt from the qualified mortgage (QM) rule as
they are investment properties or were originated prior to the
Ability to Repay (ATR) rule taking effect in January 2014. The
remaining 19.7% were considered to be non-QM, per Fitch.

Select Portfolio Servicing in (SPS) will service 60.9% of the loans
in the pool, Shellpoint Mortgage Servicing (Shellpoint) will
service 34.1% and Selene Finance LP (Selene) will service 5.1%;
Fitch rates SPS 'RPS1-', Shellpoint 'RPS2' and Selene 'RPS3+'.

The majority of the loans in the collateral pool comprise
fixed-rate mortgages, though ARM loans are in the pool. All loans
that previously referenced Libor now reference applicable Secured
Overnight Financing Rate (SOFR) term rates. None of the classes
have floating or inverse floating rates.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch views the home
price values of this pool as 11.8% above a long-term sustainable
level versus 11.6% on a national level as of 2Q24, up 0.1% since
last quarter, based on Fitch's updated view on sustainable home
prices. Housing affordability is the worst it has been in decades
driven by both high interest rates and elevated home prices. Home
prices have increased 4.3% yoy nationally as of August 2024 despite
modest regional declines, but are still being supported by limited
inventory.

Seasoned and Reperforming Credit Quality (Mixed): The collateral
consists of 2,000 loans, totaling $352.37 million, which includes
deferred amounts. The loans are seasoned approximately 175 months
in aggregate, according to Fitch, as calculated from origination
date (174 months per the transaction documents). Specifically, the
pool comprises 76.4% fully amortizing fixed-rate loans, 12.5% fully
amortizing ARM loans, and 11.1% STEP loans that were treated as ARM
loans.

The borrowers have a moderate credit profile, with a 672 Fitch
model FICO score (680 FICO per the transaction documents). The
transaction has a weighted average (WA) sustainable loan to value
(sLTV) ratio of 56.3%, as determined by Fitch. The debt to income
ratio (DTI) was not provided for the loans in the transaction; as a
result, Fitch applied a 45% DTI to all of the loans.

The pool consists of 86.5% of loans where the borrower maintains a
primary residence, while 13.5% consists of loans for investor
properties or second homes. For loans with an unknown occupancy or
if the borrower is a foreign national, Fitch treated these loans as
investor properties. In its analysis, Fitch considered 19.7% of the
loans to be non-QM loans, while the remaining 80.3% were considered
exempt from QM status. In its analysis, Fitch considered loans
originated after January 2014 non-QM since they are no longer
eligible to be in government-sponsored enterprise (GSE) pools.

In Fitch's analysis, 86.7% of the loans are to single-family homes,
townhouses, and PUDs, 4.1% are to condos or coops, 9.0% are to
manufactured housing or multifamily homes, and less than 0.2% are
for land and mixed use. Fitch treated manufactured properties as
multifamily and the probability of default (PD) was increased for
these loans as a result.

The pool contains 17 loans over $1.0 million, with the largest loan
at $3.85 million.

Based on the transaction documents, 11.5% of the loans have
subordinate financing; Fitch also considered 11.5% of the loans to
have subordinate financing. Fitch viewed all the loans in the pool
in the first lien position based on data provided in the tape and
confirmation from the servicer on the lien position.

Of the pool, 90.2% of the loans were current as of Oct. 1, 2024.
Overall, the pool characteristics resemble RPL collateral;
therefore, the pool was analyzed using Fitch's RPL model, and Fitch
extended liquidation timelines as it typically does for RPL pools.

Approximately 19.4% of the pool is concentrated in California. The
largest metropolitan statistical area (MSA) concentration is in the
New York MSA at 16.6%, followed by the Los Angeles MSA at 8.3% and
the Miami MSA at 5.6%. The top three MSAs account for 30.5% of the
pool. As a result, there was no penalty applied for geographic
concentration.

Sequential Deal Structure (Positive): The transaction utilizes a
sequential payment structure with no advancing of delinquent
principal and interest (P&I) payments. The transaction is
structured with subordination to protect more senior classes from
losses and has a minimal amount of excess interest, which can be
used to repay current or previously allocated realized losses and
cap carryover shortfall amounts.

The interest and principal waterfall prioritize the payment of
interest to the A-1, which is supportive of class A-1 receiving
timely interest. Fitch considers timely interest for 'AAAsf' rated
classes and to ultimate interest for 'AAsf' to 'Bsf' category rated
classes.

The class A-1, A-2, and M-1 notes have a coupon based on a fixed
rate that is capped at the net WA coupon (WAC) prior to December
2028. On and after December 2028, these classes will have a coupon
based on the fixed rate plus 1.0% and the net WAC rate.

The class M-2 notes have a coupon based on the lower of fixed rate
or the net WAC.

The class B-1, B-2, B-3, B-4 and B-5 notes will have coupons based
on the net WAC.

Losses are allocated to classes reverse sequentially starting with
class B-5. Classes will not be written down if the transaction is
undercollateralized.

No Advancing (Mixed): The servicer will not be advancing delinquent
monthly payments of P&I. Because P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level loss severities
(LS) are less for this transaction than for those where the
servicer is obligated to advance P&I.

To provide liquidity and ensure timely interest will be paid to the
'AAAsf' rated classes and ultimate interest on the remaining rated
classes, principal will need to be used to pay for interest accrued
on delinquent loans. This will result in stress on the structure
and the need for additional credit enhancement (CE) compared with a
pool with limited advancing. These structural provisions and cash
flow priorities, together with increased subordination, provide for
timely payments of interest to the 'AAAsf' rated classes.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 42.7% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC, Consolidated Analytics, Clayton, Covius, Digital
Risk and Selene. The third-party due diligence described in Form
15E focused on a tax and title review, data integrity review,
servicing comment review and pay history. A compliance review was
conducted on 99.2% of the loans in the pool since the remaining
0.8% were investors loans that do not need a compliance review per
the due diligence scope. The scope of the review was consistent
with Fitch's criteria. This information was considered in its
analysis. Based on the results of the 100.0% due diligence
performed on the pool, Fitch adjusted the expected losses.

A large portion of the loans received 'C' and 'D' grades mainly due
to missing documentation that resulted in the ability to test for
certain compliance issues. As a result, Fitch applied negative loan
level adjustments, which increased the 'AAAsf' losses by
approximately 2.00% and are further detailed in the Third-Party Due
Diligence section of the presale.

Fitch determined there were 22 loans with material TRID issues; a
$15,500 loss severity penalty was given to loans with material TRID
issues, though this did not have any impact on the given losses.

AMC conducted a title search and found outstanding liens that
pre-date the mortgage. It was confirmed the majority of these liens
are retired and nothing is owed. In the pool, there are loans
totaling approximately $1,033,077 in potentially superior
post-origination recorded liens/judgments. In addition, there are
roughly $433,000 in PACE liens. The trust will be responsible for
these amounts. As a result, Fitch increased the LS by this amount,
since the trust would be responsible for reimbursing the servicer
this amount. This did not have any impact on the given losses.

The due diligence found several loans to be in a non-first lien
position. The servicer confirmed all liens are in the first lien
position and all loans have a title policy in place that will cover
any loss if the loan is found not to be in a first lien position.
As a result of the valid title policy and the servicer monitoring
the lien status, Fitch treated 100% of the pool as comprising first
liens.

Based on the due diligence that was provided, there were only five
loans with a missing document that Fitch had to extend timelines by
three months. This is in addition to the six-month timeline
extension applied to all loans in the pool.

The TPR review was also able to confirm the payment history
provided in the tape was accurate based on their records. As a
result, Fitch was comfortable relying on the payment history data
and the lien status provided in the tape.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100.0% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged AMC, Consolidated Analytics, Clayton, Covius, Digital Risk
and Selene to perform the review. Loans reviewed under this
engagement were given initial and final compliance grades. A
portion of the loans in the pool received a credit or valuation
review.

An exception and waiver report was provided to Fitch, indicating
that the pool of reviewed loans has a number of exceptions and
waivers. Fitch determined that the exceptions and waivers do
materially affect the overall credit risk of the loans; please
refer to the Third-Party Due Diligence section of the presale
report for more details.

Fitch also received confirmation from the servicer that the lien
status and payment history provided in the tape is accurate per its
records. Fitch took this information into consideration in its
analysis.

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

ESG Considerations

The transaction has an ESG score of 4 for Transaction Parties and
Operational Risk, due to the adjustment for the rep and warranty
framework without other operational mitigants that increased the
loss expectations and is material to the transaction.

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.


MTK 2021-GRNY: DBRS Confirms B(low) Rating on Class F Certs
-----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-GRNY
issued by MTK 2021-GRNY Mortgage Trust as follows:

-- 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)
-- Class X-EXT at AAA (sf)

All trends are Stable.

The credit rating confirmations and Stable trends reflect the
continued stable performance of the collateral, which is in line
with Morningstar DBRS expectations at issuance, as evidenced by
healthy revenue per available room (RevPAR) penetration figures and
operating performance as further discussed below. The loan is
secured by the borrower's fee-simple interest in Gurney's Montauk
Resort & Seawater Spa, a 149-key full-service luxury resort
directly on the beach in the community of Montauk, New York. The
property, which is considered one of the premier beachfront luxury
hotels in Montauk, is located on 20 acres of prime oceanfront real
estate, with the majority of rooms having unobstructed ocean views
with private balconies and terraces. The interest-only loan was
structured with an initial two-year term, with three one-year
extension options for a fully extended maturity of December 2026.
In 2023, the borrower purchased an interest rate cap to exercise
its first one-year extension option, extending the maturity date to
December 2024. There are two extension options remaining and
Morningstar DBRS believes, given the continued stability of cash
flow, continued demand, and competitive performance, the loan is
well positioned to refinance or extend again.

The loan is sponsored by a joint venture between BLDG Management
Co. Inc. and Metrovest Equities Inc., two seasoned real estate
investment firms headquartered in New York City. Since 2013, the
sponsor has invested a total of $54.1 million into the property,
revitalizing it as a sought-after luxury full-service resort,
including a $16.4 million renovation of the property's Seawater Spa
having been completed in early 2022.

As per the June 2024 STR report, the trailing 12-month (T-12)
occupancy, average daily rate (ADR), and RevPAR figures were 61.7%,
$903.89, and $557.26, respectively. RevPAR increased slightly from
the YE2023 figure of $550.42 and remains far above the pre-pandemic
YE2019 figure of $443.88. The property continues to outperform its
competitive set with a RevPAR penetration rate of 131%. Overall,
the occupancy, ADR, and RevPAR metrics remain in line with the
Morningstar DBRS figures derived at issuance.

The loan is currently on the servicer's watchlist due to upcoming
maturity and a low debt service coverage ratio (DSCR) of 0.84x as
of YE2023. The YE2023 net cash flow (NCF) was approximately $17.3
million, which represents a slight decrease from the YE2022 figure
but remains an improvement from the Morningstar DBRS NCF of $13.7
million derived at issuance. The corresponding DSCR has decreased
due to the floating-rate nature of the loan. This increase in debt
service is mitigated by the interest rate cap agreement that
remains in place.

At issuance, Morningstar DBRS derived a value of $188.7 million
based on the Morningstar DBRS NCF of $13.7 million and a
capitalization rate of 7.25%, which represents a 22.7% haircut from
the appraisal value of $224.0 million. In addition, Morningstar
DBRS applied positive qualitative adjustments totaling 7.0% to the
sizing to reflect the property's quality, market fundamentals, and
cash flow volatility. Although cash flow has improved, Morningstar
DBRS has elected to not update its valuation approach given the
loan's upcoming maturity.

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


NEUBERGER BERMAN 53: Fitch Assigns 'BB-(EXP)sf' Rating on E-R Debt
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Neuberger Berman Loan Advisers NBLA CLO 53, Ltd. reset
transaction.

   Entity/Debt          Rating           
   -----------          ------           
Neuberger Berman
Loan Advisers
NBLA CLO 53, Ltd.

   A-1-R            LT AAA(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

Transaction Summary

Neuberger Berman Loan Advisers NBLA CLO 53, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) managed by
Neuberger Berman Loan Advisers II LLC that originally closed
November 2023. On Nov. 14, 2024 (the reset date), the CLO's
existing secured notes will be redeemed in full with refinancing
proceeds. The secured and subordinated notes will provide financing
on a portfolio of approximately $550 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 versus a maximum covenant, in accordance
with the initial expected matrix point of 26.8. Issuers rated in
the 'B' rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
95.93% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.77% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.1%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 42% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 4.9-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-R, 'A+sf'
for class D-1-R, 'Asf' for class D-2-R, and between 'BBB+sf' and
'BBsf' 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 NBLA CLO 53, 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 which has a significant impact on the rating on an
individual basis.


OAKTREE CLO 2019-3: S&P Assigns BB- (sf) Rating on Cl. E-R2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R2,
A-2-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 replacement debt from
Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC, a CLO managed by
Oaktree Capital Management L.P. that was originally issued in
August 2019 and underwent a refinancing in October 2021. At the
same time, S&P withdrew its ratings on the class A1R, A2R, BR, CR,
D1R, D2F, D2L, and ER debt following payment in full on the Nov. 6,
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 Nov. 6, 2026

-- The reinvestment period was extended to Jan. 20, 2030.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) was extended to Jan. 20, 2038.

-- The target initial par amount was raised slightly by about $3.0
million. There is no additional effective date or ramp-up period,
and the first payment date following the refinancing is Jan. 20,
2025.

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

-- 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

  Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC

  Class A-1-R2, $480.00 million: AAA (sf)
  Class A-2-R2, $30.00 million: AAA (sf)
  Class B-R2, $60.00 million: AA (sf)
  Class C-R2 (deferrable), $45.00 million: A (sf)
  Class D-1-R2 (deferrable), $37.50 million: BBB (sf)
  Class D-2-R2 (deferrable), $15.00 million: BBB- (sf)
  Class E-R2 (deferrable), $22.50 million: BB- (sf)

  Ratings Withdrawn

  Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC

  Class A1R to NR from 'AAA (sf)'
  Class A2R to NR from 'AAA (sf)'
  Class BR to NR from 'AA (sf)'
  Class CR to NR from 'A (sf)'
  Class D1R to NR from 'BBB+ (sf)'
  Class D2F to NR from 'BBB- (sf)'
  Class D2L to NR from 'BBB- (sf)'
  Class ER to NR from 'BB- (sf)'

  Other Debt

  Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC

  Subordinated notes, $84.23 million: NR

  NR--Not rated.



OCP CLO 2017-13: S&P Assigns Prelim BB- (sf) Rating on E-R2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
X-R2, A-R2, B-1R2, B-2R2, C-R2, D-1R2, D-2R2 and E-R2 replacement
debt from OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC, a CLO
originally issued in 2017 and subsequently refinanced in 2021 that
is managed by Onex Credit Partners LLC, a subsidiary of Onex Corp.

The preliminary ratings are based on information as of Nov. 13,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 26, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the 2021 debt. At that
time, S&P expects to withdraw our ratings on the 2021 debt and
assign ratings to the replacement debt. However, if the refinancing
doesn't occur, S&P may affirms its ratings on the 2021 debt and
withdraw its preliminary ratings on the replacement debt.

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

-- The weighted average cost of debt of the replacement debt is
expected to be lower than the 2021 debt.

-- New class X-R2 debt will be issued in connection with this
refinancing. These notes are expected to be paid down using
interest proceeds during the first 12 payment dates beginning with
the payment date in April 2025.

-- The sequential class A-1b-R and A-2-R debt is expected to be
replaced by the pari passu replacement class B-1R2 and B-2R2 debt.

-- The class C-R debt is expected to be replaced by the sequential
replacement class D-1R2 and D-2R2 debt.

-- The non-call period will be extended 4.7 years to November
2026.

-- The reinvestment period and stated maturity will be extended
7.3 years to November 2029 and November 2037, respectively.

-- Additional subordinated notes and preference shares will be
issued on the refinancing date.

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

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

  Preliminary Ratings Assigned

  OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC

  Class X-R2, $2.000 million: AAA (sf)
  Class A-R2, $288.000 million: AAA (sf)
  Class B-1R2, $45.000 million: AA (sf)
  Class B-2R2, $9.000 million: AA (sf)
  Class C-R2 (deferrable), $27.000 million: A (sf)
  Class D-1R2 (deferrable), $23.630 million: BBB (sf)
  Class D-2R2 (deferrable), $7.880 million: BBB- (sf)
  Class E-R2 (deferrable), $13.500 million: BB- (sf)



OCP CLO 2020-8R: 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, and E-R replacement debt from OCP CLO 2020-8R Ltd./OCP CLO
2020-8R LLC, a CLO originally issued in January 2021 that is
managed by Onex Credit Partners LLC, a subsidiary of Onex Corp. At
the same time, S&P withdrew its ratings on the original class A-1,
A-2, B-1a, B-1b, B-2, C, and D debt following payment in full on
the Nov. 7, 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-R, B-R, C-R, D-1R, and E-R debt was
issued at a spread over three-month SOFR.

-- The replacement class D-2R debt was issued at a fixed coupon.

-- The stated maturity, reinvestment period, and non-call period
were extended by four and a half years, three and a half years, and
three and a half years, respectively.

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

  OCP CLO 2020-8R Ltd./OCP CLO 2020-8R LLC

  Class A-R, $256.00 million: AAA (sf)
  Class B-R, $48.00 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)

  Ratings Withdrawn

  OCP CLO 2020-8R Ltd./OCP CLO 2020-8R LLC

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

  Other Debt

  OCP CLO 2020-8R Ltd./OCP CLO 2020-8R LLC

  Subordinated notes, $80.55 million: NR

  NR--Not rated.




OCP CLO 2021-22: 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 and new class X debt from OCP
CLO 2021-22 Ltd., a CLO originally issued in December 2021 that is
managed by Blackstone Liquid Credit Strategies LLC. At the same
time, S&P withdrew its ratings on the original class A, B-1, B-2,
C, D, and E debt following payment in full on the Nov. 8, 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 Oct. 20, 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 target initial par amount remains at $550 million. There is
no additional effective date or ramp-up period, and the first
payment date following the refinancing is Jan. 20, 2025.

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

-- An additional $4.45 million of subordinated notes were issued
on the refinancing date.

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

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

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

  Ratings Assigned

  OCP CLO 2021-22 Ltd./OCP CLO 2021-22 LLC

  Class X, $5.00 million: AAA(sf)
  Class A-R, $352.00 million: AAA(sf)
  Class B-R, $66.00 million: AA(sf)
  Class C-R (deferrable), $33.00 million: A(sf)
  Class D-1R (deferrable), $33.00 million: BBB(sf)
  Class D-2R (deferrable), $5.50 million: BBB-(sf)
  Class E-R (deferrable), $16.50 million: BB-(sf)

  Ratings Withdrawn

  OCP CLO 2021-22 Ltd./OCP CLO 2021-22 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 (deferrable) to NR from 'A (sf)'
  Class D (deferrable) to NR from 'BBB- (sf)'
  Class E (deferrable) to NR from 'BB- (sf)'

  Other Debt

  OCP CLO 2021-22 Ltd./ OCP CLO 2021-22 LLC

  Subordinated notes, $55.45 million: NR

  NR--Not rated.



OCP CLO 2024-36: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to OCP CLO 2024-36 Ltd./OCP
CLO 2024-36 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, a
subsidiary of Onex Corp.

The ratings reflect:

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

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

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

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

  Ratings Assigned

  OCP CLO 2024-36 Ltd./OCP CLO 2024-36 LLC

  Class A-1, $155.5 million: AAA (sf)
  Class A-1L loans(i), $164.5 million: AAA (sf)
  Class A-1L(i), $0.0 million: AAA (sf)
  Class A-2, $7.5 million: AAA (sf)
  Class B-1, $50.0 million: AA (sf)
  Class B-2, $2.5 million: AA (sf)
  Class C (deferrable), $30.0 million: A (sf)
  Class D-1 (deferrable), $30.0 million: BBB (sf)
  Class D-2 (deferrable), $5.0 million: BBB- (sf)
  Class E (deferrable), $15.0 million: BB- (sf)
  Subordinated notes, $48.7 million: Not rated

(i)All or a portion of the class A-1L loans may be converted into
class A-1L notes. No portion of the class A-1L notes may be
converted into class A-1L loans.



