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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, April 5, 2020, Vol. 24, No. 95

                            Headlines

BEAR STERNS 2005-PWR7: Moody's Cuts Class D Debt to 'Ca'
BX COMMERCIAL 2019-XL: DBRS Assigns B(low) Rating on Class J Certs
CANADIAN COMMERCIAL 2015-3: DBRS Hikes Rating on G Debt to BB(low)
CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms B(high) on F Certs
COMM 2013-CCRE6: DBRS Confirms BB(low) Rating on Class F Certs

COMM 2013-CCRE8: DBRS Confirms B(high) Rating on Class F Certs
COMM 2014-CCRE18: DBRS Lowers Rating on Class F Debt to CCC
COMM 2014-LC15: DBRS Lowers Rating on Class X-C Certs to B
COMM 2014-UBS3: DBRS Lowers Rating on Class X-D Certs to Bsf
COMM 2015-CCRE27: DBRS Confirms B(low) Rating on G Certs

COMM 2019-WCM: DBRS Assigns B(low) Rating on Class G Certs
COMM MORTGAGE 2013-CCRE11: DBRS Confirms B Rating on Class F Certs
COMM MORTGAGE 2014-LC17: DBRS Lowers Class G Debt Rating to C
COMM MORTGAGE 2015-LC21: DBRS Confirms B(low) Rating on F Certs
CSAIL 2020-C19: Fitch Rates $9.32MM Class G-RR Certs 'B-'

DBUBS MORTGAGE 2011-LC2: DBRS Confirms B(low) on Class F Certs
GS MORTGAGE 2012-GCJ7: DBRS Confirms CCC Rating on Class F Certs
GS MORTGAGE 2013-GCJ16: DBRS Confirms B(low) Rating on Cl. G Certs
GS MORTGAGE 2015-GC28: DBRS Confirms B Rating on Class X-D Certs
IMSCI 2012-2: Fitch Lowers Rating on Cl. G Certs to CCC

JP MORGAN 2012-C8: DBRS Confirms B Rating on Class G Certs
JP MORGAN 2013-LC11: Moody's Cuts Class F Debt to Caa3
JP MORGAN 2020-3: Moody's Gives B3 Rating on 2 Tranches
JPMBB COMMERCIAL 2015-C30: DBRS Confirms B Rating on Class F Certs
JPMBB COMMERCIAL 2015-C31: DBRS Confirms B(low) Rating on F Certs

JPMBB COMMERCIAL 2015-C32: DBRS Confirms B(low) Rating on G Certs
JPMBB COMMERCIAL 2015-C33: DBRS Confirms B(low) Rating on G Certs
JPMCC MORTGAGE 2012-CIBX: DBRS Confirms B Rating on Class G Certs
KKR INDUSTRIAL 2020-AIP: Moody's Gives B3 Rating on Class F Certs
LSTAR COMMERCIAL 2015-3: DBRS Confirms B Rating on Class F Certs

MORGAN STANLEY 2013-C7: DBRS Confirms B Rating on Class G Certs
MORGAN STANLEY 2013-C9: DBRS Hikes Rating on Cl. H Debt to B(High)
MORGAN STANLEY 2015-C20: DBRS Confirms B(low) Rating on F Certs
MORGAN STANLEY 2015-C23: DBRS Confirms B(low) on G Certs
MORGAN STANLEY 2015-MS1: DBRS Confirms B(high) Rating on F Certs

MSC MORTGAGE 2012-C4: DBRS Confirms B Rating on Class G Certs
REALT 2014-1: DBRS Hikes Rating on Class G Certs to B(High)
SELKIRK 2013-1: DBRS Confirms BB (low) Rating on Class F Notes
SELKIRK 2014-3A: DBRS Confirms BB Rating on Class F Notes
SELKIRK 2014-3V: DBRS Confirms BB Rating on Class F Notes

TOWD POINT 2020-2: DBRS Gives Prov. B Rating on Class B2 Notes
TRINITAS CLO XII: Moody's Rates $11.2MM Class F Notes 'B3'
UBS COMMERCIAL 2018-C10: Fitch Affirms B- Rating on Cl. F-RR Debt
UBS-BARCLAYS 2012-C3: DBRS Confirms B(high) Rating on Cl. F Certs
UBS-BARCLAYS 2012-C4: DBRS Confirms B Rating on Class F Certs

UBS-CITIGROUP 2011-C1: DBRS Confirms B(high) Rating on G Certs
VENTURE 39: Moody's Assigns Ba3 Rating on $27MM Class E Notes
WELLS FARGO 2015-C27: DBRS Confirms B(low) Rating on Class F Certs
WELLS FARGO 2015-LC20: DBRS Confirms B(low) Rating on Class F Certs
WELLS FARGO 2015-NXS1: DBRS Confirms B Rating on Class F Certs

WELLS FARGO 2015-NXS2: DBRS Confirms B(low) Rating on Class F Certs
WELLS FARGO 2015-NXS3: DBRS Confirms B Rating on Class F Certs
WFRBS COMMERCIAL 2012-C10: DBRS Confirms B Rating on Class F Certs
WFRBS COMMERCIAL 2013-C17: DBRS Confirms B(high) Rating on F Certs
WFRBS COMMERCIAL 2013-C18: DBRS Confirms B Rating on Class F Certs

[*] Moody's Reviews 13 Classes by 12 Auto Loan Securitizations

                            *********

BEAR STERNS 2005-PWR7: Moody's Cuts Class D Debt to 'Ca'
--------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four and
downgraded the ratings on three classes in Bear Stearns Commercial
Mortgage Securities Trust 2005-PWR7 as follows:

Cl. B, Downgraded to Ba1 (sf); previously on Nov 30, 2018
Downgraded to Baa1 (sf)

Cl. C, Downgraded to B3 (sf); previously on Nov 30, 2018 Downgraded
to B1 (sf)

Cl. D, Downgraded to Ca (sf); previously on Nov 30, 2018 Downgraded
to Caa2 (sf)

Cl. E, Affirmed C (sf); previously on Nov 30, 2018 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Nov 30, 2018 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Nov 30, 2018 Affirmed C (sf)

Cl. X-1*, Affirmed C (sf); previously on Nov 30, 2018 Affirmed C
(sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on three P&I classes were downgraded due to an increase
in anticipated losses and interest shortfalls concerns as a result
of the deal's loan exposure in specially servicing. The specially
serviced loan, Shops at Boca Park, represents 85% of the pool. The
loan is REO and has been deemed non-recoverable by the master
servicer.

The ratings on three P&I classes were affirmed because the ratings
are consistent with Moody's expected loss plus realized losses.

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

Moody's rating action reflects a base expected loss of 57.7% of the
current pooled balance, compared to 41.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.1% of the
original pooled balance, compared to 7.8% at Moody's the last
review.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of commercial real
estate. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.
Stress on commercial real estate properties will be most directly
stemming from declines in hotel occupancies (particularly related
to conference or other group attendance) and declines in foot
traffic and sales for non-essential items at retail properties.

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, 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.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 85.3% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced to the most junior classes and the recovery
as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the March 11, 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 95.0% to $56.1
million from $1.12 billion at securitization. The certificates are
collateralized by four remaining mortgage loans. Two loans,
constituting 2.8% of the pool, have defeased and are secured by US
government securities.

Eight loans have been liquidated from the pool with a loss,
resulting in an aggregate realized loss of approximately $58.9
million (for an average loss severity of 65%). One loan,
constituting 85.3% of the pool, is currently in special servicing.
The specially serviced loan is Shops at Boca Park ($47.8 million --
85.3% of the pool), which is secured by a 137,000 square foot (SF)
retail center located in Las Vegas, Nevada approximately 12 miles
northwest of the Vegas strip. The loan has been in and out of
special servicing since October 2009. Property performance had
declined significantly since securitization and the loan
transferred to special servicing for the third time in December
2015 due to imminent maturity default. The Trust took title in
September 2018 and the loan is now real estate owned (REO). The
master servicer has deemed this loan non-recoverable. The property
was 85% leased and 82% occupied as of January 2020. The special
servicer is working to stabilize the asset.

The sole non-defeased performing loan is the Mission Paseo Loan
($6.7 million -- 11.9% of the pool), which is secured by a 61,000
SF retail property in Las Vegas, Nevada. The loan transferred to
special servicing in January 2015 for maturity default and returned
to master servicing after a term and rate modification in February
2016. The property was over 98% leased as of December 2019,
compared to 92% in December 2018 and 88% in December 2017. The loan
matures in November 2023 and Moody's LTV and stressed DSCR are 130%
and 0.87X, respectively, compared to 133% and 0.86X at the last
review.


BX COMMERCIAL 2019-XL: DBRS Assigns B(low) Rating on Class J Certs
------------------------------------------------------------------
DBRS, Inc. assigned ratings to the Commercial Mortgage Pass-Through
Certificates, Series 2019-XL issued by BX Commercial Mortgage Trust
2019-XL (BX 2019-XL or the Issuer) as follows:

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

All trends are Stable.

These certificates are currently also rated by DBRS Morningstar's
affiliated rating agency, Morningstar Credit Ratings, LLC (MCR). In
connection with the ongoing consolidation of DBRS Morningstar and
MCR, MCR previously announced that it had placed its outstanding
ratings of these certificates Under Review–Analytical Integration
Review and that MCR intended to withdraw its outstanding ratings.
As such, in conjunction with these rating actions by DBRS
Morningstar for the subject transaction, the MCR ratings will be
withdrawn. In accordance with MCR's engagement letter covering
these certificates, upon withdrawal of MCR's outstanding ratings,
the DBRS Morningstar ratings will become the successor ratings to
the withdrawn MCR ratings.

On March 1, 2020, DBRS Morningstar finalized its "North American
Single-Asset/Single-Borrower Ratings Methodology" (the NA SASB
Methodology), which presents the criteria for which ratings are
assigned to and/or monitored for North American
single-asset/single-borrower (NA SASB) transactions, large
concentrated pools, rake certificates, ground lease transactions,
and credit tenant lease transactions. For further information on
the NA SASB Methodology, please see the press release dated March
1, 2020, on the DBRS Morningstar website at
www.dbrsmorningstar.com.

The subject rating actions are the result of the application of the
NA SASB Methodology in conjunction with the "North American CMBS
Surveillance Methodology," as applicable. Qualitative adjustments
were made to the final loan-to-value (LTV) sizing benchmarks used
for this rating analysis.

The collateral for the BX 2019-XL mortgage trust is a $5.6 billion
first-lien mortgage loan on 406 industrial properties totaling over
65 million square feet (sf) spread across 18 states. In February
2020, the pool was paid down by $249.8 million following the
release of 17 properties. The proceeds were distributed pro rata
through the capital stack, reducing the total pool balance to $5.35
billion and the non-trust mezzanine loan to $967.1 million.

Original trust loan proceeds of $5.6 billion along with $1.0
billion of mezzanine financing, a $1.9 billion balance sheet loan,
$9.4 million of assumed debt, and $2.6 billion of borrower equity
were used to facilitate the acquisition of the portfolio for
approximately $11.1 billion. The underlying loan for the subject
transaction is interest only (IO) throughout with a two-year
initial term and three one-year extension options. The loan pays a
floating-rate interest of Libor plus 155 points. The portfolio is a
part of Blackstone's larger $18.7 billion acquisition of over 170
million sf of U.S. industrial assets from Singapore-based GLP.
Following the acquisition, Blackstone will surpass Prologis as the
world's largest owner of industrial and distribution assets, with a
portfolio of over 356 million sf.

At issuance, the portfolio had a property Herfindahl score of over
200 by allocated loan amount, which is among the highest DBRS
Morningstar has seen for single-borrower industrial portfolios. The
properties are located across 18 U.S. states in multiple regions
and the portfolio also exhibits substantial tenant diversity and
granularity. No tenant accounts for more than 2.3% of in place base
rent and no property accounts for more than 2.1% of trailing
12-month (T-12) net operating income (NOI).

