/raid1/www/Hosts/bankrupt/TCR_Public/191013.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, October 13, 2019, Vol. 23, No. 285

                            Headlines

ARIVO ACCEPTANCE 2019-1: DBRS Assigns Prov. BB Rating on C Notes
ASCENTIUM 2019-2: S&P Assigns Prelim 'BB (sf)' Rating to E Notes
BANK 2019-BNK21: DBRS Assigns Prov. BB Rating on Class X-G Certs
BCC FUNDING XVI: DBRS Assigns Provisional BB Rating on Cl. D Notes
CHASE MORTGAGE 2019-CL1: Fitch to Rate $1.13MM Cl. M-5 Notes 'BB-'

CIM TRUST 2019-R2: Moody's Gives Prov. B3 Rating on Class B2 Notes
COLT 2019-4: DBRS Finalizes B Rating on Class B-2 Certs
CREDIT SUISSE 2016-C7: Fitch Affirms B-sf Rating on Cl. F Certs
FANNIE MAE 2019-R06: S&P Assigns 'B' Rating to 30 Classes of Notes
FORTRESS CREDIT VIII: S&P Assigns Prelim BB- Rating to Cl. E Notes

FREDDIE MAC 2019-DNA4: S&P Assigns Prelim 'B' Rating on B-1 Notes
FREED ABS 2019-2: DBRS Assigns Prov. BB low) Rating on C Notes
HALCYON LOAN 2014-1: Moody's Lowers $10MM Class F Notes to Caa3
MORGAN STANLEY 2017-C34: Fitch Affirms B-sf Rating on Cl. X-F Certs
NEW RESIDENTIAL 2019-5: DBRS Gives Prov. B Rating on 8 Note Classes

NEW RESIDENTIAL 2019-RPL3: DBRS Assigns Prov. B Rating on B2 Notes
NEW RESIDENTIAL 2019-RPL3: DBRS Finalizes B Rating on Cl. B2 Notes
PALMER SQUARE 2019-1: S&P Assigns Prelim B- (sf) Rating to E Notes
REPUBLIC FINANCE 2019-A: DBRS Assigns Prov. BB Rating on C Notes
RESIDENTIAL MORTGAGE 2019-3: DBRS Gives Prov. B Rating on B-2 Notes

STARWOOD 2019-INV1: S&P Assigns Prelim B (sf) Rating to B-2 Certs
STARWOOD MORTGAGE 2019-INV1: DBRS Gives (P)B(low) Rating on B2 Debt
SUPERIOR PLUS: DBRS Confirms BB(High) Issuer Rating, Trend Stable
WELLS FARGO 2019-JWDR: Fitch Rates $56.24MM Class F Certs B-sf
WFRBS COMMERCIAL 2014-C19: Fitch Affirms Class F Certs at B-sf

[*] DBRS Reviews 742 Classes from 31 U.S. RMBS Transactions
[*] S&P Takes Various Actions on 36 Classes From 7 U.S. CLO Deals

                            *********

ARIVO ACCEPTANCE 2019-1: DBRS Assigns Prov. BB Rating on C Notes
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DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Arivo Acceptance Auto Loan Receivables Trust
2019-1 (the Issuer):

-- $141,743,000 Class A at A (sf)
-- $18,147,000 Class B at BBB (sf)
-- $6,103,000 Class C at BB (sf)

The provisional 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. Credit enhancement is
in the form of overcollateralization (OC), subordination, amounts
held in the reserve fund and excess spread. Credit enhancement
levels are sufficient to support the DBRS expected cumulative net
loss (CNL) assumption under various stress scenarios. Please see
the Credit Enhancement section in the related presale report for
more details.

-- 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. DBRS assumptions for cash flow modeling
are described more fully under the Cash Flow Analysis section in
the related presale report.

-- DBRS has performed an operational review of Arivo Acceptance,
LLC (Arivo) and considers the entity to be an acceptable originator
and servicer of subprime and non-prime auto loans. The transaction
structure provides for a transition of servicing in the event a
Servicer Termination Event occurs. Wilmington Trust National
Association (rated AA (low) with a Stable trend by DBRS) is the
Backup Servicer, and Systems & Services Technologies, Inc. is the
Initial Successor Servicer.

-- The credit quality of the collateral and performance of Arivo's
auto loan portfolio. The weighted-average (WA) remaining life of
the collateral pool is 62 months. The non-zero WA FICO score of the
pool is 594. The transaction structure includes a Pre-Funding
Account in the amount of $20 million. DBRS considered the
parameters surrounding the additional receivables that can be
purchased during the 60-day pre-funding period and believes the
characteristics of the receivables after giving effect to the
addition of any pre-funded receivables will not result in the final
receivables pool credit characteristics differing materially from
those of the receivables as of the Initial Cut-Off Date.

-- Loss performance for Arivo's loan originations is limited. As a
result, in addition to Arivo's loan performance data, DBRS
incorporated proxy analysis to help determine an expected CNL for
the pool. The proxy analysis evaluated certain demographic
characteristics of Arivo's originations relative to those of other
issuers where DBRS possessed more extensive performance history.

-- 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 Arivo, that the Trust has a valid
first-priority security interest in the assets and the consistency
with DBRS's "Legal Criteria for U.S. Structured Finance"
methodology.

This transaction is being structured as a public transaction
offering three classes of notes: Class A, Class B and Class C.
Initial Class A credit enhancement of 16.25% includes a reserve
account (1.00% of the initial pool balance, funded at inception and
non-declining); OC of 0.75%; and subordination of 14.50% of the
initial pool balance. Initial Class B enhancement of 5.40% includes
a 1.00% reserve account, 0.75% OC and 3.65% subordination. Initial
Class C enhancement of 1.75% includes OC of 0.75% and a reserve
account of 1.00%. OC will build to a target of 14.00% of the pool
balance, based on excess spread available in the structure, and is
subject to a floor of 1.00% of the initial pool balance. The
receivables securitized in are subprime auto loan contracts secured
by new and used automobiles, light-duty trucks and vans.

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


ASCENTIUM 2019-2: S&P Assigns Prelim 'BB (sf)' Rating to E Notes
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S&P Global Ratings assigned its preliminary ratings to Ascentium
Equipment Receivables 2019-2 Trust's receivables-backed notes.

The note issuance is an ABS transaction backed by small-ticket
equipment leases and loans, associated equipment, and a special
unit of beneficial interest in lease contracts and underlying
vehicles.

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

The preliminary ratings reflect:

-- The availability of approximately 21.8%, 16.7%, 12.0%, 8.5%,
and 5.2% credit support to the class A, B, C, D, and E notes,
respectively, based on stressed break-even cash flow scenarios.
These credit support levels provide coverage (based on multiples in
S&P's equipment leasing criteria and, for preliminary ratings below
the 'BBB' category, the rating agency's securitized consumer
receivables criteria) of its cumulative net loss (CNL) range, which
is consistent with the preliminary ratings. S&P's CNL ranges from
3.60% to 4.30%, which reflects its stressed recovery rate range of
15.00%-30.00%, with higher recovery rates assumed for lower rating
categories;

-- S&P's expectation that, under its credit stability analysis, in
a moderate stress ('BBB') scenario, all else being equal, the
ratings on the class A and B notes would not decline by more than
one rating from its preliminary 'AAA (sf)' and 'AA (sf)' ratings,
respectively, and the ratings on the class C, D, and E notes would
not decline by more than two rating categories from its preliminary
'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings, respectively, in the
first year. These potential rating movements are consistent with
S&P's credit stability criteria;

-- S&P's expectation for the timely payment of periodic interest
and principal by the final maturity date according to the
transaction documents, based on stressed cash flow modeling
scenarios that it believes are appropriate for the assigned
preliminary rating categories;

-- The collateral characteristics of the securitized pool of
equipment leases and loans, including individual obligor
concentrations of less than 1.50%, a high percentage of contracts
with personal guarantees, and no residual values. S&P attributes
Ascentium Capital LLC's historical recovery rates, which are
generally higher than those of other small ticket commercial
finance companies, to the high percentage of personal guarantees
and the servicer's pursuit of realizations;

-- The presence of a backup servicer, U.S. Bank N.A.; and

-- The transaction's legal structure.

  PRELIMINARY RATINGS ASSIGNED
  Ascentium Equipment Receivables 2019-2 Trust

  Class    Rating      Amount (mil. $)
  A-1      A-1+ (sf)           101.000
  A-2      AAA (sf)            110.000
  A-3      AAA (sf)            118.292
  B        AA (sf)              20.983
  C        A (sf)               19.737
  D        BBB (sf)             13.504
  E        BB (sf)              14.750


BANK 2019-BNK21: DBRS Assigns Prov. BB Rating on Class X-G Certs
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DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates Series 2019-BNK21 to
be issued by BANK 2019-BNK21:

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

All trends are Stable.

The collateral consists of 49 fixed-rate loans secured by 87
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. 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. Three loans, representing a combined 22.4%
of the pool, are shadow-rated investment grade by DBRS. 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 below 1.15 times, a
threshold indicative of a higher likelihood of mid-term default.
However, the pool includes 15 loans, representing a combined 21.7%
of the pool by allocated loan balance, with issuance loan-to-value
ratios (LTVs) equal to or in excess of 67.1%, a threshold
historically indicative of above-average default frequency. The
weighted-average (WA) LTV of the pool at issuance is 60.9%, and the
pool is scheduled to amortize down to a WA LTV of 57.8% at
maturity.

The transaction includes three loans, representing a combined 22.4%
of the total pool balance, that are shadow-rated investment grade
by DBRS, including Park Tower at Transbay, 230 Park Avenue South
and Grand Canal Shoppes. Park Tower at Transbay exhibits credit
characteristics consistent with an AAA shadow rating, 230 Park
Avenue South exhibits credit characteristics consistent with a BBB
(low) shadow rating and Grand Canal Shoppes exhibits credit
characteristics consistent with a BBB (high) shadow rating.
Eight loans, including six of the top ten loans, representing 39.9%
of the pool, have Strong sponsorship according to DBRS.
Furthermore, DBRS identified only two loans (which, combined,
represent just 4.3% of the pool) that have sponsorship and/or loan
collateral associated with a voluntary bankruptcy filing, a prior
discounted payoff, a loan default, limited net worth and/or
liquidity, a historical negative credit event and/or an inadequate
commercial real estate experience.

Thirteen loans, representing a combined 35.5% of the pool by
allocated loan balance, exhibit issuance LTVs of less than 59.3%, a
threshold historically indicative of relatively low-leverage
financing and generally associated with below-average default
frequency.

No loans were deemed Average (-), Below Average or Poor property
quality. Additionally, ten loans, representing 40.1% of the pool
balance, exhibited Average (+), Above Average or Excellent property
quality. The pool's largest loan, Park Tower at Transbay, is
secured by collateral that DBRS deemed to be of Excellent property
quality.

Eight loans, representing 34.3% of the aggregate pool balance, are
secured by properties that are either fully or partially leased to
a single tenant. Four of the top ten loans, including Park Tower at
Transbay, 230 Park Avenue South, Domain Tower and 105 East 17th
Street, are either fully or partially leased to a single tenant.
DBRS sampled six of the eight loans secured by single-tenant
properties. Additionally, two of the eight loans leased to a single
tenant (Park Tower at Transbay and 230 Park Avenue South) are
shadow-rated investment grade by DBRS. Five of the eight identified
properties are leased to single tenants that DBRS considers being
investment-grade rated: Park Tower at Transbay, 230 Park Avenue
South, Domain Tower, 105 East 17th Street and Chase – Franklin
Park, IL.

The pool has a relatively high concentration of loans secured by
office properties, as evidenced by nine loans, representing 44.5%
of the pool by allocated loan balance, that are secured by such
properties. DBRS considers office properties to be a riskier
property type with a generally above-average historical default
frequency. Of the nine loans secured by office properties, two
loans, comprising 19.1% of the pool balance, are shadow-rated
investment grade by DBRS: Park Tower at Transbay and 230 Park
Avenue South. Four of the nine identified loans, representing 24.9%
of the pool balance, are secured by office properties located in
areas with a DBRS Market Rank of 8, which is characterized as a
highly dense urbanized area, such as New York or San Francisco.
These markets benefit from increased liquidity that is driven by
consistently strong investor demand. Therefore, such markets tend
to benefit from lower default frequencies than less dense suburban,
tertiary and rural markets.

Twenty-five loans, representing a combined 71.7% of the pool by
allocated loan balance, are structured with full-term IO periods.
Expected amortization for the pool is only 4.7%, which is less than
recent conduit securitizations. Of the 25 loans structured with
full-term IO periods, five loans, representing 28.3% of the pool by
allocated loan balance, are located in areas with a DBRS Market
Rank of 6 or 8. These markets benefit from increased liquidity even
during times of economic stress. Three of the 25 identified loans,
representing 22.4% of the total pool balance, are shadow-rated
investment grade by DBRS: Park Tower at Transbay, 230 Park Avenue
South and Grand Canal Shoppes.

The pool features a relatively high concentration of loans secured
by properties located in less-favorable suburban market areas, as
evidenced by 23 loans, representing 31.3% of the pool balance,
being secured by properties located in areas with a DBRS Market
Rank of either 3 or 4. An additional nine loans, totaling 9.8% of
the pool balance, are secured by properties located in areas with a
DBRS Market Rank of either 1 or 2, which are typically considered
more rural or tertiary in nature. Ten of the identified loans
(which represent 9.2% of the pool balance and are secured by
properties located in areas with a DBRS Market Rank of 1, 2, 3 or
4) will amortize over the loan term, which can reduce risk over
time. The average expected amortization of these loans is 18.9%,
which is notably higher than the pool's total WA expected
amortization of 4.7%.

Four loans, representing 24.9% of the total pool balance, are
secured by properties located in areas with a DBRS Market Rank of
8, which are characterized as urbanized locations.

Classes X-A, X-B, X-D, X-F and X-G 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.


BCC FUNDING XVI: DBRS Assigns Provisional BB Rating on Cl. D Notes
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DBRS, Inc. assigned provisional ratings to the following classes of
equipment contract backed notes to be issued by BCC Funding XVI LLC
(the Issuer):

-- $120,000,000 Series 2019-1, Class A-1 Notes at R-1 (high) (sf)
-- $208,425,000 Series 2019-1, Class A-2 Notes at AAA (sf)
-- $38,062,000 Series 2019-1, Class B Notes at A (sf)
-- $16,313,000 Series 2019-1, Class C Notes at BBB (sf)
-- $26,100,000 Series 2019-1, Class D Notes at BB (sf)

The provisional ratings are based on a review by DBRS of the
following analytical considerations:

-- Transaction capital structure, proposed ratings and sufficiency
of available credit enhancement, which includes
overcollateralization (OC), subordination and amounts held in the
reserve account, to support the DBRS-projected cumulative net loss
assumption under various stressed cash flow scenarios.

