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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 24, 2024, Vol. 28, No. 328

                            Headlines

1345 AVENUE: S&P Affirms BB+ (sf) Rating on Class F Certificates
1988 CLO 1: S&P Assigns BB- (sf) Rating on Class E-R Notes
720 EAST VI: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
AIMCO CLO 19: S&P Assigns BB- (sf) Rating on Class E Notes
ARES LI 2024: Fitch Assigns 'BB-sf' Rating on Class E-R2 Notes

ATLAS STATIC I: Moody's Hikes Rating on $18MM Class E Notes to Ba2
BENEFIT STREET XXVIII: S&P Assigns BB-(sf) Rating on Class E Notes
BENEFIT STREET XXXVII: S&P Assigns Prelim 'BB-' Rating on E Notes
BLUEMOUNTAIN CLO 2018-1: S&P Affirms CCC+ (sf) Rating on F Notes
BPR TRUST 2024-PMDW: Fitch Assigns 'BB+sf' Rating on Three Tranches

BPR TRUST 2024-PMDW: Moody's Assigns Ba2 Rating to Cl. E Certs
BRIDGECREST LENDING 2023-1: S&P Affirms BB (sf) Rating on E Notes
BUSINESS JETS 2022-1: S&P Raises Class C Notes Rating to BB+ (sf)
CARLYLE US 2024-5: Fitch Assigns 'BB-sf' Rating on Class E Notes
CARLYLE US 2024-8: Fitch Assigns 'BB-(EXP)sf' Rating on Cl. E Notes

CASCADE FUNDING 2024-RM5: DBRS Finalizes B Rating on M5 Notes
CEDAR FUNDING X: S&P Assigns B- (sf) Rating on Class F-R2 Notes
COLT 2024-INV4: S&P Assigns B (sf) Rating on Class B-2 Certs
ELMWOOD CLO 36: S&P Assigns BB- (sf) Rating on Class E-R Notes
FORTRESS CREDIT VII: S&P Assigns BB- (sf) Rating on Cl. E-R Notes

GENERATE CLO 8: S&P Assigns BB- (sf) Rating on Class E-R Notes
HALSEYPOINT CLO I: S&P Assigns B- (sf) Rating on Class F-R Notes
ICNQ 2024-MF: Fitch Assigns 'B-sf' Final Rating on Class HRR Certs
IVY HILL XVIII: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
JP MORGAN 2024-CCM1: Moody's Assigns (P)B1 Rating to Cl. B-5 Certs

NASSAU 2017-I: S&P Lowers Class D Notes Rating to 'CCC- (sf)'
NATIXIS COMMERCIAL 2018-285M: S&P Lowers F Certs Rating to 'CCC'
NELNET STUDENT 2005-4: Fitch Affirms 'Bsf' Rating on Four Tranches
NEUBERGER BERMAN 53: Fitch Assigns 'BB-sf' Rating on Class E-R Debt
OBRA CLO 1: S&P Assigns Prelim BB- (sf) Rating on Class E Notes

OCEAN TRAILS XVI: S&P Assigns Prelim BB- (sf) Rating on E Notes
OCP CLO 2024-37: S&P Assigns BB- (sf) Rating on Class E Notes
OHA CREDIT XVII: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
ORION CLO 2024-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
PIXLEY PARK: S&P Assigns Prelim BB- (sf) Rating on Class E Notes

PR 24 LTD: Fitch Assigns 'BB+(EXP)sf' Rating on Class D-RR Notes
SOUND POINT XVIII: Moody's Affirms B1 Rating on $32MM Cl. D Notes
STEELE CREEK 2018-1: Moody's Lowers Rating on $16MM E Notes to B1
SYCAMORE TREE 2021-1: S&P Assigns Prelim 'BB-' Rating on E-R Notes
SYMPHONY CLO 39: S&P Assigned Prelim BB- (sf) Rating on E-R Notes

TOWD POINT 2024-5: Fitch Assigns B-sf Final Rating on Cl. B2 Notes
VALLEY STREAM: S&P Assigns Prelim BB- (sf) Rating on E-2-RR Notes
VENTURE CLO XXVI: Moody's Cuts Rating on $25.7MM Cl. E Notes to B2
WELLS FARGO 2015-C26: Fitch Affirms B-sf Rating on Class X-D Debt
WOODMONT 2017-2: S&P Assigns Prelim BB- (sf) Rating on E-RR Notes

[*] Moody's Takes Action on 12 Bonds From 6 Scratch & Dent Deals
[*] Moody's Takes Action on 5 Bonds from 4 US RMBS Deals
[*] Moody's Upgrades Ratings on 16 Bonds from 5 US RMBS Deals
[*] Moody's Upgrades Ratings on 7 Bonds From 4 US RMBS Deals
[*] Moody's Ups Ratings on 15 Bonds from 6 US RMBS Deals

[*] S&P Takes Various Actions on 231 Classes From 73 US RMBS Deals

                            *********

1345 AVENUE: S&P Affirms BB+ (sf) Rating on Class F Certificates
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from 1345 Avenue of
the Americas and Park Avenue Plaza Trust's series FB 2005-1, a U.S.
CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a 20-year, fixed-rate, partially interest-only (IO)
mortgage whole loan secured by the borrower's fee simple and
leasehold interests in a 1.9 million-sq.-ft. class A office
property located at 1345 Avenue of the Americas in midtown
Manhattan's Columbus Circle office submarket.

Rating Actions

The affirmations on classes A-3, B, C, D, E, and F primarily
reflect:

-- The sponsor's ability to timely re-tenant the spaces that the
largest tenant, AllianceBernstein (49.5% of net rentable area
[NRA]) is expected to vacate upon its December 2024 lease
expiration. According to the July 31, 2024, rent roll and per
updates from the master servicer, Wells Fargo Bank N.A. (Wells
Fargo), the sponsor signed six new tenants at the property
representing about 46.1% of NRA at rental rates that are at or
above the submarket asking rates. Reflecting these tenant movements
and no anticipated rollover in 2025, S&P expects that the property
will be about 93.2% occupied by the loan's maturity in August
2025.

-- S&P's expected-case valuation for the property, which is
unchanged from the value it derived in its April 2023 review.

-- S&P said, "The affirmed 'BB+ (sf)' rating on the class F
certificates, specifically, reflects our criteria for rating U.S.
and Canadian CMBS transactions, which applies a credit enhancement
minimum equal to 1.0% of the transaction or loan amount to address
the potential for unexpected trust expenses that may be incurred
during the life of the loan or transaction. These potential
unexpected trust expenses may include servicer fees, servicer
advances, workout or corrected mortgage fees, and potential trust
legal fees. According to the Nov. 13, 2024, trustee remittance
report, class F had accumulated interest shortfalls outstanding
totaling $240 due to other fees, which we considered de minimis."

While the model-indicated rating was lower for the class E
certificates, we affirmed the outstanding rating because S&P
qualitatively considered:

-- That the sponsor has been able to lease the property up to
levels exceeding the office submarket and our assumed occupancy
rate.

-- The property's desirable location on Avenue of the Americas
between 54th and 55th Streets in the Columbus Circle office
submarket.

-- The significant market value decline that would need to occur
before class E experiences a principal loss.

-- The relatively low $208 debt per sq. ft. through class E.

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

S&P affirmed its 'AAA (sf)' rating on the class X IO certificates
based on its criteria for rating IO securities.

S&P said, "We will continue to monitor the property and the loan's
performance, including the borrower's ability to refinance the loan
upon its August 2025 maturity date. If we receive information that
differs materially from our expectations, we may revisit our
analysis as we determine necessary."

Property-Level Analysis

The loan collateral is a 50-story, 1.9 million-sq.-ft. class A
office building with ground floor retail space built in 1969 and
located at 1345 Avenue of the Americas between West 54th and West
55th streets in midtown Manhattan's Columbus Circle office
submarket. It includes a three-level subterranean 341-space parking
garage and an adjacent 40-space parking lot leased to Hertz Corp.
The property is within a few blocks from Central Park and is
accessible by multiple public transportation hubs. It was most
recently renovated in 2021 when the sponsor, Fisher Brothers,
invested approximately $120.0 million to upgrade the lobby, common
areas, and elevators and create a flexible work and lounge space.

The property is subject to a ground lease between the fee borrower,
as lessor, and the leasehold borrower, as lessee. The ground lease
expires on Jan. 20, 2046, and stipulates that from Jan. 21, 2019,
to Jan. 20, 2025, the annual base rent is the greater of 5.75% of
the value of the land as of Jan. 21, 2019, considered as vacant and
unimproved, and the annual base rent payable as of Jan. 20, 2019,
which is $13.2 million. From Jan. 21, 2025, to the remainder of the
term, the annual base rent is the greater of 5.75% of the value of
the land as of Jan. 21, 2025, considered as vacant and unimproved,
and the annual base rent payable as of Jan. 20, 2025. Since the fee
and leasehold interests are collateral, S&P did not include the
ground rent income and expense in its analysis.

S&P said, "In our April 2023 review, the property was about 87.9%
leased. However, the largest tenant, AllianceBernstein (49.5% of
NRA), announced that it will move its headquarters to Nashville,
Tenn., and partially or fully vacate the subject property upon its
Dec. 31, 2024, lease expiration. Coupled with elevated submarket
vacancy and availability rates (over 20.0%) at that time, we
assumed a 20.0% vacancy rate, $93.64 per-sq.-ft. gross rent as
calculated by S&P Global Ratings, and a 55.0% operating expense
ratio, which resulted in an S&P Global Ratings' net cash flow (NCF)
of $56.0 million. Using a 6.25% S&P Global Ratings' capitalization
rate, we arrived at an S&P Global Ratings' expected-case value of
$896.3 million, or $473 per sq. ft..

"As we discussed, the sponsor recently signed six new tenants
comprising approximately 46.1% of NRA at rental rates at or above
the submarket asking rents to backfill the spaces that
AllianceBernstein is expected to vacate upon its December 2024
lease expiration. According to Wells Fargo, the new leases will
commence in January and September 2025. As a result, adjusting the
July 31, 2024, rent roll for the known tenant movements, we
anticipate the property to be about 93.2% occupied by mid- to late
2025." The five largest tenants comprise 65.6% of NRA and include:

-- Paul, Weiss, Rifkind, Wharton & Garrison LLP (39.4% of NRA;
43.8% of base rent, as calculated by S&P Global Ratings; August
2047 lease expiration). The tenant's lease, which was signed in
December 2023, is expected to commence Sept. 1, 2025. According to
various news outlets, the tenant currently has a lease at
neighboring 1285 Avenue of the Americas that expires in 2026.

-- Allianz Asset Management of America (9.8%; 12.9%; December
2031).

-- ICE Data Services Inc. (7.4%; 6.4%; November 2040).

-- Equitable Financial Life Insurance (4.6%; 3.9%; March 2039).
Fortress Investment Group LLC (4.5%; 5.9%; October 2032 and October
2038).

-- The property has minimal NRA (less than 5.0%) rolling through
2030. However, there is concentrated rollover in 2031 (10.9% of
NRA), 2040 (12.1%), and 2047 (39.4%).

According to CoStar, the Columbus Circle office submarket, where
the property is located, continues to experience elevated vacancy
and availability rates. As of year-to-date November 2024, four- and
five-star office properties in the submarket had a 14.8% vacancy
rate, 18.1% availability rate, and $84.78-per-sq.-ft. asking rent.
CoStar projects the vacancy rate and asking rent to increase to
16.6% and $85.85 per sq. ft., respectively, in 2025, when the loan
matures. The property has a vacancy rate of 6.8% (after considering
known tenant movements subsequent to the July 2024 rent roll) and
gross rent of $90.53 per sq. ft., as calculated by S&P Global
Ratings.

S&P said, "In our current analysis, we considered the property's
performance, recent new leasing activities, and the still-weak
office submarket fundamentals. As a result, we utilized a 17.5%
vacancy rate (in between the current submarket vacancy and
availability rates for like-kind office properties), a
$90.53-per-sq.-ft. S&P Global Ratings' gross rent, a 55.2%
operating expense ratio, and higher tenant improvement costs to
arrive at a long-term sustainable NCF of $56.0 million, unchanged
from our last review. Using a 6.25% S&P Global Ratings'
capitalization rate (the same as in our last review), we derived an
S&P Global Ratings' expected-case value of $896.3 million, the same
as in our last review, and 28.3% below the issuance appraised value
of $1.25 billion. This yielded an S&P Global Ratings loan-to-value
ratio of 57.4% on the current whole loan balance of $514.3
million."

  Table 1

  Servicer-reported collateral performance

                       Year-to-date six months ending
                       June 30, 2024(i)  2023(i)  2022(i)  2021(i)

  Occupancy rate (%)            96.8     96.5     77.2     84.4
  Net cash flow (mil. $)        38.8     71.7     66.0     63.5
  Debt service coverage (x)     2.79     2.56     2.11     1.66
  Appraisal value (mil. $)   1,250.0  1,250.0  1,250.0  1,250.0

(i)Reporting period.

  Table 2

  S&P Global Ratings' key assumptions

                     Current review   Last review   At issuance
                          (Nov 2024)  (April 2023) (August 2005)
                             (i)          (i)           (i)
  
  Whole loan balance          514.3      514.3       730.0
  Occupancy rate (%)           82.5       80.0        95.1
  Net cash flow (mil. $)       56.0       56.0        64.9
  Capitalization rate (%)      6.25       6.25        8.00
  Value (mil. $)              896.3      896.3       903.4
  Value per sq. ft. ($)         473        473         476
  Loan-to-value ratio (%)(ii   57.4       57.4        80.8

(i)Reporting period.
(ii)Based on the whole loan balance at the time of our review.

Transaction Summary

The sole remaining loan, 1345 Avenue of the Americas, has a trust
balance of $338.0 million (according to the Nov. 13, 2024, trustee
remittance report) and a whole loan balance of $514.3 million,
unchanged from our last review in April 2023 and down from $436.4
million and $730.0 million, respectively, at issuance. The 20-year,
fixed-rate partially IO mortgage whole loan pays an annual fixed
interest rate of 5.3645% and matures on Aug. 8, 2025. The whole
loan is IO from Aug. 8, 2005, to July 8, 2007, and from Sept. 8,
2022, through its maturity date. Between Aug. 8, 2007, and Aug. 8,
2022, the whole loan amortizes on a 30-year schedule. The monthly
principal and interest payments of $4.1 million were used to
amortize the senior portion of the whole loan first. To date, the
trust has not incurred any principal losses.

The 1345 Avenue of the Americas whole loan currently consists of
three senior A notes totaling $297.8 million (down from five senior
A notes totaling $513.5 million at issuance), three subordinate B
notes totaling $116.5 million (unchanged from issuance), and four
junior C notes totaling $100.0 million (also unchanged since
issuance). The $338.0 million trust balance comprises two senior
notes totaling $240.0 million and two subordinate B notes totaling
$98.0 million. The remaining senior note component totaling $57.8
million, the subordinate B note component totaling $18.5 million,
and the subordinate C notes totaling $100.0 million are held
outside the trust. The senior A notes are pari passu with each
other and senior in right of payment to the B and C notes. The B
notes are pari passu to each other and are senior in right of
payment to the C notes.

In addition, the equity interests in the mortgage borrower secure
mezzanine debt totaling $96.3 million.

  Ratings Affirmed

  1345 Avenue of the Americas and Park Avenue Plaza Trust Series FB
2005-1

  Class A-3: AAA (sf)
  Class B: AAA (sf)
  Class C: AAA (sf)
  Class D: AAA (sf)
  Class E: AAA (sf)
  Class F: BB+ (sf)
  Class X: AAA (sf)



1988 CLO 1: S&P Assigns BB- (sf) Rating on Class E-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its 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 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. 15, 2026.

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

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

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

-- There was 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 million 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.

"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

  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-R (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.



720 EAST VI: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to 720 East CLO VI
Ltd./720 East CLO VI 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 Northwestern Mutual Investment
Management Co. LLC.

The preliminary ratings are based on information as of Nov. 15,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  720 East CLO VI Ltd./720 East CLO VI LLC

  Class A-1, $231.29 million: AAA (sf)
  Class A-1L(i), $24.71 million: AAA (sf)
  Class A-1N(i), $0.00 million: AAA (sf)
  Class A-2, $24.00 million: AAA (sf)
  Class B, $24.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $24.00 million: BBB- (sf)
  Class D-2 (deferrable), $4.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $35.70 million: Not rated

(i)Class A-1L loans can be converted in part or in full into class
A-1N notes. Once a conversion is exercised, the class A-1N notes'
balance will increase by the amount converted from the class A-1L
loan balance, and the class A-1N notes cannot be converted back to
class A-1L loans.



AIMCO CLO 19: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to AIMCO CLO 19 Ltd./AIMCO
CLO 19 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 Allstate Investment Management Co.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  AIMCO CLO 19 Ltd./AIMCO CLO 19 LLC

  Class A, $256.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $24.00 million: BBB- (sf)
  Class D-2 (deferrable), $4.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $37.50 million: Not rated



ARES LI 2024: Fitch Assigns 'BB-sf' Rating on Class E-R2 Notes
--------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Ares LI
CLO 2024 Ltd. Reset.