OCTAGON INVESTMENT XXI: Moody's Cuts Rating on E-RR Notes to Caa2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Octagon Investment Partners XXI, Ltd.:

US$86,250,000 Class A-2-R3 Senior Secured Floating Rate Notes due
2031 (the "Class A-2-R3 Notes"), Upgraded to Aaa (sf); previously
on January 22, 2024 Upgraded to Aa1 (sf)

US$36,000,000 Class B-R3 Secured Deferrable Floating Rate Notes due
2031 (the "Class B-R3 Notes"), Upgraded to Aa3 (sf); previously on
January 22, 2024 Upgraded to A1 (sf)

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

US$12,000,000 Class E-RR Secured Deferrable Floating Rate Notes due
2031 (the "Class E-RR Notes"), Downgraded to Caa2 (sf); previously
on September 2, 2020 Confirmed at B3 (sf)

Octagon Investment Partners XXI, Ltd., originally issued in October
2014 and most recently partially refinanced in February 2021, is a
managed cashflow CLO. The notes are collateralized primarily by a
portfolio of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in February 2024.

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

RATINGS RATIONALE

The upgrade rating actions on the Class A-2-R3 and Class B-R3 notes
are primarily a result of deleveraging of the senior notes and an
increase in the transaction's over-collateralization (OC) ratios
since January 2024. The Class A-1A-R3 notes have been paid down by
approximately 16.7% or $75.2 million since then. Based on Moody's
calculation, the OC ratios for the Class A-2-R3 and Class B-R3
notes are currently 129.85% and 121.10%, respectively, versus
January 2024 levels of 127.79% and 120.24%, respectively.

The downgrade rating action on the Class E-RR notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the OC ratio for the Class E-RR notes is
currently 103.78% versus January 2024 level of 104.89%.
Furthermore, Moody's calculated weighted average spread (WAS) has
been deteriorating and the current level is 3.19%, compared to
3.50% in January 2024.

No actions were taken on the Class A-1A-R3, Class C-R3 and Class
D-RR 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: $646,045,187

Defaulted par: $5,399,752

Diversity Score: 73

Weighted Average Rating Factor (WARF): 2808

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.19%

Weighted Average Coupon (WAC): 3.18%

Weighted Average Recovery Rate (WARR): 47.05%

Weighted Average Life (WAL): 4.02 years

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

Methodology Used for the Rating Action:

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

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

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


OCTANE RECEIVABLES 2024-3: S&P Assigns BB (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Octane Receivables Trust
2024-3's asset-backed notes.

The note issuance is an ABS transaction backed by consumer
powersport receivables.

The ratings reflect S&P's view of:

-- The availability of approximately 29.31%, 23.17%, 17.20%,
11.51%, and 9.15% in credit support, including excess spread, for
the class A (A-1 and A-2), B, C, D, and E notes, respectively,
based on final post-pricing stressed cash flow scenarios. These
credit support levels provide at least 5.00x, 4.00x, 3.00x, 2.00x,
and 1.60x coverage of our stressed net loss levels for the class A,
B, C, D, and E notes, respectively.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios, which we believe are appropriate for the assigned
ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x S&P's expected loss level), all else being equal, its
ratings will be within the credit stability limits specified in
section A.4 of the Appendix in "S&P Global Ratings Definitions,"
published June 9, 2023.

-- The collateral characteristics of the amortizing pool of
consumer powersports receivables, including the high percentage
(approximately 77.99%) of the outstanding principal balance in
credit tiers 1 and 2.

-- The transaction's credit enhancement in the form of
subordination, overcollateralization that builds to a target level
of 12.90% of the current receivables balance, a nonamortizing
reserve account, and excess spread.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage of receivables basis) as the pool
amortizes.

-- The transaction's payment and legal structures.

  Ratings Assigned

  Octane Receivables Trust 2024-3

  Class A-1, $63.30 million: A-1+ (sf)
  Class A-2, $185.92 million: AAA (sf)
  Class B, $22.61 million: AA (sf)
  Class C, $21.59 million: A (sf)
  Class D, $22.44 million: BBB (sf)
  Class E, $10.54 million: BB (sf)



ONE 2021-PARK: S&P Lowers Class D Notes Rating to 'BB- (sf)'
------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from ONE 2021-PARK
Mortgage Trust.

This is a U.S. standalone (single-borrower) CMBS transaction backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in One Park Avenue, a
943,302-sq.-ft. office property located in the Murray Hill office
submarket of Manhattan.

Rating Actions

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

-- The sponsor has not signed any new leases at the property since
former tenant Clarins USA (4.0% of the net rentable area [NRA])
vacated upon its lease expiration in May 2022. Since our last
review in November 2023, the property's occupancy remained at
93.5%, down from 97.7% at issuance.

-- The property's Murray Hill office submarket continues to
exhibit elevated vacancy (17.4%) and availability (23.2%) rates as
of year-to-date November 2024, according to CoStar, which projects
the overall submarket vacancy rate to increase to around 20.0% in
2026, at the loan's final maturity.

-- S&P said, "The property, in our opinion, is a solid class B
office building that may garner less tenant demand than
well-located properties that are newer and contain class A
amenities. Despite the office property being anchored by New York
University (NYU; 72.6% of NRA, up from 67.1% of NRA at issuance;
'AA-/Stable') on long-term leases, we believe that due to its age,
quality, location, and lack of amenities, a higher market risk
premium is warranted. We accounted for this by using a higher
capitalization rate in our last review, and we believe the higher
risk premium associated with class B office has not abated and
would likely still be required for the loan to refinance upon its
final maturity date in March 2026. Our view is also informed by
observed recent market value declines of like-kind properties."

-- The expected-case value for the property, while unchanged from
S&P's last review, is 12.4% below the value we derived at
issuance.

-- S&P will continue to monitor the performance of the property,
the submarket, and the loan, including the sponsor's ability to
refinance the loan upon its upcoming or final maturities in 2025
and 2026, respectively. If S&P receives information that differs
materially from our expectations, it may revisit its analysis and
take additional rating actions as S&P determines necessary.

Property-Level Analysis

The loan collateral is One Park Avenue, a 20-story, 943,302-sq.-ft.
office building located on Park Avenue between 32nd and 33rd
streets in the Murray Hill office submarket of Manhattan. The
property was built in 1926 and is LEED Silver certified.

S&P said, "At issuance, we noted that the property had an average
occupancy rate of approximately 97.0% since 2011. Occupancy
decreased slightly to 93.5% in our November 2023 review due to the
sponsor not signing any new leases at the property after former
tenant Clarins USA (4.0% of NRA) vacated upon its May 2022 lease
expiration."

Additionally, at issuance, the property benefitted from real estate
tax exemption on approximately 632,000 sq. ft. of NRA leased to NYU
because of its 501(c)(3) non-profit status and its ownership
interest in its leased space via a leasehold condominium structure.
In 2022, NYU took an additional 52,662 sq. ft. of space on the 14th
floor under a lease that expires in December 2038. It is currently
unclear if the additional space is structured similarly to the
other spaces that benefitted from tax exemption. As a result, S&P's
current analysis, similar to last review and at issuance, only
considers the tax savings on the original 632,000 sq. ft. of NYU's
space.

As of the July 1, 2024, rent roll, occupancy remained stagnant at
93.5%. The property, anchored by NYU on long-term leases that
expire in December 2038 and May 2050, has minimal NRA (less than
7.0%) rolling through 2032.

According to CoStar, the overall Murray Hill office submarket,
where the property is located, continues to experience elevated
vacancy and availability rates, at 17.4% and 23.2%, respectively,
as of year-to-date November 2024. CoStar projects the overall
submarket vacancy rate to increase to around 20.0% in 2026, at the
loan's final maturity date. CoStar expects the submarket asking
rent, which is currently at $55.16 per sq. ft., to remain flat for
the same period. This compares to the property's 6.5% in-place
vacancy rate and $65.58-per-sq.-ft. gross rent, as calculated by
S&P Global Ratings.

S&P said, "In our current analysis, we utilized an S&P Global
Ratings gross rent of $65.65 per sq. ft., 9.3% vacancy rate (based
on a weighted average 2.0% vacancy assumption on the NYU space,
15.0% vacancy on the Equinox space, and in-place vacancy on the
remaining space), and a 43.8% operating expense ratio (using mostly
2023 operating expense figures and our assumed unabated real estate
taxes derived at issuance of $11.6 million versus the
servicer-reported real estate taxes of $4.0 million as of year-end
2023). We arrived at an S&P Global Ratings net cash flow (NCF) of
$29.6 million, approximately 4.9% higher than the $28.2 million NCF
derived in our last review and at issuance.

"We maintained our 7.75% capitalization rate (unchanged from our
last review and 100 basis points higher than at issuance,
reflecting the perceived higher market risk premium for class B
office properties) and added to our value the present value of the
tax savings resulting from the difference between the assumed
unabated real estate taxes and the in-place real estate taxes
through 2050 of $108.0 million, and the present value of the future
rent increases associated with investment grade rated tenant, NYU,
of $96.7 million. We then deducted from our value the present value
of the $10.0 million tenant-improvement allowance that the sponsor
owes to NYU in 2035 to derive an S&P Global Ratings expected-case
value of $574.3 million ($609 per sq. ft.), the same as in our last
review, 12.4% below our issuance value of $655.3 million, and 32.8%
lower than the issuance appraisal value of $855.0 million."

  Table 1

  Servicer-reported collateral performance

                      Annualized six
                      months ended
                      June 30, 2024(i)  2023(i) 2022(i)  2021(i)

  Occupancy rate (%)           93.5     93.5    93.5     95.5
  Net cash flow (mil. $)       39.9     36.7    34.0     35.1
  Debt service coverage (x)    1.14     1.11    2.42    5.46
  Appraisal value (mil. $)(ii) 855.0    855.0   855.0    855.0

  (i)Reporting period.
  (ii)As-is appraised value as of Feb. 1, 2021.

  Table 2

  S&P Global Ratings' key assumptions

                      Current review  Last review    At Issuance
                      (Nov 2024)(i)  (Nov 2023) (i) (Feb 2021)(i)

  Occupancy rate (%)        90.7         93.0        93.0
  Net cash flow (mil. $)    29.6         28.2          28.2
  Capitalization rate (%)   7.75         7.75          6.75
  Add-to-value (mil. $)(ii)192.7        210.5         237.5
  Value (mil. $)           574.3        574.3         655.3
  Value per sq. ft. ($)      609          609           695
  Loan-to-value ratio (%)   91.4         91.4          80.1

(i)Review period.
(ii)Reflects the present value of the future rent steps for New
York University leases and present value of tax savings for the
tax-exempt spaces leased to New York University, net of the present
value of the borrower's tenant improvement obligations due in 2035
to New York University.

Transaction Summary

The IO mortgage loan had an initial and current balance (as of the
October 2024 trustee remittance report) of $525.0 million, pays a
floating interest rate of SOFR plus 1.221%, and matures on March 9,
2025. The borrower has one one-year extension option remaining
(after having exercised two), which can be exercised if, among
other factors, there is no event of default outstanding and the
borrower purchases a replacement interest rate hedge agreement. S&P
has requested but not yet received from the master servicer the
current interest rate hedge agreement. However, its current
analysis assumes that the loan is hedged against the risk of rising
interest rate because the loan agreement stipulates that the
borrower is required to obtain an interest rate hedge agreement as
a condition to exercise the loan extension option.

As of the October 2024 trustee remittance report, there were $4.5
million held in reserves. To date, the trust has not incurred any
principal losses.

  Ratings Lowered

  ONE 2021-PARK Mortgage Trust

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



PMT LOAN 2024-INV1: Moody's Assigns B3 Rating to Cl. B-5 Certs
--------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to 61 classes of
residential mortgage-backed securities (RMBS) issued by PMT Loan
Trust 2024-INV1, and sponsored by PennyMac Corp.

The securities are backed by a pool of GSE-eligible residential
mortgages originated and serviced by PennyMac Corp.

The complete rating actions are as follows:

Issuer: PMT Loan Trust 2024-INV1

Cl. A-1, Definitive Rating Assigned Aaa (sf)

Cl. A-2, Definitive Rating Assigned Aaa (sf)

Cl. A-3, Definitive Rating Assigned Aaa (sf)

Cl. A-4, Definitive Rating Assigned Aaa (sf)

Cl. A-5, Definitive Rating Assigned Aaa (sf)

Cl. A-6, Definitive Rating Assigned Aaa (sf)

Cl. A-7, Definitive Rating Assigned Aaa (sf)

Cl. A-8, Definitive Rating Assigned Aaa (sf)

Cl. A-9, Definitive Rating Assigned Aaa (sf)

Cl. A-10, Definitive Rating Assigned Aaa (sf)

Cl. A-11, Definitive Rating Assigned Aaa (sf)

Cl. A-12, Definitive Rating Assigned Aaa (sf)

Cl. A-13, Definitive Rating Assigned Aaa (sf)

Cl. A-14, Definitive Rating Assigned Aaa (sf)

Cl. A-15, Definitive Rating Assigned Aaa (sf)

Cl. A-16, Definitive Rating Assigned Aaa (sf)

Cl. A-17, Definitive Rating Assigned Aaa (sf)

Cl. A-18, Definitive Rating Assigned Aaa (sf)

Cl. A-19, Definitive Rating Assigned Aaa (sf)

Cl. A-20, Definitive Rating Assigned Aaa (sf)

Cl. A-21, Definitive Rating Assigned Aaa (sf)

Cl. A-22, Definitive Rating Assigned Aaa (sf)

Cl. A-23, Definitive Rating Assigned Aaa (sf)

Cl. A-24, Definitive Rating Assigned Aaa (sf)

Cl. A-25, Definitive Rating Assigned Aaa (sf)

Cl. A-26, Definitive Rating Assigned Aaa (sf)

Cl. A-27, Definitive Rating Assigned Aaa (sf)

Cl. A-28, Definitive Rating Assigned Aa1 (sf)

Cl. A-29, Definitive Rating Assigned Aa1(sf)

Cl. A-30, Definitive Rating Assigned Aa1(sf)

Cl. A-31, Definitive Rating Assigned Aa1 (sf)

Cl. A-32, Definitive Rating Assigned Aa1 (sf)

Cl. A-33, Definitive Rating Assigned Aa1 (sf)

Cl. A-X1*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X2*, Definitive Rating Assigned Aaa (sf)

Cl. A-X3*, Definitive Rating Assigned Aaa (sf)

Cl. A-X6*, Definitive Rating Assigned Aaa (sf)

Cl. A-X7*, Definitive Rating Assigned Aaa (sf)

Cl. A-X8*, Definitive Rating Assigned Aaa (sf)

Cl. A-X9*, Definitive Rating Assigned Aaa (sf)

Cl. A-X11*, Definitive Rating Assigned Aaa (sf)

Cl. A-X12*, Definitive Rating Assigned Aaa (sf)

Cl. A-X14*, Definitive Rating Assigned Aaa (sf)

Cl. A-X15*, Definitive Rating Assigned Aaa (sf)

Cl. A-X18*, Definitive Rating Assigned Aaa (sf)

Cl. A-X19*, Definitive Rating Assigned Aaa (sf)

Cl. A-X21*, Definitive Rating Assigned Aaa (sf)

Cl. A-X22*, Definitive Rating Assigned Aaa (sf)

Cl. A-X24*, Definitive Rating Assigned Aaa (sf)

Cl. A-X25*, Definitive Rating Assigned Aaa (sf)

Cl. A-X26*, Definitive Rating Assigned Aaa (sf)

Cl. A-X27*, Definitive Rating Assigned Aaa (sf)

Cl. A-X30*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X31*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X32*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X33*, Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Definitive Rating Assigned A2 (sf)

Cl. B-3, Definitive Rating Assigned Baa3 (sf)

Cl. B-4, Definitive Rating Assigned Ba3 (sf)

Cl. B-5, Definitive Rating Assigned B3 (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

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

Moody’s expected loss for this pool in a baseline scenario-mean
is 0.66%, in a baseline scenario-median is 0.37% and reaches 7.58%
at a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

Down

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

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


PROVIDENT FUNDING 2024-1: Moody's Gives B2 Rating to Cl. B-5 Certs
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to 30 classes of
residential mortgage-backed securities (RMBS) issued by Provident
Funding Mortgage Trust 2024-1, and sponsored by Provident Funding
Associates, L.P. ("Provident Funding").

The securities are backed by a pool of GSE-eligible residential
mortgages originated and serviced by Provident Funding.

The complete rating actions are as follows:

Issuer: Provident Funding Mortgage Trust 2024-1

Cl. A-1, Definitive Rating Assigned Aaa (sf)

Cl. A-2, Definitive Rating Assigned Aaa (sf)

Cl. A-3, Definitive Rating Assigned Aaa (sf)

Cl. A-4, Definitive Rating Assigned Aaa (sf)

Cl. A-5, Definitive Rating Assigned Aaa (sf)

Cl. A-6, Definitive Rating Assigned Aaa (sf)

Cl. A-7, Definitive Rating Assigned Aaa (sf)

Cl. A-8, Definitive Rating Assigned Aaa (sf)

Cl. A-9, Definitive Rating Assigned Aaa (sf)

Cl. A-10, Definitive Rating Assigned Aaa (sf)

Cl. A-11, Definitive Rating Assigned Aaa (sf)

Cl. A-12, Definitive Rating Assigned Aaa (sf)

Cl. A-13, Definitive Rating Assigned Aa1 (sf)

Cl. A-14, Definitive Rating Assigned Aa1 (sf)

Cl. A-15, Definitive Rating Assigned Aaa (sf)

Cl. A-16, Definitive Rating Assigned Aaa (sf)

Cl. A-X-1*, Definitive Rating Assigned Aa1 (sf)

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

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

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

Cl. A-X-8*, Definitive Rating Assigned Aaa (sf)

Cl. A-X-10*, Definitive Rating Assigned Aaa (sf)

Cl. A-X-12*, Definitive Rating Assigned Aaa (sf)

Cl. A-X-14*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X-16*, Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Definitive Rating Assigned A2 (sf)

Cl. B-3, Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Definitive Rating Assigned B2 (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

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

Moody's expected loss for this pool in a baseline scenario-mean is
0.31%, in a baseline scenario-median is 0.14% and reaches 4.03% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

Down

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

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


RAMP TRUST 2006-RS1: Moody’s Hikes Rating on 2 Tranches to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of two bonds and
downgraded the rating of one bond from two US residential
mortgage-backed transactions (RMBS), backed by subprime mortgages
issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: Chase Funding Loan Acquisition Trust 2004-OPT1

Cl. M-1, Downgraded to Baa3 (sf); previously on Apr 29, 2014
Downgraded to A3 (sf)

Issuer: RAMP Series 2006-RS1 Trust

Cl. A-I-3, Upgraded to Ba3 (sf); previously on Dec 20, 2018
Upgraded to Caa2 (sf)

Cl. A-II, Upgraded to Ba3 (sf); previously on Dec 20, 2018 Upgraded
to Caa2 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and 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 credit enhancement has grown, on average, by 18%
for the upgraded bonds of RAMP Series 2006-RS1 Trust, over the last
12 months.

The rating actions also reflect the further seasoning of the
collateral and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

The rating downgrade of Class M-1 of Chase Funding Loan Acquisition
Trust 2004-OPT1 is primarily due to a deterioration in collateral
performance, and decline in credit enhancement available to the
bond due to the deal passing performance triggers.

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

Principal Methodology

The principal methodology used in these ratings was "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.


RCMF 2023-FL11: Fitch Affirms 'B-sf' Rating on Class G Debt
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of RCMF 2023-FL11. The
Rating Outlooks remain Negative for classes F and G. The Rating
Outlooks remain Stable for classes A, A-S, B, C, D and E.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
RCMF 2023-FL11

   A 75575RAA5     LT AAAsf  Affirmed   AAAsf
   A-S 75575RAC1   LT AAAsf  Affirmed   AAAsf
   B 75575RAE7     LT AA-sf  Affirmed   AA-sf
   C 75575RAG2     LT A-sf   Affirmed   A-sf
   D 75575RAJ6     LT BBBsf  Affirmed   BBBsf
   E 75575RAL1     LT BBB-sf Affirmed   BBB-sf
   F 75575RAN7     LT BB-sf  Affirmed   BB-sf
   G 75575RAQ0     LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

Performance and 'Bsf' Loss Expectations: The affirmations reflect
the overall performance of the majority of the underlying
collateral. Additionally, the progression of the sponsors' business
plans remains in line with Fitch's expectations at issuance and at
the last rating action. Fitch's current ratings incorporate a 'Bsf'
rating case loss of 16.5%.