-- The proposed concentration limits mitigating the risk of
material migration in the collateral pool's composition during the
approximately three-month prefunding period.

-- The capabilities of Balboa Capital Corporation (BCC) with
regard to originations, underwriting and servicing. DBRS has
performed an operational review of BCC and considers it to be an
acceptable originator and servicer of equipment-backed lease and
loan contracts. Portfolio Financial Servicing Company, an
experienced servicer of equipment lease-backed securitizations,
will be the Backup Servicer for the transaction.

-- The expected collateral for the transaction is granular with
respect to obligor, vendor and geographical concentrations. More
than 81% of the obligors (by aggregate Statistical Discounted
Contract Balance) have been in business for six or more years and
approximately 43% have been in business for 16 or more years. The
weighted-average Small Business Scoring Service credit score for
the businesses in the expected collateral pool will be at least
199. In addition, obligations comprising approximately 76.6% of an
aggregate Statistical Discounted Contract Balance are supported by
personal guarantees and the payments on obligations accounting for
approximately 93.4% are collected through Automated Clearing
House.

-- The legal structure and presence of legal opinions that will
address the true sale of the assets to the Issuer, the
non-consolidation of the special-purpose vehicle with BCC and the
grant to the trustee of a valid first-priority security interest in
the assets. The legal structure is reviewed for the consistency
with the DBRS "Legal Criteria for U.S. Structured Finance."

BCC provides equipment and working capital financing to small and
mid-sized companies in the United States. It originates leases and
loans through three principal channels: (1) vendor financing
through partnerships with equipment vendors, (2) small-ticket
originations through direct calling and (3) larger small-ticket
direct originations to middle-market obligors. This transaction
will include a small portion (0.49% of an aggregate Statistical
Discounted Contract Balance) of working capital loans.

The rating on the Class A-1 Notes reflects 73.9% of initial hard
credit enhancement (as a percentage of collateral balance) provided
by the subordinated notes in the pool (66.4%), the Reserve Account
(1.5%) and OC (6.0%). The rating on the Class A-2 Notes reflects
26.0% of initial hard credit enhancement provided by the
subordinated notes in the pool (18.5%), the Reserve Account (1.5%)
and OC (6.0%). The ratings on the Class B, Class C and Class D
Notes reflect 17.3%, 13.5% and 7.5% of initial hard credit
enhancement, respectively.

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


CHASE MORTGAGE 2019-CL1: Fitch to Rate $1.13MM Cl. M-5 Notes 'BB-'
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Fitch Ratings expects to rate Chase Mortgage Reference Notes
2019-CL1 as follows:

  -- $35,969,000 class M-1 notes 'AAsf'; Outlook Stable;

  -- $10,222,000 class M-2 notes 'Asf'; Outlook Stable;

  -- $6,815,000 class M-3 notes 'BBBsf'; Outlook Stable;

  -- $3,408,000 class M-4 notes 'BBsf'; Outlook Stable;

  -- $1,136,000 class M-5 notes 'BB-sf'; Outlook Stable.

Fitch will not be rating the following classes:

  -- $696,646,441 class A-R1 certificates;

  -- $3,029,000 class B notes.

TRANSACTION SUMMARY

Fitch expects to rate the class M notes for JPMorgan Chase Bank,
N.A.'s first credit-linked note transaction, Chase Mortgage
Reference Notes 2019-CL1, as indicated. The notes are general
unsecured debt obligations of JPMCB (AA/F1+/Stable), and therefore
the ratings are directly linked to those of JPMCB. The transaction
is expected to close on or about Oct. 15, 2019.

The objective of the transaction is to transfer credit risk to
noteholders via the incorporation of tranched credit default swap
documentation. Principal payments on the notes are based on the
actual payments received and performance of a reference pool
consisting of 979 prime-quality residential mortgage loans with a
total balance of $757.23 million as of the cut-off date.

The loans were originated to JPMCB's guidelines, which satisfy the
Ability to Repay (ATR) Rule but were not tested for qualified
mortgage status in the due diligence process. All loans in the
reference pool are serviced by JPMCB and are expected to remain in
the portfolio.

The notes are uncapped LIBOR floaters, and JPMCB will be solely
responsible for the payment of principal and interest to class M
and B noteholders. Given the structure and dependence on JPMCB,
Fitch's ratings on class M notes are capped at the lower of 1) the
quality of the mortgage loan reference pool and credit enhancement
(CE) available through subordination, and 2) Fitch's Issuer Default
Rating (IDR) of JPMCB.

KEY RATING DRIVERS

Very High Credit Quality (Positive): The referenced collateral
consists of 30-year, fixed-rate, fully amortizing loans, seasoned
approximately 48 months based on Fitch's calculation. All the loans
were originated through JPMCB's retail channel or correspondent's
retail channel. The borrowers in this pool have strong credit
profiles (Fitch model FICO score of 773) and low leverage (70%
combined loan to value ratio [CLTV]).

Non-Qualified Mortgage (Negative): All the loans in this
transaction were underwritten to JPMCB's guidelines but may or may
not qualify for QM status. (QM status was not tested for in the due
diligence review.) None of the loans in the pool were underwritten
with an underwriting exception. As QM status was not tested for,
all loans were assumed to be non-QM in Fitch's analysis, and the
'AAsf' expected loss was increased by 14bps.

Counterparty Risk (Negative): Ratings on the notes are directly
linked to the IDR of the counterparty, JPMCB (AA/F1+/Stable). There
is no transfer or sale of assets, and the referenced collateral
will remain on balance sheet as unencumbered assets of the bank.
Interest and principal payments on the notes are unsecured debt
obligations of JPMCB.

Prior to the monthly payment date, funds awaiting distribution and
deposited by JPMCB will be held at Wells Fargo Bank, N.A. (AA-/F1+)
in a segregated trust account for the benefit of the notes. Funds
in this account can be invested in eligible investments that are
consistent with Fitch's criteria and mature prior to the payment
date of the notes. Funds in the distribution account are held for
two business days.

Minimal Operational Risk (Positive): JPMCB has a long operating
history of originating and securitizing residential mortgage loans,
and is assessed as 'Above Average' by Fitch. JPMCB is also the
servicer of this transaction and is rated 'RPS1-' by Fitch. Fitch
reduces its loss expectations for highly rated originators and
servicers (rated 1- or higher) due to their strong practices and
higher expected recoveries. Fitch reduced its 'AAsf' loss
expectations by 43bps, to account for the low operational risk
associated with this pool.

Third-Party Due Diligence (Positive): Third-party due diligence was
performed by a Fitch-assessed 'Acceptable-Tier 1' third-party
review (TPR) firm on a representative sample of 547 loans, 163 of
which are included in the reference pool (17% of the loans in the
reference pool had a due diligence review). The review confirmed
sound operational quality with no incidence of material defects.
The loans are seasoned approximately 48 months based on Fitch's
analysis, and all have clean pay histories for the past 24 months.
The due diligence results are in line with industry averages, and
99% were graded 'A' or 'B'.

Property Value Variances (Negative): While the TPR firm reviewed
the original appraisal quality and found no material differences,
updated property valuations were obtained for 100% of the pool due
to the reference pool's seasoning. Of the updated valuations
obtained, 24% comprised broker price opinions (BPOs) and the
remainder received a value determined by the Clear Capital
Automated Valuation Model-Fully Supported (AVM) product value.
Compared to the original value, the BPO values showed a 7% average
negative variance, and the AVM values showed a 3% average positive
variance. As a result, Fitch applied a 7% haircut to the original
values for the loans without a BPO. The BPO values were used for
loans with a BPO.

Eligibility Criteria Framework (Positive): JPMCB has outlined
loan-level eligibility criteria with respect to the reference pool.
The construct is viewed by Fitch as a Tier 2 due to inclusion of
knowledge qualifiers without a clawback provision and the narrow
testing construct, which limits the reviewer's ability to identify
or respond to issues not fully anticipated at closing. The
framework, together with the financial strength of JPMCB as
Eligibility Criteria provider, resulted in no adjustment to Fitch's
expected loss.

Loans identified by the reviewer as having a material test failure
with respect to the eligibility criteria and that the reviewer
determined to not be an eligible loan and such determination by the
reviewer is not subject to arbitration, is not eligible to be
subject to an arbitration, and has not been overturned in an
arbitration will be deemed an "ineligible reference obligation" and
will be removed from the pool at par. Arbitration expenses will be
paid out of interest payable on the notes if JPMCB prevails in
arbitration proceedings; otherwise, JPMCB will be responsible for
all expenses.

Pro-Rata Pay Structure (Negative): The mortgage cash flows are
allocated based on a pro-rata pay structure. Scheduled and
unscheduled principal is allocated pro rata based on the respective
senior (class A-R1) and subordinate (classes M and B) percentages.
Distributions to the subordinated M and B classes are subject to
certain performance and CE tests; if the tests are not satisfied,
the senior class A-R1 certificate is allocated 100% of all
principal.

In addition, lower rated subordinated classes will be locked out of
principal entirely if the current CE for such class is less than
the sum of the original CE plus 25% of the balance of loans that
are deemed nonperforming (i.e. 90+ days past due, in foreclosure
[FC] or bankruptcy [BK], or real estate owned [REO]).The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. This feature redirects
subordinate principal to classes of higher seniority if specified
CE levels are not maintained. Losses are allocated reverse
sequentially with the unrated B class absorbing losses first.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordinate CE
floor of $3,029,000 will be maintained for the subordinate notes.
There will not be a senior CE floor for this transaction. Not
having a senior CE floor benefits the M notes by allowing them to
receive principal sooner than if a senior CE floor was in place.

RATING SENSITIVITIES

Fitch's analysis incorporates a sensitivity analysis to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at the MSA level. The implied rating sensitivities are
only an indication of some of the potential outcomes and do not
consider other risk factors that the transaction may become exposed
to or may be considered in the surveillance of the transaction.
Three sets of sensitivity analyses were conducted at the state and
national levels to assess the effect of higher MVDs for the subject
pool.

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper market value declines at the
national level. The analysis assumes market value declines of 10%,
20% and 30%, in addition to the model-projected 3.6%.

The defined rating sensitivities determine the stresses to MVDs
that would reduce a rating by one full category, to non-investment
grade and to 'CCCsf'.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC Diligence, LLC (AMC). The third-party due diligence
focused on three areas: a compliance review; a credit review; and a
valuation review; and was conducted on 17% of the loans in the
pool. Fitch considered this information in its analysis and
believes the overall results of the review generally reflected
strong underwriting controls.

Fitch received certifications indicating that the loan-level due
diligence was conducted in accordance with its published standards
for reviewing loans and in accordance with the independence
standards outlined in its criteria.


CIM TRUST 2019-R2: Moody's Gives Prov. B3 Rating on Class B2 Notes
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Moody's Investors Service assigned provisional ratings to eight
classes of notes issued by CIM Trust 2019-R2, which are backed by
one pool of primarily re-performing residential mortgage loans. As
of the cut-off date of August 31, 2019, the collateral pool is
comprised of 3,406 first lien mortgage loans, with a weighted
average updated primary borrower FICO score of 644, a WA current
loan-to-value Ratio for the first liens of 87.4% and a total unpaid
balance of $464,327,419. Approximately 10.6% of the pool balance is
non-interest bearing, which consists of both principal reduction
alternative and non-PRA deferred principal balance.

Rushmore Loan Management Services LLC will be the primary servicer
and will not advance any principal or interest on the delinquent
loans. However, it will be required to advance costs and expenses
incurred in connection with a default, delinquency or other event
in the performance of its servicing obligations.

The complete rating actions are as follows:

Issuer: CIM Trust 2019-R2

Class A1, Assigned (P)Aaa (sf)

Class A1-A, Assigned (P)Aaa (sf)

Class A1-B, Assigned (P)Aaa (sf)

Class M1, Assigned (P)Aa2 (sf)

Class M2, Assigned (P)A3 (sf)

Class M3, Assigned (P)Baa3 (sf)

Class B1, Assigned (P)Ba3 (sf)

Class B2, Assigned (P)B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected losses on CIM 2019-R2's collateral pool is 14.00%
in its base case scenario. Its loss estimates take into account the
historical performance of loans that have similar collateral
characteristics as the loans in the pool. Its credit opinion is the
result of its analysis of a wide array of quantitative and
qualitative factors, a review of the third-party review of the
pool, servicing framework and the representations and warranties
framework.

The methodologies used in these ratings were "Moody's Approach to
Rating Securitizations Backed by Non-Performing and Re-Performing
Loans" published in February 2019 and "US RMBS Surveillance
Methodology" published in February 2019.

Collateral Description

CIM 2019-R2's collateral pool is primarily comprised of
re-performing mortgage loans. About 87.0% of mortgage loans in the
pool have been previously modified.

Moody's based its expected losses on its estimates of 1) the
default rate on the remaining balance of the loans and 2) the
principal recovery rate on the defaulted balances. The two factors
that most strongly influence a re-performing mortgage loan's
likelihood of re-default are the length of time that the loan has
performed since a loan modification, and the amount of the
reduction in the monthly mortgage payment as a result of the
modification. The longer a borrower has been current on a
re-performing loan, the less likely the borrower is to re-default.
Approximately 43.0% of the borrowers have been current on their
payments for at least the past 24 months under the MBA method of
calculating delinquencies.

Moody's estimated expected losses for the pool using two approaches
-- (1) pool-level approach, and (2) re-performing loan level
analysis.

In the pool-level approach, Moody's estimates losses on the pool
using an approach similar to its surveillance approach whereby
Moody's applies assumptions of future delinquencies, default rates,
loss severities and prepayments based on observed performance of
similar collateral. Moody's projects future annual delinquencies
for eight years by applying an initial annual default rate and
delinquency burnout factors. Based on the loan characteristics of
the pool and the demonstrated pay histories, Moody's expects an
annual delinquency rate of 11.5% on the collateral pool for year
one. Moody's then calculated future delinquencies on the pool using
its default burnout and voluntary conditional prepayment rate (CPR)
assumptions. The delinquency burnout factors reflect its future
expectations of the economy and the U.S. housing market. Moody's
then aggregated the delinquencies and converted them to losses by
applying pool-specific lifetime default frequency and loss severity
assumptions. Its loss severity assumptions are based off observed
severities on liquidated seasoned loans and reflect the lack of
principal and interest advancing on the loans.