   Entity/Debt           Rating           
   -----------           ------           
Ares LI CLO Ltd._
Reset 2024

   A1-R2             LT NRsf   New Rating
   A2-R2             LT AAAsf  New Rating
   B-R2              LT AAsf   New Rating
   C-R2              LT Asf    New Rating
   D1-R2             LT BBB-sf New Rating
   D2-R2             LT BBB-sf New Rating
   E-R2              LT BB-sf  New Rating
   Subordinated      LT NRsf   New Rating

Transaction Summary

Ares LI CLO Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Ares CLO Management
LLC. Originally closed in 2019 and refinanced in 2021. It is
scheduled for a second reset on Nov. 14, 2024. The net proceeds
from the issuance of the secured and subordinated notes will
finance a portfolio of approximately $500 million, primarily
consisting of first lien senior secured leveraged loans

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.84, versus a maximum covenant, in
accordance with the initial expected matrix point of 25. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.17% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.63% 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 five-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting to the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A2-R2, between
'BB+sf' and 'A+sf' for class B-R2, between 'B+sf' and 'BBB+sf' for
class C-R2, between less than 'B-sf' and 'BB+sf' for class D1- R2,
between less than 'B-sf' and 'BB+sf' for class D2-R2, and between
less than 'B-sf' and 'B+sf' for class E-R2.

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

Upgrade scenarios are not applicable to the class A2-R2 notes as
these notes are in the highest rating category of 'AAAsf'.

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R2, 'AAsf' for class C-R2, 'Asf'
for class D1-R2, 'A-sf' for class D2-R2, and 'BBB+sf' for class
E-R2.

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

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

DATA ADEQUACY

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


ATLAS STATIC I: Moody's Hikes Rating on $18MM Class E Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Atlas Static Senior Loan Fund I, Ltd:

US$22,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-R Notes"), Upgraded to Aa1 (sf);
previously on December 1, 2023 Assigned A1 (sf)

US$20,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D-R Notes"), Upgraded to A3 (sf);
previously on December 1, 2023 Assigned Baa2 (sf)

US$18,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Upgraded to Ba2 (sf); previously on
August 17, 2022 Assigned Ba3 (sf)

Atlas Static Senior Loan Fund I, Ltd, issued in August 2022 and
partially refinanced in December 2023, is a static cashflow CLO.
The notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans.

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

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since November 2023. The Class
A-R notes have been paid down by approximately 54.1% or $106.3
million since then. Based on Moody's calculation, the OC ratios for
the Class C, Class D and Class E notes are currently 140.14%,
125.58% and 114.85%, respectively, versus November 2023 levels of
126.02%, 117.59% and 110.91%, respectively. Moody's note that
Moody's paydown amount and OC ratios reflect the paydown of $23.4
million made to the Class A-R notes on transaction's October
payment date.

Nevertheless, the credit quality of the portfolio has deteriorated
since November 2023. Based on Moody's calculation, the weighted
average rating factor (WARF) is currently 3157 compared to 2897 in
November 2023.

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

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

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

Performing par and principal proceeds balance: $241,429,353

Defaulted par: $823,710

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3157

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.61%

Weighted Average Coupon (WAC): 5.13%

Weighted Average Recovery Rate (WARR): 47.06%

Weighted Average Life (WAL): 3.32 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.


BENEFIT STREET XXVIII: S&P Assigns BB-(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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. At the same time, S&P withdrew its ratings on the
class B-1, B-2, C, D-1, D-2, and E debt following payment in full
on the Nov. 20, 2024, refinancing date. S&P did not rate the
original class A debt.

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

-- The replacement debt was issued at a lower weighted average
cost of debt than the previous debt.

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

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

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

-- The target initial par amount remains at $500 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

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

  Class A-R, $320.0 million: AAA (sf)
  Class B-R, $60.0 million: AA (sf)
  Class C-R (deferrable), $30.0 million: A (sf)
  Class D-1-R (deferrable), $30.0 million: BBB- (sf)
  Class D-2-R (deferrable), $5.0 million: BBB- (sf)
  Class E-R (deferrable), $15.0 million: BB- (sf)

  Ratings Withdrawn

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

  Class B-1 to not rated from 'AA (sf)'
  Class B-2 to not rated from 'AA (sf)'
  Class C (deferrable) to not rated from 'A (sf)'
  Class D-1 (deferrable) to not rated from 'BBB (sf)'
  Class D-2 (deferrable) to not rated from 'BBB- (sf)'
  Class E (deferrable) to not rated from 'BB- (sf)'

  Other Debt

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

  Subordinated notes, $35.6 million: Not rated



BENEFIT STREET XXXVII: S&P Assigns Prelim 'BB-' Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Benefit
Street Partners CLO XXXVII Ltd./Benefit Street Partners CLO XXXVII
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 Benefit Street Partners LLC.

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 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

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

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $42.55 million: Not rated



BLUEMOUNTAIN CLO 2018-1: S&P Affirms CCC+ (sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings raised two ratings, lowered one rating, and
affirmed three ratings on BlueMountain CLO 2018-1 Ltd. S&P removed
the ratings on class E and F from CreditWatch with negative
implications, where they were placed on Oct. 9, 2024.

The rating actions follow S&P's review of the transaction's
performance using data from the Oct. 17, 2024, trustee report.
Although the same portfolio backs all of the tranches, there can be
circumstances such as this one, where the ratings on the tranches
may move in opposite directions due to support changes in the
portfolio. This transaction is experiencing opposing rating
movements because it experienced both principal paydowns (which
increased the senior credit support) and faced principal losses and
decline in credit quality (which decreased the junior credit
support).

The transaction has paid down $110.40 million in paydowns to the
class A-1 debt since our June 2022 rating actions. Following are
the changes in the reported overcollateralization (O/C) ratios
since the April 2022 trustee report, which S&P used for its
previous rating actions:

-- The class A/B O/C ratio improved to 134.67% from 129.54%.

-- The class C O/C ratio improved to 121.75% from 120.01%.

-- The class D O/C ratio declined to 110.92% from 111.65%.

-- The class E O/C ratio declined to 104.91% from 106.87%.

While the senior O/C ratios experienced a positive movement due to
the lower balances of the senior notes, the junior O/C ratios
declined due to a combination of par losses, increase in defaults,
increased haircuts following an increase in the portfolio's
exposure to CCC or lower quality assets.

S&P said. "Though paydowns have helped the senior classes, the
collateral portfolio credit quality has marginally declined since
our last rating actions and is now slightly more concentrated. As a
result, even though the trustee report indicates that dollar value
of the collateral obligations with the ratings in the 'CCC'
category has declined, their exposure as a percentage of the
portfolio now stands at 8.37% reported as of the October 2024
trustee report, compared with 7.53% reported as of the April 2022
trustee report. Over the same period, the par amount of defaulted
collateral increased to $3.27 million from $0.00 million."

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

The lowered rating reflects deteriorated credit quality of the
underlying portfolio and the decrease in credit support available
to the class E debt.

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

S&P said, "Although our cash flow analysis indicated higher ratings
for the class C notes, our rating actions consider the increase in
the defaults and decline in the portfolio's credit quality. In
addition, our rating actions reflect additional sensitivity runs
that considered the CLO's exposure to lower quality assets and
distressed prices we noticed in the portfolio.

The cash flow results indicate a lower rating on the class F debt,
though we affirmed our 'CCC+' rating. Continued paydowns to the
class A-1 debt may improve credit support as the class F debt
continues to depend on favorable conditions and does not yet have a
clear path to default. However, further increases in defaults or
par losses could lead to negative rating actions on the debt.

"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 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

  BlueMountain CLO 2018-1 Ltd.

  Class B to 'AA+ (sf)' from 'AA (sf)'
  Class C to 'A+ (sf)' from 'A (sf)'

  Rating Lowered And Removed From CreditWatch Negative

  BlueMountain CLO 2018-1 Ltd.

  Class E to 'B+ (sf)' from 'BB- (sf)'

  Rating Affirmed And Removed From CreditWatch Negative

  BlueMountain CLO 2018-1 Ltd.

  Class F: CCC+ (sf)

  Ratings Affirmed

  BlueMountain CLO 2018-1 Ltd.

  Class A-1: AAA (sf)
  Class D: BBB- (sf)



BPR TRUST 2024-PMDW: Fitch Assigns 'BB+sf' Rating on Three Tranches
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Fitch Ratings has assigned final ratings and Rating Outlooks to the
BPR Trust 2024-PMDW (BPR 2024-PMDW), Commercial Mortgage
Pass-Through Certificates, series 2024-PMDW as follows:

- $369,360,000 class A 'AAAsf'; Outlook Stable;

- $598,500,000(a) class X 'BB+sf'; Outlook Stable;

- $70,300,000 class B 'AA-sf'; Outlook Stable;

- $54,150,000 class C 'A-sf'; Outlook Stable;

- $73,245,000 class D 'BBB-sf'; Outlook Stable;

- $31,445,000 class E 'BB+sf'; Outlook Stable;

- $598,500,000(a) class X-IO 'BB+sf'; Outlook Stable.

Fitch does not expect to rate the following class:

- $31,500,000(b) class RR.

(a) Notional amount and IO class.

(b) Non-offered vertical risk retention interest representing
approximately 5.0% of the estimated fair value of all classes.

Transaction Summary

The BPR 2024-PMDW commercial mortgage pass-through certificates,
series 2024-PMDW, represent the beneficial interest in a trust that
holds a five-year, fixed-rate, IO $630.0 million commercial
mortgage loan. The mortgage loan is secured by the borrower's fee
simple interest in Park Meadows, a 1,590,424 sf (767,424 collateral
sf) retail, entertainment and dining destination in Lone Tree, CO.

The mortgage loan proceeds, $70.0 million of mezzanine debt, and
$5.0 million of sponsor equity were used to refinance $700.0
million of existing debt and fund closing costs.

The loan is being co-originated by Morgan Stanley Mortgage Capital
Holdings LLC, Barclays Capital Real Estate Inc. and Wells Fargo
Bank, National Association. Wells Fargo Bank, National Association.
will act as master servicer with Situs Holdings, LLC as special
servicer. Computershare Trust Company, National Association will
serve as the trustee and certificate administrator.

The certificates will follow a sequential-pay structure. The
transaction is scheduled to close on Nov. 13, 2024.

When Fitch published its expected ratings on Oct. 24, 2024, the
transaction had a trust balance of $470.0 million comprising $358.3
million of senior trust notes and $111.7 million of junior trust
notes. Companion loans comprising $160.0 million pari passu to the
senior trust notes were held outside the trust. Since then, the
companion notes have been included in the trust and the trust
balance is $630.0 million.

KEY RATING DRIVERS

Net Cash Flow: Fitch's net cash flow (NCF) for the property is
estimated at $53.0 million, 6.3% lower than the issuer's NCF and
7.0% lower than the TTM ended in August 2024 NCF. Fitch applied a
7.5% cap rate to derive a Fitch value of $747.1 million for the
property.

Low Fitch Leverage: The $630.0 million mortgage loan equates to
debt of approximately $821 per sf, with a Fitch stressed debt
service coverage ratio (DSCR), loan-to-value ratio (LTV) and debt
yield (DY) of 1.04x, 84.4% and 8.9%, respectively. Based on the
total rated debt and a blend of the Fitch and market cap rates, the
transaction's Fitch market LTV is 73.2%. Fitch does not expect its
market LTV for non-investment grade tranches to exceed 100%. The
Fitch DSCR, LTV and DY through class E (rated BB+sf, the lowest
Fitch-rated class) are 1.04x, 84.4% and 8.9%, respectively.

Strong Sales Performance and Low Occupancy Costs: The property
reported strong overall sales of approximately $668.2 million (or
$871 psf) as of the TTM ended in June 2024, with inline tenant
sales of $871 psf (or $835 psf excluding Tesla). In addition, the
June 2024 TTM inline occupancy cost was 14.7% (15.3% excluding
Apple and Tesla).

High Quality Retail Asset in Strong Location: The property is a 1.6
million sf (767,424 collateral sf) super-regional mall with over
200 retail shops, restaurants and entertainment tenants. It is
located approximately 20 miles south of downtown Denver, near the
intersection of I-25 and Colorado Highway 470. The mall is notable
for its unique ski lodge-like interior design and features an
outdoor area known as The Vistas, which provides mountain views and
includes a koi-filled stream.

The property is anchored by Nordstrom (noncollateral), Macy's
(noncollateral), Dillard's (noncollateral), JCPenney
(noncollateral) and Dick's Sporting Goods. These five tenants
reportedly generated over $173.5 million in sales as of the TTM
ended in June 2024. Fitch assigned Park Meadows a property quality
grade of A-.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'.

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

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

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

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

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

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


BPR TRUST 2024-PMDW: Moody's Assigns Ba2 Rating to Cl. E Certs
--------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to seven classes of
CMBS securities, issued by BPR Trust 2024-PMDW, Commercial Mortgage
Pass-Through Certificates, Series 2024-PMDW.

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. X*, Definitive Rating Assigned A3 (sf)

Cl. X-IO*, Definitive Rating Assigned A3 (sf)

* Reflects Interest-Only Classes.

Moody's previously assigned a provisional rating of (P)Baa1 (sf) to
the Class X and Class X-IO certificates, as described in the prior
press release and pre-sale report dated October 25, 2024.
Subsequent to these rating assignments, reference class size
amounts for the Class X and Class X-IO certificates were modified.
This press releases announces the upgrade of Class X and Class X-IO
to their respective stated rating in accordance with the updated
structure.

RATING RATIONALE

This transaction is collateralized by a first-lien mortgage on Park
Meadows Mall (the "Property"), in a super-regional mall known as
Park Meadows Mall in Lone Tree, CO. The collateral for the loan
consists of a 767,424 SF portion (the "Collateral") of the
1,590,424 SF mall. Moody's ratings are based on the credit quality
of the loan and the strength of the securitization structure.

The Property is anchored by four tenant-owned boxes occupied by
Nordstrom (non-collateral), Macy's (non-collateral), Dillard's
(non-collateral) and JCPenney (non-ollateral). Inline tenants
include a mix of traditional and non-traditional retailers, as well
as restaurants and dining options. Retail tenants range from
contemporary brands such as Dick's Sporting Goods, Forever 21,
Victoria's Secret, Urban Outfitters to aspirational active brands
such as Alo, Lululemon, Vuori, Cotopaxi and Shady Rays. The
subject's omnichannel tenants (Apple, Tesla, Sleep Number,
Fabletics, Peloton, Purple, Nespresso and Untuckit) are also a
positive presence along with its wide assortment of food venues,
which includes a 12-bay food court and 13 full-service restaurants.
Some of the noteworthy food venues include Fogo De Chao, Yard
House, Seasons 52, Perry's Steakhouse & Grills, The Cheesecake
Factory and P.F. Changs.

Moody's approach to rating this transaction involved the
application of both Moody's Large Loan and Single Asset/Single
Borrower Commercial Mortgage-backed Securitizations methodology and
Moody's Approach to Rating Structured Finance Interest- Only (IO)
Securities. 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.

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.

Moody's DSCR is based on Moody's stabilized net cash flow. The
Moody's first mortgage DSCR is 1.42x. Moody's first mortgage
stressed DSCR at a 9.25% constant of 0.95x.

Moody's LTV ratio for the whole loan first mortgage balance is
88.0% based on Moody's Value. Moody's did not adjust the property's
Moody's Value for the current interest rate environment.

Moody's also grade properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The property quality
grade is 1.00.

Notable strengths of the transaction include retail tenant roster,
strong inline sales, strong NOI margins and occupancy, strong
demographics, low-leverage mortgage loan with high DSCR and
experienced sponsorship.

Notable concerns of the transaction include: tenant rollover,
JCPenny sales performance, mezzanine financing, interest-only
profile and certain credit negative legal features.

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

Moody's 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.


BRIDGECREST LENDING 2023-1: S&P Affirms BB (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes and
affirmed its ratings on eight classes of notes from DT Auto Owner
Trust 2023-3 (DTAOT 2023-3) and Bridgecrest Lending Auto
Securitization Trust 2023-1 (BLAST 2023-1).

These ABS transactions are backed by subprime retail auto loans
originated primarily by DriveTime Car Sales Co. LLC.

The rating actions reflect:

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

-- Considering all these factors, we believe the creditworthiness
of each class of notes is consistent with the rating actions.

DTAOT 2023-3 and BLAST 2023-1 are performing in-line with our
initial CNL expectations. As a result, our expected CNL for each
transaction remains unchanged.

  Table 1

  Collateral performance (%)(i)

                        Pool  60+ day  Current  Current  Current
  Series         Mo.  factor  delinq.      CGL      CRR      CNL

  DTAOT 2023-3   15    66.67     9.15    17.04    35.05    11.07
  BLAST 2023-1   12    73.45     7.79    13.36    33.87     8.84


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

  Table 2

  CNL expectations (%)

                    Original    Revised
                    lifetime   lifetime
  Series            CNL exp.   CNL exp.

  DTAOT 2023-3         25.50      25.50
  BLAST 2023-1         25.50      25.50

CNL exp.--Cumulative net loss expectations.

Both transactions have a sequential principal payment structure in
which the notes are paid principal by seniority, and that will
increase the credit enhancement for the senior notes as the pool
amortizes. The transactions also have credit enhancement consisting
of a nonamortizing reserve account, overcollateralization,
subordination for the more senior classes, and excess spread. As of
the October 2024 distribution date, each transaction is at its
specified target overcollateralization level, as well as its
specified reserve level.

The affirmed and raised ratings reflect S&P's view that the total
credit support as a percentage of the current pool balance, as of
the collection period ended Sept. 30, 2024, compared with its
current expected loss expectations, is commensurate with each
rating.