Over 60% of the portfolio by T-12 NOI is derived from properties
located in markets that DBRS Morningstar considers global gateway
industrial markets. These include the Bay Area, Orange County,
Seattle, Portland, Northern and Central New Jersey, Houston, Inland
Empire, Eastern Pennsylvania, Los Angeles, Atlanta, Dallas,
Philadelphia, Baltimore, and Chicago. Gateway industrial markets
serve as key distribution points in the global supply chain, are
near major population centers, and generally exhibit greater
liquidity and stability in times of economic stress.

Much of the portfolio consists of functional bulk warehouse
product, with a weighted-average year built of 1994 and
weighted-average clear-heights of over 26 feet. Over 30% of the
portfolio by T-12 NOI features clear heights in excess of 30 feet,
and approximately 28% of the portfolio by T-12 NOI was built after
2000. Furthermore, the portfolio consists of six different
industrial property subtypes, but almost 80% of the portfolio by
net rentable area is warehouse/distribution space.

Leasing spreads across the portfolio average approximately 10%,
according to a DBRS Morningstar analysis of leasing data for the
first three quarters of 2019. Leasing spreads were approximately
9.6% for renewals and 13.5% for new leases. DBRS Morningstar views
these as positive indicators of the borrower's ability to drive NOI
growth and generate value upside across the portfolio. Furthermore,
the size and scale of the portfolio create the potential for
Blackstone to take advantage of tenant leverage and pricing power,
akin to what major mall operators such as Simon Property Group and
General Growth Properties have.

In the analysis for these rating actions, DBRS Morningstar utilized
a net cash flow (NCF) figure of $348.6 million ($364.9 million at
issuance adjusted for property releases) and a cap rate of 6.75%
was applied, resulting in a DBRS Morningstar Value of $5.35 billion
($5.41 billion at issuance), a variance of -36.7% from the
paydown-adjusted appraised value of $8.2 billion ($8.5 billion at
issuance). The NCF utilized was the same used by MCR in its
original analysis at securitization, but was adjusted downward due
to the property releases. Such NCF was re-analyzed for the subject
rating action to confirm its consistency with the "DBRS Morningstar
North American Commercial Real Estate Property Analysis Criteria."
The DBRS Morningstar Value implies an LTV of 103.6%, as compared
with the LTV on the adjusted appraised value of 65.7% The cap rate
applied is at the lower end of the range of DBRS Morningstar Cap
Rate Ranges for industrial properties, reflective of the
portfolio's locations in gateway industrial markets with high
barriers to entry, asset quality, and investment-grade tenancy. In
addition, the 6.75% cap rate applied is substantially above the
implied cap rate of 4.3% based on the Issuer's NCF and appraised
value.

The DBRS Morningstar NCF figure applied as part of the analysis
represents a -1.03% variance to the Issuer's NCF, primarily driven
by variable expenses and tenant improvements/leasing commissions
(TI/LC). DBRS Morningstar matched all variable expense line items
to the borrower Year 1 Argus projections across the portfolio and
assumed TI/LC costs of $0.30 per square foot on a normalized
basis.

DBRS Morningstar made positive qualitative adjustments to the final
LTV sizing benchmarks used for this rating analysis totaling 8.0%
to account for cash flow volatility, property quality, and market
fundamentals. DBRS Morningstar also made other negative adjustments
to account for certain structural aspects: weak release provisions
and partial pro-rata principal paydown upon a release of any
property or properties (up to the free payment amount and subject
to certain conditions). For the former, we decreased our LTV
thresholds at each rating category by 25 basis points; for the
latter, we decreased our thresholds at the AAA (sf) through A
(high) (sf) rating categories. We reduced the AAA (sf) category by
1.88% and then tapered the decrease to 1.34% at A (high) (sf).

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

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


CANADIAN COMMERCIAL 2015-3: DBRS Hikes Rating on G Debt to BB(low)
------------------------------------------------------------------
DBRS Limited upgraded the ratings of the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-3 issued
by Canadian Commercial Mortgage Origination Trust 2015-3 as
follows:

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

DBRS Morningstar also confirmed the ratings of the following
classes:

-- Class A at AAA (sf)
-- Class A-J at AAA (sf)
-- Class B at AA (sf)
-- Class X at AA (sf)

All trends are Stable. The trend for Class G was changed to Stable
from Negative as a result of the repayment in full of the
Clearwater Suites Hotel (Prospectus ID#7) loan with the March 2020
remittance, which was secured by a hotel property located in Fort
McMurray, Alberta, and had been previously monitored for sustained
performance declines from issuance.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayments as well as the
overall strong performance of the remaining collateral. At
issuance, the transaction consisted of 42 fixed rated loans secured
by 59 properties, with a trust balance of $570.1 million. As of the
March 2020 remittance, 13 loans remained in the trust with a
balance of $173.4 million, representing a collateral reduction of
69.6% due to loan repayments and scheduled loan amortization.

Loans representing 100.0% of the current pool balance are reporting
a YE2018 weighted-average (WA) debt service coverage ratio and WA
debt yield of 2.01 times (x) and 13.2%, respectively.

As of the March 2020 remittance, there was one loan, representing
7.5% of the pool balance, on the servicer's watchlist, and no loans
were in special servicing. The watchlisted loan, St James Square
(Prospectus ID#11), is secured by a mixed-use retail and office
complex in Winnipeg, Manitoba. Staples Canada (22.3% of the net
rentable area) vacated the subject upon lease expiration in
September 2017, driving occupancy down to 69.0% as of October 2017,
down from 91.2% at YE2016 and 86.5% at YE2015. According to the
servicer, the space remains vacant with no solid prospects to date.
In addition, the loan missed the scheduled maturity date in
December 2019; the servicer has stated the borrower expects to
repay the loan in the near term. The loan was analyzed with an
elevated probability of default to reflect the increased
refinancing risk, as part of the review.

DBRS Morningstar does note the transaction's exposure to a
concentration of retail properties in the top 10 loans in the pool,
a factor that is particularly noteworthy given the Coronavirus
Disease (COVID-19) outbreak of 2020 and the impact to retail
traffic around the world as government officials, property owners,
and company chief executive officers alike have taken measures to
address coronavirus' spread by ordering stores and restaurants
closed. DBRS Morningstar notes that most of the retail properties
securing loans in the subject transaction have tenants that are
considered as essential services, such as food, energy, and fuel
that are expected to continue to stay open and operate during the
coronavirus outbreak.

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 U.S. dollars unless otherwise noted.


CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms B(high) on F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-GC15 issued by
Citigroup Commercial Mortgage Trust 2013-GC15 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has had a collateral reduction of 29.6%
since issuance with 74 of the original 92 loans remaining in the
pool as of the February 2020 remittance report. Seven loans,
including one loan in the top 15, are fully defeased, representing
5.8% of the pool.

Loans representing 67.9% and 92.9% of the current pool balance
reported partial-year 2019 and YE2018 financials, respectively.
Collectively, the loans reporting YE2018 financials have a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.59 times (x) and 11.3%, respectively. The largest 15
loans reported YE2018 financials with a WA DSCR and debt yield of
1.56x and 10.9%, respectively, representing a WA cash flow
improvement of 11.5% over the DBRS Morningstar net cash flow
figures derived at issuance. The pool is highly concentrated with
retail property types with 33 loans, representing 33.6% of the
pool, secured by retail properties, including six retail loans in
the top 15. This concentration is particularly noteworthy amid the
ongoing 2020 Coronavirus Disease (COVID-19) outbreak and its impact
on retail traffic nationwide as cities, governors, and company
Chief Executive Officers have taken measures to address the
coronavirus spread by closing stores and restaurants. In general,
the loans secured by retail properties in the subject pool are
performing as expected, but DBRS Morningstar will continue to
monitor as developments amid the coronavirus unfold.

As of the February 2020 remittance, one loan, representing 4.3% of
the pool, was in special servicing and 12 loans, representing 20.8%
of the pool, we're on the servicer's watchlist. The largest loan on
the watchlist, 125 Third Avenue (Prospectus ID#2; 7.2% of the
pool), is being monitored for exterior damage incurred by
neighboring construction and has maintained its strong performance
since issuance.

The loan in special servicing, 735 Sixth Avenue (Prospectus ID #6;
4.3% of the pool), is secured by the ground- and mezzanine-floor
retail portion of a 40-story multifamily building in New York's
Chelsea neighborhood. At issuance and in most years since the
collateral was fully occupied, but two major departures in the last
year have reversed those trends. David's Bridal (65.5% of the net
rentable area (NRA)) and T-Mobile (15.2% of the NRA) vacated at
lease expirations in late 2018. With these departures, the
property's physical occupancy rate is approximately 18.8%.

Because of the building's restrictions on restaurant tenants, the
property has had issues backfilling the space, regardless of its
central location in Manhattan. The loan transferred to special
servicing in February 2019 for delinquency with a March 2019
appraisal as-is value of $27.0 million, a 40.7% discount to the
June 2013 appraisal value of $45.5 million and below the trust
exposure of approximately $38.5 million as of February 2020. Based
on the most recent appraisal, DBRS Morningstar expects the loss
severity at a resolution to approach 60.0%.

Classes X-A and X-C 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.


COMM 2013-CCRE6: DBRS Confirms BB(low) Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2013-CCRE6 issued by COMM
2013-CCRE6 Mortgage Trust as follows:

-- Class A-3FL at AAA (sf)
-- Class A-3FX at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (high) (sf)
-- Class C at AA (sf)
-- Class PEZ at AA (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class F at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance, when the transaction consisted of
48 loans and an original trust balance of $1.5 billion. As of the
February 2020 remittance, 38 loans remained in the trust with a
balance of $913.4 million, representing a collateral reduction of
38.9% caused by loan repayments, scheduled loan amortization,
realized losses, and recovered proceeds from loans liquidated from
the pool. The pool benefits from eight loans, representing 5.4% of
the pool, that have fully defeased.

As of the February 2020 remittance report, five loans (including
three loans in the top 10), representing 32.0% of the pool, were on
the servicer's watchlist, and no loans were in special servicing.
In general, the larger loans on the servicer's watchlist are not
exhibiting significantly increased risks since issuance with the
largest loan, Federal Center Plaza (Prospectus ID#1; 14.3% of the
pool) monitored for upcoming tenant rollover risk. The subject is
the headquarters for the second-largest tenant at the property, the
Federal Emergency Management Agency (FEMA), representing 42.0% of
the net rentable area on a lease expiring in August 2020. According
to a Federal News Network articled dated November 11, 2019, FEMA
initially planned to relocate to the St. Elizabeth campus in
Southeast Washington, D.C.; however, the servicer has since
confirmed that the tenant will instead pursue a long-term lease at
the subject property with negotiations ongoing as of March 2020.
The lease rollover risk is mitigated by the fully funded $15.0
million tenant improvement/leasing commission replacement reserve
held by the lender and the loan reported a YE2019 DSCR of 3.46x
with a portfolio occupancy rate of 90.0%.

DBRS Morningstar notes that the transaction's exposure to a
concentration of retail properties in the top 10 non-defeased loans
in the pool is particularly significant, given the 2020 Coronavirus
Disease (COVID-19) outbreak and its impact on retail traffic
nationwide as cities, governors, and company Chief Executive
Officers have taken measures to address the spread of the
coronavirus by closing stores and restaurants. DBRS Morningstar
also notes that the decline in tourist and business travel related
to the coronavirus will also affect the sixth-largest loan in the
pool, Westin Washington DC (Prospectus ID#9; 6.6% of the pool).
This loan recently reported a YE2019 DSCR of 1.84x, which is above
issuance expectations, suggesting that there is some cushion for a
decline in room bookings.

At issuance, DBRS Morningstar shadow-rated the Federal Center Plaza
loan investment grade based on the collateral property's desirable
location, significant tenant investment, below-market rents, and
added value of the property's redevelopment parcel. With this
review, DBRS Morningstar confirms that the performance of this loan
remains consistent with investment-grade loan characteristics.

Classes X-A and X-B 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.


COMM 2013-CCRE8: DBRS Confirms B(high) Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2013-CCRE8 issued by COMM
2013-CCRE8 Mortgage Trust (the Issuer) as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SBFL at AAA (sf)
-- Class A-SBFX at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at AA (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BB (high) (sf)
-- Class X-C at BB (low) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance, when the transaction consisted of
59 loans and an original trust balance of $1.4 billion. As of the
February 2020 remittance, 51 loans remained in the trust with a
balance of $1.0 billion, representing a collateral reduction of
26.0% caused by loan repayments, scheduled loan amortization,
realized losses, and recovered proceeds from loans liquidated from
the pool. The pool benefits from 13 loans, representing 20.2% of
the pool, that have fully defeased.