Moody's also conducted a loan level analysis on CIM 2019-R2's
collateral pool. Moody's applied loan-level baseline lifetime
propensity to default assumptions and considered the historical
performance of seasoned loans with similar collateral
characteristics and payment histories. Moody's then adjusted this
base default propensity up for (1) loans that have the risk of
coupon step-ups and (2) loans with high updated loan to value
ratios (LTVs). Moody's applied a higher baseline lifetime default
propensity for interest-only loans, using the same adjustments. To
calculate the expected loss for the pool, Moody's applied a
loan-level loss severity assumption based on the loans' updated
estimated LTVs. Moody's further adjusted the loss severity
assumption upwards for loans in states that give super-priority
status to homeowner association (HOA) liens, to account for
potential risk of HOA liens trumping a mortgage.

As of the statistical cut-off date, approximately 10.6% of the pool
balance is non-interest bearing, which consists of both PRA and
non-PRA deferred principal balance. However, the PRA deferred
amount of $673,351 will be carved out as a separate Class PRA
note.

For non-PRA forborne amounts, the deferred balance is the full
obligation of the borrower and must be paid in full upon (i) sale
of property (ii) voluntary payoff or (iii) final scheduled payment
date. Upon sale of the property, the servicer therefore could
potentially recover some of the deferred amount. For loans that
default in future or get modified after the closing date, the
servicer may opt for partial or full principal forgiveness to the
extent permitted under the servicing agreement. Based on
performance and information from servicers, Moody's applied a
slightly higher default rate than what Moody's assumed for the
overall pool given that these borrowers have experienced past
credit events that required loan modification, as opposed to
borrowers who have been current and have never been modified. In
addition, Moody's assumed approximately 95% severity as the
servicer may recover a portion of the deferred balance. Its
expected loss does not consider the PRA deferred amount.

Transaction Structure

The securitization has a simple sequential priority of payments
structure without any cash flow triggers. The servicer will not
advance any principal or interest on delinquent loans. However, the
servicer will be required to advance costs and expenses incurred in
connection with a default, delinquency or other event in the
performance of its servicing obligations. Credit enhancement in
this transaction is comprised of subordination provided by
mezzanine and junior tranches. To the extent excess cashflow is
available, it will be used to pay down additional principal of the
bonds sequentially, building overcollateralization.

Moody's ran 96 different loss and prepayment scenarios through its
cash flow analysis. The scenarios encompass six loss levels, four
loss timing curves, and four prepayment curves.

Third Party Review

The sponsor engaged third party diligence providers to conduct the
following due diligence reviews: (i) a title/lien review to confirm
the appropriate lien was recorded and the position of the lien and
to review for other outstanding liens and the position of those
liens; (ii) a state and federal regulatory compliance review on the
loans; (iii) a payment history review for the two year period (to
the extent available) to confirm that the payment strings matched
the data supplied by or on behalf of the third-party sellers; and
(iv) a data comparison review on certain characteristics of the
loans.

Based on its analysis of the TPR reports, Moody's determined that a
portion of the loans with some cited violations are at enhanced
risk of having violated TILA through an under-disclosure of the
finance charges or other disclosure deficiencies. Although the TPR
report indicated that the statute of limitations for borrowers to
rescind their loans has already passed, borrowers can still raise
these legal claims in defense against foreclosure as a set off or
recoupment and win damages that can reduce the amount of the
foreclosure proceeds. Such damages can include up to $4,000 in
statutory damages, borrowers' legal fees and other actual damages.
Moody's increased its base case losses for these loans to account
for such damages.

The seller will prepare a schedule based upon the custodian's
exception report. The seller will have 90 days to cure any
exceptions related to missing mortgages or lost note affidavit. If
the seller is unable to cure, then it will repurchase such loans
within 90 days. Similarly, if the seller is unable to cure any
exceptions related to missing intervening assignments of mortgage
and/ or missing intervening endorsements of the note within a year
from closing date, then the seller will be obligated to repurchase
such loans. The absence of an intervening assignment of mortgage,
original note or endorsement can delay or prevent the servicer from
foreclosing on the property or could reduce the value of the loan.
Similarly other document exceptions can increase the severity upon
liquidation.

The diligence provider conducted a review of the title policies,
mortgages and lien searches (within twelve months of the cut-off
date) on loans with an unpaid principal balance of over $5,000 in
the initial pool to confirm the first lien position of the
mortgages and to identify other amounts owed on the mortgage. Based
on the results title and tax review, Moody's adjusted its expected
loss for loans where title search was not performed or loans which
were flagged having serious title defects and not indemnified by
title insurance. Moody's did not increase losses for any
outstanding lien because the remedy provider will extinguish the
liens within 150 days of closing date. If the liens are not
extinguished, then remedy provider will be obligated to repurchase
the loans.

The review also consisted of validating 29 data fields for each
loan in the pool which resulted in 2,831 loans having one or more
data variances. It was determined that such data variances were
attributable to missing or defective source documentation,
non-material variances within acceptable tolerances, allocation
between documented and undocumented deferred principal balances,
timing and data formatting differences. Moody's did not make any
adjustments for these findings.

Representations & Warranties (R&W)

The R&W provider is Chimera Funding TRS LLC, wholly-owned
subsidiary of Chimera Investment Corporation (NYSE: CIM) and is not
an investment grade rated entity. The creditworthiness of the R&W
provider determines the probability that the R&W provider will be
available and have the financial strength to repurchase defective
loans upon identifying a breach. An investment-grade-rated R&W
provider lends substantial strength to its R&Ws. For financially
weaker entities, Moody's look for other offsetting factors, such as
a strong alignment of interest and enforcement mechanisms, to
derive the same level of protection. Moody's analyzes the impact of
less creditworthy R&W providers case by case, in conjunction with
other aspects of the transaction.

Mortgage loans will be reviewed for a breach of R&Ws only if one of
the following occurs (1) a loan becomes 120 days delinquent (MBA
method) or (2) loan has been liquidated and upon such liquidation
has incurred a realized loss.

There are a few weaknesses in the enforcement mechanisms. First,
the independent reviewer is not identified at closing and, if the
owner trustee (on behalf of controlling holder) has difficulty
engaging one on acceptable terms, the controlling holder can direct
the trustee not to engage one. Furthermore, the review fees, which
the trust pays, are not agreed upon at closing and will be
determined in the future. Second, the remedies do not cover damages
owing to TILA under-disclosures. Moody's made adjustments to
account for such damages in its analysis. Finally, there will be no
remedy for an insurance-related R&W (i.e. any reduction in the
amount paid by a mortgage insurer or title insurer).

Overall, Moody's considers the R&W framework to be relatively
stronger compared to recent RPL securitizations rated by us because
every seriously delinquent loan is automatically reviewed, there is
a well-defined process in place to identify loans with defects on
an ongoing basis and the R&Ws do not sunset.

Trustee Indemnification

Moody's believes there is a very low likelihood that the rated
notes in CIM 2019-R2 will incur any loss from extraordinary
expenses or indemnification payments owing to potential future
lawsuits against key deal parties. First, majority of the loans are
seasoned with demonstrated payment history, reducing the likelihood
of a lawsuit on the basis that the loans have underwriting defects.
Second, the transaction has reasonably well-defined processes in
place to identify loans with defects on an ongoing basis. In this
transaction a well-defined breach discovery and enforcement
mechanism reduces the likelihood that parties will be sued for
inaction.

Servicing arrangement

Rushmore will servicer 100% of the loans in the pool. In the event
of a termination of the Servicer under the Servicing Agreement, a
successor servicer that is reasonably acceptable to the Class C
holder will be appointed by the Depositor on behalf of the Issuer.
In addition, the servicer does not advance principal and interest
on delinquent loans in this transaction which would make servicing
transfer easier as the replacement servicer will not be obligated
to make P&I advances. Moody's considers the overall servicing
arrangement to be credit neutral.

Other Considerations

The servicer will not commence foreclosure proceedings on a
mortgage loan unless the servicer has notified the Class C holder
(which, as of the closing date, will be the sponsor or one of its
affiliate) at least five (5) business days in advance of the
foreclosure and the Class C holder has not objected to such action.
If the Class C holder objects, the servicer has to obtain three
appraisals from the appraisal firms as listed in the pooling and
servicing agreement. The cost of the appraisals are borne by the
Class C holder. The Class C holder will be required to purchase
such mortgage loan at a price equal to the highest of the three
appraisals plus accrued and unpaid interest on such mortgage loan
as of the purchase date. If the servicer cannot obtain three
appraisals there are alternate methods for determining the purchase
price. If the Class C holder fails to purchase the mortgage loan
within the time frame, the Class C holder forfeits any foreclosure
rights thereafter. Moody's considers this credit neutral because a)
the appraiser is chosen by the servicer from the approved list of
appraisers, b) the fair value of the property is decided by the
servicer, based on third party appraisals, and c) the Class C
holder will pay the fair price and accrued interest.

Transaction Parties

Rushmore will be the primary servicer for all loans in the pool.
Wells Fargo Bank, N.A. will act as the custodian. Wells Fargo Bank,
N.A. will be the trust administrator, Wilmington Savings Fund
Society, FSB will be the owner trustee and U.S. Bank National
Association will be the indenture trustee.

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

Factors that would lead to an upgrade of the ratings

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 its 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. Other reasons for
better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Factors that would lead to a downgrade of the ratings

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 obligors defaulting 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.


COLT 2019-4: DBRS Finalizes B Rating on Class B-2 Certs
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DBRS, Inc. finalized its provisional ratings on the Mortgage
Pass-Through Certificates, Series 2019-4 (the Certificates) issued
by COLT 2019-4 Mortgage Loan Trust (the Trust) as follows:

-- $260.7 million Class A-1 at AAA (sf)
-- $23.6 million Class A-2 at AA (sf)
-- $32.7 million Class A-3 at A (sf)
-- $14.3 million Class M-1 at BBB (sf)
-- $12.0 million Class B-1 at BB (sf)
-- $6.0 million Class B-2 at B (sf)

The AAA (sf) rating on the Certificates reflects the 26.15% of
credit enhancement (CE) provided by subordinated Certificates in
the pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 19.45%, 10.20%, 6.15%, 2.75% and 1.05% of CE,
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 fixed- and
adjustable-rate prime and non-prime first-lien residential
mortgages. The Certificates are backed by 576 loans with a total
principal balance of $352,977,726 as of the Cut-Off Date (September
1, 2019).

Caliber Home Loans, Inc. is the Originator and the Servicer for the
entire portfolio. Aside from two loans which were originated under
the Professional Elite and Investor Access program, the rest of the
mortgages were originated under the following five programs:

(1) Elite Access (46.2% by balance) – Generally made to borrowers
with strong credit history seeking loans with non-conforming
balances who do not meet strict prime jumbo guidelines for various
reasons. These loans may have interest-only (IO) features, higher
debt-to-income (DTI) and loan-to-value (LTV) ratios or lower credit
scores compared with those in traditional prime jumbo
securitizations. This program has higher minimum FICO requirements
than Premier Access and does not allow for mortgage lates in the
past 12 months.

(2) Premier Access (30.0% by balance) – Generally made to
borrowers with unblemished credit. These loans may have IO
features, higher DTI and LTV ratios or lower credit scores compared
with those in traditional prime jumbo securitizations. Though this
program does not allow for derogatory credit events within the past
four years, some borrowers may have had prior mortgage lates.

(3) Homeowner's Access (14.3% by balance) – Made to borrowers who
do not qualify for agency or prime jumbo mortgages for various
reasons, such as loan size in excess of government limits,
alternative or insufficient credit or prior derogatory credit
events that occurred more than two years prior to origination.

(4) Fresh Start (7.1% by balance) – Generally made to borrowers
with lower credit and borrowers who may have had significant recent
credit events within the past 24 months.

(5) Investor (2.4% by balance) – Made to borrowers who finance
investor properties where the mortgage loan would not meet agency
or government guidelines because of such factors as property type,
number of financed properties, lower borrower credit score or a
seasoned credit event.

Wells Fargo Bank, N.A. (rated AA with a Stable trend by DBRS) will
act as the Master Servicer, Securities Administrator and
Certificate Registrar. U.S. Bank National Association (rated AA
(high) with a Stable trend by DBRS) will serve as Trustee.

Although the mortgage loans were originated to satisfy Consumer
Financial Protection Bureau (CFPB) Ability-to-Repay (ATR) rules,
they were made to borrowers who generally do not qualify for
agency, government or private-label non-agency prime jumbo products
for the various reasons described above. In accordance with the
CFPB Qualified Mortgage (QM) rules, 6.9% of the loans are
designated as QM Safe Harbor, 28.7% as QM Rebuttable Presumption
and 62.0% as Non-QM. Approximately 2.4% of the loans are made to
investors for business purposes and are exempt from QM
categorization.

The Servicer will generally fund advances of delinquent principal
and interest on any mortgage until such loan becomes 180 days
delinquent, and it is obligated to make advances in respect of
taxes, insurance premiums and reasonable costs incurred in the
course of servicing and disposing of properties.

On or after the earlier of (1) the two-year anniversary of the
Closing Date and (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Controlling Holder has the option to purchase all
outstanding Certificates at a price equal to the outstanding class
balance, plus accrued and unpaid interest, including any cap
carry-over amounts.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Certificates as the outstanding senior Certificates are paid in
full.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Certificates. The DBRS ratings of A (sf), BBB (sf), BB (sf)
and B (sf) address the ultimate payment of interest and full
payment of principal by the legal final maturity date in accordance
with the terms and conditions of the related Certificates.

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


CREDIT SUISSE 2016-C7: Fitch Affirms B-sf Rating on Cl. F Certs
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Fitch Ratings affirmed 16 classes of Credit Suisse CSAIL 2016-C7
Commercial Mortgage Trust Pass-Through Certificates.