The Negative Outlooks on classes F and G reflect concerns with the
higher losses on the two specially serviced loans (7.9%), which are
both 90+ days delinquent, as well as the limited updated
information on these loans. Downgrades are anticipated if expected
losses increase, especially on the largest of the two: Raybec
Portfolio (5.0%).

Increase in Credit Enhancement (CE): The transaction has
experienced an increase in CE since issuance due to loan payoffs
and amortization. Fourteen loans have paid in full totaling $170.4
million.

Largest Loans: The Mission Matthews Place and Waterford Hills loan
(8.9% of the pool) consists of 662-unit, two-property garden-style
multifamily portfolio located in Matthews, NC and Charlotte, NC.
When fully funded the loan amount will be $120.9 million
($182,591/unit) with a $40,811,000 participation included in this
transaction. The loan is an interest-only balloon, with a 3-year
initial term (to August 2025) and two one-year extension options
(August 2027). The latest reported occupancy rate was 81%. Fitch's
'Bsf' rating case loss of 13.9% (prior to a concentration
adjustment) is based on an 8.0% cap rate and the Fitch issuance net
cash flow.

The Azure at Riverside loan (7.5% of the pool) consists of a
267-unit, garden-style apartment complex in Austell, GA. The funded
loan amount is $34,297,005 with the entire amount contributed to
this transaction. There is $2,202,995 of unfunded future funding.
The loan is an interest-only balloon, with a four-year initial term
(October 2026) and one one-year extension option (October 2027).
The latest reported occupancy is 79.6%. Fitch's 'Bsf' rating case
loss of 39.3% (prior to a concentration adjustment) is based on an
9.0% cap rate and the Fitch issuance net cash flow.

Loans in Special Servicing: The Raybec Portfolio loan (5.0% of the
pool) was transferred into special servicing in October 2023 and
has been 90+ days delinquent since January 2024. The portfolio is a
391-unit, five-property garden-style multifamily portfolio located
in McAllen, TX, Edinburg,TX and Corpus Christi, TX. The funded loan
amount is $23,022,571 ($58,881/unit) with the entire loan amount
contributed to this transaction. There is $1,577,429 of unfunded
future funding. The portfolio's most recently reported occupancy is
88%. Fitch's 'Bsf' rating case loss of 17.2% (prior to a
concentration adjustment) is based on a higher discount to the
portfolio's most recent appraised value of $36 million (as of March
2024) which considers limited performance updates and the
delinquency status of the loan.

The Gallery Apartments Houston loan (2.3% of the pool), transferred
to special servicing in July 2024 and has been 90+ days delinquent
since October 2024. The loan is secured by a 101-unit, garden style
apartment complex located in Houston, TX. The current funded loan
amount is $10,319,825 ($101,176/unit) with the entire amount
included in this transaction. There is $570,175 of unfunded future
funding. The loan's initial maturity was in September 2025 and has
2 one-year extension options (September 2027). Fitch's 'Bsf' rating
case loss of 38.1% (prior to a concentration adjustment) is based
on an 8.50% cap rate and the Fitch issuance net cash flow.

Collateral Attributes: The pool is secured by properties that have
not yet completely stabilized, are in varying stages of lease-up or
are undergoing renovation. The associated risks, including cash
flow interruption during renovation, lease-up and completion, are
mitigated by experienced sponsorship, credible business plans and
loan structural features that include guaranties, reserves, cash
management and performance triggers, and additional funding
mechanisms.

Loan Structure: The loans in the pool are typically structured with
two-year initial terms, with three one-year extension options that
are subject to, in most cases, a minimum DSCR test and the purchase
of an interest rate cap for the term of the extension. Most loans
have interest rate caps that run to their initial maturity dates.
The pool consists of mainly full-term, interest-only loans

RATING SENSITIVITIES

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

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

- Downgrades to the classes in the 'BBBsf' rating category could
occur if additional loans become delinquent or fail to stabilize
according to the issuance business plans.

- Downgrades to the classes in the 'BBsf' to 'Bsf' rating
categories with Negative Outlooks would occur if resolution
negotiations for the specially serviced loans are unsuccessful, or
if performance of those loans continues to deteriorate.

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

- Upgrades would occur with stable to improved asset performance,
coupled with additional paydown. Upgrades to the 'AAsf' to 'Asf'
rating categories could occur with significant improvement in CE
and with the stabilization of properties currently designated as
FLOCs.

- Upgrades to the classes rated 'BBBsf' and below are not expected
until the later years of the transaction, but are possible with
significant collateral outperformance, paydown and stabilization of
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.


REPUBLIC FINANCE 2024-B: DBRS Finalizes BB(low) Rating on D Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of notes (collectively, the Notes) issued by
Republic Finance Issuance Trust 2024-B (REPS 2024-B):

-- $330,800,000 Class A Notes at AA (sf)
-- $54,030,000 Class B Notes at A (low) (sf)
-- $29,380,000 Class C Notes at BBB (low) (sf)
-- $35,790,000 Class D Notes at BB (low) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

The credit ratings are based on a review by Morningstar DBRS of the
following analytical considerations:

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

-- Credit enhancement Lin the form of OC, subordination, amounts
held in the reserve fund, and excess spread. Credit enhancement
levels are sufficient to support Morningstar DBRS' stressed
projected finance yield, principal payment rate, and charge-off
assumptions under various stress scenarios.

-- 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 principal by the
legal final maturity date.

-- Republic's capabilities with regard to originations,
underwriting, and servicing. Morningstar DBRS performed an
operational review of Republic and considers the entity an
acceptable originator and servicer of personal loans with an
acceptable backup servicer. The Company's senior management team,
although newer to Republic, has considerable experience and a
successful track record in the consumer loan industry.

-- Acquisition of a majority stake in the Company by CVC in
November 2017 with the founding family retaining a significant
share of the Company. CVC has since implemented and maintained a
growth strategy, including increasing the number of branches,
centralizing certain underwriting, and servicing functions as well
as building an online presence.

-- In April 2019, Republic completed the implementation of
centralized underwriting policies and processes for all branches,
which led to the ability to create a hybrid servicing model. The
Company opened a fully centralized collections center in Charlotte,
North Carolina. The center was further enhanced in 2021 to close
loans over the phone with customers that are not within the
geographical footprint of a branch.

-- Computershare Trust Company, N.A. serves as backup servicer.

-- The credit quality of the collateral and performance of
Republic's consumer loan portfolio. Morningstar DBRS has used a
hybrid approach in analyzing the Republic portfolio that
incorporates elements of static pool analysis, employed for assets
such as consumer loans, and revolving asset analysis, employed for
assets such as credit card master trusts.

-- The weighted-average (WA) remaining term as of the Statistical
Cut-Off Date is approximately 32 months.

-- Morningstar DBRS applied a finance yield haircut of 8.00% for
Class A, 5.33% for Class B, 3.33% for Class C, and 1.67% for Class
D. While these haircuts are lower than the range described in the
Morningstar DBRS Rating U.S. Credit Card Asset-Backed Securities
methodology, the fixed-rate nature of the underlying loans, lack of
interchange fees, and historical yield consistency support these
stressed assumptions.

-- The base-case assumption for yield is 25.50%, which remains
same as 2024-A transaction and aligns with the reinvestment
criteria event if the WAC is less than 25.50%.

-- The weighted-average coupon (WAC) as of the Statistical Cut-Off
Date is 27.75%.

-- Principal payment rates for Republic's portfolio, as calculated
by Morningstar DBRS, have trended lower since 2017. Depending on
the credit tiers and sub-portfolio, these rates have generally
averaged between 2.5% and 8.0% over the past several years.

-- The Morningstar DBRS base-case assumption for the principal
payment rate is 3.13%.

-- Morningstar DBRS applied a payment rate haircut of 40.00% for
Class A, 33.33% for Class B, 26.67% for Class C, and 16.67% for
Class D Notes.

-- The transaction assumptions consider Morningstar DBRS's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios for
Rated Sovereigns September 2024 Update, published on September 25,
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.

-- Morningstar DBRS projected base case annualized CNL has
decreased from the prior 2024-A transaction mainly due to tighter
re-investment criteria. Charge-off rates spike in mid-2022 and
early 2023. The losses were related to inflation affordability
issues that many of Republic borrowers faced during early 2022.
Since then, Republic has taken many steps to tighten underwriting,
enhance servicing and cease originations in certain buckets. The
portfolio has since stabilized, the Morningstar DBRS net charge-off
assumption rate is 14.50%

-- The legal structure and presence of legal opinions that address
the true sale of the assets from the Seller to the Depositor, the
non-consolidation of the special-purpose vehicle with the Seller,
that the Indenture Trustee has a valid first-priority security
interest in the assets, and that it is consistent with Morningstar
DBRS' Legal Criteria for U.S. Structured Finance.

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

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


REPUBLIC FINANCE 2024-B: DBRS Gives Prov. BB(low) on D Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of notes (collectively, the Notes) to be issued by Republic
Finance Issuance Trust 2024-B (REPS 2024-B):

-- $257,290,000 Class A Notes at (P) AA (sf)
-- $42,030,000 Class B Notes at (P) A (low) (sf)
-- $22,850,000 Class C Notes at (P) BBB (low) (sf)
-- $27,830,000 Class D Notes at (P) BB (low) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

-- Credit enhancement will be in the form of OC, subordination,
amounts held in the reserve fund, and excess spread. Credit
enhancement levels are sufficient to support Morningstar DBRS'
stressed projected finance yield, principal payment rate, and
charge-off assumptions under various stress scenarios.

-- 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 principal by the
legal final maturity date.

-- Republic's capabilities with regard to originations,
underwriting, and servicing. Morningstar DBRS performed an
operational review of Republic and considers the entity an
acceptable originator and servicer of personal loans with an
acceptable backup servicer. The Company's senior management team,
although newer to Republic, has considerable experience and a
successful track record in the consumer loan industry.

-- Acquisition of a majority stake in the Company by CVC in
November 2017 with the founding family retaining a significant
share of the Company. CVC has since implemented and maintained a
growth strategy, including increasing the number of branches,
centralizing certain underwriting, and servicing functions as well
as building an online presence.

-- In April 2019, Republic completed the implementation of
centralized underwriting policies and processes for all branches,
which led to the ability to create a hybrid servicing model. The
Company opened a fully centralized collections center in Charlotte,
North Carolina. The center was further enhanced in 2021 to close
loans over the phone with customers that are not within
the geographical footprint of a branch.

-- Computershare Trust Company, N.A. will serve as backup
servicer.

-- The credit quality of the collateral and performance of
Republic's consumer loan portfolio. Morningstar DBRS has used a
hybrid approach in analyzing the Republic portfolio that
incorporates elements of static pool analysis, employed for assets
such as consumer loans, and revolving asset analysis, employed for
assets such as credit card master trusts.

-- The weighted-average (WA) remaining term of the collateral pool
is approximately 33 months.

-- Morningstar DBRS applied a finance yield haircut of 8.00% for
Class A, 5.33% for Class B, 3.33% for Class C, and 1.67% for Class
D. While these haircuts are lower than the range described in the
Morningstar DBRS Rating U.S. Credit Card Asset-Backed Securities
methodology, the fixed-rate nature of the underlying loans, lack of
interchange fees, and historical yield consistency support these
stressed assumptions.

-- The base-case assumption for yield is 25.50%, which remains
same as 2024-A transaction and aligns with the reinvestment
criteria event if the WAC is less than 25.50%.

-- The weighted-average coupon (WAC) of the pool is 27.81%.

-- Principal payment rates for Republic's portfolio, as calculated
by Morningstar DBRS, have trended lower since 2017. Depending on
the credit tiers and sub-portfolio, these rates have generally
averaged between 2.5% and 8.0% over the past several years.

-- The Morningstar DBRS base-case assumption for the principal
payment rate is 3.13%.

-- Morningstar DBRS applied a payment rate haircut of 40.00% for
Class A, 33.33% for Class B, 26.67% for Class C, and 16.67% for
Class D Notes.

-- The transaction assumptions consider Morningstar DBRS's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios for
Rated Sovereigns September 2024 Update, published on September 25,
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.

-- Morningstar DBRS projected base case annualized CNL has
decreased from the prior 2024-A transaction mainly due to tighter
re-investment criteria. Charge-off rates spike in mid-2022 and
early 2023. The losses were related to inflation affordability
issues that many of Republic borrowers faced during early 2022.
Since then, Republic has taken many steps to tighten underwriting,
enhance servicing and cease originations in certain buckets. The
portfolio has since stabilized, the Morningstar DBRS net charge-off
assumption rate is 14.50%

-- The legal structure and presence of legal opinions that will
address the true sale of the assets from the Seller to the
Depositor, the non-consolidation of the special-purpose vehicle
with the Seller, that the Indenture Trustee has a valid
first-priority security interest in the assets, and that it is
consistent with Morningstar DBRS' Legal Criteria for U.S.
Structured Finance.

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

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


ROCKFORD TOWER 2024-2: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Rockford
Tower CLO 2024-2, Ltd.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
Rockford Tower
CLO 2024-2, Ltd.

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

Transaction Summary

Rockford Tower CLO 2024-2, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Rockford Tower Capital Management, L.L.C. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400 million of primarily
first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.74, versus a maximum covenant, in accordance with
the initial expected matrix point of 26. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.12% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.63% versus a
minimum covenant, in accordance with the initial expected matrix
point of 69.8.

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

Portfolio Management (Neutral): The transaction has a 4.9-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting to the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

Date of Relevant Committee

29 October 2024

ESG Considerations

Fitch does not provide ESG relevance scores for Rockford Tower CLO
2024-2, Ltd.

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


RR 34 LTD: S&P Assigns BB- (sf) Rating on Class D-R Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2a-R,
A-2b-R, B-R, C-1a-R, C-1b-R, C-2-R, and D-R replacement debt from
RR 34 Ltd./RR 34 LLC. At the same time, S&P withdrew its ratings on
the original class A-1, A-2, B, C, and D debt following payment in
full on the Nov. 14, 2024, refinancing date.

RR 34 Ltd./RR 34 LLC is a CLO originally issued under the name Gulf
Stream Meridian 5 Ltd. in June 2021 and then renamed to RRX 5 Ltd.
in October 2023. The transaction is managed by Redding Ridge Asset
Management LLC, an affiliate of Apollo Global 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 transactions was renamed RR 34 Ltd.

-- A new non-call period was established, which will expire on but
exclude Oct. 15, 2026.

-- The stated maturity was extended by 5.25 years to October 2039,
and the reinvestment period was extended by 3.25 years to October
2029.

-- Additional subordinated notes were issued in connection with
this refinancing.

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

  RR 34 Ltd./RR 34 LLC

  Class A-1-R, $283.50 million: AAA (sf)
  Class A-2a-R, $46.75 million: AA (sf)
  Class A-2b-R, $5.00 million: AA (sf)
  Class B-R (deferrable), $33.75 million: A (sf)
  Class C-1a-R (deferrable), $22.50 million: BBB (sf)
  Class C-1b-R (deferrable), $4.50 million: BBB- (sf)
  Class C-2-R (deferrable), $3.40 million: BBB- (sf)
  Class D-R (deferrable), $14.60 million: BB- (sf)

  Ratings Withdrawn

  RR 34 Ltd./RR 34 LLC

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

  Other Debt

  RR 34 Ltd./RR 34 LLC

  Subordinated notes(i), $66.60 million: NR

(i)Includes $38.50 million of subordinated notes issued on the June
29, 2021, original closing date.
NR--Not rated.



RR 34: S&P Assign Prelim BB- (sf) Rating on Class D-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2a-R, A-2b-R, B-R, C-1a-R, C-1b-R, C-2-R, and D-R
replacement debt from RR 34 Ltd./RR 34 LLC, a CLO originally issued
under the name Gulf Stream Meridian 5 Ltd. in June 2021 and then
renamed to RRX 5 Ltd. in October 2023. The transaction is managed
by Redding Ridge Asset Management LLC, an affiliate of Apollo
Global Management LLC.

The preliminary ratings are based on information as of Nov. 7,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 14, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original class A-1,
A-2, B, C, and D debt. S&P said, "At that time, we expect to
withdraw our ratings on the original debt and assign ratings to the
class A-1-R, A-2a-R, A-b2-R, B-R, C-1a-R, C-1b-R, C-2-R, and D-R
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 transactions will be renamed RR 34 Ltd.

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

-- The replacement class A-1b-R and C-2-R debt is expected to be
issued at a fixed spread.

-- A new non-call period will be established, which will expire on
but exclude Oct. 15, 2026.

-- The stated maturity will be extended for 5.25 years to October
2039, and the reinvestment period will be extended for 3.25 years
to October 2029.

-- Additional subordinated notes are expected to be issued in
connection with this refinancing.

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

  RR 34 Ltd./RR 34 LLC

  Class A-1-R, $283.50 million: AAA (sf)
  Class A-2a-R, $46.75 million: AA (sf)
  Class A-2b-R, $5.00 million: AA (sf)
  Class B-R (deferrable), $33.75 million: A (sf)
  Class C-1a-R (deferrable), $22.50 million: BBB (sf)
  Class C-1b-R (deferrable), $4.50 million: BBB- (sf)
  Class C-2-R (deferrable), $3.40 million: BBB- (sf)
  Class D-R (deferrable), $14.60 million: BB- (sf)

  Other Debt

  RR 34 Ltd./RR 34 LLC

  Subordinated notes(i), $66.60 million: Not rated

(i)Includes $38.50 million of subordinated notes issued on the June
29, 2021, original closing date.



SAPPHIRE AVIATION II: Fitch Affirms 'Bsf' Rating on Class C Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded the ratings for Sapphire Aviation
Finance I Limited's (Sapphire I) series A, B, and C notes, and has
assigned a Stable Outlook to the A notes and a Positive Outlook to
the series B and C notes. Additionally, Fitch has affirmed the
ratings for Sapphire Aviation Finance II Limited's (Sapphire II)
series A, B and C notes. The Rating Outlook remains Stable for all
series of notes.

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

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Sapphire Aviation
Finance I

   A 80306AAA8        LT Asf    Upgrade    BBsf
   B 80306AAB6        LT A-sf   Upgrade    B-sf
   C 80306AAC4        LT BBB-sf Upgrade    CCCsf

Sapphire Aviation
Finance II Limited

   A 80307AAA7        LT A-sf   Affirmed   A-sf
   B 80307AAB5        LT BBBsf  Affirmed   BBBsf
   C 80307AAC3        LT Bsf    Affirmed   Bsf

Transaction Summary

Transaction Summary

Sapphire I: Rent collections and sales proceeds since last review
were in line with Fitch's expectations. However, sizeable end of
lease payments ($18 million), releases from the maintenance reserve
account ($29 million), and cash from the sale of consigned assets
materially de-levered the notes.

As of the October servicer report, the class A notes were 35% ahead
of schedule, class B notes were 66% ahead of schedule and have an
outstanding balance of $7.2 million. Class C notes have not
received principal since March 2020, and continue to accrue
interest.

The Positive Outlooks reflect three possible sources of potentially
large cash inflows that could materially further de-lever the
transaction: insurance proceeds related to two aircraft seized by
Russia, additional cash flow from consigned assets, and
end-of-lease (EOL) payments. The pool features four consigned
assets, which generate cash over time, and seven assets in the pool
include EOL provisions. Nevertheless, quantifying the amount and
timing of the proceeds remains speculative. Fitch tested the
ratings' resilience by excluding these sources of cash as a
sensitivity, and found the ratings were generally unaffected.

Sapphire II: Transaction performance has remained consistent over
the last 12 months. Rent collections were in line with Fitch's
expectations, sales proceeds came in slightly higher than
anticipated, and EOL payments came in as expected. The principal
balance on all series of notes remain behind schedule. The class A
notes have received steady principal payments, but remain 2% behind
schedule. The B notes received $11 million in principal but are
behind by 24%, and the C notes have not received principal since
March 2020 and continue to accrue interest.

Like Sapphire I, a number of leases include EOL provisions, which
is a source of potentially large cash inflows which could
materially de-lever the transaction. Quantifying the amount and
timing of the cash inflows from EOL payments remains speculative.

Overall Market Recovery: Demand for air travel remains robust.
Total passenger traffic is above 2019 levels with August revenue
passenger kilometers (RPKs) up 8.6% compared to August 2023, per
the International Air Transport Association (IATA). International
traffic led the way with 10.6% yoy RPK growth, while domestic
traffic grew 5.6% yoy. August's load factor was 86.2%, up 1.6
percentage points compared to August 2023.