Based on the most recent year-end reporting available, loans
representing 79.8% of the current pool balance reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 2.02 times (x) and 11.1%, respectively. In addition,
loans representing 73.4% of the pool reported partial-year 2019
financials with a WA DSCR and WA debt yield of 1.60x and 9.7%,
respectively.

As of the February 2020 remittance report, two loans, representing
1.7% of the pool, were on the servicer's watchlist, including 11000
Equity Drive (Prospectus ID#28; 1.0% of the pool), which is secured
by a 63,693 square foot (sf) office property in Houston. The loan
is being monitored for its low DSCR, which was reported at 0.84x
for the trailing 12-month period ended December 2019. According to
the servicer, the loan's performance has remained depressed since
YE2016 following the departure of the largest tenant at the time,
Superior Energy Services, Inc. (53.0% of net rentable area (NRA)),
which vacated in June 2015. In addition, Satterfield & Pontikes
Construction (41.0% of NRA), vacated the subject upon its lease
expiration in November 2018. However, according to the servicer,
the borrower executed a lease with Exterran Energy Solutions, L.P.
(92.0% of NRA) that commenced in Q2 2019. For additional
information on this loan, please see the loan commentary in the
DBRS Viewpoint platform.

The smaller loan on the servicer's watchlist, 12808 West Airport
(Prospectus#38; 0.7% of the pool), is secured by a 155,243 sf
suburban office in Sugar Land, Texas. The loan is being monitored
as the largest tenant, ABB, Inc. (39.0% of NRA), had a lease
expiration in December 2019. According to the servicer, the tenant
downsized and renewed its lease at the subject, although details on
the lease terms are pending.

DBRS Morningstar notes that the decline in tourist and business
travel related to the 2020 Coronavirus Disease (COVID-19) outbreak
will affect the pool's hotel concentration, particularly the
third-largest loan, Westin San Diego (Prospectus ID#4; 6.0% of the
pool), and another loan in the top 15, Hotel Oceana Santa Barbara
rebranded as Hotel Milo Santa Barbara (Prospectus ID#16; 2.2% of
the pool). The San Diego property has consistently outperformed
issuance expectations, but the Santa Barbara property has
consistently reported coverage ratios below the Issuer's figure,
suggesting that property may be more vulnerable amid the
significant disruption to the hospitality industry that will likely
extend into the medium to long term. DBRS Morningstar contacted the
servicer regarding impacts on both properties and will provide
updated information on the DBRS Viewpoint platform once available.

At issuance, DBRS Morningstar shadow-rated the largest loan in the
pool, 375 Park Avenue (Prospectus ID#1; 20.4% of the pool). With
this review, DBRS Morningstar confirms that the performance of this
loan remains consistent with investment-grade loan
characteristics.

Classes X-A, X-B, and X-C 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.


COMM 2014-CCRE18: DBRS Lowers Rating on Class F Debt to CCC
-----------------------------------------------------------
DBRS, Inc. downgraded three classes of Commercial Mortgage
Pass-Through Certificates, Series 2014-C18 issued by COMM
2014-CCRE18 Mortgage Trust as follows:

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

DBRS Morningstar also confirmed the ratings on the following
classes:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class X-B at BBB (sf)
-- Class D at BBB (low) (sf)

In addition, DBRS Morningstar changed the trend on Class E to
Negative from Stable. The rating on Class F no longer has a trend.
Class X-C has a Negative trend. All other trends are Stable.

The rating downgrades and Negative trends reflect DBRS
Morningstar's outlook for the loans in special servicing and some
of the loans on the servicer's watchlist. There are three loans,
representing 3.7% of the pool balance, in special servicing as of
the March 2020 remittance. The largest specially serviced loan is
22 Exchange (Prospectus ID#17; 2.4% of the pool balance), which is
secured by a student housing property in Akron, Ohio, and has been
in special servicing since January 2018. The property has been real
estate owned since December 2018, and a June 2019 appraisal
reported a value of $12.0 million, down from the previous value
obtained by the special servicer as of November 2018 of $15.0
million. At issuance, the appraised value was $28.4 million. Based
on the most recent appraised value, DBRS Morningstar expects that a
loss severity approaching 60.0% will be realized at resolution.

The second-largest specially serviced loan is Candlewood Suites
Syracuse Airport (Prospectus ID#34; 0.9% of the current pool
balance). The loan has been in special servicing since November
2018, and according to the October 2019 appraisal, the property was
valued at $2.6 million, a significant decrease from the issuance
value of $11.2 million. Based on the updated value, DBRS
Morningstar believes a loss severity approaching 80.0% will be
realized at liquidation.

The projected losses for these two loans results in a $9.3 million
loss to the unrated Class G certificates, but the erosion in credit
support for the Class E and Class F certificates supports the
rating downgrades for those and the related interest-only (IO)
certificate in Class X-C.

There are three loans, representing 8.1% of the pool balance, on
the servicer's watchlist, including two loans in the top 10. The
fifth-largest loan in the pool, 399 Thornhall Street (Prospectus
ID#8; 4.5% of the current pool balance), is on the servicer's
watchlist due to significant occupancy declines after the former
largest tenant, Daiichi Sankyo, Inc., vacated at its October 2018
lease expiration. Where applicable, DBRS Morningstar assumed an
elevated probability of default in the analysis for this review for
watchlist and other loans exhibiting sustainable higher risks from
issuance.

The pool currently consists of 40 of the original 49 loans,
representing a collateral reduction of 22.9% since issuance as of
the March 2020 remittance. Loans representing 9.1% of the current
pool balance are fully defeased. Loans representing 88.6% of the
pool are reporting YE2018 financials, with a weighted-average (WA)
debt service coverage ratio (DSCR) and WA debt yield of 1.56 times
(x) and 9.7%, respectively. The largest 15 loans represent 77.1% of
the current pool balance, and the majority of the loans with most
recent financials reported a WA DSCR and debt yield of 1.55x and
8.8%, respectively, representing a WA net cash flow growth of 6.0%
over the DBRS Morningstar cash flow figures derived at issuance.

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

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


COMM 2014-LC15: DBRS Lowers Rating on Class X-C Certs to B
----------------------------------------------------------
DBRS, Inc. downgraded three classes of Commercial Mortgage
Pass-Through Certificates, Series 2014-LC15 issued by COMM
2014-LC15 Mortgage Trust (the Trust) as follows:

-- Class E to B (sf) from BB (low) (sf)
-- Class F to B (low) (sf) from B (sf)
-- Class X-C to B (sf) from B (high) (sf)

DBRS Morningstar also confirmed the ratings on the following
classes:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class X-B at BBB (sf)
-- Class D at BBB (low) (sf)

In addition, DBRS Morningstar changed the trend on Class E to
Negative from Stable. Classes F and X-C have Negative trends. All
other trends are Stable.

The rating downgrades and Negative trend change reflect DBRS
Morningstar's outlook for the loans in special servicing, which
collectively represent 5.0% of the pool balance and include
Prospectus ID#22–McKinley Mall (1.2% of the pool balance) that is
secured by a regional mall in Hamburg, New York. The Trust loan
represents a pari passu portion of the $38.0 million whole loans,
with the larger $28.0 million pieces contributed to the COMM
2014-CCRE14 transaction, also rated by DBRS Morningstar.

The McKinley Mall loan has been in special servicing since April
2018. The mall lost all but one anchor (JCPenney) to bankruptcy
closures. With the anchor departures, occupancy fell to 79.5% as of
Q3 2019 compared with the YE2017 occupancy rate of 96.0%. The
servicer obtained an April 2019 appraisal that showed an as-is
value of $11.5 million compared with the issuance value of $56.5
million. The April 2019 value suggests a significant loss to the
Trust, with a loss severity approaching 100.0% at resolution. The
modeled loss for the loan of nearly $8.0 million is contained to
the Class G certificates, but the decreased credit support for the
Class E and F certificates supports the downgrades for those
classes (and related interest-only (IO) certificate in Class X-C).

The largest loan in special servicing, Prospectus ID#14–Hilton
Garden Inn Houston (2.6% of the pool), recently transferred in
January 2020. The collateral property, a limited-service hotel
located near Willowbrook Mall in the northwest part of the Houston
metro, has historically reported relatively stable cash flows, but
the most recently reported debt service coverage ratio (DSCR) as of
the trailing 12 months ending September 2019 showed coverage of
0.92 times (x), with a franchise agreement expiring in 2022. The
servicer's comments suggest the sponsor is interested in giving
back title to the property and a workout strategy is still being
determined. DBRS Morningstar applied a steep probability-of-default
penalty to the loan in the analysis to increase the loan-level
expected loss and will continue to monitor for developments.

The pool currently consists of 40 of the original 48 loans with
collateral reduction of 21.5% since issuance as of the March 2020
remittance. Two loans, representing 1.1% of the current pool
balance, are fully defeased. There are three loans, representing
4.9% of the pool balance, on the servicer's watchlist, including
one loan in the top 15.

Loans representing 97.9% of the pool are reporting YE2018 or YE2019
financials, with a weighted-average (WA) DSCR and WA debt yield of
1.59x and 11.1%, respectively. The largest 15 loans represent 78.9%
of the current pool balance, and the majority of the loans reported
partial-year 2019 financials, with a WA DSCR and debt yield of
1.61x and 9.5%, respectively, representing a WA net cash flow
growth of 9.0% over the DBRS Morningstar cash flow figures derived
at issuance.

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

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


COMM 2014-UBS3: DBRS Lowers Rating on Class X-D Certs to Bsf
------------------------------------------------------------
DBRS, Inc. downgraded two classes of Commercial Mortgage
Pass-Through Certificates, Series 2014-UBS3 issued by COMM
2014-UBS3 Mortgage Trust (the Trust) as follows:

-- Class G to B (low) (sf) from B (sf)
-- Class X-D to B (sf) from B (high) (sf)

In addition, DBRS Morningstar confirmed its ratings on the
remaining classes as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (high) (sf)
-- Class X-C at BB (high) (sf)
-- Class F at BB (sf)

The Class PEZ certificates are exchangeable with the Class A-M, B,
and C certificates (and vice versa).

DBRS Morningstar also changed the trend on the downgraded Classes G
and X-D ratings to Stable from Negative. All remaining trends are
Stable.

DBRS Morningstar previously assigned Negative trends to Classes G
and X-D in February 2019 to reflect concerns surrounding two loans
in special servicing, Radcliff Square Shopping Center (Prospectus
ID#39) and Cincinnati Multifamily Portfolio (Prospectus ID#19).
Those loans have since been resolved with liquidations in August
2019 and October 2019, respectively, cumulatively resulting in a
$15.5 million loss to the Trust. Although realized losses were
contained to the unrated Class H, the reduced credit support for
Class G supports rating downgrades for that class and the related
interest-only (IO) Class X-D. The remaining loans in the pool are
generally performing as expected and no loans remain in special
servicing as of the March 2020 remittance, which supports rating
confirmations for the remaining classes in the Trust.

As of the March 2020 remittance, the pool consisted of 41 of the 49
original loans from issuance with collateral reduction of 17.8%
since the transaction closed in 2014. Four loans, representing 4.3%
of the current pool balance, are defeased. Loans representing 95.7%
of the pool balance are reporting YE2019 or YE2018 financials with
a weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.65 times (x) and 9.9%, respectively. The majority of the
largest 15 loans, representing 80.3% of the pool balance, are
reporting YE2019 or partial-year 2019 financials with a WA DSCR and
debt yield 1.74x and 9.9%, respectively, representing a WA net cash
flow (NCF) growth of 13.2% over the DBRS Morningstar NCF derived at
issuance.