CSAIL 2016-C7

                        Current Rating      Prior Rating

Class A-1 12637UAS8;  LT AAAsf Affirmed;  previously at AAAsf

Class A-2 12637UAT6;  LT AAAsf Affirmed;  previously at AAAsf

Class A-3 12637UAU3;  LT AAAsf Affirmed;  previously at AAAsf

Class A-4 12637UAV1;  LT AAAsf Affirmed;  previously at AAAsf

Class A-5 12637UAW9;  LT AAAsf Affirmed;  previously at AAAsf

Class A-S 12637UBA6;  LT AAAsf Affirmed;  previously at AAAsf

Class A-SB 12637UAX7; LT AAAsf Affirmed;  previously at AAAsf

Class B 12637UBB4;    LT AA-sf Affirmed;  previously at AA-sf

Class C 12637UBC2;    LT A-sf Affirmed;   previously at A-sf

Class D 12637UAG4;    LT BBB-sf Affirmed; previously at BBB-sf

Class E 12637UAJ8;    LT BB-sf Affirmed;  previously at BB-sf

Class F 12637UAL3;    LT B-sf Affirmed;   previously at B-sf

Class X-A 12637UAY5;  LT AAAsf Affirmed;  previously at AAAsf

Class X-B 12637UAZ2;  LT AA-sf Affirmed;  previously at AA-sf

Class X-E 12637UAA7;  LT BB-sf Affirmed;  previously at BB-sf

Class X-F 12637UAC3;  LT B-sf Affirmed;   previously at B-sf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Overall pool performance
has remained stable and in line with issuance expectations. There
have been no realized losses to date and one loan (0.4% of pool)
has fully defeased. However, there are two loans (3.6%) in special
servicing. The largest, Preserve at Autumn Ridge II (2.7%), is
secured by a 152 unit multifamily property in Watertown, NY,
primarily serving troops from nearby Fort Drum. The loan
transferred in January 2019 due to imminent non-monetary default.
The sponsors, Robert and Kevin Morgan, pled guilty to felony
conspiracy to commit bank fraud related to this loan, resulting in
a default under the loan agreement. Foreclosure proceedings have
begun. The smaller specially serviced loan, The Registry Apartments
(0.9%), is secured by a 103 unit multifamily property located in
Houston, TX. While the loan is current, it transferred in June 2018
due to imminent non-monetary default. As of YE 2018, occupancy and
debt service coverage ratio (DSCR) were 87% and 1.05x,
respectively, compared to 91% and 1.49x at YE 2017. Three
additional loans in the top 15 (15.2%) were flagged as Fitch Loans
of Concern (FLOCs) due to declining performance and/or sales.

Fitch Loans of Concern: The largest FLOC and second largest loan,
Gurnee Mills (9.7%), is secured by a 1.7 million sf interest in a
1.9 million sf regional mall located in Gurnee, IL, roughly 45
miles north of Chicago. The mall is anchored by non-collateral
tenants Marcus Cinema, Burlington Coat Factory, Value City
Furniture, and collateral tenants Bass Pro Shops, Kohl's, and
Macy's. Occupancy has been trending downward over the past several
years: 88% (2017), 81% (2018) and 80% (June 2019). The property
lost anchor tenant Sears Grand (12% NRA, 6% rent) in summer 2018
prior to its April 2019 lease expiration date. Neiman Marcus Last
Call (2.8% NRA) also vacated its space in 1Q 2018 prior to its
lease expiration date in January 2020. Sales have declined since
issuance. Comparable inline sales for tenants occupying less than
10,000 sf were $332 psf at YE 2018, up from $313 psf at YE 2017 but
down from $347 psf at issuance. Macy's reported sales of $122 sf at
YE 2018, flat from $122 psf at YE 2017 but down from $134 psf at
issuance. Bass Pro Shops had sales of $169 psf at YE 2018, down
from $179 psf at YE 2017 and $189 psf at issuance.

The second largest FLOC and eighth largest loan, Peachtree Mall
(3.2%), is secured by approximately 620,000 sf of an 822,000 sf
regional mall in Columbus, GA. The mall is anchored by Macy's,
Dillard's, and JC Penney. Mall performance has been relatively
stable with occupancy and DSCR of 98% and 1.94x, respectively
compared to 96% and 1.92 at YE 2017 and 90% and 1.98x at issuance.
However, sales have been declining. Comparable in-line sales for
tenants occupying less than 10,000 sf were $348 psf for the YE
2018, down from $363 psf at YE 2017 and $382 at YE 2016. Macy's
reported sales of $105 psf for the YE 2018, down from $111 psf at
YE 2017 and $126 at YE 2016. Peachtree 8 reported sales of
approximately $133,000 per screen for YE 2018, up from $114,000 at
YE 2017 but down from $136,000 per screen near issuance. J.C.
Penney was the only anchor tenant that experienced an increase in
sales at a reported $158 psf at YE 2018, slightly up from $151 psf
at YE 2017 and $154 YE 2016.

The third largest non-specially serviced FLOC is the 13th largest
loan in the pool, The Heights II (2.3%), which is secured by a 672
unit student housing complex located in San Marcos, TX, serving
Texas State University. DSCR declined to 1.25x at YE 2018 from
2.29x at YE 2017 primarily due to a 26% increase in operating
expenses, mainly driven by increases in Advertising and Repairs &
Maintenance. Additionally, the interest only period expired in
February 2018. Despite the decline in DSCR, occupancy increased to
95% at YE 2018 from 88% at YE 2017. As of June 30, 2019 YTD, the
property was 93% occupied with DSCR of 1.37x.

Alternative Loss Considerations: Fitch ran an additional
sensitivity scenario which assumed a 25% loss severity on the
maturity balances of Gurnee Mills and Peachtree Mall to reflect the
potential for outsized losses given declining sales and/or
occupancy. The Negative Outlooks on classes F and X-F reflect this
analysis.

Minimal Improvements in Credit Enhancement: As of the September
2019 distribution date, the pool's aggregate principal balance has
paid down by approximately 4.8% to $731 million from $768 million
at issuance. The pool is scheduled to amortize by 16.2% throughout
the life of the transaction. Two loans (9% of pool) are full term
interest-only. Fifteen loans (40.4%) are partial term
interest-only; 11 loans (30.6%) have exited their interest only
period. The remainder of the pool, 34 loans (50.6%), are amortizing
balloon. Since the last rating action, one REO asset ($5.75 million
or 0.8%) has been disposed with better than expected recoveries.

ADDITIONAL CONSIDERATIONS

Pool and Property Concentrations: The largest property types in the
pool are: retail (13 loans, 40.7%), office (10 loans, 24.8%), and
multifamily (16 loans, 18.7%). Two loans in the top 15 (12.9%) are
secured by regional malls. Additionally, loans located in Florida
make up 30% of the pool, followed by Georgia (14%), and New York
(12.5%).

RATING SENSITIVITIES

The Negative Rating Outlooks for classes F and X-F reflect
potential rating downgrades due to performance concerns on the
Gurnee Mills and Peachtree Mall loans. Rating downgrades are
possible if the performance, particularly sales and occupancy, of
these properties continues to decline. The Rating Outlooks for
classes A-1 through E remain Stable due to overall stable
performance and continued amortization. Upgrades may occur with
improved pool performance and additional pay down or defeasance.


FANNIE MAE 2019-R06: S&P Assigns 'B' Rating to 30 Classes of Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Connecticut Avenue
Securities Trust 2019-R06's notes.

The note issuance is an RMBS transaction in which the payments are
determined by a reference pool of residential mortgage loans, deeds
of trust, or similar security instruments encumbering mortgaged
properties acquired by Fannie Mae.

The ratings reflect:

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

-- The credit quality of the collateral included in the reference
pool;

-- A REMIC structure that reduces the counterparty exposure to
Fannie Mae for periodic principal and interest payments but, at the
same time, pledges the support of Fannie Mae (a highly rated
counterparty) to cover shortfalls, if any, on interest payments and
to make up for any investment losses;

-- Fannie Mae's aggregation experience and the alignment of
interests between the issuer and the noteholders in the deal's
performance, which, in S&P's view, enhances the notes' strength;
and

-- The enhanced credit risk management and quality control
processes Fannie Mae uses in conjunction with the underlying
representations and warranties framework.

  RATINGS ASSIGNED
  Connecticut Avenue Securities Trust 2019-R06

  Class        Rating              Amount ($)
  2A-H(i)      NR              31,374,055,322
  2M-1         BBB- (sf)          233,828,000
  2M-1H(i)     NR                  12,307,371
  2M-2(ii)     B (sf)             732,660,000
  2M-2A(ii)    BB+ (sf)           244,220,000
  2M-AH(i)     NR                  12,854,721
  2M-2B(ii)    BB- (sf)           244,220,000
  2M-BH(i)     NR                  12,854,721
  2M-2C(ii)    B (sf)             244,220,000
  2M-CH(i)     NR                  12,854,721
  2B-1         NR                 327,360,000
  2B-1H(i)     NR                  17,229,519
  2B-2H(i)     NR                  82,045,124
  2M-2         B (sf)             732,660,000
  2E-A1(iii)   BB+ (sf)           244,220,000
  2A-I1(iii)   BB+ (sf)           244,220,000
  2E-A2(iii)   BB+ (sf)           244,220,000
  2A-I2(iii)   BB+ (sf)           244,220,000
  2E-A3(iii)   BB+ (sf)           244,220,000
  2A-I3(iii)   BB+ (sf)           244,220,000
  2E-A4(iii)   BB+ (sf)           244,220,000
  2A-I4(iii)   BB+ (sf)           244,220,000
  2E-B1(iii)   BB- (sf)           244,220,000
  2B-I1(iii)   BB- (sf)           244,220,000
  2E-B2(iii)   BB- (sf)           244,220,000
  2B-I2(iii)   BB- (sf)           244,220,000
  2E-B3(iii)   BB- (sf)           244,220,000
  2B-I3(iii)   BB- (sf)           244,220,000
  2E-B4(iii)   BB- (sf)           244,220,000
  2B-I4(iii)   BB- (sf)           244,220,000
  2E-C1(iii)   B (sf)             244,220,000
  2C-I1(iii)   B (sf)             244,220,000
  2E-C2(iii)   B (sf)             244,220,000
  2C-I2(iii)   B (sf)             244,220,000
  2E-C3(iii)   B (sf)             244,220,000
  2C-I3(iii)   B (sf)             244,220,000
  2E-C4(iii)   B (sf)             244,220,000
  2C-I4(iii)   B (sf)             244,220,000
  2E-D1(iii)   BB- (sf)           488,440,000
  2E-D2(iii)   BB- (sf)           488,440,000
  2E-D3(iii)   BB- (sf)           488,440,000
  2E-D4(iii)   BB- (sf)           488,440,000
  2E-D5(iii)   BB- (sf)           488,440,000
  2E-F1(iii)   B (sf)             488,440,000
  2E-F2(iii)   B (sf)             488,440,000
  2E-F3(iii)   B (sf)             488,440,000
  2E-F4(iii)   B (sf)             488,440,000
  2E-F5(iii)   B (sf)             488,440,000
  2-X1(iii)    BB- (sf)           488,440,000
  2-X2(iii)    BB- (sf)           488,440,000
  2-X3(iii)    BB- (sf)           488,440,000
  2-X4(iii)    BB- (sf)           488,440,000
  2-Y1(iii)    B (sf)             488,440,000
  2-Y2(iii)    B (sf)             488,440,000
  2-Y3(iii)    B (sf)             488,440,000
  2-Y4(iii)    B (sf)             488,440,000
  2-J1(iii)    B (sf)             244,220,000
  2-J2(iii)    B (sf)             244,220,000
  2-J3(iii)    B (sf)             244,220,000
  2-J4(iii)    B (sf)             244,220,000
  2-K1(iii)    B (sf)             488,440,000
  2-K2(iii)    B (sf)             488,440,000
  2-K3(iii)    B (sf)             488,440,000
  2-K4(iii)    B (sf)             488,440,000
  2M-2Y(iii)   B (sf)             732,660,000
  2M-2X(iii)   B (sf)             732,660,000
  2B-1Y(iii)   NR                 327,360,000
  2B-1X(iii)   NR                 327,360,000

(i)Reference tranche only and will not have corresponding notes.
Fannie Mae retains the risk of each of these tranches.
(ii)Class 2M-2 is offered at closing and may be exchanged for
classes 2M-2A, 2M-2B, and 2M-2C.
(iii) RCR exchangeable classes.
RCR--Related combinable and recombinable notes.
NR--Not rated.



FORTRESS CREDIT VIII: S&P Assigns Prelim BB- Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit BSL VIII Ltd.'s fixed- and floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by primarily 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 Oct. 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.

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

  PRELIMINARY RATINGS ASSIGNED
  Fortress Credit BSL VIII Ltd./Fortress Credit BSL VIII LLC  
  Class                 Rating       Amount (mil. $)
  A-1A                  AAA (sf)              191.00
  A-1F                  AAA (sf)               25.00
  A-2                   NR                     32.00
  B                     AA (sf)                48.00
  C (deferrable)        A (sf)                 24.00
  D (deferrable)        BBB- (sf)              24.00
  E (deferrable)        BB- (sf)               20.00
  Subordinated notes    NR                     37.00
  NR--Not rated.


FREDDIE MAC 2019-DNA4: S&P Assigns Prelim 'B' Rating on B-1 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Freddie Mac
STACR REMIC Trust 2019-DNA4's notes.

The note issuance is an RMBS transaction backed by 100% conforming
residential mortgage loans.

The preliminary ratings are based on information as of Oct. 8,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches, as well as the associated structural deal mechanics;

-- The credit quality of the collateral included in the reference
pool;

-- A REMIC structure that reduces the counterparty exposure to
Freddie Mac for periodic principal and interest payments but, at
the same time, pledges the support of Freddie Mac (a highly rated
counterparty) to cover shortfalls, if any, on interest payments and
to make up for any investment losses;

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

-- The enhanced credit risk management and quality control
processes Freddie Mac uses in conjunction with the underlying
representations and warranties framework.

