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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, July 14, 2019, Vol. 23, No. 194

                            Headlines

ASHFORD HOSPITALITY 2018-KEYS: DBRS Confirms B on X-EXT Certs
CALIFORNIA STREET IX: S&P Rates $4MM Class F-R2 Notes 'B- (sf)'
CD MORTGAGE 2017-CD5: Fitch Affirms BB- Rating on Class E Debt
CHC COMMERCIAL 2019-CHC: DBRS Gives (P)B(high) Rating on HRR Certs
CHL MORTGAGE 2005-7: Moody's Lowers Rating on 1-A-2 Debt to Ba3

CITIGROUP COMMERCIAL 2019-PRM: Moody's Gives (P)B2 Rating to F Debt
COMM 2013-CCRE12: Fitch Lowers Class D Certs Rating to B-sf
CONNECTICUT AVENUE 2019-RO4: Fitch Rates 29 Tranches 'B(EXP)'
CSAIL 2019-C16: DBRS Finalizes B(high) Rating on Class G-RR Certs
GERMAN AMERICAN 2016-CD1: Fitch Affirms B-sf Rating on Cl. F Certs

IMSCI 2013-4: Fitch Cuts Rating on Class G Certs to CCCsf
INDEPENDENCE PLAZA 2018-INDP: DBRS Confirms B Rating on HRR Certs
JP MORGAN 2019-5: DBRS Assigns Prov. B Rating on Class B-5 Certs
JP MORGAN 2019-5: DBRS Finalizes B Rating on Class B-5 Certs
LENDMARK FUNDING 2019-1: DBRS Finalizes BB Rating on Class D Notes

MAD MORTGAGE 2017-330M: DBRS Confirms BB Rating on Class E Certs
MORGAN STANLEY 2012-C6: Fitch Affirms Bsf Rating on Class H Certs
MORGAN STANLEY 2014-C18: Fitch Affirms Bsf Rating on Class E Certs
MORGAN STANLEY 2016-BNK2: S&P Affirms BB+ (sf) Rating on E-1 Certs
OAKTREE CLO 2019-3: S&P Assigns Prelim BB- (sf) Rating to E Notes

OBX TRUST 2019-INV2: DBRS Finalizes B Rating on Class B-5 Notes
PRIMA CAPITAL 2019-RK1: DBRS Finalizes B(low) Rating on C-D Certs
REALT 2014-1: Fitch Affirms Bsf Rating on Class G Certs
REGIONAL MANAGEMENT 2018-1: DBRS Confirmed BB on Class D Notes
ROSSLYN PORTFOLIO 2017-ROSS: DBRS Confirms BB Rating on X-CP Certs

SEQUOIA MORTGAGE 2019-CH2: Moody's Gives (P)B1 Rating to B-4 Certs
STARWOOD MORTGAGE 2019-1: S&P Rates Class B-2 Certs 'B (sf)'
STRUCTURED ASSET 2004-AR7: Moody's Lowers Rating on M Debt to B2
WFRBS COMMERCIAL 2012-C9: Fitch Affirms Bsf Rating on Cl. F Certs
WHITEBOX CLO I: S&P Assigns Prelim BB- (sf) Rating to Cl. D Notes


                            *********

ASHFORD HOSPITALITY 2018-KEYS: DBRS Confirms B on X-EXT Certs
-------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-KEYS issued by Ashford
Hospitality Trust 2018-KEYS (the Trust) as follows:

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

All trends are Stable.

The subject transaction is collateralized by six loans, which are
not cross-collateralized. The loans are secured by a total of 34
hotel properties located across 16 states with the largest
concentration by allocated loan balance in California (34.7% of the
allocated loan balance). The hotels are flagged by various brands
owned by Marriott International, Hyatt Hotels Corporation and
Hilton Hotels & Resorts with a combined total room count of 7,270
keys, consisting of 19 full-service hotels with 4,767 keys, ten
select-service hotels with 1,160 keys and five extended-stay hotels
with 893 keys. The loan sponsor is Ashford Hospitality Trust, Inc.,
a well-established owner, and operator of approximately 120 hotel
assets across the United States. The senior mortgage loan proceeds
of $982.0 million, along with the mezzanine debt of $288.2 million,
refinanced existing debt of $1,067.0 million, funded $14.1 million
of upfront reserves and $25.6 million in closing costs as well as
facilitated a $163.4 million cash-equity distribution. The loans
are interest-only (IO) throughout the 24-month initial terms with
five one-year extension options. The sponsor acquired or
constructed the hotels between 1998 and 2015 with most assets
acquired between 2003 and 2007. The sponsor has displayed a
consistent commitment to the subject properties; investing
approximately $227.7 million ($29,256 per key) between 2013 and
2017 with $26.7 million ($3,677 per key) budgeted for 2018.

Overall, DBRS considers the properties to be in established
suburban or peripheral urban areas with generally stable demand
sources. Per the trailing 12-month period ending April 30, 2019,
Smith Travel Research reports, the portfolio reported a
weighted-average (WA) occupancy rate, average daily rate (ADR) and
revenue per available room (RevPAR) of 77.9%, $164.83 and $128.37,
respectively, compared with the issuance rates of 79.1%, $159.73
and $126.35, respectively. On a WA basis, the portfolio has
outperformed its competitive set across occupancy, ADR, and RevPAR
with reported values of 73.4%, $151.62 and $111.50, respectively.
The portfolio's WA occupancy rate exhibited a decline of 1.8% year
over year (YOY) while the competitive set reported a YOY decline of
1.0%. The portfolio ADR reported a YOY increase of 3.2% compared
with the competitive set YOY growth rate of 2.6%. The portfolio
RevPAR reported a YOY increase of 1.3% while the competitive set
reported a YOY increase of 1.5%.

According to the year-end 2018 financials, the portfolio reported a
debt service coverage ratio (DSCR) of 2.59 times (x) compared with
the DBRS Term DSCR of 1.99x, representing a net cash flow growth of
6.3%. The $14.1 million in upfront reserves funded at closing
covered $9.0 million in property tax and replacement reserves while
$5.1 million was allocated toward a property improvement plan (PIP)
reserve. DBRS requested information from the servicer regarding the
status of the mandatory PIP renovations since closing as well as an
updated balance of the PIP reserve and a response is pending.
According to the May 2019 reserve report, the loan reported $16.0
million across all reserves, including approximately $9.9 million
in a furniture, fixtures and equipment reserve and $5.6 million in
other reserves.

Classes X-CP and X-EXT are IO certificates that reference a single
rated tranche or multiple rated tranches. The IO rating mirrors the
lowest-rated applicable reference obligation tranche adjusted
upward by one notch if senior in the waterfall.

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


CALIFORNIA STREET IX: S&P Rates $4MM Class F-R2 Notes 'B- (sf)'
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-R2,
B-1-R2, B-2-R2, C-R2, D-1-R2, D-2-R2, E-R2, and F-R2 replacement
notes from California Street CLO IX L.P., a collateralized loan
obligation managed by Symphony Asset Management LLC (a wholly owned
subsidiary of Nuveen LLC). This is the second refinancing of its
transaction that closed in May 2012; the first refinancing was in
October 2016. The replacement notes are issued via a proposed
supplemental indenture.

S&P said, "We withdrew our ratings on the original class A-R, B-R,
C-R, D-R, and E-R notes following payment in full on the July 5,
2019, refinancing date. At the same time, we assigned our ratings
to the exchangeable note combination notes."

The ratings reflect S&P's opinion that the credit support available
is commensurate with the associated rating levels.

On the July 5, 2019, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the original
notes. Therefore, S&P withdrew its ratings on the original notes in
line with their full redemption, and assigned ratings to the
replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected 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. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

  RATINGS ASSIGNED
  California Street CLO IX L.P./California Street CLO IX LLC

  Class                        Rating        Amount (mil. $)
  X-R2                         AAA (sf)                 6.00
  A-R2(i)                      AAA (sf)               384.00
  B-1-R2(i)                    AA (sf)                 30.00
  B-2-R2(i)                    AA (sf)                 35.20
  C -R2 (deferrable)(i)        A (sf)                  37.00
  D-1-R2 (deferrable)(i)       BBB (sf)                20.00
  D-2-R2 (deferrable)(i)       BBB- (sf)               12.50
  E-R2 (deferrable)(i)         BB- (sf)                23.00
  F-R2 (deferrable)(i)         B- (sf)                  4.00
  Subordinated notes           NR                      66.15

  Exchangeable note combinations(i)
  Class                        Rating         Max. principal
                                           amount (mil. $)
  Combination 1(iv)
    A-1(ii)                    AAA (sf)               384.00
    A-1X(iii)                  AAA (sf)                  N/A
  Combination 2(iv)
    A-2(ii)                    AAA (sf)               384.00
    A-2X(iii)                  AAA (sf)                  N/A
  Combination 3(iv)
    A-3(ii)                    AAA (sf)               384.00
    A-3X(iii)                  AAA (sf)                  N/A
  Combination 4(iv)
    B-1-1(ii)                  AA (sf)                 30.00
    B-1-1X(iii)                AA (sf)                   N/A
  Combination 5(iv)
    B-1-2(ii)                  AA (sf)                 30.00
    B-1-2X(iii)                AA (sf)                   N/A
  Combination 6(iv)
    B-1-3(ii)                  AA (sf)                 30.00
    B-1-3X(iii)                AA (sf)                   N/A
  Combination 7(iv)
    B-2-1(ii)                  AA (sf)                 35.20
    B-2-1X(iii)                AA (sf)                   N/A
  Combination 8(iv)
    B-2-2(ii)                  AA (sf)                 35.20
    B-2-2X(iii)                AA (sf)                   N/A
  Combination 9(iv)
    B-2-3(ii)                  AA (sf)                 35.20
    B-2-3X(iii)                AA (sf)                   N/A
  Combination 10(iv)
    C-1 (deferrable)(ii)       A (sf)                  37.00
    C-1X (deferrable)(iii)     A (sf)                    N/A
  Combination 11(iv)
    C-2 (deferrable)(ii)       A (sf)                  37.00
    C-2X (deferrable)(iii)     A (sf)                    N/A
  Combination 12(iv)
    C-3 (deferrable)(ii)       A (sf)                  37.00
    C-3X (deferrable)(iii)     A (sf)                    N/A
  Combination 13(iv)
    C-4 (deferrable)(ii)       A (sf)                  37.00
    C-4X (deferrable)(iii)     A (sf)                    N/A
  Combination 14(iv)
    D-1-1 (deferrable)(ii)     BBB (sf)                20.00
    D-1-1X (deferrable)(iii)   BBB (sf)                  N/A
  Combination 15(iv)
    D-1-2 (deferrable)(ii)     BBB (sf)                20.00
    D-1-2X (deferrable)(iii)   BBB (sf)                  N/A
  Combination 16(iv)
    D-1-3 (deferrable)(ii)     BBB (sf)                20.00
    D-1-3X (deferrable)(iii)   BBB (sf)                  N/A
  Combination 17(iv)
    D-1-4 (deferrable)(ii)     BBB (sf)                20.00
    D-1-4X (deferrable)(iii)   BBB (sf)                  N/A
  Combination 18(iv)
    D-2-1 (deferrable)(ii)     BBB- (sf)               12.50
    D-2-1X (deferrable)(iii)   BBB- (sf)                 N/A
  Combination 19(iv)
    D-2-2 (deferrable)(ii)     BBB- (sf)               12.50
    D-2-2X (deferrable)(iii)   BBB- (sf)                 N/A
  Combination 20(iv)
    D-2-3 (deferrable)(ii)     BBB- (sf)               12.50
    D-2-3X (deferrable)(iii)   BBB- (sf)                 N/A
  Combination 21(iv)
    D-2-4 (deferrable)(ii)     BBB- (sf)               12.50
    D-2-4X (deferrable)(iii)   BBB- (sf)                 N/A
  Combination 22(iv)
    E-1 (deferrable)(ii)       BB- (sf)                23.00
    E-1X (deferrable)(iii)     BB- (sf)                  N/A
  Combination 23(iv)
    E-2 (deferrable)(ii)       BB- (sf)                23.00
    E-2X (deferrable)(iii)     BB- (sf)                  N/A
  Combination 24(iv)
    E-3 (deferrable)(ii)       BB- (sf)                23.00
    E-3X (deferrable)(iii)     BB- (sf)                  N/A
  Combination 25(iv)
    E-4 (deferrable)(ii)       BB- (sf)                23.00
    E-4X (deferrable)(iii)     BB- (sf)                  N/A
  Combination 26(iv)
    F-1 (deferrable)(ii)       B- (sf)                  4.00
    F-1X (deferrable)(iii)     B- (sf)                   N/A
  Combination 27(iv)
    F-2 (deferrable)(ii)       B- (sf)                  4.00
    F-2X (deferrable)(iii)     B- (sf)                   N/A
  Combination 28(iv)
    F-3 (deferrable)(ii)       B- (sf)                  4.00
    F-3X (deferrable)(iii)     B- (sf)                   N/A
  Combination 29(iv)
    F-4 (deferrable)(ii)       B- (sf)                  4.00
    F-4X (deferrable)(iii)     B- (sf)                   N/A

  RATINGS WITHDRAWN
  California Street CLO IX L.P./California Street CLO IX LLC

                          Rating
  Original class      To          From
  A-R                 NR          AAA (sf)
  B-R                 NR          AA (sf)
  C-R                 NR          A (sf)
  D-R                 NR          BBB (sf)
  E-R                 NR          BB- (sf)

(i)The class A-R2, B-1-R2, B-2-R2, C-R2, D-1-R2, D-2-R2, E-R2 and
F-R2 notes will be exchangeable for proportionate interest in
combinations of principal notes and interest-only notes of the same
class called MASCOT (Modifiable and Splittable/Combinable Tranche)
P&I notes. In aggregate, the cost of debt, outstanding balance,
stated maturity, subordination levels, and payment priority
following such an exchange would remain the same. Reference the
exchangeable note combinations section for combinations.
(ii)MASCOT P&I notes will have the same principal balance as the
class A-R2, B-1-R2, B-2-R2, C-R2, D-1-R2, D-2-R2, E-R2, or F-R2
notes, as applicable, surrendered in such exchange. Any deferred
interest included in the principal amount of any exchangeable notes
of a deferrable class exchanged will be allocated between the
corresponding MASCOT P&I notes and interest-only notes in the
relative amounts such deferred interest would have been allocated
if these notes were issued on the closing date and will be added to
its principal amount or notional amount, as applicable.
(iii)Interest-only notes earn a fixed rate of interest on the
notional balance, and are not entitled to any principal payments.
The notional balance will equal the principal balance of the
corresponding MASCOT P&I note of such combination.
(iv)Applicable combinations will have an aggregate interest rate
equal to that of the exchanged note.
P&I--Principal and interest.
NR--Not rated.
N/A--Not applicable.


CD MORTGAGE 2017-CD5: Fitch Affirms BB- Rating on Class E Debt
--------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of CD 2017-CD5 Mortgage Trust
Series 2017-CD5.