  Table 3

  Hard credit support(i)

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

  DTAOT 2023-3   A                 55.70                80.70
  DTAOT 2023-3   B                 45.60                65.55
  DTAOT 2023-3   C                 33.95                48.07
  DTAOT 2023-3   D                 20.90                28.50
  DTAOT 2023-3   E                 15.40                20.25

  BLAST 2023-1   A-2               56.00                75.50
  BLAST 2023-1   A-3               56.00                75.50
  BLAST 2023-1   B                 47.35                63.73
  BLAST 2023-1   C                 35.70                47.86
  BLAST 2023-1   D                 22.20                29.48
  BLAST 2023-1   E                 16.00                21.04

(i)As of the October 2024 distribution date. Consists of
overcollateralization and a reserve account, and if applicable,
subordination. Excludes excess spread, which can also provide
additional enhancement.

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

"We also conducted sensitivity analyses to determine the impact
that a moderate ('BBB') stress scenario would have on our ratings
if losses began trending higher than our revised base-case loss
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 outstanding
ratings to ensure that the credit enhancement remains sufficient,
in our view, to cover our CNL expectations under our stress
scenarios for each of the rated classes."

  RATING RAISED

  DT Auto Owner Trust 2023-3

              Rating
  Class   To         From

  B       AA+ (sf)   AA (sf)
  C       A+ (sf)    A (sf)

  Bridgecrest Lending Auto Securitization Trust 2023-1

              Rating
  Class   To         From

  B       AA+ (sf)   AA (sf)


  RATINGS AFFIRMED

  DT Auto Owner Trust 2023-3

  Class   Rating

  A       AAA (sf)
  D       BBB (sf)
  E       BB (sf)

  Bridgecrest Lending Auto Securitization Trust 2023-1

  Class   Rating

  A-2     AAA (sf)
  A-3     AAA (sf)
  C       A (sf)
  D       BBB (sf)
  E       BB (sf)



BUSINESS JETS 2022-1: S&P Raises Class C Notes Rating to BB+ (sf)
-----------------------------------------------------------------
S&P Global Ratings raised seven ratings and affirmed one rating on
three aircraft ABS transactions.

The upgrades primarily reflect the increase in the respective
notes' credit enhancement due to principal repayments backed by
strong collateral collections (base rent, maintenance reserves,
end-of-lease payment, and sale of aircraft) and sustained stable
portfolio performance since S&P's last review. The affirmation
reflects its view that there has been strong performance and an
increase in the credit enhancement and constraints related to its
operational risk criteria.

The sections below provide more transaction-specific details from
this review. All statistics reported herein are as of the October
2024 payment date.

Business Jet Securities 2022-1 LLC

S&P raised its ratings on the class B and C notes and affirmed its
rating on the class A notes.

The affirmation reflects the transaction's strong performance since
closing and the results of S&P's operational risk assessment
described below.

The upgrades reflect the transaction's consistent stable credit
performance and the significant paydown since closing. The notes'
cumulative outstanding balance is approximately 60% of the original
issuance balance. Over the past 21 months, the class A, B, and C
notes have collectively paid down $178.9 million due to aircraft
dispositions and paydowns from collections. The transaction's
overall loan-to-value (LTV) ratio (based on the aggregate asset
value) has declined to 67.96% from 80.75% since issuance in May
2022, and the notes are all currently on schedule.

Although S&P's cash flow runs for the class B and C notes indicated
a higher rating, S&P considered the fact that a sizeable amount
(approximately 60%) of the original debt is still outstanding, as
well as the results of an additional break-even scenario that
applied a haircut to the assumed residual value of the jets, in
determining the ratings.

The transaction held 31 assets as of October 2024, down from 48
assets as of the closing in May 2022. The jets have an average age
and remaining term (weighted by the aggregate asset value) of 9.0
years and 3.1 years, respectively, as of October 2024.

S&P said, "The highest achievable rating for business jet
transactions is 'A (sf)', as determined by the application of our
operational risk criteria. We believe the transactions' portability
risk (as described in our criteria) is high, given the specialized
nature of the business jet leasing industry. We also understand
that there is a limited number of qualified participants in this
niche sector who could assume the servicing of these portfolios if
the current servicer (Global Jet Capital) is no longer able to
perform the role."

Shenton Aircraft Investment I Ltd.

S&P raised its ratings on the class A and B notes.

The upgrades primarily reflect the sustained stable performance of
the underlying aircraft pool, the paydown of the notes since the
prior review, and the resulting decline in the LTV ratios.

The portfolio is backed by 15 aircraft that were manufactured
between 2008 and 2015, with a weighted average age of 12.3 years
and weighted average remaining lease term of 4.4 years (based on
the lower of mean and median [LMM] of the half-life appraised
values as of December 2023). The portfolio is fully leased with no
leases expiring in the next 12 months and is well diversified
across lessees and jurisdictions with a mix of narrowbody and
widebody aircraft.

S&P said, "Since our most recent review in May 2023, the
transaction has paid down the class A and B notes by approximately
$61 million and $4 million, respectively, primarily from cash flows
from lease rent and sale proceeds. From the March 2023 payment date
to the October 2024 payment date the LTV ratio decreased for the
class A notes to 69.55% from 77.73% and for the class B notes from
76.75% from 85.25%.

"Our cash flow results indicated a higher rating for the class B
notes. However, we considered the still-high LTV ratio relative to
the age of the portfolio, the structural subordination for the
class B notes, and the results of our additional cashflow stress
runs in determining the ratings.

"We also note that if our rating of the liquidity provider and/or
the bank account provider were to be lowered below a certain level
or if either provider is replaced by a counterparty with a lower
rating, it could lead to a potential change in the notes' rating
based on the application of our counterparty risk criteria."

WAVE 2019-1 LLC

S&P raised its ratings on the class A, B, and C notes.

The upgrades primarily reflect the sustained stable performance of
the underlying aircraft pool, the paydown of the notes since the
prior review, and the resulting decline in the LTV ratios.

The portfolio is backed by 20 aircraft and one engine manufactured
between 2006 and 2018, with a weighted average of 8.5 years and a
weighted average remaining lease term of 4.5 years (based on the
LMM of the half-life appraised values as of April 2024). The
portfolio is fully leased with no leases expiring in the next 12
months.

The class A notes have been paid down in aggregate by approximately
$83 million since S&P's most recent review in May 2023, while the
class B and C notes did not receive any principal payments during
this period. The class C notes continue to defer and capitalize
their unpaid interest.

From the March 2023 payment date to the October 2024 payment date,
the LTV ratio decreased for the class A notes to 67.69% from
80.35%, for the class B notes to 82.67% from 94.75%, and for the
class C notes to 92.50% from 103.29%. These decreases have been
driven solely by the paydown on the class A notes, which were
backed by a strong recovery in lease collections since our last
review.

S&P said, "Our cash flow results indicated a higher rating for the
class A, B, and C notes. However, we considered the structural
subordination of the class B and C notes, the fact that the notes
are still behind on their scheduled principal payments, the class B
notes have not received any principal payments while the class C
continues to defer interest since our last review, and the results
of our additional cash flow stress runs in determining the
ratings."

  Ratings Raised

  Business Jets Securities 2022-1 LLC

  Class B to BBB+ (sf) from BBB (sf)
  Class C to BB+ (sf) from BB (sf)

  Shenton Aircraft Investment I Ltd.

  Class A to A+ (sf) from BBB+ (sf)
  Class B to BBB+ (sf) from BB+ (sf)

  WAVE 2019-1 LLC

  Class A to A (sf) from BBB+ (sf)
  Class B to BBB (sf) from BB+ (sf)
  Class C to B (sf) from CCC+ (sf)

  Rating Affirmed

  Business Jets Securities 2022-1 LLC

  Class A: A (sf)



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

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

   A-1              LT AAAsf  New Rating   AAA(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

Carlyle US CLO 2024-5, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $500 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.34, versus a maximum covenant, in accordance with
the initial expected matrix point of 26.65. 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
98.21% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.15% versus a
minimum covenant, in accordance with the initial expected matrix
point of 69.7%.

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-1, between
'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for
class B, between 'B+sf' and 'BBB+sf' for class C, between less than
'B-sf' and 'BB+sf' for class D-1, between less than 'B-sf' and
'BB+sf' for class D-2, and between less than 'B-sf' and 'BB-sf' for
class E.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle US CLO
2024-5, Ltd..

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


CARLYLE US 2024-8: Fitch Assigns 'BB-(EXP)sf' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Carlyle US CLO 2024-8, Ltd.

   Entity/Debt        Rating           
   -----------        ------            
Carlyle US CLO
2024-8, Ltd.

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

Transaction Summary

Carlyle US CLO 2024-8, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $450 million of primarily first-lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.71 versus a maximum covenant, in
accordance with the initial expected matrix point of 26.95. 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
98.51% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.13% versus a
minimum covenant, in accordance with the initial expected matrix
point of 70.30%.

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle US CLO
2024-8, 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 Finalizes B Rating on M5 Notes
-------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following Mortgage-Backed Notes, Series 2024-RM5 issued by Cascade
Funding Mortgage Trust 2024-RM5:

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

Morningstar DBRS' credit ratings on the notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Certificates are the
related Interest Accrual Amount and Note Amount.

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


CEDAR FUNDING X: S&P Assigns B- (sf) Rating on Class F-R2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R2, B-R2,
C-R2, D-1-R2, D-2-R2, E-R2 replacement debt and the new class X-R2
and F-R2 debt from Cedar Funding X CLO Ltd./Cedar Funding X CLO
LLC, a CLO managed by Aegon USA Investment LLC that was originally
issued in September 2019 and was previously refinanced in October
2021. At the same time, S&P withdrew its ratings on the class A-R,
B-R, C-R, D-R, and E-R debt following payment in full on the Nov.
19, 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) was extended to Oct. 20, 2037.

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

-- Class X-R2 debt was 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 were amended.

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

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

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

  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)

  Ratings Withdrawn

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

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

  Other Debt

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

  Subordinated notes, $35.75 million: NR

  NR--Not rated.



COLT 2024-INV4: S&P Assigns B (sf) Rating on Class B-2 Certs
------------------------------------------------------------
S&P Global Ratings assigned its 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.

S&P said, "After we assigned preliminary ratings on Nov. 14, 2024,
the class A-1 and M-1 certificate balances decreased by $109,000
each. This was offset by an equivalent increase to the class A-3
and B-1 certificate balances of $109,000 each. As a result, the
credit enhancement for the class A-1, A-2, and M-1 certificates
slightly increased. After analyzing these changes, we assigned
final ratings that are unchanged from the preliminary ratings we
assigned for all classes."

The 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

-- An acceleration in the pace of monetary policy easing, which is
one key change in our baseline forecast since June. S&P said, "We
anticipate the Federal Reserve will deliver one more rate cut 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."

  Ratings Assigned(i)

  COLT 2024-INV4 Mortgage Loan Trust

  Class A-1, $151,269,000: AAA (sf)
  Class A-2, $13,386,000: AA (sf)
  Class A-3, $22,963,000: A (sf)
  Class M-1, $11,100,000: BBB (sf)
  Class B-1, $8,053,000: 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 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.



ELMWOOD CLO 36: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO 36
Ltd./Elmwood CLO 36 LLC's floating-rate replacement debt.

The replacement debt issuance is a CLO securitization governed by
investment criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Elmwood Asset Management LLC. 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 replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement debt. According to the
supplemental indenture, the transaction is 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.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

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

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

  Ratings Assigned

  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)
  Subordinated notes, $42.00 million: Not rated



FORTRESS CREDIT VII: S&P Assigns BB- (sf) Rating on Cl. E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, D-R, and E-R replacement debt and new class A-2-R debt from
Fortress Credit BSL VII Ltd./Fortress Credit BSL VII LLC, a CLO
originally issued in July 2019 that is managed by FC BSL VII
Management LLC. At the same time, S&P withdrew its ratings on the
original class A-1-R, B-R, C-R, D-R, and E-R debt following payment
in full on the Nov. 20, 2024, refinancing date.

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

-- The non-call period was extended to Aug. 20, 2025.

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

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

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1-R, $207.45 million: Three-month CME term SOFR +
1.09%

-- Class A-2-R, $41.00 million: Three-month CME term SOFR + 1.40%

-- Class B-R, $44.50 million: Three-month CME term SOFR + 1.65%

-- Class C-R (deferrable), $27.25 million: Three-month CME term
SOFR + 2.10%

-- Class D-R (deferrable), $30.00 million: Three-month CME term
SOFR + 3.05%

-- Class E-R (deferrable), $16.50 million: Three-month CME term
SOFR + 5.50%


Subordinated notes, $49.50 million: Not applicable

Original debt

-- Class A-1, $243.00 million: Three-month CME term SOFR + 1.71% +
CSA(i)

-- Class A-2, $41.00 million: Three-month CME term SOFR + 2.26% +
CSA(i)

-- Class B, $44.50 million: Three-month CME term SOFR + 2.41% +
CSA(i)

-- Class C (deferrable), $27.25 million: Three-month CME term SOFR
+ 3.16% + CSA(i)

-- Class D (deferrable), $30.00 million: Three-month CME term SOFR
+ 4.29% + CSA(i)

-- Class E (deferrable), $16.50 million: Three-month CME term SOFR
+ 7.20% + CSA(i)

-- Subordinated notes, $49.50 million: Not applicable

(i)The CSA is 0.26%.
CSA--Credit spread adjustment.

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

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

  Ratings Assigned

  Fortress Credit BSL VII Ltd./Fortress Credit BSL VII LLC

  Class A-1-R, $207.45 million: AAA (sf)
  Class A-2-R, $41.00 million: AAA (sf)
  Class B-R, $44.50 million: AA (sf)
  Class C-R (deferrable), $27.25 million: A (sf)
  Class D-R (deferrable), $30.00 million: BBB- (sf)
  Class E-R (deferrable), $16.50 million: BB- (sf)
  Subordinated notes, $49.50 million: Not rated

  Ratings Withdrawn

  Fortress Credit BSL VII Ltd./Fortress Credit BSL VII LLC

  Class A-1 to not rated from 'AAA (sf)'
  Class B to not rated from 'AA (sf)'
  Class C to not rated from 'A (sf)'
  Class D-R to not rated from 'BBB- (sf)'
  Class E-R to not rated from 'BB- (sf)'



GENERATE CLO 8: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-1R2,
B-R2, C-R2, D-1R2, D-2R2, and E-R2 replacement debt and new class
A-2R2 debt from Generate CLO 8 Ltd./Generate CLO 8 LLC. At the same
time, S&P withdrew its ratings on the previous class X-R, A-R, B-R,
C-R, D-R, and E-R debt following payment in full on the Nov. 18,
2024, refinancing date.

Generate CLO 8 Ltd./Generate CLO 8 LLC is a CLO managed by Generate
Advisors LLC, a subsidiary of Kennedy Lewis Investment Management
LLC. The transaction was originally issued in November 2020 as York
CLO 8 Ltd. and was refinanced in December 2021.

The replacement debt and new debt were issued via a supplemental
indenture that outlines their terms. According to the supplemental
indenture:

-- The replacement class X-R2, A-1R2, B-R2, C-R2, D-1R2, and E-R2
debt were issued at lower spreads than the previous debt.

-- The replacement class D-2R2 debt was issued at a fixed coupon,
partially replacing the previous floating spread.

-- The new replacement class A-2R2 debt was issued in connection
with this refinancing.

-- The stated maturity, reinvestment period, non-call period, and
weighted average life test date were each extended by approximately
three years.

-- The class X-R2 debt issued in connection with this refinancing
is expected to be paid down using interest proceeds during the
first 10 payment dates beginning with the payment date in January
2025.

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

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

  Ratings Assigned

  Generate CLO 8 Ltd./Generate CLO 8 LLC

  Class X-R2, $2.50 million: AAA (sf)
  Class A-1R2, $300.00 million: AAA (sf)
  Class A-2R2, $15.00 million: AAA (sf)
  Class B-R2, $65.00 million: AA (sf)
  Class C-R2 (deferrable), $30.00 million: A (sf)
  Class D-1R2 (deferrable), $25.00 million: BBB (sf)
  Class D-2R2 (deferrable), $8.75 million: BBB- (sf)
  Class E-R2 (deferrable), $15.00 million: BB- (sf)

  Ratings Withdrawn

  Generate CLO 8 Ltd./Generate CLO 8 LLC

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

  Other Debt

  Generate CLO 8 Ltd./Generate CLO 8 LLC

  Subordinated notes, $36.50 million: NR

  NR--Not rated.



HALSEYPOINT CLO I: S&P Assigns B- (sf) Rating on Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the new class X-R and
replacement class A-R, B-R, C-R, D-1R, D-2R, E-R, and F-R debt from
HalseyPoint CLO I Ltd./HalseyPoint CLO I LLC, a CLO originally
issued in December of 2019 that is managed by HalseyPoint 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 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.

-- No additional assets were purchased on the Nov. 15, 2024,
refinancing date, and the target initial par amount remains at
$400.00 million. There was no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 20, 2025.

-- The class X-R debt was issued on the refinancing date and is
expected to be paid down using interest proceeds in equal
installments of $642,857, beginning on the second payment date and
ending after seven payment dates.