  PRELIMINARY RATINGS ASSIGNED
  Freddie Mac STACR REMIC Trust 2019-DNA4

  Class      Rating          Amount ($)
  A-H(i)     NR          19,727,912,806
  M-1        BBB+ (sf)      148,000,000
  M-1H(i)    NR              57,499,091
  M-2        BB- (sf)       280,000,000
  M-2R       BB- (sf)       280,000,000
  M-2S       BB- (sf)       280,000,000
  M-2T       BB- (sf)       280,000,000
  M-2U       BB- (sf)       280,000,000
  M-2I       BB- (sf)       280,000,000
  M-2A       BBB- (sf)      140,000,000
  M-2AR      BBB- (sf)      140,000,000
  M-2AS      BBB- (sf)      140,000,000
  M-2AT      BBB- (sf)      140,000,000
  M-2AU      BBB- (sf)      140,000,000
  M-2AI      BBB- (sf)      140,000,000
  M-2AH(i)   NR              55,224,137
  M-2B       BB- (sf)       140,000,000
  M-2BR      BB- (sf)       140,000,000
  M-2BS      BB- (sf)       140,000,000
  M-2BT      BB- (sf)       140,000,000
  M-2BU      BB- (sf)       140,000,000
  M-2BI      BB- (sf)       140,000,000
  M-2RB      BB- (sf)       140,000,000
  M-2SB      BB- (sf)       140,000,000
  M-2TB      BB- (sf)       140,000,000
  M-2UB      BB- (sf)       140,000,000
  M-2BH(i)   NR              55,224,137
  B-1        B (sf)          74,000,000
  B-1A       B+ (sf)         37,000,000
  B-1AR      B+ (sf)         37,000,000
  B-1AI      B+ (sf)         37,000,000
  B-1AH(i)   NR              14,374,772
  B-1B       B (sf)          37,000,000
  B-1BH(i)   NR              14,374,772
  B-2        NR              87,000,000
  B-2A       NR              43,500,000
  B-2AR      NR              43,500,000
  B-2AI      NR              43,500,000
  B-2AH(i)   NR               7,874,772
  B-2B       NR              43,500,000
  B-2BH(i)   NR               7,874,772
  B-3H(i)    NR              20,549,913

(i)Reference tranche only and will not have corresponding notes.
Freddie Mac retains the risk of each of these tranches.


FREED ABS 2019-2: DBRS Assigns Prov. BB low) Rating on C Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes (the Notes) to be issued by FREED ABS Trust 2019-2 (FREED
2019-2):

-- $347,420,000 Class A Notes at A (high) (sf)
-- $91,340,000 Class B Notes at BBB (high) (sf)
-- $85,360,000 Class C Notes at BB (low) (sf)

The provisional ratings are based on a review by DBRS of the
following analytical considerations:

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

-- Subordination, overcollateralization, amounts held in the
Reserve Fund and excess spread create credit enhancement levels
that are commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all A (high) (sf), BBB (high) (sf) and BB (low) (sf) stress
scenarios in accordance with the terms of the FREED 2019-2
transaction documents.

(2) Structural features of the transaction that requires the Notes
to enter into full turbo principal amortization if certain triggers
are breached or if credit enhancement deteriorates.

(3) The experience, sourcing and servicing capabilities of FFAM.

(4) The experience, underwriting and origination capabilities of
Cross River Bank (CRB).

(5) The ability of Wilmington Trust National Association (rated AA
(low) with a Stable trend by DBRS) to perform duties as a Backup
Servicer and the ability of Portfolio Financial Servicing Company
to perform duties as a Backup Servicer Subcontractor.

(6) The annual percentage rate (APR) charged on the loans and CRB's
status as the true lender.

-- All loans included in FREED 2019-2 are originated by CRB, a New
Jersey state-chartered Federal Deposit Insurance
Corporation-insured bank.

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

-- The weighted-average APR of the loans in the pool is 22.75%.

-- Loans may be in excess of individual state usury laws; however,
CRB as the true lender is able to export rates that preempt state
usury rate caps.

-- Loans originated to borrowers in states with active litigation
(Second Circuit (New York, Connecticut, Vermont), Colorado and West
Virginia) are excluded from the pool.

-- The FREED 2019-2 loan pool includes loans originated to
borrowers in Maryland, a state with active litigation. DBRS
incorporated an additional stressed cash flow analysis assuming
that loans to borrowers in Maryland with APRs above the state usury
cap of 24% were subsequently reduced to the state usury cap.
Transaction cash flows are sufficient to repay investors under all
A (high) (sf), BBB (high) (sf) and BB (low) (sf) stress scenarios.

-- Under the Loan Sale Agreement, FFAM is obligated to repurchase
any loan if there is a breach of a representation and warranty that
materially and adversely affects the interests of the purchaser.

(7) The legal structure and expected legal opinions that will
address the true sale of the personal loans, the non-consolidation
of the trust, that the trust has a valid first-priority security
interest in the assets and consistency with the DBRS "Legal
Criteria for U.S. Structured Finance."

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


HALCYON LOAN 2014-1: Moody's Lowers $10MM Class F Notes to Caa3
---------------------------------------------------------------
Moody's Investors Service downgraded the rating on the following
notes issued by Halcyon Loan Advisors Funding 2014-1 Ltd.:

US$10,000,000 Class F Secured Deferrable Floating Rate Notes Due
2026, Downgraded to Caa3 (sf); previously on July 17, 2018
Downgraded to Caa1 (sf)

Halcyon Loan Advisors Funding 2014-1 Ltd., issued in March 2014 and
partially refinanced in July 2017 is a managed cashflow CLO. The
notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in April 2018.

RATINGS RATIONALE

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's September report, the OC ratio for the Class F notes
is reported at 99.43% versus January 2019 level of 103.95%, mostly
because defaulted par has increased by $12.4 million during this
period. Furthermore, the trustee-reported weighted average rating
factor (WARF) has deteriorated to 3163 from January 2019 level of
3009, and is currently failing the WARF covenant level of 2844.

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the collateral pool as having a performing par and
principal proceeds balance of $188.0 million, defaulted par of
$15.0 million, a weighted average default probability of 19.33%
(implying a WARF of 3059), a weighted average recovery rate upon
default of 47.86%, a diversity score of 45 and a weighted average
spread of 3.95%.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

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


MORGAN STANLEY 2017-C34: Fitch Affirms B-sf Rating on Cl. X-F Certs
-------------------------------------------------------------------
Fitch Ratings affirmed 16 classes of Morgan Stanley Bank of America
Merrill Lynch Trust 2017-C34 commercial mortgage pass-through
certificates.

MSBAM 2017-C34

Class A-1 61767EAA2;  LT AAAsf Affirmed;  previously at AAAsf

Class A-2 61767EAB0;  LT AAAsf Affirmed;  previously at AAAsf

Class A-3 61767EAD6;  LT AAAsf Affirmed;  previously at AAAsf

Class A-4 61767EAE4;  LT AAAsf Affirmed;  previously at AAAsf

Class A-S 61767EAH7;  LT AAAsf Affirmed;  previously at AAAsf

Class A-SB 61767EAC8; LT AAAsf Affirmed;  previously at AAAsf

Class B 61767EAJ3;    LT AA-sf Affirmed;  previously at AA-sf

Class C 61767EAK0;    LT A-sf Affirmed;   previously at A-sf

Class D 61767EAU8;    LT BBB-sf Affirmed; previously at BBB-sf

Class E 61767EAW4;    LT BB-sf Affirmed;  previously at BB-sf

Class F 61767EAY0;    LT B-sf Affirmed;   previously at B-sf

Class X-A 61767EAF1;  LT AAAsf Affirmed;  previously at AAAsf

Class X-B 61767EAG9;  LT A-sf Affirmed;   previously at A-sf

Class X-D 61767EAL8;  LT BBB-sf Affirmed; previously at BBB-sf

Class X-E 61767EAN4;  LT BB-sf Affirmed;  previously at BB-sf

Class X-F 61767EAQ7;  LT B-sf Affirmed;   previously at B-sf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The affirmations reflect
the pool's generally stable performance that remains in line with
Fitch's expectations at issuance. There are two Fitch Loans of
Concern (FLOCs; 1.6%), including one loan that transferred to
special servicing. The original 50 loans remain in the pool. As
property-level performance is generally in line with issuance
expectations, the original rating analysis was considered in
affirming the transaction.

Minimal Change to Credit Enhancement: As of the September 2019
distribution date, the pool's aggregate balance has been paid down
by 0.9% to $1.04 billion from $1.05 billion at issuance. Based on
the scheduled balance at maturity, the pool is scheduled to pay
down by 8.7%, which is slightly above historical averages for
similar vintages. Thirteen loans (42.9%) are full term interest
only (IO), while 13 other loans (31.7%) remain in their partial IO
periods.

Fitch Loans of Concern: Two loans (1.6%) have been designated as
FLOCs, including one specially serviced loan (0.54%). Philmont
Industrial Building, a 122,670 sf industrial building located in
Huntingdon Valley, PA transferred to special servicing in October
2018 for monetary default. According to servicer updates, a
receiver has been appointed and foreclosure is being pursued. As of
June 2018 the property was 98% occupied, and Fitch is awaiting an
updated rent roll.

The next FLOC is the Harbor Walk Office Building loan (1.12%), a
61,465 sf office building located in Fort Lauderdale, FL. The loan
has been designated as a FLOC due to its largest tenant (31% NRA),
The Art Institute of Fort Lauderdale vacating its space. As of June
2019, the property was 69% occupied. According to servicer updates,
the borrower is working on getting the space backfilled. Fort
Lauderdale, FL has a high office submarket vacancy of 18% as of the
second quarter 2019.

Additional Considerations

Investment-Grade Credit Opinion Loan: The third largest loan in the
pool, 237 Park Avenue (6.7% of the pool), had an investment-grade
credit opinion of 'BBBsf' on a stand-alone basis at issuance.

High Office Concentration: The largest property-type concentration
is office at 44.7% of the pool, followed by retail at 25.2% and
hospitality at 9.5%. The pool's office concentration is above
historical averages for the similar vintage.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.


NEW RESIDENTIAL 2019-5: DBRS Gives Prov. B Rating on 8 Note Classes
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2019-5 (the Notes) to be issued by
New Residential Mortgage Loan Trust 2019-5 (NRMLT or the Trust):

-- $478.8 million Class A-1 at AAA (sf)
-- $478.8 million Class A-IO at AAA (sf)
-- $478.8 million Class A-1A at AAA (sf)
-- $478.8 million Class A-1B at AAA (sf)
-- $478.8 million Class A-1C at AAA (sf)
-- $478.8 million Class A-1D at AAA (sf)
-- $478.8 million Class A1-IOA at AAA (sf)
-- $478.8 million Class A1-IOB at AAA (sf)
-- $478.8 million Class A1-IOC at AAA (sf)
-- $478.8 million Class A1-IOD at AAA (sf)
-- $536.5 million Class A-2 at AAA (sf)
-- $478.8 million Class A at AAA (sf)
-- $57.6 million Class B-1 at AAA (sf)
-- $57.6 million Class B1-IO at AAA (sf)
-- $57.6 million Class B-1A at AAA (sf)
-- $57.6 million Class B-1B at AAA (sf)
-- $57.6 million Class B-1C at AAA (sf)
-- $57.6 million Class B-1D at AAA (sf)
-- $57.6 million Class B1-IOA at AAA (sf)
-- $57.6 million Class B1-IOB at AAA (sf)
-- $57.6 million Class B1-IOC at AAA (sf)
-- $30.9 million Class B-2 at AA (sf)
-- $30.9 million Class B2-IO at AA (sf)
-- $30.9 million Class B-2A at AA (sf)
-- $30.9 million Class B-2B at AA (sf)
-- $30.9 million Class B-2C at AA (sf)
-- $30.9 million Class B-2D at AA (sf)
-- $30.9 million Class B2-IOA at AA (sf)
-- $30.9 million Class B2-IOB at AA (sf)
-- $30.9 million Class B2-IOC at AA (sf)
-- $48.3 million Class B-3 at BBB (high) (sf)
-- $48.3 million Class B3-IO at BBB (high) (sf)
-- $48.3 million Class B-3A at BBB (high) (sf)
-- $48.3 million Class B-3B at BBB (high) (sf)
-- $48.3 million Class B-3C at BBB (high) (sf)
-- $48.3 million Class B-3D at BBB (high) (sf)
-- $48.3 million Class B3-IOA at BBB (high) (sf)
-- $48.3 million Class B3-IOB at BBB (high) (sf)
-- $48.3 million Class B3-IOC at BBB (high) (sf)
-- $13.8 million Class B-4 at BBB (sf)
-- $13.8 million Class B-4A at BBB (sf)
-- $13.8 million Class B-4B at BBB (sf)
-- $13.8 million Class B-4C at BBB (sf)
-- $13.8 million Class B4-IOA at BBB (sf)
-- $13.8 million Class B4-IOB at BBB (sf)
-- $13.8 million Class B4-IOC at BBB (sf)
-- $19.3 million Class B-5 at BB (sf)
-- $19.3 million Class B-5A at BB (sf)
-- $19.3 million Class B-5B at BB (sf)
-- $19.3 million Class B-5C at BB (sf)
-- $19.3 million Class B-5D at BB (sf)
-- $19.3 million Class B5-IOA at BB (sf)
-- $19.3 million Class B5-IOB at BB (sf)
-- $19.3 million Class B5-IOC at BB (sf)
-- $19.3 million Class B5-IOD at BB (sf)
-- $27.9 million Class B-6 at B (sf)
-- $27.9 million Class B-6A at B (sf)
-- $27.9 million Class B-6B at B (sf)
-- $27.9 million Class B-6C at B (sf)
-- $27.9 million Class B6-IOA at B (sf)
-- $27.9 million Class B6-IOB at B (sf)
-- $27.9 million Class B6-IOC at B (sf)
-- $61.0 million Class B-8 at B (sf)

Classes A-IO, A1-IOA, A1-IOB, A1-IOC, A1-IOD, B1-IO, B1-IOA,
B1-IOB, B1-IOC, B2-IO, B2-IOA, B2-IOB, B2-IOC, B3-IO, B3-IOA,
B3-IOB, B3-IOC, B4-IOA, B4-IOB, B4-IOC, B5-IOA, B5-IOB, B5-IOC,
B5-IOD, B6-IOA, B6-IOB and B6-IOC are interest-only notes. The
class balances represent notional amounts.

Classes A-1A, A-1B, A-1C, A-1D, A1-IOA, A1-IOB, A1-IOC, A1-IOD,
A-2, A, B-1A, B-1B, B-1C, B-1D, B1-IOA, B1-IOB, B1-IOC, B-2A, B-2B,
B-2C, B-2D, B2-IOA, B2-IOB, B2-IOC, B-3A, B-3B, B-3C, B-3D, B3-IOA,
B3-IOB, B3-IOC, B-4A, B-4B, B-4C, B4-IOA, B4-IOB, B4-IOC, B-5A,
B-5B, B-5C, B-5D, B5-IOA, B5-IOB, B5-IOC, B5-IOD, B-6A, B-6B, B-6C,
B6-IOA, B6-IOB, B6-IOC and B-8 are exchangeable notes. These
classes can be exchanged for combinations of initial exchangeable
notes as specified in the offering documents.