CD 2017-CD5

Class A-1 12515HAW5;  LT AAAsf Affirmed;  previously at AAAsf
Class A-2 12515HAX3;  LT AAAsf  Affirmed;  previously at AAAsf
Class A-3 12515HAY1;  LT AAAsf  Affirmed;  previously at AAAsf
Class A-4 12515HAZ8;  LT AAAsf  Affirmed;  previously at AAAsf
Class A-AB 12515HBA2; LT AAAsf  Affirmed;  previously at AAAsf
Class A-S 12515HBB0;  LT AAAsf  Affirmed;  previously at AAAsf
Class B 12515HBC8;    LT AA-sf  Affirmed;  previously at AA-sf
Class C 12515HBD6;    LT A-sf   Affirmed;  previously at A-sf
Class D 12515HAA3;    LT BBB-sf Affirmed;  previously at BBB-sf
Class E 12515HAC9;    LT BB-sf  Affirmed;  previously at BB-sf
Class F 12515HAE5;    LT B-sf   Affirmed;  previously at B-sf
Class X-A 12515HBJ3;  LT AAAsf  Affirmed;  previously at AAAsf
Class X-B 12515HBK0;  LT A-sf   Affirmed;  previously at A-sf
Class X-D 12515HAQ8;  LT BBB-sf Affirmed;  previously at BBB-sf
Class X-E 12515HBM6;  LT BB-sf  Affirmed;  previously at BB-sf

KEY RATING DRIVERS

Stable Performance & Loss Expectations: The overall pool
performance remains generally stable from issuance with no changes
to Fitch's loss expectations. There are no delinquent or specially
serviced loans and no Fitch Loans of Concern (FLOC). The pool has
four loans (7.05%) on the servicer's watchlist. Of the watchlist
loans, two are currently cash managed due to dark tenants. Although
the loans are cash trapped, none of the watchlist loans are
considered FLOCs.

Limited Amortization; Minimal Changes to Credit Enhancement: As of
the July 2019 distribution date, the pool's aggregate balance has
been reduced by 0.87% to $923.6 million, from $931.6 million at
issuance. The pool is scheduled to amortize by 9.3% of the initial
pool balance by maturity. Thirteen loans (42%) are full-term
interest-only and 22 loans (39.4%) are partial interest-only,
similar to Fitch-rated transactions of its vintage. Of the partial
interest-only loans, six loans (7.07% of the pool) have begun
amortizing.

ADDITIONAL CONSIDERATIONS

Investment-Grade Credit Opinion Loans: Three loans, representing
22.8% of the pool, had investment-grade credit opinions at
issuance. General Motors Building (10.8% of the pool) had an
investment-grade credit opinion of 'AAAsf' on a stand-alone basis,
while 245 Park Avenue (5.5% of the pool) and Olympic Tower (6.5% of
the pool) had investment-grade credit opinions of 'BBB-sf' and
'BBBsf', respectively, on a stand-alone basis.

Significant Hotel Exposure: Loans secured by hotel properties
comprise 22% of the pool, which is above-average concentration
compared to similar vintage transactions.


CHC COMMERCIAL 2019-CHC: DBRS Gives (P)B(high) Rating on HRR Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates to be issued by CHC
Commercial Mortgage Trust 2019-CHC:

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

All trends are Stable.

The Class X-CP balance is notional and based on the aggregate
Certificate Balance of the Class B Portion 2, Class C Portion 2 and
Class D Portion 2 certificates. The Class X-NCP balance is notional
and based on the aggregate Certificate Balance of the Class B,
Class C and Class D certificates. Class HRR represents the Eligible
Horizontal Residual Interest that is to be purchased by a
third-party purchaser. The third-party purchaser of the HRR
certificates is ACREFI Mortgage Lending, LLC, an affiliate of
Apollo Commercial Real Estate Finance, Inc.

The loan is secured by the borrower's fee and leasehold interests
in 156 properties located across 28 states. The geographically
diverse portfolio consists of a variety of medical and
senior-housing-related property types, including Medical Office
Buildings (MOB), Independent Living Facilities (ILF), Assisted
Living Facilities (ALF), Skilled Nursing Facilities (SNF) and
hospital-related properties. The properties fall under three
operating segments: (1) MOB, (2) Triple Net (NNN) Leased and (3)
REIT Investment Diversification and Empowerment Act (RIDEA)
Facilities.

The MOB segment comprises approximately 3.0 million square feet
across 88 buildings in 18 states. Based on the May 1, 2019, rent
rolls, the MOB properties have a total occupancy of 80.1%, which is
in line with historical levels of 80.0% in 2017 and 78.1% in 2018.
The MOB properties benefit from 80 of the 88 buildings being
located on or near a health-care campus or anchored by a
health-care system, which has translated into an especially high
renewal rate of 87.0%. Overall, the performance of the MOB
portfolio has been stable for the past several years.

The NNN Leased segment includes 57 properties that skew toward more
operationally intensive uses. The properties are composed of 37 SNF
facilities, nine hospital/long-term acute-care hospitals and 11 ALF
properties. These 57 properties are leased across 19 individual
leases, composed of either multi-property master leases or
individual leases with a total base rent of $64.8 million. Based on
the operators' trailing 12 months (T-12) ending March 2019 property
financials, the look-through cash flows (EBITDAR) cover the base
rent at 1.22 times (x), which is similar to the 1.20x coverage in
2018 and below the 1.35x coverage in 2017. Weakness, particularly
due to higher expenses in the SNF properties, has caused the
sponsor to reset rents at levels that the properties can support.
In 2019, two leases were restructured lower by a total of nearly
$5.0 million. DBRS took into account the declining EBITDAR trends
and added additional conservatism to the net cash flows (NCFs).
Additionally, DBRS's NCFs for the NNN Leased portfolio are based on
the underlying properties' look-through cash flows rather than the
NNN rent, with relatively high cap rates applied based on the
operating business nature of the properties.

The RIDEA portfolio consists of 11 properties that provide for a
third-party management agreement and allow the landlord (borrower)
to retain the income from the underlying operation without a lease
in place. The 11 properties contain predominately ILF and ALF beds,
which together comprise approximately 86.3% of the beds in the
RIDEA facilities. ILF and ALF properties are generally private pay,
limiting the portfolio's exposure to changes in Medicare in
Medicaid reimbursements. SNF revenue accounted for approximately
16.3% of total RIDEA revenue according to the T-12 ending March
2019 financials. The RIDEA properties experienced a considerable
decline in SNF Medicare reimbursements and SNF private-pay revenue
in 2017 from the prior year, and only a small portion of this
decline was made up through higher Medicaid reimbursements. The
declining trend has continued in 2018 and 2019, albeit at a lower
rate. Memory-care revenue has historically been a minor contributor
to the RIDEA portfolio. However, the Lincolnwood property underwent
an $8.1 million renovation in 2018 and early 2019 and is budgeted
to contribute over $2.0 million of additional revenue to the
portfolio. The RIDEA properties benefit from a higher portion of
private-pay sources; however, DBRS did factor in additional
conservatism in its determination of NCFs.

Mortgage loan proceeds of approximately $1.02 billion, $489.8
million of mezzanine loans and sponsor equity of $146.0 million
will refinance existing debt of $1.62 billion, fund upfront
reserves and pay closing costs. The existing debt is the remaining
portion of a $2.6 billion securitization in 2015, GARH 2015-NRF.
The collateral in that transaction totaled 217 properties, and over
time, the number of properties has decreased due to sales or
releases. The 2015 securitization has performed as agreed.

The DBRS loan-to-value (LTV) based on a weighted average (WA) DBRS
cap rate of 11.72% is 90.8% and supports the last dollar of
mortgage debt rated at B (high). While the DBRS LTV is relatively
high, the DBRS Term Debt Service Coverage Ratio (DSCR) on the
mortgage debt is still quite high at 2.91x, and the DBRS LTV at the
last dollar of investment-grade-rated debt is much lower at 62.3%
through Class D (rated A (low) (sf)). When the $489.8 million of
subordinate mezzanine debt is added to the first mortgage, the DBRS
LTV is much higher at 134.3%. Despite the increase in total
leverage, the DBRS Term DSCR on the entire $1.51 billion financing
package still covers at 1.47x.

The loan collateral consists of the fee and leasehold interest in
156 health-care-related properties located in 28 states. The
properties fall under the following three categories: (1) MOB, (2)
NNN and (3) RIDEA Facilities.

The loan is sponsored by Colony Capital, an international
investment firm that has been active in the real estate industry
since 1991 and was founded concurrently with the acquisition of a
portfolio from Resolution Trust Corporation. Colony Capital's 27
years of investment experience have led to its current real estate
interests being valued at approximately $43.0 billion as of
year-end 2018. The sponsor's health-care portfolio included 413
properties scattered across the United States, consisting of 192
ILFs, 108 MOBs, 99 SNFs, and 14 hospitals as of Q4 2018. The
non-recourse carve out guarantor for the loan is NorthStar
Healthcare JV, LLC, which is required to maintain a minimum net
worth of $300.0 million throughout the loan term, exclusive of the
subject properties.

In aggregate, the WA DBRS cap rate is 11.72%, which results in a
DBRS value of $1,127,726,732 based on the concluded NCF of
$132,170,120. This results in a DBRS LTV of 90.84% on the mortgage
loan and 134.27% on the total debt stack of $1,514,234,681. The
assumed WA DBRS cap rate is significant stress over the appraiser's
WA cap rate of 7.4%.

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


CHL MORTGAGE 2005-7: Moody's Lowers Rating on 1-A-2 Debt to Ba3
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two tranches
from CHL Mortgage Pass-Through Trust 2005-7.

The complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2005-7

Cl. 1-A-1, Downgraded to Baa3 (sf); previously on Sep 27, 2016
Upgraded to Baa1 (sf)

Cl. 1-A-2, Downgraded to Ba3 (sf); previously on Sep 27, 2016
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
the pool. The rating downgrades are due to the weaker performance
of the underlying collateral.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in February 2019.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.7% in June 2019 from 4.0% in June
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2019. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any changes resulting from servicing
transfers, or other policy or regulatory shifts can impact the
performances of these transactions.


CITIGROUP COMMERCIAL 2019-PRM: Moody's Gives (P)B2 Rating to F Debt
-------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to seven
classes of CMBS securities, issued by Citigroup Commercial Mortgage
Trust 2019-PRM, Commercial Mortgage Pass-Through Certificates,
Series 2019-PRM:

  Cl. A, Assigned (P)Aaa (sf)

  Cl. X*, Assigned (P)A2 (sf)

  Cl. B, Assigned (P)Aa3 (sf)

  Cl. C, Assigned (P)A3 (sf)

  Cl. D, Assigned (P)Baa3 (sf)

  Cl. E, Assigned (P)Ba3 (sf)

  Cl. F, Assigned (P)B2 (sf)

  * Reflects interest-only classes

RATINGS RATIONALE

The certificates are collateralized by two loans backed by a first
lien commercial mortgage related to two portfolios of 49, in
aggregate, self-storage properties located across 17 states. The
single borrower underlying the mortgage is comprised of 49
special-purpose bankruptcy-remote entities, each of which is
wholly-owned and controlled, indirectly or directly by Prime Group
Holdings, LLC.

Moody's approach to rating this transaction involved the
application of both its Large Loan and Single Asset/Single Borrower
CMBS methodology and its IO Rating methodology. The rating approach
for securities backed by the portfolio loan 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 considers 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 LTV ratio.

The first mortgage balance of $278,000,000 represents a Moody's LTV
of 105.8%. The Moody's First Mortgage Actual DSCR is 1.86X and
Moody's First Mortgage Actual Stressed DSCR is 0.96X.

Loan collateral is comprised of the borrower's fee interest in 49
self-storage properties in aggregate, with "Portfolio I" containing
11 properties and "Portfolio II" containing 38 properties located
across 22 markets (Portfolio I: 8; Portfolio II: 17) in 17 states
(Portfolio I: 6 states; Portfolio II: 14 states). Approximately
75.9% of the properties by mortgage ALA are located in markets
deemed to be in equilibrium or in under-supply by the 2019
Self-Storage Almanac (Portfolio I: 95.2%; Portfolio II: 70.4%). The
portfolios reported a weighted average physical occupancy rate of
86.1% (Portfolio I: 84.0%; Portfolio II: 86.7%) as a percentage of
net rentable area ("NRA") for the trailing twelve month period
ending April 30, 2019 ("TTM April 2019"). The properties have an
average age of 21.3 years as the collateral improvements were built
at various points between 1945 and 2017. The average age for
Portfolio I is 16.6 years and for Portfolio II it is 21.3 years.

Notable strengths of the transaction include: the benefits of
multiple-property pooling related to a large and granular
portfolio, geographic diversity across major market locations,
strong forecasted market conditions, strong operating performance,
and strong sponsorship and property management.

Notable credit challenges of the transaction include: the high
Moody's LTV compounded by the addition of subordinate debt, the
loan's interest-only mortgage loan profile, the average of the
collateral improvements, the amount of equity that was returned to
the sponsor as part of this financing, and certain credit negative
legal features.

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

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating the interest-only class were "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in
February 2019.

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 its
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.

Moody's analysis considers the following inputs to calculate the
proposed IO rating based on the published methodology: original and
current bond ratings and credit estimates; original and current
bond balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

These ratings: (a) are based solely on information in the public
domain and/or information communicated to Moody's by the issuer at
the date it was prepared and such information has not been
independently verified by Moody's; (b) must be construed solely as
a statement of opinion and not a statement of fact or an offer,
invitation, inducement or recommendation to purchase, sell or hold
any securities or otherwise act in relation to the issuer or any
other entity or in connection with any other matter. Moody's does
not guarantee or make any representation or warranty as to the
correctness of any information, rating or communication relating to
the issuer. Moody's shall not be liable in contract, tort,
statutory duty or otherwise to the issuer or any other third party
for any loss, injury or cost caused to the issuer or any other
third party, in whole or in part, including by any negligence (but
excluding fraud, dishonesty and/or willful misconduct or any other
type of liability that by law cannot be excluded) on the part of,
or any contingency beyond the control of Moody's, or any of its
employees or agents, including any losses arising from or in
connection with the procurement, compilation, analysis,
interpretation, communication, dissemination, or delivery of any
information or rating relating to the issuer.

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.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed and may
have a significant effect on yield to investors.


COMM 2013-CCRE12: Fitch Lowers Class D Certs Rating to B-sf
-----------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed seven classes
of Deutsche Bank Securities, Inc.'s COMM 2013-CCRE12 commercial
mortgage pass-through certificates.

COMM 2013-CCRE12
   
Class A-2   LT AAAsf Affirmed;   previously at AAAsf
Class A-3   LT AAAsf Affirmed;   previously at AAAsf
Class A-4   LT AAAsf Affirmed;   previously at AAAsf
Class A-M   LT AAAsf Affirmed;   previously at AAAsf
Class A-SB  LT AAAsf Affirmed;   previously at AAAsf
Class B     LT Asf   Downgrade;  previously at AA-sf
Class C     LT BBBsf Downgrade;  previously at A-sf
Class D     LT B-sf  Downgrade;  previously at BBB-sf
Class E     LT CCCsf Downgrade;  previously at Bsf
Class F     LT CCCsf Affirmed;   previously at CCCsf
Class PEZ   LT BBBsf Downgrade;  previously at A-sf
Class X-A   LT AAAsf Affirmed;   previously at AAAsf
Class X-B   LT Asf   Downgrade;  previously at AA-sf

KEY RATING DRIVERS

Increased Loss Expectations: The rating downgrades to classes B
through E and the interest only class X-B reflect increased base
case loss expectations for the pool. While much of the pool
continues to perform as expected, Fitch has designated 14 loans
(31.6% of pool) as Fitch Loans of Concern (FLOCs), including eight
specially serviced loans/real estate-owned (REO) assets (10.9%).

High Percentage of Fitch Loans of Concern: The largest FLOC is
secured by 175 West Jackson (14%), a 1.5 million-sf office property
located in the Chicago CBD. The loan was returned to the master
servicer in August 2018 after being assumed by a Brookfield-related
entity. Occupancy at the property has declined substantially since
issuance, and the prior borrower was unwilling to contribute
additional capital toward re-leasing and renovating the property.
Per the December 2018 rent roll, the property was only 63.8%
occupied; however, the new sponsor is expected to invest capital
toward stabilizing the property.