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

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

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

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

  HalseyPoint CLO I Ltd./HalseyPoint CLO I LLC

  Class X-R, $4.50 million: AAA (sf)
  Class A-R, $240.00 million: AAA (sf)
  Class B-R, $64.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1R (deferrable), $20.00 million: BBB (sf)
  Class D-2R (deferrable), $6.00 million: BBB- (sf)
  Class E-R (deferrable), $12.40 million: BB- (sf)
  Class F-R (deferrable), $6.75 million: B- (sf)

  Ratings Withdrawn

  HalseyPoint CLO I Ltd./HalseyPoint CLO I LLC

  Class A-1-A1 to NR from 'AAA (sf)'
  Class A-1-A2 to NR from 'AAA (sf)'
  Class A-2-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)'
  Class F (deferrable) to NR from 'B- (sf)'

  Other Debt

  HalseyPoint CLO I Ltd./ HalseyPoint CLO I LLC

  Subordinated notes, $40.81 million: Not rated



ICNQ 2024-MF: Fitch Assigns 'B-sf' Final Rating on Class HRR Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
ICNQ 2024-MF Mortgage Trust, commercial mortgage pass-through
certificates.

- $150,336,000a class A at 'AAAsf'; Outlook Stable;

- $210,600,000ab class X at 'A-sf'; Outlook Stable;

- $27,164,000a class B at 'AA-sf'; Outlook Stable;

- $33,100,000 class C at 'A-sf'; Outlook Stable;

- $46,700,000 class D at 'BBB-sf'; Outlook Stable;

- $71,500,000 class E at 'BB-sf'; Outlook Stable;

- $42,100,000a class F at 'Bsf'; Outlook Stable;

- $24,100,000ac class HRR at 'B-sf'; Outlook Stable;

a. At the time Fitch published its expected ratings, the initial
certificate balances of classes A and B and the notional amount of
class X were subject to resizing of the senior trust notes. Any
senior trust note resizing would result in a corresponding increase
or decrease to the senior non-trust notes such that the whole loan
balance is unchanged at $525.0 million. As a result, the balances
for class A, X, B, F and HRR were updated.

b. Interest only.

c. Horizontal risk retention interest representing at least 5.0% of
the estimated fair value of all classes.

Additionally, since Fitch published its expected ratings and Rating
Outlooks on Oct. 31, 2024, the senior trust notes were resized and
the following changes occurred:

- Class A balance decreased to $150.3 million from $176.9 million;

- Notional amount of Class X decreased to $210.6 million from
$240.6 million;

- Class B balance decreased to $27.2 million from $30.6 million;

- Classes F balance increased to $42.1 million from $40.2 million;

- Class HRR balance decreased to $24.1 million from $26.0 million.

Thus, the deal balance decreased to $395.0 million from $425.0
million.

Transaction Summary

The certificates represent the beneficial interests in the ICNQ
2024-MF Mortgage Trust that holds $170.0 million of senior trust
notes and $225.0 of junior trust notes. The trust notes along with
$130.0 million of pari passu senior non-trust companion notes
comprise a $525.0 million, five-year, fixed-rate, interest-only
(IO) whole mortgage loan.

Whole loan proceeds are used to refinance approximately $497.0
million of existing debt and pay $20.5 million of closing-related
and rate buydown costs. The $130.0 million of non-trust senior
companion notes are contributed to conduit securitizations.

The whole loan is secured by the borrowers' fee simple interest for
five properties in the portfolio and one leasehold property with a
total of 1,790 units (including 461 furnished short-term rental
units) and 97,273 sf of commercial space located across five
markets (Denver, Chicago, Nashville, Miami and Austin). The
properties were constructed between 2018 and 2022 and acquired by
the sponsor in a series of transactions with the same seller
between 2019 and 2022.

The loan is originated by German American Capital Corporation and
Goldman Sachs Bank USA. Wells Fargo Bank, N.A. is the master
servicer, with KeyBank, N.A. as the special servicer. Computershare
Trust Company, N.A. acts as trustee and certificate administrator.
Park Bridge Lender Services LLC serves as operating advisor. The
certificates follow a sequential-paydown structure.

KEY RATING DRIVERS

Fitch Net Cash Flow: Fitch's net cash flow (NCF) for the property
is estimated at $36.1 million; this is 16.5%lower than the issuer's
NCF and 10.5% higher than TTM August 2024 NCF. Fitch applied a 8.0%
cap rate to derive a Fitch value of $451.6 million.

High Fitch Leverage: The $525 million total debt, inclusive of $395
million trust amount and $130 million of pari passu senior debt,
has a Fitch stressed debt service coverage ratio (DSCR),
loan-to-value ratio (LTV) and debt yield of 0.8x, 116.0% and 6.9%,
respectively.

Asset Quality: The portfolio comprises mid- and high-rise apartment
buildings that were constructed between 2018 and 2022. The
buildings generally have a modern design with high quality
construction materials and finishes and are well amenitized with
fitness centers, concierge services, food & beverage options,
designer furnishings, bike storage, pools and fire pits, among
other amenities. Fitch inspected three of the properties in the
portfolio and assigned all inspected properties a property quality
grades in the "B+" to "A" range.

Portfolio Diversity: The portfolio comprises six multifamily
properties totaling 1,790 units and 97,273sf of commercial space
located across five markets and five states. Of the 1,790 units,
1,198 (or 66.9%) of the units are traditional multifamily units,
131 (or 7.3%) of the units are furnished extended-stay units and
the remaining 461 (or 25.8%) of the units are furnished short-term
rental (STR) units.

Exposure to Short-term Rentals: Furnished STR units account for
25.8% of the total number of units in the portfolio, including one
property that consists entirely of furnished STR units. The revenue
from STR units can be more volatile than traditional multifamily
units and more akin to hospitality. However, the STR units have the
same layouts, fittings and appliances as the traditional
multifamily units and can be easily converted to furnished
extended-stay units or traditional multifamily units should the
need arise. Further, the sponsor has operated STR units for five
years. Fitch adjusted its cap rate, which is comparatively higher
than recent multifamily portfolios Fitch has rated, to reflect the
concentration of STR units.

Experienced Sponsorship: The loan is sponsored by ICONIQ Capital
Management, LLC (ICONIQ). Founded in2011, ICONIQ is a global
investment firm managing over $80 billion in assets, specializing
in building resilient investment portfolios and partnering with
entrepreneurs across various sectors. ICONIQ owns 89% of the
Sentral property management platform and co-operates Sentral
alongside the properties. Sentral operates in 21 cities, managing
over 10,000 units.

RATING SENSITIVITIES

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

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

- 10% NCF Decrease:
'AAsf'/'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf'/'CCCsf'/'CCCsf'.

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

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

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

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

Fitch was provided with third-party due diligence information from
Ernst & Young LLP. The third-party due diligence information was
provided on Form ABS Due Diligence-15E and focused on a comparison
and re-computation of certain characteristics with respect to the
mortgage loan. Fitch considered this information in its analysis,
and the findings did not have an impact on the analysis. A copy of
the ABS Due Diligence Form-15E received by Fitch in connection with
this transaction may be obtained via the link contained at the
bottom of the related rating action commentary.

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.


IVY HILL XVIII: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1R, A-2R, B-R, C-R, D-R, and E-R replacement debt from Ivy Hill
Middle Market Credit Fund XVIII Ltd. /Ivy Hill Middle Market Credit
Fund XVIII LLC, a CLO originally issued in April 2021 that is
managed by Ivy Hill Asset Management L.P.

On the Nov. 21, 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 debt and
assign ratings to the replacement 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 class A-1R, A-2R, B-R, C-R, D-R, and E-R debt
is expected to be issued at a lower spread over three-month term
SOFR than the original notes.

-- The original class A debt is being split into class A-1R and
A-2R debt.

-- The original class B-1 and B-2 debt is being combined to class
B-R debt.

-- The stated maturity, reinvestment period, and non-call period
will be extended by 3.76 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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  Ivy Hill Middle Market Credit Fund XVIII Ltd. /
  Ivy Hill Middle Market Credit Fund XVIII LLC

  Class A-1R, $261.00 million: AAA (sf)
  Class A-2R, $18.00 million: AAA (sf)
  Class B-R, $27.00 million: AA (sf)
  Class C-R (deferrable), $36.00 million: A (sf)
  Class D-R (deferrable), $27.00 million: BBB- (sf)
  Class E-R (deferrable), $27.00 million: BB- (sf)

  Other Debt

  Ivy Hill Middle Market Credit Fund XVIII Ltd. /
  Ivy Hill Middle Market Credit Fund XVIII LLC

  Subordinated notes, $62.215 million: Not rated



JP MORGAN 2024-CCM1: Moody's Assigns (P)B1 Rating to Cl. B-5 Certs
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to 32 classes of
residential mortgage-backed securities (RMBS) to be issued by J.P.
Morgan Mortgage Trust 2024-CCM1, and sponsored by J.P. Morgan
Mortgage Acquisition Corporation (JPMMAC).

The securities are backed by a pool of prime jumbo (85.2% by
balance) and GSE-eligible (14.8% by balance) residential mortgages
aggregated by JPMMAC, originated by CrossCountry Mortgage, LLC and
serviced by JPMorgan Chase Bank, National Association (JPMCB).

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2024-CCM1

Cl. A-1, Assigned (P)Aaa (sf)

Cl. A-2, Assigned (P)Aaa (sf)

Cl. A-3, Assigned (P)Aaa (sf)

Cl. A-3-X*, Assigned (P)Aaa (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-4-A, Assigned (P)Aaa (sf)

Cl. A-4-X*, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aaa (sf)

Cl. A-5-A, Assigned (P)Aaa (sf)

Cl. A-5-X*, Assigned (P)Aaa (sf)

Cl. A-6, Assigned (P)Aaa (sf)

Cl. A-6-A, Assigned (P)Aaa (sf)

Cl. A-6-X*, Assigned (P)Aaa (sf)

Cl. A-7, Assigned (P)Aaa (sf)

Cl. A-7-A, Assigned (P)Aaa (sf)

Cl. A-7-X*, Assigned (P)Aaa (sf)

Cl. A-8, Assigned (P)Aaa (sf)

Cl. A-8-A, Assigned (P)Aaa (sf)

Cl. A-8-X*, Assigned (P)Aaa (sf)

Cl. A-9, Assigned (P)Aa1 (sf)

Cl. A-9-A, Assigned (P)Aa1 (sf)

Cl. A-9-X*, Assigned (P)Aa1 (sf)

Cl. A-X-1*, Assigned (P)Aa1 (sf)

Cl. A-X-2*, Assigned (P)Aa1 (sf)

Cl. A-X-3*, Assigned (P)Aa1 (sf)

Cl. A-X-4*, Assigned (P)Aa1 (sf)

Cl. A-X-5*, Assigned (P)Aa1 (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa3 (sf)

Cl. B-4, Assigned (P)Ba1 (sf)

Cl. B-5, Assigned (P)B1 (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
0.29%, in a baseline scenario-median is 0.11% and reaches 4.71% 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.


NASSAU 2017-I: S&P Lowers Class D Notes Rating to 'CCC- (sf)'
-------------------------------------------------------------
S&P Global Ratings took various rating actions on 18 classes of
notes from LCM XIII L.P., Cent CLO 21 Ltd., AUF Funding LLC, and
Nassau 2017-I Ltd., which are all U.S. broadly syndicated CLO
transactions. S&P raised 10 ratings, lowered two ratings, and
affirmed six ratings. Of the 18 ratings, 10 were removed from
CreditWatch with positive implications and one was removed from
CreditWatch with negative implications, where they were placed on
Oct. 9, 2024. These transactions are experiencing opposing rating
movements because they experienced both principal paydowns (which
increased the senior credit support) and faced principal losses,
increases in defaults and/or 'CCC' rated assets, and the indicative
cash flow results.

S&P said, "The rating actions follow our review of each
transaction's performance using data from their respective trustee
reports. In our review, we analyzed each transaction's performance
and cash flows and applied our global corporate CLO criteria in our
rating decisions. For LCM XIII L.P., given that the CLO is no
longer well-diversified, we did not analyze its cash flows but
instead examined other metrics and qualitative factors, such as the
remaining assets' credit quality and subordination levels, to
arrive at our rating decision."

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 incorporates 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 downgrades primarily reflect the classes' indicative cash flow
results and decreased credit support due to principal losses and/or
negative migration in portfolio credit quality.

S&P said, "The affirmations reflect our view that the available
credit enhancement for each respective class is still commensurate
with the assigned ratings.

"Although our 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.

"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 list

  Rating

  Issuer             Class    CUSIP        To          From

  AUF Funding LLC    A-1     002223AA3    AAA (sf)    AAA (sf)
  
     Main rationale: Cash flow passes at the current rating level.

  AUF Funding LLC    A-1-L   002223AB1    AAA (sf)    AAA (sf)
                     Note

     Main rationale: Cash flow passes at the current rating level.

  AUF Funding LLC    A-2     002223AC9    AAA (sf)    AAA (sf)

     Main rationale: Cash flow passes at the current rating level.

  AUF Funding LLC    B-1     002223AD7    AAA (sf)    AA (sf)/
                                                      Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating.

  AUF Funding LLC    B-2     002223AE5    AAA (sf)    AA (sf)/
                                                      Watch Pos
     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating.

  AUF Funding LLC    C       002223AF2    A+ (sf)     A (sf)/
                                                      Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating. Although S&P's base cash flow
analysis indicated a higher rating, our rating action considers its
sensitivity analysis given the relatively high exposure to 'CCC'
rated assets.

  Cent CLO 21 Ltd.   A-1-R3  15137EBN2    AAA (sf)    AAA (sf)

     Main rationale: Cash flow passes at the current rating level.

  Cent CLO 21 Ltd.   A-2-R3  15137EBQ5    AAA (sf) AA (sf)/
                                                      Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating. S&P's rating action considered
the current credit enhancement level, which is commensurate with
the raised rating.

  Cent CLO 21 Ltd.   B-R3    15137EBS1    AA+ (sf)    A (sf)/
                                                      Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating. Although S&P's base-case
analysis indicated a higher rating, its rating action considered
the current credit enhancement level; current O/C ratio, which is
commensurate with the current rating; and the sensitivity results
margin.

  Cent CLO 21 Ltd.   C-R2    15137EBJ1    BBB+ (sf) BBB- (sf)/
                                                      Watch Pos
     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating. Although S&P's base cash flow
analysis indicated a higher rating, our rating action considers its
sensitivity analysis given the relatively high exposure to 'CCC'
rated assets and some distressed prices that it noted in the
portfolio.

  Cent CLO 21 Ltd.   D-R2    15137FAG5    B- (sf)     B- (sf)

     Main rationale: Affirmed the current rating based on its
existing credit support. Although S&P's base-case analysis
indicated a lower rating, its decision considers the current
exposure to CCC and CCC- rated collateral and the tranche's current
O/C. In its opinion, this class does not yet need favorable
conditions to repay and hence does not meet our CCC category
definition.

  Cent CLO 21 Ltd.   E-R2    15137FAJ9    CCC (sf)     CCC+ (sf)/
                                                       Watch Neg

     Main rationale: Although S&P's base-case analysis indicated a
lower rating, its rating action considered the current credit
enhancement level, which commensurate with the current rating, and
its opinion that the tranche is reliant on favorable conditions as
per its 'CCC (sf)' definitions. S&P does not believe that this
tranche has a virtual certainty of default.

  LCM XIII L.P.      D-R     50184KAY4    AAA (sf)     BBB (sf)/
                                                       Watch Pos
     Main rationale: Senior note paydowns and O/C improvement.
Rating action also considered the current credit enhancement level,
which commensurate with the raised rating.

  LCM XIII L.P.      E-R     50184KBA5    B (sf)       B (sf)

     Main rationale: S&P affirmed the tranche rating's due to
concentration risk that limited the rating to the single B category
as per its top obligor test, and relatively high exposure to 'CCC'
rated assets and/or defaults.

  Nassau 2017-I Ltd.  A-2    631707AC0    AAA (sf)     AA+ (sf)/
                                                       Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating.

  Nassau 2017-I Ltd.  B      631707AE6    AAA (sf)     A+ (sf)/
                                                       Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating.

  Nassau 2017-I Ltd.  C      631707AG1    BBB+ (sf)    BBB- (sf)/
                                                       Watch Pos

     Main rationale: Senior note paydowns, O/C improvement, and
passing cash flows at higher rating. Although S&P's base cash flow
analysis indicated a higher rating, its rating action considers its
sensitivity analysis given the relatively high exposure to 'CCC'
rated assets.

  Nassau 2017-I Ltd.  D      631706AA6    CCC- (sf)    CCC (sf)

     Main rationale: Although S&P's base-case analysis indicated a
lower rating, its rating action considered the current credit
enhancement level, which commensurate with the current rating, and
its opinion that the tranche is reliant on favorable conditions as
per its 'CCC (sf)' definitions. S&P does not believe that this
tranche has a virtual certainty of default.

  O/C--Overcollateralization.
  NR--Not rated.



NATIXIS COMMERCIAL 2018-285M: S&P Lowers F Certs Rating to 'CCC'
----------------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of commercial
mortgage pass-through certificates from Natixis Commercial Mortgage
Securities Trust 2018-285M, a U.S. CMBS transaction.

This is a U.S. stand-alone (single-borrower) CMBS transaction that
is backed by a senior portion of a fixed-rate, interest-only (IO)
mortgage whole loan secured by an office property located at 285
Madison Avenue in Midtown Manhattan's Grand Central office
submarket.

Rating Actions

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

-- S&P said, "Since our last published review in August 2022, the
borrower has been unable to refinance the loan by its second
extended maturity date in November 2024, and, as a result, it was
recently transferred back to special servicing for the fourth time.
The loan originally matured in November 2022 and was previously
extended to May 2024. After the borrower failed to refinance the
loan at that time, the special servicer granted a six-month
short-term maturity extension to November 2024. It is our
understanding that the special servicer is evaluating the
borrower's latest request for a three-year extension and has
ordered a new appraisal report."