The AAA (sf) ratings on the Notes reflect 27.85% of credit
enhancement provided by subordinated notes in the pool. The AA
(sf), BBB (high) (sf), BBB (sf), BB (sf) and B (sf) ratings reflect
23.70%, 17.20%, 15.35%, 12.75% and 9.00% 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 seasoned portfolio of
performing and re-performing first-lien residential mortgages
funded by the issuance of the Notes. The Notes are backed by 6,300
loans with a total principal balance of $743,535,298 as of the
Cut-Off Date (September 1, 2019).

The loans are significantly seasoned with a weighted-average (WA)
age of 175 months. As of the Cut-Off Date, 88.5% of the pool is
current, 10.5% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method and 1.0% is in bankruptcy (all
bankruptcy loans are performing or 30 days delinquent).
Approximately 60.4% and 67.1% of the mortgage loans have been zero
times 30 days delinquent for the past 24 months and 12 months,
respectively, under the MBA delinquency method. The portfolio
contains 62.8% modified loans and the modifications happened more
than two years ago for 83.2% of the modified loans. The majority of
the pool, 99.5%, is exempt from the Ability-to-Repay
(ATR)/Qualified Mortgage (QM) rules because of seasoning. In
accordance with the Consumer Financial Protection Bureau's QM/ATR
rules, 0.2% of the loans are designated as QM Safe Harbor, 0.1% as
Rebuttable Presumption and 0.2% as non-QM.

The Seller, NRZ Sponsor VII LLC (NRZ), acquired the loans prior to
the Closing Date in connection with the termination of various
securitization trusts and from a whole-loan purchase. Upon
acquiring the loans, NRZ, through an affiliate, New Residential
Funding 2019-5 LLC (the Depositor), will contribute the loans to
the Trust. As the Sponsor, New Residential Investment Corp.,
through a majority-owned affiliate, will acquire and retain a 5%
eligible vertical interest in each class of securities to be issued
(other than the residual notes) to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder. These loans
were originated and previously serviced by various entities through
purchases in the secondary market.

As of the Cut-Off Date, 45.8% of the pool is serviced by PHH
Mortgage Corporation, 43.5% by Nationstar Mortgage LLC doing
business as (d/b/a) Mr. Cooper Group, Inc. (Nationstar), 5.1% by
NewRez LLC d/b/a Shellpoint Mortgage Servicing (SMS), 4.4% by
Select Portfolio Servicing, Inc., 0.8% by PNC Mortgage and 0.5% by
Fay Servicing, LLC. Nationstar will also act as the Master Servicer
and SMS will act as the Special Servicer.

The Seller, NRZ, will have the option to repurchase any loan that
becomes 60 or more days delinquent under the MBA method or any real
estate owned property acquired in respect of a mortgage loan at a
price equal to the principal balance of the loan (Optional
Repurchase Price), provided that such repurchases will be limited
to 10% of the principal balance of the mortgage loans as of the
Cut-Off Date.

Unlike other seasoned re-performing loan securitizations, the
servicers in this transaction will advance principal and interest
on delinquent mortgages to the extent that such advances are deemed
recoverable.

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 underlying
assets with significant seasoning, relatively clean payment
histories and robust loan attributes with respect to credit scores,
product types and loan-to-value ratios. Additionally, historically,
NRMLT securitizations have exhibited fast voluntary prepayment
rates.

The transaction employs a relatively weak representations and
warranties framework that includes an unrated representation
provider (NRZ), certain knowledge qualifiers and fewer mortgage
loan representations relative to DBRS criteria for seasoned pools.

Satisfactory third-party due diligence was performed on the pool
for regulatory compliance, title/lien and payment history. Updated
Home Data Index and/or broker price opinions were provided for the
pool; however, a reconciliation was not performed on the updated
values.

Certain loans have missing assignments or endorsements as of the
Closing Date. Given the relatively clean performance history of the
mortgages and the operational capability of the servicers, DBRS
believes that the risk of impeding or delaying foreclosure is
remote.

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


NEW RESIDENTIAL 2019-RPL3: DBRS Assigns Prov. B Rating on B2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage-Backed
Notes, Series 2019-RPL3 (the Notes) to be issued by New Residential
Mortgage Loan Trust 2019-RPL3 (NRMLT or the Trust):

-- $1,073.3 million Class A-1 at AAA (sf)
-- $100.9 million Class A-2 at AA (sf)
-- $103.5 million Class M-1 at A (low) (sf)
-- $82.0 million Class M-2 at BBB (low) (sf)
-- $68.2 million Class B-1 at BB (sf)
-- $43.1 million Class B-2 at B (sf)
-- $1,174.2 million Class A-3 at AA (sf)
-- $1,277.7 million Class A-4 at A (low) (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 37.80% of
credit enhancement provided by subordinated Notes in the pool. The
AA (sf), A (low) (sf), BBB (low) (sf), BB (sf) and B (sf) ratings
reflect 31.95%, 25.95%, 21.20%, 17.25% and 14.75% 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 seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 11,197 loans with a total principal balance of
$1,725,514,094 as of the Cut-Off Date (September 1, 2019).

The portfolio is approximately 156 months seasoned and contains
94.8% modified loans. The modifications happened more than two
years ago for 82.5% of the modified loans. Within the pool, 3,720
mortgages have non-interest-bearing deferred amounts, which equate
to 7.0% of the total principal balance.

As of the Cut-off Date, 67.3% of the pool is current, 28.1% is 30
days delinquent, 4.2% is 60 days delinquent and 0.4% is 90 days
delinquent under the Mortgage Bankers Association (MBA) delinquency
method. Additionally, 1.9% of the pool is in bankruptcy (all
bankruptcy loans are performing or 30 days delinquent under the MBA
delinquency method). Approximately 6.1% and 33.3% of the loans have
been zero times 30 days delinquent for at least 12 months and six
months, respectively, under the MBA delinquency method. All but
0.4% of the pool is exempt from the Ability-to-Repay/Qualified
Mortgage (QM) rules; these loans are designated as Non-QM.

NRZ Sponsor VII LLC (NRZ or the Seller) acquired the loans in a
whole-loan purchase or in connection with the termination of a
securitization trust prior to the Closing Date and, through an
affiliate, New Residential Funding 2019-RPL3 LLC, will contribute
the loans to the Trust. As the Sponsor, New Residential Investment
Corp., or a majority-owned affiliate, will acquire and retain a
5.0% eligible vertical interest to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder. These loans
were originated and previously serviced by various entities through
purchases in the secondary market.

The loans will be serviced by NewRez, LLC doing business as (d/b/a)
Shellpoint Mortgage Servicing (61.3%), Fay Servicing, LLC (37.1%)
and Nationstar Mortgage LLC d/b/a Mr. Cooper Group, Inc. (1.3%) and
Select Portfolio Servicing Inc. (0.2%).

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

NRZ, as the Seller, will have the option to repurchase any loan
that becomes 60 or more days delinquent under the MBA method or any
real estate owned property acquired in respect of a mortgage loan
at a price equal to the principal balance of the loan (Optional
Repurchase Price), provided that such repurchases will be limited
to 10.0% of the principal balance of the mortgage loans as of the
Cut-Off Date.

As a loss mitigation alternative, each servicer has the right to
sell (or cause to be sold) mortgage loans that become 60 or more
days delinquent under the MBA method to any party in the secondary
market in an arms-length transaction at fair market value to
maximize proceeds on such loan on a present-value basis.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M-1
and more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Noteholders; however, principal proceeds can be used to pay
interest to the Notes sequentially and subordination levels are
greater than expected losses, which may provide for timely payment
of interest to the rated Notes.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (low) (sf), BBB (low) (sf), BB
(sf) and B (sf) address the ultimate payment of interest and full
payment of principal by the legal final maturity date in accordance
with the terms and conditions of the related Notes.

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


NEW RESIDENTIAL 2019-RPL3: DBRS Finalizes B Rating on Cl. B2 Notes
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage-Backed
Notes, Series 2019-RPL3 (the Notes) issued by New Residential
Mortgage Loan Trust 2019-RPL3 (the Trust):

-- $1,073.3 million Class A-1 at AAA (sf)
-- $100.9 million Class A-2 at AA (sf)
-- $103.5 million Class M-1 at A (low) (sf)
-- $82.0 million Class M-2 at BBB (low) (sf)
-- $68.2 million Class B-1 at BB (sf)
-- $43.1 million Class B-2 at B (sf)
-- $1,174.2 million Class A-3 at AA (sf)
-- $1,277.7 million Class A-4 at A (low) (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 37.80% of
credit enhancement provided by subordinated Notes in the pool. The
AA (sf), A (low) (sf), BBB (low) (sf), BB (sf) and B (sf) ratings
reflect 31.95%, 25.95%, 21.20%, 17.25% and 14.75% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 11,197 loans with a total principal balance of
$1,725,514,094 as of the Cut-Off Date (September 1, 2019).

The portfolio is approximately 156 months seasoned and contains
94.8% modified loans. The modifications happened more than two
years ago for 82.5% of the modified loans. Within the pool, 3,720
mortgages have non-interest-bearing deferred amounts, which equate
to 7.0% of the total principal balance.

As of the Cut-Off Date, 67.3% of the pool is current, 28.1% is 30
days delinquent, 4.2% is 60 days delinquent and 0.4% is 90 days
delinquent under the Mortgage Bankers Association (MBA) delinquency
method. Additionally, 1.9% of the pool is in bankruptcy (all
bankruptcy loans are performing or 30 days delinquent under the MBA
delinquency method). Approximately 6.1% and 33.3% of the loans have
been zero times 30 days delinquent for at least 12 months and six
months, respectively, under the MBA delinquency method. All but
0.4% of the pool is exempt from the Ability-to-Repay/Qualified
Mortgage (QM) rules; these loans are designated as Non-QM.

NRZ Sponsor VII LLC (NRZ or the Seller) acquired the loans in a
whole-loan purchase or in connection with the termination of a
securitization trust prior to the Closing Date and, through an
affiliate, New Residential Funding 2019-RPL3 LLC, will contribute
the loans to the Trust. As the Sponsor, New Residential Investment
Corp., or a majority-owned affiliate, will acquire and retain a
5.0% eligible vertical interest to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder. These loans
were originated and previously serviced by various entities through
purchases in the secondary market.

The loans will be serviced by NewRez, LLC doing business as (d/b/a)
Shellpoint Mortgage Servicing (61.3%); Fay Servicing, LLC (37.1%);
Nationstar Mortgage LLC d/b/a Mr. Cooper Group, Inc. (1.3%); and
Select Portfolio Servicing, Inc. (0.2%).

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

NRZ, as the Seller, will have the option to repurchase any loan
that becomes 60 or more days delinquent under the MBA method or any
real estate–owned property acquired in respect of a mortgage loan
at a price equal to the principal balance of the loan (Optional
Repurchase Price), provided that such repurchases will be limited
to 10.0% of the principal balance of the mortgage loans as of the
Cut-Off Date.

As a loss mitigation alternative, each servicer has the right to
sell (or cause to be sold) mortgage loans that become 60 or more
days delinquent under the MBA method to any party in the secondary
market in an arms-length transaction at fair market value to
maximize proceeds on such loan on a present-value basis.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M-1
and more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Noteholders; however, principal proceeds can be used to pay
interest to the Notes sequentially and subordination levels are
greater than expected losses, which may provide for timely payment
of interest to the rated Notes.

The DBRS Morningstar ratings of AAA (sf) and AA (sf) address the
timely payment of interest and full payment of principal by the
legal final maturity date in accordance with the terms and
conditions of the related Notes. The DBRS Morningstar ratings of A
(low) (sf), BBB (low) (sf), BB (sf) and B (sf) address the ultimate
payment of interest and full payment of principal by the legal
final maturity date in accordance with the terms and conditions of
the related Notes.

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


PALMER SQUARE 2019-1: S&P Assigns Prelim B- (sf) Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Palmer
Square CLO 2019-1 Ltd.'s floating-rate notes.

The note issuance is a collateralized loan obligation (CLO) backed
by primarily 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 Oct. 7,
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

  Palmer Square CLO 2019-1 Ltd./Palmer Square CLO 2019-1 LLC

  Class                Rating              Amount (mil. $)
  A-1                  AAA (sf)                     252.00
  A-2                  AA (sf)                       52.00
  B (deferrable)       A (sf)                        24.00
  C (deferrable)       BBB- (sf)                     22.00
  D (deferrable)       BB- (sf)                      18.00
  E (deferrable)       B- (sf)                        6.00
  Subordinated notes   NR                            29.20

  NR--Not rated.


REPUBLIC FINANCE 2019-A: DBRS Assigns Prov. BB Rating on C Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
asset-backed notes to be issued by Republic Finance Issuance Trust
2019-A:

-- $195,080,000 Series 2019-A, Class A Notes at A (sf)
-- $17,950,000 Series 2019-A, Class B Notes at BBB (sf)
-- $11,970,000 Series 2019-A, Class C Notes at BB (sf)

The ratings are based on a review by DBRS of the following
analytical considerations:

-- Transaction 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.

-- Republic Finance, LLC's (Republic or the Company) capabilities
with regard to originations, underwriting and servicing.

-- DBRS performed an operational review of Republic and considers
the entity to be an acceptable originator and servicer of personal
loans with an acceptable backup servicer.

-- Republic's senior management team has considerable experience
and a successful track record within the consumer loan industry.

-- Acquisition of a majority stake in the Company by CVC Capital
Partners (CVC) in December 2017. CVC has since implemented a growth
strategy that includes increasing the number of branches,
centralizing the underwriting and servicing functions and building
an online presence.

-- In April 2019, Republic completed the implementation of
centralized underwriting policies and processes for all branches,
which led to the ability to create a hybrid servicing model. The
Company is in the process of building up staffing levels at a new
fully centralized collections center in Charlotte, North Carolina.

-- Wells Fargo Bank, N.A. (rated AA with a Stable trend by DBRS)
will serve as backup servicer. This transaction includes an
additional Early Amortization Event that addresses a data mapping
failure. This early amortization will occur if the backup servicer
has not completed the data mapping within 60 days of closing.

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

-- The legal structure and presence of legal opinions that will
address the true sale of the assets from the Seller to the
Depositor, the non-consolidation of the special-purpose vehicle
with the Seller, that the Indenture Trustee has a valid
first-priority security interest in the assets and that it is
consistent with the DBRS "Legal Criteria for U.S. Structured
Finance."

