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

              Sunday, February 23, 2020, Vol. 24, No. 53

                            Headlines

AASET TRUST 2020-1: Fitch Assigns Final BBsf Rating on Class C Debt
APIDOS CLO XXXII: S&P Assigns BB- (sf) Rating to Class E Notes
BBCMS MORTGAGE 2020-C6: Fitch Rates $8.798MM Cl. H-RR Certs 'B-'
BOMBARDIER CAPITAL 1998-C: S&P Affirms B(sf) Rating From ABS Deal
CITIGROUP COMMERCIAL 2012-GC8: Moody's Affirms Caa2 to Class F Debt

CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms B- Rating on F Certs
CSMC 2020-AFC1: S&P Assigns 'B (sf)' Rating on Class B-2 Notes
FLAGSHIP CREDIT 2020-1: S&P Assigns BB-(sf) Rating to Cl. E Notes
FLAGSHIP CREDIT: DBRS Reviews 62 Ratings From 13 Trust Transactions
FREDDIE MAC 2020-DNA2: S&P Rates 16 Classes of Notes 'BB (sf)'

FREMF MORTGAGE 2011-K12: Moody's Affirms Ba3 Rating on Cl. X-2 Debt
FWD SECURITIZATION 2020-INV1: S&P Assigns 'B' Rating to B-2 Certs
GALTON FUNDING 2020-H1: DBRS Assigns Prov. B Rating on B2 Certs
GCAT 2020-NQM1: S&P Assigns Prelim B (sf) Rating to Cl. B-2 Certs
GE COMMERCIAL 2007-C1: DBRS Puts BB(low) on 2 Tranches on Review

GOLDENTREE LOAN 1: S&P Affirms B- (sf) Rating on Class F Notes
GS MORTGAGE 2012-GC6: Moody's Affirms B2 Rating on Cl. F Certs
GS MORTGAGE 2020-PJ2: DBRS Gives Prov. B Rating on Class B-5 Certs
GULF STREAM 1: S&P Assigns Prelim BB- (sf) Rating to Cl. E Notes
JAMESTOWN CLO XV: S&P Assigns Prelim BB-(sf) Rating to Cl. E Notes

JP MORGAN 2012-LC9: Moody's Affirms B2 Rating on Class G Debt
JP MORGAN 2020-2: Moody's Assigns (P)B3 Rating on 2 Tranches
JP MORGAN 2020-MKST: Moody's Assigns B3 Rating on Class F Certs
KKR CLO 28: S&P Assigns Prelim BB- (sf) Rating to Class E Notes
MADISON PARK XXII: S&P Assigns BB- (sf) Rating to Cl. E-R Notes

MADISON PARK XXII: S&P Assigns Prelim BB- Rating to Cl. E-R Notes
MSCCG TRUST 2018-SELF: Moody's Affirms B2 Rating on Cl. F Certs
NEUBERGER BERMAN XIV: S&P Assigns BB-(sf) Rating to Cl. E-R2 Notes
NEWARK BSL 1: Moody's Assigns Ba3 Rating on $20MM Class D-R Notes
OCP CLO 2013-4: S&P Puts 'B (sf)' Rating on E-R Notes on Watch Neg.

PALMER SQUARE 2015-2: S&P Assigns B- (sf) Rating on Cl. E-R2 Notes
PIKES PEAK 5: Moody's Assigns (P)Ba3 Rating on $19.2MM Cl. E Notes
PRIME STRUCTURED 2020-1: DBRS Gives (P)B Rating on Class F Certs
PRIME STRUCTURED 2020-1: Moody's Gives (P)B1 Rating to Class F Debt
RACE POINT VIII: S&P Affirms BB- (sf) Rating on Class E-R Notes

RCKT MORTGAGE 2020-1: Moody's Assigns B2 Rating on Class B-5 Debt
REALT 2020-1: DBRS Finalizes B Rating on Class G Certs
RESIDENTIAL MORTGAGE 2020-1: DBRS Finalizes B Rating on B-2 Notes
SPRUCE HILL 2020-SH1: DBRS Gives Prov. B Rating on Class B-2 Notes
SPRUCE HILL 2020-SH1: S&P Assigns B (sf) Rating on Class B-2 Notes

STARWOOD MORTGAGE 2020-1: S&P Rates 15 Classes of Certs 'B+ (sf)'
WELLS FARGO 2016-C34: DBRS Lowers Class G Debt Rating to B(low)
WELLS FARGO 2020-SDAL: Moody's Assigns (P)B3 Rating on Cl. F Certs
WELLS FARGO 2020-SOP: S&P Assigns B- (sf) Rating to Class F Certs
WESTLAKE AUTOMOBILE: DBRS Reviews 25 Ratings From 4 ABS Deals

WFRBS COMMERCIAL 2012-C6: Moody's Affirms Ba2 Rating on Cl. E Certs
[*] Moody's Takes Action on $379.78MM U.S. RMBS Issued 2003-2007
[*] S&P Takes Various Actions on 279 Classes From 8 US RMBS Deals

                            *********

AASET TRUST 2020-1: Fitch Assigns Final BBsf Rating on Class C Debt
-------------------------------------------------------------------
Fitch Ratings assigned final ratings to AASET 2020-1 Trust.

RATING ACTIONS

AASET 2020-1 Trust

Class A; LT Asf New Rating;   previously at A(EXP)sf

Class B; LT BBBsf New Rating; previously at BBB(EXP)sf

Class C; LT BBsf New Rating;  previously at BB(EXP)sf

TRANSACTION SUMMARY

Fitch rates the aircraft operating lease ABS secured notes issued
by AASET 2020-1 Trust (2020-1). AASET 2020-1 uses proceeds of the
initial notes to acquire all the aircraft-owning entity (AOE)
series A, B and C notes (initial series A, B and C AOE notes)
issued by AASET 2020-1 US Ltd. (AASET US) and AASET 2020-1
International Ltd. (AASET International), collectively, the AOE
issuers.

The notes are secured by lease payments and disposition proceeds on
a pool of 28 mid- to end-of-life aircraft purchased from certain
funds (the SASOF Funds), managed by subsidiaries of Carlyle
Aviation Partners Ltd. (CAP) collectively with its affiliates
(Carlyle Aviation). Carlyle Aviation Management Limited (CAML), an
indirect subsidiary of CAP, will be the servicer. This is the sixth
public, Fitch-rated AASET transaction, and the ninth issued since
2014 and serviced by CAML. Fitch does not rate CAP or CAML.

The timeframe of remedial actions for the liquidity facility is
longer than outlined in Fitch's counterparty criteria, but this is
deemed to be immaterial under primary scenarios.

KEY RATING DRIVERS

Stable Asset Quality — Mostly Liquid Narrowbody: The pool
comprises mostly narrowbody aircraft (85.0%), including 10 B737-800
(32.8%) and six A320-200s (25.5%). The weighted average (WA) age is
15.2 years, which is at the older end of the range for recent peer
transactions, but consistent with 2019-1 (15.8 years) and older
than 2019-2 (11.9 years). Widebody aircraft total 15.0%, in line
with 2019-2 (15.7%) and lower than 2019-1 (29.4%).

Lease Term and Maturity Schedule — Neutral: The WA remaining
lease term is 3.4 years, in line with prior AASET transactions. One
lease matures in 2020 (5.3%), 10 in 2021 (31.4%), six in 2022
(21.1%), and two in 2023 (7.5%). From 2020-2023, 19 leases mature
(65.4%), which is lower than 2019-2 but in line with 2019-1, during
the first four-year period after closing.

Asset Value and Lease Rate Volatility: Fitch derives assumed
initial aircraft values from various appraisal sources and employs
future aircraft value and disposition stresses in its analysis.
These take into account aircraft age and marketability to simulate
the decline in values and lease rates expected to occur over the
course of multiple aviation market downturns.

Operational and Servicing Risk — Adequate Servicing Capability:
Fitch believes Carlyle Aviation Partners (parent: The Carlyle Group
is rated BBB+/Stable) has the ability to collect lease payments,
remarket and repossess aircraft in an event of lessee default and
procure maintenance to retain values and ensure stable performance.
This is evidenced by the experience of their team, the servicing of
their managed fleet, and prior securitization performance.

Lessee Credit Risk — Weak Credits: Fitch's 'CCC' assumed lessee
concentration totals 60.4%, significantly higher relative to 2019-2
and 2019-1 (14.5% and 47.5%, respectively). Most of the 18 lessees
are either unrated or speculative-grade credits, typical of
aircraft ABS. Unrated or speculative airlines are assumed to
perform consistently with either a 'B' or 'CCC' Issuer Default
Rating (IDR) to reflect default risk in the pool. Ratings were
further stressed during future assumed recessions and once an
aircraft reaches Tier 3 classification.

Country Credit Risk — Diversified: The largest country
concentration is the U.S. (IDR of AAA/Stable) with seven aircraft
(15.5%), followed by India (10.6%) and then Thailand (9.1%). The
top five countries total 49.0%, down from 2019-2 (64.4%) and 2019-1
(59.6%), with 15.5% of lessees concentrated in Developed North
America. There is a higher concentration in Emerging APAC (34.3%)
versus 2019-2 (25.5%) and 2019-1 (3.6%); however, this reflects the
industry's growth in the region in recent years.

Transaction Structure — Consistent: Credit enhancement (CE)
comprises overcollateralization (OC), a liquidity facility and a
cash reserve. The initial loan to value (LTV) ratios for series A,
B and C notes are 66.5%, 78.0% and 83.5%, respectively, based on
the average of the maintenance-adjusted base values (MABVs). These
levels are consistent with prior AASET transactions.

Adequate Structural Protections: Each series of notes makes full
payment of interest and principal in the primary scenarios,
commensurate with their ratings after applying Fitch's stressed
asset and liability assumptions. Fitch has also created multiple
alternative cash flows to evaluate the structural sensitivity to
different scenarios, as detailed in the Rating Sensitivities
section.

Aviation Market Cyclicality: The commercial aviation has exhibited
significant cyclicality tied to the health of the overall global
economy. This cyclicality can produce increased lessee defaults,
lower demand for off-lease aircraft, and deterioration in lease
rates and asset values. Fitch stresses asset values, utilization
levels, lease rates and default probability during assumed market
down cycles to account for this risk.

Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings
to a maximum cap of 'Asf' due to the factors discussed and the
potential volatility they produce.

RATING SENSITIVITIES

The performance of aircraft operating lease securitizations can be
affected by various factors, which, in turn, could have an impact
on the assigned ratings. Fitch conducted multiple rating
sensitivity analyses to evaluate the impact of changes to a number
of the variables in the analysis. As stated, these sensitivity
scenarios were also considered in determining Fitch's ratings.

Technological Cliff Stress Scenario

All aircraft in the pool face replacement programs over the next
decade. Fitch believes the current generation aircraft in the pool
remain well insulated due to large operator bases and long lead
times for full replacement. This scenario simulates a drop in
demand (and associated values). The first recession was assumed to
occur two years following close and all recessionary value decline
stresses were increased by 10% at each rating category. Fitch
additionally utilized a 25% residual assumption rather than the
base level of 50% to stress end-of-life proceeds for each asset in
the pool. Lease rates drop under this scenario, and aircraft are
sold for scrap at end of useful lives.

Under this scenario, all series fail at all rating scenarios. As a
result, such a scenario could result in multiple categories of
downgrades for each series of notes. This is the most stressful
sensitivity to this transaction because of the heavier reliance of
residual proceeds.

LRF Stress Scenarios

Fitch ran a sensitivity scenario that capped LRFs for all aircraft.
Fitch capped all leases at a 1.13% LRF. This is the
criteria-assumed LRF at age 11. After this point, leases in prior
pools have fallen notably below Fitch's curve. While the curve
normally increases and is then capped at 1.65% in runs under these
scenarios, no lease will be executed at a LRF above 1.13%.

Under this scenario, series A and B pass one level below their
rating category, at 'BBBsf' and 'BBsf' stress levels, respectively.
The series C notes pass at the 'Bsf' level but fail at all rating
scenarios. This could result in the downgrade of the series A, B
and C notes by up to one or more rating category each.

'CCC' Unrated Lessee Assumption Stress Scenario

Airlines across the globe are generally viewed as speculative
grade. While Fitch gives credit to available ratings of the initial
lessees in the pool, assumptions must be made for the unrated
lessees in the pool, as well as all future unknown lessees. While
Fitch typically utilizes a 'B' assumption for most unrated lessees
with some assumed to be 'CCC', Fitch evaluated a scenario in which
all unrated airlines are assumed to carry a 'CCC' rating. This
scenario mimics a prolonged recessionary environment in which
airlines are susceptible to an increased likelihood of default.
This would subject the aircraft pool to increased downtime and
expenses, as repossession and remarketing events would increase.

Under this scenario, series A and series B notes pass at their
respective ratings of 'Asf' and 'BBBsf'. Series C notes pass one
category below their recommended ratings at 'Bsf'. Approximately
60% of the unrated lessees are assumed at 'CCC' under the primary
scenarios. Therefore, much of the stress is already captured.


APIDOS CLO XXXII: S&P Assigns BB- (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Apidos CLO XXXII/Apidos
CLO XXXII LLC's floating- and fixed-rate notes.

The note issuance is a CLO transaction backed by at least 90%
senior secured loans, with 80% of the loan issuers required to be
based in the U.S.

The ratings reflect:

-- The diversified collateral pool;

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

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

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

  RATINGS ASSIGNED
  Apidos CLO XXXII/Apidos CLO XXXII LLC

  Class                Rating      Amount (mil. $)
  X                    AAA (sf)               2.60
  A-1                  AAA (sf)             248.00
  A-2                  NR                    12.00
  B-1                  AA (sf)               34.00
  B-2                  AA (sf)               10.00
  C (deferrable)       A (sf)                24.00
  D (deferrable)       BBB- (sf)             22.00
  E (deferrable)       BB- (sf)              17.50
  Subordinated notes   NR                    34.50

  NR--Not rated.


BBCMS MORTGAGE 2020-C6: Fitch Rates $8.798MM Cl. H-RR Certs 'B-'
----------------------------------------------------------------
Fitch Ratings assigned the following ratings and Rating Outlooks to
BBCMS Mortgage Trust 2020-C6, commercial mortgage pass-through
certificates, Series 2020-C6:

RATING ACTIONS

BBCMS 2020-C6

  -- $14,352,000 class A-1 'AAAsf'; Outlook Stable;

  -- $88,400,000 class A-2 'AAAsf'; Outlook Stable;

  -- $208,000,000a class A-3 'AAAsf'; Outlook Stable;

  -- $278,300,000a class A-4 'AAAsf'; Outlook Stable;

  -- $26,810,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $615,862,000b class X-A 'AAAsf'; Outlook Stable;

  -- $105,576,000 class A-S 'AAAsf'; Outlook Stable;

  -- $37,392,000 class B 'AA-sf'; Outlook Stable;

  -- $34,092,000 class C 'A-sf'; Outlook Stable;

  -- $177,060,000b class X-B 'A-sf'; Outlook Stable;

  -- $12,097,000e class D 'BBB+sf'; Outlook Stable;

  -- $17,596,000e class E 'BBB-sf'; Outlook Stable;

  -- $29,693,000be class X-D 'BBB-sf'; Outlook Stable;

  -- $8,798,000de class F-RR 'BB+sf'; Outlook Stable;

  -- $13,198,000de class G-RR 'BB-sf'; Outlook Stable;

  -- $8,798,000de class H-RR 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $9,897,000de class J-RR;

  -- $16,497,146bde class NR-RR;

  -- $24,200,000ce class VRR Interest.

  -- The transaction includes five classes of non-offered, loan
specific certificates (non-pooled rake classes) related to the
companion loan of F5 Tower. Classes F5T-A, F5T-B, F5T-C, F5T-D and
F5T-VRR Interest are all not rated by Fitch.

(a) When Fitch published its expected ratings on Jan. 24, 2020, the
initial certificate balances of class A-3 and A-4 were unknown and
expected to be $486,300,000 in aggregate. The certificate balances
have been finalized, and the above structure reflects the final
class balances and ratings.

(b) Notional amount and interest only.

(c) Vertical credit-risk retention interest

(d) Horizontal credit-risk retention interest

(e) Privately placed and pursuant to Rule 144A

The ratings are based on information provided by the issuer as of
Feb. 18, 2020.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 45 loans secured by 118
commercial properties having an aggregate principal balance of
$904,003,147 as of the cut-off date. The loans were contributed to
the trust by Barclays Capital Real Estate Inc., Societe Generale
Financial Corporation and Starwood Mortgage Capital LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 72.8% of the properties
by balance, cash flow analysis of 87.2% of the pool, and asset
summary reviews on 100% of the pool.

KEY RATING DRIVERS

Fitch Leverage: The pool's Fitch LTV of 98.2% is better than the
2019 and 2018 averages of 103.0% and 102.0%, respectively, for
other Fitch-rated multiborrower transactions. Additionally, the
pool's Fitch DSCR of 1.27x is better than the 2019 and 2018
averages of 1.26x and 1.22x, respectively. Excluding
investment-grade credit opinion loans, the pool has a Fitch DSCR
and LTV of 1.25x and 111.1%, respectively.

Credit Opinion Loans: Five loans, representing 30.8% of the pool,
have investment-grade credit opinions. This is significantly above
the 2019 and 2018 averages of 14.2% and 13.6%, respectively.
Parkmerced (7.2% of the pool) received a credit opinion of
'BBB+sf*' on a stand-alone basis. Kings Plaza (6.6%) received a
credit opinion of 'BBBsf*' on a stand-alone basis. 650 Madison
(6.6%), F5 Tower (5.5%) and Bellagio Hotel and Casino (4.8%) each
received stand-alone credit opinions of 'BBB-sf*'.

Limited Amortization: 21 loans (69.8% of the pool) are full-term
interest-only loans, and ten loans (21.4%) are partial interest
only. Based on the scheduled balance at maturity, the pool will pay
down by only 4.8%, which is less than the 2019 and 2018 averages of
5.9% and 7.2%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12.2% below
the most recent year's NOI for properties for which a full-year NOI
was provided, excluding properties that were stabilizing during
this period. Unanticipated further declines in property-level NCF
could result in higher defaults and loss severities on defaulted
loans and in potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
BBCMS 2020-C6 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 junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


BOMBARDIER CAPITAL 1998-C: S&P Affirms B(sf) Rating From ABS Deal
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B (sf)' rating on class A from
Bombardier Capital Mortgage Securitization Corp.'s series 1998-C
and the 'B- (sf)' ratings on classes A-4 and A-5 from series
1999-A. Series 1998-C and 1999-A are asset-backed securities (ABS)
transactions backed by manufactured housing loans originated by
Bombardier Capital Inc.

"The rating actions reflect the transactions' collateral
performance to date and structure, our views regarding future
collateral performance, and the credit enhancement available.
Furthermore, our analysis incorporated secondary credit factors
such as credit stability, payment priorities under certain
scenarios, and sector- and issuer-specific analysis," S&P said.

"Although both transactions have performed worse than our initial
expectations, the pace of losses over the past few years has
generally remained stable. We are maintaining our expected lifetime
cumulative net loss range for both transactions," the rating agency
said.

  COLLATERAL PERFORMANCE (%)
  (As of the January 2020 distribution)

                  Pool     Current   Expected
  Series   Mo.    factor   CNL       lifetime CNL(i)

  1998-C   254     7.29    43.67     45.00-48.00
  1999-A   252     7.63    44.11     45.00-48.00

(i)Lifetime CNL expectation based on current performance data.
CNL--Cumulative net loss.

Both transactions were initially structured with
overcollateralization and subordination. Because of
higher-than-expected losses, series 1998-C has depleted its
overcollateralization and series 1999-A currently has an actual
overcollateralization amount of $14,795.48. The only other hard
support for both transactions is the subordinated class M-1
certificates, which continue to experience monthly principal
write-downs. However, the pace of class A principal payments
currently outperforms the speed of the principal write-downs. This
has helped maintain sufficient credit enhancement for the class A
certificates, which are senior in priority to the class M-1
certificates. The class M-1 certificates currently provide 59.12%
credit support for the class A certificates in series 1998-C and
55.71% credit support for the class A certificates in series
1999-A. Each is a percentage of the current collateral balance.

S&P will continue to monitor the performance of these transactions
and take rating actions as S&P considers appropriate.

  RATINGS AFFIRMED

  Bombardier Capital Mortgage Securitization Corp.