The second largest FLOC is the REO leasehold interest in
Harbourside North (3.6%), a 121,983-sf office property located in
the Georgetown submarket of Washington, D.C. The loan originally
transferred to the special servicer in July 2018 due to occupancy
issues. The loan became REO in March 2019. The servicer is working
toward stabilizing the property before any disposition. As of
February 2019, occupancy was 85.8% after two new leases (16.6% of
NRA) were recently executed. However, concern exists surrounding
the ground rent obligation, which has a significant step-up around
2024.

Other FLOCs include a loan secured by a 208-unit multifamily
property located in Liverpool, NY (2.5%) that has seen declining
cash flow over the past few years and had a servicer-reported YE
2018 NOI DSCR of 1.03x; a loan secured by a student housing
property located in Conway, SC (2.1%) that recently transferred to
special servicing due to delinquent payments, YE 2018 occupancy
fell to 71% from 82% at YE 2016 after new competition came on line;
a loan secured by a hotel located in the Flatiron District of
Manhattan (2%) that is reportedly being operating as housing for
homeless families; a loan secured by a 356,000-sf office property
located in New Orleans, LA that had a March 2019 occupancy of only
59.3%; three REO multifamily properties located in North Dakota
(combined 2%); an REO hotel located in Morgantown, WV (1.3%); loans
secured by a delinquent shopping center located in Elkview, WV that
was closed for a long period due to flood damage (1.2%); an REO
hotel (0.6%) located in Schaumberg, IL; and two performing loans
secured by a poorly performing student housing property located in
Whitewater, WI (0.4%) and a dark Walgreens located in Bel Air, MD
(0.3%).

Increasing Credit Enhancement: As of the June 2019 distribution
date, the pool's aggregate principal balance has been reduced by
13.7% to $1.03 billion from $1.2 billion at issuance from the
payoff of seven loans and ongoing scheduled amortization. The pool
has experienced minimal realized losses of $87,000 since issuance.
All performing loans are now amortizing. Five loans (3% of pool)
have been defeased. No loans are scheduled to mature prior to
2023.

Retail Concentration: Loans secured by retail properties comprise
the highest concentration at 34.1%, followed by office at 29.2% and
multifamily/manufactured housing at 16.3%. Hotels comprise only
5.3% of the pool. Two of the top four loans are secured by regional
mall properties. The Miracle Mile Shops loan (13.9%) is secured by
a 448,835-sf mall located on the Las Vegas Strip at the base of
Planet Hollywood Resort & Casino. Foot traffic to the mall is high,
and tenant sales are healthy at $817 psf (as of TTM March 2019).
The Oglethorpe Mall loan (5.7%) is secured by a 626,966-sf portion
of a regional mall located in Savannah, GA. While the mall is
considered the dominant center in its trade area, tenant sales have
declined over the past few years. YE 2018 comparable in-line sales
were reported at $374 psf compared with $374 psf at YE 2017, $385
psf at YE 2016 and $395 psf at YE 2015. Collateral anchor tenant
sales continued their downward trend. JC Penney reported YE 2018
sales of $122 psf, which were down from $139 psf at YE 2017, $153
psf at YE 2016 and $156 psf at YE 2015. Macy's sales declined to
$90 psf over the same period compared with $102 psf at YE 2017,
$121 psf at YE 2016 and $139 psf at YE 2015.

Alternative Loss Consideration: Fitch is concerned about the
possibility of an outsized loss on the Oglethorpe Mall loan should
performance continue to deteriorate. Fitch performed an additional
sensitivity on the loan that assumed a 25% loss; the Negative
Rating Outlook assigned to class B factors in this scenario.


CONNECTICUT AVENUE 2019-RO4: Fitch Rates 29 Tranches 'B(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Fannie Mae's risk transfer transaction, Connecticut
Avenue Securities Trust, series 2019-R04.

The notes are issued from a bankruptcy remote vehicle and are
subject to the credit and principal payment risk of the mortgage
loan reference pools of certain residential mortgage loans held in
various Fannie Mae-guaranteed MBS. The 'BBB-sf' rating for the 2M-1
notes reflects the 3.65% subordination provided by the 0.77% class
2M-2A, the 0.77% class 2M-2B, the 0.77% class 2M-2C, the 1.10%
class 2B-1 and their corresponding reference tranches as well as
the 0.25% 2B-2H reference tranche.

Connecticut Avenue Securities Trust series 2019-R04 (CAS 2019-R04)
is Fannie Mae's 34th risk transfer transaction issued as part of
the Federal Housing Finance Agency's Conservatorship Strategic Plan
for 2013 to 2019 for each of the government-sponsored enterprises
(GSEs) to demonstrate the viability of multiple types of risk
transfer transactions involving single-family mortgages.

The CAS 2019-R04 transaction includes one loan group that will
consist of loans with loan-to-value (LTV) ratios greater than 80%
and less than or equal to 97%.

This is the fifth risk transfer transaction Fannie Mae is issuing
in which the notes are not general, senior unsecured obligations of
Fannie Mae but are instead issued as a REMIC from a Bankruptcy
Remote Trust. Similarly to the prior transactions; however, the
notes are still subject to the credit and principal payment risk of
a pool of certain residential mortgage loans (reference pool) held
in various Fannie Mae-guaranteed MBS.

While the transaction structure simulates the behavior and credit
risk of traditional RMBS mezzanine and subordinate securities, the
bond payments are not made directly from the reference pool of
loans. Principal payments are made from a release of collateral
deposited into a segregated account as of the closing date.
Interest payments on the bonds are made from a combination of
interest accrued on the eligible investments in the CCA and certain
interest amounts received from the Designated Q-REMIC Interests on
certain designated loans acquired by Fannie Mae during the given
acquisition period. Fannie Mae acts as ultimate backstop with
regard to the portion of interest applicable to LIBOR in the event
the money from earnings on the CCA is insufficient.

Given the structure and counterparty dependence on Fannie Mae,
Fitch's ratings on the 2M-1 and 2M-2 notes will be based on the
lower of: the quality of the mortgage loan reference pool and
credit enhancement (CE) available through subordination, or Fannie
Mae's Issuer Default Rating (IDR). While this transaction reduces
counterparty exposure to Fannie Mae compared with prior
transactions, there is still a reliance on them to cover potential
interest shortfalls or principal losses on eligible investments.
The notes will be issued as uncapped LIBOR-based floaters and carry
a 20-year legal final maturity. This will be an actual loss risk
transfer transaction in which losses borne by the noteholders will
not be based on a fixed loss severity (LS) schedule. The notes in
this transaction will experience losses realized at the time of
liquidation or modification that will include both lost principal
and delinquent or reduced interest.

Under the Federal Housing Finance Regulatory Reform Act, the
Federal Housing Finance Agency (FHFA) must place Fannie Mae into
receivership if it determines that Fannie Mae's assets are less
than its obligations for more than 60 days following the deadline
of its SEC filing, as well as for other reasons. As receiver, FHFA
could repudiate any contract entered into by Fannie Mae if the
termination of such contract would promote an orderly
administration of Fannie Mae's affairs. Fitch believes that the
U.S. government will continue to support Fannie Mae; this is
reflected in Fannie Mae's current rating. However, if at some
point, Fitch observes that support is reduced and receivership
likely, Fannie Mae's ratings could be downgraded and the 2M-1,
2M-2A, 2M-2B and 2M-2C notes' ratings of each group affected.

The 2M-1, 2M-2A, 2M-2B, 2M-2C and 2B-1 notes will be issued as
LIBOR-based floaters. Should the one-month LIBOR rate fall below
the applicable negative LIBOR trigger value described in the
offering memorandum, the interest payment on the interest-only
notes will be capped at the excess of: (i) the interest amount
payable on the related class of exchangeable notes for that payment
date over (ii) the interest amount payable on the class of
floating-rate related combinable and recombinable (RCR) notes
included in the same combination for that payment date. If there
are no floating-rate classes in the related exchange, then the
interest payment on the interest-only notes will be capped at the
aggregate of the interest amounts payable on the classes of RCR
notes included in the same combination that were exchanged for the
specified class of interest-only RCR notes for that payment date.

CAS 2019-R04
   
Debt           Current Rating        Prior Rating
Class 2-J1;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-J2;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-J3;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-J4;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-K1;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-K2;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-K3;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-K4;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-X1;  LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2-X2;  LT BB-sf  New Rating  previously at BB-(EXP)sf

Class 2-X3;  LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2-X4;  LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2-Y1;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-Y2;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-Y3;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2-Y4;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2A-H;  LT NRsf   New Rating  previously at NR(EXP)sf
Class 2A-I1; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2A-I2; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2A-I3; LT BBsf   New Rating  previously at BB(EXP)sf

Class 2A-I4; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2B-1;  LT NRsf   New Rating  previously at NR(EXP)sf
Class 2B-1H; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2B-1X; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2B-1Y; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2B-2H; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2B-I1; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2B-I2; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2B-I3; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2B-I4; LT BB-sf  New Rating  previously at BB-(EXP)sf

Class 2C-I1; LT Bsf    New Rating  previously at B(EXP)sf
Class 2C-I2; LT Bsf    New Rating  previously at B(EXP)sf
Class 2C-I3; LT Bsf    New Rating  previously at B(EXP)sf
Class 2C-I4; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-A1; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2E-A2; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2E-A3; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2E-A4; LT BBsf   New Rating  previously at BB(EXP)sf
Class 2E-B1; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-B2; LT BB-sf  New Rating  previously at BB-(EXP)sf

Class 2E-B3; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-B4; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-C1; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-C2; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-C3; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-C4; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-D1; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-D2; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-D3; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-D4; LT BB-sf  New Rating  previously at BB-(EXP)sf

Class 2E-D5; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2E-F1; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-F2; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-F3; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-F4; LT Bsf    New Rating  previously at B(EXP)sf
Class 2E-F5; LT Bsf    New Rating  previously at B(EXP)sf
Class 2M-1; LT BBB-sf New Rating  previously at BBB-(EXP)sf
Class 2M-1H; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2M-2;  LT Bsf    New Rating  previously at B(EXP)sf
Class 2M-2A; LT BBsf   New Rating  previously at BB(EXP)sf

Class 2M-2B; LT BB-sf  New Rating  previously at BB-(EXP)sf
Class 2M-2C; LT Bsf    New Rating  previously at B(EXP)sf
Class 2M-2X; LT Bsf    New Rating  previously at B(EXP)sf
Class 2M-2Y; LT Bsf    New Rating  previously at B(EXP)sf
Class 2M-AH; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2M-BH; LT NRsf   New Rating  previously at NR(EXP)sf
Class 2M-CH; LT NRsf   New Rating  previously at NR(EXP)sf

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The reference mortgage loan
pool consists of high-quality mortgage loans acquired by Fannie Mae
between May 1, 2018 and Dec. 31, 2018. The reference pool will
consist of loans with loan-to-value (LTV) ratios greater than 80%
and less than or equal to 97%. Overall, the reference pool's
collateral characteristics reflect the strong credit profile of
post-crisis mortgage originations.

Very Low Operational Risk (Positive): Operational risk is well
controlled for this transaction. Fannie Mae is a leader in the
residential mortgage industry and is as assessed as an 'Above
Average' aggregator due to strong seller oversight and risk
management controls. Although multiple entities are performing
primary servicing functions for the loans in the pool, Fannie Mae
maintains robust servicer oversight to mitigate servicer disruption
risk.

HomeReady Exposure (Negative): Approximately 22.2% of the reference
pool was originated under Fannie Mae's HomeReady program; this is
the highest percentage of this type of loan in any Fitch-rated
transaction to date. Fannie Mae's HomeReady program targets low- to
moderate-income homebuyers or buyers in high-cost or
underrepresented communities and provides flexibility for a
borrower's LTV, income, downpayment and mortgage insurance coverage
requirements. Fitch anticipates higher default risk for HomeReady
loans due to measurable attributes (such as FICO, LTV and property
value), which is reflected in increased credit enhancement (CE).

Collateral Drift (Negative): While the credit attributes remain
significantly stronger than any pre-crisis vintage, the CAS credit
attributes are weakening relative to CAS transactions issued
several years ago. Compared with the earlier post-crisis vintages,
this reference pool consists of weaker FICO scores and
debt-to-income (DTI) ratios. The credit migration has been a key
driver of Fitch's rising loss expectations, which have moderately
increased over time.

20-Year Hard Maturity (Negative): The notes have a 20-year legal
final maturity, unlike prior CAS transactions, which have a 12.5
year maturity. Thus, a large majority of the losses on the
reference pool will be passed through to the structure. As a
result, Fitch did not apply a maturity credit to reduce its default
expectations.

Solid Alignment of Interests (Positive): While the transaction is
designed to transfer credit risk to private investors, Fitch
believes that it benefits from a solid alignment of interests.
Fannie Mae will retain credit risk in the transaction by holding
the 2A-H senior reference tranche, which has an initial loss
protection of 4.65%, as well as the first loss 2B-2H reference
tranche, sized at 0.25%. Fannie Mae is also retaining a vertical
slice or interest of at least 5% in each reference tranche (2M-1H,
2M-AH, 2M-BH, 2M-CH and 2B-1H).

Limited Size and Scope of Third-Party Diligence (Neutral): Fitch
received third-party due diligence on a loan production basis, as
opposed to a transaction-specific review. Fitch believes that
regular, periodic third-party reviews (TPRs) conducted on a loan
production basis are sufficient for validating Fannie Mae's QC
processes. Fitch views the results of the due diligence review as
consistent with its opinion of Fannie Mae as an above-average
aggregator; as a result, no adjustments were made to Fitch's loss
expectations based on due diligence.

REMIC Structure (Neutral): This is Fannie Mae's fifth credit risk
transfer transaction being issued as a REMIC from a bankruptcy
remote trust. The change limits the transaction's dependency on
Fannie Mae for payments of principal and interest helping mitigate
potential rating caps in the event of a downgrade of Fannie Mae's
counterparty rating. Under the current structure, Fannie Mae still
acts as a final backstop with regard to payments of LIBOR on the
bonds as well as potential investment losses of principal. As a
result, ratings may still be limited in the future by Fannie Mae's
rating but to a lesser extent than in previous transactions as
there are now other recourses for investors for payments.



CSAIL 2019-C16: DBRS Finalizes B(high) Rating on Class G-RR Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2019-C16 issued by CSAIL 2019-C16 Commercial Mortgage Trust:

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

All trends are Stable.

The collateral consists of 47 fixed-rate loans secured by 83
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. Two loans in the pool,
accounting for 10.2% of the pool, are shadow-rated investment grade
by DBRS. The conduit pool was analyzed to determine the provisional
ratings, reflecting the long-term probability of loan default
within the term and its liquidity at maturity. When the cut-off
loan balances were measured against the DBRS Stabilized Net Cash
Flow and their respective actual constants, none of the loans had a
DBRS Term Debt Service Coverage Ratio (DSCR) below 1.15 times (x),
a threshold indicative of a higher likelihood of mid-term default.
The weighted-average (WA) loan-to-value (LTV) ratio of the pool was
61.4% with a WA of 56.8% at maturity.

Seven loans, representing 22.3% of the pool, are secured by
properties that are located in areas with a market rank of 7 or 8,
which are characterized as highly dense, urbanized areas. These
areas tend to have increased liquidity that benefits from
consistent investor demand, even in times of stress. All seven of
the properties are located in the New York City area. In addition,
13 loans, which account for 32.7% of the pool, have an at-issuance
LTV of less than 60.0%. Historical data generally demonstrates that
loans with lower LTVs at issuance have a lower probability of
default. Two loans, representing 10.2% of the pool, 3 Columbus
Circle and 787 Eleventh Avenue, exhibit credit characteristics
consistent with investment-grade shadow ratings. 3 Columbus Circle
exhibits credit characteristics consistent with a BBB (high) shadow
rating and 787 Eleventh Avenue exhibits credit characteristics
consistent with an A (low) shadow rating. Seven loans, which
account for 19.4% of the pool and 22.8% of the DBRS sample, are
considered to have Above Average or Average (+) property quality
based on physical attributes and/or a desirable location within
their respective markets.