As of the March 2020 remittance, eight loans, representing 13.1% of
the pool balance, are on the servicer's watchlist, including three
loans in the top 15. Two of the largest loans on the watchlist are
secured by multifamily or retail properties with deferred
maintenance cited at the most recent servicer's site inspection.
The largest loan on the servicer's watchlist, Village Square and
Deerpath Court (Prospectus ID #10; 3.5% of the pool), is secured by
two retail properties in the Chicago metropolitan statistical area
and the loan is being monitored for occupancy declines at the
collateral properties since issuance. The servicer reports that new
tenants have taken the bulk of the vacated spaces with a Q3 2019
DSCR and occupancy rate of 2.24x and 96.0%, respectively. DBRS
Morningstar believes that the loan will be removed from the
servicer's watchlist in the near term.

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

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


COMM 2015-CCRE27: DBRS Confirms B(low) Rating on G Certs
--------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-CCRE27 issued by COMM
2015-CCRE27 Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. At issuance, the transaction
consisted of 65 loans and an original trust balance of $931.6
million. As of the February 2020 remittance, all the loans remained
in the trust with a balance of $898.4 million, representing a
collateral reduction of 3.6% due to loan repayments and scheduled
loan amortization. The pool benefits from seven loans (8.2% of the
pool) that are fully defeased.

Based on the most recent year-end reporting available, loans
representing 91.8% of the current pool balance reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.78 times (x) and 10.1%, respectively. In addition,
loans representing 66.9% of the pool reported partial-year 2019
financials with a WA DSCR and debt yield of 1.75x and 10.1%,
respectively.

As of the February 2020 remittance, there were two loans,
representing 1.5% of the pool balance, in special servicing and 10
loans, representing 17.6% of the pool balance, on the servicer's
watchlist. The largest loan in special servicing (Prospectus ID#31
– Chestnut Street) is secured by a mixed-use property located in
Philadelphia, Pennsylvania. The loan transferred to the special
servicer in January 2019 as the borrower was non-compliant with the
cash management provisions associated with the single-tenant Foot
Locker space, which had a lease expiration in June 2019. According
to the servicer, the borrower is complying with the cash management
provision as of March 2020, and a lease renewal has been executed,
although updated lease terms were not provided. For additional
information on this loan, please see the loan commentary in the
DBRS Viewpoint platform.

The smaller loan in special servicing is Parkway Plaza Shopping
Center (Prospectus ID#54 – 0.4% of the pool balance), which is
secured by a 52,365 sf retail property in Brunswick, Georgia. The
loan transferred to special servicing in October 2019 as a result
of an unapproved equity transfer. The special servicer is in
ongoing discussions with the borrower regarding a plan to resolve
the technical default.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to one loan, 11 Madison Avenue (Prospectus ID#1,
representing 7.8% of the pool balance). DBRS Morningstar confirmed
that the performance of this loan remains consistent with
investment-grade loan characteristics.

Classes X-A, X-B, X-C, X-D, and X-E 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.


COMM 2019-WCM: DBRS Assigns B(low) Rating on Class G Certs
----------------------------------------------------------
DBRS, Inc. assigned the ratings to the Commercial Mortgage
Pass-Through Certificates, Series 2019-WCM issued by COMM 2019-WCM
Mortgage Trust (COMM 2019-WCM or the Issuer) as follows:

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

All trends are Stable.

These certificates are currently also rated by DBRS Morningstar's
affiliated rating agency, Morningstar Credit Ratings, LLC (MCR). In
connection with the ongoing consolidation of DBRS Morningstar and
MCR, MCR previously announced that it had placed its outstanding
ratings of these certificates Under Review–Analytical Integration
Review and that MCR intended to withdraw its outstanding ratings.
As such, in conjunction with these rating actions by DBRS
Morningstar for the subject transaction, the MCR ratings will be
withdrawn. In accordance with MCR's engagement letter covering
these certificates, upon withdrawal of MCR's outstanding ratings,
the DBRS Morningstar ratings will become the successor ratings to
the withdrawn MCR ratings.

On March 1, 2020, DBRS Morningstar finalized its "North American
Single-Asset/Single-Borrower Ratings Methodology" (the NA SASB
Methodology), which presents the criteria for which ratings are
assigned to and/or monitored for North American
single-asset/single-borrower (NA SASB) transactions, large
concentrated pools, rake certificates, ground lease transactions,
and credit tenant lease transactions. For further information on
the NA SASB Methodology, please see the press release dated March
1, 2020, on the DBRS Morningstar website at
www.dbrsmorningstar.com.

The subject rating actions are the result of the application of the
NA SASB Methodology in conjunction with the "North American CMBS
Surveillance Methodology," as applicable. Qualitative adjustments
were made to the final loan-to-value (LTV) sizing benchmarks used
for this rating analysis.

The collateral for COMM 2019-WCM is a $415 million first-lien
mortgage loan collateralized by the fee simple interests in 10
properties totaling 2,297 units across seven markets in three
states, including Washington, California, and Arizona.

The $415.0 million loan will be used to refinance the existing debt
of $305.0 million, pay closing costs of $7.2 million, and return
equity of $102.8 million. The sponsor for this transaction is the
Blackstone Group Inc. (Blackstone), a large global alternative
asset manager. The properties are owned by affiliates of Blackstone
Real Estate Partners Fund VIII and were acquired between December
2015 and November 2016 for almost $428.9 million. The mortgages are
cross-collateralized and cross-defaulted. Each borrower is a
special-purpose entity sponsored by BREP VIII.

The underlying loan for the subject transaction is interest only
throughout with a two-year initial term and three one-year
extension options. The loan pays a floating-rate interest of Libor
plus 159 points.

Blackstone continues to demonstrate its broad experience and
ability to identify opportunistic assets and invest the resources
necessary to improve performance, evidenced by its acquisition of
the 10 West Coast Multifamily portfolio assets in 2015 and 2016.
Although renovations to this portfolio have only been completed for
about 43.1% of the total 2,297 units since the acquisition, overall
performance has improved considerably.

Following its acquisition of the portfolio for nearly $428.9
million, Blackstone invested an additional $30.4 million, or
$13,235 per unit, into property improvements. While Blackstone used
$12.3 million for deferred maintenance and asset preservation
requirements and another $3.6 million for replacement of capital
items, Blackstone used most of the additional investment ($14.6
million) for renovations to the units. The unit renovations
typically included installing stainless-steel appliances, new
countertops and vanities, and new flooring, among other items.

The properties are located in markets with strong multifamily
fundamentals with an average vacancy rate of 4.9% based on
appraisal data. Submarket vacancy rates are below each of the
properties except for Kent, Washington, which was higher at 9.4%
compared with the property's vacancy of 6.8%. Market rents were
stronger, averaging $1,552 per unit based on appraisal data and
$1,726 per unit based on the appraiser's average market rent. Based
on these market fundamentals, there is enough incentive for
continued investment and improvement within the portfolio.

In the analysis for these rating actions, DBRS Morningstar utilized
a net cash flow (NCF) figure of $26.1 million and a cap rate of
6.71% was applied, resulting in a DBRS Morningstar Value of $390.4
million, a variance of -31.9% from the appraised value at issuance
of $573.7 million. The NCF utilized was the same used by MCR in its
original analysis at securitization. Such NCF was re-analyzed for
the subject rating action to confirm its consistency with the "DBRS
Morningstar North American Commercial Real Estate Property Analysis
Criteria." The DBRS Morningstar Value implies an LTV of 106.3%, as
compared with the LTV on the issuance appraised value of 72.3%. The
cap rate applied is in the middle of the range of DBRS Morningstar
Cap Rate Ranges for multifamily properties and is reflective of the
portfolio's locations in strong core markets and recent capital
improvements. In addition, the 6.71% cap rate applied is
substantially above the implied cap rate of 4.73% based on the
Issuer's NCF and appraised value.

The DBRS Morningstar NCF figure applied as part of the analysis
represents a -4.06% variance from the Issuer's NCF, primarily
driven lower expense reimbursements and higher real estate taxes.
DBRS Morningstar calculated expense reimbursements based on a
three-year weighted average and damages and other income based on
the trailing 12-month period ending September 2019 One property,
15Fifty5 Apartments, has 12,219 square feet of retail space that is
currently 27.4% vacant. DBRS Morningstar only gave credit for the
revenue generated from the four existing tenants totaling $313,364
per year. DBRS Morningstar calculated real estate taxes with a 3.0%
inflationary increase over the previous year, except for the four
California properties, which DBRS Morningstar concluded to reflect
real estate taxes that are closer to the market level. The
sustainable real estate taxes for these properties were $128,234
higher than the Issuer's assumption.

DBRS Morningstar made positive qualitative adjustments to the final
LTV sizing benchmarks used for this rating analysis totaling 3.0%
to account for cash flow volatility, property quality, and market
fundamentals. DBRS Morningstar also made other negative adjustments
to account for certain structural aspects: weak release provisions
and partial pro-rata principal paydown upon a release of any
property or properties (up to the free payment amount and subject
to certain conditions). For the former, DBRS Morningstar decreased
its LTV thresholds at each rating category by 25 basis points; for
the latter, DBRS Morningstar decreased its LTV thresholds for the
AAA (sf) through A (high) (sf) rating categories. DBRS Morningstar
reduced the AAA (sf) category by 1.75% and then tapered the
decrease to 1.38% for the A (high) (sf) category.

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


COMM MORTGAGE 2013-CCRE11: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the following classes of Commercial Mortgage
Pass-Through Certificates, Series 2013-CCRE11 (the Certificates)
issued by COMM 2013-CCRE11 Mortgage Trust:

-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-M at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class X-B at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class X-C at B (high) (sf)
-- Class F at B (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there was a collateral reduction since issuance of 11.8% as a
result of scheduled amortization. Eleven loans, representing 23.7%
of the current pool balance, are fully defeased, including five
loans in the top 15.

Loans representing 75.1% of the current pool balance show a YE2018
analysis in the servicer's reporting. Those loans reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.79 times (x) and 11.4%, respectively. Loans
representing 60.0% of the current pool balance show 2019
partial-year reporting with a WA DSCR of 1.84x.

As of the February 2020 remittance, there were four loans on the
servicer's watchlist, representing 8.9% of the current pool
balance, and no loans in special servicing. The largest loan on the
servicer's watchlist, Oglethorpe Mall (Prospectus ID#5, 7.8% of the
pool), is secured by a regional mall in Savannah, Georgia, owned
and operated by an affiliate of Brookfield Property Partners. That
loan is also on the DBRS Morningstar Hotlist and is being monitored
for the loss of an anchor tenant in Sears (non-collateral) in 2018.


DBRS Morningstar notes that the largest loan in the pool is the
Miracle Mile Shops loan (Prospectus ID#1, 12.7% of the pool), which
is a $580 million pari passu whole loan secured by a super-regional
mall located in Las Vegas, Nevada, inside the Planet Hollywood
Resort & Casino on the Strip. The Coronavirus Disease (COVID-19)
outbreak of 2020 has severely affected tourist and business travel
around the United States and around the globe. Las Vegas, which has
an economy heavily reliant on travelers to the area, has been
particularly hard hit. According to a USA Today article dated March
16, 2020, two Wynn Resorts properties and 13 MGM Resorts properties
have been closed along the Las Vegas Strip. As of the date of the
article, 10 Caesars Entertainment hotel-casinos were still open
(including the Planet Hollywood property where the subject is
located), but it was noted that all live events at Caesars
properties were canceled through the end of March. The subject
property's website indicated it was open for business as of March
19, 2020, with a note stating some businesses were closed and some
restaurants were offering take-out and delivery options only.

As these events continue to unfold, DBRS Morningstar will continue
to monitor for developments. The significant loss in tourist and
business traveler traffic during some of the most popular months of
the year for Las Vegas visitors will likely take a significant toll
on sales at the subject for the near to moderate term. The loan
reported a YE2019 occupancy rate of 98.0% and a DSCR of 1.39x,
suggesting the breathing room for cash flow declines is relatively
slim.

Classes X-A, X-B, and X-C 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.


COMM MORTGAGE 2014-LC17: DBRS Lowers Class G Debt Rating to C
-------------------------------------------------------------
DBRS, Inc. downgraded five classes of Commercial Mortgage
Pass-Through Certificates, Series 2014-LC17 issued by COMM
2014-LC17 Mortgage Trust (the Trust) as follows:

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

In addition, DBRS Morningstar confirmed its ratings on the classes
listed below:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class PEZ at A (high) (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)

DBRS Morningstar maintained Negative trends on Classes E, X-D, and
X-E, while Classes F and G are assigned ratings that do not carry
trends. All other trends are Stable.