-- Spaces accounting for 19.9% of property net rentable area (NRA)
and 20.3% of S&P Global Ratings' in-place gross rent are dark,
being sublet, and/or are subject to early lease termination
options, including three of the five-largest tenant leases. Coupled
with still-weak office submarket fundamentals (current vacancy and
availability rates over 15.0%), S&P believes that the property's
occupancy, which is currently 93.2%, would likely decline closer to
the submarket level.

-- S&P said, "We anticipate an increase in ongoing operating
expenses at the property, including real estate taxes, which will
not be sufficiently offset by increases in expense reimbursement
income. The property currently benefits from an Industrial and
Commercial Abatement Program (ICAP) tax exemption that phases out
by 2027, at which time property taxes will revert to the full
unabated levels. In addition, we believe that ongoing tenant
improvement costs will rise above our initial assumptions based on
current property and market conditions."

-- In connection with preference shifts related to the continued
weakness in the office market, S&P has observed higher risk
premiums being required for properties of the collateral's age and
quality. The property was built in 1926 and was last renovated
between 2014 and 2017. The property, in S&P's view, is akin to a
class B+ office building, based on its quality characteristics and
limited amenity offerings.

-- S&P said, "These factors, and others, were considered in our
current analysis, which resulted in a reduced S&P Global Ratings'
net cash flow (NCF), an increased S&P Global Ratings'
capitalization rate, and a reduced S&P Global Ratings'
expected-case value that is 25.2% lower than the value we derived
in our August 2022 published review and at issuance."

S&P said, "The downgrade of class F to 'CCC (sf)' further reflects
our qualitative consideration that its repayment is currently
dependent upon favorable business, financial, and economic
conditions, and that the class is vulnerable to default.
Specifically, the trust loan has an S&P Global Ratings'
loan-to-value ratio of 111.3% and our current analysis indicates a
potential principal loss on this class.

"We will continue to monitor the performance of the property, the
submarket, and the loan, including the resolution of the recent
special servicing transfer. If we receive information that differs
materially from our expectations, including a workout that may
negatively affect the transaction's payment waterfall, we may
revisit our analysis and take additional rating actions as we
determine necessary."

Property Analysis

The property is a 27-story, 510,773-sq.-ft., class B+ office
building with ground floor retail space located at 285 Madison Ave.
in the Grand Central office submarket of Midtown Manhattan. The
property, built in 1926, was owner-occupied by marketing and
communications firm Young & Rubicam Inc. until the property was
sold to the current sponsor, RFR Holding Corp. (RFR), in 2012. The
tenant vacated in 2013. From 2014 to 2017, RFR spent $75.8 million
to renovate the lobby, common areas, building systems, elevators,
storefronts, and sidewalks and repositioned the vacant building
from single-tenant to multi-tenanted use.

S&P said, "In our last published review in August 2022, the
property was 95.5% occupied. However, we noted that the office
submarket fundamentals had weakened. As a result, we assumed a
14.7% vacancy rate, a $77.11 per sq. ft. gross rent, and a 40.8%
operating expense ratio to arrive at an S&P Global Ratings' NCF of
$17.8 million. Utilizing a 7.25% S&P Global Ratings' capitalization
rate, we derived an expected case value of $263.2 million or $515
per sq. ft. Our value included adding $17.3 million for the present
value of the difference between our assumed unabated real estate
taxes of $6.6 million and abated taxes from 2022 through 2027
(ranging between $2.6 million and $5.8 million) and the present
value of the future rent steps for investment-grade tenants.

"Our current analysis primarily considers a June 2024 property rent
roll, updated property performance information, and subsequent
updates gleaned from CoStar data and servicer correspondence."

According to our review of the June 30, 2024, rent roll, the
property was 93.2% occupied. The five largest tenants by NRA
(totaling 66.9%), at the property, are:

-- PVH Corp. (43.0% of property NRA; 42.7% of S&P Global Ratings'
in-place gross rent; October 2033 lease expiration). The tenant has
an early lease termination option with respect to 1.7% of property
NRA that would see this portion of its space expiring in March
2028, if exercised.

-- General Electric Co. (8.4%; 8.6%; August 2032). It is our
understanding that the tenant is dark, but still paying rent, and
has an early lease termination option with respect to all of its
space that would see it expiring in August 2027, if exercised.
According to CoStar, its space is already being advertised for
direct lease.

-- Finastra Ltd. (6.8%; 6.8%; June 2028). It is our understanding
that the tenant is subletting its space to various subtenants.

-- Ziff Capital Partners LLC (5.1%; 5.8%; May 2026).

-- NetApp Inc. (3.6%; 4.0%; March 2027).

In addition, it is S&P's understanding that tenant Ashfield
Healthcare (2.9%; 3.1%; February 2027) is subletting its entire
space.

S&P said, "While our review of the June 2024 rent roll indicated a
93.2% occupancy rate, we also considered the volume of highly
terminable space at the property (totaling 19.9% of property NRA;
discussed above), and the CoStar overall office submarket's
five-year average availability rate of 17.4% in selecting our 82.5%
long-term occupancy rate, down from 85.3% at our last published
review. Our reevaluation of the property further reflects an S&P
Global Ratings' gross rent of $79.90 per sq. ft., comparable to
CoStar's current gross submarket asking rent of $78.49 per sq. ft.
We reviewed the reported operating expenses, including real estate
taxes, which we increased to estimated 2024/2025 unabated levels,
since the property's current ICAP benefit expires within the next
few years. We also increased our estimate of ongoing tenant
improvement costs, in recognition of current property and market
conditions. Our revised analysis yielded an S&P Global Ratings' NCF
of $14.5 million, down 18.9% from the $17.8 million we derived at
our last review. In addition, we increased our capitalization rate
to 7.50% from 7.25% at our last review and issuance to account for
higher risk premiums being required for properties of the
collateral's age and quality. After adjusting for the present value
of investment-grade tenant rent steps, we arrived at an updated S&P
Global Ratings' expected-case value of $196.8 million ($385 per sq.
ft.), down 25.2% from the $263.2 million ($515 per sq. ft.) derived
at our last review and issuance, and reflecting a 52.1% discount to
the $411.0 million ($805 per sq. ft.) October 2022 appraised
value."

  Table 1

  Servicer-reported collateral performance

                      Year-to-date six months ended
                      June 30, 2024(i)  2023(i)  2022(i)  2021(i)

  Occupancy rate (%)           95.7     96.8     96.0     95.5

  Net cash flow (mil. $)       11.6     25.5     23.3     25.8

  Debt service coverage
  on the in-trust
  senior A note (x)            2.56     2.82     2.57     2.84

  Debt service coverage
  on the whole loan and
  mezzanine loans (x)          1.01     1.11     1.01     1.12

  Appraisal value (mil. $)    411.0    411.0    411.0    610.0

  (i)Reporting period.

  Table 2

  S&P Global Ratings' key assumptions

                       Current       Last published
                       review        review           At Issuance
                      (Nov 2024)(i) (August 2022)(i) (Jan 2018)(i)

  In-trust senior A
  note balance            219.2            235.0         235.0

  Occupancy rate (%)       82.5             85.3          85.8

  Net cash flow for
  valuation (mil. $)       14.5             17.8          18.9

  Capitalization rate (%)  7.50             7.25          7.25

  Value (mil. $) (ii)     196.8            263.2         263.2

  Value per sq. ft. ($)     385              515           515

  Loan-to-value ratio
  on the in-trust
  senior A note (%)       111.3             89.3          89.3

  Loan-to-value ratio
  on the whole loan and
  mezzanine loans (%)     239.2            180.5         180.5

(i)Review period.
(ii)For all review periods, includes add-to-value amounts
associated with the present value of future rent steps for
investment-grade tenants. Additionally, in the August 2022
published review period, it further reflects an add-to-value amount
associated with the present value of real estate tax savings.

Transaction Summary

The IO mortgage whole loan had an initial balance of $270.0 million
and is split into an in-trust senior A note that had an initial
balance of $235.0 million and a non-trust junior B note that had an
initial balance of $35.0 million. The senior A note has a current
balance of $219.2 million (as of the Nov. 18, 2024, trustee
remittance report) and the non-trust junior B note has a balance of
$33.2 million, as of the October 2024 servicer reporting. The IO
mortgage whole loan's balance was reduced in June 2024 and again in
November 2024 when the servicer swept the loan's excess cash flow
reserve and applied the funds towards principal curtailment, in
connection with the loan's prior event of default and subsequent
modification and maturity extension. It's S&P's understanding that
there are currently no funds in the excess cash flow reserve, and
any future principal curtailments would continue to be at the
discretion of the servicer. The IO mortgage whole loan pays an
annual fixed interest rate of 3.85% (3.81% per annum rate on the
senior A note and 4.15% per annum rate on the non-trust junior B
note).

In addition, there are two mezzanine loans that had an initial
total balance of $205.0 million and have a total balance of $218.4
million (as of the October 2024 servicer reporting). S&P said,
"It's our understanding that, in connection with the loan's prior
event of default and subsequent modification and maturity
extension, the mezzanine loans will not receive any distributions,
including ongoing interest, until the senior loans are paid in
full. It's our belief that the increase in the mezzanine loans'
aggregate balance reflects the capitalization of deferred
interest."

As S&P discussed, the loan, which initially matured on Nov. 11,
2022, was transferred to special servicing in April 2022 after the
borrower requested a three-year extension. This request was denied
and the loan was returned to the master servicer before returning
to the special servicer in September 2022. At that time, the
special servicer, among other items, granted an 18-month extension
to the loan's original maturity date, pushing it out to May 11,
2024. The loan transferred to special servicing for a third time in
April 2024 when the borrower requested a two-year extension to its
May 2024 maturity date. This request was denied, and following a
maturity default, the borrower requested and was granted a
six-month short-term maturity extension, pushing the maturity date
to Nov. 11, 2024, among other modification terms. The loan was
recently transferred back to special servicing in October 2024
after the borrower failed to obtain refinancing proceeds to pay off
the loan. According to the November 2024 trustee remittance report,
the loan is paid through November 2024. To date, the trust has not
incurred any principal losses.

  Ratings Lowered

  Natixis Commercial Mortgage Securities Trust 2018-285M

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



NELNET STUDENT 2005-4: Fitch Affirms 'Bsf' Rating on Four Tranches
------------------------------------------------------------------
Fitch Ratings has affirmed 59 FFELP SLABS ratings from 33
transactions at their current levels. Fitch has revised the Rating
Outlook on the class B notes of Nelnet 2006-3 and Nelnet 2013-4 to
Stable from Positive and revised the Outlook on the class B notes
of Nelnet 2012-2 and Nelnet 2012-5 to Negative from Stable.

Fitch has also downgraded 3 FFELP SLABS ratings from three
transactions from 'AA+sf' to 'AAsf' and assigned a Negative
Outlook. Fitch downgraded 3 FFELP SLABS ratings from three
transactions from 'AAsf' to 'Asf' an assigned a Stable Outlook.
Fitch downgraded four FFELP SLABS ratings from four transactions
from 'AAsf' to 'Asf' an assigned a Negative Outlook.

The affirmations of ratings in the 'Bsf' category are supported by
qualitative factors such as the ability of the sponsor to call the
notes upon reaching 10% pool factor or evidence of sponsor support
such as a revolving credit agreement, which allows the servicer to
purchase loans from the trusts. Although the sponsor has the option
but not the obligation to lend to the trust, Fitch does not give
quantitative credit to these agreements. However, these agreements
provide qualitative comfort that the sponsor is committed to
limiting investors' exposure to maturity risk.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Nelnet Student
Loan Trust 2006-2

   A-7 Remarketed
   U.S.-Denominated
   640315AJ6           LT AAsf  Affirmed   AAsf
   B 640315AH0         LT Asf   Affirmed   Asf

Nelnet Student
Loan Trust 2012-3

   A 64032XAA3         LT AA+sf Affirmed   AA+sf
   B 64032XAB1         LT AAsf  Affirmed   AAsf

Nelnet Student
Loan Trust 2005-3

   A-5 64031QCD1       LT AA+sf Affirmed   AA+sf
   B 64031QCE9         LT AA+sf Affirmed   AA+sf

Nelnet Student
Loan Trust 2006-3

   A-6 64031AAF3       LT AA+sf Affirmed   AA+sf
   B 64031AAJ5         LT AAsf  Affirmed   AAsf

Nelnet Student
Loan Trust 2014-5

   A 64033NAA4         LT AA+sf Affirmed   AA+sf
   B 64033NAB2         LT AAsf  Affirmed   AAsf

Nelnet Student
Loan Trust 2005-4

   A-4AR-1 64031QCK5   LT Bsf   Affirmed   Bsf
   A-4AR-2 64031QCM1   LT Bsf   Affirmed   Bsf
   A-4L 64031QCJ8      LT Bsf   Affirmed   Bsf
   B 64031QCL3         LT Bsf   Affirmed   Bsf

Nelnet Student Loan
Trust 2014-3

   A 64033KAA0         LT AA+sf Affirmed   AA+sf
   B 64033KAB8         LT Asf   Affirmed   Asf

Nelnet Student Loan
Trust 2015-1

   A 64031MAA8         LT AA+sf Affirmed   AA+sf
   B 64031MAB6         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2012-5

   A 64033BAA0         LT AAsf  Downgrade  AA+sf
   B 64033BAB8         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2012-2

   A 64031CAA0         LT Asf   Downgrade  AAsf
   B 64031CAB8         LT Asf   Affirmed   Asf

Nelnet Student Loan
Trust 2013-4

   A 64033FAA1         LT AA+sf Affirmed   AA+sf  
   B 64033FAB9         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2005-1

    A-5 64031QBR1      LT AA+sf Affirmed   AA+sf
    B 64031QBS9        LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2013-2

    A 64033EAA4        LT AA+sf Affirmed   AA+sf
    B 64033EAB2        LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2005-2

   A-5 64031QBX8       LT AA+sf Affirmed   AA+sf
   B 64031QBY6         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2014-4

   A2 64033MAB4        LT AA+sf Affirmed   AA+sf
   B 64033MAC2         LT Asf   Affirmed   Asf

Nelnet Student Loan
Trust 2012-4

   A 64033AAA2         LT AAsf  Downgrade  AA+sf
   B 64033AAB0         LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2016-1

   A 64033UAA8         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2013-3

   A 64033DAA6         LT AAsf  Downgrade  AA+sf
   B 64033DAB4         LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2013-1

   A 64033CAA8         LT AA+sf Affirmed   AA+sf
   B 64033CAB6         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2006-1

   A-6 64033HAA7       LT AA+sf Affirmed   AA+sf
   B 64031QCU3         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2012-6

   A 64032YAA1         LT AA+sf Affirmed   AA+sf
   B 64032YAB9         LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2013-5

   A 64033GAA9         LT AA+sf Affirmed   AA+sf
   B 64033GAB7         LT Asf   Affirmed   Asf

NELF, Inc. - January
2004 Indenture of
Trust (NE) 2004-1

   A-2 64031RAS8       LT Bsf   Affirmed   Bsf

Nelnet Student Loan
Trust 2015-2

   A-2 64033QAB5       LT AA+sf Affirmed   AA+sf
   B 64033QAC3         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2004-4

   A-5 64031QBK6       LT AA+sf Affirmed   AA+sf
   B 64031QBL4         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2014-1

   A 64033JAA3         LT AA+sf Affirmed   AA+sf
   B 64033JAB1         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2018-2

   A 64034LAA7         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2004-3

   A-5 64031QBC4       LT AA+sf Affirmed   AA+sf
   B 64031QBE0         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2014-6

   A 64033RAA5         LT AA+sf Affirmed   AA+sf
   B 64033RAB3         LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2015-3

   A-2 64033TAC7       LT AA+sf Affirmed   AA+sf
   A-3 64033TAD5       LT AA+sf Affirmed   AA+sf
   B 64033TAB9         LT Asf   Downgrade  AAsf

Nelnet Student Loan
Trust 2020-2

   A 64031VAA8         LT AA+sf Affirmed   AA+sf
   B 64031VAB6         LT AA+sf Affirmed   AA+sf

Nelnet Student Loan
Trust 2012-1

   A 64032AAA3         LT AA+sf Affirmed   AA+sf
   B 64032AAB1         LT AAsf  Affirmed   AAsf

Nelnet Student Loan
Trust 2014-2

   A-3 64033LAC4       LT AA+sf Affirmed   AA+sf
   B 64033LAD2         LT Asf   Affirmed   Asf

Wachovia Student
Loan Trust 2006-1

   A-6 92978JAF0       LT AA+sf Affirmed   AA+sf
   B 92978JAH6         LT AAsf  Affirmed   AAsf

Nelnet Student
Loan Trust 2017-1

   A 64033VAA6         LT AA+sf Affirmed   AA+sf

Transaction Summary

On July 25, 2024, Nelnet announced that, starting with servicer
reports posted on or after August 25, 2024, the weighted average
remaining term for FFELP transactions will be reported in two ways
to address the treatment of loans in income-based repayment (IBR)
plans.

The first method, called 'Current WAM', is the traditional
calculation used by Nelnet. It discloses the remaining term to
maturity of IBR Loans as a 10-year 30-year term, based on the loan
type and/or original principal balance minus the time in
repayment.