Eight loans, which represent 12.4% of the pool, are secured by
single-tenant properties. The largest of these loans is the
headquarters of Darden Restaurants, Inc., a multi-brand restaurant
operator headquartered in Orlando, Florida, representing 3.8% of
the pool balance and 30.7% of the single-tenant concentration. Four
of the properties are secured by free-standing fitness centers.
Loans secured by properties occupied by single tenants are seen to
be more exposed to event risk around their single tenant compared
with properties with more diversified rent rolls.

No properties were considered to be Below Average or Average (-)
property quality. Higher-quality properties are more likely to
retain existing tenants/guests and more easily attract new
tenants/guests, resulting in more stable performance.

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


GERMAN AMERICAN 2016-CD1: Fitch Affirms B-sf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of German American Capital
Corp.'s CD Mortgage Securities Trust 2016-CD1 commercial mortgage
pass-through certificates.

CD 2016-CD1

Class A-1    LT AAAsf  Affirmed;   previously at AAAsf
Class A-2    LT AAAsf  Affirmed;   previously at AAAsf
Class A-3    LT AAAsf  Affirmed;   previously at AAAsf
Class A-4    LT AAAsf  Affirmed;   previously at AAAsf
Class A-M    LT AAAsf  Affirmed;   previously at AAAsf
Class A-SB   LT AAAsf  Affirmed;   previously at AAAsf
Class B      LT AA-sf  Affirmed;   previously at AA-sf
Class C      LT A-sf   Affirmed;   previously at A-sf
Class D      LT BBB-sf Affirmed;   previously at BBB-sf
Class E      LT BB-sf  Affirmed;   previously at BB-sf
Class F      LT B-sf   Affirmed;   previously at B-sf
Class X-A    LT AAAsf  Affirmed;   previously at AAAsf
Class X-B    LT A-sf   Affirmed;   previously at A-sf
Class X-C    LT BBB-sf Affirmed;   previously at BBB-sf
Class X-D    LT BB-sf  Affirmed;   previously at BB-sf
Class X-E    LT B-sf   Affirmed;   previously at B-sf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The affirmations are
based on the overall stable performance and loss expectations of
the pool with no material changes to pool metrics since issuance.
As of the June 2019 remittance, all loans remain current and there
are no specially servied loans. Two loans have been identified as
Fitch Loans of Concern (2.4% of the pool), due to NOI declines
and/or lower debt service coverage ratio (DSCR) since issuance,
however Fitch does not view either to be in immediate danger of
default.

Minimal Change to Credit Enhancement: As of the June 2019
distribution date, the pool's aggregate balance has been reduced by
1.9% to $690.2 million from $703.2 million at issuance. All 32 of
the original loans remain outstanding. Based on the loans'
scheduled maturity balances, the pool is expected to amortize 11.1%
during the term. Five loans (34.5% of the pool balance) are full
term, interest-only and 11 loans loans (35.3%) have a partial-term,
interest-only component.

Concentrated Pool: The pool is concentrated by loan size with only
32 loans. The top 10 loans represent 66.7% of the pool balance and
the top 15 loans represent 80.7% of the pool balance. The pool is
also concentrated by property type, with office making up 41.6% of
the collateral balance. The next two property types with the
highest concentrations are mixed-use (19.4%) and retail (18.0%).

Investment-Grade Credit Opinion Loans: Four loans (28% of the pool)
in the top 15 were assigned investment-grade credit opinions at
issuance. These include 10 Hudson Yards (9.4%), Westfield San
Francisco Centre (8.7%), Gas Company Tower & World Center Parking
Garage (5.8%) and Vertex Pharmaceuticals HQ (4.4%) recieved stand
alone credit opinions of 'BBBsf', 'Asf', 'Asf' and 'BBB-sf',
respectively. The credit characteristics in place for these loans
at issuance continue to remain in place.


IMSCI 2013-4: Fitch Cuts Rating on Class G Certs to CCCsf
---------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed seven classes
of Institutional Mortgage Securities Canada Inc.'s (IMSCI)
Commercial Mortgage Pass-Through Certificates series 2013-4.

IMSCI 2013-4

Class A-1 45779BBT5; LT AAAsf   Affirmed;  previously at AAAsf
Class A-2 45779BBU2; LT AAAsf   Affirmed;  previously at AAAsf
Class B 45779BBW8;   LT AAsf    Affirmed;  previously at AAsf
Class C 45779BBX6;   LT Asf     Affirmed;  previously at Asf
Class D 45779BBY4;   LT BBBsf   Affirmed;  previously at BBBsf
Class E 45779BBZ1;   LT BBB-sf  Affirmed;  previously at BBB-sf
Class F 45779BBH1;   LT BBsf    Affirmed;  previously at BBsf
Class G 45779BBJ7;   LT CCCsf   Downgrade; previously at Bsf

KEY RATING DRIVERS

Increasing Loss Expectations: Loss expectations have increased
since issuance as a result of collateral underperformance of
several loans in the pool including four Fitch Loans of Concern
(FLOCs) that account for 27.4% of pool balance. While this number
has increased from issuance, this is somewhat mitigated by several
factors. These include increased credit enhancement, low historical
delinquency and loss rates associated with Canadian CMBS loans and
a strong lending environment. Additionally, all of the FLOCs are
structured with recourse and the sponsors have continued to fund
debt service shortfalls.

Improved Credit Enhancement: Credit enhancement has improved since
issuance due to loan amortization and payoffs. The pool has paid
down approximately 40.5% since issuance. In addition, one loan
(6.5%) is defeased. Credit enhancement will continue to improve
given above-average amortization with the loans in the pool
scheduled to amortize 18.9% by maturity.

Pool Concentration: The pool has become concentrated, with only 17
of the original 29 loans remaining when accounting for
cross-collateralized and cross-defaulted loans.

Energy Market Concentration: Three loans totaling 17.1% of the pool
have experienced substantial performance declines as a result of a
sustained decline in oil and gas prices. These loans all have
exhibited DSCR of 1.00x or below as of last financial reporting and
include Nelson Ridge (9.5%) in Fort McMurray, AB, Franklin Suites
(4.5%) in Fort McMurray, AB, and HMA Apartments (3.0%) in Fort St.
John, BC. Nelson Ridge was unable to refinance at maturity and was
extended until 2021. HMA Apartments has been given a short-term
extension while the sponsor attempts to pay off the loan. Franklin
Suites matures in 2023.

Alternative Loss Considerations: Fitch ran a sensitivity test
wherein it modeled additional losses on two FLOCs, Nelson Ridge
(9.5%) and Franklin Suites (3.6%). The sensitivity test assumed a
50% loss on both loans to address performance declines related to
the decline in oil and gas prices given they are located in Fort
McMurray, AB. Although both loans have recourse to the sponsor,
losses were assumed in this scenario as both the property
performance and the guarantor's financial profile continue to
decline. The Negative Outlooks on classes E, F, and G reflect this
analysis.


INDEPENDENCE PLAZA 2018-INDP: DBRS Confirms B Rating on HRR Certs
-----------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2018-INDP issued by Independence
Plaza Trust 2018-INDP as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which closed in June 2018 and consists of a $675.0
million seven-year interest-only (IO) fixed-rate loan, secured by a
1.5 million-square-foot (sf) mixed-use residential and commercial
complex located in Manhattan's Tribeca neighborhood. The collateral
consists of three 39-story apartment towers and connecting
townhomes, totaling 1,328 units (1.2 million sf), in addition to
300,000 sf of commercial space. According to YE2018 financials, the
debt service coverage ratio (DSCR) was 1.35 times (x) compared with
the DBRS Term DSCR derived at issuance of 1.49x. The slightly
depressed YE2018 DSCR is reflective of an 11.3% decrease in net
cash flow (NCF) over the DBRS NCF figure derived at issuance,
primarily due to the increase in management fees and operating
expenses related to payroll and benefits.

The property was originally built in 1975 under the Mitchell-Lama
Housing Program of New York State, an affordable-housing initiative
for lower- and middle-income families. The property exited the
program in June 2004, at which time the borrower offered the
Landlord Assistance Program to any tenants not qualifying for the
Section 8: Enhanced Vouchers program. Management has been able to
increase value by renovating rent-regulated apartments that are
vacated and re-leasing them at market rents following a significant
renovation. The borrower intends to continue this strategy as units
turn over. As of the December 2018 rent roll, the residential
portion of the property was 96.6% occupied at an average rental
rate of $4,590 per unit. According to the Q1 2019 Reis market
report, the average asking rent for the West Village/Downtown New
York Metro submarket is $4,631 per unit with an average vacancy
rate of 3.3%, in line with the subject property.

According to the March 2018 rent roll (most recent on file with
DBRS), the commercial portion of the property was 95.6% occupied at
an average rental rate of $22.73 per square foot (psf). Patriot
Parking Inc., the largest commercial tenant, representing 75.6% of
the commercial net rentable area (NRA), leases the entire 550-space
parking garage through August 2024 at a rental rate of $18.83 psf.
According to online searches conducted by DBRS, it appears Best
Market (7.3% of the commercial NRA) vacated upon its September 2018
lease expiration and Public School 150 (6.2% of the commercial NRA)
will be vacating upon its July 2019 lease expiration. The borrower
plans to spend $5.6 million to renovate these two retail units,
which is expected to allow for an increase in current rents to
approximately $200 psf from $22.70 psf.

Classes X-CP, X-NCP, X-ECP, and X-ENP are IO certificates that
reference a single rated tranche or multiple rated tranches. The IO
rating mirrors the lowest-rated applicable reference obligation
tranche adjusted upward by one notch if senior in the waterfall.

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


JP MORGAN 2019-5: DBRS Assigns Prov. B Rating on Class B-5 Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2019-5 (the Certificates) to be
issued by J.P. Morgan Mortgage Trust 2019-5:

-- $598.2 million Class A-1 at AAA (sf)
-- $560.1 million Class A-2 at AAA (sf)
-- $515.2 million Class A-3 at AAA (sf)
-- $386.4 million Class A-4 at AAA (sf)
-- $128.8 million Class A-5 at AAA (sf)
-- $303.9 million Class A-6 at AAA (sf)
-- $211.4 million Class A-7 at AAA (sf)
-- $82.6 million Class A-8 at AAA (sf)
-- $90.0 million Class A-9 at AAA (sf)
-- $38.8 million Class A-10 at AAA (sf)
-- $44.8 million Class A-11 at AAA (sf)
-- $44.8 million Class A-11-X at AAA (sf)
-- $44.8 million Class A-12 at AAA (sf)
-- $44.8 million Class A-13 at AAA (sf)
-- $38.2 million Class A-14 at AAA (sf)
-- $38.2 million Class A-15 at AAA (sf)
-- $550.4 million Class A-16 at AAA (sf)
-- $47.9 million Class A-17 at AAA (sf)
-- $598.2 million Class A-X-1 at AAA (sf)
-- $598.2 million Class A-X-2 at AAA (sf)
-- $44.8 million Class A-X-3 at AAA (sf)
-- $38.2 million Class A-X-4 at AAA (sf)
-- $6.4 million Class B-1 at AA (sf)
-- $13.4 million Class B-2 at A (sf)
-- $8.6 million Class B-3 at BBB (sf)
-- $4.5 million Class B-4 at BB (sf)
-- $1.3 million Class B-5 at B (sf)

Classes A-X-1, A-X-2, A-X-3, A-X-4 and A-11-X are interest-only
notes. The class balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-12, A-13, A-14, A-16, A-17,
A-X-2 and A-X-3 are exchangeable certificates. These classes can be
exchanged for a combination of depositable certificates as
specified in the offering documents.

Classes A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12
and A-13 are super-senior certificates. These classes benefit from
additional protection from the senior support certificates (Classes
A-14 and A-15) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect the 6.00% of
credit enhancement provided by subordinated certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 5.00%, 2.90%, 1.55%, 0.85% and 0.65% of credit enhancement,
respectively.

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

The Certificates are backed by 923 loans with a total principal
balance of $636,423,931 as of the Cut-Off Date (June 1, 2019).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of up to 30 years. Approximately 36.4%
of the loans in the pool are conforming mortgage loans
predominantly originated by Quicken Loans Inc. (Quicken) and
JPMorgan Chase Bank, N.A. (JPMCB; rated AA with a Stable trend by
DBRS), which were eligible for purchase by Fannie Mae or Freddie
Mac. JPMCB generally delegates conforming loan underwriting
authority to correspondent lenders and does not subsequently review
those loans. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section of the
related presale report.

The originators for the aggregate mortgage pool are United Shore
Financial Services, LLC doing business as United Wholesale Mortgage
and Shore Mortgage (45.9%), Quicken (31.4%), JPMCB (7.6%) and
various other originators, each comprising less than 5.0% of the
mortgage loans. Approximately 2.4% of the loans sold to the
mortgage loan seller were acquired by MAXEX Clearing LLC, which
purchased such loans from the related originators or an
unaffiliated third party that directly or indirectly purchased such
loans from the related originators.

The mortgage loans will be serviced or sub-serviced by Shellpoint
Mortgage Servicing, LLC (SMS; 61.6%), Quicken (26.7%), JPMCB (7.6%)
and various other services, each comprising less than 5.0% of the
mortgage loans. Servicing will be transferred to JPMCB from SMS on
the servicing transfer date (August 1, 2019, or a later date) as
determined by the issuing entity and JPMCB. For this transaction,
the servicing fee payable for mortgage loans serviced by JPMCB and
SMS (which will be subsequently serviced by JPMCB) is composed of
three separate components: the aggregate base servicing fee, the
aggregate delinquent servicing fee, and the aggregate additional
servicing fee. These fees vary based on the delinquency status of
the related loan and will be paid from interest collections before
distribution to the securities.

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by DBRS) will act as
Securities Administrator and Delaware Trustee. JPMCB and Wells
Fargo Bank, N.A. (rated AA with a Stable trend by DBRS) will act as
Custodians. Pentalpha Surveillance LLC will serve as the
representations and warranties (R&W) Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a pre-crisis structure.

The ratings reflect transactional strengths that include
high-quality underlying assets, well-qualified borrowers and a
satisfactory third-party due diligence review.

This transaction employs an R&W framework that contains certain
weaknesses, such as materiality factors, some unrated R&W
providers, knowledge qualifiers and sunset provisions that allow
for certain R&Ws to expire within three to six years after the
Closing Date. The framework is perceived by DBRS to be limiting
compared with traditional lifetime R&W standards in certain
DBRS-rated securitizations. To capture the perceived weaknesses in
the R&W framework, DBRS reduced the originator scores in this pool.
A lower originator score results in increased default and loss
assumptions and provides additional cushions for the rated
securities.