  Series    Class     Rating

  1998-C    A         B (sf)
  1999-A    A-4       B- (sf)
  1999-A    A-5       B- (sf)


CITIGROUP COMMERCIAL 2012-GC8: Moody's Affirms Caa2 to Class F Debt
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings on six classes and
downgraded the ratings on four classes in Citigroup Commercial
Mortgage Trust 2012-GC8, Commercial Mortgage Pass-Through
Certificates, Series 2012-GC8 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Feb 20, 2019 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Feb 20, 2019 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Feb 20, 2019 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Feb 20, 2019 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Feb 20, 2019 Affirmed A3
(sf)

Cl. D, Downgraded to Ba1 (sf); previously on Feb 20, 2019 Affirmed
Baa3 (sf)

Cl. E, Downgraded to B2 (sf); previously on Feb 20, 2019 Affirmed
B1 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Feb 20, 2019 Affirmed
Caa1 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 20, 2019 Affirmed
Aaa (sf)

Cl. X-B*, Downgraded to B2 (sf); previously on Feb 20, 2019
Affirmed B1 (sf)

* Reflects Interest Only Classes

RATINGS RATIONALE

The ratings on five principal and interest (P&I) classes were
affirmed because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The ratings on three P&I classes, Cl. D, Cl. E, and Cl. F were
downgraded due to concerns of anticipated decline in property
performance of the third largest loan, Pinnacle at Westchase (9.8%
of the pool), owing to recent tenant departures and increased
vacancy in the Houston sub-market.

The rating on the interest only (IO) class Cl. X-A was affirmed
based on the credit quality of its referenced classes.

The rating on the interest only (IO) class Cl. X-B was downgraded
due to a decline in the credit quality of its referenced classes.

Moody's rating action reflects a base expected loss of 5.7% of the
current pooled balance, compared to 5.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.9% of the
original pooled balance, compared to 3.7% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the February 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to $716 million
from $1.04 billion at securitization. The certificates are
collateralized by 46 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans (excluding
defeasance) constituting 63% of the pool. Sixteen loans,
constituting 20% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 11, compared to 12 at Moody's last review.

Seven loans, constituting 40% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool. No loans are currently
in special servicing.

Moody's has assumed a high default probability for the Pinnacle at
Westchase loan ($69.8 million -- 9.8% of the pool), which is
secured by a 471,000 square foot (SF) class-A suburban office
complex in the Westchase submarket of Houston, Texas. As of
September 2019, the property was 67% leased, compared to 89% leased
as of December 2018. However, the largest tenant MHWirth (42% of
the NRA) with a lease expiration in early 2020 did not renew their
lease and vacated the property. As a result, the property is
currently 25% leased. The Westchase office submarket vacancy has
also increased significantly since securitization. According to
CBRE, the Westchase office submarket included 9.85 million square
feet of Class-A office space in Q4 2019 with a vacancy of 23.2%,
compared to a vacancy rate of 5.7% in 2012. The loan is on the
master servicer watchlist and Moody's has recognized this as a
troubled loan.

Moody's received full year 2018 and partial year 2019 operating
results for 100% of the pool (excluding specially serviced and
defeased loans). Moody's weighted average conduit LTV is 102%,
compared to 103% at Moody's last review. Moody's conduit component
excludes loans with structured credit assessments, defeased and CTL
loans, and specially serviced and troubled loans. Moody's net cash
flow (NCF) reflects a weighted average haircut of 10% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.35X and 1.09X,
respectively, compared to 1.41X and 1.07X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 36% of the pool balance. The
largest loan is the Miami Center Loan ($100.9 million -- 14.1% of
the pool), which is secured by a pari-passu portion of a $151.4
million first mortgage loan. The collateral property is a 35-story,
787,000 SF office tower located on South Biscayne Boulevard in
Miami, Florida. The property is located adjacent to an
Intercontinental Hotel and contains a 9-story parking garage. As of
September 2019, the property was 70% leased, compared to 68% as of
December 2018 and 84% at securitization. The two largest tenants,
which account for over 23% of the net rentable area (NRA), extended
their leases until 2030, however the flat occupancy has affected
property performance as the borrower has not been able to backfill
large portions of the vacant area. As a result, the loan is
currently on the watchlist for a low DSCR. The loan has amortized
12% since securitization and Moody's LTV and stressed DSCR are 115%
and 0.87X, respectively, compared to 117% and 0.85X at the last
review.

The second largest loan is the 17 Battery Place South Loan ($84.5
million -- 11.8% of the pool), which is secured by the lower 13
stories of a 31-story, mixed-use office and residential building
located in downtown Manhattan, New York, NY. The 13 stories
represent multi-tenanted office space comprising 428,450 SF. The
asset is also encumbered with $14 million of mezzanine debt. Due to
the tenant rollover, the property's occupancy had declined to 69%
in 2017 from 95% in 2013. With recent leasing, the property's
occupancy has improved to 88% as of the September 2019. The loan
has amortized 7% since securitization and Moody's LTV and stressed
DSCR are 120% and 0.83X, respectively, compared to 122% and 0.82X
at the last review.

The third-largest loan is the Gansevoort Park Avenue Loan ($68.3
million -- 9.5% of the pool), which is secured by a pari-passu
portion of a $127.5 million first mortgage loan. The collateral
property is a 249-room luxury full-service boutique hotel located
on East 29th Street and Park Avenue South in New York, NY. Known as
the Gansevoort Park Avenue at securitization and renamed Royalton
Park Avenue in late 2017, the hotel benefits from its location
within walking distance of Midtown Manhattan, Union Square and
Madison Square Park. However, the loan is currently on the
watchlist for a low DSCR. The borrower indicated that property
performance has been affected by the increase in new supply. For
the trailing twelve-month period ending October 2019, the hotel was
88% occupied and had a revenue per available room (RevPAR) of $274,
compared to occupancy and RevPAR of 77% and $266, respectively, for
the prior trailing twelve-month period ending October 2018. The
loan has amortized nearly 9% since securitization and Moody's LTV
and stressed DSCR are 128% and 0.87X, respectively, compared to
131% and 0.85X at the last review.


CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms B- Rating on F Certs
----------------------------------------------------------------
Fitch Ratings affirmed 22 classes and revised the Rating Outlook of
one class of Citigroup Commercial Mortgage Trust 2017-P7 commercial
mortgage pass-through certificates, series 2017-P7.

RATING ACTIONS

CGCMT 2017-P7

Class A-1 17325HBL7;   LT AAAsf Affirmed;  previously at AAAsf

Class A-2 17325HBM5;   LT AAAsf Affirmed;  previously at AAAsf

Class A-3 17325HBN3;   LT AAAsf Affirmed;  previously at AAAsf

Class A-4 17325HBP8;   LT AAAsf Affirmed;  previously at AAAsf

Class A-AB 17325HBQ6;  LT AAAsf Affirmed;  previously at AAAsf

Class A-S 17325HBR4;   LT AAAsf Affirmed;  previously at AAAsf

Class B 17325HBS2;     LT AA-sf Affirmed;  previously at AA-sf

Class C 17325HBT0;     LT A-sf Affirmed;   previously at A-sf

Class D 17325HAA2;     LT BBB-sf Affirmed; previously at BBB-sf

Class E 17325HAC8;     LT BB-sf Affirmed;  previously at BB-sf

Class F 17325HAE4;     LT B-sf Affirmed;   previously at B-sf

Class V-2A 17325HAN4;  LT AAAsf Affirmed;  previously at AAAsf

Class V-2B 17325HAQ7;  LT AA-sf Affirmed;  previously at AA-sf

Class V-2C 17325HAS3;  LT A-sf Affirmed;   previously at A-sf

Class V-2D 17325HAU8;  LT BBB-sf Affirmed; previously at BBB-sf

Class V-3AB 17325HAY0; LT AA-sf Affirmed;  previously at AA-sf

Class V-3C 17325HBA1;  LT A-sf Affirmed;   previously at A-sf

Class V-3D 17325HBC7;  LT BBB-sf Affirmed; previously at BBB-sf

Class X-A 17325HBU7;   LT AAAsf Affirmed;  previously at AAAsf

Class X-B 17325HBV5;   LT AA-sf Affirmed;  previously at AA-sf

Class X-C 17325HBW3;   LT A-sf Affirmed;   previously at A-sf

Class X-D 17325HAJ3;   LT BBB-sf Affirmed; previously at BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: While the majority of the pool
continues to exhibit stable performance, loss expectations have
increased primarily due to declining performance of the Fitch Loans
of Concern (FLOCs; 12.3% of the pool). Since Fitch's last rating
action, three loans (6.7%) have transferred to special servicing,
including two loans (6.5%) within the top 10 loans.

The largest specially serviced loan and ninth largest loan in the
pool, Hamilton Crossing (3.3% of the pool), is secured by a 590,917
sf office complex located in Carmel, IN. The loan was transferred
to special servicing in July 2019 for a non-monetary default after
the largest tenant, ADESA (previously 30% of NRA), vacated at its
lease expiration in July 2019. Property occupancy as of Sept. 30,
2019 was 57%, down from 84% at YE 2018 and 89% at YE 2017. However,
the special servicer is currently in negotiations with a large
tenant, which would improve occupancy to 72%. The loan remains
current.

The second largest specially serviced loan and tenth largest loan
in the pool, 229 West 43rd Street Retail Condo (3.0% of the pool),
is secured by a six-floor, 245,132 sf retail condominium located
along West 43rd and 44th Streets in the Times Square area of
Manhattan. The loan was transferred to special servicing in
December 2019 for imminent monetary default due to shortfalls on
debt service and required reserve payments. As of the September
2019 rent roll, the property was 95.1% leased to seven tenants.
However, the property is estimated to be only 76.5% physically
occupied as of January 2020 following the lease termination and
closure of Gulliver's Gate (18.6% of NRA; 29.4% of total base
rent), which filed for bankruptcy in October 2019 and had not made
any rental payments since then. Additionally, according to the
master servicer, National Geographic (24.1% of NRA; 15% of total
base rent) also defaulted on its lease and has been paying reduced
rent payments under an occupancy and use agreement after its lease
was terminated in the spring of 2019. Although National Geographic
currently remains in occupancy and open for business, the borrower
has been marketing both of these spaces, in addition to a smaller
vacant unit (4.9% of NRA), for lease. If National Geographic
vacates, occupancy is expected to decline to 52.4%. The most
recently reported year-to-date net operating income debt service
coverage ratio as of September 2019 was 1.05x, down from 1.31x
reported for YE 2018. The property also benefits from an Industrial
Commercial Incentive Program (ICIP) tax abatement; however, tax
exemption has entered its phase out period, beginning in the
2017/2018 tax year with burn-off by 20% per year until 2021. Fitch
requested an update on the special servicer's workout strategy for
the loan, but the servicer stated that details have not been
determined at this time. The loan is currently paid through Dec. 9,
2019.

The remaining specially serviced loan comprises less than 1% of the
pool and is secured by a 162-key hotel located in Idaho Falls, ID.
The loan transferred to special servicing in July 2019 due to an
event of default being triggered after the borrower encumbered the
property with unpermitted additional debt. Per the special
servicer's commentary, the borrower has removed the additional
lien; however, various tax liens remain on the property. The
borrower is working with the special servicer to bring the loan
current and the lender is dual tracking a foreclosure.

Outside of the specially serviced loans, three loans (5.6% of the
pool) were considered FLOCs, including one loan in the top 15. The
largest FLOC, Greenwich Office Portfolio (2.9%), is secured by a
portfolio of office properties totaling 380,245 sf in Greenwich,
CT. As of the most recent rent roll dated September 2019, the top
two tenants, IBG LLC (11.0% of NRA) and Orthopedic & Neurological
(8.8% of NRA) leases have expired. At Fitch's last rating action,
the servicer indicated IBG would vacate upon lease expiration and
Orthopedic & Neurological would extend their lease through 2029.
Fitch requested an update on the expired leases, but has not
received a response.

Minimal Changes to Credit Enhancement: As of the February 2020
remittance, the pool's aggregate pool balance has been reduced by
0.9% to $1.016 billion from $1.025 billion at issuance. All of the
original 46 loans remain in the pool. No loans are defeased.
Eighteen loans (48.6% of the pool) are interest-only for the full
loan term, including eight loans (32.5%) in the top 15. Fifteen
loans (36.3%) have a partial interest-only component, of which six
loans (13.2%) have entered their amortization periods. Based on the
scheduled balance at maturity, the pool is only expected to be
reduced by 7.7%.

High Retail and Office Concentration: Loans secured by office
properties represent 53.9% of the pool, including nine loans (39.1%
of the pool) in the top 15. Loans back by retail properties
represent 18.7% of the pool, including three loans (10.8% of the
pool) in the top 15.

RATING SENSITIVITIES

The Negative Outlook for class F reflects performance declines with
the FLOCs, primarily the specially serviced loans, which have all
transferred since Fitch's last rating action. Should performance
improve or the specially serviced loans get resolved, the Outlook
may be revised back to Stable. However, should performance continue
to further deteriorate, a downgrade may be possible. The Stable
Outlooks on classes A-1 through E reflect the relatively stable
performance of the majority of the pool.

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

No third party due diligence was provided to or reviewed by Fitch
in relation to this rating.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the transaction, either due
to their nature or the way in which they are being managed by
transaction.


CSMC 2020-AFC1: S&P Assigns 'B (sf)' Rating on Class B-2 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to CSMC 2020-AFC1 Trust's
mortgage-backed notes.

The note issuance is an RMBS securitization backed by first-lien,
fixed- and adjustable-rate, fully amortizing residential mortgage
loans to both prime and nonprime borrowers (some with interest-only
periods) secured by single-family residential properties,
planned-unit developments, condominiums, and two- to four-family
residential properties. The majority of the loans are non-qualified
mortgage loans.

The ratings reflect S&P's view of:

-- The pool's collateral composition;
-- The transaction's credit enhancement;
-- The transaction's associated structural mechanics;
-- The transaction's representation and warranty framework; and
-- The geographic concentration.

  RATINGS ASSIGNED
  CSMC 2020-AFC1 Trust

  Class       Rating(i)           Amount ($)
  A-1         AAA (sf)           285,525,000
  A-2         AA (sf)             22,249,000
  A-3         A (sf)              31,519,000
  M-1         BBB (sf)            15,574,000
  B-1         BB (sf)              8,900,000
  B-2         B (sf)               5,747,000
  B-3         NR                   1,298,674
  A-IO-S      NR                    Notional(ii)
  XS          NR                    Notional(iii)
  PT(iv)      NR                 370,812,674
  R           NR                         N/A

(i)The ratings assigned to the classes address the ultimate payment
of interest and principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period.
(iii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period. In addition, note amount will be the
overcollateralization amount.
(iv)Certain initial exchangeable notes are exchangeable for the
exchangeable notes and vice versa.
NR--Not rated.
N/A--Not applicable.



FLAGSHIP CREDIT 2020-1: S&P Assigns BB-(sf) Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to Flagship Credit Auto Trust
2020-1's automobile receivables-backed notes.

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

The ratings reflect:

-- The availability of approximately 44.27%, 38.34%, 30.16%,
23.80%, and 19.59% credit support (including excess spread) for the
class A, B, C, D, and E notes, respectively, based on stressed cash
flow scenarios. These credit support levels provide coverage of
approximately 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x S&P's
12.00%-12.50% expected cumulative net loss range for the class A,
B, C, D, and E notes, respectively. These break-even scenarios
cover total cumulative gross defaults (using a recovery assumption
of 40.00%) of approximately 73.78%, 63.90%, 50.27%, 39.66%, and
32.64%, respectively.

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios that are appropriate to the assigned
ratings.

-- The expectation that under a moderate ('BBB') stress scenario,
all else being equal, S&P's ratings on the class A and B notes
would not be lowered by more than one rating category from its 'AAA
(sf)' and 'AA (sf)' ratings, respectively, throughout the
transaction's life. Similarly, S&P expects that its ratings on the
class C and D notes would not be lowered more than two rating
categories from its 'A (sf)' and 'BBB (sf)' ratings, respectively.
The rating on the class E notes would remain within two rating
categories of S&P's 'BB- (sf)' rating within the first year, but
the class would eventually default under the 'BBB' stress scenario
after receiving approximately 60.00%-75.00% of its principal. The
above rating movements are within the one-category rating tolerance
for 'AAA' and 'AA' rated securities during the first year and
three-category rating tolerance over three years; a two-category
rating tolerance for 'A', 'BBB', and 'BB' rated securities during
the first year; and a three-category rating tolerance for 'A' and
'BBB' rated securities over three years. Securities rated 'BB' may
default under a 'BBB' stress scenario. These parameters are in
accordance with "Methodology: Credit Stability Criteria," published
May 3, 2010.

-- Credit enhancement in the form of subordination,
overcollateralization, a reserve account, and excess spread.

-- The characteristics of the collateral pool being securitized.

-- The transaction's payment and legal structures.

  RATINGS ASSIGNED

  Flagship Credit Auto Trust 2020-1

  Class       Rating         Amount (mil. $)

  A           AAA (sf)                233.70
  B           AA (sf)                  31.92
  C           A (sf)                   40.50
  D           BBB (sf)                 32.11
  E           BB- (sf)                 16.77


FLAGSHIP CREDIT: DBRS Reviews 62 Ratings From 13 Trust Transactions
-------------------------------------------------------------------
DBRS, Inc. has reviewed 62 ratings from 13 Flagship Credit Auto
Trust transactions. Of the 62 outstanding publicly rated classes
reviewed, DBRS Morningstar has confirmed 43 classes, upgraded 17
classes, and discontinued two classes as a result of repayment. For
the ratings that were confirmed, performance trends are such that
credit enhancement levels are sufficient to cover DBRS
Morningstar's expected losses at their current respective rating
levels. For the ratings that were upgraded, performance trends are
such that credit enhancement levels are sufficient to cover DBRS
Morningstar's expected losses at their new respective rating
levels.

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

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

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

  -- The credit quality and the historical performance of the
collateral pool.

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

The Affected Ratings are available at https://bit.ly/2P266QQ


FREDDIE MAC 2020-DNA2: S&P Rates 16 Classes of Notes 'BB (sf)'
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Freddie Mac STACR REMIC
Trust 2020-DNA2's notes.

The note issuance is an RMBS securitization backed by fully
amortizing first-lien fixed-rate residential mortgage loans secured
by one- to four-family residences, planned-unit developments,
condominiums, cooperatives, and manufactured housing to prime
borrowers.

The 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 real estate mortgage investment conduit (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.

  RATINGS ASSIGNED

  Freddie Mac STACR REMIC Trust 2020-DNA2

  Class       Rating               Amount ($)
  A-H(i)      NR               41,961,561,312
  M-1         BBB+ (sf)           390,000,000
  M-1H(i)     NR                  154,955,341
  M-2         BB (sf)             437,000,000
  M-2R        BB (sf)             437,000,000
  M-2S        BB (sf)             437,000,000
  M-2T        BB (sf)             437,000,000
  M-2U        BB (sf)             437,000,000
  M-2I        BB (sf)             437,000,000
  M-2A        BBB (sf)            218,500,000
  M-2AR       BBB (sf)            218,500,000
  M-2AS       BBB (sf)            218,500,000
  M-2AT       BBB (sf)            218,500,000
  M-2AU       BBB (sf)            218,500,000
  M-2AI       BBB (sf)            218,500,000
  M-2AH(i)    NR                   86,674,991
  M-2B        BB (sf)             218,500,000
  M-2BR       BB (sf)             218,500,000
  M-2BS       BB (sf)             218,500,000
  M-2BT       BB (sf)             218,500,000
  M-2BU       BB (sf)             218,500,000
  M-2BI       BB (sf)             218,500,000
  M-2RB       BB (sf)             218,500,000
  M-2SB       BB (sf)             218,500,000
  M-2TB       BB (sf)             218,500,000
  M-2UB       BB (sf)             218,500,000
  M-2BH(i)    NR                   86,674,991
  B-1         B (sf)              156,000,000
  B-1A        B+ (sf)              78,000,000
  B-1AR       B+ (sf)              78,000,000
  B-1AI       B+ (sf)              78,000,000
  B-1AH(i)    NR                   30,991,068
  B-1B        B (sf)               78,000,000
  B-1BH(i)    NR                   30,991,068
  B-2         NR                  186,000,000
  B-2A        NR                   93,000,000
  B-2AR       NR                   93,000,000
  B-2AI       NR                   93,000,000
  B-2AH(i)    NR                   15,991,068
  B-2B        NR                   93,000,000
  B-2BH(i)    NR                   15,991,068
  B-3H(i)     NR                   43,596,431

  NR--Not rated.



FREMF MORTGAGE 2011-K12: Moody's Affirms Ba3 Rating on Cl. X-2 Debt
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings on two classes in
FREMF Mortgage Trust 2011-K12 as follows:

Cass. B, Affirmed Aa3 (sf); previously on October 12, 2018 Affirmed
Aa3 (sf)

Class X-2*, Affirmed Ba3 (sf); previously on October 12, 2018
Affirmed Ba3 (sf)

*Reflects Interest Only Classes

RATINGS RATIONALE

The rating on one principal and interest (P&I) class was affirmed
because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The rating on the interest only (IO) class was affirmed based on
the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 0.3% of the
current pooled balance, compared to 0.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 0.5% of the
original pooled balance, compared to 0.9% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the January 27, 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 15.6% to $1.0
billion from $1.2 billion at securitization. The certificates are
collateralized by 67 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans (excluding defeasance)
constituting 37% of the pool. Thirty seven loans, constituting 50%
of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 18 at Moody's last review.