Furthermore, the rating on the notional Class X-F was discontinued
and withdrawn by DBRS Morningstar as the Applicable Referenced
Obligation, Class G, was downgraded to C (sf) which was due to the
projected losses upon the resolution of the specially serviced
loans in addition to decreased credit support as the Trust
experienced a $19.3 million loss contained to the nonrated Class
H.

As of the March 2020 remittance, there were six specially serviced
loans, representing 9.6% of the current pool balance, including
World Houston Plaza (Prospectus ID #20, 1.8% of the pool), which is
secured by a suburban Class B office property in Houston, located
approximately 17 miles north of the central business district and
south of the George Bush Intercontinental Airport. The loan
transferred to special servicing in June 2017 after losing a major
tenant, Weatherford US, which occupied 50.5% of the net rentable
area. The loan has been real estate owned since January 2018.
According to the January 2019 appraisal, the property was valued at
$9.0 million, a decline from the issuance value of $27.0 million.
Based on the updated value, DBRS Morningstar assumed a loss
severity approaching 70.0% with this review.

The 50 Crosby Drive loan (Prospectus ID#7, 3.5% of the pool
balance) recently transferred to special servicing in February 2020
for imminent default. The collateral is an office property in
Bedford, Massachusetts, and its single tenant, Acme Packet, Inc, a
subsidiary of Oracle America, Inc, exercised its early termination
option and vacated in March 2020. The tenant paid a $2.0 million
termination fee. For additional information on this and the other
pivotal specially serviced loans, please see the DBRS Viewpoint
platform, for which information is provided below.

As of the March 2020 remittance, the pool consists of 60 of the
original 71, loans with collateral reduction of 24.3% since
issuance. Seven loans are defeased, representing 7.2% of the
current pool balance. Loans representing 92.7% of the pool are
reporting YE2019 or YE2018 financials, with a weighted-average (WA)
debt service coverage ratio (DSCR) and WA debt yield of 1.89 times
(x) and 11.5%, respectively. The top 15 loans represent 61.1% of
the current pool balance and majority of the loans reporting YE2019
or partial-year 2019 financials, with a WA DSCR and debt yield of
2.05x and 12.2%, respectively, representing a WA net cash flow
growth of 19.9% over the DBRS Morningstar cash flow figures derived
at issuance. As of the March 2020 remittance, there are 10 loans,
representing 7.7% of the pool balance, on the servicer's watchlist;
none of the watchlisted loans are in the top 15 loans in the pool.

DBRS Morningstar does note the subject transaction has a sizable
concentration of hotel properties in the top 10, including the
largest loan in the pool, Loews Miami Beach Hotel (Prospectus ID#1,
12.9% of the pool balance); Myrtle Beach Marriott Resort & Spa
(Prospectus ID#4, 5.3% of the pool balance); and Aloft Cupertino
(Prospectus ID#6, 3.5% of the pool balance). Although performance
has generally been improved for all three since issuance, the
recent events of the Coronavirus Disease (COVID-19) pandemic have
meant leisure and business travel in the United States and around
the world has ground to a halt, with hotel operators reporting
sharp revenue per available room declines for the affected March
2020 weeks and projections for sustained declines for months to
come. As these events unfold, DBRS Morningstar will continue to
monitor closely for developments.

Classes X-A, X-B, X-C, X-D, and X-E 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.


COMM MORTGAGE 2015-LC21: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of the
Commercial Pass-Through Certificates, Series 2015-LC21 issued by
COMM 2015-LC21 Mortgage Trust:

-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-D at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-E at B (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the March 2020 remittance,
97 of the original 103 loans remained in the pool with collateral
reduction of 16.7% since issuance caused by scheduled loan
amortization and loan repayments. Six loans, representing 4.2% of
the pool, are fully defeased.

Based on the most recent year-end (YE) reporting, the pool had a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.58 times (x) and 9.5%, respectively, compared with
the DBRS Morningstar figures of 1.45x and 8.3%, respectively,
derived at issuance. The former largest loan in the pool, Courtyard
by Marriott Portfolio, representing 7.3% of the original pool
balance, was repaid in full with the February 2020 remittance. At
issuance, the loan had a DBRS Morningstar whole-loan DSCR and debt
yield of 3.14x and 11.8%, respectively.

As of the March 2020 remittance, two loans, representing 0.8% of
the pool, were in special servicing. Both loans were previously
showing as delinquent and were made current with the March 2020
payment date. In addition, 10 loans, representing 10.4% of the
pool, were on the servicer's watchlist and all but one was flagged
for performance-related reasons. Three of the watchlisted loans,
representing 3.9% of the pool, are secured by office
properties—Anchorage Business Park (Prospectus ID#11; 2.1% of the
pool) in Anchorage, Alaska, as well as Honeywell Building
(Prospectus ID#27; 1.6% of the pool) and Bear Creek Office
(Prospectus ID#93; 0.3% of the pool) in Houston, Texas. Over the
last few years, both markets have been heavily affected by the
sustained downturn in the oil and gas markets, which contributed to
performance declines for all three loans.

The pool has a notable concentration of loans backed by hotel
properties, which represented 14.5 of the pool balance as of the
March 2020 remittance. The largest hotel loan in the pool,
Courtyard by Marriot Pasadena (Prospectus ID#2; 6.1% of the pool)
is secured by a 314-key limited-service hotel in Pasadena,
California, approximately 10 miles northeast of Los Angeles. Based
on Q3 2019 annualized financials, the loan experienced a 13.7% net
cash flow (NCF) decline from YE2018 but is still operating at 1.58x
coverage, in line with the DBRS Term DSCR derived of 1.53x at
issuance. The recent trend in NCF is noteworthy, given the ongoing
Coronavirus Disease (COVID-19) pandemic, which has halted business
and leisure travel in the United States and around the world as
hotels report sharp declines in occupancy rates that will likely
hold through the near to medium term. DBRS Morningstar requested
specific information with regard to the coronavirus-related impact
on larger hotel loans in this and other rated pools and will
provide updated commentary on the DBRS Viewpoint platform as
information becomes available.

DBRS Morningstar is also monitoring another top 10 loan on the
watchlist, University Fountains at Lubbock (Prospectus ID#7; 2.5%
of the pool), which is secured by a 228-unit (683-bed) student
housing complex in Lubbock, Texas. This loan is also on the DBRS
Morningstar Hotlist. The loan's amortizing DSCR was most recently
reported at 0.61x for the trailing 12-month period ending September
2019 (in-place DSCR of 0.89x). Although the property has
historically maintained healthy occupancy levels near 95%, cash
flows have declined sharply since issuance because of lower
revenues and increased operating expenses.

Classes X-A, X-B, X-C, X-D, and X-E 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.


CSAIL 2020-C19: Fitch Rates $9.32MM Class G-RR Certs 'B-'
---------------------------------------------------------
Fitch Ratings has assigned the following ratings and rating
Outlooks to the CSAIL 2020-C19 Commercial Mortgage Trust commercial
mortgage pass-through certificates, series 2020-C19.

  -- $20,253,000d class A-1 'AAAsf'; Outlook Stable;

  -- $178,063,000d class A-2 'AAAsf'; Outlook Stable;

  -- $348,421,000d class A-3 'AAAsf'; Outlook Stable;

  -- $33,510,000d class A-SB 'AAAsf'; Outlook Stable;

  -- $58,025,000d class A-S 'AAAsf'; Outlook Stable;

  -- $638,272,000ad class X-A 'AAAsf'; Outlook Stable;

  -- $48,699,000d class B 'AA-sf'; Outlook Stable;

  -- $34,193,000d class C 'A-sf'; Outlook Stable;

  -- $82,892,000ad class X-B 'AA-sf'; Outlook Stable;

  -- $21,760,000bcd class D 'BBBsf'; Outlook Stable;

  -- $18,650,000bcd class E 'BBB-sf'; Outlook Stable;

  -- $40,410,000abcd class X-D 'BBB-sf'; Outlook Stable;

  -- $21,760,000bcd class F-RR 'BB-sf'; Outlook Stable;

  -- $9,325,000bcd class G-RR 'B-sf'; Outlook Stable.

The following class is not rated by Fitch:

  -- $36,266,035bcd class NR-RR

(a) Notional amount and interest only;

(b) Privately placed and pursuant to Rule 144A;

(c) Class includes horizontal credit risk retention interest
representing no less than 3.41% of the approximate initial
certificate balance;

(d) Class includes vertical credit risk retention interest
representing no less than 1.72% of the approximate initial
certificate balance.

Since Fitch published its expected ratings on March 3, 2020, the
balances for class A-2 and class A-3 were finalized. At the time
that the expected ratings were assigned, the exact initial
certificate balances of class A-2 and class A-3 were unknown and
expected to be approximately $526,484,000 in aggregate. The final
class balances for class A-2 and class A-3 are $178,063,000 and
$348,421,000, respectively. Additionally, based on final pricing of
the certificates, class C is a WAC class that provides no excess
cash flow that would affect the payable interests on the class X-B
certificates. Fitch's rating on class X-B has been updated to
'AA-', reflecting the rating of Class B, the next lowest class
referenced tranche whose payable interest has an impact on the IO
payments. Additionally, since Fitch published its expected ratings,
the coronavirus pandemic has caused significant disruption to the
financial markets, with a direct and immediate impact to hotel
performance and lack of clarity on the duration of this impact.
Fitch expects the hotels that are part of this transaction to
experience significant declines in property-level cash flow in the
short term. However, over the longer term, Fitch believes there is
inherent value in the assets.

Although cash flow is expected to be significantly disrupted
through reduced occupancy or hotel closures, Fitch anticipates that
many borrowers, particularly those of institutional quality, are
likely to support their core assets for a period of time. Fitch
performed a breakeven analysis on the hotels to determine the net
cash flow (NCF) declines a hotel can withstand before falling to a
1.0x debt service coverage ratio (DSCR). For this transaction,
hotels can withstand NCF declines ranging from 43% to 57%.

As a further test, Fitch performed a stress scenario with
additional property specific RevPAR declines, increased volatility
adjustments, and an increased probability of default for those
hotels with lower levels of cushion before breaching a 1.0x DSCR as
described. In this scenario, the resulting credit enhancement for
each category would still be consistent with the assigned ratings
for this securitization.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 30 loans secured by 60
commercial properties having an aggregate principal balance of
$828,925,035 as of the cut-off date. The loans were contributed to
the trust by 3650 REIT Loan Funding 1 LLC and Column Financial
Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 75.0% of the properties
by balance, cash flow analysis of 89.2% and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

High Fitch Leverage: The transaction has higher leverage relative
to recent transactions. Fitch's trust debt loan-to-value (LTV) of
105.6% (116.3% on total debt) is higher than the 2020 YTD and 2019
LTVs of 97.9% and 103.0% for the trust debt (109.8% and 110.3% for
the total debt stack, respectively.) Fitch's DSCR of 1.24x (1.08x
for total debt) is lower than the 2020 YTD and 2019 average trust
DSCR of 1.33x and 1.26x, respectively (1.18x and 1.17x respectively
for the total debt stack).

High Pool Concentration: The overall pool is made up of 30 loans,
significantly less than the averages of 51 and 50 for 2020 YTD and
2019, respectively. The top 10 loans total 62.8% of the overall
pool, higher than 2020 YTD and 2019 averages, which were 49.6% and
51.0%, respectively. The LCI and SCI were 495 and 593, higher than
the LCI and SCI of 2020 YTD (364 and 367) and of 2019 (379 and
403).

Favorable Property Type Concentration: The pool has a high
multifamily concentration compared with recent Fitch rated
transactions. Loans secured by multifamily properties represent
31.2% of the pool by balance compared with 20.0% and 16.9% for the
YTD2020 and YTD2019 periods, respectively. Three of the top 10
loans are backed by multifamily properties. All else equal,
multifamily properties have a lower probability of default in the
Fitch multi-borrower model than all other property types except
manufactured housing and self-storage. The pool also has low hotel
exposure (6.7%) compared with the YTD2020 and YTD2019 averages of
13.4% and 12.0%, respectively. Hospitality properties have
historically demonstrated performance volatility and, therefore,
have higher default probabilities, all else equal in the Fitch
multi-borrower model.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 11.0% 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
CSAIL 2020-C19 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 'BBBsf'
could result.