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


JP MORGAN 2019-5: DBRS Finalizes B Rating on Class B-5 Certs
------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2019-5 (the
Certificates) issued by J.P. Morgan Mortgage Trust 2019-5:

-- $598.2 million Class A-1 at AAA (sf)
-- $560.1 million Class A-2 at AAA (sf)
-- $515.2 million Class A-3 at AAA (sf)
-- $386.4 million Class A-4 at AAA (sf)
-- $128.8 million Class A-5 at AAA (sf)
-- $303.9 million Class A-6 at AAA (sf)
-- $211.4 million Class A-7 at AAA (sf)
-- $82.6 million Class A-8 at AAA (sf)
-- $90.0 million Class A-9 at AAA (sf)
-- $38.8 million Class A-10 at AAA (sf)
-- $44.8 million Class A-11 at AAA (sf)
-- $44.8 million Class A-11-X at AAA (sf)
-- $44.8 million Class A-12 at AAA (sf)
-- $44.8 million Class A-13 at AAA (sf)
-- $38.2 million Class A-14 at AAA (sf)
-- $38.2 million Class A-15 at AAA (sf)
-- $550.4 million Class A-16 at AAA (sf)
-- $47.9 million Class A-17 at AAA (sf)
-- $598.2 million Class A-X-1 at AAA (sf)
-- $598.2 million Class A-X-2 at AAA (sf)
-- $44.8 million Class A-X-3 at AAA (sf)
-- $38.2 million Class A-X-4 at AAA (sf)
-- $6.4 million Class B-1 at AA (sf)
-- $13.4 million Class B-2 at A (sf)
-- $8.6 million Class B-3 at BBB (sf)
-- $4.5 million Class B-4 at BB (sf)
-- $1.3 million Class B-5 at B (sf)

Classes A-X-1, A-X-2, A-X-3, A-X-4 and A-11-X are interest-only
notes. The class balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-12, A-13, A-14, A-16, A-17,
A-X-2 and A-X-3 are exchangeable certificates. These classes can be
exchanged for a combination of depositable certificates as
specified in the offering documents.

Classes A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12
and A-13 are super-senior certificates. These classes benefit from
additional protection from the senior support certificates (Classes
A-14 and A-15) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect the 6.00% of
credit enhancement provided by subordinated certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 5.00%, 2.90%, 1.55%, 0.85% and 0.65% of credit enhancement,
respectively.

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

The Certificates are backed by 923 loans with a total principal
balance of $636,423,931 as of the Cut-Off Date (June 1, 2019).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years. Approximately 36.4% of the
loans in the pool are conforming mortgage loans predominantly
originated by Quicken Loans Inc. (Quicken) and JPMorgan Chase Bank,
N.A. (JPMCB; rated AA with a Stable trend by DBRS), which were
eligible for purchase by Fannie Mae or Freddie Mac. JPMCB generally
delegates conforming loan underwriting authority to correspondent
lenders and does not subsequently review those loans. Details on
the underwriting of conforming loans can be found in the Key
Probability of Default Drivers section of the related presale
report.

The originators for the aggregate mortgage pool are United Shore
Financial Services, LLC doing business as (dba) United Wholesale
Mortgage and Shore Mortgage (45.9%), Quicken (31.4%), JPMCB (7.6%)
and various other originators, each comprising less than 5.0% of
the mortgage loans. Approximately 2.4% of the loans sold to the
mortgage loan seller were acquired by MAXEX Clearing LLC, which
purchased such loans from the related originators or an
unaffiliated third party that directly or indirectly purchased such
loans from the related originators.

The mortgage loans will be serviced or sub-serviced by NewRez LLC,
formerly known as New Penn Financial, LLC dba Shellpoint Mortgage
Servicing, LLC (SMS; 61.6%), Quicken (26.7%), JPMCB (7.6%) and
various other services, each comprising less than 5.0% of the
mortgage loans. Servicing will be transferred to JPMCB from SMS on
the servicing transfer date (August 1, 2019, or a later date) as
determined by the issuing entity and JPMCB. For this transaction,
the servicing fee payable for mortgage loans serviced by JPMCB and
SMS (which will be subsequently serviced by JPMCB) is composed of
three separate components: the aggregate base servicing fee, the
aggregate delinquent servicing fee, and the aggregate additional
servicing fee. These fees vary based on the delinquency status of
the related loan and will be paid from interest collections before
distribution to the securities.

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by DBRS) will act as
Securities Administrator and Delaware Trustee. JPMCB and Wells
Fargo Bank, N.A. (rated AA with a Stable trend by DBRS) will act as
Custodians. Pentalpha Surveillance LLC will serve as the
representations and warranties (R&W) Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a pre-crisis structure.

The ratings reflect transactional strengths that include
high-quality underlying assets, well-qualified borrowers and a
satisfactory third-party due diligence review.

This transaction employs an R&W framework that contains certain
weaknesses, such as materiality factors, some unrated R&W
providers, knowledge qualifiers and sunset provisions that allow
for certain R&Ws to expire within three to six years after the
Closing Date. The framework is perceived by DBRS to be limiting
compared with traditional lifetime R&W standards in certain
DBRS-rated securitizations. To capture the perceived weaknesses in
the R&W framework, DBRS reduced the originator scores in this pool.
A lower originator score results in increased default and loss
assumptions and provides additional cushions for the rated
securities.

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


LENDMARK FUNDING 2019-1: DBRS Finalizes BB Rating on Class D Notes
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following notes
issued by Lendmark Funding Trust 2019-1 (Series 2019-1):

-- $278,720,000 Series 2019-1, Class A rated AA (sf)
-- $21,019,000 Series 2019-1, Class B rated A (sf)
-- $32,898,000 Series 2019-1, Class C rated BBB (low) (sf)
-- $17,363,000 Series 2019-1, Class D rated BB (sf)

RATING RATIONALE/DESCRIPTION

  -- The transaction's capital structure, proposed ratings and
     form and sufficiency of available credit enhancement.

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

  -- Lendmark Financial Services, LLC's (Lendmark) capabilities
     with regard to originations, underwriting, and servicing.

  -- The credit quality of the collateral and performance of
     Lendmark's consumer loan portfolio. DBRS has used a hybrid
     approach in analyzing the Lendmark portfolio that
     incorporates elements of static pool analysis, (employed
     for assets such as consumer loans) and revolving asset
     analysis (employed for assets such as credit card master
     trusts).

  -- The legal structure and presence of legal opinions that
     address the true sale of the assets to the issuer, the
     non-consolidation of the special-purpose vehicle with
     Lendmark and that the trust has a valid first-priority
     security interest in the assets and is consistent with
     DBRS's "Legal Criteria for U.S. Structured Finance."

The Series 2019-1 transaction represents the seventh securitization
of a portfolio of non-prime and subprime personal loans originated
through Lendmark's branch network.

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


MAD MORTGAGE 2017-330M: DBRS Confirms BB Rating on Class E Certs
----------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2017-330M issued by MAD Mortgage
Trust 2017-330M as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The loan is interest-only over its seven-year term
and is collateralized by the fee and leasehold interests in an
849,372-square-foot (sf) Class A Leadership in Energy and
Environmental Design Gold office property located at 330 Madison
Avenue in Midtown Manhattan, New York.

The subject property is located one block west of Grand Central
Terminal and two blocks east of Bryant Park on the corner of
Madison Avenue and 42nd Street. The 39-story building was
originally constructed in 1965 and has a progressive, tiered floor
design with the largest floor plates (approximately 42,000 sf) on
Floors 2 through 12, various setbacks on Floors 13 through 21 and
the smallest floor plates (approximately 9,700 sf) on Floors 22
through 39, making it a great fit for smaller boutique firms. In
2014, the sponsor-funded a $121.0 million award-winning renovation
and reposition, which included a completely new exterior glass
facade and reconfiguration/modernization of the lobby.
Post-renovation, the sponsor executed over 600,000 sf of new and
renewal leases.

Recent news reports have stated that Vornado (25.0% ownership
interest) is in the process of selling its minority interest to the
majority interest holder, Abu Dhabi Investment Authority (ADIA), as
part of a transaction set to close in Q3 2019. According to a June
11, 2019, article by “The Real Deal,” the deal implies a total
value for the asset of $900.0 million, down from the as-is
appraised value at issuance of $950.0 million, with Vornado
expected to cash out $100.0 million as part of the transaction.
DBRS has requested the terms of the transaction, and the servicer
has advised that, as of June 2019, a notice of permitted transfer
has not been received. ADIA has held an ownership interest in the
property for over 30 years and is one of the largest sovereign
wealth funds in the world, with an estimated $700 billion in assets
under management.

According to the April 2019 rent roll, the property was 94.5%
occupied, with an average gross rental rate of $85.62 per square
foot (psf) compared with the issuance occupancy rate of 95.3% and
base rent of $76.05 psf. The DBRS Base Rent at issuance was $71.81
psf. The ground-floor retail portion and office portion had an
average rental rate of $291.46 psf and $73.42 psf, respectively.
The three largest tenants, representing 51.2% of the net rentable
area (NRA), are Guggenheim Partners (28.2% of the NRA; lease
expiration of March 2028); HSBC Bank USA, N.A. (13.3% of the NRA;
lease expiration of April 2020); and Jones Lang Lasalle, Inc. (9.8%
of the NRA; lease expiration of November 2021). The subject
property serves as Guggenheim Partners' headquarters. The
fourth-largest tenant, Point72 Asset Management, L.P. (8.7% of the
NRA), announced plans to consolidate its offices into the new 55
Hudson Yards development and will likely vacate the subject at its
lease expirations in 2020 and 2021.

According to Q1 2019 Reis data, the Grand Central submarket
reported a vacancy rate of 7.9% and average gross rent of $79.74
psf across all office properties. The five-year average vacancy
rate was 8.8%, and asking rents are expected to grow by 3.3% within
the next five years. The loan was structured with a leasing reserve
funded monthly, with a balance of $1.4 million reported for June
2019.

As at YE2018, the servicer reported a debt service coverage ratio
(DSCR) for the loan of 2.30 times (x), which is a 2.4% increase
from the DBRS Term DSCR of 2.25x. According to the April 2019 rent
roll, rent abatements have generally burned off since issuance.
There was an upfront reserve in the amount of $3.4 million
collected at issuance to fund these free-rent periods, and the June
2019 reporting confirms those funds have been fully disbursed.
There is one remaining tenant, Park Agency, Inc., which represents
less than a percent of the NRA on a five-year lease commencing in
April 2019 that is currently in a free-rent period for an
unspecified period.

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


MORGAN STANLEY 2012-C6: Fitch Affirms Bsf Rating on Class H Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 12 classes from Morgan Stanley Capital
I, Inc. MSBAM 2012-C6 commercial mortgage pass-through
certificates.

MSBAM 2012-C6

Class A-4 61761DAD4; LT AAAsf  Affirmed;  previously at AAAsf
Class A-S 61761DAE2; LT AAAsf  Affirmed;  previously at AAAsf
Class B 61761DAF9;   LT AAsf   Affirmed;  previously at AAsf
Class C 61761DAH5;   LT Asf    Affirmed;  previously at Asf
Class D 61761DAQ5;   LT BBB+sf Affirmed;  previously at BBB+sf
Class E 61761DAS1;   LT BBB-sf Affirmed;  previously at BBB-sf
Class F 61761DAU6;   LT BBB-sf Affirmed;  previously at BBB-sf
Class G 61761DAW2;   LT BBsf   Affirmed;  previously at BBsf
Class H 61761DAY8;   LT Bsf    Affirmed;  previously at Bsf
Class PST 61761DAG7; LT Asf    Affirmed;  previously at Asf
Class X-A 61761DAJ1; LT AAAsf  Affirmed;  previously at AAAsf
Class X-B 61761DAL6; LT Asf    Affirmed;  previously at Asf

KEY RATING DRIVERS

Stable Overall Performance: The affirmations are based on generally
stable performance of the underlying collateral pool with the
exception of some larger Fitch Loans of Concern (FLOCs). The pool
has experienced no realized losses to date and there are currently
no specially serviced loans.

Loans of Concern: There are six FLOCs (18.1%) including two (15.1%)
regional malls. Greenwood Mall (8.9%), located in Bowling Green,
KY, is anchored by JC Penney, Dillard's and Belk. Sears vacated
their anchor space in early 2019; there are no known replacements
at this time. The property has had declining in-line sales compared
to issuance; however, NOI has been relatively stable and has
improved 19.4% since issuance. Collateral occupancy is expected to
decline to 74% over the next few months from 97.4% at year-end (YE)
2017. Cumberland Mall (6.3%), located in Vineland NJ has had
fluctuating NOI. The most recently reported NOI at YE 2018 is 17.6%
over issuance and a 4.5% increase from YE 2017 after declining from
YE 2014-2016. However, occupancy declined to 86.5% in March 2019
from 91.5% in March 2018 and there is 21.3% lease rollover in 2020,
including Burlington. Toys R US vacated the mall in 2018 with no
replacement tenant at this point.

Increased Credit Enhancement; Defeasance and Paydown: As of the
June 2019 distribution date, the pool's aggregate balance has been
paid down by 38.8% to $688 million from $1.12 billion at issuance.
Since Fitch's last rating action, three loans totaling $83.4
million were repaid prior to their scheduled maturity date. The top
loan in the pool (18.2%) is full time interest only while all other
loans are currently amortizing. Four loans (13.8%) are fully
defeased.

Alternative Loss Considerations: To factor in upcoming refinance
concerns, Fitch performed an additional sensitivity scenario on
Greenwood Mall and Cumberland Mall, which assumed potential
outsized losses of 40% on their respective balloon balances. The
scenario also factored in the expected paydown of the transaction
from fully defeased loans. Even with this stress the Rating Outlook
on class B was revised to Positive due to increasing credit
enhancement; the Negative Outlooks on Classes G and H reflect this
scenario.

ADDITIONAL RATING DRIVERS

Pool and Loan Concentrations: The pool is becoming increasingly
concentrated with 44 of the original 61 loans remaining as of June
2019. The largest loan represents 18.2% of the current pool and the
largest 15 loans represent 73.0% of the pool. Five loans (36.4%)
are secured by properties located in New York and New Jersey, with
four of the top 10 loans (30.2%) secured by properties located in
Manhattan, NY. The pool has a high concentration of retail
properties (50.1%) and there are two regional malls in the top 4
loans consisting of 15.1%.


MORGAN STANLEY 2014-C18: Fitch Affirms Bsf Rating on Class E Certs
------------------------------------------------------------------
Fitch Ratings has affirmed five classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2014-C18.

Fitch has only issued ratings for the 300 North LaSalle B Note (300
North LaSalle rake certificates) issued by MSBAM 2014-C18. These
certificates are subordinate in right of payment of interest and
principal to the 300 North LaSalle A notes and derive their cash
flow solely from the 300 North LaSalle Street loan. The 300 North
LaSalle rake certificates are generally not subject to losses from
any of the other loans collateralizing the MSBAM 2014-C18
transaction. Fitch does not rate any other classes issued by MSBAM
2014-C18.

MSBAM 2014-C18 – 300 North LaSalle Rake
   
Class 300-A   LT AA-sf   Affirmed;  previously at AA-sf
Class 300-B   LT A-sf    Affirmed;  previously at A-sf
Class 300-C   LT BBB-sf  Affirmed;  previously at BBB-sf
Class 300-D   LT BB-sf   Affirmed;  previously at BB-sf
Class 300-E   LT Bsf     Affirmed;  previously at Bsf

KEY RATING DRIVERS

Stable Performance; Institutional-Quality Tenants on Long-Term
Leases: As of the April 2019 rent roll, the property was 95.9%
occupied, compared to 96.7% occupied in April 2018, 94.4% in March
2017, and 98.1% at issuance. The five largest tenants occupy 75% of
the net rentable area (NRA) and have lease expirations occurring in
2022 or later: Kirkland & Ellis, LLP (49% of NRA; lease expiry in
February 2029), The Boston Consulting Group (11.4%; December 2024),
Quarles and Brady LLP (7.7%; various lease expirations), GTCR
Leasing, LLC (5.7%; March 2024) and Aviva USA Corporation (3.8%;
March 2022). The servicer-reported trailing twelve month (TTM) June
2018 net cash flow (NCF) has improved from the prior year as
expense reimbursements have caught up with an increase in real
estate taxes in 2016 and 2017. The servicer-reported TTM June 2018
NCF debt service coverage ratio (DSCR) was 2.25x, compared to 2.07x
for the TTM June 2017 period. The property's fiscal year ends in
June and the TTM June 2019 statement has not yet been finalized.
Fitch expects this loan will continue to perform in line with
issuance expectations.