There are currently no loans on the master servicer's watchlist and
no loans in special servicing.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $2.8 million (for an average loss
severity of 54%).

Moody's received full year 2018 operating results for 100% of the
pool, and full or partial year 2019 operating results for 95% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 64%, compared to 68% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 14% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 8.5%.

Moody's actual and stressed conduit DSCRs are 1.92X and 1.58X,
respectively, compared to 1.89X and 1.51X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and an
8.75% stress rate the agency applied to the loan balance.

The top three conduit loans represent 22.1% of the pool balance.
The largest loan is the 200 Water Street Loan ($91.0 million --
8.9% of the pool), which is secured by a 576-unit multifamily
high-rise located in the Financial District of Lower Manhattan, New
York City. The property was 93% leased as of June 2019, unchanged
since December 2017 and compared to 99% at securitization. This
property was damaged during Hurricane Sandy, but is now fully
operational. Moody's LTV and stressed DSCR are 66% and 1.29X,
respectively, compared to 74% and 1.16X at the last review.

The second largest loan is the Mid-America Portfolio Loan ($73.2
million -- 7.2% of the pool), which is secured by four
cross-collateralized and cross-defaulted multifamily loans located
in Tennessee, Florida and South Carolina. The portfolio contains
1,312 units in the aggregate, represented by one, two and
three-bedroom floor plans. The portfolio was 96% leased as of
September 2019, compared to 97% as of December 2017. Moody's LTV
and stressed DSCR are 58% and 1.73X, respectively, compared to 60%
and 1.66X at the last review.

The third largest loan is the Summer House Apartments Loan ($61.4
million -- 6.0% of the pool), which is secured by a 615-unit
garden-style multifamily property located in Alameda, California.
The property was 93% occupied as of September 2019, compared to 94%
as of May 2018. Moody's LTV and stressed DSCR are 48% and 2.03X,
respectively, compared to 49% and 1.97X at the last review.


FWD SECURITIZATION 2020-INV1: S&P Assigns 'B' Rating to B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to FWD Securitization Trust
2020-INV1's mortgage pass-through certificates.

The certificate issuance is a RMBS transaction backed by U.S.
residential mortgage loans.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for the transaction;  
-- The transaction's associated structural mechanics;
-- The representation and warranty framework; and
-- The primary originators, Finance of America Mortgage,
LendingOne, Finance of America Commercial, and RCN Capital.

  RATINGS ASSIGNED
  FWD Securitization Trust 2020-INV1  

  Class       Rating(i)          Amount ($)
  A-1         AAA (sf)          201,670,000
  A-2         AA (sf)            17,960,000
  A-3         A (sf)             30,930,000
  M-1         BBB (sf)           14,110,000
  B-1         BB (sf)            10,260,000
  B-2         B (sf)              6,410,000
  B-3         NR                  3,713,458
  P           NR                        100
  A-IO-S      NR                   Notional(ii)
  XS          NR                   Notional(ii)
  R           N/A                       N/A

(i)The ratings assigned to the classes address the ultimate payment
of interest and principal.
(ii)Notional amount equals the loans' stated principal balance.
NR--Not rated.
N/A--Not applicable.


GALTON FUNDING 2020-H1: DBRS Assigns Prov. B Rating on B2 Certs
---------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2020-H1 (the
Certificates) to be issued by Galton Funding Mortgage Trust 2020-H1
(GFMT 2020-H1 or the Issuer):

-- $189.3 million Class A1 at AAA (sf)
-- $13.9 million Class A2 at AA (high) (sf)
-- $20.7 million Class A3 at A (low) (sf)
-- $10.1 million Class M1 at BBB (low) (sf)
-- $6.3 million Class B1 at BB (low) (sf)
-- $3.7 million Class B2 at B (sf)

The AAA (sf) rating on Class A1 reflects 22.85% of credit
enhancement provided by subordinated notes in the pool. The AA
(high) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B
(sf) ratings reflect 17.20%, 8.75%, 4.65%, 2.10%, and 0.60% of
credit enhancement, respectively.

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

The Certificates are backed by 316 loans with a total principal
balance of $245,399,156 as of the Cut-Off Date. The mortgage loans
were acquired by Galton Mortgage Acquisition Platform IV H Sponsor
LLC (the Sponsor). The Sponsor-selected the mortgage loans from a
pool of loans originated via the Galton Funding (Galton) Platform
and held by acquisition trusts that meet the Galton acquisition
criteria.

GFMT 2020-H1 is Galton's second securitization that comprises a
targeted mortgage loan collateral pool generally based on the
interest rate of the loans. The pool's weighted-average coupon
(WAC) is 5.282% and the loans have rates that are generally 1.29%
or more above-market mortgage rates as measured by the Freddie Mac
Primary Mortgage Market Survey. The pool's WAC is higher than
Galton's prior shifting-interest securitizations and, as a result,
this transaction employs a cash flow structure that is similar to
Galton's previous high coupon securitization (GFMT 2019-H1) and
many non-Qualified Mortgage (QM) securitizations. The transaction
contains 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 Certificates
that have principal payment priority in a given period.
Furthermore, the excess spread will be used to cover losses in the
current period or those allocated in prior periods.

Similar to the prior four Galton securitizations, this transaction
incorporates a unique feature in the calculation of interest
entitlements of the Certificates. The interest entitlements,
through the calculation of the Net WAC Rate, are reduced by the
delinquent interest that would have accrued on the stop advance
loans (i.e., loans that become 120 or more days delinquent or loans
for which the Servicer determines that the principal and interest
(P&I) advance would not be recoverable). In other words, investors
are not entitled to any interest on such severely delinquent
mortgages unless such interest amounts are recovered. The
delinquent interest recovery amounts, if any, will be distributed
sequentially to the P&I certificates.

The originators for the mortgage pool are JMAC Lending, Inc.
(21.3%); LendUS, LLC (10.5%); Parkside Lending, LLC (9.8%);
loanDepot.com, LLC (8.4%); Guaranteed Rate, Inc. (5.1%); and
various other originators, each comprising less than 5.0% of the
mortgage loans.

The mortgages were generally originated pursuant to underwriting
standards that conform to Galton's acquisition criteria. Galton has
established product matrices for different loan programs. The
majority of the loans in this securitization (96.4%) are prime
borrowers (Galton's Jumbo, Prime, and Streamlined First Lien
Programs) with unblemished credit who may not meet prime jumbo or
agency/government guidelines.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's (CFPB) ability-to-repay rules, they
were made to borrowers who generally do not qualify for an agency,
government, or private-label non-agency prime jumbo products for
various reasons as described above. In accordance with the CFPB QM
rules, 3.6% of the loans are designated as QM Safe Harbor, 3.6% as
QM Rebuttable Presumption, and 62.6% as non-QM. Approximately 30.2%
of the loans are not subject to the QM rules.

Galton Mortgage Loan Seller LLC (the Servicing Administrator and
the Seller) will generally fund advances (to the extent that the
available aggregate servicing rights strip has first been reduced
to zero to fund such amounts) of delinquent P&I on any mortgage
until such loan becomes 120 days delinquent or until the Servicer
determines that an advance is not recoverable and is obligated to
make advances in respect of taxes, insurance premiums, and
reasonable costs incurred in the course of servicing and disposing
of properties.

The Sponsor intends to retain 5% of the fair value of all
Certificates issued by the Issuer (other than the residual
certificates) to satisfy the credit risk retention requirements
under Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

The Seller and the Sponsor 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 delinquency
method until the date on which the Representations and Warranties
Enforcement Party delivers the enforcement initiation report,
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

The Sponsor has the option to trigger an optional redemption of all
the outstanding certificates on the fourth anniversary of the
closing date or on any date thereafter.

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


GCAT 2020-NQM1: S&P Assigns Prelim B (sf) Rating to Cl. B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GCAT
2020-NQM1 Trust's mortgage pass-through certificates.

The issuance is an RMBS transaction backed by U.S. residential
mortgage loans.

The preliminary ratings are based on information as of Feb. 14,
2020. 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 framework for this transaction,
and
-- The mortgage aggregator, Blue River Mortgage TRS.

  PRELIMINARY RATINGS ASSIGNED
  GCAT 2020-NQM1 Trust

  Class        Rating            Amount ($)
  A-1          AAA (sf)         229,935,000
  A-2          AA (sf)           16,603,000
  A-3          A (sf)            35,555,000
  M-1          BBB (sf)          21,971,000
  B-1          BB (sf)           12,243,000
  B-2          B (sf)            10,063,000
  B-3          NR                 9,056,714
  A-IO-S       NR                  Notional(i)
  X            NR                  Notional(i)
  R            NR                       N/A

(i)The notional amount equals the aggregate stated principal
balance of the loans.
NR--Not rated.
N/A--Not applicable.



GE COMMERCIAL 2007-C1: DBRS Puts BB(low) on 2 Tranches on Review
----------------------------------------------------------------
DBRS, Inc. placed the ratings of the following two classes of
Commercial Mortgage Pass-Through Certificates, Series 2007-C1
issued by GE Commercial Mortgage Corporation, Series 2007-C1 Under
Review with Negative Implications:

-- Class A-M rated BB (low) (sf)
-- Class A-MFX rated BB (low) (sf)

On November 15, 2019, DBRS Morningstar placed these same ratings
Under Review with Developing Implications in response to the
upcoming maturity of the Wellpoint Office Tower loan (Prospectus
ID#10; 45.5% of the current pool balance), which was scheduled to
occur on December 1, 2019. DBRS Morningstar changed the
Implications to Negative from Developing as the loan transferred to
the special servicer for imminent maturity default later in
November 2019. At this time, the ultimate resolution strategy and
timing for the loan are being evaluated with an update likely in
the next 90 days.

The 450,000 sf former single-tenant office property is located in
Woodland Hills, California, and was built in 1977. WellPoint Health
Networks (WellPoint Health), an affiliate of Anthem Health, was the
sole tenant through year-end 2019; however, in July 2018, WellPoint
Health announced that it wouldn't renew its lease and would be
moving to the nearby Warner Center. At issuance, the property's
appraised value was $150.0 million ($335 psf); however, the
February 2020 Investor Reporting Package showed a $28.0 million
appraisal reduction amount, indicating the asset's value likely
declined, especially in light of the property's vacancy and 1970s
vintage in comparison with newer office product in the area.
According to the special servicer, an updated appraisal is in
process, but it has not been finalized at this time.

According to a May 2019 Bisnow article, the property's private
ownership group engaged LPC West, a division of Lincoln Property
Company, to oversee a $40.0 million to $50.0 million renovation
plan to modernize the building with a scheduled start date of
January 2020; however, this plan is on hold. According to the
special servicer, the borrower intends to make a proposal to
resolve the loan, but there are no further details available at
this time. The ultimate resolution price and timing of the asset
will determine if the Class A-M, A-MFL, and A-MFX bonds, which
total $99.3 million as of the February 2020 remittance, will be
paid in full or experience a loss. Including the current
outstanding loan balance, all outstanding fees and advances, and a
1.0% special servicer resolution fee, the current exposure on the
loan is $115.6 million.

Since issuance, the transaction has experienced a collateral
reduction of 93.8%, but 17.4% of that is a result of realized
losses, which totaled $643.3 million through February 2020. The
other remaining loan in the pool, JP Morgan Portfolio (Prospectus
ID#7; 54.5% of the current pool balance), has been in special
servicing since March 2017 and is likely to resolve with a loss
severity near 100.0%.

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


GOLDENTREE LOAN 1: S&P Affirms B- (sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-1-R,
B-2-R, C-R, and D-R replacement notes from GoldenTree Loan
Management US CLO 1 Ltd., a collateralized loan obligation (CLO)
originally issued in 2017 that is managed by GoldenTree Loan
Management L.P. S&P withdrew its ratings on the original class A,
B-1, B-2, C, and D notes following payment in full on the Feb. 19,
2020, refinancing date. At the same time, S&P affirmed its ratings
on the class E and F notes.

On the Feb. 19, 2020, refinancing date, the proceeds from the class
A-R, B-1-R, B-2-R, C-R, and D-R replacement note issuances were
used to redeem the original class A, B-1, B-2, C, and D notes as
outlined in the transaction document provisions. Therefore, S&P
withdrew its ratings on the original notes in line with their full
redemption and assigned ratings to the replacement notes.

The replacement notes are being issued via a supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also:

-- Extend the non-call period through Nov. 19, 2020, and
-- Add benchmark replacement language.

  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class                Amount    Interest        
                     (mil. $)    rate (%)
  A-R                  428.75    3-month LIBOR + 0.95%
  B-1-R                 66.00    3-month LIBOR + 1.45%
  B-2-R                 18.00    2.70%
  C-R                   57.75    3-month LIBOR + 1.85
  D-R                   45.50    3-month LIBOR + 2.65

  Original Notes
  Class                Amount    Interest        
                     (mil. $)    rate (%)
  E                     26.25    3-month LIBOR + 4.55
  F                     15.75    3-month LIBOR + 5.60

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 transaction's ability to pay timely interest or ultimate
principal, or both, to each of the rated tranches.
              
S&P affirmed its ratings on the original class E and F notes.
Although the cash flow results indicated a lower rating for the
class F notes, the rating agency views the overall credit seasoning
as an improvement and also considered the relatively stable
overcollateralization ratios that currently have significant
cushion over their minimum requirements. However, any increase in
defaults and/or par losses could lead to potential negative rating
actions on the class F notes in the future.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels," S&P
said.

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

  RATINGS ASSIGNED

  GoldenTree Loan Management US CLO 1 Ltd.

  Replacement class       Rating      Amount (mil. $)

  A-R                     AAA (sf)             428.75
  B-1-R                   AA (sf)              66.00
  B-2-R                   AA (sf)              18.00
  C-R                     A (sf)               57.75
  D-R                     BBB- (sf)            45.50

  RATINGS AFFIRMED

  Original class       Rating

  E                    BB- (sf)
  F                    B- (sf)

  RATINGS WITHDRAWN

                             Rating

  Original class       To              From

  A                    NR              AAA (sf)
  B-1                  NR              AA (sf)
  B-2                  NR              AA (sf)
  C                    NR              A (sf)
  D                    NR              BBB- (sf)
  NR--Not rated.


GS MORTGAGE 2012-GC6: Moody's Affirms B2 Rating on Cl. F Certs
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings on two classes and
affirmed the ratings on seven classes in GS Mortgage Securities
Trust 2012-GC6, Commercial Mortgage Pass-Through Certificates,
Series 2012-GC6 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Nov 16, 2018 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Nov 16, 2018 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Nov 16, 2018 Affirmed
Aaa (sf)

Cl. B, Upgraded to Aa2 (sf); previously on Nov 16, 2018 Affirmed
Aa3 (sf)

Cl. C, Upgraded to A2 (sf); previously on Nov 16, 2018 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Nov 16, 2018 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Nov 16, 2018 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Nov 16, 2018 Affirmed B2
(sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Nov 16, 2018 Affirmed
Aaa (sf)

* Reflects Interest Only Classes

RATINGS RATIONALE

The ratings on the P&I classes B and C were upgraded due to a
significant increase in defeasance, to 32% of the current pool
balance from 20% at the last review.

The ratings on the remaining P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges.

The rating on the IO class was affirmed based on the credit quality
of its referenced classes.

Moody's rating action reflects a base expected loss of 1.4% of the
current pooled balance, compared to 2.4%% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.2% of the
original pooled balance, compared to 2.0% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the February 12, 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 18% to $943 million
from $1.2 billion at securitization. The certificates are
collateralized by 68 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans (excluding
defeasance) constituting 46% of the pool. One loan, constituting 8%
of the pool, has an investment-grade structured credit assessment.
Twenty-eight loans, constituting 32% of the pool, have defeased and
are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 14, compared to 17 at Moody's last review.

Eight loans, constituting 11% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $34,211 (for an average loss severity of
1.5%). Three loans, constituting 2% of the pool, are currently in
special servicing. The largest specially serviced loan is the
Coconut Grove Courtyard by Marriott Loan ($11.6 million -- 1.2% of
the pool), which is secured by a 196 room lodging property, built
in 1973. The property is located in Coconut Grove, Florida,
approximately 4 miles from downtown Miami and 15 minutes from the
Miami International Airport. The property suffered major damage in
September 2017 caused by Hurricane Irma and as a result, was shut
down. The loan transferred to special servicing in March 2018 and
is currently in the restoration process. There is sufficient
insurance coverage in place for both property and business
interruption. Restoration completion is expected by the second
quarter of 2020. This loan remains current and was reported as part
of Moody's conduit metrics.

The second largest specially serviced loan is the Towers of Coral
Springs Loan ($7.3 million -- 0.8 % of the pool), which is secured
by a 75,726 square foot (SF) office building, which was built in
1989 and located in Coral Springs, Florida, approximately 15 miles
from Fort Lauderdale. The loan was transferred to the special
servicer during August 2017 due to imminent monetary default. The
property was 71% leased as of June 2019 compared to 69% in 2018,
64% in 2017 and 81% at securitization. DSCR has remained below 1.0X
since 2018.

The third specially serviced loan is the Holiday Inn Express --
Baltimore, MD Loan ($3.5 million -- 0.4% of the pool), which is
secured by a 68 room limited service hotel located in Baltimore,
Maryland that was built in 1980 and renovated in 2009. The loan
transferred to special servicing in March 2018 due to imminent
monetary default. The franchise agreement was due to expire but has
since been re-licensed (contingent upon a franchise mandated
property improvement plan) with a new franchise expiration in
September 2029.

Moody's estimates an aggregate $3.3 million loss for the specially
serviced loans (15% expected loss on average).

Moody's received full year 2018 operating results for 100% of the
pool, and full or partial year 2019 operating results for 99% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 84%, compared to 85% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 20% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.48X and 1.32X,
respectively, compared to 1.52X and 1.31X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the ELS Portfolio
Loan ($78.7 million -- 8.4% of the pool), which consists of 12
cross-collateralized and cross-defaulted loans secured by
manufactured housing communities and recreational vehicle (RV)
parks. Currently only ten properties remain as two loans (secured
by two properties) have defeased. The remaining properties are
located across five states and consist of a total of 4,693 pads. As
of September 2019, the portfolio was 84% leased compared to 79% in
June 2018 and 82% in June 2017. The loan's partial interest-only
term has expired and the loan has amortized 21% since
securitization. Moody's structured credit assessment and stressed
DSCR are a2 (sca.pd) and 1.52X, respectively.

The top three conduit loans represent 21% of the pool balance. The
largest loan is the Meadowood Mall Loan ($109.8 million -- 11.6% of
the pool), which is secured by a 405,000 square feet (SF) portion
of an 885,000 SF regional mall in Reno, Nevada. Mall anchors
include J.C. Penney, Macy's and Macy's Men's and Home store. The
property was formerly anchored by Sears who vacated their space in
mid-2018. Half of the former Sears space has since been leased to
Round1, a bowling and entertainment venue which opened in August
2019. Except for the Macy's South store, all of the anchors are
independently owned and are not contributed as collateral for the
loan. The total property was 95% leased as of September 2019 (the
collateral portion was 90% leased) compared to 89% in June 2018,
and 96% in June 2017. For the same period, in-line occupancy was
reported to be 84%, unchanged from June 2018 and compared to 87% in
June 2017. The loan benefits from amortization and has amortized
almost 12% since securitization. Moody's LTV and stressed DSCR are
90% and 1.15X, respectively, compared to 92% and 1.12X at the last
review.

The second largest loan is the LHG Hotel Portfolio Loan ($49.5
million -- 5.3% of the pool), which is secured by a portfolio of 12
limited service hotels located across six states and totaling 852
rooms. The hotel flags are Residence Inn, Fairfield Inn, Fairfield
Inn & Suites, Courtyard by Marriot and Country Inn & Suites. For
the trailing twelve month period ending September 2019, occupancy
was 74% compared to 76% at securitization. The loan benefits from
amortization and has amortized 17% since securitization. Moody's
LTV and stressed DSCR are 80% and 1.54X, respectively, compared to
83% and 1.48X at the last review.