In a scenario in which NCF increased 20% from Fitch's NCF, an
upgrade of five to six notches for all classes could occur,
excluding classes rated 'A-sf' and above which could be upgraded to
'AAAsf'. These results should only be considered as one potential
outcome, as the transaction is also exposed to other risk factors
and should not be used as predictor of future performance.

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of seven notches over three
years. The complete span of best- and worst-case scenario credit
ratings for all rating categories ranges from 'AAA' to 'D'. Best-
and worst-case scenario credit ratings are based on historical
performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


DBUBS MORTGAGE 2011-LC2: DBRS Confirms B(low) on Class F Certs
--------------------------------------------------------------
DBRS, Inc. confirmed all ratings of the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2011-LC2
issued by DBUBS 2011-LC2 Mortgage Trust:

-- Class A-1 at AAA (sf)
-- Class A-1C at AAA (sf)
-- Class A-1FL at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class C at AA (high) (sf)
-- Class D at BBB (sf)
-- Class E at BB (sf)
-- Class FX at B (sf)
-- Class X-B at B (sf)
-- Class F at B (low) (sf)

The trends in Classes FX, X-B, and F were changed to Negative from
Stable. All remaining classes have Stable trends.

The rating confirmations reflect the overall stable performance of
the underlying collateral. Trends were changed to Negative on three
classes as described above, reflective of DBRS Morningstar's
ongoing concerns for two top 10 loans in the pool—Barneys Chicago
(Prospectus ID#8 – 5.7% of the pool balance) and Magnolia Hotel
Houston (Prospectus ID#16 – 2.9% of the pool balance)—which are
exhibiting significantly increased risks from issuance. The Barneys
Chicago loan is secured by a single-tenant six-story retail
building in Chicago that unexpectedly lost its primary tenant,
Barneys New York, Inc., after the company filed Chapter 11
bankruptcy in August 2019. The retail property is located in a
desirable neighborhood of Chicago, but the unique retail property
could be challenging to retenant prior to the loan's upcoming
maturity date of May 2021. Magnolia Hotel Houston is secured by a
314-key full-service hotel in the Houston central business district
that has underperformed since 2015. The hotel faces strong
headwinds as the Houston economy is closely tied to the oil market,
which is going through a downturn, and the ongoing Coronavirus
Disease (COVID-19) pandemic is also a recently introduced
challenge, a worldwide event that is significantly affecting hotel
operations. As the coronavirus outbreak of 2020 has resulted in
sharp drop-offs in leisure and business travel across the United
States and globally, hotels have suffered the immediate effects of
the attempts to contain the virus' spread.

DBRS Morningstar assumed a significant penalty to the probability
of default in the analysis for both of these loans as part of this
review and will continue to monitor for developments.

At issuance, the transaction consisted of 67 loans secured by 132
commercial and multifamily properties with a trust balance of $2.1
billion. As of the February 2020 remittance, there were 41 loans
secured by 72 properties remaining in the trust with a trust
balance of $1.2 billion, representing a 43.8% collateral reduction.
Thirteen loans, representing 16.2% of the pool balance, are fully
defeased. Loan maturity is concentrated as all non-defeased loans
are scheduled to mature in the first half of 2021.The remaining
pool is concentrated by property type with 44.9% of the pool
secured by office properties and 37.3% of the pool secured by
retail properties. The retail concentration is also noteworthy amid
the ongoing coronavirus pandemic, as those property types are also
suffering the immediate impacts of efforts instituted to curb the
virus's spread.

There are eight loans, representing 29.8% of the pool balance, that
are on the servicer's watchlist. Barneys Chicago and Magnolia Hotel
Houston are on the watchlist for the aforementioned reasons. The
third-largest loan in the trust, 498 7th Avenue (Prospectus ID#3
– 15.0% of the pool balance), is secured by a 25-story office
property in Manhattan and has been in the servicer's watchlist
since December 2017 as the largest tenant, representing 44.7% of
the net rentable area, had an upcoming lease expiration in November
2018, at which time the space was vacated. The space was re-leased
and the sponsor funded an $86.0 million reserve to fund the tenant
improvement work and debt service shortfalls, with the tenant in
occupancy in early 2020, as confirmed by the servicer.

DBRS Morningstar notes maturity concerns for the following loans,
which are each exhibiting specific risks that suggest a replacement
loan would be relatively difficult to secure: Barneys Chicago,
Magnolia Hotel Houston, Louisiana Tower (Prospectus ID#33 – 1.1%
of the pool balance), and 38 East 61st Street (Prospectus ID#43 –
0.7% of the pool balance).

DBRS Morningstar materially deviated from its related methodology
when determining the rating assigned to Class C. The rating
assigned to Class C materially deviates from the lower ratings
implied by the quantitative results. DBRS Morningstar considers a
material deviation from a methodology to exist when there may be a
substantial likelihood that a reasonable investor or other users of
the credit ratings would consider the material deviation to be a
significant factor in evaluating the rating. The material deviation
is warranted given the loan level event risk associated with the
largest office and retail properties in the trust.

Classes X-A, X-B and FX 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.


GS MORTGAGE 2012-GCJ7: DBRS Confirms CCC Rating on Class F Certs
----------------------------------------------------------------
DBRS Inc. confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2012-GCJ7 issued by GS Mortgage
Securities Trust, Series 2012-GCJ7 as follows:

-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at B (high) (sf)
-- Class X-B at B (low) (sf)
-- Class F at CCC (sf)

All trends are Stable, with the exception of Classes E and X-B,
which carry a Negative trend, and Class F, which has a rating for
which trends are not assigned.

The trends on Classes E and X-B remain Negative to reflect the
ongoing concern regarding the Shoppes on Main loan (Prospectus
ID#12, 3.3% of the pool), which is secured by a completely vacant
retail property located in White Plains, New York and was
transferred to special servicing as of the February 2020
remittance. Prior to that loan's transfer, there were two loans in
special servicing in 545 Long Wharf Drive (Prospectus ID#14) and
Fifth Third Center (Prospectus ID#24). Both of those loans were
liquidated with the February 2020 remittance, with a combined loss
amount of $28.3 million, slightly below DBRS Morningstar's
projections at last review. However, DBRS Morningstar notes that
any cushion left in the lower than expected losses for those two
loans will likely be offset by the liquidation of the Shoppes on
Main loan, supporting the CCC rating maintained for Class F and the
B (low) rating for the related interest-only X-B class, as well as
the Negative trend on Class E. For further information on the
Shoppes on Main loan, please see the loan commentary in the DBRS
Viewpoint platform, for which information has been provided below.

The rating confirmations reflect the significant paydown since
issuance, as well as the overall healthy performance of the bulk of
the loans in the top 15 and the relatively significant defeasance
concentration, which represents 15.7% of the pool balance. As of
the February 2020 remittance, there were 58 of the original 79
loans remaining in the pool, with a collateral reduction of 38.5%
since issuance.

Loans representing 84.3% of the pool reported year-end (YE) 2018
financials with a weighted-average (WA) debt service coverage ratio
(DSCR) and debt yield of 1.70 times (x) and 13.8%, respectively.
The largest 15 non-defeased loans all reported YE2018 financials,
with a WA DSCR and WA debt yield of 1.74x and 14.0%, respectively,
representing a WA cash flow improvement of 26.1% over the DBRS
Morningstar net cash flow figures derived at issuance.

As of the February 2020 remittance, there are eight loans,
representing 9.1% of the pool that are on the servicer's watchlist
and one loan, representing 3.3% of the pool in special servicing.

The largest loan on the watchlist, 110 Plaza San Diego (Prospectus
ID#9, 4.8% of the pool), is secured by a Class B office building in
downtown San Diego, California. The loan was added to the
servicer's watchlist in 2015 for low occupancy and low DSCR after
the property's largest tenant, California Department of Justice
(37.1% of the net rentable area), provided notice to vacate at the
October 2015 lease expiry date. The property's occupancy rate fell
as low as 35% in 2015 but has increased back up to 72.2% as of
September 2019. This loan has been added to the DBRS Morningstar
Hotlist.

Classes X-A and X-B 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.


GS MORTGAGE 2013-GCJ16: DBRS Confirms B(low) Rating on Cl. G Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-GCJ16 issued by GS
Mortgage Securities Trust 2013-GCJ16 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance when the transaction consisted of 77
loans and an original trust balance of $1.1 billion. As of the
February 2020 remittance, 64 loans remained in the trust at a
balance of $780.7 million, representing a collateral reduction of
28.2% because of loan repayments and scheduled loan amortization.
The pool benefits from 16 loans (18.8% of the pool) having been
fully defeased.

As of the February 2020 remittance report, five loans (10.3% of the
pool) are on the servicer's watchlist, including two loans in the
top 10, and no loans are in special servicing. In general, the
larger loans on the servicer's watchlist are not exhibiting
significantly increased risks from issuance; however, the largest
loan, Regency Portfolio (Prospectus ID #6; 5.1% of the pool), is
being monitored for exposure to the Southeastern Grocers bankruptcy
filing. The collateral is a portfolio of 14 retail properties
located across eight states. The servicer has advised that spaces
affected by the bankruptcy filing have been retained by the tenant
and/or re-tenanted. The loan reported a YE2018 debt service
coverage ratio (DSCR) of 1.42 times (x), with a portfolio occupancy
rate of 91.0%.

DBRS Morningstar does note the transaction's exposure to a
concentration of retail properties in the top 10 non-defeased loans
in the pool, a factor that is particularly noteworthy given the
2020 Coronavirus Disease (COVID-19) outbreak and its effect on
retail traffic nationwide as cities and governors as well as
company CEOs have taken measures to curtail viral spread by
ordering stores and restaurants closed. Also noteworthy is the
second-largest loan in the pool, Windsor Court New Orleans
(Prospectus ID #1; 8.5% of the pool), which will also undoubtedly
be affected by the decline in tourist and business travel related
to the COVID-19 outbreak. That loan most recently reported a
trailing 12-month period ending September 2019 DSCR of 2.02x,
relatively in line with historical figures and above issuance
expectations, suggesting there is some cushion for a decline in
room bookings.

Classes X-A, X-B, and X-C 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.


GS MORTGAGE 2015-GC28: DBRS Confirms B Rating on Class X-D Certs
----------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-GC28 issued by GS Mortgage
Securities Trust 2015-GC28 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance, when the transaction consisted of
74 fixed-rate loans secured by 112 commercial properties with an
original trust balance of $914.0 million. As of the February 2020
remittance, there were 66 loans secured by 104 properties remaining
in the pool with an outstanding trust balance of $751.5 million,
representing a 17.7% collateral reduction since issuance. In the
last 12 months, there have been seven loans repaid in full, which
included Campus Marketplace (Prospectus ID#3) and Lincoln City
Outlet Center (Prospectus ID#5). There were two loans, representing
1.9% of the pool balance, that fully defeased in the last year, and
a total of 10 loans, representing 8.2% of the pool balance, that
were fully defeased as of February 2020. Two loans, 4811 Airport
Plaza (Prospectus ID#38; 1.0% of the pool balance) and Bradburn
Village Retail Center (Prospectus ID#47; 0.8% of the pool balance),
each had maturity dates scheduled February 2020 but did not pay
off. Based on the updates provided by the servicer, DBRS
Morningstar anticipates repayment within the near term, but to
account for any uncertainty, the analysis for this review included
a probability of default penalty to increase the expected loss for
both loans.

The pool is relatively diverse based on loan size with the largest
10 loans representing 44.8% of the pool balance, although the
largest loan (Airport Technology Park (Prospectus ID#1)) is a
noteworthy 14.3% of the pool. Approximately 91.8% of the pool
reported preceding cash flow figures with a weighted-average (WA)
debt service coverage ratio (DSCR) of 1.85 times (x) compared with
the issuer's underwritten WA DSCR of 1.89x. The WA loan-to-value
(LTV) decreased to 65.1% as of February 2020 from the WA LTV of
67.1% at issuance. Overall, WA cash flow growth has been weak,
which was primarily driven by four of the top 15 loans in the pool
showing cash flow declines from issuance. In the case of those
loans, DBRS Morningstar increased the probability of default as
part of the review.