Aircraft Collateral and Asset Values: Aircraft ABS transaction
servicers are reporting strong demand and increased lease rates for
aircraft, particularly those with maintenance green time remaining.
Demand for A320 CEOs and 737-800s, particularly for aircraft in
good maintenance condition, has materially strengthened. There is
also meaningful improvement in sale proceeds for aircraft
approaching the end of leasable life. Appraiser market values are
currently higher than base values for many aircraft types, a trend
not seen for several years.

Macro Risks: While the commercial aviation market has recovered
significantly over the past 12 months, potential risks remain,
including workforce shortages, supply chain issues, geopolitical
risks, and recessionary concerns that could impact passenger
demand. 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: The aircraft in the Sapphire transactions are
generally mid-to-late-aged. The weighted-average age (by value) is
approximately 17 years for the Sapphire I transaction and 12 years
for the Sapphire II transaction.

Using the Fitch Value in order to make period to period
comparisons, the loan-to-value (LTV) for all series of notes for
Sapphire I decreased since Fitch's last review (November 2023). The
LTV for all series in Sapphire II increased, primarily driven by a
change in one of the appraisers since last review.

The LTVs are as follows:

- Sapphire I: A Note 82% to 42%; B note 93% to 46%; C note 107% to
62%;

- Sapphire II: A Note 73% to 78%; B note 90% to 95%; C note 101% to
110%.

In determining the Fitch Value of each pool, Fitch used appraisals
from July 2024, and adjusted each transaction for depreciation to
October 2024. Fitch values are generally derived from base values
unless the remaining leasable life is less than three years in
which case a market value is used.

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

- Sapphire I: $214 million;

- Sapphire II: $374 million.

Tiered Collateral Quality: Fitch utilizes three tiers to assess the
desirability and liquidity of aircraft collateral, with Tier 1
being the most liquid. According to Fitch's criteria, as aircraft
in the pool reach 15 and then 20 years, the aircraft tier will
migrate one level lower.

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

- Sapphire I: Age: 17.2 years; Tier: 2.6;

- Sapphire II: Age: 11.8 years; Tier: 1.4.

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

- Sapphire I: 13 aircraft and 5 engines; 11 lessees;

- Sapphire II: 17 aircraft and 2 engines; 16 lessees.

As pools age and aircraft are assumed to be are sold at the end of
their leasable lives, pool concentrations are assumed to increase.
Fitch stresses cash flows based on the effective aircraft count,
given the increased riskiness of the cashflows, particularly
maintenance cashflows for smaller pools. The effective count for
Sapphire I and Sapphire II is 14 and 16, respectively.

Lessee Credit Risk: Fitch considers the credit risk posed by
current lessees to be moderate to high. The portfolio composition
by lessee credit rating has not materially changed since last
review. Both transactions remain exposed to moderate arrears
balances, which will take time to recover. The modeled credit
rating Fitch assigns to the subject airlines may improve if they
demonstrate a longer track record of timely payment performance,
particularly for airlines that have recently been restructured.

The lessee credit risk has particular importance in these
transactions, as both include exposure to lessee EOL payers. Fitch
received projected EOL payments for each pool and applied a haircut
based on lessee credit quality and forecasted payment time horizon.
The weighted-average lessee credit rating by transaction is as
follows:

- Sapphire I: 'CCsf';

- Sapphire II: 'CCCsf'.

Operation and Servicing Risk: Fitch has found Avolon Aerospace
Leasing Limited to be an effective 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 ran various sensitives depending on the transaction and the
source of cashflow that is particularly impactful and/or uncertain.
For example, Fitch ran sensitivities reducing insurance proceeds
from aircraft seized in Russia, cashflow generated from consigned
assets, and end of lease maintenance cashflows. The sensitivities
had minimal impacts on the model implied ratings.

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

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

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

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.


SEQUOIA MORTGAGE 2024-INV1: Fitch Assigns B(EXP) Rating on B5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the residential
mortgage-backed certificates to be issued by Sequoia Mortgage Trust
2024-INV1 (SEMT 2024-INV1).

   Entity/Debt         Rating           
   -----------         ------           
SEMT 2024-INV1

   A1              LT AAA(EXP)sf  Expected Rating
   A2              LT AAA(EXP)sf  Expected Rating
   A3              LT AAA(EXP)sf  Expected Rating
   A4              LT AAA(EXP)sf  Expected Rating
   A5              LT AAA(EXP)sf  Expected Rating
   A6              LT AAA(EXP)sf  Expected Rating
   A7              LT AAA(EXP)sf  Expected Rating
   A8              LT AAA(EXP)sf  Expected Rating
   A9              LT AAA(EXP)sf  Expected Rating
   A10             LT AAA(EXP)sf  Expected Rating
   A11             LT AAA(EXP)sf  Expected Rating
   A12             LT AAA(EXP)sf  Expected Rating
   A13             LT AAA(EXP)sf  Expected Rating
   A14             LT AAA(EXP)sf  Expected Rating
   A15             LT AAA(EXP)sf  Expected Rating
   A16             LT AAA(EXP)sf  Expected Rating
   A17             LT AAA(EXP)sf  Expected Rating
   A18             LT AAA(EXP)sf  Expected Rating
   A19             LT AAA(EXP)sf  Expected Rating
   A20             LT AAA(EXP)sf  Expected Rating
   A21             LT AAA(EXP)sf  Expected Rating
   A22             LT AAA(EXP)sf  Expected Rating
   A23             LT AAA(EXP)sf  Expected Rating
   A24             LT AAA(EXP)sf  Expected Rating
   A25             LT AAA(EXP)sf  Expected Rating
   AIO1            LT AAA(EXP)sf  Expected Rating
   AIO2            LT AAA(EXP)sf  Expected Rating
   AIO3            LT AAA(EXP)sf  Expected Rating
   AIO4            LT AAA(EXP)sf  Expected Rating
   AIO5            LT AAA(EXP)sf  Expected Rating
   AIO6            LT AAA(EXP)sf  Expected Rating
   AIO7            LT AAA(EXP)sf  Expected Rating
   AIO8            LT AAA(EXP)sf  Expected Rating
   AIO9            LT AAA(EXP)sf  Expected Rating
   AIO10           LT AAA(EXP)sf  Expected Rating
   AIO11           LT AAA(EXP)sf  Expected Rating
   AIO12           LT AAA(EXP)sf  Expected Rating
   AIO13           LT AAA(EXP)sf  Expected Rating
   AIO14           LT AAA(EXP)sf  Expected Rating
   AIO15           LT AAA(EXP)sf  Expected Rating
   AIO16           LT AAA(EXP)sf  Expected Rating
   AIO17           LT AAA(EXP)sf  Expected Rating
   AIO18           LT AAA(EXP)sf  Expected Rating
   AIO19           LT AAA(EXP)sf  Expected Rating
   AIO20           LT AAA(EXP)sf  Expected Rating
   AIO21           LT AAA(EXP)sf  Expected Rating
   AIO22           LT AAA(EXP)sf  Expected Rating
   AIO23           LT AAA(EXP)sf  Expected Rating
   AIO24           LT AAA(EXP)sf  Expected Rating
   AIO25           LT AAA(EXP)sf  Expected Rating
   AIO26           LT AAA(EXP)sf  Expected Rating
   B1              LT AA(EXP)sf   Expected Rating
   B1A             LT AA(EXP)sf   Expected Rating
   B1X             LT AA(EXP)sf   Expected Rating
   B2              LT A(EXP)sf    Expected Rating
   B2A             LT A(EXP)sf    Expected Rating
   B2X             LT A(EXP)sf    Expected Rating
   B3              LT BBB(EXP)sf  Expected Rating
   B4              LT BB(EXP)sf   Expected Rating
   B5              LT B(EXP)sf    Expected Rating
   B6              LT NR(EXP)sf   Expected Rating
   AIOS            LT NR(EXP)sf   Expected Rating

Transaction Summary

Fitch expects to rate the residential mortgage-backed certificates
issued by Sequoia Mortgage Trust 2024-INV1 (SEMT 2024-INV1) as
indicated above. SEMT 2024-INV1 is the first deal this year under
the Redwood shelf that features collateral that is entirely
comprised of investor and second-home occupancy. The certificates
are supported by 650 loans with a total balance of approximately
$312.6 million as of the cutoff date.

The pool consists of prime jumbo fixed-rate mortgages acquired by
Redwood Residential Acquisition Corp. (RRAC) from various mortgage
originators. Distributions of principal and interest (P&I) and loss
allocations are based on a senior-subordinate, shifting-interest
structure.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch views the home
price values of this pool as 12.2% above a long-term sustainable
level (versus 11.6% on a national level as of 2Q24, up 0.1% since
the prior quarter). Housing affordability is the worst it has been
in decades, driven by both high interest rates and elevated home
prices. Home prices increased 4.3% yoy nationally as of August
2024, despite modest regional declines, but are still being
supported by limited inventory.

Non-Owner-Occupied Loans (Negative): The pool consists of 76.6%
investor properties and 23.4% of second homes. All investor
property loans were underwritten to the borrower's credit risk,
unlike investor cash flow loans, which are underwritten to the
property's income. Fitch applies a 1.25x probability of default
(PD) penalty for agency investor loans (67.7% of the total pool),
which is less than the standard 1.60x PD penalty for non-agency
investor loans.

For the loss analysis of this pool, Fitch used a customized version
of the U.S. RMBS loan loss model that has a 1.25x PD penalty for
the agency investor cohort and a 1.60x PD penalty for non-agency
investor loans. All of the loans are still underwritten to the
borrower's credit risk.

Post-crisis performance indicates that loans underwritten to DU/LPA
guidelines have relatively lower default rates compared to normal
investor loans used in regression data with all other attributes
controlled. The implied penalty has been reduced to approximately
25% for investor agency loans in the customized model from
approximately 60% for regular investor loans in the production
model.

High-Quality Mortgage Pool (Positive): The collateral consists of
650 loans totaling approximately $312.6 million and seasoned at
about seven months in aggregate, as determined by Fitch. The
borrowers have a strong credit profile, with a weighted average
(WA) Fitch model FICO score of 774 and a 36.0% debt-to-income (DTI)
ratio. The borrowers also have moderate leverage, with an 79.8%
sustainable loan-to-value (sLTV) ratio and a 69.7% mark-to-market
combined loan-to-value (cLTV) ratio.

Single-family homes make up approximately 73.9% of the pool;
condos, 17.1%; and multifamily homes, 9.0%. Cash-out loans
constitute only 8.6% of the pool, while purchases represent 90.1%
and rate refinances account for 1.4%. Roughly 80.8% of the pool
being originated by a retail channel.

Of the loans, 60.2% are exempt from the qualified mortgage (QM)
rule standards, as they are loans on investor occupied homes that
are for business purposes, 38.3% are able to qualify as Average
Prime Offer Rate [APOR] or QM safe-harbor loans and remaining 1.5%
are either Non-QM or QM Rebuttable Presumption.

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).

SEMT 2024-INV1 will feature the servicing administrator (RRAC),
following initial reductions in the class A-IO-S strip and
servicing administrator fees, obligated to advance delinquent P&I
to the trust until deemed nonrecoverable. 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 1.95%
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 metropolitan statistical area level. Sensitivity
analysis was conducted at the state and national level to assess
the effect of higher MVDs for the subject pool as well as lower
MVDs, illustrated by a gain in home prices.

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 42.9% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs compared to 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 analysis was conducted at the state and national level
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.

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, Fitch made the following adjustment to its analysis: a
5% reduction in its loss analysis. This adjustment resulted in a
37bp reduction to the 'AAAsf' expected loss.

ESG Considerations

SEMT 2024-INV1 has an ESG Relevance Score of '4'[+] for Transaction
Parties & Operational Risk. Operational risk is well controlled for
in SEMT 2024-INV1 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.


SIGNAL PEAK 8: S&P Assigns BB- (sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R, A-2R, B-R, C-R, D-1R, D-2R, and E-R debt from Signal Peak CLO
8 Ltd., a CLO formerly known as Mariner CLO 8 Ltd., originally
issued in March 2020, and managed by ORIX Advisers LLC. At the same
time, S&P withdrew its ratings on the original debt following
payment in full on the Nov. 7, 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:

-- Replacement class A-1R and A-2R debt replaced the existing
class A debt. The new debt will have 39% and 32% par subordination,
respectively, replacing the existing 35% par subordination.

-- Replacement class D-1R and D-2R debt replaced the existing
class D debt. The new debt will have 12.5% and 11.0% par
subordination, respectively, replacing the existing 12.5% par
subordination.

-- The stated maturity, reinvestment period, non-call period, and
weighted average life test dates were extended 4.5 years.

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

  Signal Peak CLO 8 Ltd./Signal Peak CLO 8 LLC

  Class A-1R, $305.00 million: AAA (sf)
  Class A-2R, $35.00 million: AAA (sf)
  Class B-R, $40.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1R (deferrable), $27.50 million: BBB (sf)
  Class D-2R (deferrable), $7.50 million: BBB- (sf)
  Class E-R (deferrable), $15.00 million: BB- (sf)

  Ratings Withdrawn

  Signal Peak CLO 8 Ltd./Signal Peak CLO 8 LLC

  Class A 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

  Signal Peak CLO 8 Ltd./Signal Peak CLO 8 LLC

  Subordinated notes, $54.95 million: NR




STWD TRUST 2021-LIH: DBRS Confirms B(low) Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-LIH
issued by STWD Trust 2021-LIH 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 (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The credit rating confirmations are reflective of the overall
stable performance of the transaction, as evidenced by the
stable-to-improving cash flow and occupancy reported since
issuance. The portfolio is backed by multifamily properties in
strong performing submarkets of Florida, a factor that has
contributed to the overall ability to maintain cash flow stability
and continue to perform in line with Morningstar DBRS' expectations
at issuance.

Given the properties' location in Florida, it is noteworthy that
there can be exposure to significant weather events, as recently
demonstrated by hurricane activity with Hurricane Helene (September
2024) and Hurricane Milton (October 2024), which affected various
parts of the state. The servicer reports that the borrower has
confirmed that Woodbridge at Walden Lake (6.4% of the allocated
loan amount (ALA)) and Westminster (9.2% of the ALA) sustained the
most damage across the portfolio with those storms; repair costs
across both properties are estimated to total approximately $1.0
million. Eight of the total 236 units at the Woodbridge at Walden
Lake property may be unavailable for some time because of water
intrusion. The remaining properties in the portfolio reported minor
damages that have estimated repair costs of less than $25,000
each.

The $380 million loan is secured by the fee-simple interest in 12
affordable housing multifamily properties totaling 3,082 units
throughout five Florida markets including Orlando, Tampa, Daytona
Beach, West Palm Beach, and Jacksonville. The properties qualify
for and receive 100% exemption from ad valorem taxes pursuant to
the Property Tax Exemption Statute (Florida Statute 196.1978(2)).
The two-year interest-only floating-rate loan had an initial
maturity in November 2023; however, the borrower has exercised its
second of three annual extension options, extending the maturity
date to November 2025. The loan is structured with one remaining
one-year extension option; though there are no
performance-contingent tests for the extension option, an Interest
Rate Cap agreement must be in place.

The loan allows for pro rata paydowns for the first 20.0% of the
original principal balance. The prepayment premium for the release
of individual assets is 105.0% of the ALA for the first 15.0% of
the original principal balance (until the outstanding principal
balance has been reduced to no less than $323.0 million), and
110.0% of the ALA for the release of individual assets thereafter.
Morningstar DBRS considers the release premium to be weaker than a
generally credit-neutral standard of 115.0%, especially given the
borrower's ability at its sole option to obtain an updated
appraisal(s) and request the reallocation amount of the loan amount
of the related property or properties. To date, there have been no
property releases.

The portfolio reported a consolidated occupancy rate of 99.0% in
June 2024, in line with the occupancy rate of 98.6% at issuance. As
per the financial statement for the trailing six months (T-6) ended
June 30, 2024, the annualized net cash flow (NCF) was reported at
$26.1 million, compared with YE2023 NCF of $24.3 million, and the
Morningstar DBRS NCF of $18.4 million at issuance. The debt service
coverage ratio (DSCR) for the same time periods were reported at
0.89 times (x), 0.88x, and 2.03x, respectively. The decline in DSCR
from issuance expectations is attributable to the increase in debt
service payments given the floating-rate nature of the loan amid
the current interest rate environment. The borrower currently has
an interest rate cap agreement through November 2026 to hedge
exposure to rising interest rates, which would result in a minimum
DSCR of 1.10x.

As of Q2 2024, Reis reports indicate that the respective submarkets
are exhibiting strong fundamentals, with a weighted-average (WA)
vacancy rate of approximately 1.0% and an average five-year vacancy
rate forecast of 1.3% by December 2029. Though the underlying
properties are considered to be in strong, high-growth markets with
favorable multifamily demand trends, Morningstar DBRS notes the
increasing insurance costs for the subject portfolio, which
increased approximately 66% since closing and which is expected to
remain elevated through maturity.

At issuance, Morningstar DBRS derived a value of $334.2 million,
based on a concluded cash flow of $18.4 million and a
capitalization rate of 5.5%, resulting in a Morningstar DBRS
Loan-to-Value Ratio (LTV) of 113.7% compared with the LTV of 72.1%
based on the appraised value at issuance. Morningstar DBRS made
positive qualitative adjustments totaling 7.5% to the LTV sizing
benchmarks to account for the portfolio's historical performance
and strong submarket fundamentals. Given ongoing revenues and
occupancy, as well as the borrower's capital expenditure
investments since acquisition, Morningstar DBRS expects the
portfolio will continue to exhibit stable to improved performance.

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


SUNNOVA AURORA I 2024-PR1: DBRS Gives Prov. BB Rating on C Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of notes to be issued by Sunnova Aurora I Issuer, LLC,
Series 2024-PR1 (Sunnova 2024-PR1 or the Issuer):

-- $197,600,000 Series 2024-PR1 Class A Notes at (P) AA (low)
(sf)
-- $17,900,000 Series 2024-PR1 Class B Notes at (P) A (sf)
-- $12,700,000 Series 2024-PR1 Class C Notes at (P) BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

-- Overcollateralization, subordination, reserve account amounts,
and excess spread create credit enhancement levels that are
commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all rating stress scenarios in accordance with the terms of the
Sunnova 2024-PR1 transaction documents.

-- The quality and credit characteristics of the solar lease
customers.

-- Structural features of the transaction that require the Notes
to enter into full turbo principal amortization if performance
deteriorates or if the Notes remain outstanding post-ARD.

(2) The experience, origination, and underwriting capabilities of
Sunnova.

-- Morningstar DBRS has performed an operational assessment of
Sunnova and considers the entity to be an acceptable originator.

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

-- Morningstar DBRS has performed an operational assessment of
Sunnova and considers the entity to be an acceptable servicer.

(4) The legal structure and expected legal opinions that will
address true sale, nonconsolidation, that the trust has a valid
first-priority security interest in the assets, and the consistency
with the Morningstar DBRS Legal Criteria for U.S. Structured
Finance.

(5) The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary Baseline Macroeconomic Scenarios for Rated
Sovereigns: September 2024 Update, published on September 25, 2024.
These baseline macroeconomic scenarios replace Morningstar DBRS'
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

Morningstar DBRS' credit rating on the Class A Notes, Class B
Notes, and Class C Notes addresses the credit risk associated with
the identified financial obligations in accordance with the
relevant transaction documents. The associated financial
obligations are Note Interest and the Outstanding Note Balance on
the Class A Notes, Note Interest, Interest on unpaid Note Interest,
Class B Deferred Interest, interest on unpaid Class B Deferred
Interest, and the Outstanding Note Balance on the Class B Notes,
and Note Interest, Interest on unpaid Note Interest, Class C
Deferred Interest, interest on unpaid Class C Deferred Interest,
and the Outstanding Note Balance on the Class C Notes.

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


TOWD POINT 2024-4: DBRS Finalizes B(low) Rating on Class B3 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings to the
Asset-Backed Securities, Series 2024-4 (the Notes) issued by Towd
Point Mortgage Trust 2024-4 (the Trust) as follows:

-- $435.6 million Class A1A at AAA (sf)
-- $77.3 million Class A1B at AAA (sf)
-- $12.5 million Class A2 at AA (sf)
-- $6.8 million Class M1 at A (low) (sf)
-- $3.3 million Class M2 at BBB (high) (sf)
-- $3.3 million Class B1 at BB (high) (sf)
-- $1.9 million Class B2 at BB (low) (sf)
-- $1.4 million Class B3 at B (low) (sf)
-- $513.0 million Class A1 at AAA (sf)

Classes A1A and A1B are exchangeable notes. These classes can be
exchanged for combinations of exchange notes as specified in the
offering documents.