The third largest loan is the Hotel ZaZa - Houston Loan ($42.3
million -- 4.5% of the pool), which is secured by a 315 key, luxury
full service boutique hotel located in the Museum District of
Houston, Texas. The property includes over 20,000 SF of meeting
space, a restaurant and lounge, a full service spa, outdoor
swimming pool and a fitness center. The hotel is situated adjacent
to the Museum of Fine Arts, two miles south of Houston's CBD. For
the trailing twelve month period ending November 2019, occupancy,
ADR and RevPAR were 66%, $237 and $157, respectively, compared to
68%, $236 and $161, respectively, in November 2018. Moody's LTV and
stressed DSCR are 59% and 1.99X, respectively, compared to 61% and
1.92X at the last review.


GS MORTGAGE 2020-PJ2: DBRS Gives Prov. B Rating on Class B-5 Certs
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2020-PJ2 (the
Certificates) to be issued by GS Mortgage-Backed Securities Trust
2020-PJ2 (GSMBS 2020-PJ2):

-- $336.4 million Class A-1 at AAA (sf)
-- $336.4 million Class A-2 at AAA (sf)
-- $36.8 million Class A-3 at AAA (sf)
-- $36.8 million Class A-4 at AAA (sf)
-- $252.3 million Class A-5 at AAA (sf)
-- $252.3 million Class A-6 at AAA (sf)
-- $84.1 million Class A-7 at AAA (sf)
-- $84.1 million Class A-8 at AAA (sf)
-- $373.2 million Class A-9 at AAA (sf)
-- $373.2 million Class A-10 at AAA (sf)
-- $373.2 million Class A-X-1 at AAA (sf)
-- $36.8 million Class A-X-3 at AAA (sf)
-- $252.3 million Class A-X-5 at AAA (sf)
-- $84.1 million Class A-X-7 at AAA (sf)
-- $336.4 million Class A-X-8 at AAA (sf)
-- $4.9 million Class B-1 at AA (sf)
-- $6.7 million Class B-2 at A (sf)
-- $5.3 million Class B-3 at BBB (sf)
-- $3.0 million Class B-4 at BB (sf)
-- $792.0 thousand Class B-5 at B (sf)

Classes A-X-1, A-X-3, A-X-5, A-X-7, and A-X-8 are interest-only
certificates. The class balances represent notional amounts.

Classes A-1, A-2, A-4, A-6, A-8, A-9, A-10, and A-X-8 are
exchangeable certificates. These classes can be exchanged for
combinations of exchange certificates as specified in the offering
documents.

Classes A-1, A-2, A-5, A-6, A-7, and A-8 are super-senior
certificates. These classes benefit from additional protection from
the senior support certificates (Classes A-3 and A-4) with respect
to loss allocation.

The AAA (sf) ratings on the Certificates reflect 5.70% of credit
enhancement provided by subordinated certificates in the pool. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
4.45%, 2.75%, 1.40%, 0.65%, and 0.45% of credit enhancement,
respectively.

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

GSMBS 2020-PJ2 is a securitization of a portfolio of first-lien
fixed-rate prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 528 loans with a
total principal balance of $395,759,2691 as of the Cut-Off Date
(February 1, 2020).

The originators for the mortgage pool are United Shore Financial
Services, LLC (40.8%); loanDepot.com, LLC (14.6%); and various
other originators, each comprising less than 10.0% of the mortgage
loans. Goldman Sachs Mortgage Company is the Sponsor and the
Mortgage Loan Seller of the transaction. For certain originators,
the related loans were sold to MAXEX Clearing LLC (9.2%) and SG
Capital Partners LLC (0.7%) and were subsequently acquired by the
Mortgage Loan Seller.

NewRez LLC doing business as Shellpoint Mortgage Servicing will
service all mortgage loans within the pool. Wells Fargo Bank, N.A.
(rated AA with a Stable trend by DBRS Morningstar) will act as the
Master Servicer, Securities Administrator, and Custodian. U.S. Bank
Trust National Association will serve as Delaware Trustee.
Pentalpha Surveillance LLC will serve as the Representations and
Warranties (R&W) File Reviewer.

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of primarily 30 years and a
weighted-average loan age of three months. Approximately 33.2% of
the pool are conforming high-balance mortgage loans that were
underwritten using an automated underwriting system designated by
Fannie Mae or Freddie Mac and were eligible for purchase by such
agencies. The remaining 66.8% of the pool are traditional nonagency
prime jumbo mortgage loans. Details on the underwriting of
conforming loans can be found in the Key Probability of Default
Drivers section in the related presale report.

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

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

This transaction employs an R&W framework that contains certain
weaknesses, such as materiality factors, knowledge qualifiers, and
sunset provisions that allow for certain R&Ws to expire within
three to five years after the Closing Date. To capture the
perceived weaknesses in the R&W framework, DBRS Morningstar reduced
the originator scores in this pool. A lower originator score
results in increased default and loss assumptions and provides
additional cushions for the rated securities.

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


GULF STREAM 1: S&P Assigns Prelim BB- (sf) Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Gulf Stream
Meridian 1 Ltd./Gulf Stream Meridian 1 LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Feb. 20,
2020. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversified diversification of the collateral pool;

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Gulf Stream Meridian 1 Ltd./Gulf Stream Meridian 1 LLC

  Class                 Rating        Amount
                                    (mil. $)

  A-1                   AAA (sf)      352.00
  A-2                   NR             16.50
  B                     AA (sf)        49.50
  C (deferrable)        A (sf)         33.00
  D (deferrable)        BBB- (sf)      30.25
  E (deferrable)        BB- (sf)       22.00
  Subordinated notes    NR             51.18

  NR--Not rated.



JAMESTOWN CLO XV: S&P Assigns Prelim BB-(sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Jamestown
CLO XV Ltd./Jamestown CLO XV Corp.'s floating- and fixed-rate
notes.

The note issuance is a CLO transaction backed by primarily broadly
syndicated speculative-grade senior secured term loans.

The preliminary ratings are based on information as of Feb. 20,
2020. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Jamestown CLO XV Ltd./Jamestown CLO XV Corp.

  Class                Rating      Amount (mil. $)
  A                    AAA (sf)             256.00
  B-1                  AA (sf)               38.00
  B-2                  AA (sf)               10.00
  C (deferrable)       A (sf)                22.00
  D (deferrable)       BBB- (sf)             22.00
  E (deferrable)       BB- (sf)              18.00
  Subordinated notes   NR                    42.05

  NR--Not rated.


JP MORGAN 2012-LC9: Moody's Affirms B2 Rating on Class G Debt
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings on twelve classes in
J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 as
follows:

Cl. A-5, Affirmed Aaa (sf); previously on Aug 30, 2018 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Aug 30, 2018 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Aug 30, 2018 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Aug 30, 2018 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Aug 30, 2018 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on Aug 30, 2018 Affirmed Baa1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on Aug 30, 2018 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on Aug 30, 2018 Affirmed Ba2
(sf)

Cl. G, Affirmed B2 (sf); previously on Aug 30, 2018 Affirmed B2
(sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Aug 30, 2018 Affirmed
Aaa (sf)

Cl. X-B*, Affirmed A1 (sf); previously on Aug 30, 2018 Affirmed A1
(sf)

Cl. EC**, Affirmed Aa3 (sf); previously on Aug 30, 2018 Affirmed
Aa3 (sf)

* Reflects Interest Only Classes

** Reflects Exchangeable Classes

RATINGS RATIONALE

The ratings on the principal and interest (P&I) classes were
affirmed because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The ratings on the interest only (IO) classes were affirmed based
on the credit quality of the referenced classes.

The rating on the exchangeable class, Cl. EC, was affirmed due to
the credit quality of the referenced exchangeable classes.

Moody's rating action reflects a base expected loss of 3.8% of the
current pooled balance, compared to 3.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.2% of the
original pooled balance, compared to 2.3% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the January 15, 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 43% to $615 million
from $1.07 billion at securitization. The certificates are
collateralized by 31 mortgage loans ranging in size from less than
1% to 19% of the pool, with the top ten loans (excluding
defeasance) constituting 77% of the pool. Four loans, constituting
7% of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 10, compared to 16 at Moody's last review.

No loans are on the master servicer's watchlist. No loans have been
liquidated from the pool. One loan is currently in special
servicing. The specially serviced loan is the Salem Center Loan
($29.8 million -- 4.8% of the pool), which is secured by the
212,007 square foot (SF) collateral portion of a 649,624 SF
regional mall, located in Salem, Oregon, 0.5 miles from the capitol
building. At securitization, the mall was anchored by Kohl's,
Nordstrom, JCP, and Macy's. The anchors are not part of the
collateral. Nordstrom closed this location in April 2018, while the
other anchors remain. The loan transferred to special servicing in
August 2017 due to imminent default. Since the transfer to special
servicing, a maturity default has occurred as the loan had a
maturity date of November 1, 2017. The property was foreclosed in
August 2018 and the special servicer is working to stabilize asset
with an expected resolution date of November 2021. Moody's has
estimated a moderate loss from this loan.

Moody's received full year 2018 operating results for 87% of the
pool, and partial year 2019 operating results for 85% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 95%, compared to 93% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 14% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.70X and 1.11X,
respectively, compared to 1.77X and 1.11X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 41% of the pool balance. The
largest loan is the West County Center Loan ($119.4 million --
19.4% of the pool), which represents a pari-passu portion of a
$174.4 million mortgage loan. The loan is secured by the 744,000 SF
collateral portion of a 1.2 million SF super-regional mall in Des
Peres, Missouri, a suburb of St. Louis. As of September 2019, the
mall was 97% leased. Anchor tenants include Macy's
(non-collateral), JC Penney (non-collateral), Dick's Sporting
Goods, and Nordstrom. Other notable tenants are Barnes & Noble
Booksellers, Forever 21, H&M, and Apple. The loan's sponsor, CBL,
classifies the mall as a tier 1 mall and reported 2018 sales of
$536 per square foot (PSF), compared to 2017 sales of $502 PSF. The
loan benefits from amortization and has amortized 8% since
securitization. Moody's LTV and stressed DSCR are 91% and 1.1X,
respectively, compared to 84% and 1.13X at Moody's last review.

The second largest loan is the Waterfront Loan ($78.4 million
--12.7% of the pool), which is secured by the retail components of
a larger master planned development in Homestead, Pennsylvania, a
suburb of Pittsburgh. The collateral includes a power center
component, a big box component, as well as strip center and
restaurant pad space. At securitization, the property was shadow
anchored by Lowe's Home Improvement Center, Target, Giant Eagle,
Macy's, Costco and the outparcels minus Mitchell's Fish Market.
Major non-anchor tenants include Loews Theater, Dave & Buster's,
Best Buy, Old Navy and Michaels. However, shadow anchor Macy's
closed their store at the location in 2018. The former Macy's space
is converted into Class-A office space with the signing of two
tenants who will occupy most of the two-story building. One of the
major tenants, Best Buy (30,055 SF, 3.9% of the net rentable area
(NRA)) closed their store at this location in November 2019. As of
September 2019, the properties were 98% leased, compared to 95%
leased as of December 2018 and December 2017. Moody's LTV and
stressed DSCR are 114% and 0.88X, respectively, compared to 100%
and 1.00X at the last review.

The third largest loan is the Summit Woods Shopping Center Loan
($54.3 million -- 8.8% of the pool), which is secured by a 545,051
SF retail power center located in Lee's Summit, Missouri. The
property is also encumbered with $9.0 million of mezzanine
financing held outside the trust. The improvements consist of seven
single-story retail buildings constructed in 2001 on a 59.8-acre
irregular-shaped parcel of land. As of September 2019, the property
was 99% leased, compared to 100% leased as of December 2018 and 99%
leased as of December 2017. Moody's LTV and stressed DSCR are 92%
and, 1.06X, respectively, compared to 95% and 1.03X at the last
review.


JP MORGAN 2020-2: Moody's Assigns (P)B3 Rating on 2 Tranches
------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to 34
classes of residential mortgage-backed securities issued by J.P.
Morgan Mortgage Trust 2020-2. The ratings range from (P)Aaa (sf) to
(P)B3 (sf).

The certificates are backed by 1,105 25-year, 27-year and 30-year,
fully-amortizing fixed-rate mortgage loans with a total balance of
$781,900,561 as of the February 1, 2020 cut-off date. Similar to
prior JPMMT transactions, JPMMT 2020-2 includes agency-eligible
mortgage loans (approximately 41.4% by loan balance) underwritten
to the government sponsored enterprises guidelines in addition to
prime jumbo non-agency eligible mortgages purchased by J.P. Morgan
Mortgage Acquisition Corp., the sponsor and mortgage loan seller,
from various originators and aggregators. United Shore Financial
Services, LLC d/b/a United Wholesale Mortgage and Shore Mortgage
(United Shore) and loanDepot.com LLC (loanDepot) originated
approximately 51.8% and 18.3% respectively of the mortgage loans
(by balance) in the pool. All other originators accounted for less
than 10% of the pool by balance. With respect to the mortgage
loans, each originator or the aggregator, as applicable, made a
representation and warranty that the mortgage loan constitutes a
qualified mortgage under the qualified mortgage rule.

NewRez LLC f/k/a New Penn Financial, LLC d/b/a Shellpoint Mortgage
Servicing will service about 17.3% of the mortgage loans on behalf
of JPMorgan Chase Bank, N.A., loanDepot will service about 17.5%
(subserviced by Cenlar, FSB) and United Shore will service about
50.6% (subserviced by Cenlar, FSB). Shellpoint will act as interim
servicer for the JPMCB mortgage loans from the closing date until
the servicing transfer date, which is expected to occur on or about
April 1, 2020 (but which may occur after such date). After the
servicing transfer date, these mortgage loans will be serviced by
JPMCB. Other servicers accounted for less than 10% of the pool, by
balance. The servicing fee for loans serviced by JPMCB (and
Shellpoint, until the servicing transfer date), loanDepot.com and
United Shore will be based on a step-up incentive fee structure and
additional fees for servicing delinquent and defaulted loans.
Quicken Loans Inc., AmeriHome Mortgage Company LLC and USAA Federal
Savings Bank will have the fixed fee servicing framework.
Nationstar Mortgage LLC will be the master servicer and Citibank,
N.A. will be the securities administrator and Delaware trustee.
Pentalpha Surveillance LLC will be the representations and
warranties breach reviewer. Distributions of principal and interest
and loss allocations are based on a typical shifting interest
structure that benefits from senior and subordination floors.

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2020-2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-14, Assigned (P)Aa1 (sf)

Cl. A-15, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

Cl. B-4, Assigned (P)Ba3 (sf)

Cl. B-5, Assigned (P)B3 (sf)

Cl. B-5-Y, Assigned (P)B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario is 0.53%
and reaches 5.68% at a stress level consistent with its Aaa
ratings.

Moody's calculated losses on the pool using its US Moody's
Individual Loan Analysis (MILAN) model based on the loan-level
collateral information as of the cut-off date. Loan-level
adjustments to the model results included, but were not limited to,
adjustments for origination quality and the financial strength of
the representation & warranty (R&W) providers.

Collateral Description

JPMMT 2020-2 is a securitization of a pool of 1,105 25-year,
27-year and 30-year, fully-amortizing fixed-rate mortgage loans
with a total balance of $781,900,561 as of the cut-off date, with a
weighted average (WA) remaining term to maturity of 357 months, and
a WA seasoning of 3 months. The WA current FICO score is 765 and
the WA original combined loan-to-value ratio (CLTV) is 69.7%. The
characteristics of the loans underlying the pool are generally
comparable to those of other JPMMT transactions backed by prime
mortgage loans that Moody's has rated.

Aggregation/Origination Quality

Moody's considers JPMMAC's aggregation platform to be adequate and
Moody's did not apply a separate loss-level adjustment for
aggregation quality. In addition to reviewing JPMMAC as an
aggregator, Moody's has also reviewed the originator(s)
contributing a significant percentage of the collateral pool (above
10%). As such, for United Shore, Moody's reviewed United Shore's
underwriting guidelines and its policies and documentation (where
available). Additionally, Moody's increased its base case and Aaa
loss expectations for certain originators of non-conforming loans
where Moody's does not have clear insight into the underwriting
practices, quality control and credit risk management. Moody's did
not make an adjustment for GSE-eligible loans, since those loans
were underwritten in accordance with GSE guidelines. In addition,
Moody's reviewed the loan performance for some of these
originators. Moody's viewed the loan performance as comparable to
the GSE loans due to consistently low delinquencies, early payment
defaults and repurchase requests. United Shore and LoanDepot
originated approximately 64.1% and 12.9% of the non-conforming
mortgage loans (by balance) in the pool, respectively. All other
originators accounted for less than 10% of the non-conforming
mortgage loans by balance.

United Shore (originator): Loans originated by United Shore have
been included in several prime jumbo securitizations that Moody's
has rated. United Shore originated approximately 51.8% of the
mortgage loans by pool balance (compared with about 56.6% by pool
balance in JPMMT 2020-1 and 86.9% by pool balance in JPMMT 2019-9).
The majority of these loans were originated under United Shore's
High Balance Nationwide program which are processed using the
Desktop Underwriter (DU) automated underwriting system, and are
therefore underwritten to Fannie Mae guidelines. The loans receive
a DU Approve Ineligible feedback due to the loan amount only.
Moody's made a negative origination adjustment (i.e. Moody's
increased its loss expectations) for United Shore's loans due
mostly to 1) the lack of statistically significant program specific
loan performance data and 2) the fact that United Shore's High
Balance Nationwide program is unique and fairly new and no
performance history has been provided to Moody's on these loans.
Under this program, the origination criteria rely on the use of GSE
tools (DU/LP) for prime-jumbo non-conforming loans, subject to
Qualified Mortgage (QM) overlays. More time is needed to assess
United Shore's ability to consistently produce high-quality prime
jumbo residential mortgage loans under this program.

Moody's considers LoanDepot an adequate originator of prime jumbo
loans. As a result, Moody's did not make any adjustments to its
loss levels for these loans.

Servicing Arrangement

Moody's considers the overall servicing arrangement for this pool
to be adequate given the strong servicing arrangement of the
servicers, as well as the presence of a strong master servicer to
oversee the servicers. The servicers are contractually obligated to
the issuing entity to service the related mortgage loans. However,
the servicers may perform their servicing obligations through
sub-servicers. In this transaction, Nationstar Mortgage LLC
(Nationstar Mortgage Holdings Inc. rated B2) will act as the master
servicer. The servicers are required to advance principal and
interest on the mortgage loans. To the extent that the servicers
are unable to do so, the master servicer will be obligated to make
such advances. In the event that the master servicer, Nationstar,
is unable to make such advances, the securities administrator,
Citibank (rated Aa3) will be obligated to do so to the extent such
advance is determined by the securities administrator to be
recoverable.

Servicing Fee Framework

The servicing fee for loans serviced by United Shore, Shellpoint,
JPMCB and LoanDepot will be based on a step-up incentive fee
structure with a monthly base fee of $40 per loan and additional
fees for servicing delinquent and defaulted loans. Quicken Loans
Inc., AmeriHome Mortgage Company LLC and USAA Federal Savings Bank
will be paid a monthly flat servicing fee equal to one-twelfth of
0.25% of the remaining principal balance of the mortgage loans.
Shellpoint will act as interim servicer for the JPMCB mortgage
loans until the servicing transfer date, April 1, 2020 or such
later date as determined by the issuing entity and JPMCB.

The servicing fee framework is comparable to other recent JPMMT
transactions backed by prime mortgage loans that Moody's has rated.
However, while this fee structure is common in non-performing
mortgage securitizations, it is relatively new to rated prime
mortgage securitizations which typically incorporate a flat 25
basis point servicing fee rate structure. By establishing a base
servicing fee for performing loans that increases with the
delinquency of loans, the fee-for-service structure aligns monetary
incentives to the servicer with the costs of the servicer. The
servicer receives higher fees for labor-intensive activities that
are associated with servicing delinquent loans, including loss
mitigation, than they receive for servicing a performing loan,
which is less labor-intensive. The fee-for-service compensation is
reasonable and adequate for this transaction because it better
aligns the servicer's costs with the deal's performance.
Furthermore, higher fees for the more labor-intensive tasks make
the transfer of these loans to another servicer easier, should that
become necessary. By contrast, in typical RMBS transactions a
servicer can take actions, such as modifications and prolonged
workouts, that increase the value of its mortgage servicing
rights.

The incentive structure includes an initial monthly base servicing
fee of $40 for all performing loans and increases according to a
pre-determined delinquent and incentive servicing fee schedule. The
delinquent and incentive servicing fees will be deducted from the
available distribution amount and Class B-6 net WAC. The
transaction does not have a servicing fee cap, so, in the event of
a servicer replacement, any increase in the base servicing fee
beyond the current fee will be paid out of the available
distribution amount.