The second method, called 'Alternate WAM' uses a set payment amount
under IBR terms to calculate the remaining term, reflecting the
term originally disclosed to the borrower at the origination of the
FFELP Loan.

This review includes servicer reports posted after Aug. 25, 2024.
Fitch has adopted the 'Alternate WAM' calculation in its cashflow
modeling.

KEY RATING DRIVERS

U.S. Sovereign: The trust collateral comprises 100% FFELP loans
with guaranties provided by eligible guarantors and reinsurance
provided by the U.S. Department of Education for at least 97% of
principal and accrued interest. The U.S. sovereign rating is
currently 'AA+'/Stable.

Collateral Performance: For all transactions, Fitch applied the
standard default timing curve in its credit stress cash flow
analysis. In addition, the claim reject rate was assumed to be
0.25% in the base case and 1.65% in the 'AA' case for cashflow
modeling.

Fitch is revising the sustainable constant default rates (sCDR)
upwards to 3.00%, 6.00%, 6.00%, and 6.00% from 2.50%, 5.00%, 5.00%,
and 5.30% for Nelnet 2006-3, Nelnet 2012-3, Nelnet 2012-4, and
Nelnet 2013-3, respectively. For these transactions, Fitch is also
maintaining the sustainable constant prepayment rates (sCPR;
voluntary and involuntary prepayments) of 9.50%, 12.00%, 11.00%,
and 12.00% for Nelnet 2006-3, Nelnet 2012-3, Nelnet 2012-4, and
Nelnet 2013-3, respectively.

For the remaining transactions, Fitch is maintaining the
sustainable constant default rate assumptions ranging between 2.20%
to 9.00% and the sustainable constant prepayment assumptions of
between 8.00% - 16.00%. The 'AAsf' default rates ranges from
approximately 29.56% to 100.00% and the 'Bsf' default rate ranges
from 10.75% to 51.75%. The TTM levels of deferment, forbearance,
and income-based repayment (prior to adjustment) ranges from 2.32%
to 6.59%, 3.93% to 11.20%, and 15.87% to 35.36%, respectively, and
are used as the starting point in cash flow modelling. Subsequent
declines or increases are modelled as per criteria. The borrower
benefits range from 0.00% to 0.32%, based on information provided
by the sponsor.

Basis and Interest Rate Risks: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for special allowance payments (SAP) and the
securities. Fitch applies its standard basis and interest rate
stresses to these transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization and excess spread where available and class A
notes benefit from subordination provided by class B where
available. As of the most recent distribution, reported total
parity ratio ranges between approximately 100.97%-145.49%.
Transactions are releasing cash as long as the required
overcollateralization (OC) or CE is maintained. Liquidity support
is provided by reserve accounts, most of which are at their
floors.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc. Fitch believes Nelnet to be an adequate servicer, due
to its extensive track record as one of the largest servicers of
FFELP loans.

RATING SENSITIVITIES

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

'AA+sf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the ED. Aside from the U.S. sovereign rating, defaults,
basis risk and loan extension risk account for the majority of the
risk embedded in FFELP student loan transactions.

Fitch conducts credit and maturity stress sensitivity analysis by
increasing or decreasing key assumptions by 50% over the base case.
The credit stress sensitivity is viewed by increasing both the base
case default rate and the basis spread. The maturity stress
sensitivity is viewed by increasing remaining term and IBR usage
and decreasing prepayments. The results should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors and should not be used as an indicator of
possible future performance.

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

No upgrade credit or maturity stress sensitivity is provided for
the 'AA+sf' rated tranches of notes, as they are at their highest
possible current and model-implied ratings.

Fitch conducts credit and maturity stress sensitivity analysis by
increasing or decreasing key assumptions by 25% over the base case.
The credit stress sensitivity is viewed by decreasing both the base
case default rate and the basis spread. The maturity stress
sensitivity is viewed by decreasing remaining term and IBR usage
and increasing prepayments. The results should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors and should not be used as an indicator of
possible future performance.

For the notes affirmed at 'Bsf' and below, the current ratings are
most sensitive to Fitch's maturity risk scenario. Key factors that
may lead to positive rating action are sustained increases in
payment rate and a material reduction in weighted average remaining
loan term. A material increase of CE from lower defaults and
positive excess spread, given favorable basis spread conditions, is
a secondary factor that may lead positive rating action.

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.


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

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

   A 64135WAA1      LT PIFsf  Paid In Full   AAAsf
   A-1-R            LT AAAsf  New Rating     AAA(EXP)sf
   A-2-R            LT AAAsf  New Rating     AAA(EXP)sf
   B 64135WAC7      LT PIFsf  Paid In Full   AAsf
   B-R              LT AAsf   New Rating     AA(EXP)sf
   C 64135WAE3      LT PIFsf  Paid In Full   Asf
   C-R              LT Asf    New Rating     A(EXP)sf
   D 64135WAG8      LT PIFsf  Paid In Full   BBB-sf
   D-1-R            LT BBB-sf New Rating     BBB-(EXP)sf
   D-2-R            LT BBB-sf New Rating     BBB-(EXP)sf
   E 64135LAA5      LT PIFsf  Paid In Full   BB-sf
   E-R              LT BB-sf  New Rating     BB-(EXP)sf

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

Asset Security (Positive): The indicative portfolio consists of
95.93% 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 71.9%.

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 to the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

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

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

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-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, 'A-sf' for class D-2-R, and 'BBB+sf' for class
E-R.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for 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.


OBRA CLO 1: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Obra CLO 1
Ltd./Obra CLO 1 LLC's fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Nov. 20,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Obra CLO 1 Ltd./Obra CLO 1 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $16.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $22.00 million: BBB (sf)
  Class D-2 (deferrable), $6.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $35.75 million: Not rated



OCEAN TRAILS XVI: S&P Assigns Prelim BB- (sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Ocean Trails CLO
XVI Ltd./Ocean Trails CLO XVI LLC's fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Nov. 21,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Ocean Trails CLO XVI Ltd./Ocean Trails CLO XVI LLC

  Class A-1, $216.00 million: AAA (sf)
  Class A-2, $9.90 million: AAA (sf)
  Class B, $47.70 million: AA (sf)
  Class C (deferrable), $21.60 million: A (sf)
  Class D-1 (deferrable), $18.00 million: BBB (sf)
  Class D-2 (deferrable), $7.20 million: BBB- (sf)
  Class E (deferrable), $10.80 million: BB- (sf)
  Subordinated notes, $37.40 million: Not rated



OCP CLO 2024-37: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to OCP CLO 2024-37 Ltd./OCP
CLO 2024-37 LLC's fixed- and floating-rate debt.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  OCP CLO 2024-37 Ltd./OCP CLO 2024-37 LLC

  Class A-1, $416.00 million: AAA (sf)
  Class A-2, $13.00 million: AAA (sf)
  Class B-1, $58.50 million: AA (sf)
  Class B-2, $6.50 million: AA (sf)
  Class C (deferrable), $39.00 million: A (sf)
  Class D-1 (deferrable), $39.00 million: BBB- (sf)
  Class D-2 (deferrable), $6.50 million: BBB- (sf)
  Class E (deferrable), $19.50 million: BB- (sf)
  Subordinated notes, $63.00 million: Not rated



OHA CREDIT XVII: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OHA Credit
Partners XVII Ltd./OHA Credit Partners XVII LLC's fixed- and
floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior-secured term loans.
The transaction is managed by Oak Hill Advisors L.P., a subsidiary
of T. Rowe Price.

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

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  OHA Credit Partners XVII Ltd./OHA Credit Partners XVII LLC

  Class A, $282.00 million: AAA (sf)
  Class A-L, $0.00 million: AAA (sf)
  Class A-L loans(i), $145.00 million: AAA (sf)
  Class B-1, $92.00 million: AA (sf)
  Class B-2, $13.00 million: AA (sf)
  Class C (deferrable), $42.00 million: A (sf)
  Class D-1 (deferrable), $42.00 million: BBB- (sf)
  Class D-2 (deferrable), $7.00 million: BBB- (sf)
  Class E (deferrable), $21.00 million: BB- (sf)
  Subordinated notes, $62.20 million: Not rated



ORION CLO 2024-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Orion CLO
2024-4 Ltd./Orion CLO 2024-4 LLC's fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Nov. 15,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Orion CLO 2024-4 Ltd./Orion CLO 2024-4 LLC

  Class A, $165.0 million: AAA (sf)
  Class A loans(i), $83.0 million: AAA (sf)
  Class B, $56.0 million: AA (sf)
  Class C (deferrable), $24.0 million: A (sf)
  Class D-1 (deferrable), $24.0 million: BBB- (sf)
  Class D-2 (deferrable), $4.0 million: BBB- (sf)
  Class E (deferrable), $12.0 million: BB- (sf)
  Subordinated notes, $40.6 million: Not rated

(i)All or a portion of the class A loans may be converted into
class A notes, subject to a maximum conversion of $83.0 million.
Upon a conversion, the balance on the class A notes may be
increased, and the balance of the class A loans decreased, to
reflect the conversion. No portion of the class A notes may be
converted into class A loans.




PIXLEY PARK: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Pixley Park
CLO Ltd./Pixley Park CLO LLC's fixed- and floating-rate debt.

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

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

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Pixley Park CLO Ltd./Pixley Park CLO LLC

  Class A-1, $369.00 million: AAA (sf)
  Class A-2, $27.00 million: Not rated
  Class B-1, $50.00 million: AA (sf)
  Class B-2, $10.00 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D-1 (deferrable), $36.00 million: BBB- (sf)
  Class D-2 (deferrable), $3.90 million: BBB- (sf)
  Class E (deferrable), $20.10 million: BB- (sf)
  Subordinated notes, $63.80 million: Not rated



PR 24 LTD: Fitch Assigns 'BB+(EXP)sf' Rating on Class D-RR Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
RR 24 LTD reset transaction.

   Entity/Debt       Rating           
   -----------       ------           
RR 24 Ltd

   A-1a-RR       LT AAA(EXP)sf  Expected Rating
   A-1b-RR       LT AAA(EXP)sf  Expected Rating
   A-2-RR        LT AA+(EXP)sf  Expected Rating
   B-RR          LT A+(EXP)sf   Expected Rating
   C-1a-RR       LT BBB+(EXP)sf Expected Rating
   C-1b-RR       LT BBB-(EXP)sf Expected Rating
   C-2-RR        LT BBB-(EXP)sf Expected Rating
   D-RR          LT BB+(EXP)sf  Expected Rating
   E-RR          LT NR(EXP)sf   Expected Rating
   X             LT AAA(EXP)sf  Expected Rating

Transaction Summary

RR 24 LTD (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Redding Ridge Asset
Management LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $697 million of primarily first lien senior secured
leveraged loans excluding defaults.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. Issuers rated in the 'B' rating category denote a
highly speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
96.69% first-lien senior secured loans and has a weighted average
recovery assumption of 74.01%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

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 RR 24 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.


SOUND POINT XVIII: Moody's Affirms B1 Rating on $32MM Cl. D Notes
-----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Sound Point CLO XVIII, Ltd.:

US$66.9M Class A-2A Senior Secured Floating Rate Notes, Upgraded
to Aaa (sf); previously on Apr 6, 2023 Upgraded to Aa1 (sf)

US$21.1M Class A-2B-R Senior Secured Fixed Rate Notes, Upgraded to
Aaa (sf); previously on Apr 6, 2023 Upgraded to Aa1 (sf)

US$48M Class B Mezzanine Secured Deferrable Floating Rate Notes,
Upgraded to Aa1 (sf); previously on Jan 23, 2018 Assigned A2 (sf)

Moody's have also affirmed the ratings on the following notes:

US$520M (Current outstanding amount US$183,488,867) Class A-1
Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously
on Jan 23, 2018 Assigned Aaa (sf)

US$48M Class C Mezzanine Secured Deferrable Floating Rate Notes,
Affirmed Baa3 (sf); previously on Sep 9, 2020 Confirmed at Baa3
(sf)

US$32M Class D Junior Secured Deferrable Floating Rate Notes,
Affirmed B1 (sf); previously on Apr 6, 2023 Downgraded to B1 (sf)

Sound Point CLO XVIII, Ltd., issued in January 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured US loans. The portfolio is managed
by Sound Point Capital Management, LP. The transaction's
reinvestment period ended in January 2023.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, Class A-2B-R and Class B
notes are primarily a result of the deleveraging of the senior
notes following amortisation of the underlying portfolio over the
last 12 months.

The Class A-1 notes have paid down by approximately USD263.2
million (50.6% of original balance) over the last 12 months. As a
result of the deleveraging, over-collateralisation (OC) has
increased. According to the trustee report dated October 2024 [1]
the Class A, Class B and Class C OC ratios are reported at 142.83%,
124.69% and 110.63% compared to October 2023 [2] levels of 127.21%,
117.46% and 109.10%, respectively. Moody's note that the October
2024 principal payments are not reflected in the reported OC
ratios.

The affirmations on the ratings on the Class A-1, Class C and Class
D notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

Key model inputs:

The key model inputs Moody's use in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: USD420.0m

Defaulted Securities: USD7.8m

Diversity Score: 63

Weighted Average Rating Factor (WARF): 3190

Weighted Average Life (WAL): 3.27 years

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.37%

Weighted Average Recovery Rate (WARR): 46.46%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporate these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
October 2024. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assume have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


STEELE CREEK 2018-1: Moody's Lowers Rating on $16MM E Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Steele Creek CLO 2018-1, Ltd.:

US$44,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aaa (sf); previously on March
31, 2023 Upgraded to Aa1 (sf)

US$24,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to Aa1 (sf);
previously on March 31, 2023 Upgraded to A1 (sf)

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

US$16,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Downgraded to B1 (sf);
previously on September 15, 2020 Confirmed at Ba3 (sf)

Steele Creek CLO 2018-1, Ltd. issued in May 2018 is a managed
cashflow CLO. The notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in April 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 October 2023. The Class A
notes have been paid down by approximately 48% or $123.9 million
since then. Based on the trustee's October 2024[1] report, the OC
ratios for the Class A/B and Class C notes are currently 136.78%
and 122.20%, respectively, versus October 2023[2] levels of 127.85%
and 118.26%, respectively.  Moody's note that the October 2024[1]
trustee-reported OC ratios do not reflect the payment distribution
on October 2024 payment date, when $39.4 of principal proceeds were
used to pay down the Class A Notes.

The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's October
2024[1] report, the OC ratio for the Class E notes is currently
104.28% versus October 2023[2] level of 105.50%. The trustee
reported Class E OC for October 2024 also does not reflect the
payment made to the Class A notes on the October 2024 payment
date.

No actions were taken on the Class A and Class D 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: $237,102,824

Defaulted par:  $5,409,071

Diversity Score: 56

Weighted Average Rating Factor (WARF): 2738

Weighted Average Recovery Rate (WARR): 46.76%

Weighted Average Life (WAL): 3.37 years

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.


SYCAMORE TREE 2021-1: 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-1R, D-2R, and E-R replacement debt and proposed
new class X-R debt from Sycamore Tree CLO 2021-1 Ltd./Sycamore Tree
CLO 2021-1 LLC, a CLO originally issued in November 2021 that is
managed by Sycamore Tree CLO Advisors L.P.

The preliminary ratings are based on information as of Nov. 21,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Dec. 3, 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 weighted average cost of the replacement debt is expected
to be lower than the 2021 debt.

-- The original floating-rate class D debt is expected to be
replaced by the sequential floating-rate class D-1R and fixed-rate
D-2R debt.

-- The stated maturity and reinvestment period will each be
extended by 3.25 years.

-- The non-call period will be extended to December 2026.

-- The proposed new class X-R debt issued in connection with this
refinancing is expected to be paid down using interest proceeds
during the first 12 payment dates beginning with the payment date
in July 2025.

-- Additional subordinated debt 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

  Sycamore Tree CLO 2021-1 Ltd./Sycamore Tree CLO 2021-1 LLC

  Class X-R, $5.00 million: AAA (sf)
  Class A-R, $300.00 million: AAA (sf)
  Class B-R, $80.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1R (deferrable), $25.00 million: BBB (sf)
  Class D-2R (deferrable), $10.00 million: BBB- (sf)
  Class E-R (deferrable), $14.75 million: BB- (sf)

  Other Debt

  Sycamore Tree CLO 2021-1 Ltd./Sycamore Tree CLO 2021-1 LLC

  Subordinated notes, $45.74 million: Not rated



SYMPHONY CLO 39: S&P Assigned Prelim BB- (sf) Rating on E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-R, A-L, B-R, C-R, D-1-R, D-2-R, and E-R debt
from Symphony CLO 39 Ltd./Symphony CLO 39 LLC, a CLO originally
issued in 2023 by Symphony Alternative Asset Management LLC.

The preliminary ratings are based on information as of Nov. 21,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 27, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. S&P
said, "At that time, we expect to withdraw our ratings on the
original debt and assign ratings to the replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

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

-- The replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt
expected to be issued at a floating spread, replacing the current
floating spread.

-- Class A-L loans will be issued as part of this refinancing, on
a pro-rata basis with the class A-R notes.

-- The non-call period will be extended two years.

-- The stated maturity will be extended to January 2038.

-- The reinvestment period will be extended to January 2030.