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

The AAA (sf) credit ratings reflect 5.80% of credit enhancement
provided by subordinated certificates. The AA (sf), A (sf), BBB
(sf), BB (sf), B (sf), and B (low) (sf) credit ratings reflect
3.50%, 2.25%, 1.65%, 1.05%, 0.70%, and 0.45% of credit enhancement,
respectively.

The Trust is a securitization of a portfolio of predominantly
seasoned performing and reperforming first-lien mortgages funded by
the issuance of asset-backed notes (the Notes). The Notes are
backed by 1,074 loans with a total scheduled principal balance of
$544,548,170 as of the Cut-Off Date (October 1, 2024).

The Notes are backed by 1,083 loans with a total scheduled
principal balance of $550,769,634 as of the Statistical Calculation
Date (September 1, 2024). Unless specified otherwise, all the
statistics regarding the mortgage loans in this report are based on
the Statistical Calculation Date.

The portfolio is approximately 81 months seasoned with 98.4% of the
pool seasoned for more than 24 months. The portfolio contains 0.8%
modified loans, and modifications happened more than two years ago
for 59.5% of the modified loans in the pool. Within the pool, 45 of
the mortgages have non-interest-bearing deferred amounts.

As of the Statistical Calculation Date, 98.9% of the pool is
current under the Mortgage Bankers Association (MBA) delinquency
method. Approximately 93.7% of the mortgage loans have been zero
times 30 days delinquent (0 x 30) for at least the past 24 months
under the MBA delinquency method.

Morningstar DBRS assumed approximately 18.5% of the pool is exempt
from the Consumer Financial Protection Bureau (CFPB)
Ability-to-Repay (ATR)/Qualified Mortgage (QM) rules. Additionally,
Morningstar DBRS assumed 16.9% of the loans are designated as
Temporary QM Safe Harbor or QM Safe Harbor and 64.3% to be Non-QM
based on the results of the third-party due diligence.

FirstKey Mortgage, LLC (FirstKey) will acquire the loans from
various transferring trusts on the Closing Date. The transferring
trusts acquired the mortgage loans and are beneficially owned by
funds managed by affiliates of Cerberus Capital Management, L.P.
(Cerberus). Upon acquiring the loans from the transferring trusts,
FirstKey, through a wholly owned subsidiary, Towd Point Asset
Funding, LLC (the Depositor), will contribute loans to the Trust.
As the Sponsor, FirstKey, 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.

As of the related servicing transfer date (November 1, 2024), all
of the loans will be serviced by Select Portfolio Servicing, Inc.
(SPS). The SPS aggregate servicing fee rate for each payment date
is 0.1100% per annum,. In its analysis, Morningstar DBRS applied a
higher servicing fee rate.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until the loans become 180 days
delinquent under the MBA delinquency method or are otherwise deemed
unrecoverable. Additionally, the Servicer is obligated to make
certain 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.

FirstKey, as the Asset Manager, has the option to sell certain
nonperforming loans or real estate-owned (REO) properties to
unaffiliated third parties individually or in bulk sales. Such
sales require an asset sale price to at least equal a minimum
reserve amount of the product of (1) 91.62% and (2) the current
principal amount of the mortgage loans or REO properties as of the
sale date.

When the aggregate pool balance of the mortgage loans is reduced to
less than 20% of the Cut-Off Date balance, the Call Option Holder
(an affiliate of the Sponsor, the Seller, the Asset Manager, the
Depositor, and the Risk Retention Holder) will have the option to
cause the Issuer to sell all of its remaining property (other than
amounts in the Breach Reserve Account) to one or more third-party
purchasers so long as the aggregate proceeds meet a minimum price.

When the aggregate pool balance is reduced to less than 10% of the
balance as of the Cut-Off Date, the Call Option Holder may purchase
all of the mortgage loans, REO properties, and other properties
from the Issuer, as long as the aggregate proceeds meet a minimum
price.

The transaction allows for the issuance of Class A1 Loans in which
the Issuer may enter into a Credit Agreement to borrow up to the
balance of the Class A1 Loans from Class A1 Lenders on the Closing
Date. For the TPMT 2024-4 transaction, the Class A1 Loans will not
be issued at closing.

The transaction employs 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 more subordinate bonds will not be paid from principal proceeds
until the Class A1A and A1B Notes are retired.

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


TOWD POINT 2024-5: DBRS Gives Prov. BB Rating on Class B1 Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the Asset Backed
Securities, Series 2024-5 (the Notes) to be issued by Towd Point
Mortgage Trust 2024-5 (the Trust) as follows:

-- $874.0 million Class A1A at (P) AAA (sf)
-- $162.8 million Class A1B at (P) AAA (sf)
-- $1.0 billion Class A1 at (P) AAA (sf)
-- $21.9 million Class A2 at (P) AA (low) (sf)
-- $12.6 million Class M1 at (P) A (low) (sf)
-- $7.6 million Class M2 at (P) BBB (low) (sf)
-- $4.4 million Class B1 at (P) BB (sf)
-- $2.7 million Class B2 at (P) B (high) (sf)
-- $2.2 million Class B3 at (P) B (low) (sf)

The Class A1 Notes are exchangeable. This class can be exchanged
for combinations of exchange notes as specified in the offering
documents.

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

The (P) AAA (sf) credit ratings reflect 5.10% of credit enhancement
provided by subordinated certificates. The (P) AA (low) (sf), (P) A
(low) (sf), (P) BBB (low) (sf), (P) BB (sf), (P) B (high) (sf), and
(P) B (low) (sf) credit ratings reflect 3.10%, 1.95%, 1.25%, 0.85%,
0.60%, and 0.40% of credit enhancement, respectively.

The Trust is a securitization of a portfolio of predominantly
seasoned performing and reperforming first-lien mortgages funded by
the issuance of asset-backed notes (the Notes). The Notes are
backed by 2,147 loans with a total scheduled principal balance of
$1,092,554,873 as of the Cut-Off Date (October 1, 2024).

The portfolio is approximately 81 months seasoned with 98.3% of the
pool seasoned for more than 24 months. The portfolio contains 0.9%
modified loans, and modifications happened more than two years ago
for 94.7% of the modified loans in the pool. Within the pool, 59 of
the mortgages have non-interest-bearing deferred amounts.

As of the Cut-Off Date, 99.7% of the pool is current under the
Mortgage Bankers Association (MBA) delinquency method.
Approximately 92.2% of the mortgage loans have been zero times 30
days delinquent (0 x 30) for at least the past 24 months under the
MBA delinquency method.

Morningstar DBRS assumed approximately 14.4% of the pool is exempt
from the Consumer Financial Protection Bureau (CFPB)
Ability-to-Repay (ATR)/Qualified Mortgage (QM) rules. Additionally,
Morningstar DBRS assumed 9.7% of the loans are designated as
Temporary QM Safe Harbor or QM Safe Harbor, less than 0.1% to be QM
Rebuttable Presumption, and 75.8% to be Non-QM based on the results
of the third-party due diligence.

FirstKey Mortgage, LLC (FirstKey) will acquire the loans from
various transferring trusts on the Closing Date. The transferring
trusts acquired the mortgage loans and are beneficially owned by
funds managed by affiliates of Cerberus Capital Management, L.P.
(Cerberus). Upon acquiring the loans from the transferring trusts,
FirstKey, through a wholly owned subsidiary, Towd Point Asset
Funding, LLC (the Depositor), will contribute loans to the Trust.
As the Sponsor, FirstKey, 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.

All of the loans will be serviced by Select Portfolio Servicing,
Inc. (SPS). The SPS aggregate servicing fee rate for each payment
date is 0.1100% per annum. In its analysis, Morningstar DBRS
applied a higher servicing fee rate.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until the loans become 180 days
delinquent under the MBA delinquency method or are otherwise deemed
unrecoverable. Additionally, the Servicer is obligated to make
certain 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.

FirstKey, as the Asset Manager, has the option to sell certain
nonperforming loans or real estate-owned (REO) properties to
unaffiliated third parties individually or in bulk sales. Such
sales require an asset sale price to at least equal a minimum
reserve amount of the product of (1) 91.27% and (2) the current
principal amount of the mortgage loans or REO properties as of the
sale date.

When the aggregate pool balance of the mortgage loans is reduced to
less than 20% of the Cut-Off Date balance, the Call Option Holder
(an affiliate of the Sponsor, the Seller, the Asset Manager, the
Depositor, and the Risk Retention Holder) will have the option to
cause the Issuer to sell all of its remaining property (other than
amounts in the Breach Reserve Account) to one or more third-party
purchasers so long as the aggregate proceeds meet a minimum price.

When the aggregate pool balance is reduced to less than 10% of the
balance as of the Cut-Off Date, the Call Option Holder may purchase
all of the mortgage loans, REO properties, and other properties
from the Issuer, as long as the aggregate proceeds meet a minimum
price.

The transaction allows for the issuance of Class A1 Loans in which
the Issuer may enter into a Credit Agreement to borrow up to the
balance of the Class A1 Loans from Class A1 Lenders on the Closing
Date. For the TPMT 2024-5 transaction, the Class A1 Loans will not
be issued at closing.

The transaction employs 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 more subordinate bonds will not be paid from principal proceeds
until the Class A1A and A1B Notes are retired.

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


UNITED WHOLESALE: Fitch Alters Outlook on 'BB-' IDR to Positive
---------------------------------------------------------------
Fitch Ratings has affirmed United Wholesale Mortgage, LLC's (UWM)
Long-Term Issuer Default Rating (IDR) and unsecured debt at 'BB-'.
The Rating Outlook has been revised to Positive from Stable.

The rating action has been taken as part of a periodic peer review
of non-bank mortgage companies, which is comprised of seven
publicly rated firms.

Key Rating Drivers

Positive Outlook: The revision of UWM's Outlook to Positive
reflects the significant strengthening of its franchise over the
last several years, which should increase the durability of its
business model through market cycles. It also reflects improvements
to the company's funding profile and liquidity resources. Since
4Q20, UWM has substantially grown market share, enhanced its
funding flexibility with $1.2 billion of unsecured debt issuance,
and extended funding duration with $4.5 billion of multi-year
warehouse capacity. It has also expanded contingent liquidity
through the upsizing of its mortgage servicing rights (MSR) lines
to $2.5 billion, which remain largely undrawn at 3Q24.

Fitch could upgrade UWM's ratings by one notch if the company
economically addresses its $800 million 2025 unsecured note
maturity without further asset encumbrance and maintains corporate
leverage at-or-below 1.0x.

Leading Franchise and Market Position: UWM's rating reflects its
market position and franchise as the leading wholesale residential
mortgage lender, strong financial profile with improved
capitalization, solid asset quality of the servicing portfolio, a
robust and integrated technology platform, and an experienced
management team. The company has a dominant position within the
wholesale channel with a market share of 43%, and was the nation's
largest mortgage originator in 9M24 and FY23, according to Inside
Mortgage Finance.

Highly Cyclical Mortgage Industry: UWM's ratings are constrained by
the highly cyclical nature of the mortgage origination business and
a reliance on secured, short-term, uncommitted funding facilities.
It is also exposed to elevated key person risk related to the CEO
and president, Mat lshbia, who, together with the lshbia family,
exercises significant control over the company as majority
shareholders. UWM's exclusive focus on the wholesale channel is
another rating constraint, as it could limit further market share
gains within the overall mortgage market.

Mixed GAAP Results: UWM's pre-tax return on average assets (ROAA),
adjusted for Ginnie Mae (GNMA) loans subject to repurchase right,
was negative 1.3% for the trailing 12 months (TTM) ended 3Q24. This
was down from negative 0.6% in FY23 and below 5.3% in FY22 and 9.4%
in FY21. Recent profitability has been affected by MSR markdowns
totaling $415 million (net of hedges) during the TTM ended 3Q24,
including $508 million in 4Q23 that resulted in GAAP operating
losses in FY23, partially eroding the company's equity balance.

Solid Core Profitability: Adjusted for MSR valuation changes, the
company achieved positive operating results in each of the last
eight quarters. Fitch expects profitability to improve in 2025
given higher origination volumes and improved gain on sale (GOS)
margins amid reductions in industry capacity but to remain well
below peak profitability seen in 2020.

Low Corporate Leverage: UWM's leverage (gross debt to tangible
equity) was 5.3x at 3Q24, up from 3.1x at YE23 driven by increased
borrowings to fund higher originations and a modest decline in
tangible equity as capital distributions exceeded net income in
9M24. Fitch expects leverage to increase further in the near term
as originations rise and MSR valuations decline, partially offset
by earnings retention as profitability improves in 2025.

Corporate leverage, which excludes the balances under origination
funding facilities, remained low at 1.1x as of 3Q24, down from 1.2x
at YE23 as the company paid down balances on its MSR lines in 9M24.
The metric remains conservative relative to peers and is in line
with UWM's internal target of 1.0x and the net debt incurrence
covenant of 2.0x set forth under the senior unsecured notes. Fitch
expects corporate leverage to remain stable in the near term, as
growth in retained earnings will be partially offset by greater
operating cash needs that may lead to MSR line draws or other
corporate borrowings.

Reliance on Secured Funding: UWM remains reliant on the wholesale
debt market to fund operations, consistent with other non-bank
mortgage companies. Unsecured debt comprised 17% of total debt at
3Q24, down from 26% at YE23 due to higher funding debt. Although
UWM has a diverse set of warehouse lenders, only 7.2% of total
capacity was committed as of 3Q24 (pro forma for amendments post
quarter-end), up from 3.6% as of YE22 but still at the low end of
the peer group. The funding tenor is generally short, with 61% of
warehouses expiring within one year as of 3Q24, which exposes UWM
to increased refinancing risk. Fitch would view a further extension
of the funding duration and increases in the unsecured funding mix
as credit positive.

UWM's next upcoming unsecured debt maturity is in November 2025,
when $800 million of notes become due. Refinancing with new
unsecured debt would preserve the company's current funding
flexibility, while refinancing with secured debt like MSR line
draws would further encumber assets and reduce funding
flexibility.

Adequate Liquidity: Fitch views UWM's current liquidity profile as
adequate to meet its upcoming debt maturity as well as any
operating cash needs, potential margin calls and advancing
requirements. At 3Q24, liquidity resources consisted of $636
million of unrestricted cash as well as available borrowing
capacity on its MSR lines which Fitch estimates to be $1.4 billion
given UWM's MSR holdings. This equates to 17% of total debt
outstanding and 84% of corporate debt outstanding, which compares
favorably to peers. Both MSR lines do not mature until 2026, which
Fitch views as positive for the funding profile. The company also
has access to a $500 million unsecured revolving credit facility
with SFS Corp, its principal shareholder, which is currently
undrawn.

Solid Asset Quality: Asset quality risk is not material for UWM, as
nearly all originated loans are conforming agency or GNMA-eligible
and sold shortly after origination. Performance of the servicing
portfolio has been solid relative to peers, with the 60+ day
delinquency rate, including forbearance, at 1.2% as of 3Q24,
consistent with YE23 and down from the peak of 1.9% at YE20. In
general, mortgages have outperformed other consumer assets over the
last year as home equity levels have supported strong performance,
but gradually rising unemployment could drive higher delinquencies
in 2025-2026. UWM does have exposure to potential losses due to
repurchase or indemnification claims from investors under certain
warranty provisions, although claims in recent years have been
manageable.

RATING SENSITIVITIES

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

The Outlook could be revised to Stable due to further asset
encumbrance resulting from the refinancing of the 2025 notes and/or
corporate leverage sustained above 1.0x. Beyond that, a rating
downgrade could result from:

- Gross leverage sustained above 5.0x; corporate leverage sustained
above 1.5x;

- A decrease in aggregate liquidity resources or reduction in
unencumbered assets that constrain the company's funding
flexibility; and/or increased utilization of secured funding that
reduces the unsecured funding mix below 10%;

- Sustained profitability challenges that erode tangible equity and
the firm's market position;

- Regulatory scrutiny resulting in UWM incurring substantial fines
that negatively impact its franchise or operating performance; and

- The departure of Mat lshbia and/or reduced involvement of the
Ishbia family, who have led the growth and direction of the
company.

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

- Refinancing or repayment of the 2025 unsecured notes without
further asset encumbrance;

- Corporate leverage sustained at-or-below 1.0x;

- Gross leverage sustained below 5.0x;

- Sustained earnings generation in excess of capital
distributions;

- Improvement in the funding profile, including an extension of
funding duration and/or an increase in the proportion of committed
funding and the maintenance of unsecured debt above 25% of total
debt;

- Increased liquidity resources above 30% of total debt;

- Maintenance of market position and leadership in the wholesale
origination channel; and

- Demonstrated effectiveness of corporate governance policies.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt rating is equalized with the IDR given
the funding mix and adequate unencumbered assets available to the
noteholders, suggesting average recovery prospects in a stressed
scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on the unsecured notes is primarily sensitive to changes
in the Long-Term IDR and would be expected to move in tandem with
it. However, a material decrease in unencumbered assets and/or an
increase in the proportion of secured funding could result in a
widening of the notching between UWM's Long-Term IDR and the
unsecured notes.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned below the
implied SCP due to the following adjustment reason: Weakest Link -
Funding, Liquidity & Coverage (negative).

The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business model
(negative).

The Asset Quality score has been assigned below the implied score
due to the following adjustment reason: Non-loan exposures
(negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Historical
and future metrics (negative).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reason: Funding
flexibility (negative).

ESG Considerations

UWM has an ESG Relevance Score of '4' for Governance Structure due
to elevated key person risk related to its president and CEO, Mr.
Ishbia, who has led the growth and strategic direction of the
company since its inception. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

UWM also has an ESG Relevance Score of '4' for Customer Welfare —
Fair Messaging, Privacy and Data Security due to its exposure to
compliance risks that include fair lending practices, debt
collection practices and consumer data protection. This has a
negative impact on the credit profile and is relevant to the rating
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.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
United Wholesale
Mortgage, LLC          LT IDR BB-  Affirmed   BB-

   senior unsecured    LT     BB-  Affirmed   BB-


VOYA CLO 2012-4: S&P Affirms B- (sf) Rating on Class E-R-R Notes
----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2a-R3, B-R3,
C-1-R3, and C-2-R-R debt from Voya CLO 2012-4 Ltd. At the same
time, S&P affirmed its ratings on the class A-1a-R3, D-R-R, and
E-R-R debt from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the Oct. 3, 2024, trustee report.

The transaction has paid down $165.76 million in paydowns to the
class A-1a-R3 debt since S&P's September 2021 rating actions. These
paydowns resulted in improved reported overcollateralization (O/C)
ratios since the Oct. 5, 2021, trustee report, which S&P used for
its previous rating actions:

-- The class A/B O/C ratio improved to 146.46% from 127.84%.
-- The class C O/C ratio improved to 127.58% from 118.63%.
-- The class D O/C ratio improved to 112.80% from 110.53%.
-- The class E O/C ratio improved to 105.19% from 105.06%.

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 rating actions.
Collateral obligations with ratings in the 'CCC' category have
slightly increased by 4.21%, with $26.52 million reported as of the
October 2024 trustee report, compared with $25.45 million reported
as of the October 2021 trustee report.

However, despite the slightly larger concentrations in the 'CCC'
category, the transaction, especially the senior tranches, has also
benefited from a drop in the weighted average life due to
underlying collateral's seasoning, with 3.50 years reported as of
the October 2024 trustee report, compared with 4.79 years reported
at the time of S&P's September 2021 rating actions. Over the same
period, the par amount of defaulted collateral has decreased to
$0.464 million from $0.897 million.

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

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

S&P said, "Although the cash flow results indicated a lower rating
for the class D-R-R and E-R-R debt, we view the overall credit
seasoning as an improvement to the transaction, and our decisions
considered the relatively stable O/C ratios, which currently have a
significant cushion over their minimum requirements, that neither
note has any deferred interest or deferring, the low exposure to
CCC/CCC- collateral, and the pure O/Cs (trustee O/Cs without
haircut) of both notes, which are likely to improve with continued
paydowns. In our opinion, the class E-R-R debt currently does not
require favorable conditions for repayment and hence do not meet
our definitions of a 'CCC' category. However, any increase in
defaults or par losses could lead to negative rating actions on the
class D-R-R and E-R-R debt in the future.

"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

  Voya CLO 2012-4 Ltd.