Third-Party Review

Four third party review firms, AMC Diligence, LLC (AMC), Clayton
Services LLC (Clayton), Digital Risk LLC (DR) and Opus Capital
Markets Consultants, LLC (Opus) (collectively, TPR firms) verified
the accuracy of the loan-level information that Moody's received
from the sponsor. These firms conducted detailed credit, valuation,
regulatory compliance and data integrity reviews on 100% of the
mortgage pool. The TPR results indicated compliance with the
originators' underwriting guidelines for majority of loans, no
material compliance issues, and no appraisal defects. Overall, the
loans that had exceptions to the originators' underwriting
guidelines had strong documented compensating factors such as low
DTIs, low LTVs, high reserves, high FICOs, or clean payment
histories. The TPR firms also identified minor compliance
exceptions for reasons such as inadequate RESPA disclosures (which
do not have assignee liability) and TILA/RESPA Integrated
Disclosure (TRID) violations related to fees that were out of
variance but then were cured and disclosed.

The property valuation review consisted of reviewing the valuation
materials utilized at origination to ensure the appraisal report
was complete and in conformity with the underwriting guidelines.
The TPR firms also reviewed each loan to determine whether a
third-party valuation product was required and if required, that
the third-party product value was compared to the original
appraised value to identify a value variance. In some cases, if a
variance of more than 10% was noted, the TPR firms ensured any
required secondary valuation product was ordered and reviewed. The
property valuation portion of the TPR was conducted using, among
other methods, a field review, a third-party collateral desk
appraisal (CDA), field review, automated valuation model (AVM) or a
Collateral Underwriter (CU) risk score. In some cases, a CDA, BPO
or AVM was not provided because these loans were originated under
United Shore's High Balance Nationwide program (i.e. non-conforming
loans underwritten using Fannie Mae's Desktop Underwriter Program)
and had a CU risk score less than or equal to 2.5. Moody's
considers the use of CU risk score for non-conforming loans to be
credit negative due to (1) the lack of human intervention which
increases the likelihood of missing emerging risk trends, (2) the
limited track record of the software and limited transparency into
the model and (3) GSE focus on non-jumbo loans which may lower
reliability on jumbo loan appraisals. Moody's did not apply an
adjustment to the loss for such loans since the statistically
significant sample size and valuation results of the loans that
were reviewed using a CDA or a field review (which Moody's
considers to be a more accurate third-party valuation product) were
sufficient.

R&W Framework

JPMMT 2020-2's R&W framework is in line with that of other JPMMT
transactions where an independent reviewer is named at closing, and
costs and manner of review are clearly outlined at issuance. Its
review of the R&W framework considers the financial strength of the
R&W providers, scope of R&Ws (including qualifiers and sunsets) and
enforcement mechanisms. The R&W providers vary in financial
strength. 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. Moody's analyzes the impact of less
creditworthy R&W providers case by case, in conjunction with other
aspects of the transaction.

Moody's made no adjustments to the loans for which JPMCB (Aa2), its
affiliate, JPMMAC provided R&Ws since they are highly rated and/or
financially stable entities. In contrast, the rest of the R&W
providers are unrated and/or financially weaker entities. Moody's
applied an adjustment to the loans for which these entities
provided R&Ws. JPMMAC will make the mortgage loan representations
and warranties with respect to mortgage loans originated by certain
originators (approx. 2% by loan balance). For loans that JPMMAC
acquired via the MAXEX Clearing LLC (MaxEx) platform, MaxEx under
the assignment, assumption and recognition agreement with JPMMAC,
will make the R&Ws. The R&Ws provided by MaxEx to JPMMAC and
assigned to the trust are in line with the R&Ws found in other
JPMMT transactions.

No other party will backstop or be responsible for backstopping any
R&W providers who may become financially incapable of repurchasing
mortgage loans. With respect to the mortgage loan R&Ws made by such
originators or the aggregator, as applicable, as of a date prior to
the closing date, JPMMAC will make a "gap" representation covering
the period from the date as of which such R&W is made by such
originator or the aggregator, as applicable, to the cut-off date or
closing date, as applicable. Additionally, no party will be
required to repurchase or substitute any mortgage loan until such
loan has gone through the review process.

Trustee and Master Servicer

The transaction Delaware trustee is Citibank. The custodian's
functions will be performed by Wells Fargo Bank, N.A. The paying
agent and cash management functions will be performed by Citibank.
Nationstar, as master servicer, is responsible for servicer
oversight, servicer termination and for the appointment of any
successor servicer. In addition, Nationstar is committed to act as
successor if no other successor servicer can be found. The master
servicer is required to advance principal and interest if the
servicer fails to do so. If the master servicer fails to make the
required advance, the securities administrator is obligated to make
such advance.

Tail Risk & Subordination Floor

This deal has a standard shifting interest structure, with a
subordination floor to protect against losses that occur late in
the life of the pool when relatively few loans remain (tail risk).
When the total senior subordination is less than 0.65% of the
original pool balance, the subordinate bonds do not receive any
principal and all principal is then paid to the senior bonds. The
subordinate bonds benefit from a floor as well. When the total
current balance of a given subordinate tranche plus the aggregate
balance of the subordinate tranches that are junior to it amount to
less than 0.55% of the original pool balance, those tranches that
are junior to it do not receive principal distributions. The
principal those tranches would have received is directed to pay
more senior subordinate bonds pro-rata.

In addition, until the aggregate class principal amount of the
senior certificates (other than the interest only certificates) is
reduced to zero, if on any distribution date, the aggregate
subordinate percentage for such distribution date drops below 6.00%
of current pool balance, the senior distribution amount will
include all principal collections and the subordinate principal
distribution amount will be zero.

Moody's calculates the credit neutral floors for a given target
rating as shown in its principal methodology. The senior
subordination floor is equal to an amount which is the sum of the
balance of the six largest loans at closing multiplied by the
higher of their corresponding MILAN Aaa severity or a 35% severity.
The credit neutral floor for Aaa rating is $5,008,934 The senior
subordination floor of 0.65% and subordinate floor of 0.55% are
consistent with the credit neutral floors for the assigned
ratings.

Transaction Structure

The transaction has a shifting interest structure in which the
senior bonds benefit from a number of protections. Funds collected,
including principal, are first used to make interest payments to
the senior bonds. Next, principal payments are made to the senior
bonds. Next, available distribution amounts are used to reimburse
realized losses and certificate write-down amounts for the senior
bonds (after subordinate bond have been reduced to zero i.e. the
credit support depletion date). Finally, interest and then
principal payments are paid to the subordinate bonds in sequential
order.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balance of the
subordinate bonds is written off, losses from the pool begin to
write off the principal balance of the senior support bond, and
finally losses are allocated to the super senior bonds.

In addition, the pass-through rate on the bonds (other than the
Class A-R Certificates) is based on the net WAC as reduced by the
sum of (i) the reviewer annual fee rate and (ii) the capped trust
expense rate. In the event that there is a small number of loans
remaining, the last outstanding bonds' rate can be reduced to
zero.

The Class A-11 Certificates will have a pass-through rate that will
vary directly with the rate of one-month LIBOR and the Class A-11-X
Certificates will have a pass-through rate that will vary inversely
with the rate of one-month LIBOR. If the securities administrator
notifies the depositor that it cannot determine one-month LIBOR in
accordance with the methods prescribed in the sale and servicing
agreement and a benchmark transition event has not yet occurred,
one-month LIBOR for such accrual period will be one-month LIBOR as
calculated for the immediately preceding accrual period. Following
the occurrence of a benchmark transition event, a benchmark other
than one-month LIBOR will be selected for purposes of calculating
the pass-through rate on the class A-11 certificates.

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

Down

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

Up

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

Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating US RMBS Using the MILAN Framework" published in
October 2019.


JP MORGAN 2020-MKST: Moody's Assigns B3 Rating on Class F Certs
---------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to seven
classes of CMBS securities, issued by J.P. Morgan Chase Commercial
Mortgage Securities Trust 2020-MKST Commercial Mortgage
Pass-Through Certificates, Series 2020-MKST:

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba3 (sf)

Cl. F, Definitive Rating Assigned B3 (sf)

Cl. X-CP*, Definitive Rating Assigned A2 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The certificates are collateralized by a single loan backed by a
first lien commercial mortgage secured by the borrower's fee
interest in 1500 Market Street, an approximately 1.8 million SF,
Class A, office property in downtown Philadelphia, PA. The property
is comprised of a 36-story tower and a 43-story tower connected by
a three-story atrium that includes 83,820 SF of retail space. Its
ratings are based on the credit quality of the loans and the
strength of the securitization structure.

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

The credit risk of commercial real estate loans is determined
primarily by two factors: 1) the probability of default, which is
largely driven by the DSCR, and 2) and the severity of loss in the
event of default, which is largely driven by the LTV of the
underlying loan.

The first mortgage balance of $390,000,000, including a non-trust
note for pari passu future funding to be advanced in connection
with lender approved capital expenditures and leasing expenses,
represents a Moody's LTV of 144.7%. The Moody's first mortgage
Actual DSCR is 1.13X and Moody's first mortgage Stressed DSCR is
0.67X.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The subject's property
quality grade is 1.50, reflecting the high quality of this asset.

Positive features of the transaction include the property's
location, tenancy, recent capital investment, operating
performance, recent tightening of vacancy in submarket and
sponsorship. Offsetting these strengths are high Moody's LTV,
projected declines in occupancy, floating rate, interest only loan
profile, the lack of asset diversification, and certain credit
negative loan structure and legal features.

Notable strengths of the transaction include: the property's
location; tenancy; recent capital investment; operating
performance; recent tightening of vacancy in submarket; and
sponsorship.

Notable credit challenges of the transaction include: high Moody's
LTV; projected declines in occupancy; floating rate and interest
only loan profile; the lack of asset diversification; and certain
credit negative loan structure and legal features.

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

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

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

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

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


KKR CLO 28: S&P Assigns Prelim BB- (sf) Rating to Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to KKR CLO 28
Ltd./KKR CLO 28 LLC's floating-rate notes.

The note issuance is a CLO transaction backed by primarily broadly
syndicated speculative-grade senior secured term loans.

The preliminary ratings are based on information as of Feb. 19,
2020. 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; and

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

  PRELIMINARY RATINGS ASSIGNED
  KKR CLO 28 Ltd./KKR CLO 28 LLC

  Class                Rating     Amount (mil. $)
  A                    AAA (sf)            288.00
  B                    AA (sf)              49.50
  C (deferrable)       A (sf)               31.50
  D (deferrable)       BBB (sf)             24.75
  E (deferrable)       BB- (sf)             20.25
  Subordinated notes   NR                   38.50

  NR--Not rated.



MADISON PARK XXII: S&P Assigns BB- (sf) Rating to Cl. E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Madison Park Funding
XXII Ltd.'s floating-rate notes.

The note issuance is a CLO transaction backed by primarily broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests. The
transaction is a reset of the same transaction that originally
closed in December 2016 and was not rated by S&P Global at that
time.

The ratings reflect:

-- The diversification of the collateral pool;

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

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

-- The legal structure of the transaction, which is expected to be
bankruptcy remote.

  RATINGS ASSIGNED
  Madison Park Funding XXII Ltd.

  Class                      Rating       Amount (mil. $)
  X                          AAA (sf)                8.00
  A-1-R                      AAA (sf)              496.00
  A-2-R                      NR                     16.00
  B-R                        AA (sf)                96.00
  C-R (deferrable)           A (sf)                 56.00
  D-R (deferrable)           BBB- (sf)              40.00
  E-R (deferrable)           BB- (sf)               32.00
  Subordinated notes         NR                     72.98

  NR--Not rated.



MADISON PARK XXII: S&P Assigns Prelim BB- Rating to Cl. E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Madison Park
Funding XXII Ltd.'s floating-rate notes.

The note issuance is a CLO 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 Feb. 18,
2020. 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
  Madison Park Funding XXII Ltd.

  Class                      Rating       Amount (mil. $)
  X                          AAA (sf)                8.00
  A-1-R                      AAA (sf)              496.00
  A-2-R                      NR                     16.00
  B-R                        AA (sf)                96.00
  C-R (deferrable)           A (sf)                 56.00
  D-R (deferrable)           BBB- (sf)              40.00
  E-R (deferrable)           BB- (sf)               32.00
  Subordinated notes         NR                     72.98

  NR--Not rated.



MSCCG TRUST 2018-SELF: Moody's Affirms B2 Rating on Cl. F Certs
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings on eight classes of
MSCCG Trust 2018-SELF, Commercial Mortgage Pass-Through
Certificates, Series 2018-SELF. Moody's rating action is as
follows:

Cl. A, Affirmed Aaa (sf); previously on Oct 30, 2018 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Oct 30, 2018 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Oct 30, 2018 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Oct 30, 2018 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Oct 30, 2018 Definitive
Rating Assigned Ba3 (sf)

Cl. F, Affirmed B2 (sf); previously on Oct 30, 2018 Definitive
Rating Assigned B2 (sf)

Cl. X-CP*, Affirmed Baa2 (sf); previously on Oct 30, 2018
Definitive Rating Assigned Baa2 (sf)

Cl. X-EXT*, Affirmed Baa2 (sf); previously on Oct 30, 2018
Definitive Rating Assigned Baa2 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

Moody's has affirmed the ratings on six P&I classes due to the
transaction's key metrics, including Moody's loan-to-value ratio
and Moody's stressed debt service coverage ratio, being within
acceptable ranges. The ratings on the IO classes are affirmed based
on the credit quality of their reference classes.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the loan or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the January 15, 2020 distribution date, the transaction's
aggregate certificate balance remains unchanged at $370 million
from securitization. The securitization is backed by a single
floating-rate mortgage loan secured by the fee interests in 65
self-storage properties located across 15 states. The portfolio
totals over 4.98 million SF and contains 35,708 units across 25
MSAs. The interest only loan's final maturity date (including five
one-year extension options) is in October 2025. There is $60
million of mezzanine debt held outside of the trust.

The portfolio's net cash flow for the first three quarters of 2019
was $26.5 million compared to $32.8 million achieved during the
trailing twelve month period ending June 2018. Moody's stabilized
NCF is $32.8 million, the same as securitization. Moody's stressed
LTV and stressed DSCR for the first mortgage are 104% and 0.96X,
respectively. The trust has not incurred any losses or interest
shortfalls as of the current distribution date.


NEUBERGER BERMAN XIV: S&P Assigns BB-(sf) Rating to Cl. E-R2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R2, B-R2,
C-R2, D1-R2, D2-R2, and E-R2 replacement notes from Neuberger
Berman CLO XIV Ltd., a CLO originally issued in May 2013 that is
managed by Neuberger Berman Investment Advisers LLC. At the same
time, S&P withdrew its ratings on the original class A-R, B-1-R,
B-2-R, C-R, D-R, and E-R notes following payment in full on the
Feb. 14, 2020, refinancing date.

On the Feb. 14, 2020, refinancing date, the proceeds from the class
A-R2, B-R2, C-R2, D1-R2, D2-R2, and E-R2 replacement notes were
used to redeem the original class A-R, B-1-R, B-2-R, C-R, D-R, and
E-R notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

The replacement notes will be issued via a proposed supplemental
indenture.

  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Table 1
  Replacement Notes

  Class              Amount              Interest
                   (mil. $)              rate (%)
  A-R2               252.80              LIBOR + 1.03
  B-R2                51.40              LIBOR + 1.50
  C-R2                24.25              LIBOR + 1.90
  D1-R2                6.50              LIBOR + 2.80
  D2-R2               17.25              4.188
  E-R2                15.80              LIBOR + 6.75

  Table 2
  Original Notes

  Class             Amount               Interest
                  (mil. $)               rate (%)
  A-R               252.80               LIBOR + 1.25
  B-1-R              41.40               LIBOR + 1.75
  B-2-R              10.00               3.72
  C-R                24.25               LIBOR + 2.55
  D-R                23.75               LIBOR + 3.65
  E-R                15.80               LIBOR + 6.45

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels," S&P said.

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

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

  RATINGS ASSIGNED
  Neuberger Berman CLO XIV Ltd.

  Replacement class      Rating         Amount (mil. $)
  A-R2                   AAA (sf)                252.80
  B-R2                   AA (sf)                  51.40
  C-R2                   A (sf)                   24.25
  D1-R2                  BBB- (sf)                 6.50
  D2-R2                  BBB- (sf)                17.25
  E-R2                   BB- (sf)                 15.80

  RATINGS WITHDRAWN
  Neuberger Berman CLO XIV Ltd.

                         Rating
  Original class     To          From
  A-R                NR          AAA (sf)
  B-1-R              NR          AA (sf)
  B-2-R              NR          AA (sf)
  C-R                NR          A (sf)
  D-R                NR          BBB- (sf)
  E-R                NR          BB- (sf)

  NR--Not rated.


NEWARK BSL 1: Moody's Assigns Ba3 Rating on $20MM Class D-R Notes
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to five classes of CLO
refinancing notes issued by Newark BSL CLO 1, Ltd.

Moody's rating action is as follows:

US$320,000,000 Class A-1-R Senior Secured Floating Rate Notes Due
2029 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$60,000,000 Class A-2-R Senior Secured Floating Rate Notes Due
2029 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$32,500,000 Class B-R Senior Secured Deferrable Floating Rate
Notes Due 2029 (the "Class B-R Notes"), Assigned A2 (sf)

US$27,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes Due 2029 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$20,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes Due 2029 (the "Class D-R Notes"), Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least
90.0% of the portfolio must consist of first lien senior secured
loans, cash, and eligible investments.

PGIM, Inc. will direct the selection, acquisition and disposition
of the assets on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining two year reinvestment period. Thereafter, subject to
certain restrictions, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk assets.

The Issuer has issued the Refinancing Notes on February 14, 2020
(the "Refinancing Date") in connection with the refinancing of five
classes of secured notes (the "Refinanced Original Notes")
originally issued on December 21, 2016 (the "Original Closing
Date"). On the Refinancing Date, the Issuer used the proceeds from
the issuance of the Refinancing Notes to redeem in full the
Refinanced Original Notes. On the Original Closing Date, the issuer
also issued subordinated notes that remain outstanding.

In addition to the issuance of the Refinancing Notes a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extensions of the weighted average
life and non-call period, and changes to certain collateral quality
tests.

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 weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions

Performing par and principal proceeds balance: $500,000,000

Diversity Score: 87

Weighted Average Rating Factor (WARF): 3032 (corresponding to a
weighted average default probability of 26.77%)

Weighted Average Spread (WAS): 3.34%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.37%

Weighted Average Life (WAL): 6.95 Years

Methodology Underlying the Rating Action:

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

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

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


OCP CLO 2013-4: S&P Puts 'B (sf)' Rating on E-R Notes on Watch Neg.
-------------------------------------------------------------------
S&P Global Ratings placed its 'B (sf)' rating on OCP CLO 2013-4
Ltd.'s class E-R notes on CreditWatch with negative implications.

The CreditWatch negative placement follows S&P's observations of
one or more factors that typically have a more negative impact on
the junior notes in the transaction. Examples of such factors
include a drop in, or failure of, overcollateralization ratios; a
deterioration in the portfolio's credit quality; par losses; a
decline in weighted average spread; and higher exposure to assets
in the 'CCC' category.

"We placed our rating on CreditWatch with negative implications
because we believe the credit support available to this tranche may
no longer be commensurate with its current rating. The impacted
tranche is the most-junior rated class within its respective
capital structure and therefore more vulnerable to distressed
market conditions and losses in the transaction," S&P said.

S&P expects to resolve the CreditWatch negative placement within 90
days, after it completes a cash flow analysis and committee review.
The rating agency is aware that the transaction is planning to
refinance some of its senior notes; the CreditWatch resolution will
take into account the new terms if the proposal is executed by
then.

"We will continue to monitor this transaction and take rating
actions, including CreditWatch placements, as we deem appropriate,"
the rating agency said.


PALMER SQUARE 2015-2: S&P Assigns B- (sf) Rating on Cl. E-R2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R2,
A-2-R2, B-R2, C-R2, D-R2, and E-R2 replacement notes from Palmer
Square CLO 2015-2 Ltd., a CLO originally issued in issued in 2015
that was reset in 2017 and is managed by Palmer Square Capital
Management LLC. S&P withdrew its ratings on the original class
A-1A-R, A-2-R, B-R, C-R, D-R, and E-R notes following payment in
full on the Feb. 19, 2020, refinancing date.

On the refinancing date, the proceeds from the replacement note
issuances were used to redeem the original notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption
and assigned ratings to the replacement notes.

The replacement notes are being issued via a proposed supplemental
indenture. Based on the supplemental indenture and the information
provided to S&P Global Ratings in connection with this review, the
replacement class A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 notes were
issued at a lower spread than the original notes, the class E-R2
notes were issued at a higher spread than the original notes, and
the balances of the notes are expected to change.