DBRS Morningstar notes the pool's exposure to larger hotel loans,
including the Paramount Hotel loan (Prospectus ID #6; 3.2% of the
pool) and the Iron Horse Hotel loan (Prospectus ID #11; 2.4% of the
pool), secured by full-service hotels in Seattle, Washington, and
Milwaukee, Wisconsin, respectively. As the Coronavirus disease
(COVID-19) outbreak of 2020 has resulted in sharp drop-offs in
leisure and business travel across the United States and globally,
hotels have suffered the immediate effects of the attempts to
contain the virus' spread. The Paramount Hotel property has
historically performed well above issuance expectations, reporting
a YE2019 DSCR of 4.55x, suggesting there is significant cushion for
cash flow declines, barring an extended period of disruption, which
some analysts have projected. The other hotel, Iron Horse Hotel, is
not performing as expected and was reported delinquent with the
February 2020 remittance, with a YE2018 DSCR of 0.85x reported.
DBRS Morningstar assumed a significant penalty to the probability
of default in the analysis for the Iron Horse Hotel loan as part of
this review and will continue to monitor for developments for that
loan and other hotel loans in the pool as the coronavirus pandemic
effects unfold.

As of the February 2020 remittance, there were two loans,
representing 1.5% of the pool balance, in special servicing and 16
loans, representing 25.9% of the pool balance, on the servicer's
watchlist.

The largest specially serviced loan, 7 Becker (Prospectus ID#41;
1.0% of the pool balance), is secured by a Class A midrise suburban
office property in Roseland, New Jersey. The loan was transferred
to the special servicer in March 2018 for imminent default after
the primary tenant (formerly 58.2% of the net rentable area)
vacated the property at the lease expiration in August 2018. Per a
Q4 2019 Reis report, the submarket's vacancy rate was high at
24.1%, indicating weak demand. The property was appraised in
September 2019 for an as-is value of $5.5 million, which is
considerably down from the issuance-appraised value of $12.5
million. The special servicer is expecting to obtain the title of
the property in Q1 2020. The loan was liquidated from the pool as
part of the subject review with an implied loss severity in excess
of 50.0%.

The second specially serviced loan, Indian Trace Commons
(Prospectus ID#63; 0.5% of the pool balance), is secured by an
office building in Sunrise, Florida, approximately 20.0 miles west
of Fort Lauderdale. The property was significantly damaged as a
result of Hurricane Irma, which caused the largest tenant to
withhold rent payments, triggering a loan default. A site
inspection performed for the special servicer in January 2019 noted
no outstanding deferred maintenance, indicating all repairs were
completed. The property was appraised in May 2019 for $6.4 million
and is actively listed for sale for $7.5 million, well above the
issuance appraised value of $5.6 million. To account for the
increased risks in the default on the loan, the probability of
default was increased to inflate the expected loss for the loan in
the modeling for this review.

Classes X-A, X-B, X-C, and X-D 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.


IMSCI 2012-2: Fitch Lowers Rating on Cl. G Certs to CCC
-------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed eight classes
of Institutional Mortgage Capital, commercial mortgage pass-through
certificates series 2012-2 (IMSCI 2012-2). All currencies are
denominated in Canadian dollars (CAD).

RATING ACTIONS

Institutional Mortgage Securities Canada Inc., series 2012-2

Class A-1 45779BAJ8; LT AAAsf Affirmed;  previously at AAAsf

Class A-2 45779BAK5; LT AAAsf Affirmed;  previously at AAAsf

Class B 45779BAL3;   LT AAsf Affirmed;   previously at AAsf

Class C 45779BAM1;   LT Asf Affirmed;    previously at Asf

Class D 45779BAN9;   LT BBBsf Affirmed;  previously at BBBsf

Class E 45779BAP4;   LT BBB-sf Affirmed; previously at BBB-sf

Class F 45779BAS8;   LT BBsf Affirmed;   previously at BBsf

Class G 45779BAT6;   LT CCCsf Downgrade; previously at Bsf

Class XP 45779BAQ2;  LT AAAsf Affirmed;  previously at AAAsf

KEY RATING DRIVERS

Increased Loss Expectations: Overall loss expectations have
increased since Fitch's last rating action primarily due to the
transfer of the Centre 100 loan (8.3%) to special servicing as a
result of the borrower's bankruptcy. The loan is secured by a
55,536sf, class B office building located in Calgary, Alberta. At
issuance, Rogers Insurance occupied 85% of the net rentable area
(NRA) but vacated upon the February 2018 lease expiration. The
borrower was able to backfill a portion of the former Rogers
Insurance space and the current occupancy is approximately 63%. A
receiver has been appointed due to the borrower's bankruptcy and
the servicer is formulating plans for a receiver sale.

In additional to the Centre 1000 loan, three other loans (32.9%)
have been designated as Fitch Loans of Concern (FLOC) including the
largest loan in the pool, Cedars Apartments (15.9%). The loan is
secured by a 276-unit apartment building located in Calgary, AB.
The property has been under economic stress due to the downturn in
the Alberta energy market. Occupancy has improved to 91% as of YE
2018 from 88% as of YE 2017 and 80% as of YE 2016. Net operating
income also improved and is up 11% from YE 2017. The YE 2018 debt
service coverage ratio (DSCR) was reported to be 1.12x. The loan
has full recourse to the borrower and sponsor, as the borrowing
entity is owned by Lanesborough Real Estate Investment Trust, but
remains a FLOC due to the low DSCR and exposure to the Alberta
energy market.

The second largest FLOC is the Lakewood Apartments loan (9.8%),
which is secured by a 111-unit apartment building in Fort McMurray,
AB. The loan was in special servicing in February 2016 due to the
downturn in the energy markets but returned to the master servicer
in early 2017 and remains current. In May 2016, the Fort McMurray
area was evacuated due to wildfires, but the collateral did not
sustain structural damage. Demand at the property increased in 2016
due to local residents that were displaced by the fires and workers
brought in for restoration efforts. However, that demand has since
dissipated. According to the servicer, occupancy improved in 2019
and was reported to be 75% as of November 2019 compared with 63% as
of YE 2018 and 73% at YE 2017. The loan maturity has been extended
for a second time to November 2022 and has full recourse to the
same borrower and sponsor as the Cedars Apartments loan.

Changes in Credit Enhancement: As of the March 2020 distribution
date, the pool's aggregate principal balance has been reduced by
50.9% to $117.9 million from $240.2 million at issuance. Credit
enhancement continues to increase with transaction paydown. One
loan (12.2%) has been defeased.

Pool Concentration and Energy Exposure: The pool is concentrated
with only 14 loans remaining. The top five and 10 account for 61%
and 90% of the pool, respectively. Due to the concentrated nature
of the pool, Fitch performed a sensitivity analysis that grouped
the remaining loans based on the likelihood/timing of repayment.
The ratings reflect this analysis. There is also sponsor
concentration with three loans in the top five (34.8%) having the
same sponsor group, 2668921 Manitoba Ltd and related entities. In
addition, the pool has three loans (34%) backed by properties in
Alberta, which has experienced volatility from the energy sector in
the past few years.

Maturities: The servicer reports that one loan (4.6%) was recently
paid in full before the April 2020 maturity. One loan (14%) is
scheduled to mature in 2021 and the remainder of the pool matures
in 2022 (81.4%).

Canadian Loan Attributes: The ratings reflect strong Canadian
commercial real estate loan performance, including a low
delinquency rate and low historical losses of less than 0.1%, as
well as positive loan attributes such as short amortization
schedules, additional guarantors and recourse to the borrowers. Of
the remaining non-defeased loans, 96.5% feature full or partial
recourse to the borrowers and/or sponsors.

Coronavirus Exposure: No loans in the pool are secured by hotel
properties and there is no immediate impact to the ratings from the
coronavirus pandemic. There are six non-defeased loans (23.2%)
secured by retail properties. However, three loans (7.8%) are
secured by single-tenant pharmacies, which remain open and have
been deemed essential during the pandemic. Fitch will continue to
monitor any declines in loan performance and will adjust ratings
and outlooks accordingly.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action Include:

The Stable Rating Outlooks on classes A-1 through C reflect the
relatively stable performance of the majority of the remaining
pool, increasing credit enhancement and expected continued
amortization.

Factors that could lead to upgrades would include stable to
improved asset performance coupled with paydown and/or defeasance.
While not likely in the near term, upgrades of classes B through E
may occur with significant improvement in credit enhancement and/or
defeasance, but would be limited based on pool concentration.
Classes would not be upgraded above 'Asf' if there is a likelihood
for interest shortfalls. Upgrades to the
below-investment-grade-rated classes are not likely, given the
concerns surrounding the FLOCs, but may occur should credit
enhancement increase and performance of the FLOCs improve.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action Include:

The Negative Rating Outlooks on classes D, E and F reflect the
FLOCs within the pool that have exposure to the Alberta energy
market. The volatility in energy markets and the impact on loan
performance, property values, and borrower's ability to refinance
could also lead to downgrades. Other factors that could lead to
downgrades include an increase in pool level losses from
underperforming or specially serviced loans. However, any potential
losses could be mitigated by loan recourse provisions.

Downgrades to the senior classes A-4 through A-S are not likely in
the near term due to the position in the capital structure and high
credit enhancement. The Negative Rating Outlooks for classes D, E
and F may be revised to Stable upon better than expected recoveries
for the Centre 100 loan and improved performance of the FLOCs.

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of seven notches over three
years. The complete span of best- and worst-case scenario credit
ratings for all rating categories ranges from 'AAA' to 'D'. Best-
and worst-case scenario credit ratings are based on historical
performance.

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


JP MORGAN 2012-C8: DBRS Confirms B Rating on Class G Certs
----------------------------------------------------------
DBRS, Inc confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C8
issued by J.P. Morgan Chase Commercial Mortgage Trust 2012-C8:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the February 2020 remittance, 30 of the
original 43 loans remained in the pool, with collateral reduction
of 37.4% since issuance as a result of scheduled loan amortization
and loan repayments. To date, there have been no losses incurred to
the trust, and as of the February 2020 remittance, no loans were
delinquent or in special servicing. The pool benefits from
defeasance collateral as two loans, representing 5.3% of the pool,
are fully defeased.

Based on the most recent year-end (YE) reporting, the pool had a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.74 times (x) and 11.8%, respectively, compared with
the DBRS Morningstar figures derived at issuance of 1.53x and 9.4%,
respectively.

As of the February 2020 remittance, there are seven loans on the
servicer's watchlist (22.0% of the pool). Four of these loans
(14.8% of the pool) were flagged for performance related reasons,
with two top-10 loans (12.1% of the pool) included. Based on the
most recent financials, the watchlisted top-10 loans reported a WA
DSCR of 0.50x, reflecting a 57.4% net cash flow (NCF) decline from
the DBRS Morningstar figures at issuance. As of the February 2020
remittance, both loans remain current.

The Ashford Office Complex (Prospectus ID#5, 7.5% of the pool) is
the largest loan on the watchlist, secured by three office
buildings in the Energy Corridor of Houston. Occupancy bottomed out
at 51.0% in 2018 and remained depressed through 2019. As of YE2019,
the loan reported a DSCR of 0.52x, reflecting a 59.9% NCF decline
from the DBRS Morningstar figure derived at issuance. While the
property recently underwent renovations with high-end finishes
installed throughout, leasing demand is expected to remain stunted
as office properties within a one-mile radius of the subject
reported a vacancy rate of 37.1% as of Q4 2019, according to Reis.

The Crossings (Prospectus ID#9, 4.6% of the pool) is the
second-largest loan on the watchlist and is secured by two mid-rise
office buildings in Dallas. Occupancy has been on the decline since
issuance, when the property was 79.0% occupied, dropping to its
lowest rate of 55.0% in 2018. According to the servicer, this
property also completed extensive renovations in 2018 and 2019, in
an effort to attract new tenants and boost occupancy. As of Q3
2019, the property was 59.0% occupied and the loan reported an
annualized amortizing DSCR of 0.47x, reflecting a 53.2% NCF decline
from the DBRS Morningstar figure derived at issuance.