  Class A-2a-R3 to 'AAA (sf)' from 'AA (sf)'
  Class B-R3 to 'AA (sf)' from 'A (sf)'
  Class C-1-R3 to 'BBB+ (sf)' from 'BBB- (sf)'
  Class C-2-R-R to 'BBB- (sf)' from 'BB+ (sf)'

  Ratings affirmed

  Voya CLO 2012-4 Ltd.

  Class A-1a-R3: AAA (sf)
  Class D-R-R: B (sf)
  Class E-R-R: B- (sf)



WELLS FARGO 2021-C60: DBRS Confirms B(low) Rating on L-RR Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-C60
issued by Wells Fargo Commercial Mortgage Trust 2021-C60 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-4 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AAA (sf)
-- Class X-B at AA (sf)
-- Class C at AA (low) (sf)
-- Class X-D at AA (low) (sf)
-- Class D at A (high) (sf)
-- Class E-RR at A (low) (sf)
-- Class F-RR at BBB (high) (sf)
-- Class G-RR at BBB (sf)
-- Class H-RR at BB (high) (sf)
-- Class J-RR at BB (high) (sf)
-- Class K-RR at BB (low) (sf)
-- Class L-RR at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which generally remains in line
with Morningstar DBRS' expectations since issuance as evidenced by
the pool's healthy weighted-average (WA) debt service coverage
ratio (DSCR) of 2.46 times (x).
The pool's concentration of loans backed by office properties is
relatively low, representing less than 15.0% of the pool balance;
however, Morningstar DBRS notes that there is one large office loan
in the pool in Gramercy Plaza (Prospectus ID# 5; 3.7% of the pool),
a suburban office property in Torrance, California, which has
experienced some performance decline since issuance. Occupancy has
declined notably to 80% as of June 2024 from 90% at issuance and
several larger tenants having leases scheduled to expire prior to
the loan's maturity. Offsetting some of this concern is the loan's
strong reported YE2023 DSCR of 2.89x and a reserve balance in
excess of $3.0 million. For this review, Morningstar DBRS increased
the probability of default (POD) penalties and/or stressed
loan-to-value ratios (LTVs) for loans exhibiting increased credit
risk since issuance resulting in a marginal increase to the pool
expected loss since the prior credit rating action in October
2023.

As of the October 2024 remittance, 59 of the original 61 loans
remain outstanding, with a total trust balance of $729.0 million,
representing minimal collateral reduction since issuance. There are
12 loans, representing about 20.0% of the current pool balance, on
the servicer's watchlist, of which only six loans, representing
about 11.5% of the pool balance, are being monitored for
performance related declines, and one loan, representing only 0.8%
of the pool, is in special servicing. Since the last credit rating
action, one loan liquidated from the pool, incurring a realized
trust loss of $2.7 million, relatively in line with Morningstar
DBRS' estimate.

The third largest loan in the pool Malibu Colony Plaza (Prospectus
ID#3, 6.6% of the pool), which is secured by a 114,370-square-foot
(sf) shopping center in Malibu, California, is exhibiting increased
credit risk since the last credit rating action. The anchor tenant,
Ralph's Fresh Store, occupying more than 30% of the net rentable
area (NRA), is currently leased on a month-to-month basis after its
previous lease expired in August 2023. In addition, the second
largest tenant, CVS, representing about 20% of NRA, has a lease
scheduled to expire in January 2025. The loan reported a YE2023
occupancy rate and DSCR of 92% and 1.60x, respectively. Given the
concentrated upcoming rollover risk for month-to-month Ralph's
Fresh Store and CVS, the collateral faces exposure to significant
potential cash flow decline and Morningstar DBRS analyzed this loan
with a POD penalty resulting in an expected loss that was about 60%
higher than the deal average.

Boonton Industrial (Prospectus ID#35; 0.8% of the pool), is secured
by the borrower's fee-simple interest in a 55,000 sf light
industrial warehouse in Boonton, New Jersey. The loan transferred
to special servicing in December 2022 because of payment default
and the current workout strategy is foreclosure. The subject most
recently reported an occupancy rate of 100% along with a below
breakeven DSCR of 0.72x for the trailing three month period ended
March 31, 2024. Morningstar DBRS notes this represents a
partial-year reporting; however, despite requests, the borrower has
not provided any additional historical operating performance
figures since issuance. At issuance, the property was leased solely
to J. Supor & Son Trucking & Rigging Co., Inc. on a long-term lease
extending to 2041. The February 2024 appraised value of $11.0
million is above the issuance value of $9.6 million, and represents
a LTV of 56%.

At issuance, one loan--The Grace Building (Prospectus ID#2; 6.8% of
the pool)--was assigned an investment-grade shadow rating by
Morningstar DBRS. With this review, Morningstar DBRS confirms that
the performance of this loan remains consistent with the
investment-grade characteristics based on strong credit metrics and
continued stable performance.

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


WELLS FARGO 2024-5C2: Fitch Assigns B-(EXP) Rating on J-RR Certs
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Wells Fargo Commercial Mortgage Trust 2024-5C2, Commercial Mortgage
Pass-through Certificates, Series 2024-5C2 as follows:

- $3,921,000 class A-1 'AAAsf'; Outlook Stable;

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

- $275,082,000d class A-3 'AAAsf'; Outlook Stable;

- $504,003,000a class X-A 'AAAsf'; Outlook Stable;

- $141,301,000a class X-B 'Asf'; Outlook Stable;

- $95,401,000 class A-S 'AAAsf'; Outlook Stable;

- $23,400,000 class B 'AAsf'; Outlook Stable;

- $22,500,000 class C 'Asf'; Outlook Stable;

- $8,550,000abe class X-D 'A-sf'; Outlook Stable;

- $8,550,000be class D 'A-sf'; Outlook Stable;

- $11,250,000bce class E-RR 'BBBsf'; Outlook Stable;

- $8,100,000bc class F-RR 'BBB-sf'; Outlook Stable;

- $16,201,000bc class G-RR 'BB-sf'; Outlook Stable;

- $7,200,000bc class J-RR 'B-sf'; Outlook Stable.

Fitch is not expected to rate the following class:

- $23,400,339bc class K-RR.

a) Notional amount and interest only.

b) Privately placed pursuant to Rule 144A.

c) Horizontal risk retention interest.

d) The exact initial certificate balances of class A-2 and A-3
certificates are unknown and will be determined based on the final
pricing of these classes. The respective initial certificate
balances of these classes are expected to be within the ranges
listed below and $500,082,000 in the aggregate, subject to a
variance of plus or minus 5.0%.

The certificate balances will be determined based on the final
pricing of these classes of certificates. The expected class A-2
balance range is $0-$225,000,000, and the expected class A-3
balance range is $275,082,000-$500,082,000. The balances for
classes A-2 and A-3 reflect the high and low values of each
respective range. In the event the class A-3 certificates are
issued at $500,082,000, the class A-2 certificates will not be
issued.

e) The exact initial certificate balances of class D and E-RR
certificates are unknown and will be determined based on the final
pricing of these classes. The respective initial certificate
balances of these classes are expected to be within the ranges
listed below with the ultimate initial Certificate Balance of each
determined such that the aggregate fair value of the Class E-RR,
Class F-RR, Class G-RR, Class J-RR and Class K-RR certificates will
equal at least 5% of the estimated fair value as of the Closing
Date of all the Classes of Certificates (other than the Class R
Certificates) issued by the issuing entity.

Any variation in the initial Certificate Balance of the Class D
Certificates would affect the initial notional amount of the Class
X-D certificates. Additionally, the Credit Support for the Class D
Certificates will range between approximately 9.000% and 9.375%.
The expected class D balance range is $7,200,000-$9,900,000, and
the expected class E-RR balance range is $9,900,000-$12,600,000.
The balances for classes D and E-RR reflect the midpoint values of
each respective range.

   Entity/Debt            Rating           
   -----------            ------           
Wells Fargo
Commercial Mortgage
Trust 2024-5C2

   A-1                LT AAA(EXP)sf  Expected Rating
   A-2                LT AAA(EXP)sf  Expected Rating
   A-3                LT AAA(EXP)sf  Expected Rating
   A-S                LT AAA(EXP)sf  Expected Rating
   B                  LT AA(EXP)sf   Expected Rating
   C                  LT A(EXP)sf    Expected Rating
   D                  LT A-(EXP)sf   Expected Rating
   E-RR               LT BBB(EXP)sf  Expected Rating
   F-RR               LT BBB-(EXP)sf Expected Rating
   G-RR               LT BB-(EXP)sf  Expected Rating
   J-RR               LT B-(EXP)sf   Expected Rating
   K-RR               LT NR(EXP)sf   Expected Rating
   X-A                LT AAA(EXP)sf  Expected Rating
   X-B                LT A(EXP)sf    Expected Rating
   X-D                LT A-(EXP)sf   Expected Rating

Transaction Summary

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 27 loans secured by 138
commercial properties having an aggregate principal balance of
$720,005,340 as of the cut-off date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Goldman Sachs
Mortgage Company, JPMorgan Chase Bank, National Association, UBS
AG, Citi Real Estate Funding Inc., and LMF Commercial, 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, N.A. The certificates
are expected to follow a sequential paydown structure.

KEY RATING DRIVERS

Fitch Net Cash Flow: Fitch performed cash flow analyses on 23 loans
totaling 96.8% of the pool by balance. Fitch's aggregate pool net
cash flow (NCF) of $74.4 million represents a 14.6% decline from
the issuer's underwritten NCF of $87.2 million.

Higher Leverage Compared to Recent Transactions: The pool has
higher leverage compared to recent multiborrower transactions rated
by Fitch Ratings. The pool's Fitch loan-to-value ratio (LTV) of
93.2% is worse than the 2024 YTD and 2023 averages of 91.1% and
88.3%, respectively. The pool's Fitch NCF debt yield (DY) of 9.3%
is lower than the 2024 YTD and 2023 averages of 11.0% and 10.9%,
respectively. Excluding credit opinion loans, the pool's Fitch LTV
and DY are 100.0% and 9.6%, respectively, compared to the
equivalent conduit 2024 YTD LTV and DY averages of 96.0% and 10.3%,
respectively.

Shorter Duration Loans: The pool is 100% comprised of loans with
five-year terms, whereas standard conduit transactions have
historically included mostly loans with 10-year terms. Fitch's
historical loan performance analysis shows that five-year loans
have a modestly lower probability of default than 10-year loans,
all else equal. This is mainly attributed to the shorter window of
exposure to potential adverse economic conditions. Fitch considered
its loan performance regression in its analysis of the pool.

Investment-Grade Credit Opinion Loans: Five loans representing
20.5% of the pool received an investment-grade credit opinion.
Rockefeller Center (5.6%) received a standalone credit opinion of
'A+sf*'. Atrium Hotel Portfolio 24 Pack (4.9%) received a
standalone credit opinion of 'BBB+sf*'. Queens Center (4.2%)
received a standalone credit opinion of 'BBBsf*'. ICONIQ
Multifamily Portfolio (3.6%) received a standalone credit opinion
of 'AA-sf*'. BioMed 2024 Portfolio 2 (2.3%) received a standalone
credit opinion of 'BBB+sf*'. The pool's total credit opinion
percentage is higher than the 2024 YTD of 15.2% and in line with
the 2023 average of 20.8%.

Higher Pool Concentration: The pool is more concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 67.3% of the pool, which is higher than the 2024 YTD level
of 60.3% and 2023 level of 63.7%. The pool's effective loan count
of 22.5 is slightly higher than the 2024 YTD and 2023 average
effective loan count of 22.4 and 20.6, respectively. Fitch views
diversity as a key mitigant to idiosyncratic risk. Fitch raises the
overall loss for pools with effective loan counts below 40.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 0.7%, which is below the 2024 YTD and
2023 averages of 1.0% and 1.4%, respectively. The pool has 22
interest-only loans, or 78.0% of pool by balance, which is better
than the 2024 YTD and 2023 averages of 88.0% and 84.5%,
respectively but still high overall. Additionally, the average loan
term of the pool is 60 months, which is shorter than the 2024 YTD
and 2023 averages of 76.2 months and 87.8 months, respectively.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAsf' / 'Asf' / 'BBB+sf' / 'BBBsf' / 'BBB-sf' /
'BBsf' / 'B-sf' / less than 'CCCsf'.

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

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

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

- 10% NCF Increase: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A+sf' / 'A-sf' /
'BBB+sf' / 'BBsf' / 'B+sf'.

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

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

ESG Considerations

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


WFRBS COMMERCIAL 2012-C9: DBRS Confirms B(high) Rating on F Certs
-----------------------------------------------------------------
DBRS Inc. confirmed its credit ratings on the Commercial Mortgage
Pass-Through Certificates issued by WFRBS Commercial Mortgage Trust
2012-C9 as follows:

-- Class E at AA (low) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The credit rating confirmations reflect Morningstar DBRS'
recoverability expectations, which remain relatively unchanged
since the previous credit rating action in November 2023. The sole
loan remaining in the trust, Chesterfield Towne Centre (Prospectus
ID#1; 100% of the current trust balance), is secured by a 1.0
million-square-foot (sf) regional mall in the Richmond suburb of
North Chesterfield, Virginia, which had a scheduled maturity date
of October 2024; however, as confirmed by the servicer, the
borrower has provided notice that the loan would not be repaid at
maturity.

The loan, which is sponsored by Brookfield Properties Group,
transferred to the special servicer in September 2022 after the
borrower notified the lender that they would not be able to repay
the loan upon the original loan maturity in October 2022. In August
2023, a retroactive forbearance was executed, pushing the maturity
first to October 2023 and later, to October 2024. At the previous
credit rating action Morningstar DBRS noted the high likelihood of
future maturity extensions given the lack of significant
improvement in the refinance prospects given the cash flow and
occupancy trends observed over the past few years. Although the
need for multiple extensions to the loan maturity are generally
viewed as increasing risks, Morningstar DBRS does note that the
terms of the extensions have included required principal paydowns
and ongoing cash management, with excess funds applied to further
pay down the loan balance. Since the previous credit rating action,
the principal balance has been reduced by nearly $9.0 million.

The collateral mall is anchored by JCPenney (in place on a ground
lease through 2050), Macy's and At Home (lease expirations in 2026
and 2025, respectively), with a dark Sears anchor in place, as
well. The servicer most recently reported a physical occupancy rate
hovering near 82.0% as of June 2024. The Sears rent is still being
paid and the ground lease runs through 2046. Cash flows have been
reported between $1.4 million and $1.8 million above the issuer's
net cash flow figure for the last few years, with the debt service
coverage ratio hovering between 1.65 times (x) and 1.81x since
YE2022. According to the tenant sales report for the T-12 period
ended July 31, 2024, the property reported in-line sales of about
$415 per square foot (psf), relatively unchanged from the YE2023
figure. Although the subject is not considered the dominant mall in
the area, it is well located within a commercial corridor that
includes prominent retailers such as Costco, Target, and Sam's
Club.

At March 2024 appraisal valued the property at $84.1 million, down
from the July 2023 appraised value of $91.4 million. The implied
loan-to-value (LTV) ratio is 88.0% on the March 2024 appraisal and
the current exposure; the implied LTV is generally in line with the
figures considered as part of Morningstar DBRS' last review, given
the commensurate principal paydown with the maturity extension.
Morningstar DBRS expects the property value could decline further
given the near-term rollover scheduled for Macy's and At Home, as
well as some in-line tenants. In addition, the sales are relatively
lackluster and the longstanding vacant status of the Sears box,
which closed in 2020, could deter potential investors if the
borrower or servicer ultimately markets the property for sale.
While these factors are noteworthy, Morningstar DBRS also notes
that the appraised value could be reduced by more than half before
a loss fully erodes the unrated Class G balance of $37.5 million,
supporting the credit rating confirmations with this review.

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


[*] DBRS Confirms 22 Ratings From 6 Prestige Auto Transactions
--------------------------------------------------------------
DBRS, Inc. confirmed 22 credit ratings and upgraded two credit
ratings from six Prestige Auto Receivables Trust transactions.

The Affected Ratings are available at https://bit.ly/3UMGRDX

The Issuers are:

Prestige Auto Receivables Trust 2023-2
Prestige Auto Receivables Trust 2020-1
Prestige Auto Receivables Trust 2024-1
Prestige Auto Receivables Trust 2022-1
Prestige Auto Receivables Trust 2021-1
Prestige Auto Receivables Trust 2023-1

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

-- The collateral performance to date and Morningstar DBRS'
assessment of future performance as of the October 2024 payment
date.

-- For Prestige Auto Receivables Trust 2020-1, losses are tracking
below Morningstar DBRS' initial base case CNL expectation. 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 multiples of coverage
commensurate with the credit ratings.

-- For Prestige Auto Receivables Trust 2021-1 through Prestige
Auto Receivables Trust 2024-1, losses are tracking above
Morningstar DBRS' initial base case CNL expectations. However, due
to the transaction structures, credit enhancement has increased for
all classes mitigating the weaker than expected collateral
performance. The current level of hard credit enhancement and
estimated future excess spread are sufficient to support the
Morningstar DBRS' projected remaining cumulative net loss
assumptions at multiples of coverage commensurate with the credit
ratings.

-- 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 September 2024 Update," published on September 25, 2024.
These baseline macroeconomic scenarios replace Morningstar DBRS'
moderate and adverse coronavirus pandemic scenarios, which were
first published in April 2020.

Prestige Auto Receivables Trust 2023-2 & Prestige Auto Receivables
Trust 2024-1

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 Note Interest and the related Note
Balance.

Notes: The principal methodology applicable to the credit ratings
is Morningstar DBRS Master U.S. ABS Surveillance.


[*] DBRS Confirms 25 Ratings From 6 Lendmark Trust Transactions
---------------------------------------------------------------
DBRS, Inc. confirmed 25 credit ratings from six Lendmark Funding
Trust transactions as detailed in the summary chart below.

The Affected Ratings are available at https://bit.ly/4hOgTd6

The Issuers are:

Lendmark Funding Trust 2021-2
Lendmark Funding Trust 2024-1
Lendmark Funding Trust 2023-1
Lendmark Funding Trust 2020-2
Lendmark Funding Trust 2021-1
Lendmark Funding Trust 2022-1

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

-- The collateral performance to date and Morningstar DBRS'
assessment of future performance.

-- The transaction parties' capabilities with regard to
origination, 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 September 2024 Update," published on September 25, 2024.
These baseline macroeconomic scenarios replace Morningstar DBRS'
moderate and adverse coronavirus pandemic scenarios, which were
first published in April 2020.

Lendmark Funding Trust 2024-1

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: The principal methodology applicable to the credit ratings
is Morningstar DBRS Master U.S. ABS Surveillance.


[*] DBRS Reviews 443 Classes From 112 US RMBS Transactions
----------------------------------------------------------
DBRS, Inc. reviewed 443 classes from 112 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 112
transactions reviewed, 97 are classified as net interest margin, 15
are classified as non-qualified mortgage and three are classified
as small-balance commercial mortgages collateralized by various
types of commercial, multifamily rental, and mixed-use properties.
Of the 443 classes reviewed, Morningstar DBRS upgraded its credit
ratings on 32 classes and confirmed its credit ratings on 411
classes.