High Asset Quality and Strong Market Positioning: 300 North
LaSalle, which was newly constructed in 2009, is a 60-story, class
A, LEED Platinum central business district office building. The
property is located along the north bank of the Chicago River in
the River North neighborhood and features high-quality amenities.
300 North LaSalle is considered by Fitch as one of the premier
buildings in the city of Chicago. Fitch assigned the subject a
property quality grade of 'A' at issuance.

High Fitch Leverage: The $475 million whole loan (total debt of
$365 psf) has a Fitch-stressed DSCR and LTV of 1.0x and 88.2%,
respectively, compared to 1.0x and 89% at issuance. The 10-year
loan is structured with an initial five-year interest-only period,
which is scheduled to burn off in August 2019, followed by five
years of amortization (on a 30-year schedule). This will result in
a scheduled 9.6% reduction to the original loan balance.

Lease Rollover: Approximately 20.8% of the NRA rolls prior to the
loan's August 2024 loan maturity. The two years with the highest
concentration of scheduled tenant roll are 2020 (6.4% NRA) and 2024
(6% NRA prior to maturity date). The largest tenant, Kirkland &
Ellis, LLP, has a lease expiring in February 2029 but has a
one-time termination option in 2025, requiring 24 months' notice.
The second largest tenant, Boston Consulting Group, has a lease
expiring at the end of 2024, four months after loan maturity.

Loan Structural Features: A DSCR trigger period will commence upon
an event of default or the DSCR dropping below 1.20x. During a DSCR
trigger period, the borrower is required to fund several reserve
accounts. Additionally, in the event Kirkland & Ellis, LLP ever
gives notice of its intentions to exercise an early termination,
the borrower is required to desposit $51.2 million ($75 psf of
Kirkland's space) into a reserve account.

Experienced Sponsorship: The loan is sponsored by The Irvine
Company LLC, which dates its history back to 1864 and the Irvine
Ranch. Since then, the company has grown to be the largest owner
and manager of commercial real estate in California.

Single Asset: The Fitch-rated bonds are secured by a single
property and are therefore more susceptible to single-event risk
related to the market, sponsor or the largest tenants occupying the
property.


MORGAN STANLEY 2016-BNK2: S&P Affirms BB+ (sf) Rating on E-1 Certs
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 23 classes of commercial
mortgage pass-through certificates from Morgan Stanley Capital I
Trust 2016-BNK2, a U.S. commercial mortgage-backed securities
(CMBS) transaction.          

For the affirmations, S&P's expectation of credit enhancement was
in line with the affirmed rating levels.
     
S&P affirmed its 'AAA (sf)', 'AA (sf)', and 'BBB- (sf)' ratings on
the class X-A, X-B, and X-D interest-only (IO) certificates,
respectively, based on its criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than
that of the lowest-rated reference class. The notional balance on
class X-A references the aggregate balance outstanding on classes
A-1 through A-SB, while the notional balance on class X-B
references the aggregate balance outstanding on classes A-S and B,
and the notional balance on class X-D references the balance
outstanding on class D.   

Finally, S&P also affirmed its ratings on the exchangeable class E,
class F, class EF, class G, and class EFG certificates. Class E is
exchangeable for replacement certificates E-1 and E-2; class F is
exchangeable for replacement certificates F-1 and F-2; class EF is
exchangeable for replacement certificates E-1, E-2, F-1, and F-2;
class G is exchangeable for replacement certificates G-1 and G-2;
and class EFG is exchangeable for replacement certificates E-1,
E-2, F-1, F-2, G-1, and, G-2. S&P's ratings on the exchangeable
certificates reflect the lowest rating amongst the replacement
certificates.      

TRANSACTION SUMMARY          

As of the June 2019 trustee remittance report, the collateral pool
balance was $710.4 million, which is 97.9% of the pool balance at
issuance. The pool currently includes 40 loans, same as it had at
issuance. Three ($130.7 million, 18.4%) of these loans are on the
master servicer's watchlist and one ($2.2 million, 0.3%) is
defeased.          

S&P calculated a 2.04x S&P Global Ratings weighted average debt
service coverage (DSC) and 83.3% S&P Global Ratings weighted
average loan-to-value (LTV) ratio using a 7.73% S&P Global Ratings
weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the defeased loan. The top
10 loans have an aggregate outstanding pool trust balance of $429.4
million (60.4%). Using adjusted servicer-reported numbers, we
calculated an S&P Global Ratings weighted average DSC and LTV of
2.35x and 79.9%, respectively, for the top 10 loans.          

To date, the transaction has not experienced any principal losses
and no loans are currently with the special servicer or have
previously been with the special servicer.  

The largest loan on the master servicer's watchlist is 101 Hudson
Street ($72.5 million, 10.2%), which is also the largest loan in
the pool. The loan, secured by a 1.3-million-sq.-ft. office
property in Jersey City, NJ, appears on the watchlist due to the
recent decrease in occupancy. The property's second-largest tenant,
National Union Fire Insurance (272,000 sq.-ft., 20.0% of space),
vacated its space upon its lease expiration in April 2018. As of
the April 2019 rent roll, the property is approximately 78%
occupied, and the servicer-reported DSC was 3.09x as of year-end
2018. S&P will continue to monitor the property's occupancy and
leasing efforts.  

  RATINGS AFFIRMED      
  Morgan Stanley Capital I Trust 2016-BNK2     
  Commercial mortgage pass-through certificates     
  Class     Rating     
  A-1       AAA (sf)     
  A-2       AAA (sf)     
  A-SB      AAA (sf)     
  A-3       AAA (sf)     
  A-4       AAA (sf)     
  A-S       AAA (sf)     
  B         AA (sf)     
  C         A (sf)     
  D         BBB- (sf)     
  E-1       BB+ (sf)     
  E-2       BB (sf)     
  F-1       BB- (sf)     
  F-2       BB- (sf)     
  G-1       B+ (sf)     
  G-2       B+ (sf)     
  X-A       AAA (sf)     
  X-B       AA (sf)     
  X-D       BBB- (sf)     
  E         BB (sf)     
  F         BB- (sf)     
  G         B+ (sf)     
  EF        BB- (sf)     
  EFG       B+ (sf)


OAKTREE CLO 2019-3: S&P Assigns Prelim BB- (sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Oaktree CLO
2019-3 Ltd./Oaktree CLO 2019-3 LLC's floating-rate.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by a diversified collateral pool, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' and
lower) senior secured term loans that are governed by collateral
quality tests.

The preliminary ratings are based on information as of June 9,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool;

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization;

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

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

  PRELIMINARY RATINGS ASSIGNED
  Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC

  Class                Rating       Amount (mil. $)
  A-1                  AAA (sf)              442.50
  A-2                  NR                     37.50
  B                    AA (sf)                86.25
  C (deferrable)       A (sf)                 45.00
  D (deferrable)       BBB- (sf)              45.00
  E (deferrable)       BB- (sf)              28.125
  Subordinated notes   NR                    64.625

  NR--Not rated.


OBX TRUST 2019-INV2: DBRS Finalizes B Rating on Class B-5 Notes
---------------------------------------------------------------
DBRS, Inc. finalized the provisional ratings on the following
Mortgage-Backed Notes, Series 2019-INV2 (the Notes) issued by OBX
2019-INV2 Trust:

-- $345.4 million Class A-1 at AAA (sf)
-- $345.4 million Class A-2 at AAA (sf)
-- $307.0 million Class A-3 at AAA (sf)
-- $307.0 million Class A-4 at AAA (sf)
-- $230.3 million Class A-5 at AAA (sf)
-- $138.2 million Class A-6 at AAA (sf)
-- $230.3 million Class A-7 at AAA (sf)
-- $34.5 million Class A-8 at AAA (sf)
-- $11.5 million Class A-9 at AAA (sf)
-- $46.1 million Class A-10 at AAA (sf)
-- $76.8 million Class A-11 at AAA (sf)
-- $76.8 million Class A-11IO at AAA (sf)
-- $76.8 million Class A-12 at AAA (sf)
-- $76.8 million Class A-13 at AAA (sf)
-- $38.4 million Class A-14 at AAA (sf)
-- $38.4 million Class A-15 at AAA (sf)
-- $268.6 million Class A-16 at AAA (sf)
-- $268.6 million Class A-17 at AAA (sf)
-- $76.8 million Class A-18 at AAA (sf)
-- $115.1 million Class A-19 at AAA (sf)
-- $115.1 million Class A-20 at AAA (sf)
-- $138.2 million Class A-21 at AAA (sf)
-- $34.5 million Class A-22 at AAA (sf)
-- $11.5 million Class A-23 at AAA (sf)
-- $46.1 million Class A-24 at AAA (sf)
-- $38.4 million Class A-25 at AAA (sf)
-- $172.7 million Class A-26 at AAA (sf)
-- $172.7 million Class A-27 at AAA (sf)
-- $57.6 million Class A-28 at AAA (sf)
-- $57.6 million Class A-29 at AAA (sf)
-- $92.1 million Class A-30 at AAA (sf)
-- $92.1 million Class A-31 at AAA (sf)
-- $345.4 million Class A-IO1 at AAA (sf)
-- $345.4 million Class A-IO2 at AAA (sf)
-- $76.8 million Class A-IO3 at AAA (sf)
-- $38.4 million Class A-IO4 at AAA (sf)
-- $345.4 million Class A-IO5 at AAA (sf)
-- $138.2 million Class A-IO6 at AAA (sf)
-- $345.4 million Class A-IO7 at AAA (sf)
-- $34.5 million Class A-IO8 at AAA (sf)
-- $11.5 million Class A-IO9 at AAA (sf)
-- $46.1 million Class A-IO10 at AAA (sf)
-- $307.0 million Class A-IO12 at AAA (sf)
-- $76.8 million Class A-IO13 at AAA (sf)
-- $230.3 million Class A-IO14 at AAA (sf)
-- $38.4 million Class A-IO15 at AAA (sf)
-- $268.6 million Class A-IO16 at AAA (sf)
-- $115.1 million Class A-IO17 at AAA (sf)
-- $172.7 million Class A-IO18 at AAA (sf)
-- $57.6 million Class A-IO19 at AAA (sf)
-- $92.1 million Class A-IO20 at AAA (sf)
-- $307.0 million Class A-IO21 at AAA (sf)
-- $9.6 million Class B-1 at A (high) (sf)
-- $9.6 million Class B-IO1 at A (high) (sf)
-- $9.6 million Class B-1A at A (high) (sf)
-- $9.0 million Class B-2 at A (sf)
-- $9.0 million Class B-IO2 at A (sf)
-- $9.0 million Class B-2A at A (sf)
-- $8.3 million Class B-3 at BBB (sf)
-- $5.9 million Class B-4 at BB (sf)
-- $2.1 million Class B-5 at B (sf)

Classes A-IO1, A-IO2, A-IO3, A-IO4, A-IO5, A-IO6, A-IO7, A-IO8,
A-IO9, A-IO10, A-11IO, A-IO12, A-IO13, A-IO14, A-IO15, A-IO16,
A-IO17, A-IO18, A-IO19, A-IO20, A-IO21, B-IO1 and B-IO2 are
interest-only notes. The class balances represent notional
amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-12, A-13, A-14, A-16, A-17,
A-18, A-19, A-20, A-21, A-22, A-23, A-24, A-25, A-26, A-27, A-28,
A-29, A-30, A-31, A-IO2, A-IO3, A-IO5, A-IO7, A-IO12, A-IO13,
A-IO14, A-IO16, A-IO17, A-IO18, A-IO19, A-IO20, A-IO21, B-1A and
B-2A are exchangeable notes. These classes can be exchanged for a
combination of initial exchangeable notes as specified in the
offering documents.

Classes A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12, A-13,
A-18, A-21, A-22, A-23, A-24, A-26, A-27, A-28, A-29, A-30 and A-31
are super senior notes. These classes benefit from additional
protection from the senior support notes (Classes A-14, A-15 and
A-25) with respect to loss allocation.

The AAA (sf) ratings on the Notes reflect the 10.00% of credit
enhancement provided by subordinated certificates in the pool. The
A (high) (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect
7.50%, 5.15%, 3.00%, 1.45% and 0.90% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of prime,
first-lien, fixed-rate, agency-eligible investment property
residential mortgages funded by the issuance of mortgage-backed
notes. The Notes are backed by 1,087 loans with a total principal
balance of $383,759,828 as of the Cut-Off Date (June 1, 2019).

The pool is composed of fully amortizing, fixed-rate conventional
mortgages. All loans but one have original terms to maturity of 30
years. All loans in the pool were made to investors for business
purposes and, consequently, are not subject to the Consumer
Financial Protection Bureau Qualified Mortgage and Ability-to-Repay
Rules. In addition, 33 borrowers have multiple mortgages (71 loans
in total) included in the securitized portfolio, which comprise
6.6% of the pool by current balance.

All mortgage loans in the portfolio were eligible for purchase by
Fannie Mae or Freddie Mac. DBRS conducted extensive analysis on the
Fannie Mae and Freddie Mac historical datasets dating back to 1999.
Performance on these loans has generally outperformed their
non-agency counterparts. In addition, DBRS further analyzed
agency-conforming investor loans with FICO and loan-to-value
profiles similar to the loans included in the OBX 2019-INV2 pool.
Details on the performance of the Fannie Mae and Freddie Mac
datasets can be found in the Historical Performance section of the
rating report.

The mortgage loans were originated by Quicken Loans Inc. (Quicken;
75.7%) and various other originators, each comprising less than
15.0% of the loans.

The loans will be serviced by Quicken (75.7%), Select Portfolio
Servicing, Inc. (19.9%) and Specialized Loan Servicing LLC (4.4%).

Onslow Bay Financial LLC is the Seller, Sponsor and Principal &
Interest (P&I) Advancing Party for the transaction. Wells Fargo
Bank, N.A. (Wells Fargo; rated AA with a Stable trend by DBRS) will
act as the Master Servicer, Paying Agent, Note Registrar and
Custodian. Wilmington Savings Fund Society, FSB will serve as the
Owner Trustee and Indenture Trustee.

Advances of delinquent P&I will be made on any loan until such loan
becomes 120 days delinquent, to the extent that such advances are
determined to be recoverable (for more details on the funding of
advances for delinquent P&I, see the loss severity section of this
report). The Servicers are obligated to make advances in respect of
taxes, insurance premiums and reasonable costs incurred in the
course of servicing and disposing of properties.

The Seller intends to retain (directly or through a majority-owned
affiliate) a horizontal residual interest in 5% of the fair value
of all the Notes issued by the Issuer (other than the Class R
Notes) and the trust certificate to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder.

The Seller will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 60 or more days
delinquent under the Mortgage Bankers Association delinquency
method or real estate-owned property, provided that such repurchase
will occur at the optional repurchase price and that such
repurchases in aggregate do not exceed 10% of the total principal
balance as of the Cut-Off Date.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a pre-crisis structure.

The ratings reflect transactional strengths that include
high-quality underlying assets, well-qualified borrowers, extensive
performance history, and satisfactory third-party due diligence
review, structural enhancements and 100% current loans.

This transaction employs a representations and warranty (R&W)
framework that contains certain weaknesses, such as a trigger
review period, an unrated R&W provider and certain knowledge
qualifiers. To capture the perceived weaknesses in the R&W
framework, DBRS reduced the originator scores in this pool. A lower
originator score results in increased default and loss assumptions
and provides additional cushions for the rated securities.

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


PRIMA CAPITAL 2019-RK1: DBRS Finalizes B(low) Rating on C-D Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2019-RK1 issued by Prima Capital CRE Securitization 2019-RK1 as
follows:

DreamWorks Campus:

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

The Gateway:

-- Class A-G at A (low) (sf)
-- Class B-G at BBB (low) (sf)
-- Class C-G at BB (high) (sf)

TriBeCa House:

-- Class A-T at BBB (low) (sf)
-- Class B-T at BB (low) (sf)
-- Class C-T at B (high) (sf)

All trends are Stable.