Credit enhancement in the transaction consists of
overcollateralization, subordination, excess spread and a reserve
account. The rating on the Class A Notes reflects the 19.50% of
initial hard credit enhancement provided by the subordinated notes
in the pool, the reserve account (1.00%) and overcollateralization
(6.00%). The ratings on the Class B Notes and the Class C Notes
reflect 12.00% and 7.00% of initial hard credit enhancement,
respectively. Additional credit support may be provided from excess
spread available in the structure.

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


RESIDENTIAL MORTGAGE 2019-3: DBRS Gives Prov. B Rating on B-2 Notes
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage-Backed
Notes, Series 2019-3 (the Notes) to be issued by Residential
Mortgage Loan Trust 2019-3 (the Issuer) as follows:

-- $165.5 million Class A-1 at AAA (sf)
-- $16.5 million Class A-2 at AA (sf)
-- $30.4 million Class A-3 at A (sf)
-- $17.2 million Class M-1 at BBB (sf)
-- $14.3 million Class B-1 at BB (sf)
-- $11.1 million Class B-2 at B (sf)

The AAA (sf) rating on the Notes reflects the 36.80% of credit
enhancement provided by subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 30.50%,
18.90%, 12.35%, 6.90% and 2.65% 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 fixed- and
adjustable-rate, expanded prime and non-prime, primarily first-lien
residential mortgages funded by the issuance of the Notes. The
Notes are backed by 633 mortgage loans with a total principal
balance of $261,945,031 as of the Cut-Off Date (September 1,
2019).

The originators for the mortgage pool are HomeXpress Mortgage Corp.
(49.5%); Athas Capital Group Inc. (19.4%); GreenBox Loans, Inc.
(18.3%); and other originators, which comprise 12.9% of the
mortgage loans. The Servicer of the loans is Servis One, Inc. doing
business as BSI Financial Services.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's Qualified Mortgage (QM) and
Ability-to-Repay (ATR) rules, they were made to borrowers who
generally do not qualify for agency, government or private-label
non-agency prime jumbo products for various reasons. In accordance
with the QM/ATR rules, 69.6% of the loans are designated as non-QM
and 1.0% as QM-Rebuttable Presumption. Approximately 29.4% of the
loans are made to investors for business purposes and, hence, are
not subject to the QM/ATR rules.

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain an eligible horizontal residual interest
consisting of the Class B-3 and Class XS Notes representing at
least 5% of the Notes to satisfy the credit risk-retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder.

On or after the earlier of (1) the two-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Administrator, at the Issuer's option, may redeem all
of the outstanding Notes at a price equal to the class balances of
the related Notes plus accrued and unpaid interest, including any
cap carryover amounts. After such purchase, the Depositor must
complete a qualified liquidation, which requires (1) a complete
liquidation of assets within the Trust and (2) proceeds to be
distributed to the appropriate holders of regular or residual
interests.

The Representation Provider will have the option, but not the
obligation, to repurchase any mortgage loan that becomes 90 or more
days delinquent at the repurchase price (par plus interest),
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

The Servicer will fund advances of delinquent principal and
interest on any mortgage until such loan becomes 180 days
delinquent. The Servicer is also obligated to make advances in
respect of taxes, insurance premiums and reasonable costs incurred
in the course of servicing and disposing of properties.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Notes as the outstanding senior Notes are paid in full.
Furthermore, excess spread can be used to cover realized losses
first before being allocated to unpaid cap carryover amounts up to
Class B-2.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (sf) and B
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Notes.

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


STARWOOD 2019-INV1: S&P Assigns Prelim B (sf) Rating to B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Starwood
Mortgage Residential Trust 2019-INV1's mortgage pass-through
certificates.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate fully amortizing residential
mortgage loans (some with 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 pool has 928
business-purpose investor loans backed by 928 properties, which are
exempt from the qualified mortgage/ability-to-pay rules.

The preliminary ratings are based on information as of Oct. 7,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

  PRELIMINARY RATINGS ASSIGNED
  Starwood Mortgage Residential Trust 2019-INV1

  Class       Rating          Amount ($)
  A-1         AAA (sf)       233,003,000
  A-2         AA (sf)         30,992,000
  A-3         A (sf)          47,054,000
  M-1         BBB (sf)        19,842,000
  B-1         BB (sf)         20,787,000
  B-2         B (sf)          15,685,000
  B-3         NR              10,583,001
  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.



STARWOOD MORTGAGE 2019-INV1: DBRS Gives (P)B(low) Rating on B2 Debt
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage
Pass-Through Certificates, Series 2019-INV1 (the Certificates) to
be issued by Starwood Mortgage Residential Trust 2019-INV1 (the
Issuer) as follows:

-- $233.0 million Class A-1 at AAA (sf)
-- $31.0 million Class A-2 at AA (sf)
-- $47.1 million Class A-3 at A (low) (sf)
-- $19.8 million Class M-1 at BBB (low) (sf)
-- $20.8 million Class B-1 at BB (low) (sf)
-- $15.7 million Class B-2 at B (low) (sf)

The AAA (sf) rating on the Certificates reflects the 38.35% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf) and
B (low) (sf) ratings reflect 30.15%, 17.70%, 12.45%, 6.95% and
2.80% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, expanded prime and non-prime first-lien
residential mortgages funded by the issuance of the Certificates.
This transaction marks the first issuance on the Starwood Mortgage
Residential Trust shelf backed entirely by loans originated to
investors under debt service coverage ratio (DSCR) programs. The
Certificates are backed by 928 mortgage loans with a total
principal balance of $377,946,002 as of the Cut-Off Date (September
1, 2019).

The originators for the mortgage pool are HomeBridge Financial
Services, Inc. (40.7%); Luxury Mortgage Corp. (21.2%); Impac
Mortgage Corp. (19.9%); FM Home Loans, LLC (13.7%); and other
originators, each comprising less than 5% of the mortgage pool. The
Servicer of the loans is Select Portfolio Servicing, Inc.

The mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on property value,
the mortgagor's credit profile and the DSCR, where applicable.
Since the loans were made to investors for business purposes, they
are exempt from the Consumer Financial Protection Bureau's
Ability-to-Repay rules and the TILA-RESPA Integrated Disclosure
rule.

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain an eligible horizontal residual interest
consisting of the Class B-3 and Class XS Certificates representing
at least 5% of the Certificates to satisfy the credit
risk-retention requirements under Section 15G of the Securities
Exchange Act of 1934 and the regulations promulgated thereunder.

On or after the earlier of (1) the three-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, Starwood Non-Agency Lending, LLC, as Optional Redemption
Holder, may redeem all outstanding Certificates at a price equal to
the class balances of the mortgage loans and the fair market value
of all real estate–owned properties plus accrued and unpaid
interest.

The Seller (SMRF TRS, LLC) will have the option, but not the
obligation, to repurchase any mortgage loan that becomes 90 or more
days delinquent under the Mortgage Bankers Association method at
the repurchase price (par plus interest), provided that such
repurchases in aggregate do not exceed 10% of the total principal
balance as of the Cut-Off Date.

The Servicer will fund advances of delinquent principal and
interest on any mortgage until such loan becomes 180 days
delinquent. The Servicer is also obligated to make advances in
respect of taxes, insurance premiums and reasonable costs incurred
in the course of servicing and disposing of properties.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Certificates as the outstanding more senior Certificates are paid
in full. Furthermore, excess spread can be used to cover realized
losses first before being allocated to unpaid cap carryover amounts
up to Class B-1.

The DBRS Morningstar ratings of AAA (sf) and AA (sf) address the
timely payment of interest and full payment of principal by the
legal final maturity date in accordance with the terms and
conditions of the related Certificates. The DBRS Morningstar
ratings of A (low) (sf), BBB (low) (sf), BB (low) (sf) and B (low)
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Certificates.

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


SUPERIOR PLUS: DBRS Confirms BB(High) Issuer Rating, Trend Stable
-----------------------------------------------------------------
DBRS Limited confirmed the Issuer Rating of Superior Plus LP at BB
(high) and its Senior Unsecured Debentures rating at BB based on
its unchanged recovery rating of RR5. The trend on all ratings
remains Stable. The rating confirmations reflect DBRS's expectation
that Superior Plus's leverage will remain at a level commensurate
with the current ratings in the near term while continuing to
integrate its 2018 acquisition of NGL Energy Partners LP's Retail
Propane (NGL Retail East) business and pursuing its strategy to
make small tuck-in acquisitions. The rating confirmations are also
driven by the Company's proven track record of successfully
integrating acquisitions and its relative similarity in terms of
business model and geography as well as its leading position in the
Canadian propane distribution market.

Following the Company's acquisition of NGL Retail East for a total
consideration of about USD 900 million, leverage temporarily
increased with an adjusted debt-to-EBITDA ratio at around 5.0 times
(x) and a cash flow-to-debt ratio of around 15%. As of June 2019,
Superior Plus has made significant progress toward restoring its
credit metrics to levels that are more commensurate with the
current rating. In 2019 and 2020, DBRS expects Superior Plus to
continue managing these credit metrics within ranges that
correspond to the current ratings (i.e., adjusted debt-to-EBITDA
ratio below 4.0x and cash flow-to-debt ratio above 20%) as the
acquired assets contribute a full year of earnings and synergies
continue to be realized. In addition to its proven track record of
successfully integrating acquisitions, the Company has also shown
that it can improve leverage in a relatively short time frame
following a large debt-funded acquisition. Superior Plus is also
executing smaller tuck-in acquisitions mostly located in the United
States and funded through revolver drawings; these help the Company
execute its strategy to grow into the higher-margin retail propane
market and reduce its exposure to the lower-margin wholesale
refined fuel business.

In June 2019, Superior Plus announced that it is considering
selling its specialty chemicals business, which DBRS views as
negative for the business risk profile because the Company's
economic drivers are generally different than those underlying its
energy distribution business. The impact on the ratings will be
assessed if and when a transaction is formerly announced and there
is more clarity on the use of proceeds.

The ratings remain well supported by Superior Plus's excellent
brand strength and reputation for outstanding customer service. The
importance of the Company's propane and chemical products to
clients and the relatively well-diversified customer base helps to
ensure a steady level of demand for Superior Plus's products. The
economic drivers of propane demand are generally different from
those underlying demand for the Company's specialty chemicals
products, offering some diversification benefits over the long
term. The ratings are also supported by the Company's position as a
leading distributor of propane in Canada and its emergence as a
significant player in the northeastern U.S. propane market.
Challenges include external factors beyond the Company's control,
such as seasonal and cyclical drivers in its end markets and
volatile raw material costs in the specialty chemicals business,
which may have a negative impact on earnings and cash flow. The
Company also faces structural challenges, such as the fragmented
nature of the propane distribution market as well as the financial
and integration risks associated with its current acquisition
strategy.

Overall, Superior Plus's operating performance and business risk
profile continue to support the current ratings. DBRS expects the
Company to remain acquisitive and, given the fragmented nature of
the propane distribution sector, there is no shortage of tuck-in
acquisition targets available. However, if financial-policy shifts,
significant debt-financed acquisitions (especially during a period
of notable market weakness), negative free cash flow or
difficulties and delays in integrating newly acquired businesses
cause leverage metrics to deteriorate beyond what is considered
commensurate with the ratings for an extended period of time, DBRS
could consider a negative rating action. Conversely, DBRS would
likely only consider a positive rating action if the Company
demonstrated a commitment to a materially stronger financial
profile over a longer period.

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


WELLS FARGO 2019-JWDR: Fitch Rates $56.24MM Class F Certs B-sf
--------------------------------------------------------------
Fitch Ratings assigned the following ratings and Ratings Outlooks
to Wells Fargo Commercial Mortgage Trust 2019-JWDR, Commercial
Mortgage Pass-Through Certificates, Series 2019-JWDR:

  -- $144,685,000 class A 'AAAsf'; Outlook Stable;

  -- $29,165,000 class B 'AA-sf'; Outlook Stable;

  -- $20,995,000 class C 'A-sf'; Outlook Stable;

  -- $32,490,000 class D 'BBB-sf'; Outlook Stable;

  -- $48,545,000 class E 'BB-sf'; Outlook Stable;

  -- $56,240,000 class F 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $50,730,000 class G;

  -- $20,150,000a class VRR.

(a) Vertical credit risk retention interest.

The final ratings are based on information provided by the issuer
as of Oct. 8, 2019. Since Fitch published its expected ratings on
Sept. 17, 2019; classes X-CP and X-NCP were removed by the issuer
following pricing of the transaction. As such, Fitch has withdrawn
its expected ratings for those classes. There were no other
material changes and the classes reflect the final ratings and deal
structure.

The Wells Fargo Commercial Mortgage Trust 2019-JWDR, Commercial
Mortgage Pass-Through Certificates represent the beneficial
interest in a trust that holds a single, seven-year, fixed-rate,
interest-only mortgage loan in the amount of $403.0 million secured
by the combined fee simple and leasehold interests in JW Marriott
Phoenix Desert Ridge Resort & Spa (JWDR).

JWDR is a 950-room, full-service, destination resort hotel located
at 5350 E. Marriott Drive in Phoenix, AZ. Proceeds of the loan were
used to acquire the property and cover closing costs. The
certificates will follow a sequential-pay structure.

KEY RATING DRIVERS

Trust Leverage: The $403.0 million trust debt represents a Fitch
stressed debt service coverage ratio (DSCR) and loan-to-value (LTV)
of 0.91x and 115.8%, respectively. Furthermore, the Fitch stressed
DSCR and LTV through the lowest rated Fitch tranche are 1.05x and
100.4%, respectively.

Asset Quality: The subject is a high-quality resort hotel situated
on approximately 396 acres in the Sonoran Desert in Arizona.
Property amenities include over 235,000 sf of indoor and outdoor
meeting and event facilities; two, 18-hole golf courses designed by
Nick Faldo and Arnold Palmer; a 28,000-sf, full-service spa;
fitness center; seven food and beverage (F&B) outlets; five pools,
including a lazy river; as well as tennis courts, hiking/biking
trails and pickle ball courts. Fitch assigned JWDR a property
quality grade of 'A-'.

Good Location near Demand Generators: The property's Valley of the
Sun location is characterized by numerous golf courses and known
for its warm climate. Downtown Phoenix and Scottsdale, the Phoenix
Convention Center, Camelback Mountain and the Phoenix Sky Harbor
International Airport are all located within 20 miles. The Mayo
Clinic Hospital lies two miles south of the subject.