The Affected Ratings are available at https://bit.ly/3UQsEG2

The Issuers are:

Soundview CI-17 & Soundview Asset Holdings CI-17 Corp., Series
2006-3
Soundview CI-10 & Soundview Asset Holdings CI-10 Corp., Series
2006-2
Soundview CI-7 & Soundview Asset Holdings CI-7 Corp., Series
2005-CTX1
Soundview CI-21 & Soundview Asset Holdings CI-21 Corp., Series
2006-WF2
Soundview CI-13 & Soundview Asset Holdings CI-13 Corp., Series
2006-RS3
Soundview CI-18 & Soundview Asset Holdings CI-18 Corp., Series
2006-EQ1
Soundview CI-19 & Soundview Asset Holdings CI-19 Corp., Series
2006-WF1
Soundview CI-16 & Soundview Asset Holdings CI-16 Corp., Series
2006-KS5
Soundview CI-11 & Soundview Asset Holdings CI-11 Corp., Series
2006-OPT1
Soundview CI-12 & Soundview Asset Holdings CI-12 Corp., Series
2006-OPT2
Soundview CI-14 & Soundview Asset Holdings CI-14 Corp., Series
2006-OPT3
Soundview CI-15 & Soundview Asset Holdings CI-15 Corp., Series
2006-OPT5
First Franklin CI-17 & First Franklin Asset Holdings CI-17 Corp.,
Series 2006-FF16
Meritage CI-4 & Meritage Asset Holdings CI-4 Corp., Series 2005-2
First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp.,
Series 2006-FF8
Bear Stearns Structured Products Inc. RAMP 2005-RZ3 NIM Trust,
Series BSSP 2005-26
First Franklin CI-15 & First Franklin Asset Holdings CI-15 Corp.,
Series 2005-FFH4
New Century Cayman 2005-B & New Century Asset Holdings 2005-B
Corp.
Fremont CI-6
Fremont CI-7
Fremont CI-8
PRKCM 2021-AFC2 Trust
SB Finance CI-05-ARW4
OBX 2018-1 Trust
Argent NIM Trust 2005-WN5
Arroyo Mortgage Trust 2022-1
PRKCM 2023-AFC4 Trust
BNC NIMS Trust 2007-3
Alliance NIM Trust 2007-OA1
Deephaven Residential Mortgage Trust 2022-1
Arroyo Mortgage Trust 2021-1R
DSLA NIM CI-3 Corp.
GreenPoint NIM Trust 2005-HE1
SB Finance NIM Trust 2006-NC1
SB Finance NIM Trust 2005-HE4
Galton Funding Mortgage Trust 2017-1
SB Finance NIM Trust 2007-AMC1
Fremont NIM Trust 2005-D
Galton Funding Mortgage Trust 2019-H1
Bunker Hill Loan Depositary Trust 2019-3
Saluda Grade Alternative Mortgage Trust 2022-INV1
Deephaven Residential Mortgage Trust 2022-2
Velocity Commercial Capital Loan Trust 2021-4
Velocity Commercial Capital Loan Trust 2023-4
Velocity Commercial Capital Loan Trust 2023-1
Verus Securitization Trust 2023-INV3
Homeward Opportunities Fund Trust 2020-2
HASCO NIM Trust, 2005-OPT1
Soundview NIM 2005-KS3 Trust
New Residential Mortgage Loan Trust 2019-NQM4
New Residential Mortgage Loan Trust 2019-NQM5
Fremont CI-4 Series 2005-1
Securitized Asset Backed NIM 2007-BR5
Equifirst NIM Securitization Trust 2007-1
Ameriquest NIM Trust 2006-M3
Nomura Home Equity Loan NIM 2006-HE3
Nomura Home Equity Loan NIM 2006-FM2
Securitized Asset Backed NIM Trust 2006-HE1
Securitized Asset Backed NIM Trust 2006-FR4
Securitized Asset Backed NIM Trust 2007-WF1
Securitized Asset Backed NIM Trust 2007-BR1
Securitized Asset Backed NIM Trust 2006-WF3
Securitized Asset Backed NIM Trust 2005-FR4
Securitized Asset Backed NIM Trust 2006-HE2
Securitized Asset Backed NIM Trust 2006-KS8
Securitized Asset Backed NIM Trust 2007-NC1
Securitized Asset Backed NIM Trust 2007-BR2
Securitized Asset Backed NIM Trust 2006-NC2
Securitized Asset Backed NIM Trust 2006-KS9
Securitized Asset Backed NIM Trust 2007-NC2
Securitized Asset Backed NIM Trust 2005-FR5
Securitized Asset Backed NIM Trust 2006-NC3
Securitized Asset Backed NIM Trust 2005-OP2
Securitized Asset Backed NIM Trust 2007-BR3
Securitized Asset Backed NIM Trust 2006-FR2
Securitized Asset Backed NIM Trust 2007-BR4
Securitized Asset Backed NIM Trust 2005-HE1
Securitized Asset Backed NIM Trust 2005-FR3
Securitized Asset Backed NIM Trust 2006-FR1
Securitized Asset Backed NIM Trust 2006-FR3
Securitized Asset Backed NIM Trust 2006-WM1
HarborView NIM CI-3 Corp.
HarborView NIM CI-4 Corp.
HarborView NIM CI-6 Corp.
Sharps SP I LLC Net Interest Margin 2007-HE5N
HarborView NIM CI-5 Corp.
SASCO NIM Company 2006-BC6 & SASCO ARC Corporation
SASCO NIM Company 2007-BC2 & SASCO ARC Corporation
GreenPoint CI-1 & GreenPoint Asset Holdings CI-1 Corp., Series
2005-HE4
Bear Stearns Structured Products Inc. NIM Trust 2006-3
Bear Stearns Structured Products Inc. NIM Trust 2006-6
Long Beach Asset Holdings Corp. CI 2006-2
Long Beach Asset Holdings Corp. CI 2006-3
Bear Stearns Structured Products Inc. NIM Trust 2007-N3
Bear Stearns Structured Products Inc. NIM Trust 2006-24
Bear Stearns Structured Products Inc. NIM Trust 2006-16
Bear Stearns Structured Products Inc. NIM Trust 2006-21
Bear Stearns Structured Products Inc. NIM Trust 2007-N1
Bear Stearns Structured Products Inc. NIM Trust 2005-27
Bear Stearns Structured Products Inc. NIM Trust 2006-17
Bear Stearns Structured Products Inc. NIM Trust 2007-N5
Bear Stearns Structured Products Inc. NIM Trust 2007-N2
Bear Stearns Structured Products Inc. NIM Trust 2006-22
Bear Stearns Structured Products Inc. NIM Trust 2005-29
Bear Stearns Structured Products Inc. NIM Trust 2006-18
Bear Stearns Structured Products Inc. NIM Trust 2005-32
Bear Stearns Structured Products Inc. NIM Trust 2006-19
Bear Stearns Structured Products Inc. NIM Trust 2006-23
Bear Stearns Structured Products Inc. NIM Trust 2006-20
Bear Stearns Structured Products Inc. NIM Trust 2006-11
Bear Stearns Structured Products Inc. NIM Trust 2006-10
Long Beach Asset Holdings Corp. CI 2005-WL1

The credit rating upgrades reflect a positive performance trend and
an increase in credit support sufficient to withstand stresses at
the new credit rating level. The credit rating confirmations
reflect asset performance and credit support levels that are
consistent with the current credit ratings.

The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns September 2024 Update" published on September 25, 2024
(https://dbrs.morningstar.com/research/439965). These baseline
macroeconomic scenarios replace Morningstar DBRS' moderate and
adverse coronavirus pandemic scenarios, which were first published
in April 2020.

The credit rating actions are the result of Morningstar DBRS'
application of its "U.S. RMBS Surveillance Methodology," published
on June 28, 2024.

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


[*] DBRS Takes Rating Actions on 38 Freddie Mac Transactions
------------------------------------------------------------
DBRS, Inc. took credit rating actions on 287 classes from 38
Freddie Mac commercial mortgage-backed securities (CMBS)
transactions (Freddie Mac K-Series transactions), 163 classes from
38 Freddie Mac Structured Pass-Through Certificate (SPC)
transactions, and 102 classes from nine ReREMIC transactions. Of
the 552 classes across the three transaction types, Morningstar
DBRS confirmed its credit ratings on 505 classes, upgraded 43
classes, and discontinued four classes because of repayment. In one
ReREMIC transaction, Morningstar DBRS changed the trends on three
classes to Negative from Stable. All other trends are Stable. The
credit rating confirmations reflect the overall stable performance
of the transactions, with the reported cash flows and other
performance metrics for most loans generally in line with
Morningstar DBRS' expectations as of the most recent servicer
reporting available for each transaction. The credit rating
upgrades generally reflect significantly increased credit support,
whether through principal repayments or increased defeasance, as
well as the lack of a concentration of loans showing performance
declines since issuance.

The Affected Ratings are available at https://bit.ly/4femoAj

The Issuers are:

Freddie Mac Structured Pass-Through Certificates, Series K-729
Freddie Mac Structured Pass-Through Certificates, Series K-158
Freddie Mac Structured Pass-Through Certificates, Series K-098
Freddie Mac Structured Pass-Through Certificates, Series K-081
Freddie Mac Structured Pass-Through Certificates, Series K-048
Freddie Mac Structured Pass-Through Certificates, Series K-057
Freddie Mac Structured Pass-Through Certificates, Series K-063
Freddie Mac Structured Pass-Through Certificates, Series K-069
Freddie Mac Structured Pass-Through Certificates, Series K-084
Freddie Mac Structured Pass-Through Certificates, Series K-042
Freddie Mac Structured Pass-Through Certificates, Series K-052
Freddie Mac Structured Pass-Through Certificates, Series K-055
Freddie Mac Structured Pass-Through Certificates, Series K-078
Freddie Mac Structured Pass-Through Certificates, Series K-734
CFMT 2021-FRR1
BMD2 RE-REMIC Trust 2019-FRR1
BAMLL Re-REMIC Trust 2024-FRR4
NW RE-REMIC TRUST 2021-FRR1
RFM RE-REMIC TRUST 2022-FRR1
GAM RE-REMIC TRUST 2022-FRR3
GAM RE-REMIC TRUST 2021-FRR2
FREMF 2017-K61 Mortgage Trust, Series 2017-K61
BAMLL Re-REMIC Trust 2024-FRR3
FREMF 2024-K164 Mortgage Trust, Series 2024-K164
FREMF 2022-K152 Mortgage Trust, Series 2022-K152
FREMF 2023-K158 Mortgage Trust, Series 2023-K158
FREMF 2023-K751 Mortgage Trust, Series 2023-K751
GAM RE-REMIC TRUST 2021-FRR1
FREMF 2017-K64 Mortgage Trust, Series 2017-K64
FREMF 2019-K90 Mortgage Trust, Series 2019-K90
FREMF 2019-K92 Mortgage Trust, Series 2019-K92
FREMF 2019-K93 Mortgage Trust, Series 2019-K93
FREMF 2015-K42 Mortgage Trust, Series 2015-K42
FREMF 2017-K63 Mortgage Trust, Series 2017-K63
FREMF 2017-K69 Mortgage Trust, Series 2017-K69
FREMF 2015-K51 Mortgage Trust, Series 2015-K51
FREMF 2015-K48 Mortgage Trust, Series 2015-K48
FREMF 2016-K55 Mortgage Trust, Series 2016-K55
FREMF 2018-K84 Mortgage Trust, Series 2018-K84
FREMF 2016-K57 Mortgage Trust, Series 2016-K57
FREMF 2016-K52 Mortgage Trust, Series 2016-K52
FREMF 2018-K78 Mortgage Trust, Series 2018-K78
FREMF 2018-K81 Mortgage Trust, Series 2018-K81
FREMF 2019-K88 Mortgage Trust, Series 2019-K88
FREMF 2019-K89 Mortgage Trust, Series 2019-K89
FREMF 2018-K74 Mortgage Trust, Series 2018-K74
FREMF 2020-K106 Mortgage Trust, Series 2020-K106
FREMF 2024-K163 Mortgage Trust, Series 2024-K163
FREMF 2017-K729 Mortgage Trust, Series 2017-K729
FREMF 2019-K734 Mortgage Trust, Series 2019-K734
FREMF 2019-K735 Mortgage Trust, Series 2019-K735
FREMF 2020-K105 Mortgage Trust, Series 2020-K105
FREMF 2019-K101 Mortgage Trust, Series 2019-K101
FREMF 2019-K736 Mortgage Trust, Series 2019-K736
Freddie Mac Structured Pass-Through Certificates, Series K-061
Freddie Mac Structured Pass-Through Certificates, Series K-051
Freddie Mac Structured Pass-Through Certificates, Series K-077
FREMF 2018-K79 Mortgage Trust, Series 2018-K79
FREMF 2018-K86 Mortgage Trust, Series 2018-K86
FREMF 2018-K75 Mortgage Trust, Series 2018-K75
FREMF 2018-K77 Mortgage Trust, Series 2018-K77
FREMF 2018-K82 Mortgage Trust, Series 2018-K82
Freddie Mac Structured Pass-Through Certificates, Series K-101
Freddie Mac Structured Pass-Through Certificates, Series K-164
Freddie Mac Structured Pass-Through Certificates, Series K-163
Freddie Mac Structured Pass-Through Certificates, Series K-152
Freddie Mac Structured Pass-Through Certificates, Series K-751
Freddie Mac Structured Pass-Through Certificates, Series K-106
Freddie Mac Structured Pass-Through Certificates, Series K-090
Freddie Mac Structured Pass-Through Certificates, Series K-100
Freddie Mac Structured Pass-Through Certificates, Series K-105
Freddie Mac Structured Pass-Through Certificates, Series K-735
FREMF 2019-K98 Mortgage Trust, Series 2019-K98
Freddie Mac Structured Pass-Through Certificates, Series K-088
FREMF 2019-K100 Mortgage Trust, Series 2019-K100
Freddie Mac Structured Pass-Through Certificates, Series K-736
Freddie Mac Structured Pass-Through Certificates, Series K-079
Freddie Mac Structured Pass-Through Certificates, Series K-086
Freddie Mac Structured Pass-Through Certificates, Series K-075
Freddie Mac Structured Pass-Through Certificates, Series K-082
Freddie Mac Structured Pass-Through Certificates, Series K-064
Freddie Mac Structured Pass-Through Certificates, Series K-074
Freddie Mac Structured Pass-Through Certificates, Series K-089
Freddie Mac Structured Pass-Through Certificates, Series K-093
Freddie Mac Structured Pass-Through Certificates, Series K-092

The credit rating actions reflect Morningstar DBRS' expanded review
process as outlined in the "North American CMBS Surveillance
Methodology" (March 1, 2024) (the Methodology). Based on the
September 2024 remittance reports, the affected transactions were
analyzed to identify changes since the most recent Morningstar DBRS
credit rating action for each. Applicable changes included
developments such as loan repayments, increased defeasance, cash
flow and/or occupancy changes for the collateral properties, new
values for loans in special servicing, or additions to the
servicer's watchlist. Morningstar DBRS also incorporated a stressed
refinance analysis scenario for all loans, which considered the
property's performance trajectory as well as interest rates in the
current lending environment to identify loans that may have
increased maturity default risk. Where loans were exhibiting
performance declines from issuance and/or were reporting metrics
that suggested increased refinance risk in the analysis,
Morningstar DBRS made probability of default (POD) adjustments on a
sliding scale, with the severity of the POD penalty increasing
based on the specifics of the increased risks. In some cases,
Morningstar DBRS also made loss given default adjustments,
reflecting Morningstar DBRS' concerns surrounding potential
performance-based value declines from the issuance figures.

The analysis generally reflected that (1) all defeased loans were
excluded from North American CMBS Insight Model (the Model) runs
and were liquidated at 100% recovery; and (2) specially serviced
loans that were expected to be resolved with a loss to the
respective trusts were also excluded from the Model runs and were
liquidated based on recent information, such as updated appraised
values. The combination of these two actions resulted in a
liquidated credit enhancement for the bond stack, which Morningstar
DBRS compared with the multiple ranges referred to in the
Methodology. Morningstar DBRS then overlaid this analysis with the
aforementioned stressed refinance analysis scenario on a cumulative
basis to measure each transaction's exposure to potential increased
refinance risk.

The credit rating actions included nine ReREMIC transactions
collateralized by underlying Freddie Mac K-Series transactions,
some of which are not rated by Morningstar DBRS. The credit ratings
depend on the performance of the underlying transactions. In
general, the Freddie Mac K-Series transactions exhibited healthy
performance metrics evidenced by the weighted-average (WA) debt
service coverage ratio (DSCR) in excess of 1.90 times (x) based on
the most recent financials. Based on the September 2024 remittance
reports, only two Freddie Mac K-Series transactions have delinquent
and/or specially serviced loans, with the largest concentration
representing less than 1.0% of the subject pool balance. In
addition, realized losses to date across all transactions have been
generally minimal and total defeasance was approximately 18.4% of
the aggregate principal amount, with transaction-level defeasance
concentrations ranging from 0.0% to 49.4%.

Loans on the servicer's watchlist totaled approximately 11.4% of
the aggregate principal amount, ranging between 0.0% and 58.3% for
the respective transaction pool balance. The two deals with the
largest concentrations of loans on the watchlist, FREMF 2017-K729
Mortgage Trust, Series 2017-K729 and FREMF 2015-K42 Mortgage Trust,
Series 2015-K42, are in wind-down, with the majority of loans
scheduled to mature by December 2024. There are only three other
deals with concentrations of loans on the watchlist above 20.0%:
FREMF 2019-K98 Mortgage Trust, Series 2019-K98; FREMF 2018-K78
Mortgage Trust, Series 2018-K78; and FREMF 2020-K105 Mortgage
Trust, Series 2020-K105. While these deals generally benefit from
healthy performance characteristics, as evidenced by WA DSCRs
ranging between 1.62x and 2.15x, there are a few larger loans in
each pool being monitored for performance-related reasons.

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


[*] Moody's Cuts Ratings on 4 Bonds from 3 US RMBS Deals
--------------------------------------------------------
Moody's Ratings has downgraded the ratings of four bonds from three
US residential mortgage-backed transactions (RMBS), backed by
subprime mortgages issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: CWABS Asset-Backed Certificates Trust 2004-13

Cl. MF-2, Downgraded to B2 (sf); previously on Jun 15, 2017
Upgraded to B1 (sf)

Cl. MV-6, Downgraded to Caa1 (sf); previously on Aug 22, 2016
Upgraded to B3 (sf)

Issuer: Encore Credit Receivables Trust 2005-3

Cl. M-6, Downgraded to Caa1 (sf); previously on Apr 13, 2018
Upgraded to B1 (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. 2004-WMC5

Cl. M-1, Downgraded to Baa1 (sf); previously on Jul 17, 2023
Downgraded to A1 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools.

The majority of the rating downgrades are the result of outstanding
credit interest shortfalls that are unlikely to be recouped. These
bonds have a weak interest recoupment mechanism where missed
interest payments will likely result in a permanent interest loss.
Unpaid interest owed to bonds with weak interest recoupment
mechanisms are reimbursed sequentially based on bond priority, from
excess interest, if available, and often only after the
overcollateralization has built to a pre-specified target amount.
In transactions where overcollateralization has already been
reduced or depleted due to poor performance, any such missed
interest payments to these bonds is unlikely to be repaid. The size
and length of the outstanding interest shortfalls were considered
in Moody's analysis.

The rating downgrade of Class M-1 from Merrill Lynch Mortgage
Investors, Inc. 2004-WMC5 is due to outstanding interest shortfalls
and the uncertainty of whether those shortfalls will be reimbursed,
despite an interest recoupment mechanism that is stronger than the
downgrades mentioned in the previous paragraph.

Certain bonds in this review are currently impaired or expected to
become impaired. Moody's ratings on those bonds reflect any losses
to date as well as Moody's expected future loss.

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

Principal Methodology

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

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

Up

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

Down

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

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


[*] Moody's Takes Action on 14 Bonds from 5 US RMBS Deals
---------------------------------------------------------
Moody's Ratings has upgraded the ratings of 11 bonds and downgraded
the ratings of three bonds from five US residential mortgage-backed
transactions (RMBS), backed by subprime mortgages issued by
multiple issuers.

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

The complete rating actions are as follows:

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust,
Series RFC 2007-HE1

Cl. A1A, Upgraded to Aaa (sf); previously on Apr 4, 2023 Upgraded
to Aa1 (sf)

Cl. A1B, Upgraded to Aaa (sf); previously on Apr 4, 2023 Upgraded
to Aa1 (sf)

Cl. A4, Upgraded to Baa1 (sf); previously on Apr 4, 2023 Upgraded
to Caa1 (sf)

Cl. A5, Upgraded to Ba1 (sf); previously on Nov 20, 2018 Upgraded
to Caa3 (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2007-HE1

Cl. A-3, Upgraded to Aaa (sf); previously on Jul 17, 2023 Upgraded
to Aa1 (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on Jul 17, 2023 Upgraded
to Aa3 (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2007-RFC1

Cl. A-3, Upgraded to Ba1 (sf); previously on Jan 10, 2020 Upgraded
to Caa1 (sf)

Cl. A-4, Upgraded to Ba2 (sf); previously on Jan 10, 2020 Upgraded
to Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB4

Cl. A-1A, Downgraded to Caa1 (sf); previously on Aug 6, 2019
Downgraded to B1 (sf)

Cl. A-2B, Downgraded to Caa1 (sf); previously on Nov 13, 2013
Upgraded to B2 (sf)

Cl. A-2D, Downgraded to Caa1 (sf); previously on Dec 4, 2015
Upgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-8

Cl. 1-A-1, Upgraded to Ba2 (sf); previously on Nov 22, 2016
Upgraded to Caa2 (sf)

Cl. 1-A-2, Upgraded to Caa1 (sf); previously on Apr 14, 2010
Downgraded to C (sf)

Cl. 2-A-4, Upgraded to Ba3 (sf); previously on Nov 22, 2016
Upgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and 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. Each of the upgraded bonds have displayed improved
collateral performance and credit enhancement levels, since 12
months ago, have grown on average by 9%.