  Table 1
  Replacement Notes

  Class    Amount (mil. $)   Interest rate (%)
  A-1-R2            357.50        LIBOR + 1.10
  A-2-R2             60.50        LIBOR + 1.55
  B-R2               33.00        LIBOR + 1.95
  C-R2               33.00        LIBOR + 2.75
  D-R2               22.00        LIBOR + 5.75
  E-R2                5.50        LIBOR + 8.50

  Table 2
  Original Notes

  Class    Amount (mil. $)   Interest rate (%)
  A-1A-R            330.00        LIBOR + 1.27
  A-1B-R             20.50        LIBOR + 1.35
  A-2-R              68.90        LIBOR + 1.80
  B-R                31.50        LIBOR + 2.40
  C-R                33.00        LIBOR + 3.70
  D-R                19.25        LIBOR + 6.50
  E-R                8.250        LIBOR + 7.70

The proposed supplemental indenture, in addition to outlining the
terms of the replacement notes, will also:

-- Update the S&P CDO Monitor language to conform to the current
methodology;

-- Update the S&P Global Ratings recovery rate tables and industry
and country classifications to conform to the latest criteria
released; and

-- Add LIBOR replacement language.

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

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

  RATINGS ASSIGNED
  Palmer Square CLO 2015-2 Ltd.

  Replacement class          Rating        Amount (mil $)
  A-1-R2                     AAA (sf)             $357.50
  A-2-R2                     AA (sf)               $60.50
  B-R2 (deferrable)          A (sf)                $33.00
  C-R2 (deferrable)          BBB- (sf)             $33.00
  D-R2 (deferrable)          BB- (sf)              $22.00
  E-R2 (deferrable)          B- (sf)                $5.50
  Subordinated notes         NR                    $46.20

  RATINGS WITHDRAWN
  Palmer Square CLO 2015-2 Ltd.
  
                             Rating
  Original class       To              From
  A-1A-R               NR              AAA (sf)
  A-2-R                NR              AA (sf)
  B-R                  NR              A (sf)
  C-R                  NR              BBB- (sf)
  D-R                  NR              BB- (sf)
  E-R                  NR              B- (sf)

  NR--Not rated.


PIKES PEAK 5: Moody's Assigns (P)Ba3 Rating on $19.2MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to five
classes of notes to be issued by Pikes Peak CLO 5.

Moody's rating action is as follows:

US$256,000,000 Class A Senior Secured Floating Rate Notes due 2033
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$48,000,000 Class B Senior Secured Floating Rate Notes due 2033
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$20,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2033 (the "Class C Notes"), Assigned (P)A2 (sf)

US$24,800,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2033 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$19,200,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2033 (the "Class E Notes"), Assigned (P)Ba3 (sf)

The Class A Notes, the Class B Notes, the Class C Notes, the Class
D Notes and the Class E Notes are referred to herein, collectively,
as the "Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on its methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

Pikes Peak 5 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 10.0% of the portfolio may consist of second lien loans
and unsecured loans. Moody's expects the portfolio to be
approximately 80% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer will issue subordinated
notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.50%

Weighted Average Life (WAL): 9.07 years

Methodology Underlying the Rating Action:

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

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

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


PRIME STRUCTURED 2020-1: DBRS Gives (P)B Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited assigned provisional ratings to the Mortgage-Backed
Certificates, Series 2020-1 to be issued by Prime Structured
Mortgage (PriSM) Trust (the Issuer) as follows:

-- AAA (sf) to the Mortgage-Backed Certificates, Class A (the
Class A Certificates)

-- AAA (sf) to the Mortgage-Backed Certificates, Class VFC (the
Class VFC Certificates)

-- AAA (sf) to the Mortgage-Backed Certificates, Class IO (the
Class IO Certificates)

-- AA (sf) to the Mortgage-Backed Certificates, Class B (the Class
B Certificates)

-- A (sf) to the Mortgage-Backed Certificates, Class C (the Class
C Certificates)

-- BBB (sf) to the Mortgage-Backed Certificates, Class D (the
Class D Certificates)

-- BB (sf) to the Mortgage-Backed Certificates, Class E (the Class
E Certificates)

-- B (sf) to the Mortgage-Backed Certificates, Class F (the Class
F Certificates; together with the Class A Certificates, the Class
VFC Certificates, the Class IO Certificates, the Class B
Certificates, the Class C Certificates, the Class D Certificates,
and the Class E Certificates, the Rated Certificates)

The ratings assigned to the Class A Certificates, the Class VFC
Certificates (together, the Senior Principal Certificates), the
Class B Certificates, the Class C Certificates, and the Class D
Certificates represent the timely payment of interest to the
holders thereof and the ultimate payment of principal by the Rated
Final Distribution Date under the respective rating stress. The
ratings assigned to the Class E Certificates and the Class F
Certificates represent the timely payment of interest to the
holders thereof after such classes of certificates become the most
senior classes of certificates outstanding and the ultimate payment
of all interest and principal by the Rated Final Distribution Date.
The rating assigned to the Class IO Certificates is an opinion that
addresses the likelihood of the Notional Amount of the Class IO
Certificates' applicable reference certificates (i.e., the Senior
Principal Certificates) being adversely affected by credit losses.

The Mortgage-Backed Certificates, Series 2020-1, Class G (the Class
G Certificates) and Mortgage-Backed Certificates, Series 2020-1,
Class R (collectively with the Class G Certificates and the Rated
Certificates, the Certificates) are not rated by DBRS Morningstar.

The ratings incorporate the following considerations:

(1) The level of credit enhancement provided by subordination is
commensurate with the respective rating levels of each class of
Rated Certificates.

(2) The collateral comprises a pool of approximately $688.3 million
first-lien fixed-rate prime conventional Canadian residential
mortgages underwritten to The Toronto-Dominion Bank's (TD Bank;
rated AA (high)/R-1 (high) with Stable trends by DBRS Morningstar)
third party lender underwriting policies and compliant with the
Office of the Superintendent of Financial Institutions' Guideline
B-20, with a weighted-average loan-to-value (LTV) ratio of 69.7%
and a weighted-average credit score of 793, in each case, as of the
Cut-Off Date.

(3) TD Securities Inc. (TDSI), a wholly-owned subsidiary of TD
Bank, is the Seller and Master Servicer and provides
representations and warranties and is ultimately responsible for
all the servicing obligations of the mortgages. Both First National
Financial LP and CMLS Financial Ltd., acting as Sub-Servicers, have
extensive servicing experience in the Canadian residential mortgage
market.

(4) A bankruptcy-remote structure with swap arrangements to
mitigate interest rate mismatch and negative carry risk and a
highly-rated Class VFC Committed Purchaser to fully repay the Class
A Certificates on the Targeted Final Distribution Date.

DBRS Morningstar uses the Canadian residential mortgage-backed
securities (RMBS) model that calculates estimated default frequency
(more than 90 days in arrears), loss severity and expected loss on
a loan-level basis. The RMBS model output does not include the risk
of mortgage default at maturity (i.e., balloon risk). DBRS
Morningstar views balloon risk for prime mortgages to be small and
the program documents incorporate renewal and extension features
that reduce the balloon risk. If a Mortgage Loan is renewed by the
Seller (or the related Originator), including loans that are
renewed prior to their maturity date, the Seller is obligated to
purchase (or cause the related Originator to purchase) such
Mortgage Loan on its maturity date. If the Seller (or the related
Originator) does not offer to renew a performing mortgage (at a
rate consistent with Seller's or related Originator's
then-prevailing posted mortgage rates) and the mortgage has not
been renewed by any other lender prior to its maturity date, the
Master Servicer (including a Replacement Master Servicer) will
extend the maturity date up to five years (to no later than the
Rated Final Distribution Date) at a rate equal to the greater of
(1) the Master Servicer's then-prevailing posted rate and (2) the
mortgage rate that was in effect prior to extension, in order to
prevent the mortgage from becoming delinquent or defaulted at
maturity. To assess balloon risk, DBRS Morningstar nevertheless
considers the probability of no lender liquidity at the end of the
loan tenure and a hypothetical percentage of loan defaults as a
result of non-renewal. The balloon risk is in addition to the
credit risk estimated by the RMBS model. When determining the loss
severity of loans that default as a result of non-renewal, since
such borrowers have been current on their mortgage payments and the
timing of default is known, DBRS Morningstar considers scheduled
mortgage payments and a certain level of house price appreciation
during the mortgage term.

With the RMBS model results and adjustment for balloon risk, DBRS
Morningstar runs a proprietary cash flow engine that incorporates
the transaction structure and assumptions for the timing of
default, interest rates, and prepayments. The result was that the
Rated Certificates (excluding the Class IO Certificates), with the
proposed structure, could withstand each stress scenario with no
loss. The Issuer's ability to repay interest and principal of the
Rated Certificates (excluding the Class IO Certificates) is
consistent with the respective ratings. The rating assigned to the
Class IO Certificates is an opinion that addresses the likelihood
of the Notional Amount of the Class IO Certificates' applicable
reference certificates (i.e., the Senior Principal Certificates)
being adversely affected by credit losses.

The Seller and Master Servicer, TDSI, is a wholly-owned subsidiary
of TD Bank. TD Bank ranked as one of the largest banks in Canada as
measured by both assets and deposits as of October 31, 2019, with
$1,415.3 billion in assets and $87.7 billion in total equity.

The rating assigned to the Class C Certificates materially deviates
from a higher rating implied by the quantitative results. DBRS
Morningstar considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by the quantitative results that are a
substantial component of a rating methodology. The deviation is
warranted as DBRS Morningstar recognizes the structural
subordination of the Class C Certificates to the Class B
Certificates.

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


PRIME STRUCTURED 2020-1: Moody's Gives (P)B1 Rating to Class F Debt
-------------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the following classes of certificates to be issued by Prime
Structured Mortgage Trust:

Issuer: Prime Structured Mortgage (PriSM) Trust, Mortgage-Backed
Certificates, Series 2020-1

CAD450,000,000 Cl. A Certificate, Assigned (P)Aaa (sf)

CAD205,633,000 Cl. VFC Certificate, Assigned (P)Aaa (sf)

CAD12,046,000 Cl. B Certificate, Assigned (P)Aa1 (sf)

CAD6,883,000 Cl. C Certificate, Assigned (P)Aa2 (sf)

CAD5,162,000 Cl. D Certificate, Assigned (P)A1 (sf)

CAD4,130,000 Cl. E Certificate, Assigned (P)Baa3 (sf)

CAD2,753,000 Cl. F Certificate, Assigned (P)B1 (sf)

This transaction represents the inaugural issuance by Prime
Structured Mortgage (PriSM,) Trust (PriSM Trust), which is
sponsored by TD Securities Inc. (TDSI), a wholly owned subsidiary
of The Toronto -Dominion Bank (TD, Aa1, stable; a1, Aa1(cr);
Prime-1). The certificates are supported by 1,907 prime quality,
fixed rate mortgage loans originated by RFA Bank of Canada, First
National Financial LP and CMLS Financial Ltd. with a total balance
of CAD688,328,658 as of the February 1, 2020 cut-off date. All
mortgage loans were extended to obligors located in Canada and are
secured by Canadian residential properties.

RATINGS RATIONALE

The ratings of the certificates are based on an analysis of the
characteristics of the underlying portfolio, protection provided by
credit enhancement and the structural integrity of the
transaction.

In analyzing the portfolio, Moody's determined the MILAN Credit
Enhancement (CE) of 5% and the portfolio Expected Loss (EL) of
0.45%. The MILAN CE and portfolio EL are key input parameters for
Moody's cash flow model.

MILAN CE of 5%: This is consistent with the average MILAN CE
assumption for other Canadian RMBS and covered bond transactions
and follows Moody's assessment of the loan-by-loan information
taking into account the historical performance and the pool
composition including (i) the relatively low weighted average
current loan-to-value (LTV) ratio of 69.66% (ii) and high weighted
average credit score of 793.

The MILAN CE may be different from the credit enhancement that is
consistent with a Aaa rating for a tranche, because the MILAN CE
does not take into account the structural features of the
transaction. Moody's took this difference into account in its
ratings of the senior classes.

The Class A and Class VFC certificates together comprise the senior
principal certificates. The Class A certificate is a bullet bond
with a targeted final distribution date of February 15, 2023 and
the Class VFC is a variable funding certificate that will be
purchased by TD Bank (or an asset-backed commercial paper conduit
administered by TDSI). Prior to Class A maturity, the principal
repayments from the mortgages will be used to repay the principal
of the VFC certificate, with any excess deposited into the
principal accumulation account. On the targeted final distribution
date for Class A certificate, it is intended that the amount on
deposit in the principal accumulation account will be used in
conjunction with the issuance of an additional Class VFC
certificate, to repay the Class A certificate in full. Subsequent
to this, the scheduled and unscheduled principal payments will be
used to repay the additional Class VFC certificate, and then the
subordinate classes of certificates in order of seniority.

Portfolio expected loss of 0.45%: This is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account (i) the historical collateral performance of the loans
to date; as provided by the seller; (ii) the current macroeconomic
environment in Canada and (iii) benchmarking with similar RMBS
transactions.

Credit Enhancement: Credit enhancement in this transaction is
primarily comprised of subordination provided by the junior
tranches and excess spread. Under the sequential pay structure, all
scheduled principal payments and prepayments are used to pay down
the certificates in order of seniority.

Operational Risk Analysis: TDSI's is considered to be a strong
master servicer, given TD Bank's credit rating of Aa1(cr)/P-1. TDSI
has also provided representations and warranties and is ultimately
responsible for all the servicing obligations of the mortgages.
Moody's believes that TDSI has adequate controls and procedures in
place to provide high quality servicing.

Balloon Risk Analysis: TDSI (the seller) is required to (or cause
the applicable originator to) offer to renew or refinance all
mortgage loans at their contractual maturity, provided the borrower
is not in default and satisfies TD's third party lender
underwriting criteria at such time. Upon renewal or refinance of a
mortgage loan, TDSI will repurchase that mortgage loan from the
custodian for an amount equal to the full principal amount of the
loan plus accrued interest. If, prior to the end of the contractual
term of a performing mortgage loan, the related borrower has not
received an offer from TDSI or the originator or entered into an
agreement with another party to renew, refinance, or repay the
loan, then TDSI as master servicer of the portfolio will be
required to extend all such loans at the greater of the prevailing
market interest rate and the rate in force on that loan immediately
before the extension. Mortgage loans that are extended by the
master servicer would continue to be held by the custodian and
collections would continue to flow through to the certificate
holders. The combination of TDSI's conditional obligation to offer
to renew all mortgage loans at the end of their contractual term,
and the requirement on the part of the master servicer to extend
any remaining performing loans at the end of their contractual
term, eliminates the risk that a performing borrower may be pushed
into default by a demand for repayment at the end of the
contractual term. This effectively mitigates the balloon risk
associated with the mortgage pool.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

This methodology was calibrated based on settings specific for
Canada.

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

Significantly different loss assumptions compared with its
expectations at close, due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from higher unemployment,
worsening household affordability and a weaker housing market could
result in a downgrade of the ratings. Deleveraging of the capital
structure or conversely a deterioration in the certificate's
available credit enhancement could result in an upgrade or a
downgrade of the rating, respectively.

The ratings address the expected loss posed to investors by the
legal final maturity of the certificates. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date. Moody's ratings only address the credit risk
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale of
securities, but these ratings only represent Moody's preliminary
credit opinion. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive ratings to the certificates. A definitive rating may
differ from a provisional rating. Moody's will disseminate the
assignment of any definitive ratings through its Client Service
Desk. Moody's will monitor this transaction on an ongoing basis.


RACE POINT VIII: S&P Affirms BB- (sf) Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R2, B-R2,
C-R2, and D-R2 replacement notes from Race Point VIII CLO Ltd., a
CLO originally issued in February 2013 that is managed by Bain
Capital Credit L.P. The replacement notes were issued via a
supplemental indenture.

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

On the Feb. 20, 2020, refinancing date, the proceeds from the
replacement note issuances were used to redeem the original class
notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and S&P is assigning ratings to the
replacement notes.

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

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

  RATINGS ASSIGNED
  Race Point VIII CLO Ltd.

  Replacement class      Rating         Amount (mil. $)
  A-R2                   AAA (sf)                427.00
  B-R2                   AA (sf)                 102.30
  C-R2                   A (sf)                   40.20
  D-R2                   BBB (sf)                 36.70

  RATINGS WITHDRAWN
  Race Point VIII CLO Ltd.

                      Rating
  Class           To          From
  A-R             NR          AAA (sf)
  B-R             NR          AA (sf)
  C-R             NR          A (sf)
  D-R             NR          BBB (sf)

  NR--Not rated.

  RATING AFFIRMED
  Race Point VIII CLO Ltd.

  Class           Rating
  E-R             BB- (sf)


RCKT MORTGAGE 2020-1: Moody's Assigns B2 Rating on Class B-5 Debt
-----------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to 23 classes
of residential mortgage-backed securities issued by RCKT Mortgage
Trust 2020-1. The ratings range from Aaa (sf) to B2 (sf).

RCKT Mortgage Trust 2020-1 is a securitization of prime jumbo and
agency-eligible mortgage loans originated and serviced by Quicken
Loans Inc. (rated long-term senior unsecured Ba1). The assets of
the trust consist of 488 first lien, fully amortizing, fixed-rate
qualified mortgage loans, each with an original term to maturity of
30 years.

The transaction will be sponsored by Woodward Capital Management
LLC and will be the second transaction for which Quicken Loans is
the sole originator and servicer. There is no master servicer in
this transaction. Citibank, N.A. (Citibank, rated long-term senior
unsecured Aa3) will be the securities administrator and the trustee
will be Wilmington Savings Fund Society, FSB.

Transaction credit strengths include the high credit quality of the
collateral pool, the strong third-party review (TPR) results, a
shifting interest structure that incorporates a subordination
floor, and the prescriptive, unambiguous representations &
warranties framework. Transaction credit weaknesses include weaker
property valuation review and having no master servicer to oversee
the primary servicer, unlike typical prime jumbo transactions, as
well as limited performance history for Quicken Loans' prime jumbo
originations.

The complete rating actions are as follows:

Issuer: RCKT Mortgage Trust 2020-1

Cl. A-1, Definitive Rating Assigned Aaa (sf)

Cl. A-2, Definitive Rating Assigned Aaa (sf)

Cl. A-3, Definitive Rating Assigned Aaa (sf)

Cl. A-4, Definitive Rating Assigned Aaa (sf)

Cl. A-5, Definitive Rating Assigned Aaa (sf)

Cl. A-6, Definitive Rating Assigned Aaa (sf)

Cl. A-7, Definitive Rating Assigned Aaa (sf)

Cl. A-8, Definitive Rating Assigned Aaa (sf)

Cl. A-9, Definitive Rating Assigned Aaa (sf)

Cl. A-10, Definitive Rating Assigned Aaa (sf)

Cl. A-11, Definitive Rating Assigned Aaa (sf)

Cl. A-12, Definitive Rating Assigned Aaa (sf)

Cl. A-13, Definitive Rating Assigned Aa1 (sf)

Cl. A-14, Definitive Rating Assigned Aa1 (sf)

Cl. A-15, Definitive Rating Assigned Aa1 (sf)

Cl. A-16, Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Definitive Rating Assigned A1 (sf)

Cl. B-1A, Definitive Rating Assigned A1 (sf)

Cl. B-2, Definitive Rating Assigned A3 (sf)

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

Cl. B-3, Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario is 0.50%
and reaches 4.94% at a stress level consistent with its Aaa
ratings.

Moody's calculated losses on the pool using its US Moody's
Individual Loan Analysis (MILAN) model as of the cut-off date
(February 1, 2020). Moody's bases its ratings on the certificates
on the credit quality of the mortgage loans, the structural
features of the transaction, its assessments of the origination
quality and servicing arrangement, the strength of the third-party
due diligence, and the R&W framework of the transaction.

Collateral Description

The RCKT 2020-1 transaction is a securitization of 488 first lien
residential mortgage loans with an unpaid principal balance of
$364,781,093. The collateral pool includes 430 prime jumbo mortgage
loans comprising approximately 90% of the aggregate pool balance
underwritten to Quicken Loans' prime jumbo guidelines. The
remaining 58 mortgage loans comprising approximately 10% of the
collateral pool balance are agency-eligible loans underwritten to
either or both of the Fannie Mae or Freddie Mac guidelines.

The loans in this transaction have strong borrower characteristics
with a weighted average original FICO score of 768 and a
weighted-average original loan-to-value ratio (LTV) of 68.1%. In
addition, approximately 23.1% of the borrowers are self-employed
and refinance loans comprise 71.3% of the aggregate pool. The pool
has a high geographic concentration with 39.2% of the aggregate
pool related to mortgages originated in California.

Origination Quality

Quicken Loans (rated long-term senior unsecured Ba1), founded in
1985 and headquartered in Detroit, Michigan, is the second-largest
overall US residential mortgage originator and the largest retail
originator. Quicken Loans' origination of agency-eligible loans is
designed to be executed in accordance with underwriting guidelines
established by the Fannie Mae Single Family Selling Guide and the
Freddie Mac Single Family Seller/Servicer Guide.