All classes will be privately placed.

Interest is deferable on all rated notes other than Classes A-D,
A-G, A-T and B-G.

With respect to each Loan Group, payments on the notes comprising
such Loan Group and the related Preferred Shares will be supported
solely by the Collateral Interest for such Loan Group.

An affiliate of J.P. Morgan Securities LLC, the Placement Agent, is
expected to purchase the $21.25 million DreamWorks Campus B-3
participation interest prior to the closing of this transaction.

The transaction has a total mortgage balance of $152.25 million and
consists of three non-pooled B-notes tied to previously securitized
collateral. The collateral includes one office property, DreamWorks
Campus and Headquarters, and two multifamily properties, The
Gateway, and TriBeCa House. The Gateway and TriBeCa House were
previously securitized in two DBRS-rated deals, DBGS 2018-C1, and
BMARK 2018-B6, respectively. The notes are secured by the grantor
trust certificate representing beneficial interests in a
subordinate loan, which is a portion of a whole loan. The
transaction comprises three Loan Groups — Group D, Group G, and
Group T — with certificates tied to each of the three subjects.
Because the notes are not pooled, proceeds from the Collateral
Interest relating to any Loan Group will not be available to
support shortfalls in collections on the Collateral Interest
relating to any other Loan Group.

The transaction is structured to provide legal isolation of the
issuer as a bankruptcy-remote, single-purpose entity separate and
distinct from the seller/sponsor. True sale opinions were delivered
to confirm the transfer of the underlying loans to the issuer.
While the issuer makes typical separateness representations and
other structural elements are consistent with bankruptcy
remoteness, DBRS notes the absence of a non-consolidation opinion.
Common equity of nominal value is owned by a Cayman charitable
trust, but the economics of the issue resides with the seller via
the preferred stock and thus a risk of consolidation, DBRS's view,
remains. Delivery of a non-consolidation opinion would serve as
additional probative evidence of the investor reliance on the
separateness of the issuer from the seller sponsor, and thus its
absence is a departure from what opinions DBRS typically receives
in similar transactions, which DBRS views as a slight weakness;
however, the overall structure is consistent with bankruptcy
remoteness at this rating level.

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


REALT 2014-1: Fitch Affirms Bsf Rating on Class G Certs
-------------------------------------------------------
Fitch Ratings has affirmed seven classes of Real Estate Asset
Liquidity Trust's (REALT) commercial mortgage pass-through
certificates, series 2014-1. All currencies are denominated in
Canadian dollars.

Real Estate Asset Liquidity Trust 2014-1

Class A 75585RLT0; LT AAAsf  Affirmed;  previously at AAAsf
Class B 75585RLU7; LT AAsf   Affirmed;  previously at AAsf
Class C 75585RLV5; LT Asf    Affirmed;  previously at Asf
Class D 75585RLW3; LT BBBsf  Affirmed;  previously at BBBsf
Class E 75585RLX1; LT BBB-sf Affirmed;  previously at BBB-sf
Class F 75585RLQ6; LT BBsf   Affirmed;  previously at BBsf
Class G 75585RLR4; LT Bsf    Affirmed;  previously at Bsf

KEY RATING DRIVERS

Stable Loss Expectations: The overall pool performance has been
stable since Fitch's last rating action. The ratings reflect strong
Canadian commercial real estate loan performance, including a low
delinquency rate and low historical losses of less than 0.1%, as
well as positive loan attributes such as short amortization
schedules, recourse to the borrower, and additional guarantors. As
of the April 2019 reporting period, 90.2% of the pool feature full
or partial recourse to the borrowers and/or sponsors. The pool has
no delinquent or specially serviced loans. The pool has 11 loans
(28%) on the servicer's watchlist for upcoming maturities. While
the pool has no specially serviced loans, Whitemud Centre
Industrial Edmonton (6.5%) and Whitestone Manor Multi-Res Edmonton
(.6%) are designated Fitch Loans of Concern (FLOCs) for large
tenant rollover and prior and persisting poor performance. However,
Fitch considered the significant recourse to the borrowers in its
analysis and recommendations.

Increase in Credit Enhancement: As of the June 2019 distribution
date, the pool's aggregate principal balance has been reduced
20.33% to $223.6 million from $280.6 million at issuance with 29
loans remaining. Since Fitch's last rating action, three loans
totalling approximately $25.9 million paid in 2018 or YTD 2019 at
their respective maturity dates and an additional 16 loans (40.8%
of pool balance) will mature between July and October 2019. There
are no full or partial interest only loans in the pool. Since
Fitch's prior rating action class A-1 has been reduced by over
$32.9 million. One loan has been defeased, 111 Grangeway Office
Building (3.6%).

Fitch Loans of Concern: Fitch continues to monitor the performance
of two loans in the top 15.

Whitemud Centre Industrial Edmonton is a 127,666-sf industrial
property in southern Edmonton, AB, and is the fifth largest loan
(5.8%) in the pool. The largest tenant, Frito Lay, lease was
scheduled to expire in December 2018. Frito Lay represents 25.5% of
the NRA and pays $11/SF. The servicer did not provide information
on the current status of Frito Lay at the property. Frito Lay's
lease includes extension options and the loan has 25% recourse to
the borrower. The loan matures in September 2019.

Whitestone Manor Multi-Res Edmonton (.6%) is collateralized by a
12-unit multifamily property located in Edmonton, AB. NOI DSCR fell
to .34x in September 2018 from .68x in September 2015 and 1.39x at
securitization. The borrower removed in-place property manager in
August 2016 for poor performance and engaged a new management team
in 2017. The property has undergone renovations and evicted poor
quality tenants in an effort to improve performance. The borrower
is currently covering expenses and mortgage payments and stated
they expect performance to return to origination levels around
2019/2020. As of February 2018, property was 100% occupied. Loan
matures in September 2019. The sponsors are two individuals that
appear to have adequate capacity, and the loan has 100% recourse.

ADDITIONAL CONSIDERATIONS

Energy Market Exposure: The pool has five loans (18.4%) backed by
multifamily, lodging and industrial/warehouse properties in
Alberta, three of which are in the top 15. The market has
experienced volatility from the energy sector in the past few
years. While most the loans have exhibited stable performance,
Fitch has flagged Whitemud Centre Industrial Edmonton (6.5%) and
Whitestone Manor Multi-Res Edmonton as FLOCs.


REGIONAL MANAGEMENT 2018-1: DBRS Confirmed BB on Class D Notes
--------------------------------------------------------------
DBRS, Inc. confirmed seven outstanding ratings from two Regional
Management Issuance Trust transactions. The confirmations are a
result of performance trends and credit enhancement levels being
sufficient to cover DBRS's expected losses at their current rating
levels.

                             Action     Rating
                             ------     ------
Regional Management Issuance Trust 2018-1

Class A Asset-Backed Notes  Confirmed   AA(sf)
Class B Asset-Backed Notes  Confirmed   A(sf)
Class C Asset-Backed Notes  Confirmed   BBB(sf)

Regional Management Issuance Trust 2018-2

Class A Asset-Backed Notes  Confirmed   AA(sf)
Class B Asset-Backed Notes  Confirmed   A(sf)
Class C Asset-Backed Notes  Confirmed   BBB(sf)
Class D Asset-Backed Notes  Confirmed   BB(sf)

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

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

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

  -- Credit quality of the collateral pool and historical
     performance.


ROSSLYN PORTFOLIO 2017-ROSS: DBRS Confirms BB Rating on X-CP Certs
------------------------------------------------------------------
DBRS Limited confirmed the Commercial Mortgage Pass-Through
Certificates, Series 2017-ROSS, issued by RPT 2017-ROSS as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. This transaction closed in June
2017 with an original trust balance of $500.0 million, with
mezzanine loans in the amount of $142.1 million held outside of the
trust. The collateral consists of seven office properties in
Arlington, Virginia. There are release provisions in place allowing
for the three Class A office properties to be released at 115.0% of
the allocated loan amount (ALA) and for the four Class B office
properties to be released at 100.0% of the ALA; however, none of
the properties have been released to date. The underlying loan is
floating rate and is interest only (IO) for the entire three-year
term, with three one-year extension options available. The sponsor
also has $110.6 million in additional mezzanine financing available
to fund a portion of budgeted improvements and leasing costs of
approximately $118.3 million. The trust loan is sponsored by a
joint venture between US Real Estate Opportunities (USREO) (89.0%),
a fund formed by Goldman Sachs and two sovereign wealth funds, and
an affiliate of Monday Properties (11.0%).

As of the year-end 2017 rent rolls, the portfolio was averaging an
occupancy rate of 71.6%, up from 67.6% at issuance. A portion of
the occupancy improvement is attributable to an increase in
sponsor-occupied space to 5.2% of the combined net rentable area at
December 2017 from 0.6% at issuance. When excluding the
sponsor-occupied space, the portfolio is reporting an average
rental rate of $33.01 psf. Per Cushman & Wakefield's Q1 2018 office
market report, the Rosslyn submarket is reporting an overall
vacancy rate of 27.6%, with an average asking rental rate of $47.76
per square foot (psf). As noted at issuance, the submarket has been
hit in recent years by the Base Realignment and Closure Act
implemented by the Department of Defense, as well as the federal
budget crises and sequestration seen in the past several years.
These factors have reduced demand in the area significantly. At
issuance, DBRS estimated a stabilized vacancy rate of 20.0% for the
portfolio and noted the availability of additional mezzanine
financing that could fund improvements and higher tenant
improvement packages, a factor that should lead to an uptick in the
property's occupancy rate over the loan term.

The in-place debt service coverage ratio (DSCR) was reported at
1.21 times (x) for YE2017 in comparison with the DBRS Term DSCR of
1.64x (as derived at issuance and based on the DBRS As-Is net cash
flow (NCF) and a stressed interest rate of 5.2%). The variance of
-51.0% between the servicer's reported cash flow and the DBRS
figure is largely attributable to a 14.6% decline in effective
gross income as reported by the servicer, which is inclusive of a
$10.1 million vacancy loss adjustment. DBRS believes this
adjustment is partially attributable to rent abatements in place
during the reporting period but has asked for clarification. The
servicer's gross potential rent figure of $65.3 million is in line
with the annual rental revenue implied by the December 2017 rent
rolls. When excluding the vacancy loss figure included by the
servicer, the in-place cash flow is slightly higher than the DBRS
NCF figure, with an implied in-place DSCR of 2.39x.

Class X-CP is an IO certificate that references a single rated
tranche or multiple rated tranches. The IO rating mirrors the
lowest-rated applicable reference obligation tranche adjusted
upward by one notch if senior in the waterfall.

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


SEQUOIA MORTGAGE 2019-CH2: Moody's Gives (P)B1 Rating to B-4 Certs
-------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to the
classes of residential mortgage-backed securities issued by Sequoia
Mortgage Trust 2019-CH2, except for the interest-only classes. The
certificates are backed by one pool of prime quality, first-lien
mortgage loans.

SEMT 2019-CH2 is the eighth securitization that includes loans
acquired by Redwood Residential Acquisition Corporation, a
subsidiary of Redwood Trust, Inc., under its expanded credit prime
loan program called "Redwood Choice". Redwood's Choice program is a
prime program with credit parameters outside of Redwood's
traditional prime jumbo program, "Redwood Select". The Choice
program expands the low end of Redwood's FICO range to 661 from
700, while increasing the high end of eligible loan-to-value ratios
from 85% to 90%. The pool also includes loans with non-QM
characteristics (34.3%), such as debt-to-income ratios up to
55.68%. Non-QM loans were acquired by Redwood under each of the
Select and Choice programs.

The assets of the trust consist of fixed-rate fully amortizing
loans and one interest only loan. The mortgage loans have an
original term to maturity of 30 years except for two loans which
have an original term to maturity of 20 years. The loans were
sourced from multiple originators and acquired by Redwood.

All of the loans conform to the Seller's guidelines, except for
loans originated by First Republic Bank with Redwood overlays, TIAA
FSB (FKA EverBank), high balance agency conforming loans
underwritten to GSE guidelines with Redwood overlays and loans
purchased under reliance letter. One loan from loan Depot was
purchased on a reliance letter and underwritten to loan Depot
guidelines. The two out of eight loans from Guaranteed Rate were
purchased based on reliance letter and underwritten to Guaranteed
Rate Flex Jumbo guidelines. First Republic Bank originated loans
conform with First Republic Bank's guidelines with Redwood
overlays.

The transaction benefits from nearly 100% due diligence of data
integrity, credit, property valuation, and compliance conducted by
an independent third-party firm.

Nationstar Mortgage LLC will act as the master servicer of the
loans in this transaction. Shellpoint Mortgage Servicing, Quicken
Loans Inc., TIAA, FSB, First Republic Bank and HomeStreet Bank will
be primary servicers on the deal.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2019-CH2

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

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

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

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

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

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

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

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

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

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aaa (sf)

Cl. A-14, Assigned (P)Aaa (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aa1 (sf)

Cl. A-20, Assigned (P)Aa1 (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aaa (sf)

Cl. A-23, Assigned (P)Aaa (sf)

Cl. A-24, Assigned (P)Aaa (sf)

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

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

Cl. B-2A, Assigned (P)A3 (sf)

Cl. B-2B, Assigned (P)A3 (sf)

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

Cl. B-4, Assigned (P)B1 (sf)

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is 0.85%
in a base scenario and reaches 9.70% at a stress level consistent
with Aaa (sf) ratings. The MILAN CE may be different from the
credit enhancement that is consistent with a Aaa (sf) rating for a
tranche, because the MILAN CE does not take into account the
structural features of the transaction. Moody's took this
difference into account in its ratings of the senior classes. The
MILAN CE may be different from the credit enhancement that is
consistent with a Aaa rating for a tranche, because the MILAN CE
does not take into account the structural features of the
transaction. Moody's took this difference into account in its
ratings of the senior classes. Its loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to its Aaa stress loss above the model output also includes
adjustments related to origination quality. The model combines
loan-level characteristics with economic drivers to determine the
probability of default for each loan, and hence for the portfolio
as a whole. Severity is also calculated on a loan-level basis. The
pool loss level is then adjusted for borrower, zip code, and MSA
level concentrations.

Collateral Description

The SEMT 2019-CH2 transaction is a securitization of 479 first lien
residential mortgage loans, with an aggregate unpaid principal
balance of $353,349,238. There are 115 originators in this pool.
87.5% of the loans by balance are serviced by Shellpoint and 8.8%
by Quicken Loans. The remaining originators contributed less than
5% of the principal balance of the loans in the pool. The
loan-level third party due diligence review (TPR) encompassed
credit underwriting, property value and regulatory compliance. In
addition, Redwood has agreed to backstop the rep and warranty
repurchase obligation of all originators other than First Republic
Bank.

SEMT 2019-CH2 includes loans acquired by Redwood under its Choice
program. Although the borrowers in SEMT 2019-CH2 are not the super
prime borrowers included in traditional SEMT transactions from a
FICO and LTV perspective, these borrowers are prime borrowers with
a demonstrated ability to manage household finance. On average,
borrowers in this pool have made a 23.8% down payment on a mortgage
loan of $737,681. In addition, 67.3% of borrowers have more than 24
months of liquid cash reserves or enough money to pay the mortgage
for two years should there be an interruption to the borrower's
cash flow. The WA FICO is 746, which is lower than traditional SEMT
transactions, which has averaged 771 in 2018 SEMT transactions. The
lower WA FICO for SEMT 2019-CH2 may reflect recent mortgage lates
(0x30x3, 1x30x12, 2x30x24) which are allowed under the Choice
program, but not under Redwood's traditional product, Redwood
Select (0x30x24). While the WA FICO may be lower for this
transaction compared to previous transactions, Moody's believes
that the limited mortgage lates are less likely to demonstrate a
history of financial mismanagement.