Moody’s analysis also considered the existence of historical
interest shortfalls for some of the bonds. While all shortfalls
have since been recouped, the size and length of the past
shortfalls, as well as the potential for recurrence, were analyzed
as part of the upgrades

In addition, the rating upgrades also reflect the further seasoning
of the collateral and increased clarity regarding the impact of
borrower relief programs on collateral performance. Information
obtained from loan servicers in recent years has shed light on
their current strategies regarding borrower relief programs and the
impact those programs may have on collateral performance and
transaction liquidity, through servicer advancing. Moody's recent
analysis has found that in addition to robust home price
appreciation, many of these borrower relief programs have
contributed to stronger collateral performance than Moody's had
previously expected, thus supporting the upgrades.

The rating downgrades of Class A-1A, Class A-2B and Class A-2D from
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4 is
due to a  decline in credit enhancement available to the bonds and
the existence of interest shortfalls. The deal is currently
undercollateralized and Moody's are uncertain of whether the
existing interest shortfalls will eventually be repaid.

Certain bonds in this review are currently impaired or expected to
become impaired. Moody's ratings on those bonds reflect any losses
to date as well as Moody's expected future loss.  

Moody’s analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

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

Principal Methodology

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

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

Up

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

Down

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

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


[*] Moody's Takes Action on 5 Bonds from 4 US RMBS Deals
--------------------------------------------------------
Moody's Ratings has upgraded the ratings of three bonds and
downgraded the ratings of two bonds from four US residential
mortgage-backed transactions (RMBS), backed by option ARM and
subprime mortgages issued by multiple issuers.
       
A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=9TP73l

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: ACE Securities Corp. Home Equity Loan Trust, Series
2006-OP2

Cl. A-1, Upgraded to Aa1 (sf); previously on Jul 12, 2022 Upgraded
to A2 (sf)

Cl. A-2D, Upgraded to Aa1 (sf); previously on Jul 12, 2022 Upgraded
to Baa2 (sf)

Issuer: HSI Asset Securitization Corporation Trust 2006-OPT2

Cl. M-3, Downgraded to B3 (sf); previously on May 31, 2016 Upgraded
to B1 (sf)

Issuer: RALI Series 2007-QO1 Trust

Cl. A-1, Upgraded to B1 (sf); previously on Sep 13, 2013 Confirmed
at Caa3 (sf)

Issuer: Saxon Asset Securities Trust 1999-5

Cl. MF-2, Downgraded to Caa1 (sf); previously on Feb 28, 2019
Downgraded to B1 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools.

The rating upgrades reflect improving collateral performance, while
the upgrades for the class A-1 and A-2D from ACE Securities Corp.
Home Equity Loan Trust, Series 2006-OP2 also reflect a growth in
credit enhancement over the past year. In addition, the upgrades
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 considered the existence of historical
interest shortfalls for some of the bonds. While all shortfalls
have since been recouped, the size and length of the past
shortfalls, as well as the potential for recurrence and eventual
repayment, were analyzed as part of the upgrades.

The rating downgrades are the result of outstanding credit interest
shortfalls that are unlikely to be recouped. Each of the downgraded
bonds has a weak interest recoupment mechanism where missed
interest payments will likely result in a permanent interest loss.
Unpaid interest owed to bonds with weak interest recoupment
mechanisms are reimbursed sequentially based on bond priority, from
excess interest, if available, and often only after the
overcollateralization has built to a pre-specified target amount.
In transactions where overcollateralization has already been
reduced or depleted due to poor performance, any such missed
interest payments to these bonds is unlikely to be repaid. The size
and length of the outstanding interest shortfalls were considered
in Moody's analysis.

Moody's analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

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

Principal Methodologies

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

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

Up

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

Down

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

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


[*] Moody's Takes Action on 7 Bonds from 4 US RMBS Deals
--------------------------------------------------------
Moody's Ratings has upgraded the ratings of two bonds and
downgraded the ratings of five bonds from four US residential
mortgage-backed transactions (RMBS), backed by subprime mortgages
issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: CIT Home Equity Loan Trust 2002-2

Cl. MF-1, Upgraded to B1 (sf); previously on Feb 6, 2015 Downgraded
to Caa2 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-OPT1

Cl. M-1, Downgraded to Caa1 (sf); previously on Jun 9, 2020
Downgraded to B1 (sf)

Cl. M-2, Downgraded to B2 (sf); previously on Jun 9, 2020
Downgraded to B1 (sf)

Cl. M-3, Downgraded to Caa1 (sf); previously on Feb 29, 2016
Upgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2004-10

Cl. MF-1, Downgraded to B2 (sf); previously on May 24, 2018
Downgraded to B1 (sf)

Cl. MF-2, Downgraded to B2 (sf); previously on Dec 20, 2018
Upgraded to B1 (sf)

Issuer: Merrill Lynch First Franklin Mortgage Loan Trust, Series
2007-4

Cl. 1-A, Upgraded to Ba3 (sf); previously on Apr 19, 2013
Downgraded to Ca (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools. The rating upgrades are a result of an
increase in credit enhancement available to the bonds. Both of the
bonds upgraded have seen their enhancement levels increase over the
past 12 months, leading to stronger loss coverage for the bonds.

The upgrades 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 considered the existence of historical interest
shortfalls for some of the bonds. The rating downgrades are the
result of outstanding credit interest shortfalls or missed interest
that are unlikely to be recouped. Each of the downgraded bonds has
a weak interest recoupment mechanism where missed interest payments
will likely result in a permanent interest loss. Unpaid interest
owed to bonds with weak interest recoupment mechanisms are
reimbursed sequentially based on bond priority, from excess
interest, if available, and often only after the
overcollateralization has built to a pre-specified target amount.
In transactions where overcollateralization has already been
reduced or depleted due to poor performance, any such missed
interest payments to these bonds are unlikely to be repaid. The
size and length of the outstanding interest shortfalls were
considered in Moody's analysis.

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.

Certain bonds in this review are currently impaired or expected to
become impaired. Moody's ratings on those bonds reflect any losses
to date as well as Moody's expected future loss.

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

Principal Methodology

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

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

Up

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

Down

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

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


[*] Moody's Takes Action on 7 Bonds from 5 US RMBS Deals
--------------------------------------------------------
Moody's Ratings has upgraded the ratings of six bonds and
downgraded the rating of one bond from five US residential
mortgage-backed transactions (RMBS), backed by Option ARM and
subprime mortgages issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: Carrington Mortgage Loan Trust, Series 2006-NC2

Cl. A-4, Upgraded to Aaa (sf); previously on Oct 11, 2022 Upgraded
to Aa2 (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2006-NC4

Cl. A-3, Upgraded to Ba1 (sf); previously on Feb 27, 2018 Upgraded
to Caa2 (sf)

Cl. A-4, Upgraded to Ba2 (sf); previously on Feb 27, 2018 Upgraded
to Caa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF15

Cl. A2, Upgraded to Baa3 (sf); previously on Apr 9, 2018 Upgraded
to Caa1 (sf)

Cl. A5, Downgraded to B1 (sf); previously on Apr 9, 2018 Upgraded
to Baa1 (sf)

Issuer: Greenpoint Mortgage Funding Trust 2007-AR3

Cl. A1, Upgraded to B1 (sf); previously on Dec 19, 2019 Upgraded to
Caa1 (sf)

Issuer: Lehman XS Trust, Mortgage Pass Through Certificates, Series
2006-14N

Cl. 1-A1A, Upgraded to Baa2 (sf); previously on Dec 19, 2019
Upgraded to Caa1 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and 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. Each of the upgraded bonds have displayed improved
collateral performance and credit enhancement levels, since 12
months ago, have grown, on average by 2.13% .

The rating upgrades also reflect the further seasoning of the
collateral and increased clarity regarding the impact of borrower
relief programs on collateral performance. Information obtained
from loan servicers in recent years has shed light on their current
strategies regarding borrower relief programs and the impact those
programs may have on collateral performance and transaction
liquidity, through servicer advancing. Moody's recent analysis has
found that in addition to robust home price appreciation, many of
these borrower relief programs have contributed to stronger
collateral performance than Moody's had previously expected, thus
supporting the upgrades.

The rating downgrade on First Franklin Mortgage Loan Trust
2006-FF15, class A5 is due to a decline in credit enhancement
available to the bond and the existence of interest shortfalls. The
deal is currently undercollateralized and Moody's are uncertain of
whether the existing interest shortfalls will eventually be
repaid.

Moody's analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

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

Principal Methodology

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

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

Up

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

Down

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

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


[*] Moody's Takes Action on 9 Bonds from 2 US RMBS Issued 2007-2008
-------------------------------------------------------------------
Moody's Ratings has downgraded the ratings of nine bonds from two
US residential mortgage-backed transactions (RMBS), backed by
resecuritized 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 follow:

Issuer: Structured Asset Securities Corp Trust 2007-4

Cl. 1-A1, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 1-A2-A, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 1-A2-B1, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 1-A2-B2, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 1-A3*, Downgraded to B3 (sf); previously on Feb 7, 2018
Confirmed at B1 (sf)

Cl. 1-A4*, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 3-A1, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Cl. 3-A2*, Downgraded to B3 (sf); previously on Mar 23, 2023
Downgraded to B1 (sf)

Issuer: Structured Asset Securities Corporation Trust 2008-1

Cl. 1-A-5*, Downgraded to B3 (sf); previously on Feb 7, 2018
Confirmed at B1 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating downgrades are primarily due to continued interest
shortfalls as a result of a mismatch between interest promised on
the resecuritization bonds and that on the underlying bonds backing
these resecuritization transactions. The interest due on some of
the underlying bonds are subject to a net weighted average coupon
(net WAC) cap whereas interest due on the resecuritization bonds
are not subject to a similar cap. Thus, the interest due on the
resecuritization bonds are currently higher than that of the
underlying bonds, resulting in continued interest shortfalls on the
resecuritization bonds.

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 Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Guarantees, Letters of Credit and Other
Forms of Credit Substitution 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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds.

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


[*] Moody’s Takes Action on 28 Bonds from 18 US RMBS Deals
------------------------------------------------------------
Moody's Ratings has upgraded ratings of 19 bonds and downgraded
ratings of 9 bonds from 18 US residential mortgage-backed
transactions (RMBS), backed by option ARM and prime jumbo mortgages
issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE1

Cl. II-1A-3, Upgraded to Aaa (sf); previously on Dec 15, 2023
Upgraded to Caa3 (sf)

Cl. II-2A, Upgraded to Aaa (sf); previously on Dec 15, 2023
Upgraded to Caa1 (sf)

Cl. II-3A, Upgraded to Aaa (sf); previously on Dec 15, 2023
Upgraded to Ba1 (sf)

Issuer: Bear Stearns Mortgage Funding Trust 2007-AR3

Cl. I-A-1, Upgraded to A1 (sf); previously on Dec 19, 2023 Upgraded
to B2 (sf)

Issuer: HSI Asset Securitization Corporation Trust 2006-OPT3

Cl. III-A-4, Upgraded to Aaa (sf); previously on Feb 9, 2022
Upgraded to Aa1 (sf)

Issuer: J.P. Morgan Alternative Loan Trust 2007-S1

Cl. A-1, Upgraded to Aa1 (sf); previously on Dec 19, 2023 Upgraded
to Baa1 (sf)

Cl. A-2, Upgraded to A1 (sf); previously on Dec 19, 2023 Upgraded
to B1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-CW1

Cl. M-1, Downgraded to B3 (sf); previously on Mar 26, 2018 Upgraded
to B1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-RM1

Cl. A-1A, Downgraded to B2 (sf); previously on Apr 20, 2018
Upgraded to Ba1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-CH1

Cl. M-6, Downgraded to Caa1 (sf); previously on Feb 1, 2019
Upgraded to B1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-CW2

Cl. MV-1, Downgraded to B2 (sf); previously on Jan 13, 2020
Upgraded to B1 (sf)

Cl. AV-5, Upgraded to Aaa (sf); previously on Jan 13, 2020 Upgraded
to Aa3 (sf)

Issuer: Long Beach Mortgage Loan Trust 2006-3

Cl. I-A, Upgraded to Ba1 (sf); previously on Apr 30, 2010
Downgraded to Caa3 (sf)

Issuer: Long Beach Mortgage Loan Trust 2006-WL1

Cl. M-1, Upgraded to B1 (sf); previously on May 17, 2018 Upgraded
to Caa1 (sf)

Issuer: Nomura Home Equity Loan Trust 2005-FM1

Cl. M-3, Upgraded to A1 (sf); previously on Dec 19, 2023 Upgraded
to Baa2 (sf)

Issuer: RALI Series 2006-QS16 Trust

Cl. A-8, Downgraded to Ca (sf); previously on Dec 23, 2010
Downgraded to Caa3 (sf)

Cl. A-9, Downgraded to Ca (sf); previously on Dec 23, 2010
Downgraded to Caa3 (sf)

Issuer: RALI Series 2007-QS2 Trust

Cl. A-3, Downgraded to Ca (sf); previously on Dec 23, 2010
Downgraded to Caa3 (sf)

Cl. A-6, Downgraded to Ca (sf); previously on Dec 23, 2010
Downgraded to Caa3 (sf)

Issuer: RAMP Series 2004-KR1 Trust

Cl. M-I-1, Upgraded to Aa1 (sf); previously on Dec 19, 2023
Upgraded to A3 (sf)

Cl. M-II-1, Upgraded to Aaa (sf); previously on Dec 19, 2023
Upgraded to A2 (sf)

Issuer: RASC Series 2005-EMX2 Trust

Cl. M-6, Upgraded to Aa1 (sf); previously on Dec 19, 2023 Upgraded
to Baa1 (sf)

Cl. M-7, Upgraded to B2 (sf); previously on Dec 19, 2023 Upgraded
to Caa1 (sf)

Issuer: Soundview Home Loan Trust 2006-WF1

Cl. A-4, Upgraded to Aaa (sf); previously on Dec 19, 2023 Upgraded
to A1 (sf)

Issuer: Structured Asset Securities Corp Trust 2007-WF1

Cl. A1, Upgraded to Aa1 (sf); previously on Dec 19, 2023 Upgraded
to A2 (sf)

Cl. A5, Upgraded to B1 (sf); previously on Dec 19, 2023 Upgraded to
Caa2 (sf)

Cl. A6, Upgraded to Aa1 (sf); previously on Dec 19, 2023 Upgraded
to A2 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2006-AR3

Cl. A-1A, Downgraded to B2 (sf); previously on Aug 18, 2015
Confirmed at Ba3 (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools.

The rating upgrades reflect steady performance trends and/or growth
in credit enhancement available to each of the upgraded 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.

The significant rating upgrades for Bear Stearns Asset Backed
Securities I Trust 2007-HE1 were primarily driven by a settlement
payment received by the deal in September 2024, pursuant to
JPMorgan Global RMBS Trust Settlement Agreement. Each of the three
classes Moody's upgraded (II-1A-2, II-2A, and II-3A) saw a
significant principal reduction as a result of the settlement. In
addition, the class II-M-1, which provides support to all three of
the upgraded classes, got written up by approximately $23.8 million
as a result of the settlement. These adjustments led to a 38.9%
increase in credit enhancement available to the upgraded classes.
No action was taken on class II-M-1 because its outstanding loss of
$3.2M, after factoring in the settlement, and Moody's expected loss
remain commensurate with its current rating.

The rating downgrades are primarily due to a decline in credit
enhancement available to the bonds. Moody's analysis also
considered the existence of historical interest shortfalls or
principal loss for some of the bonds.

Moody's analysis also reflects the potential for collateral
volatility given the number of deal-level and macro factors that
can impact collateral performance, the potential impact of any
collateral volatility on the model output, and the ultimate size or
any incurred and projected loss.

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

Principal Methodologies

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

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

Up

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

Down

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

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


[*] S&P Takes Various Actions on 153 Classes From 56 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 153 ratings from 56 U.S.
RMBS transactions issued between 2000 and 2007. The review yielded
24 upgrades, seven downgrades, 113 affirmations, seven withdrawals,
and two discontinuances.

A list of Affected Ratings can be viewed at:

           https://tinyurl.com/yb5v7je6

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- An increase or decrease in available credit support;

-- Expected duration;

-- Historical and/or outstanding missed interest payments, or
interest shortfalls;

-- Small loan count;

-- Available subordination and/or overcollateralization; and

-- Reduced interest payments due to loan modifications.

Rating Actions

The rating changes reflect S&P's view regarding the associated
transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes.

The upgrades primarily reflect the classes' increased credit
support. As a result, the upgrades reflect the classes' ability to
withstand a higher level of projected losses than we had previously
anticipated.

The affirmations reflect our view that our projected credit
support, collateral performance, and credit-related reductions in
interest on these classes have remained relatively consistent with
our prior projections.

S&P said, "The lowered ratings due to interest shortfalls are
consistent with our "S&P Global Ratings Definitions," published
Oct. 15, 2024, which imposes a maximum rating threshold on classes
that have incurred missed interest payments resulting from credit
or liquidity erosion. In applying our ratings definitions, we
looked to see if the applicable class received additional
compensation beyond the imputed interest due as direct economic
compensation for the delay in interest payments (e.g., interest on
interest) and if the missed interest payments will be repaid by the
maturity date.

"In instances where the class does receive additional compensation
for outstanding interest shortfalls, our analysis considers the
likelihood that the missed interest payments, including the
capitalized interest, would be reimbursed under our various rating
scenarios. Two classes from one transaction were affected in this
review.

"We lowered our ratings on three classes from three transactions to
reflect our assessment of reduced interest payments due to loan
modifications and other credit-related events. To determine the
maximum potential rating for these securities, we consider the
amount of interest the security has received to date versus how
much it would have received absent such credit-related events, as
well as interest reduction amounts that we expect during the
remaining term of the security.

"We withdrew our ratings on seven classes from three transactions
due to the small remaining loan count on the related structure.
Once a pool has declined to a de minimis amount, we believe there
is a high degree of credit instability that is incompatible with
any rating level.

"We also discontinued our rating on class 2A from Bear Stearns
Asset Backed Securities Trust 2002-1 as it paid down in September
2024. In addition, we discontinued the 'D (sf)' rating on class M1
from Morgan Stanley Capital I Inc. Trust 2006-HE1. This class was
previously lowered due to missed interest payments and we view a
subsequent upgrade to a rating higher than 'D (sf)' to be unlikely
under the relevant criteria within this review."



[*] S&P Takes Various Actions on 17 Classes From Three US CLO Deals
-------------------------------------------------------------------
S&P Global Ratings took various rating actions on 17 classes of
notes from GoldenTree Loan Opportunities XII Ltd., Fortress Credit
BSL VI Ltd., and BlueMountain CLO 2013-2 Ltd., all U.S. broadly
syndicated CLO transactions. S&P raised 11 ratings and affirmed six
ratings. Of the 17 ratings, eight were removed from CreditWatch,
where they were placed with positive implications on Oct. 9, 2024,
due to a combination of paydowns and indicative cash flow results
at that time.

A list of Affected Ratings can be viewed at:

             https://tinyurl.com/mvk6jsxm

The rating actions follow S&P's review of each transaction's
performance using data from their respective trustee reports. In
its review, S&P analyzed each transaction's performance and cash
flows and applied its global corporate CLO criteria in its rating
decisions.

The transactions have all exited their reinvestment periods and are
paying down the notes in the order specified in their respective
documents. All upgrades are primarily due to an increase in the
credit support. The ratings list highlights the key performance
metrics behind the specific rating actions.

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 incorporate other considerations into its decision
to raise, lower, affirm, or limit rating movements. These
considerations typically include:

-- Whether the CLO is reinvesting or paying down its notes;

-- Existing subordination or overcollateralization (O/C) levels
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 to meet obligations; and

-- Additional sensitivity runs to account for any of the other
considerations.

The upgrades primarily reflect the classes' increased credit
support due to the senior note paydowns, improved O/C levels, and
passing cash flow results at higher rating levels.

The affirmations reflect S&P's view that the available credit
enhancement for each respective class is still commensurate with
the assigned ratings.

Although S&P's cash flow analysis indicated a different rating for
some classes of notes, we took the rating action after considering
one or more qualitative factors listed above.

S&P will continue to review whether, in its view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and will take rating actions as S&P deems
necessary.



                            *********

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