Quicken Loans' prime jumbo guidelines are comparable with those of
other prime jumbo originators. The guidelines generally adhere to
the underwriting guidelines established by Fannie Mae and Qualified
Mortgage Appendix Q, except for loan amount, certain underwriting
ratios, and certain documentation requirements. Moody's considers
Quicken Loans an adequate originator of prime jumbo and
agency-eligible mortgage loans based on its staff and processes for
underwriting, quality control and risk management.

However, Moody's applied an adjustment to its expected losses for
the prime jumbo mortgage loans due to the limited performance
history for Quicken Loans' prime jumbo mortgage originations. While
the performance of such loans was strong and comparable to that of
other originators such as JPMorgan Chase and Wells Fargo, the
volume of Quicken Loans' originations is much lower. Moody's also
notes that the available performance data of such prime jumbo loans
covers a recent period in a relatively benign economic environment
and Moody's has less insight into how such loans may perform in a
stressed economic environment than Moody's does for other
originators.

Servicing Arrangement

Quicken Loans has been servicing residential mortgage loans, beyond
an interim capacity, since 2009 and retains the mortgage servicing
rights on the majority of its mortgage loan originations. Quicken
Loans primarily services mortgages for Fannie Mae, Freddie Mac and
Ginnie Mae.

Quicken Loans has the necessary processes, staff, technology and
overall infrastructure in place to effectively service this
securitized pool. Quicken Loans is responsible for advancing
delinquent interest and principal for loans that are less than 120
days delinquent. In the event Quicken Loans is unable to make such
advances, Citibank as securities administrator is required to do
so.

Quicken Loans is an approved servicer for Fannie Mae, Freddie Mac
and Ginnie Mae, and is a Fannie Mae Star Performer for General
Servicing and Solutions Delivery. In addition, Quicken Loans is
subject to periodic routine supervisory activity, primarily by
various state regulators, state enforcement agencies and the CFPB,
among others.

Moody's assesses the overall servicing arrangement for this pool as
adequate, given the ability, scale and experience of Quicken Loans
as a servicer, while noting that the servicing arrangement is
weaker than other prime jumbo transactions which typically have a
master servicer.

While the lack of a master servicer is not unique to transactions
backed by seasoned performing and re-performing mortgage loans, it
is unique to post-crisis transactions backed by newly originated
prime mortgage loans. Furthermore, the servicers in such seasoned
performing and re-performing transactions are third-parties,
whereas the servicer, originator, and R&W provider is the same
party in RCKT 2020-1. RCKT 2020-1's unique servicing arrangement
presents risks such as (1) weaker servicer oversight and (2) weaker
alignment of interest compared to the typical prime jumbo
transactions, since the originator, servicer and R&W provider are
the same party.

Though a third-party review of Quicken Loans' servicing operations,
performance and regulatory compliance will be conducted at least
annually by an independent accounting firm, as well as by the
government-sponsored entities (GSEs), the Consumer Financial
Protection Bureau (CFPB) and state regulators, such oversight lacks
the depth and frequency that a master servicer would provide for
this transaction.

Given that Quicken Loans is the loan originator, R&W provider and
the servicer in this transaction, a potential conflict of interest
could arise if Quicken Loans were to modify delinquent loans prior
to 120 day delinquency in order to avoid triggering the R&W review.
However, this risk is mitigated by the inclusion of a breach review
trigger if a mortgage loan (that is at least 30 days or more
delinquent) is modified before becoming 120 days delinquent.

However, Moody's did not apply an adjustment to its expected losses
for the weaker servicing arrangement due to the following:

(1) Quicken Loans' relative financial strength, scale, franchise
value, experience and demonstrated ability as a servicer. Quicken
Loans is also a Fannie Mae Star Performer for General Servicing and
Solutions Delivery.

(2) Citibank is an experienced securities administrator and will be
responsible for making advances of delinquent interest and
principal if Quicken Loans is unable to do so and for reconciling
monthly remittances of cash by Quicken Loans.

(3) The R&W framework is strong and includes triggers for
delinquency and modification, which ensure that poorly performing
mortgage loans will be reviewed by a third-party and mitigates the
risk from misalignment of interest.

(4) The mortgage pool is of high credit quality and a third-party
review firm has conducted due diligence on 100% of the mortgage
loans in the pool with satisfactory results.

Third-Party Due Diligence Review

One independent third-party review firm, AMC Diligence LLC (AMC),
was engaged to conduct due diligence for the credit, regulatory
compliance, property valuation, and data accuracy for the 489 loans
in the initial population of this transaction.

The credit review consisted of a review of the documentation in
each loan file relating to the creditworthiness of the borrowers,
and an assessment of whether the characteristics of the mortgage
loans and the borrowers reasonably conformed to Quicken Loans'
underwriting guidelines. Where there were exceptions to guidelines,
the TPR firm noted compensating factors. Additionally, the TPR firm
evaluated evidence of the borrower's willingness and ability to
repay the obligation. AMC did not identify any material credit
issues.

AMC's regulatory compliance review consisted of a review of
compliance with the Truth in Lending Act and the Real Estate
Settlement Procedures Act among other federal, state and local
regulations. Additionally, the TPR firm applied SFIG's enhanced
RMBS 3.0 TRID Compliance Review Scope. AMC did not identify any
material compliance issues.

AMC's property valuation review consisted of reviewing the
valuation materials utilized at origination to ensure the appraisal
report was complete and in conformity with the underwriting
guidelines. The TPR firm also compared third-party valuation
products to the original appraisals. The appraisals for the
agency-eligible loans were checked using Fannie Mae's Collateral
Underwriter (Collateral Underwriter) and those for the prime jumbo
loans were checked using desktop review and/or a CU Score. In this
transaction, 178 of the non-conforming loans originated under
Quicken Loans' prime jumbo guidelines had a property valuation
review only consisting of a Collateral Underwriter and no other
third-party valuation product such as a CDA and field review.
Moody's considers the use of Collateral Underwriter for
non-conforming loans to be credit negative due to (1) the lack of
human intervention which increases the likelihood of missing
emerging risk trends, (2) the limited track record of the software
and limited transparency into the model and (3) GSE focus on
non-jumbo loans which may lower reliability on jumbo loan
appraisals. However, Moody's has not applied an adjustment to the
loss for such loans since the statistically significant sample size
and valuation results of the loans that were reviewed using a
third-party valuation product such as a CDA (which Moody's
considers to be a more accurate third-party valuation product) were
sufficient and the original appraisal balances for such loans were
not significantly higher than that of appraisal values for
GSE-eligible loans.

AMC also sought to identify data discrepancies in comparing the
data tape to the information utilized during their reviews. Of the
489 mortgage loans reviewed, 7 unique mortgage loans had 7 tape
discrepancies across 1 data field, Investor: Qualifying Total Debt
Ratio. Qualifying Total Debt Ratio variances are the difference on
the percentage of income dedicated toward making debt payments.
These variances occur frequently due to differences in calculating
complex incomes.

Representations & Warranties (R&W)

Moody's assessed RCKT 2020-1's R&W framework for this transaction
as adequate, consistent with that of other prime jumbo transactions
for which an independent reviewer is named at closing, the breach
review process is thorough, transparent and objective, and the
costs and manner of review are clearly outlined at issuance. An
effective R&W framework protects a transaction against the risk of
loss from fraudulent or defective loans.

Moody's assessed the R&W framework based on three factors: (a) the
financial strength of the R&W provider, (b) the strength of the
R&Ws (including qualifiers and sunsets), and (c) the effectiveness
of the enforcement mechanisms. Moody's applied an adjustment to its
expected losses to account for the risk that Quicken Loans may be
unable to repurchase defective loans in a stressed economic
environment, given that it is a non-bank entity with a monoline
business (mortgage origination and servicing) that is highly
correlated with the economy. However, Moody's tempered this
adjustment by taking into account Quicken Loans' relative financial
strength and the strong TPR results which suggest a lower
probability that poorly performing mortgage loans will be found
defective following review by the independent reviewer.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
balance declines, senior bonds are exposed to eroding credit
enhancement over time, and increased performance volatility as a
result. To mitigate this risk, the transaction provides for a
senior subordination floor of 1.10% of the cut-off date pool
balance, and a subordination lock-out amount of 1.10% of the
cut-off date pool balance. The floors are consistent with the
credit neutral floors for the assigned ratings according to its
methodology.

Transaction Structure

The securitization has a shifting interest structure that benefits
from a senior floor and a subordinate floor. Funds collected,
including principal, are first used to make interest payments and
then principal payments to the senior bonds, and then interest and
principal payments to each subordinate bond. As in all transactions
with shifting interest structures, the senior bonds benefit from a
cash flow waterfall that allocates all unscheduled principal
collections to the senior bond for a specified period and
increasing amounts of unscheduled principal collections to the
subordinate bonds thereafter, but only if loan performance
satisfies delinquency and loss tests. Realized losses are allocated
reverse sequentially among the subordinate and senior support
certificates and on a pro-rata basis among the super senior
certificates.

Structural Considerations

Similar to recently rated Sequoia transactions, RCKT 2020-1
contains a structural deal mechanism that will control stop
advances on delinquent loans. The stated rationale for the proposed
mechanism is to remove ambiguity and servicer discretion in
advancing. Although this feature lowers the risk of high advances
that may negatively affect the recoveries on liquidated loans, the
reduction in interest distribution amount is credit negative to the
subordinate bonds but credit positive for the senior bonds. One key
difference in the RCKT 2020-1 from the Sequoia transactions is that
stop-advance interest shortfalls are allocated first to the senior
support and then to the super senior classes, as discussed below.

The servicer and the securities administrator will not advance
principal and interest to loans that are 120 days or more
delinquent. The balance and the interest accrued on such stop
advance mortgage loans (SAML) will be removed from the calculation
of the principal and interest distribution amounts with respect to
the seniors and subordinate bonds. In other words, the interest
distribution amount will be reduced by the interest accrued on the
SAML. This reduction will be allocated first to the class of
certificates with the lowest payment priority and then to the class
of certificates with the next lowest payment priority, and so on.
In the case of the senior certificates stop-advance interest
shortfalls are allocated first to the senior support then to the
super senior classes, in the following order: first, to the Class
A-14 certificates and second, to the Class A-4, Class A-12 and
Class A-10 certificates on a pro rata basis.

Once a SAML is liquidated, the net recovery from that loan's
liquidation is allocated first to pay down the loan's outstanding
principal amount and then to repay its accrued interest. The
recovered accrued interest on the loan is used to repay the
interest reduction incurred by the bonds that resulted from that
SAML.

While the transaction is backed by collateral with strong credit
characteristics and, as such, Moody's expects strong performance
similar to other prime jumbo deals, Moody's considered scenarios in
which the delinquency pipeline rises, and interest distribution
amounts are reduced. The final ratings on the bonds reflect the
additional loss that the bonds may incur due to interest shortfall
on the bonds from SAML.

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

Down

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

Up

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


REALT 2020-1: DBRS Finalizes B Rating on Class G Certs
------------------------------------------------------
DBRS Limited finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2020-1 issued by Real Estate Asset Liquidity Trust (REALT), Series
2020-1 (the Issuer):

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

All trends are Stable.

Classes D-2, E, F, and G will be privately placed.

The collateral consists of 51 fixed-rate loans and one pari passu
co-ownership interest (collectively, the loans) secured by 86
commercial and multifamily properties. The transaction employs a
sequential-pay pass-through structure. DBRS Morningstar analyzed
the conduit pool to determine the provisional ratings, reflecting
the long-term probability of loan default within the term and its
liquidity at maturity. When DBRS Morningstar measured the cutoff
loan balances against the DBRS Morningstar Stabilized Net Cash Flow
(NCF) and their respective actual constants, the initial DBRS
Morningstar Weighted-Average (WA) Debt Service Coverage Ratio
(DSCR) for the pool was 1.37 times (x). DBRS Morningstar did not
identify any loans with a DBRS Morningstar Term DSCR lower than
1.15x, a threshold indicative of a higher likelihood of midterm
default. The WA DBRS Morningstar Loan-to-Value (LTV) of the pool at
issuance was 65.7%, and the pool is scheduled to amortize down to a
WA DBRS Morningstar LTV of 52.9% at maturity.

The pool includes 32 loans, representing 70.0% of the pool by
allocated loan balance, with DBRS Morningstar issuance LTVs equal
to or higher than 65.0%, a threshold historically indicative of
above-average default frequency. Thirty-three loans, representing
64.7% of the pool were originated in connection with the borrower's
refinancing of an existing mortgage loan; three loans, representing
2.1% of the pool, renewed the borrower's existing mortgage loans
with the remaining amortization terms; and 13 loans, representing
28.1% of the pool, were originated in connection with the
borrower's acquisition of the related mortgage property. The
remainder of the pool was originated in connection with takeout
financing on existing construction loans.

Forty loans, representing 65.7% of the pool, have been given
recourse credit in the DBRS Morningstar commercial mortgage-backed
securities Insight model. All else equal, there is a small shift
lowering the loan's probability of default for warm body or
corporate sponsors that give recourse. Based on the DBRS
Morningstar sample and analysis, DBRS Morningstar considered five
loans, representing 18.2% of the sample pool, to have Above Average
property quality and five loans, representing 10.7% of the sample
pool, to have Average (+) property quality. Thirteen loans,
representing 25.4% of the pool, have approximately 25 years or less
of remaining amortization while the remaining loans have remaining
amortization ranges between 25 years and 30 years. All loans in the
pool amortize for the entire loan term, and the expected
amortization for the pool is approximately 19.3% during the
expected life of the transaction.

The DBRS Morningstar sample included 33 of the 52 loans in the
pool, representing 83.1% of the pool by allocated loan balance.
DBRS Morningstar performed site inspections on 47 of the 86
properties in the deal, comprising 82.4% of the pool by allocated
loan balance. The DBRS Morningstar sample had an average NCF
variance of -6.4% and ranged from -17.4% (Lantern Bay MHC) to -0.8%
(Comfort Inn Halifax). For loans not subject to an NCF review, DBRS
Morningstar applied the average NCF variance.

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

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


RESIDENTIAL MORTGAGE 2020-1: DBRS Finalizes B Rating on B-2 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage-Backed Notes, Series 2020-1 (the Notes) issued by
Residential Mortgage Loan Trust 2020-1:

-- $170.7 million Class A-1 at AAA (sf)
-- $15.7 million Class A-2 at AA (sf)
-- $28.1 million Class A-3 at A (sf)
-- $17.0 million Class M-1 at BBB (sf)
-- $14.4 million Class B-1 at BB (sf)
-- $9.7 million Class B-2 at B (sf)

The AAA (sf) ratings on the Certificates reflect 34.75% of credit
enhancement provided by subordinated certificates in the pool. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
28.75%, 18.00%, 11.50%, 6.00%, and 2.30% 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 nonprime primarily first-lien
residential mortgages funded by the issuance of the Notes. The
Notes are backed by 588 mortgage loans with a total principal
balance of $261,594,848 as of the Cut-Off Date (January 1, 2019).

The originators for the mortgage pool are Greenbox Loans, Inc.
(45.2%); HomeXpress Mortgage Corp. (28.2%); Athas Capital Group,
Inc. (16.1%); and other originators comprising 10.5% 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 an agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, 70.0% of the loans are
designated as Non-QM, 0.1% as QM Safe Harbor, and 0.1% as QM
Rebuttable Presumption. Approximately 29.8% 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 payment date occurring in
January 2023 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 a 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, the 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 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
(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.


SPRUCE HILL 2020-SH1: DBRS Gives Prov. B Rating on Class B-2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2020-SH1 (the Notes) to be issued by
Spruce Hill Mortgage Loan Trust 2020-SH1 (SHMLT 2020-SH1 or the
Trust):

-- $178.1 million Class A-1 at AAA (sf)
-- $22.9 million Class A-2 at AA (high) (sf)
-- $40.3 million Class A-3 at A (sf)
-- $21.4 million Class M-1 at BBB (sf)
-- $16.0 million Class B-1 at BB (sf)
-- $12.4 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 40.55% of
credit enhancement provided by subordinated Notes in the pool. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
32.90%, 19.45%, 12.30%, 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 prime and non-prime first-lien residential
mortgages funded by the issuance of the Notes. The Notes are backed
by 1,003 loans with a total principal balance of 299,652,359 as of
the Cut-Off Date (January 1, 2020). The mortgage loans were
originated by Carrington Mortgage Services, LLC.

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 an agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, 84.4% of the loans are
designated as non-QM, 0.3% as QM-Safe Harbor, and 7.4% as
QM-Rebuttable Presumption. Approximately 8.0% 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 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, the Administrator, at the Issuer's option, may redeem all
outstanding Notes at a price equal to the greater of (a) the class
balances of the related Notes plus accrued and unpaid interest,
including any Cap Carryover Amounts and (b) the sum of the
principal balances on the underlying mortgage loans. After such a
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 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, the excess spread can be used to cover realized losses
first before being allocated to unpaid Cap Carryover Amounts up to
Class B-2.

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


SPRUCE HILL 2020-SH1: S&P Assigns B (sf) Rating on Class B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to Spruce Hill Mortgage Loan
Trust 2020-SH1's mortgage-backed notes.

The note issuance is an RMBS transaction backed by first-lien
fixed- and adjustable-rate interest-only fully amortizing
residential mortgage loans secured by single-family residences,
planned-unit developments, condominiums, two- to four-family
residences, townhouses, and manufactured housing to both nonprime
and prime borrowers. The pool has 1,003 loans, which are primarily
non-qualified mortgage loans.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The transaction's representation and warranty framework; and
-- The mortgage originator.

  RATINGS ASSIGNED

  Spruce Hill Mortgage Loan Trust 2020-SH1

  Class     Rating            Amount ($)

  A-1       AAA (sf)         178,143,000
  A-2       AA (sf)           22,923,000
  A-3       A (sf)            40,303,000
  M-1       BBB (sf)          21,426,000
  B-1       BB (sf)           16,031,000
  B-2       B (sf)            12,436,000
  B-3       NR                 8,390,358
  XS        NR                  Notional(i)
  R         NR                       N/A

(i)Notional amount equals the loans' aggregate stated principal
balance.
NR--Not rated.
N/A--Not applicable.


STARWOOD MORTGAGE 2020-1: S&P Rates 15 Classes of Certs 'B+ (sf)'
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Starwood Mortgage
Residential Trust 2020-1's mortgage pass-through certificates.

The certificate issuance is an RMBS securitization backed by
first-lien, fixed- and adjustable-rate fully amortizing residential
mortgage loans (some with interest-only periods) secured by
single-family residences, planned-unit developments, condominiums,
and two- to four-family residences to both prime and nonprime
borrowers. The pool has 605 loans, which are primarily
non-qualified mortgage loans.

The ratings reflect S&P's view of:

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

  RATINGS ASSIGNED
  Starwood Mortgage Residential Trust 2020-1

  Class       Rating(i)              Amount ($)
  A-1         AAA (sf)              279,286,000
  A-2         AA (sf)                22,305,000
  A-3         A (sf)                 37,747,000
  M-1         BBB (sf)               20,398,000
  B-1         BB (sf)                11,820,000
  B-2         B+ (sf)                 5,535,000
  B-2-A       B+ (sf)                 5,535,000(ii)
  B-2-AX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-B       B+ (sf)                 5,535,000(ii)
  B-2-BX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-C       B+ (sf)                 5,535,000(ii)
  B-2-CX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-D       B+ (sf)                 5,535,000(ii)
  B-2-DX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-E       B+ (sf)                 5,535,000(ii)
  B-2-EX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-F       B+ (sf)                 5,535,000(ii)
  B-2-FX      B+ (sf)                 5,535,000(ii)(iii)
  B-2-G       B+ (sf)                 5,535,000(ii)
  B-2-GX      B+ (sf)                 5,535,000(ii)(iii)
  B-3         NR                      4,187,463
  XS          NR                       Notional(iv)
  A-IO-S      NR                       Notional(iv)
  A-R         NR                            N/A
  
(i)The ratings address the ultimate payment of interest and
principal.
(ii)The amount listed for each of these exchangeable certificates
represents the maximum initial class principal balance or maximum
initial class notional amount, as applicable.
(iii)The class B-2-AX, B-2-BX, B-2-CX, B-2-DX, B-2-EX, B-2-FX, and
B-2-GX certificates are notional amount certificates and do not
have class principal balances.
(iv)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.
N/A--Not applicable.