Moody's also notes that SEMT 2019-CH2 is the eighth SEMT Choice
transaction to include a slightly lower number of non-QM loans
(140) compared to SEMT 2019-CH1 (151) SEMT 2018-CH3 (155), SEMT
2018-CH2 (156) and SEMT 2018-CH1 (157) with the exception of SEMT
2018-CH4 (148).

Redwood's Choice program was launched by Redwood in April 2016. In
contrast to Redwood's traditional program, Select, Redwood's Choice
program allows for higher LTVs, lower FICOs, non-occupant
co-borrowers, non-warrantable condos, limited loans with adverse
credit events, among other loan attributes. Under both Select and
Choice, Redwood also allows for loans with non-QM features, such as
interest-only, DTIs greater than 43%, asset depletion, among other
loan attributes.

However, Moody's notes that Redwood historically has been on
average stronger than its peers as an aggregator of prime jumbo
loans, including a limited number of non-QM loans in previous SEMT
transactions. As of the June 2019 remittance report, there have
been no losses on Redwood-aggregated transactions that Moody's has
rated recently, and delinquencies to date have also been very low.
While in traditional SEMT transactions, Moody's has factored this
qualitative strength into its analysis, in SEMT 2019-CH2, Moody's
has a neutral assessment of the Choice Program until Moody's is
able to review a longer performance history of Choice mortgage
loans.

Structural considerations

Similar to recent rated Sequoia transactions, in this transaction,
Redwood is adding a feature prohibiting the servicer, or securities
administrator, from advancing principal and interest to loans that
are 120 days or more delinquent. These loans on which principal and
interest advances are not made are called the Stop Advance Mortgage
Loans. The balance of the SAML will be removed from the principal
and interest distribution amounts calculations. Moody's views the
SAML concept as something that strengthens the integrity of senior
and subordination relationships in the structure. Yet, in certain
scenarios the SAML concept, as implemented in this transaction, can
lead to a reduction in interest payment to certain tranches even
when more subordinated tranches are outstanding. The
senior/subordination relationship between tranches is strengthened
as the removal of SAML in the calculation of the senior percentage
amount, directs more principal to the senior bonds and less to the
subordinate bonds. Further, this feature limits the amount of
servicer advances that could increase the loss severity on the
liquidated loans and preserves the subordination amount for the
most senior bonds. On the other hand, this feature can cause a
reduction in the interest distribution amount paid to the bonds;
and if that were to happen such a reduction in interest payment is
unlikely to be recovered. The final ratings on the bonds, which are
expected loss ratings, take into consideration its expected losses
on the collateral and the potential reduction in interest
distributions to the bonds. Furthermore, the likelihood that in
particular the subordinate tranches could potentially permanently
lose some interest as a result of this feature was considered. As
such, Moody's incorporated some additional sensitivity runs in its
cashflow analysis in which Moody's increases the tranche losses due
to potential interest shortfalls during the loan's liquidation
period in order to reflect this feature and to assess the potential
impact to the bonds.

Moody's believes there is a low likelihood that the rated
securities of SEMT 2019-CH2 will incur any losses from
extraordinary expenses or indemnification payments owing to
potential future lawsuits against key deal parties. First, the
loans are prime quality and were originated under a regulatory
environment that requires tighter controls for originations than
pre-crisis, which reduces the likelihood that the loans have
defects that could form the basis of a lawsuit. Second, Redwood (or
a majority-owned affiliate of the sponsor), who will retain credit
risk in accordance with the U.S. Risk Retention Rules and provides
a back-stop to the representations and warranties of all the
originators except for First Republic Bank, has a strong alignment
of interest with investors, and is incentivized to actively manage
the pool to optimize performance. Third, the transaction has
reasonably well defined processes in place to identify loans with
defects on an ongoing basis. In this transaction, an independent
breach reviewer must review loans for breaches of representations
and warranties when a loan becomes 120 days delinquent, which
reduces the likelihood that parties will be sued for inaction.

Tail Risk & Senior Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
senior subordination floor of 1.90% ($6,713,635) of the closing
pool balance, which mitigates tail risk by protecting the senior
bonds from eroding credit enhancement over time.

Third-party Review and Reps & Warranties

Two TPR firms conducted a due diligence review of 100% of the
mortgage loans in the pool. For 479 loans, the TPR firm conducted a
review for credit, property valuation, compliance and data
integrity ("full review") and limited review for 4 First Republic
and PrimeLending loans. For the 4 loans, Redwood Trust elected to
conduct a limited review, which did not include a TPR firm check
for TRID compliance.

For the full review loans, the third party review found that the
majority of reviewed loans were compliant with Redwood's
underwriting guidelines and had no valuation or regulatory defects.
Most of the loans that were not compliant with Redwood's
underwriting guidelines had strong compensating factors.
Additionally, the third party review didn't identify material
compliance-related exceptions relating to the TILA-RESPA Integrated
Disclosure (TRID) rule for the full review loans.

No TRID compliance reviews were performed on the three
PrimeLending, and one First Republic Bank limited review loans.
Therefore, there is a possibility that some of these loans could
have unresolved TRID issues. Moody's reviewed the initial
compliance findings of loans for the First Republic Bank and
PrimeLending loans where a full review was conducted. The due
diligence report did not indicate any significant credit, valuation
or compliance concerns. As a result, Moody's did not increase its
Aaa loss.

The property valuation review conducted by the TPR firm consisted
of (i) a review of all of the appraisals for full review loans,
checking for issues with the comparables selected in the appraisal
and (ii) a value supported analysis for all loans. After a review
of the TPR appraisal findings, Moody's found the exceptions to be
minor in nature and did not pose a material increase in the risk of
loan loss. Moody's notes that there are 5 loans with final grade
'D' due to escrow holdback distribution amounts. The review for
these loans was incomplete because the related appraisals were
subject to the completion of renovation work or missing evidence of
disbursement of escrow funds. In the event the escrow funds greater
than 10% have not been disbursed within six months of the closing
date, the seller shall repurchase the affected escrow holdback
mortgage loan, on or before the date that is six months after the
closing date at the applicable repurchase price. Given that the
seller has the obligation to repurchase, Moody's did not make an
adjustment for these loans.

Moody's has received the results of the inspection report or
appraisal confirmation for all the mortgage loans secured by
properties in the areas affected by FEMA disaster areas. The
results indicate that the properties did not receive any material
damage. SEMT 2019-CH2 includes a representation that the pool does
not include properties with material damage that would adversely
affect the value of the mortgaged property.

The originators and Redwood have provided unambiguous
representations and warranties (R&Ws) including an unqualified
fraud R&W. There is provision for binding arbitration in the event
of dispute between investors and the R&W provider concerning R&W
breaches.

Trustee & Master Servicer

The transaction trustee is Wilmington Trust, National Association.
The paying agent and cash management functions will be performed by
Citibank, N.A.(Citibank) and the custodian functions will be
performed by Wells Fargo Bank, N.A., rather than the trustee. In
addition, Nationstar Mortgage LLC, as Master Servicer, is
responsible for servicer oversight, and termination of servicers
and for the appointment of successor servicers. In addition,
Nationstar Mortgage LLC is committed to act as successor if no
other successor servicer can be found.

Servicing arrangement

There are five servicers in this pool: Shellpoint Mortgage
Servicing (87.53%), Quicken Loans (8.77%), HomeStreet Bank (2.40%),
First Republic Bank (0.74%) and TIAA, FSB (0.56%).

Moody's considers the overall servicing arrangement for this pool
to be adequate given the strong servicing arrangement of the
servicers, as well as the presence of a strong master servicer to
oversee the servicers. In this transaction, Nationstar Mortgage LLC
(Nationstar) will act as the master servicer. The servicers are
required to advance principal and interest on the mortgage loans.
To the extent that the servicers are unable to do so, the master
servicer will be obligated to make such advances. In the event that
the master servicer, Nationstar (rated B2), is unable to make such
advances, the securities administrator, Citibank (rated Aa3) will
be obligated to do so.

Shellpoint Mortgage Servicing (servicer): Shellpoint has
demonstrated adequate servicing ability as a primary servicer of
prime residential mortgage loans. Shellpoint has the necessary
processes, staff, technology and overall infrastructure in place to
effectively service the transaction.

Nationstar Mortgage LLC (master servicer): Nationstar is the master
servicer for the transaction and provides oversight of the
servicers. Moody's considers Nationstar's master servicing
operation to be above average compared to its peers. Nationstar has
strong reporting and remittance procedures and strong compliance
and monitoring capabilities. The company's senior management team
has on average more than 20 years of industry experience, which
provides a solid base of knowledge and leadership. Nationstar's
oversight encompasses loan administration, default administration,
compliance, and cash management. Nationstar is an indirectly held,
wholly owned subsidiary of Nationstar Mortgage Holdings Inc.

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

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.

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.

The principal methodology used in these ratings was "Moody's
Approach to Rating US Prime RMBS" published in November 2018.


STARWOOD MORTGAGE 2019-1: S&P Rates Class B-2 Certs 'B (sf)'
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Starwood Mortgage
Residential Trust 2019-1's mortgage pass-through certificates.

The certificate issuance is a residential mortgage-backed
securities (RMBS) transaction backed by first-lien, fixed- and
adjustable-rate fully amortizing residential mortgage loans (some
with interest-only periods) secured by the vast majority of
single-family residential properties, planned-unit developments,
condominiums, and two- to four-family residential properties to
both prime and nonprime borrowers. The loans are primarily investor
property loans that are exempt from the ability-to-repay rule and
nonqualified mortgage loans.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this
transaction;
-- The geographic concentration; and
-- The mortgage aggregator, Starwood Non-Agency Lending LLC, and
the mortgage originators.

  RATINGS ASSIGNED
  Starwood Mortgage Residential Trust 2019-1

  Class       Rating       Amount ($)
  A-1         AAA (sf)    376,450,000
  A-2         AA (sf)      30,302,000
  A-3         A (sf)       55,689,000
  M-1         BBB (sf)     32,486,000
  B-1         BB (sf)      24,296,000
  B-2         B (sf)       15,833,000
  B-3         NR           10,920,010
  A-IO-S      NR             Notional(i)
  XS          NR             Notional(i)

(i)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period.
NR--Not rated.


STRUCTURED ASSET 2004-AR7: Moody's Lowers Rating on M Debt to B2
----------------------------------------------------------------
Moody's Investors Service downgraded the rating of Cl.M from
Structured Asset Mortgage Investments II Trust 2004-AR7, backed by
Alt-A loans.

Complete rating actions are as follows:

Issuer: Structured Asset Mortgage Investments II Trust 2004-AR7

Cl. M, Downgraded to B2 (sf); previously on Jul 5, 2012 Downgraded
to Ba1 (sf)

RATINGS RATIONALE

The rating downgrade is primarily due to a deterioration in the
credit enhancement available to the bonds. The rating action
reflects the recent performance and Moody's updated loss
expectations on the underlying pool.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in February 2019.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in May 2019 from 3.8% in May
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2019. Lower increases than Moody's expects or
decreases could lead to negative rating actions. 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.


WFRBS COMMERCIAL 2012-C9: Fitch Affirms Bsf Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings affirms 10 classes of WFRBS Commercial Mortgage Trust
commercial mortgage pass-through certificates, series 2012-C9.
Fitch has also revised the Rating Outlooks on three classes to
Positive from Stable.

WFRBS 2012-C9
   
Class A-3   LT AAAsf  Affirmed;  previously at AAAsf
Class A-S   LT AAAsf  Affirmed;  previously at AAAsf
Class A-SB  LT AAAsf  Affirmed;  previously at AAAsf
Class B     LT AAsf   Affirmed;  previously at AAsf
Class C     LT A-sf   Affirmed;  previously at A-sf
Class D     LT BBB-sf Affirmed;  previously at BBB-sf
Class E     LT BBsf   Affirmed;  previously at BBsf
Class F     LT Bsf    Affirmed;  previously at Bsf
Class X-A   LT AAAsf  Affirmed;  previously at AAAsf
Class X-B   LT A-sf   Affirmed;  previously at A-sf

KEY RATING DRIVERS

Stable Overall Performance; Increased Credit Enhancement: The
rating affirmations and the Rating Outlook revisions of classes B,
C, and X-B to Positive reflect the generally stable collateral
performance, increasing credit enhancement from loan payoffs and
amortization, and increasing defeasance. As of the June 2019
distribution date, the pool's aggregate principal balance was
reduced by 27.0% to $768.6 million from $1.05 billion at issuance.
Since the prior rating action in August 2018, one loan paid in full
with a yield maintenance penalty. There are no delinquent or
specially serviced loans, and three loans (6.7% of the remaining
pool balance) have been designated as Fitch Loans of Concern
(FLOCs). Class G has realized $378,996 in losses and is being
affected by interest shortfalls.

Increasing Defeasance: Thirteen loans (26.9%) have been defeased,
compared with nine loans (17.7%) at the prior rating action.

Fitch Loans of Concern: Three loans (6.7%) have been designated as
FLOCs. The largest FLOC is 888 Bestgate Road, an office property in
Annapolis, MD, where occupancy had declined to 68% as of March 2019
after several tenants vacated when their leases ended. Three other
tenants (8.6% of net rentable area) have indicated that they plan
to vacate at their 2019 lease expirations. In June 2018, there was
a shooting in the Capital Gazette's office at the property, which
could be contributing to the decline in occupancy.

Smaller FLOCs include a shopping center in Waco, TX, where
occupancy and NOI DSCR declined to 70% and 1.04x, respectively, as
of 1Q19, and a hotel in Houston where RevPAR declined due to
energy-sector exposure and reduced demand.

Alternative Loss Considerations: Prior to revising the Rating
Outlooks, Fitch performed an additional sensitivity scenario, which
applied a 30% loss on the maturity balance of Chesterfield Towne
Center and a 20% loss on the maturity balance of 888 Bestgate Road
to reflect the potential for outsized losses. The sensitivity
scenario also factored in the expected paydown of the transaction
from defeased loans. This sensitivity analysis did not affect the
ability to revise the Rating Outlooks for classes B, C, and X-B to
Positive.

ADDITIONAL RATING DRIVERS

Retail and Hotel Exposure: Loans collateralized by retail
properties account for 39.5% of the pool. The largest loan,
Chesterfield Towne Center (13.0%), is the only regional mall in the
pool and has exposure to Macy's, Sears and JCPenney. The property
is performing in line with Fitch's expectations at issuance and
reported a 94% occupancy rate in March 2019 and a 1.72x YE 2018 NOI
DSCR. In-line sales were $399 psf at YE 2018, compared with $362
psf at issuance. Hotel properties account for 18.3% of the pool,
including two (5.0%) in the top 15.

Maturity Concentration: All remaining loans either mature or reach
their anticipated repayment date (ARD) in 2022.


WHITEBOX CLO I: S&P Assigns Prelim BB- (sf) Rating to Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Whitebox CLO
I Ltd./Whitebox CLO I LLC's floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by broadly syndicated speculative-grade senior
secured term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of July 9,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade (rated 'BB+' and lower) senior
secured term loans that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  PRELIMINARY RATINGS ASSIGNED
  Whitebox CLO I Ltd./Whitebox CLO I LLC

  Class                Rating         Amount (mil. $)
  AN-A                 AAA (sf)                 43.56
  A-L                  AA (sf)                 249.28
  AN-B                 AA (sf)                  11.16
  B (deferrable)       A (sf)                   22.00
  C (deferrable)       BBB- (sf)                24.00
  D (deferrable)       BB- (sf)                 16.00
  Subordinated notes   NR                       36.10

  NR--Not rated.


                            *********

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