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

  Symphony CLO 39 Ltd./Symphony CLO 39 LLC

  Class A-R, $166.0 million: AAA (sf)
  Class A-L loans, $90.0 million: AAA (sf)
  Class B-R, $48.0 million: AA (sf)
  Class C-R (deferrable), $24.0 million: A (sf)
  Class D-1-R (deferrable), $20.6 million: BBB (sf)
  Class D-2-R (deferrable), $6.0 million: BBB- (sf)
  Class E-R (deferrable), $12.5 million: BB- (sf)

  Other Debt

  Symphony CLO 39 Ltd./Symphony CLO 39 LLC

  Subordinated notes, $38.6 million: Not rated



TOWD POINT 2024-5: Fitch Assigns B-sf Final Rating on Cl. B2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Towd Point Mortgage
Trust 2024-5 (TPMT 2024-5).

   Entity/Debt       Rating             Prior
   -----------       ------             -----
TPMT 2024-5

   A1A           LT AAAsf  New Rating   AAA(EXP)sf
   A1B           LT AAAsf  New Rating   AAA(EXP)sf
   A2            LT AA-sf  New Rating   AA-(EXP)sf
   M1            LT A-sf   New Rating   A-(EXP)sf
   M2            LT BBB-sf New Rating   BBB-(EXP)sf
   B1            LT BB-sf  New Rating   BB-(EXP)sf
   B2            LT B-sf   New Rating   B-(EXP)sf
   B3            LT NRsf   New Rating   NR(EXP)sf
   B4            LT NRsf   New Rating   NR(EXP)sf
   B5            LT NRsf   New Rating   NR(EXP)sf
   A1            LT AAAsf  New Rating   AAA(EXP)sf
   XS1           LT NRsf   New Rating   NR(EXP)sf
   XS2           LT NRsf   New Rating   NR(EXP)sf
   X             LT NRsf   New Rating   NR(EXP)sf
   R             LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The notes are supported by 2,147 primarily seasoned performing
loans (SPLs) and reperforming loans (RPLs) with a total balance of
approximately $1.1 billion as of the cutoff date.

Distributions of principal and interest (P&I) and loss allocations
are based on a traditional senior-subordinate sequential structure.
The sequential-pay structure locks out principal to the
subordinated notes until the most senior notes outstanding are paid
in full. The servicers will advance delinquent (DQ) monthly
payments of P&I for up to 150 days (under OTS method) or until
deemed nonrecoverable.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to its updated view
on sustainable home prices, Fitch views the home price values of
this pool as 8.9% above a long-term sustainable level (versus 11.5%
on a national level as of 1Q24, up 0.4% since the prior quarter).
Housing affordability is the worst it has been in decades, driven
by both high interest rates and elevated home prices. Home prices
increased 5.9% yoy nationally as of May 2024, despite modest
regional declines, but are still being supported by limited
inventory.

Seasoned Prime Credit Quality (Positive): The collateral consists
of 2,147 primarily seasoned performing first lien loans, totaling
$1.1 billion and seasoned at approximately 83 months in aggregate
(calculated as the difference between the origination date and the
run date). The pool is 99.7% current and 0.3% 30-59 days DQ. Over
the past two years, 95.8% of loans have been clean current.
Additionally, 1.2% of loans have a prior modification. The
borrowers have a very strong credit profile (769 Fitch model FICO
and 36% debt-to-income [DTI] ratio) and low leverage (49%
sustainable loan-to-value [sLTV] ratio). Of the pool, 87.6% of
loans are of a primary residence, while 12.4% represent investment
properties or a second home.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined LTV (CLTV) ratio of 64.9%. All loans
received updated property values, translating to a WA current
(mark-to-market) CLTV ratio of 44.4% after applicable haircuts
based on valuation type and an sLTV of 49.0% at the base case. This
reflects low-leverage borrowers and is stronger than in comparable
seasoned transactions.

Payment Shock (Negative): Approximately 68% of the pool loans are
vulnerable to a future payment shock, either as a result of
underlying adjustable-rate loans or loans currently in an IO period
(or both). As the adjustable-rate loans were originated under low
rates and given the current rate environment, the reset could prove
to be meaningful. The borrowers' credit profile and very low
leverage should mitigate potential defaults arising from a payment
shock; however, defaults were still increased by 47% to account for
this risk.

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

Sequential-Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure (pro rata to the 'AAAsf' rated
notes), whereby the subordinate classes do not receive principal
until the senior classes are repaid in full. Losses are allocated
in reverse-sequential order. Furthermore, the provision to
reallocate principal to pay interest on the 'AAAsf' rated notes
prior to other principal distributions is highly supportive of
timely interest payments to those notes in the absence of servicer
advancing.

Indemnification Clause (Mixed): U.S. Bank will act as the remedy
provider, indemnifying any losses resulting from noncompliance with
the Ability to Repay (ATR) standards for its loans, which represent
80% of the pool by unpaid principal balance (UPB). Fitch considers
the indemnification provision to be robust enough to address any
ATR-related risks or losses, as detailed below.

U.S. Bank's ATR Rep states—"With respect to each U.S. Bank
Mortgage Loan originated on or after January 10, 2014, such U.S.
Bank Mortgage Loan complies with the "ability to repay" standards
as set forth in Section 1026.43(c) of Regulation Z."

If the U.S. Bank Remedy Provider receives notice of a claim or a
proposed settlement with respect to a U.S. Bank Mortgage Loan that
identifies a potential breach of the ATR Rep:

"… the U.S. Bank Remedy Provider will either repurchase such U.S.
Bank Mortgage Loan at the Repurchase Price or provide written
notice to the Issuer that the U.S. Bank Remedy Provider has
declined to repurchase such U.S. Bank Mortgage Loan, or (B) if the
U.S. Bank Remedy Provider has not repurchased such U.S. Bank
Mortgage Loan at the Repurchase Price, with respect to any losses
suffered by the Issuer as a result of a successful claim by the
underlying borrower that a U.S. Bank Mortgage Loan was in violation
of the ATR Rep, whether raised as a direct claim or a defense to
foreclosure, resulting in economic damages to the Issuer, pay an
amount (such amount, an "ATR Refund Amount") equal to the actual
losses or actual damages incurred by the Issuer as a result of the
successful claim or defense to foreclosure."

"In addition to the foregoing obligation, the U.S. Bank Remedy
Provider will be required to protect, indemnify, and hold harmless
the Issuer against any losses, liabilities, costs, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees
and related costs, judgments, amounts paid in settlement (where the
U.S. Bank Remedy Provider consents in advance to such settlement)
and other costs and expenses resulting from any claim, demand,
defense or assertion based on or grounded upon, or arising from a
breach of the ATR Rep (solely with respect to the U.S. Bank
Mortgage Loans); provided, however, that in no event will the U.S.
Bank Remedy Provider be obligated to indemnify the Issuer to the
extent any such indemnified amounts result from (x) the gross
negligence or willful misconduct of the Issuer or (y) the Issuer's
failure to comply with the terms of the U.S. Bank MLPA, including
requirements of applicable law to the extent required by the U.S.
Bank MLPA."

For the remaining 20% of loans from a third-party loan aggregator,
a due diligence review of a sample found no material ATR-related
issues, and any potential concerns will be addressed by the
sponsor's standard ATR representation.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 40.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

CRITERIA VARIATION

Fitch's analysis incorporated two criteria variations from its
"U.S. RMBS Rating Criteria" and "U.S. RMBS Loan Loss Model
Criteria."

The first variation is that the due diligence sample size for the
transaction does not meet the minimum requirements as listed in
Fitch's criteria. Fitch expects a compliance review for the greater
of 200 loans or a 10% sample if loans are sourced from a single
originator. Of the U.S. Bank-originated loans, which represent 80%
of the pool by UPB, only 138 loans, or 10% by loan count (10% by
UPB), received a compliance review. While the current sample is in
line on a percentage basis, it does not meet the minimum loan
count.

This pool is part of a larger cohort being securitized in pieces.
Fitch was provided access to the entire diligence sample, which
covered roughly 10%, or 656 loans. Fitch relied on the larger
population sample, which had no material differences compared to
this pool, to mitigate the lower total number of loans reviewed for
this transaction. Additionally, the ATR rep for these loans is
being provided by U.S. Bank, and any potential breaches of the rep
will result in a repurchase, indemnification or cure by U.S. Bank.
This variation had no rating impact.

The second variation relates to the application of lower LS floors
than those described in Fitch's criteria. This pool benefits from a
material amount of equity buildup. Even after a 41% home price
decline environment (AAAsf rating case), the stressed sLTV is only
75.8%. Additionally, the pool's sLTV of 49.0% is below the RPL
industry average. Fitch believes that applying a 30% LS floor in
this situation is highly punitive and considers that a 20% LS floor
at 'AAAsf' provides additional downside protection in the event of
idiosyncratic events while differentiating this pool from other
pools with much higher sLTVs. This treatment resulted in a rating
of approximately one notch higher for each class.

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, Opus and Westcor. A third-party due diligence was
performed on approximately 26% of the pool by loan count by AMC and
Opus, both assessed as 'Acceptable' third-party review (TPR) firms
by Fitch. The scope primarily focused on a regulatory compliance
review to ensure loans were originated in accordance with predatory
lending regulations. In addition, a tax and title review was
completed on 100% of the loans by Westcor.

While the review was substantially similar to Fitch criteria with
respect to RPL transactions, the sample size yielded minor
variations to the criteria as indicated above. Fitch considered
this information in its analysis, which is reflected in the 'AAAsf'
expected loss of 3.75%.

ESG Considerations

TPMT 2024-5 has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to high geographic concentration leading
to increased risk of catastrophe exposure, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

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


VALLEY STREAM: S&P Assigns Prelim BB- (sf) Rating on E-2-RR Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-RR, B-RR, C-RR, D-RR, E-1-RR, and E-2-RR replacement debt from
Valley Stream Park CLO Ltd./Valley Stream Park CLO LLC, a CLO
managed by Blackstone CLO Management LLC that was originally issued
in Nov. 14, 2022, and underwent a refinancing in October 2023.

The preliminary ratings are based on information as of Nov. 20,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 27, 2024, refinancing date, the proceeds from the
replacement debt will be used to redeem the October 2023 debt. S&P
said, "At that time, we expect to withdraw our ratings on the
October 2023 debt and assign ratings to the replacement debt.
However, if the refinancing doesn't occur, we may affirm our
ratings on the October 2023 debt and withdraw our preliminary
ratings on the replacement debt."

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

-- The replacement class A-RR, B-RR, C-RR, D-RR, E-1-RR, and
E-2-RR debt is expected to be issued at a lower spread over
three-month term SOFR than the original debt.

-- The reinvestment period, non-call period, and weighted average
life test date will be extended two years, and the stated maturity
will be extended by approximately three years.

-- Of the identified underlying collateral obligations, 100.00%
have credit ratings (which may include confidential ratings,
private ratings, and credit estimates) assigned by S&P Global
Ratings.

-- Of the identified underlying collateral obligations, 95.80%
have recovery ratings (which may include confidential and private
ratings) assigned by S&P Global Ratings.

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

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

  Preliminary Ratings Assigned

  Valley Stream Park CLO Ltd./Valley Stream Park CLO LLC

  Class A-RR, $352.00 million: Not rated
  Class B-RR, $66.00 million: AA (sf)
  Class C-RR (deferrable), $33.00 million: A (sf)
  Class D-RR (deferrable), $33.00 million: BBB- (sf)
  Class E-1-RR (deferrable), $20.63 million: BB- (sf)
  Class E-2-RR (deferrable), $1.38 million: BB- (sf)

  Other Debt

  Valley Stream Park CLO Ltd./Valley Stream Park CLO LLC

  Subordinated notes, $45.90 million: Not rated



VENTURE CLO XXVI: Moody's Cuts Rating on $25.7MM Cl. E Notes to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Venture XXVI CLO, Limited:

US$32,550,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C Notes"), Upgraded to Aaa (sf);
previously on January 23, 2024 Upgraded to Aa1 (sf)

US$28,875,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Upgraded to A2 (sf);
previously on January 28, 2022 Upgraded to Baa2 (sf)

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

US$25,700,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Downgraded to B2 (sf); previously
on January 23, 2024 Downgraded to B1 (sf)

Venture XXVI CLO, Limited, originally issued in February 2017
refinanced in January 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 January 2022.

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

RATINGS RATIONALE

The upgrade rating actions on the Class C Notes and Class D Notes
are primarily a result of deleveraging of the senior notes and an
increase in the notes over-collateralization (OC) ratios since
January 2024. The Class A-R Notes have been paid down by
approximately 88% or $159.9 million since that time. Based on
Moody's calculation, the OC ratios for the Class C Notes and Class
D Notes are currently 146.8% and 117.3%, respectively, versus
January 2024 levels of 124.6% and 112.7%, respectively.

The downgrade rating action on the Class E 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 Notes has failed
to satisfy the test level of 104.70% since August 2023 and is
currently at 99.5%. Furthermore, the trustee-reported weighted
average rating factor (WARF) has been deteriorating and the current
level is 3024 [1], compared to 2845 in December 2023[2].

No actions were taken on the Class A-R Notes and Class B-R Notes
because their expected losses remain commensurate with their
current ratings, after taking into account the CLO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

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

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

Performing par and principal proceeds balance: $176,798,944

Defaulted par:  $4,015,265

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3058

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.34%

Weighted Average Coupon (WAC): 8.00%

Weighted Average Recovery Rate (WARR): 45.99%

Weighted Average Life (WAL): 2.40

Par haircut in OC tests and interest diversion test:  5.3%

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.


WELLS FARGO 2015-C26: Fitch Affirms B-sf Rating on Class X-D Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Wells Fargo Commercial
Mortgage Trust 2015-C26 (WFCM 2015-C26), commercial mortgage
pass-through certificates. The Rating Outlooks for classes E, F,
X-C and X-D were revised to Negative from Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
WFCM 2015-C26

   A-4 94989CAX9    LT AAAsf  Affirmed   AAAsf
   A-S 94989CAZ4    LT AAAsf  Affirmed   AAAsf
   A-SB 94989CAY7   LT AAAsf  Affirmed   AAAsf
   B 94989CBC4      LT AAAsf  Affirmed   AAAsf
   C 94989CBD2      LT Asf    Affirmed   Asf
   D 94989CAG6      LT BBB-sf Affirmed   BBB-sf
   E 94989CAJ0      LT BB-sf  Affirmed   BB-sf
   F 94989CAL5      LT B-sf   Affirmed   B-sf
   PEX 94989CBE0    LT Asf    Affirmed   Asf
   X-A 94989CBA8    LT AAAsf  Affirmed   AAAsf
   X-C 94989CAA9    LT BB-sf  Affirmed   BB-sf
   X-D 94989CAC5    LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

Stable Loan Loss Expectations; Near-Term Maturities: Given the
significant near-term maturity concentration of the remaining pool
by February 2025, Fitch's ratings are based on a look-through
analysis to determine expected loan recoveries and losses in order
to assess the outstanding classes' ratings relative to credit
enhancement (CE). The affirmations reflect this analysis in
addition to generally stable loan loss expectations and increased
CE since the prior rating action.

Fitch has identified 10 Fitch Loans of Concern (FLOCs; 26.3% of the
pool balance); there are no loans in special servicing as of the
October 2024 remittance. The Negative Outlooks on classes E, F, X-C
and X-D reflect performance and refinance concerns with the
Broadcom Building (6.8%) and 44 Plaza (5.1%) FLOCs.

Largest FLOCs: The Broadcom Building is the largest loan in the
pool and is designated a FLOC. It is secured by a 201,500-sf office
property located in San Jose, CA. The property was previously
vacant after Broadcom Corporation left in 2018. NIO, an electric
vehicle manufacturer, took occupancy during 2023. The tenant began
to pay rent on its 10-year lease in November 2023 at a rate in line
with the submarket on a triple net lease basis. However, recent
market data indicates the space is available for sublease through
the tenant's lease expiration in 2033. The loan has remained
current. Fitch's 'Bsf' rating case loss of 16% reflects a stressed
value of $108 psf and factors in a heightened probability of
default, primarily driven by uncertainty regarding the loan's
ability to refinance at its upcoming maturity in January 2025.

The second largest FLOC is 44 Plaza, which is secured by a
167,686-sf grocery anchored retail center located in Poughkeepsie,
NY. The largest tenant is Stop & Shop (43% of the NRA, lease
expiration in 2030). The second largest tenant on the rent roll is
Big Lots (19.5%, lease expiration in 2032), which filed for
bankruptcy in September 2024 and closed its store at the property.
The servicer-reported March 2024 NOI DSCR was 0.95x with an
occupancy of 91.7%; excluding Big Lots, occupancy declines to
72.2%. Fitch's analysis factored in a higher probability of default
at the loan's January 2025 maturity given the tenant departure and
low historical cash flow. Fitch's 'Bsf' rating case loss of 32%
reflects a stressed value of $78 psf.

The JW Marriott New Orleans (6.7%) loan, the second largest loan in
the pool, is secured by the fee and leasehold interest in a
496-room full-service luxury hotel located in the French Quarter of
New Orleans, LA. The hotel is located along Canal Street in New
Orleans' Central Business District. Loan performance has rebounded
significantly from pandemic lows in 2020 when the reported YE 2020
NCF was negative. Per the servicer-provided September 2024 STR
report, the TTM occupancy was 67.7%, ADR was $240, and RevPAR was
$163; all metrics are outperforming the property's competitive set.
Pre-pandemic, the 2018 and 2019 RevPAR were $148 and $173,
respectively. This amortizing loan has remained current.