Capital Improvements: The property has received $36.6 million
($38,552 per key) of capital improvements since 2015. Recent
upgrades include: exterior and facade work, guestroom shower
reconstruction, new guestroom televisions, pool bar, pool cabanas
and suites, meeting space, fitness center, parking automation, new
guestroom door locks, as well as expansion of the Meritage
restaurant. Additionally, the seller funded $10.7 million into an
FF&E reserve that the current sponsor plans to use to complete
elective capital improvements.

Experienced Ownership and Management: Sponsorship is a joint
venture between Elliott Management Corporation (Elliott) and
Trinity Real Estate Investments LLC (Trinity). Founded in 1977,
Elliott has $38 billion in assets under management as of July 1,
2019. Trinity has a 20-year history of owning and operating a
variety of luxury resort hotels including: The Westin Maui Resort &
Spa, Hilton Los Cabos Beach & Golf Resort, Le Meridien Mexico City,
and the Grande Lakes Orlando Resort, among others.

Marriott International, Inc. (Marriott) directly manages the
property, which is not subject to a franchise agreement. A
management agreement with Marriott is in place through December
2027, with five, 10-year extension options.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 8.6% below
the most recent TTM NCF and 11.3% below the issuer's underwritten
NCF. Unanticipated further declines in property-level NCF could
result in higher defaults and loss severities on defaulted loans,
and could result in potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
2019-JWDR certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the 'AAAsf' certificates to 'Asf' could result. In a more severe
scenario, in which NCF declined a further 30% from Fitch's NCF, a
downgrade of the 'AAAsf' certificates to 'BBBsf' could result.


WFRBS COMMERCIAL 2014-C19: Fitch Affirms Class F Certs at B-sf
--------------------------------------------------------------
Fitch Ratings affirmed 13 classes of WFRBS Commercial Mortgage
Trust, 2014-C19 commercial mortgage pass-through certificates.

WFRBS 2014-C19

                      Current Rating        Prior Rating

Class A-3 92938VAN5;  LT AAAsf Affirmed;  previously at AAAsf

Class A-4 92938VAP0;  LT AAAsf Affirmed;  previously at AAAsf

Class A-5 92938VAQ8;  LT AAAsf Affirmed;  previously at AAAsf

Class A-S 92938VAS4;  LT AAAsf Affirmed;  previously at AAAsf

Class A-SB 92938VAR6; LT AAAsf Affirmed;  previously at AAAsf

Class B 92938VAT2;    LT AA-sf Affirmed;  previously at AA-sf

Class C 92938VAU9;    LT A-sf Affirmed;   previously at A-sf

Class D 92938VAA3;    LT BBB-sf Affirmed; previously at BBB-sf

Class E 92938VAC9;    LT BB-sf Affirmed;  previously at BB-sf

Class F 92938VAE5;    LT B-sf Affirmed;   previously at B-sf

Class PEX 92938VAV7;  LT A-sf Affirmed;   previously at A-sf

Class X-A 92938VAW5;  LT AAAsf Affirmed;  previously at AAAsf

Class X-B 92938VAX3;  LT BBB-sf Affirmed; previously at BBB-sf

KEY RATING DRIVERS

Improving Loss Expectations; Fitch Loans of Concern (FLOC): Since
Fitch's last rating action, pool performance has remained
relatively stable. Three previously specially serviced loans
(2.4%), the Holiday Inn Houma (previously 1.0% of the pool),
Radisson Hotel Baton Rouge (previously 0.7% of the pool) and Sayles
Apartments (previously 0.7% of the pool), were disposed, which
resulted in better than expected recoveries and losses were limited
to the non-rated class G certificates. There are currently no
specially serviced or delinquent loans. Six loans (8.4% of the
pool), four of which are currently on the master servicer's
watchlist, were flagged due to upcoming rollover concerns and
declining performance.

The largest FLOC, Brunswick Square (2.9% of the pool), is secured
by 292,685 sf of a 760,311 sf regional mall located in East
Brunswick, NJ. As of June 2019, occupancy had declined to 91.6%
from 99.5% at year-end (YE) 2018 as a result of multiple tenants
vacating upon lease expiration or due to bankruptcy.

The second largest FLOC, the Waltonwood at Lakeside (2.0% of the
pool), is secured by a 122-unit senior housing property located in
Sterling Heights, MI. As of May 2019, occupancy declined to 79.3%
from 82.8% at YE 2018; the declines in occupancy have impacted
property level NOI debt service coverage ratio (DSCR), which has
declined to 1.31x from 1.35x at YE 2018.

The third largest FLOC, Alcoa Exchange (1.7%), is secured by a
134,490 sf retail property located in Bryant, AR. As of June 2019,
occupancy had declined to 72.3% from 91.6% at YE 2018 due to
multiple anchor tenants vacating upon lease expiration, including
Best Buy, which vacated at lease expiration in 2019. Per the master
servicer, the borrower has re-leased the previous Best Buy space to
Burlington Coat Factory.

The fourth largest FLOC, Holiday Inn Express & Suites - La Place
(1.1%), is secured by a 91-key, limited service hotel located in
LaPlace, LA. The loan has been in cash management since June 2017
after the franchise agreement was not renewed and subsequently
expired in June 2018. The borrower at the time was unwilling to
fund a necessary PIP as required under the loan documents and is
currently renovating the guest rooms with an expected completion in
the fall of 2019.

The two remaining FLOCs (0.6% of the pool) are both on the master
servicer's watchlist for declining performance and are each less
than 1% of the pool. Fitch will continue to monitor the loans for
further performance updates.

Increasing Credit Enhancement: Increasing Credit Enhancement: As of
the September 2019 remittance, the aggregate pool balance has been
reduced by 14.0% to $949.1 million from $1.0 billion at issuance.
Seven loans (previously 5.1% of the pool) have either paid off or
been disposed including Candlewood Suites, Comfort Suites O'Hara,
Pinehurst Apartments and Spirit Grocer Portfolio, which all paid
off at maturity or ahead of their open prepayment periods. The
payments reduced the class A-2 certificates to zero and the class
A-3 certificates by 14.9%. Six loans are currently defeased,
including the eighth largest loan, Charlottesville Apartment
Portfolio (2.9%).

The majority of the pool (96.6%) is amortizing, including all
eighteen loans (32.8% of the pool), which were previously partially
interest only. Three loans (3.4% of the pool) are interest only,
including the 13th largest loan, Alcoa Exchange (1.7%). Based on
the scheduled balance at maturity, the pool is expected to be
reduced by 16.8%.

Additional Loss Considerations: In addition to modeling a base case
loss, Fitch applied an additional loss severity of 40% on Brunswick
Square (2.9% of the pool) and 25% on Alcoa Exchange (1.7% of the
pool) in its sensitivity analysis to address the potential for
higher, outsized losses given the regional mall exposure and the
potential for further declines in performance. This sensitivity
analysis contributed to the Negative Outlook affirmations on
classes E and F.

ADDITIONAL CONSIDERATIONS

Upcoming Maturities: Three loans (10.7% of the pool) have
underwritten maturity dates in 2021, including the top loan
Renaissance Chicago Downtown (9.1% of the pool), which has an open
prepayment period starting in October 2020. The remainder of the
pool (89.3%) matures in 2024.

Pool and Loan Concentration: The pool has a high concentration of
retail and hotel properties. The largest loan, Renaissance Chicago
Downtown, comprises 9.1% of the pool. Additionally, the pool has
exposure to non-traditional property types, including health clubs
(6.9%), cold storage (5.6%) and independent senior housing (5.1%)
in the top 15.

Modified Loan: The Residence Inn Houston - Katy Mills (1.5% of the
pool) was recently transferred back to the master servicer from the
special servicer in May of 2019. The loan was previously specially
serviced for imminent default after the borrower indicated cash
flows issues resulting from the property's reliance on the oil and
gas industry as well as increased competition. While in special
servicing, the loan remained current and was modified becoming
interest only for 14 months. The property's occupancy had declined
to 58.4% as of YE 2018 from 86.2% at YE 2017. The most recent NOI
DSCR as of YE 2018 declined to 1.44x from 1.54x at issuance. Fitch
will continue to monitor the loan for further updates.

RATING SENSITIVITIES

The Negative Rating Outlook for classes E and F reflect an
additional sensitivity analysis on Brunswick Square and Alcoa
Exchange. Rating downgrades are possible with further performance
deterioration or limited positive leasing momentum. The Rating
Outlooks on classes A-3 through D remain Stable due to increasing
credit enhancement and expected continued paydown. Future rating
upgrades may occur with improved pool performance and additional
defeasance or paydown.


[*] DBRS Reviews 742 Classes from 31 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 742 classes from 31 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 742 classes
reviewed, DBRS upgraded three ratings, confirmed 735 ratings and
discontinued four ratings, a list of which is available at
https://is.gd/ftkMtq

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The discontinued ratings are the result of full
repayment of principal to bondholders.

The rating actions are a result of DBRS's application of the "U.S.
RMBS Surveillance Methodology" published in September 2018.

The pools backing these RMBS transactions consist of subprime,
prime and non-qualified mortgage collateral.

The ratings assigned to the securities below differ from the
ratings implied by the quantitative model. DBRS considers this
difference to be a material deviation, but in this case, the
ratings of the subject notes reflect certain structural features
that are not fully reflected in the quantitative model output or
additional seasoning is warranted to substantiate a further
upgrade.

The Affected Transactions are:

-- Agate Bay Mortgage Trust 2015-2, Mortgage Pass-Through
Certificates, Series 2015-2, Class B-3

-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through
Certificates, Series 2013-J1, Class B-3

-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through
Certificates, Series 2013-J1, Class B-4

-- CSMC Trust 2012-CIM1 Mortgage Pass-Through Certificates, Series
2012-CIM1, Class B-4

-- CSMC Trust 2012-CIM2 Mortgage Pass-Through Certificates, Series
2012-CIM2, Mortgage Pass-through Certificates, Series 2012-CIM2,
Class B-4

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class B-3

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class B-4

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class A-IO-S

-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series
2013-IVR1, Class B-3

-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series
2013-IVR1, Class B-4

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class B-3

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class B-4

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class A-IO-S

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class B-3

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class B-4

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class A-IO-S

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class A-IO-S

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class B-3

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class B-4

-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates,
Series 2013-IVR5, Class B-3

-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates,
Series 2013-IVR5, Class B-4

-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates,
Series 2013-IVR5, Class A-IO-S

-- CSMC Trust 2014-IVR1, Mortgage Pass-Through Certificates,
Series 2014-IVR1, Class A-IO-S

-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates,
Series 2014-IVR2, Class A-IO-S

-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates,
Series 2014-IVR2, Class B-3

-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates,
Series 2014-IVR2, Class B-4

-- CSMC Trust 2014-SAF1, Mortgage Pass-Through Certificates,
Series 2014-SAF1, Class A-IO-S

-- CSMC Trust 2015-1, Mortgage Pass-Through Certificates, Series
2015-1, Class A-IO-S

-- CSMC Trust 2015-2, Mortgage Pass-Through Certificates, Series
2015-2, Class A-IO-S

-- Galton Funding Mortgage Trust 2018-2, Mortgage Pass-Through
Certificates, Series 2018-2, Class BX2

-- Mello Mortgage Capital Acceptance 2018-MTG2, Mortgage
Pass-Through Certificates, Series 2018-MTG2, Class B5

-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through
Certificates, Series 2016-1, Class B4

-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through
Certificates, Series 2016-1, Class B5

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Securities,
Series 2004-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Notes, Series
2004-B, Class B1 Risk Band

-- RESI Finance Limited Partnership 2003-A & RESI Finance DE
Corporation 2003-A, Real Estate Synthetic Investment Securities,
Series 2003-A, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Securities,
Series 2003-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B1 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B2 Risk Band

-- Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8,
Mortgage Pass-Through Certificates, Series 2004-8, Class 5-A6

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-8

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-9

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class AIII-3

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class M-3

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class M-4

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class M-5

-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust,
Home Equity Asset-Backed Certificates, Series 2004-2, Class M-6

-- COLT 2018-4 Mortgage Loan Trust, COLT 2018-4 Mortgage
Pass-Through Certificates, Series 2018-4, Class A-3



[*] S&P Takes Various Actions on 36 Classes From 7 U.S. CLO Deals
-----------------------------------------------------------------
S&P Global Ratings took various rating actions on 36 classes of
notes from seven U.S. cash flow CLO transactions.

After publishing S&P's updated global corporate CLO criteria,
"Global Methodology And Assumptions For CLOs And Corporate CDOs" on
June 21, 2019, it placed certain ratings that could be affected
under criteria observation (UCO).

Following its review, S&P's ratings on the 36 classes are no longer
under criteria observation and it has removed the UCO identifiers.

The rating actions follow the application of S&P's global corporate
CLO criteria and its credit and cash flow analysis of each
transaction, based on their respective trustee reports. While S&P's
analysis of the transactions entailed a review of their performance
(the ratings list table below discloses key performance metrics
behind specific rating changes), in many cases S&P's rating
decisions also resulted from the application of its new criteria.

The transactions are all in their amortization periods and the
senior note balances have declined as they received paydowns. The
lower balance of the notes typically increased the
overcollateralization levels, which is one of the primary reasons
for the upgrades.

S&P incorporates various considerations into its decisions to
raise, lower, affirm, or limit the ratings when reviewing the
indicative ratings suggested by its projected cash flows. These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes. Some of these considerations may include:

-- Risk of imminent default;

-- Ability to withstand steady state scenario or require a
favorable state scenario;

-- Exposure to assets in the 'CCC' rating category;

-- Existing subordination or overcollateralization levels and
recent trends;

-- Cushion available for coverage ratios and comparative analysis
with other CLO tranches with similar ratings;

-- Exposure to assets in stressed industries and/or stressed
market values; and

-- Additional sensitivity runs to account for any of the above.

"The affirmations indicate our opinion that the current enhancement
available to those classes is commensurate with their current
ratings," S&P said.

S&P's review of these transactions included a cash flow analysis,
based on the portfolio and transaction as reflected in the
aforementioned trustee report, to estimate future performance. In
line with its criteria, S&P's 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, S&P's analysis considered
the transactions ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis and other qualitative factors, as applicable,
demonstrated, in S&P's view, that all of the rated outstanding
classes have adequate credit enhancement available at the rating
levels associated with these rating actions.

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

A list of Affected Ratings can be viewed at:

          https://bit.ly/2VCpLZO


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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