WELLS FARGO 2016-C34: DBRS Lowers Class G Debt Rating to B(low)
---------------------------------------------------------------
DBRS, Inc. downgraded the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C34 (the
Certificates) issued by Wells Fargo Commercial Mortgage Trust
2016-C34 as follows:

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

In addition, DBRS Morningstar confirmed the ratings on the
following classes:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-3FL at AAA (sf)
-- Class A-3FX at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)

All trends are Stable, with the exception of Classes E, X-E, and F,
which DBRS Morningstar changed to Negative from Stable to reflect
DBRS Morningstar's concerns with three of the top ten loans that
are in special servicing. Class G does not carry a trend, and the
Negative trend on Class X-FG was maintained.

At issuance, the collateral consisted of 68 fixed-rate loans
secured by 92 commercial properties, for a total trust balance of
approximately $702.8 million. As of the January 2020 remittance
report, the trust balance was $680.1 million, representing a
collateral reduction of 3.3% from issuance as a result of scheduled
amortization, with all of the original loans remaining in the pool.
Loans representing 85.5% of the pool are reporting YE2018
financials, with a weighted-average (WA) debt service coverage
ratio (DSCR) and in-place debt yield of 1.36 times (x) and 8.9%,
respectively. Thirteen of the largest 15 loans reported YE2018
financials, with a WA DSCR and WA debt yield of 1.57x and 10.0%,
respectively.

The downgrades and trend changes are reflective DBRS Morningstar's
ongoing concerns with the specially serviced loans, three of which
are among the top ten loans in the pool. As of the January 2020
remittance, there were 14 loans on the servicer's watchlist,
collectively representing 13.7% of the pool, as well as a total of
four loans, representing 17.8% of the pool, in special servicing.
The loans on the servicer's watchlist are being monitored for a
variety of reasons, including low DSCR, large tenant nonrenewal
events and bankruptcies, delinquent payments, and fire damage.

The largest loan in the pool, Regent Portfolio (Prospectus ID#1,
10.1% of the pool), transferred to special servicing in June 2019.
The loan, secured by a portfolio of medical office properties in
New York, New Jersey, and Florida, has consistently recorded late
payments since October 2017. A significant portion of the portfolio
is leased directly to, or to affiliates, of the sponsor. The A
note, which had a balance of $81.5 million at issuance, is split
into pari passu pieces placed in the subject transaction and the
SGCMS 2016-C5 transaction, which is not rated by DBRS Morningstar.
There is also a mezzanine loan in place, which had a balance of
$10.0 million at issuance, and is held outside of both trusts.

The loan was 121+ days delinquent as of the January 2020 reporting
and the special servicer has not delivered an updated appraisal to
date; however, an appraisal reduction amount (ARA) of $17.2 million
has been applied to the subject trust, suggesting a significant
value decline is anticipated. An official workout strategy is still
to be determined, but the special servicer has reportedly engaged
counsel and is dual tracking foreclosure along with alternative
workout strategies. Given the consistent delinquency since
issuance, with sponsor-controlled entities making up a significant
portion of the tenant roster across the portfolio, and value
decline implied by the ARA, DBRS Morningstar believes a moderate
loss is likely at disposition for this loan.

The 200 Precision & 425 Privet Portfolio loan (Prospectus ID#6,
4.1% of the pool) consists of two properties, one occupied by two
tenants, the other originally 100% occupied by a single tenant. The
loan was initially being monitored in late 2017 because of the
impending lease expiry for the second-largest tenant, which
ultimately vacated the 200 Precision properties at a lease expiry
in June 2018. In addition, the collateral's largest remaining
tenant, Teva Pharmaceuticals (Teva), which originally had a lease
expiration date of January 2025, gave notice of its intent to
exercise an early termination option and vacated the property in
November 2019, leaving the 425 Pivet Road property fully vacant.
These two tenants collectively occupied 74.5% of the collateral's
net rentable area and made up 82.3% of the total rental income.

The loan transferred to special servicing in November 2019 and the
servicer is currently evaluating a workout strategy. DBRS
Morningstar does note the $1.25 million lease termination fee paid
by Teva is on hand, with a cash flow sweep in place that has built
the total reserve amount to nearly $4.0 million as of the January
2020 reporting, which does provide significant capital for
re-leasing the space. However, given the very low occupancy figure
and the outstanding delinquency, as well as the significant capital
investment that will be required outside of the reserve amount to
stabilize the properties, DBRS Morningstar anticipates a
significant loss at disposition.

The third top-ten loan in special servicing, Shoppes at Alafaya
(Prospectus ID# 10, 3.0% of the pool), is secured by a retail
property in Orlando, Florida, and was transferred to special
servicing in October 2018. The property's struggles began after the
bankruptcy and departure of Toys "R" Us/Babies "R" Us, which
previously represented 48.8% of the net rentable area. According to
servicer commentary, a letter of intent was being negotiated for
the vacant space; however, foreclosure was filed in September 2019
and the servicer is dual-tracking alternative workout strategies.
DBRS Morningstar noted at issuance that the sponsors have had
several previous litigation issues, including filing for bankruptcy
following foreclosure. The special servicer's updated appraisal as
of December 2018 showed an estimated as-is value of $22.0 million,
down from $28.7 million at issuance; however, should a replacement
tenant be secured for the former Toys "R" Us space, the value would
obviously improve significantly. DBRS Morningstar anticipates a
moderate loss is likely for this loan at resolution.

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

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


WELLS FARGO 2020-SDAL: Moody's Assigns (P)B3 Rating on Cl. F Certs
------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to six
classes of CMBS securities, issued by Wells Fargo Commercial
Mortgage Trust 2020-SDAL, Commercial Mortgage Pass-Through
Certificates, Series 2020-SDAL:

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

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

Cl. C, Assigned (P)A3 (sf)

Cl. D, Assigned (P)Baa3 (sf)

Cl. E, Assigned (P)Ba3 (sf)

Cl. F, Assigned (P)B3 (sf)

RATINGS RATIONALE

The certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to one property, the
Sheraton Dallas Hotel (the "Property"). Its ratings are based on
the credit quality of the loan and the strength of the
securitization structure.

The Property is a full-service hotel centrally located in the
Dallas CBD and features 1,840 guestrooms situated within three
towers ranging from 28 to 42 stories. The Property offers
approximately 220,000 SF of meeting space, six food and beverage
outlets, and additional amenities including an outdoor pool,
24-hour fitness center, business center, Sheraton Club Lounge
(Sheraton's members only club), valet parking and gift shop. The
Property appeared in very good condition during its site visit as
the improvements have received significant investment of
approximately $184.4 million ($100,199/key) since 2008. Of this
investment, approximately $75.9 million was spent between 2008 and
2009 (brand conversion) and $76.5 million invested between 2018 and
2019 (primarily in guestroom and meeting/event space renovations).

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

The credit risk of commercial real estate loans is determined
primarily by two factors: 1) the probability of default, which is
largely driven by the DSCR, and 2) and the severity of loss in the
event of default, which is largely driven by the LTV of the
underlying loan.

The first mortgage balance of $275,0000,000 represents a Moody's
LTV of 126.5%. The Moody's First Mortgage Actual DSCR is 2.14X and
Moody's First Mortgage Actual Stressed DSCR is 0.96X.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The Property's quality
grade is 2.75.

Notable strengths of the transaction include: asset quality, recent
renovations, strong forward bookings and an experienced and
committed sponsor.

Notable credit challenges of the transaction include: future
supply, lack of diversity for this single asset transaction,
property type volatility, floating rate/interest-only mortgage loan
profile, and certain credit negative legal features.

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017.

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

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

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


WELLS FARGO 2020-SOP: S&P Assigns B- (sf) Rating to Class F Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Wells Fargo Commercial
Mortgage Trust 2020-SOP's commercial mortgage pass-through
certificates.

The issuance is a CMBS transaction backed by a two-year,
floating-rate interest-only commercial mortgage loan totaling
$278.9 million (with five one-year extension options), secured by
first-mortgage liens on the fee and leasehold interests in 10
primarily single-tenant office properties in five states.

The ratings reflect S&P's view of the collateral's historical and
projected performance, the sponsor's and managers' experience, the
trustee-provided liquidity, the loan's terms, and the transaction's
structure. S&P determined that the trust loan has a beginning and
ending loan-to-value ratio of 108.3%, based on S&P's value.

  RATINGS ASSIGNED
  Wells Fargo Commercial Mortgage Trust 2020-SOP

  Class(i)     Rating          Amount ($)
  A            AAA (sf)       107,635,000
  B            AA- (sf)        24,453,000
  C            A- (sf)         18,354,000
  D            BBB- (sf)       22,496,000
  E            BB- (sf)        30,590,000
  F            B- (sf)         29,583,000
  G            NR              31,796,500
  RR(ii)       NR              13,942,500

(i)The issuer will issue the certificates to qualified
institutional buyers in-line with Rule 144A of the Securities Act
of 1933.
(ii)Non-offered vertical risk retention certificates.
NR--Not rated.


WESTLAKE AUTOMOBILE: DBRS Reviews 25 Ratings From 4 ABS Deals
-------------------------------------------------------------
DBRS, Inc. reviewed 25 ratings from four U.S. structured finance
asset-backed securities transactions of Westlake Automobile
Receivables Trust. Of the 25 outstanding publicly rated classes
reviewed, DBRS Morningstar has confirmed nine classes, upgraded 11
classes, and discontinued five classes due to repayment. For the
ratings that were confirmed, performance trends are such that
credit enhancement levels are sufficient to cover DBRS
Morningstar's expected losses at their current respective rating
levels. For the ratings that were upgraded, performance trends are
such that credit enhancement levels are sufficient to cover DBRS
Morningstar's expected losses at their new respective rating
levels.

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

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

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

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

The Affected Ratings are:

Westlake Automobile Receivables Trust 2017-1

  Class C     Confirmed       AAA
  Class D     Upgraded        AA(high)
  Class E     Upgraded        A
  Class B     Disc-Repaid     Discontinued

Westlake Automobile Receivables Trust 2017-2

  Class C      Upgraded       AAA
  Class D      Upgraded       AA
  Class E      Upgraded       BBB(high)
  Class A-2-A  Disc-Repaid    Discontinued
  Class A-2-B  Disc-Repaid    Discontinued
  Class B      Disc-Repaid    Discontinued

Westlake Automobile Receivables Trust 2018-2

  Class A-2-A  Confirmed      AAA
  Class A-2-B  Confirmed      AAA
  Class B      Confirmed      AAA
  Class C      Upgraded       AA(high)
  Class D      Upgraded       A(high)
  Class E      Upgraded       BBB(high)
  Class F      Confirmed      B(high)

Westlake Automobile Receivables Trust 2019-1

  Class A-A    Disc-Repaid    Discontinued
  Class A-2-A  Confirmed      AAA
  Class A-2-B  Confirmed      AAA
  Class B      Upgraded       AAA
  Class C      Upgraded       AA(high)
  Class D      Upgraded       A(high)
  Class E      Confirmed      BB(high)
  Class F      Confirmed      B


WFRBS COMMERCIAL 2012-C6: Moody's Affirms Ba2 Rating on Cl. E Certs
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings on six classes and
upgraded the ratings on two classes in WFRBS Commercial Mortgage
Trust 2012-C6, Commercial Mortgage Pass-Through Certificates,
Series 2012-C6.

Cl. A-4, Affirmed Aaa (sf); previously on Dec 14, 2018 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 14, 2018 Affirmed Aaa
(sf)

Cl. B, Upgraded to Aaa (sf); previously on Dec 14, 2018 Affirmed
Aa1 (sf)

Cl. C, Upgraded to Aa3 (sf); previously on Dec 14, 2018 Affirmed A1
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Dec 14, 2018 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Dec 14, 2018 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Dec 14, 2018 Affirmed B2
(sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 14, 2018 Affirmed
Aaa (sf)

* Reflects Interest Only Classes

RATINGS RATIONALE

The ratings on five principal and interest (P&I) classes were
affirmed because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The ratings on the P&I classes Cl. B and Cl. C were upgraded due to
a significant increase in defeasance, to 20.7% of the current pool
balance from 11.9% at the last review.

The rating on the interest only (IO) class was affirmed based on
the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 3.1% of the
current pooled balance, compared to 3.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.2% of the
original pooled balance, compared to 2.4% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "Approach to Rating US and Canadian
Conduit/Fusion CMBS" published in July 2017. The methodologies used
in rating interest-only classes were "Approach to Rating US and
Canadian Conduit/Fusion CMBS" published in July 2017 and "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in February 2019.

DEAL PERFORMANCE

As of the January 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 28.6% to $660
million from $925 million at securitization. The certificates are
collateralized by 77 mortgage loans ranging in size from less than
1% to 10.1% of the pool, with the top ten loans (excluding
defeasance) constituting 33% of the pool. Fourteen loans,
constituting 20.7% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 29, compared to 33 at Moody's last review.

Eleven loans, constituting 11.2% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool with no realized loss.
One loan is currently in special servicing. The specially serviced
loan is the Commerce Park IV & V ($13.2 million -- 2.0% of the
pool), which is secured by a 229,000 square foot (SF) office park
located in Beachwood, Ohio. The loan was transferred to special
servicing in January 2019. As of December 2018, the property was
69% leased, compared to 93% at securitization. Moody's has
estimated a moderate loss from this loan.

Moody's received full year 2018 operating results for 100% of the
pool, and partial year 2019 operating results for 95% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 82.9%, compared to 85.6% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 19.1% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.0%.

Moody's actual and stressed conduit DSCRs are 1.53X and 1.38X,
respectively, compared to 1.52X and 1.31X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 17% of the pool balance. The
largest loan is the National Cancer Research Center Loan ($67
million -- 10% of the pool), which is secured by a 341,000 SF Class
A office and laboratory research facility located in Frederick,
Maryland. In 2011, the property was built to suit for the National
Cancer Research Center. The property is 100% leased to the private
operator of the research center, Leidos Biomedical Research, Inc.,
through September 2021, shortly after loan maturity. Additionally,
the tenant can terminate the lease with 240 days notice if certain
conditions are met. However, the tenant must meet certain
conditions to avoid onerous fees with respect to a lease
termination, including significant tenant improvements installed at
the property. Moreover, the loan is structured with a springing
cash flow sweep upon notice from tenant of lease termination.
Moody's used a lit/dark analysis to account for the single tenant
lease rollover risk. The loan benefits from amortization and has
amortized 13% since securitization. Moody's LTV and stressed DSCR
are 102% and 1.12X, respectively, compared to 106% and 1.08X at the
last review.

The second largest loan is the Norwalk Town Square Loan ($24
million -- 4% of the pool), which is secured by a 233,000 SF
anchored retail center in Norwalk, California, located 17 miles
southeast of downtown Los Angeles. The property benefits from its
infill location with excellent visibility along Rosecrans Avenue
and Pioneer Boulevard and proximity to major thoroughfares I-5,
I-605, I-105, and SR-91. As of September 2019, the property was 91%
leased (including three new leases that start in the fourth quarter
of 2019), compared to 96% leased at Moody's last review and 94% at
securitization. The lease for the largest tenant, LA Fitness
(30,718 SF), is scheduled to expire in December 2020, and DD's
Discounts (20,951 SF) is scheduled to expire in January 2024 with a
renewal option until February 2034. The property's net cash flow
for the first nine months of 2019 was $1.9 million compared to $2.9
million in 2018. Moody's adjusted the NCF to reflect these changes.
The loan benefits from amortization and has amortized 13% since
securitization. Moody's LTV and stressed DSCR are 82% and 1.28X,
respectively, compared to 78% and 1.35X at the last review.

The third largest loan is the Resort MHC Loan ($20 million -- 3% of
the pool), which is secured by secured by a 791-pad, 55+
age-restricted manufacture housing community located in Mesa, AZ,
approximately 30 miles east of the Phoenix CBD. Approximately 642
pads are improved with occupant-owned model homes while 149 are
represented by RV sites. As of September 2019, the property was
100% leased, unchanged from prior reviews. The loan benefits from
amortization and has amortized 13% since securitization. Moody's
LTV and stressed DSCR are 63% and 1.51X, respectively, compared to
62% and 1.52X at the last review.


[*] Moody's Takes Action on $379.78MM U.S. RMBS Issued 2003-2007
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 19 tranches from
six transactions backed by Subprime and Alt-A mortgage loans issued
by multiple issuers.

The complete rating action is as follows:

Issuer: Banc of America Funding 2006-G Trust

Cl. 1-A-1, Upgraded to Aa3 (sf); previously on Jun 21, 2019
Upgraded to A2 (sf)

Cl. 2-A-5, Upgraded to Aaa (sf); previously on Jun 21, 2019
Upgraded to Aa1 (sf)

Cl. 3-A-2, Upgraded to A1 (sf); previously on Jun 21, 2019 Upgraded
to A2 (sf)

Cl. 3-A-3, Upgraded to A3 (sf); previously on Jun 21, 2019 Upgraded
to Baa2 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Jun 21, 2019 Upgraded
to Caa2 (sf)

Issuer: CDC Mortgage Capital Trust 2003-HE3

Cl. M-2, Upgraded to B1 (sf); previously on Jun 21, 2019 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Jan 13, 2009 Downgraded
to C (sf)

Issuer: Citicorp Residential Mortgage Trust Series 2007-2

Cl. A-4, Upgraded to Aaa (sf); previously on Jun 10, 2019 Upgraded
to Aa3 (sf)

Cl. A-5, Upgraded to Aa2 (sf); previously on Jun 10, 2019 Upgraded
to A1 (sf)

Cl. A-6, Upgraded to Aa2 (sf); previously on Jun 10, 2019 Upgraded
to A1 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Jun 10, 2019 Upgraded
to Caa2 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-3

Cl. M-2, Upgraded to Ba3 (sf); previously on Jun 21, 2019 Upgraded
to B2 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Jun 21, 2019 Upgraded
to Caa2 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Jun 21, 2019 Upgraded
to Ca (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Apr 16, 2012
Downgraded to C (sf)

Issuer: Newcastle Mortgage Securities Trust 2007-1

Cl. 1-A-1, Upgraded to Baa2 (sf); previously on Oct 16, 2018
Upgraded to Ba1 (sf)

Cl. 2-A-4, Upgraded to B1 (sf); previously on Jan 30, 2018 Upgraded
to B3 (sf)

Issuer: Accredited Mortgage Loan Trust 2004-2, Asset-Backed Notes,
Series 2004-2

Cl. A-1, Upgraded to Ba3 (sf); previously on Jun 21, 2019 Upgraded
to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Jun 21, 2019
Upgraded to B2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Cl. A-2, Upgraded to Ba3 (sf); previously on Jun 21, 2019 Upgraded
to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Jun 21, 2019
Upgraded to B2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
the pools. The rating upgrades are a result of the improving
performance of the related pools and / or an increase in credit
enhancement available to the bonds.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in January 2020 from 4% in
January 2019. Moody's forecasts an unemployment central range of
3.8% to 4.2% for the 2020 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2020. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] S&P Takes Various Actions on 279 Classes From 8 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 279 classes from eight
U.S. RMBS credit risk transfer transactions issued between 2016 and
2019 by both Fannie Mae and Freddie Mac. The transactions are
backed by prime conforming collateral. The review yielded 124
upgrades and 150 affirmations. Additionally, S&P discontinued its
ratings on five classes that were paid in full.

ANALYTICAL CONSIDERATIONS

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

-- Collateral performance/delinquency trends,
-- Priority of principal payments,
-- Priority of loss allocation,
-- Expected short duration, and
-- Available subordination and credit enhancement floors.

"We performed credit analysis for each mortgage reference pool
using updated loan-level information from which we determined
foreclosure frequency, loss severity, and loss coverage amounts
commensurate for each rating level," S&P said.

"We used a mortgage operational assessment (MOA) factor of 0.80x
for both Fannie Mae and Freddie Mac, except for one
transaction--Structured Agency Credit Risk (STACR) 2018-HRP2--for
which no MOA adjustment was applied (as was the case at closing)
due to the seasoning of the collateral and the streamlined
underwriting of the Freddie Mac Relief Refinance Program (RRP) and
Home Affordable Refinance Program (HARP). We also assumed that 20%
of both reference pools consisted of loans to borrowers that are
self-employed," the rating agency said.

RATING ACTIONS

The upgrades primarily reflect deleveraging as the transactions
season and lower default expectations for the remaining collateral
as combined loan-to-value (CLTV) ratios decrease. The transactions
benefit from low delinquencies, low accumulated losses to date,
sequential payment to the rated classes, and a growing percentage
of credit support to the rated classes. The upgrades reflect an
upward movement of 1.5 notches on average. Of the 124 upgraded
classes, 107 were related modifiable and exchangeable certificates
(MACRs). When not considering MACRs, the upgrades reflect a
movement of 1.8 notches on average.

The affirmations reflect S&P's view that the projected collateral
performance relative to its projected credit support for these
classes remains relatively consistent with its prior projections.

The five discontinued classes were paid in full.

A list of Affected Ratings can be viewed at:

           https://bit.ly/2HImTEo


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