Increased CE: As of the October 2024 distribution date, the pool's
aggregate principal balance has been reduced by 50.1% to $479.7
million from $962.1 million at issuance. Realized losses to date
and interest shortfalls are currently affecting the non-rated class
G. The increased CE is attributed to loan payoffs, amortization and
defeasance. There are 22 loans (25.7%) that are defeased.

Property Type Concentration: Of the remaining pool (excluding
defeased collateral), the largest property type concentrations
consist of the following: 13 retail loans (23.4%), eight
multifamily loans (13.4%), five hotel loans (11.4%), one office
loan (6.8%) and 12 co-operative loans (6.3%).

RATING SENSITIVITIES

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

Downgrades to the 'AAAsf' classes are not likely due to expected
loan payoffs, amortization and non-reliance on FLOCs, but may occur
should interest shortfalls affect these classes.

Downgrades to the 'Asf' and 'BBB-sf' rated classes could occur
should overall pool losses increase significantly and/or more loans
than expected do not refinance at maturity and transfer to special
servicing.

Downgrades to the 'BB-sf' or 'B-sf' classes, which have Negative
Outlooks, could occur should loss expectations increase for the
FLOCs, particularly the Broadcom Building and 44 Plaza loans,
and/or additional loans expected to refinance do not pay off and
default at maturity.

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

Upgrades to the 'Asf' and 'BBBsf' rated classes are not expected,
but may occur with significant loan payoffs and would be limited
based on the sensitivity to concentrations or the potential for
future concentrations. Classes would not be upgraded above 'AA+sf'
if there is a likelihood of interest shortfalls.

Upgrades to the 'BB-sf' or 'B-sf' classes are not likely, but may
occur with significant performance improvement and/or clarity on
refinancing of the Broadcom Building and 44 Plaza loans.

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.
described in the Applicable Criteria.

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.


WOODMONT 2017-2: S&P Assigns Prelim BB- (sf) Rating on E-RR Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-RR, A-2-RR, B-RR, C-RR, D-RR, and E-RR replacement debt from
Woodmont 2017-2 Trust, a CLO originally issued in June 2017 and
refinanced in March 2021 that is managed by MidCap Financial
Services Capital Management LLC.

The preliminary ratings are based on information as of Nov. 18,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

The replacement debt will be issued via a 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 Dec. 18, 2026.

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

-- The legal final maturity dates (for the replacement debt and
the existing certificates) will be extended to Oct. 20, 2036.

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

-- No additional certificates 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
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

  Woodmont 2017-2 Trust

  Class A-1-RR, $580.00 million: AAA (sf)
  Class A-2-RR, $40.00 million: AAA (sf)
  Class B-RR, $60.00 million: AA (sf)
  Class C-RR (deferrable), $80.00 million: A (sf)
  Class D-RR (deferrable), $60.00 million: BBB- (sf)
  Class E-RR (deferrable), $60.00 million: BB- (sf)

  Other Outstanding Debt

  Woodmont 2017-2 Trust

  Certificates, $162.20 million: Not rated



[*] Moody's Takes Action on 12 Bonds From 6 Scratch & Dent Deals
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of eight bonds and
downgraded the ratings of four bonds from six US residential
mortgage-backed transactions (RMBS), backed by scratch and dent
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: Bayview Financial Mortgage Pass-Through Certificates,
Series 2004-D

Cl. B-2, Upgraded to Aa2 (sf); previously on Dec 12, 2023 Upgraded
to B1 (sf)

Issuer: Bayview Financial Mortgage Pass-Through Trust 2006-A

Cl. B-1, Upgraded to Aa1 (sf); previously on Dec 12, 2023 Upgraded
to Baa2 (sf)

Cl. B-2, Upgraded to Aa2 (sf); previously on Dec 12, 2023 Upgraded
to B1 (sf)

Cl. B-3, Upgraded to Caa2 (sf); previously on Jan 25, 2013 Affirmed
C (sf)

Cl. M-4, Upgraded to Aa1 (sf); previously on Dec 12, 2023 Upgraded
to Aa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-RP1

Cl. B-1, Downgraded to Caa1 (sf); previously on Feb 20, 2018
Upgraded to B2 (sf)

Cl. B-2, Downgraded to Caa1 (sf); previously on Dec 12, 2023
Downgraded to B3 (sf)

Cl. M-3, Downgraded to Caa1 (sf); previously on Mar 15, 2017
Upgraded to B1 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-MX1

Cl. A-4, Upgraded to A1 (sf); previously on Dec 12, 2023 Upgraded
to Ba1 (sf)

Cl. M-1, Downgraded to Ca (sf); previously on Jul 18, 2011
Downgraded to Caa3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2007-SHL1

Cl. A, Upgraded to Aaa (sf); previously on Dec 12, 2023 Upgraded to
Baa1 (sf)

Issuer: GSAMP Trust 2006-SD2

Cl. A-3, Upgraded to Aa2 (sf); previously on Dec 12, 2023 Upgraded
to Baa3 (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/or an increase in credit enhancement
available to the bonds. Each of the upgraded bonds has seen strong
growth in credit enhancement since Moody's last review, which is
the key driver for these upgrades. The credit enhancement has been
steadily growing in recent years, including by an average of 13%
for the upgraded tranches over the last 12 months.

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. Moody's also considered the
existence of historical interest shortfalls for some of the bonds.
While some 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 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 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.

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 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 Jumbo FRM, 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: CWABS Asset-Backed Certificates Trust 2004-15

Cl. MF-4, Upgraded to B1 (sf); previously on Dec 20, 2018 Upgraded
to B3 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-9

Cl. MF-2, Downgraded to Caa1 (sf); previously on Dec 20, 2018
Upgraded to B2 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2004-BC5

Cl. M-7, Upgraded to B1 (sf); previously on Jul 17, 2023 Upgraded
to Caa2 (sf)

Cl. M-8, Upgraded to Caa1 (sf); previously on Mar 6, 2013 Affirmed
C (sf)

Issuer: GSR Mortgage Loan Trust 2007-1F

Cl. 2A-4, Downgraded to Caa1 (sf); previously on May 22, 2015
Confirmed at B3 (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 an increase in credit enhancement
available to the bonds. 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 considered changes in levels of credit enhancement
available to the bonds. The downgrade for class 2-A4 from GSR
Mortgage Loan Trust 2007-1F is the result of a decline in credit
enhancement in addition to current and expected principal loss on
the bond. The rating downgrade for class MF-2 from CWABS, Inc.
Asset-Backed Certificates, Series 2004-9 is the result of
outstanding credit interest shortfalls that are unlikely to be
recouped. This bond 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.

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 Methodologies

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

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

Up

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

Down

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

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


[*] Moody's Upgrades Ratings on 16 Bonds from 5 US RMBS Deals
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 16 bonds from five US
residential mortgage-backed transactions (RMBS), backed by Alt-A,
option ARM and subprime mortgages issued by multiple issuers.

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

The complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE7

Cl. I-A-2, Upgraded to Baa1 (sf); previously on Feb 2, 2024
Upgraded to Caa1 (sf)

Cl. II-A-1, Upgraded to A1 (sf); previously on Feb 2, 2024 Upgraded
to Ba1 (sf)

Cl. II-A-2, Upgraded to Baa3 (sf); previously on Feb 2, 2024
Upgraded to Caa3 (sf)

Cl. III-A-1, Upgraded to A1 (sf); previously on Feb 2, 2024
Upgraded to Ba1 (sf)

Cl. III-A-2, Upgraded to Baa3 (sf); previously on Feb 2, 2024
Upgraded to Caa3 (sf)

Issuer: BNC Mortgage Loan Trust 2007-3

Cl. A4, Upgraded to A2 (sf); previously on Jun 1, 2022 Upgraded to
Baa2 (sf)

Cl. A5, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded
to C (sf)

Issuer: Chase Funding Trust, Series 2004-2

Cl. IIA-2, Upgraded to Aa1 (sf); previously on May 14, 2014
Upgraded to Baa1 (sf)

Cl. IIB, Upgraded to Caa1 (sf); previously on Mar 7, 2011
Downgraded to C (sf)

Cl. IIM-1, Upgraded to Baa1 (sf); previously on Mar 3, 2015
Upgraded to B2 (sf)

Cl. IIM-2, Upgraded to B1 (sf); previously on Mar 7, 2011
Downgraded to C (sf)

Cl. IM-1, Upgraded to Aa1 (sf); previously on Jan 11, 2024 Upgraded
to Ba1 (sf)

Cl. IM-2, Upgraded to B1 (sf); previously on Aug 6, 2018 Upgraded
to Ca (sf)

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust, Series 2005-WF1

Cl. II-A-4, Upgraded to Aa1 (sf); previously on Feb 2, 2024
Upgraded to Baa1 (sf)

Cl. II-A-5, Upgraded to Aa1 (sf); previously on Feb 2, 2024
Upgraded to A3 (sf)

Issuer: Structured Adjustable Rate Mortgage Loan Trust 2007-6

Cl. 2-A1, Upgraded to Baa2 (sf); previously on Dec 24, 2018
Upgraded to B2 (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. All but one of the bonds have seen significant growth
in credit enhancement over the past year, which is the key driver
for these upgrades. The credit enhancement has grown, on average,
by 17% for these upgraded tranches over the last 12 months.

Structured Adjustable Rate Mortgage Loan Trust 2007-6, class 2-A1
did not experience growth in credit enhancement over the past year.
However, given the recent collateral trends, Moody's lowered
Moody's expected loss for the transaction, thus, leading to the
upgrade.

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.

Moody's analysis also considered the existence of historical
interest shortfalls for these bonds.

In addition, 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 Upgrades Ratings on 7 Bonds From 4 US RMBS Deals
------------------------------------------------------------
Moody's Ratings has upgraded the ratings of seven bonds from four
US residential mortgage-backed transactions (RMBS), backed by Alt-A
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: ACE Securities Corp. Home Equity Loan Trust, Series
2006-CW1

Cl. A-1, Upgraded to Baa1 (sf); previously on Feb 1, 2019 Upgraded
to B1 (sf)

Issuer: CSFB Home Equity Asset Trust 2006-5

Cl. 1-A-1, Upgraded to A1 (sf); previously on Jan 17, 2024 Upgraded
to Baa3 (sf)

Issuer: Newcastle Mortgage Securities Trust 2007-1

Cl. 2-A-3, Upgraded to A1 (sf); previously on Jan 17, 2024 Upgraded
to Baa1 (sf)

Cl. 2-A-4, Upgraded to A2 (sf); previously on Jan 17, 2024 Upgraded
to Baa2 (sf)

Issuer: Opteum Mortgage Acceptance Corporation Asset Backed
Pass-Through Certificates 2005-5

Cl. I-A1D, Upgraded to A1 (sf); previously on Jan 17, 2024 Upgraded
to A3 (sf)

Cl. I-A2, Upgraded to A2 (sf); previously on Jan 17, 2024 Upgraded
to Baa3 (sf)

Cl. I-APT, Upgraded to A1 (sf); previously on Jan 17, 2024 Upgraded
to A3 (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/or an increase in credit enhancement
available to the bonds. The credit enhancement since 12-months ago
has grown, on average, by 8% for the tranches upgraded. Moody's
analysis also reflects the potential for collateral volatility
given the number of deal-level and macro factors that can impact
collateral performance, and the potential impact of any collateral
volatility on the model output.

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.

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

Principal Methodologies

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

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

Up

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

Down

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

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


[*] Moody's Ups Ratings on 15 Bonds from 6 US RMBS Deals
--------------------------------------------------------
Moody's Ratings has upgraded the ratings of fifteen bonds from six
RMBS transactions, backed by Subprime, Alt-A and Option ARM
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: Aames Mortgage Trust 2002-1

Cl. A-3, Upgraded to A2 (sf); previously on Jan 12, 2024 Upgraded
to Baa2 (sf)

Cl. A-4, Upgraded to Aa3 (sf); previously on Jan 12, 2024 Upgraded
to A2 (sf)

Issuer: Amortizing Residential Collateral Trust Mortgage
Pass-Through Certificates, Series 2001-BC6

Cl. A, Upgraded to Aaa (sf); previously on Feb 16, 2024 Upgraded to
Baa2 (sf)

Cl. M1, Upgraded to B1 (sf); previously on Mar 18, 2011 Downgraded
to Caa3 (sf)

Issuer: HarborView Mortgage Loan Trust 2007-3

Cl. 2A-1A, Upgraded to Ba2 (sf); previously on Jun 28, 2016
Upgraded to B2 (sf)

Issuer: New Century Home Equity Loan Trust 2006-2

Cl. A-1, Upgraded to Aaa (sf); previously on Jan 12, 2024 Upgraded
to A1 (sf)

Cl. A-2b, Upgraded to Baa1 (sf); previously on Jan 12, 2024
Upgraded to Ba1 (sf)

Cl. A-2c, Upgraded to Ba2 (sf); previously on Jan 12, 2024 Upgraded
to B2 (sf)

Issuer: NovaStar Mortgage Funding Trust 2007-2

Cl. A-1A, Upgraded to Aaa (sf); previously on Jan 12, 2024 Upgraded
to A1 (sf)

Cl. A-2B, Upgraded to Aaa (sf); previously on Jan 12, 2024 Upgraded
to Baa2 (sf)

Cl. A-2C, Upgraded to Baa1 (sf); previously on Jan 12, 2024
Upgraded to Caa2 (sf)

Cl. A-2D, Upgraded to Baa2 (sf); previously on Jan 12, 2024
Upgraded to Caa2 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Cl. 1-A5A, Upgraded to Aaa (sf); previously on Jan 11, 2024
Upgraded to A3 (sf)

Cl. 1-A5B, Upgraded to Aaa (sf); previously on Jan 11, 2024
Upgraded to A3 (sf)

Underlying Rating: Upgraded to Aaa (sf); previously on Jan 11, 2024
Upgraded to A3 (sf)

Financial Guarantor: MBIA Insurance Corporation (Downgraded to
Caa2, Outlook Negative on October 03, 2024)

Cl. 1-A6, Upgraded to Aaa (sf); previously on Jan 11, 2024 Upgraded
to A2 (sf)

Underlying Rating: Upgraded to Aaa (sf); previously on Jan 11, 2024
Upgraded to A2 (sf)

Financial Guarantor: MBIA Insurance Corporation (Downgraded to
Caa2, Outlook Negative on October 03, 2024)

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, as well as continued strong
collateral performance in recent years.

The upgrade for Cl. A from Amortizing Residential Collateral Trust
Mortgage Pass-Through Certificates, Series 2001-BC6 reflects the
steady paydown of the tranche, improvement in the collateral pool's
60+ delinquency pipeline from 12.1% in the last rating action to
8.0% in the current review, and growth in credit enhancement of
10.4%. Similarly, the upgrades for Cl. A-2B, Cl. A-2C and Cl. A-2D
from NovaStar Mortgage Funding Trust 2007-2 reflect the steady
paydown and projected pay-off of Cl. A-2B in a sequential-pay
structure and improvement in the Group 2 collateral pool's 60+
delinquency pipeline from 20.6% in last rating action to 16.8% in
the current review. In addition, the subordinate tranche balance
and the deal's overcollateralization have both increased due to
loss recoveries, resulting in an increase of 6.6% in credit
enhancement over the past 12 months.

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.

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.

Moody's also considered the existence of historical interest
shortfalls for some of the bonds. The size and length of the past
shortfalls, as well as the potential for recurrence, were analyzed
as part of the upgrades.  

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 and credit enhancement.

Principal Methodology

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

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

Up

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

Down

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

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


[*] S&P Takes Various Actions on 231 Classes From 73 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 231 ratings from 73 U.S.
RMBS transactions issued between 1997 and 2007. The review yielded
47 upgrades, 16 downgrades, one discontinuance, three withdrawals,
and 164 affirmations.

A list of Affected Ratings can be viewed at:

            https://tinyurl.com/wmthy874

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;

-- Available subordination and/or overcollateralization;

-- Expected duration;

-- A small loan count;

-- Reduced interest payments due to loan modifications;

-- Payment priority;

-- Historical and/or outstanding missed interest payments or
interest shortfalls; and

-- Principal write-downs.

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. Many of these transactions have failed their cumulative
loss triggers, which resulted in a permanent sequential principal
payment mechanism. This prevents credit support from eroding and
limits the affected classes' exposure to losses. As a result, the
upgrades reflect the classes' ability to withstand a higher level
of projected losses than we had previously anticipated. Most of
these classes are also receiving all of the principal payments or
are next in the payment priority when the more senior class pays
down.

The rating affirmations reflect S&P's 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 lowered its ratings on eight classes from five transactions due
to missed interest payments in the transaction and/or to reflect
its assessment of the impact the erosion of credit support had on
the affected classes during recent remittance periods.

S&P said, "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. Five classes from four transactions were
affected in this review.

"In addition, we lowered our ratings on eight classes from five
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 three classes from Structured Asset
Mortgage Investments II Trust 2005-AR5 due to the small number of
loans remaining in the related groups. Once a pool has declined to
a de minimis amount, its future performance becomes more difficult
to project. As such, we believe there is a high degree of credit
instability that is incompatible with any rating level.

"Furthermore, in accordance with our surveillance and withdrawal
policies, we discontinued one rating from one transaction with
missed interest payments during recent remittance periods. We
previously lowered our rating on this class to 'D (sf)' because of
missed interest payments. We view a subsequent upgrade to a rating
higher than 'D (sf)' to be unlikely under the relevant criteria for
this class."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
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Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled.  Assets, for example, reported at historical cost
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than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
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includes links to freely downloadable images of these small-dollar
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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                            *********

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