Both of the largest watchlisted loans were modeled with a
probability of default penalty to increase the expected loss for
each in the DBRS Morningstar analysis for this review. Both loans
have also been added to the DBRS Morningstar Hotlist, with further
information available in the loan commentary on the DBRS Viewpoint
platform, for which information has been provided, below.

The largest loan in the pool, Battlefield Mall (Prospectus ID#1,
16.1% of the pool), is secured by a regional mall in Springfield,
Missouri, owned and operated by Simon Property Group. The loan is
on the DBRS Morningstar Hotlist for the upcoming closure of
noncollateral anchor Sears, paired with low sales for both the
Macy's and JCPenney anchors. These issues are particularly
concerning given the near-term maturity date in 2022.

Mitigating some of the concern is the recent announcement that H&M
will take a 20,000-sf space at the mall, combining several of the
mall's retail spaces into one unit to house the incoming tenant,
with an expected opening in the fall of 2020. Despite its location
in a secondary market, the subject mall is one of the only regional
malls within the southeastern part of the state, pulling shoppers
from the surrounding area with its relatively healthy mix of
national retailers, including some luxury brands as well. As of Q3
2019, the loan reported an annualized amortizing DSCR of 2.0x, in
line with the DBRS Morningstar Term DSCR derived at issuance of
1.96x.

DBRS Morningstar also notes the portfolio's exposure to hotel loans
in its top 15, with the Hotel Sorella Citycenter (Prospectus ID #7,
6.2% of the pool) and the Shamin Virginia Portfolio (Prospectus ID
#14, 3.0% of the pool) loans, both secured by full-service hotel
properties in Houston and Colonial Heights, Virginia (within the
Richmond MSA), respectively. Although both loans are performing as
expected, with property cash flow slightly improved to
significantly improve from the Issuer's underwritten figures as of
the most recent reporting for each, DBRS Morningstar notes the
recent impact to the hospitality industry amid the Coronavirus
Disease (COVID-19) outbreak, which has significantly reduced both
business and leisure travel around the world. Hotels have been
immediately affected with devastatingly low occupancy rates
reported as of the most recent STR reporting. As such, these and
other loans secured by hotel properties are likely to see a
significant impact on near and moderate-term cash flow. DBRS
Morningstar is monitoring closely for developments.

Classes X-A and X-B 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.


JP MORGAN 2013-LC11: Moody's Cuts Class F Debt to Caa3
------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight classes
and downgraded the ratings on three classes in J.P. Morgan Chase
Commercial Mortgage Securities Trust 2013-LC11 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Feb 8, 2019 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Feb 8, 2019 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Feb 8, 2019 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Feb 8, 2019 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Feb 8, 2019 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Feb 8, 2019 Affirmed A3
(sf)

Cl. D, Downgraded to Ba2 (sf); previously on Feb 8, 2019 Downgraded
to Ba1 (sf)

Cl. E, Downgraded to B3 (sf); previously on Feb 8, 2019 Downgraded
to B1 (sf)

Cl. F, Downgraded to Caa3 (sf); previously on Feb 8, 2019
Downgraded to Caa1 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 8, 2019 Affirmed Aaa
(sf)

Cl. X-B*, Affirmed A2 (sf); previously on Feb 8, 2019 Affirmed A2
(sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on six 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 were downgraded due to a decline
in pool performance, driven primarily by performance declines for
two of the three largest loans in the pool, the World Trade Center
I & II loan (11% of the pool) and the Pecanland Mall loan (8% of
the pool).

The ratings on the IO classes were affirmed based on the credit
quality of their referenced classes.

Moody's rating action reflects a base expected loss of 7.4% of the
current pooled balance, compared to 5.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.5% of the
original pooled balance, compared to 4.2% at the last review.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of commercial real
estate. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.
Stress on commercial real estate properties will be most directly
stemming from declines in hotel occupancies (particularly related
to conference or other group attendance) and declines in foot
traffic and sales for non-essential items at retail properties.

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.

DEAL PERFORMANCE

As of the March 17, 2020 distribution date, the transaction's
aggregate certificate balance has decreased by 26% to $971 million
from $1.32 billion at securitization. The certificates are
collateralized by 42 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans (excluding
defeasance) constituting 68% of the pool. Nine loans, constituting
10% 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 16 at Moody's last review.

Five loans, constituting 16% 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 minimal
realized loss of $2,912. There are no loans currently in special
servicing.

Moody's has also assumed a high default probability for four poorly
performing loans, constituting 15% of the pool, and has estimated
an aggregate loss of $34.5 million (a 24% expected loss on average)
from these troubled loans. The largest troubled loan is the World
Trade Center I & II which is discussed in detail further below. The
second largest troubled loan is secured by a retail property in
Clifton, New Jersey which has low occupancy due a recent Sears
vacancy which represented 50% of the net rentable area (NRA).

Moody's received full year 2018 operating results for 100% of the
pool, and full or partial year 2019 operating results for 89% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 98%, compared to 100% 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 9.5%.

Moody's actual and stressed conduit DSCRs are 1.69X and 1.10X,
respectively, compared to 1.64X 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 31% of the pool balance. The
largest loan is the Grand Prairie Premium Outlets Loan ($111.0
million -- 11.4% of the pool), which is secured by a 417,000 SF
outlet center and located in Grand Prairie, Texas, 20 miles south
of Dallas. The property was 85% leased as of June 2019, compared to
88% in June 2018 and 100% at securitization. Rental revenue
declined in 2018 as a result of lower occupancy. The property was
developed in 2012 and is sponsored by Simon Property Group. While
market competition exists from two nearby retail centers, the
property is unique to the area given its outlet format. The
property is temporarily closed as a result of the coronavirus
outbreak. The loan has amortized 7.5% since securitization and
Moody's LTV and stressed DSCR are 95% and 1.06X, respectively,
compared to 91% and 1.10X at Moody's last review.

The second largest loan is the World Trade Center I & II Loan
($106.8 million -- 11.0% of the pool), which is secured by two
adjacent 28-story and 29-story Class A office buildings totaling
770,000 SF and located in the CBD of Denver, Colorado. The property
is also encumbered with $17.6 million of additional mezzanine
financing held outside of the trust. The buildings were 61% leased
as of September 2019, compared to 72% in December 2018 and 91% at
securitization. The property's performance has declined
significantly since securitization as a result of both lower
revenue and higher operating expenses. The property has high
exposure to the oil & gas industry including the two largest
tenants, representing approximately 33% of NRA. Furthermore, the
largest tenant (22% of NRA) has a lease expiration in December
2020. The loan is on the watchlist due to the 2019 actual DSCR
falling below 1.10X driven by the decline in occupancy. Moody's
considers this as a troubled loan.

The third largest loan is the Pecanland Mall Loan ($81.5 million --
8.4% of the pool), which is secured by a 433,200 SF component of a
965,238 SF super-regional mall in Monroe, Louisiana. Current
non-collateral anchor tenants include Dillard's, J.C. Penney and
Belk. Two former anchor tenants, Burlington Coat Factory and Sears
(non-collateral) closed their stores at this location in 2018. The
Burlington space has since been leased to Tilt Studio (62,800 SF),
which offers various arcade and entertainment options. As of June
2019, the property was 96% leased, compared to 91% in September
2018. As of the same period, the collateral portion occupancy and
inline occupancy were approximately 89% and 86%, respectively. The
property's net operating income (NOI) has declined in recent years
due to lower rental revenues, and 2018 NOI was approximately 14%
lower than in 2013. The property has limited competition, however,
B-Malls in tertiary locations have historically exhibited higher
cash flow volatility and loss severity. The loan is sponsored by
Brookfield Properties and has amortized 9.4% since securitization.
The property is temporarily closed as a result of the coronavirus
outbreak. Moody's LTV and stressed DSCR are 129% and 0.90X,
respectively, compared to 116% and 0.93X at Moody's last review.


JP MORGAN 2020-3: Moody's Gives B3 Rating on 2 Tranches
-------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 51
classes of residential mortgage-backed securities issued by J.P.
Morgan Mortgage Trust 2020-3. The ratings range from Aaa (sf) to B3
(sf). The definitive ratings on Classes B-2, B-2-A, B-2-X and Class
B-X are lower by one notch than the provisional ratings assigned
because of the increase in the baseline scenario expected loss for
this pool used for assigning the provisional ratings.

The certificates are backed by 806 fully-amortizing fixed-rate
mortgage loans with original terms to maturity of up to 30 years
and a total balance of $595,006,943 as of the March 1, 2020 cut-off
date. Similar to prior JPMMT transactions, JPMMT 2020-3 includes
agency-eligible mortgage loans (approximately 35.0% by loan
balance) underwritten to the government sponsored enterprises (GSE)
guidelines in addition to prime jumbo non-agency eligible mortgages
purchased by J.P. Morgan Mortgage Acquisition Corp. (JPMMAC), 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 75.6% and
12.6% of the mortgage loans (by balance) in the pool, respectively.
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 (QM) under the
qualified mortgage rule.

NewRez LLC f/k/a New Penn Financial, LLC d/b/a Shellpoint Mortgage
Servicing (Shellpoint) will service about 12.5% of the mortgage
loans on behalf of JPMorgan Chase Bank, N.A. (JPMCB), loanDepot
will service about 11.5% (subserviced by Cenlar, FSB), United Shore
will service about 75.6% (subserviced by Cenlar, FSB) and
Guaranteed Rate, Inc. will service about 0.4% (subserviced by
Dovenmuehle Mortgage, Inc.). 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
June 1, 2020 (but which may occur after such date). After the
servicing transfer date, these mortgage loans will be serviced by
JPMCB. The servicing fee for loans serviced by JPMCB (and
Shellpoint, until the servicing transfer date), loanDepot.com,
Guaranteed Rate, Inc. and United Shore 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,
Nationstar Mortgage LLC (Nationstar) will be the master servicer
and Citibank, N.A. (Citibank) 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 2020-3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-14, Definitive Rating Assigned Aa2 (sf)

Cl. A-15, Definitive Rating Assigned Aa2 (sf)

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

Cl. A-17, Definitive Rating Assigned Aaa (sf)

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

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

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

Cl. A-X-4*, Definitive Rating Assigned Aa2 (sf)

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

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

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

Cl. B-2, Definitive Rating Assigned Baa1 (sf)

Cl. B-2-A, Definitive Rating Assigned Baa1 (sf)

Cl. B-2-X*, Definitive Rating Assigned Baa1 (sf)

Cl. B-3, Definitive Rating Assigned Baa3 (sf)

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

Cl. B-3-X*, Definitive Rating Assigned Baa3 (sf)

Cl. B-4, Definitive Rating Assigned Ba3 (sf)

Cl. B-5, Definitive Rating Assigned B3 (sf)

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

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

* Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario is 0.65%
and reaches 6.29% at its Aaa stress level. The increase in its
baseline loss scenario to 0.65% from 0.59% reflects an increased
likelihood of deterioration in the performance of the underlying
mortgage loans as a result of a slowdown in US economic activity in
2020 due to the coronavirus outbreak. While the collateral backing
these transactions is prime quality residential mortgage loans with
strong credit characteristics, the ratings on Classes B-2, B-2-A,
B-2-X and Class B-X showed sensitivities to an increase in loss
expectations.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of consumer assets.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. It is a global health shock, which makes it extremely
difficult to provide an economic assessment. On March 25th, Moody's
revised its baseline growth forecast and now expect real GDP in the
US to contract by 2.0% in 2020. The degree of uncertainty around
its forecasts is unusually high.

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 2020-3 is a securitization of a pool of 806 fully-amortizing
fixed-rate mortgage loans with original terms to maturity of up to
30 years and a total balance of $595,006,943 as of the March 1,
2020 cut-off date, with a weighted average (WA) remaining term to
maturity of 358 months, and a WA seasoning of 2 months. The WA
current FICO score is 763 and the WA original combined
loan-to-value ratio (CLTV) is 70.5%. 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
it 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 it 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, it reviewed the loan
performance for some of these originators. It 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 44.1% and 10.2%
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 75.6% of the
mortgage loans by pool balance (compared with about 51.8% by pool
balance in JPMMT 2020-2, 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. it 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, LoanDepot, and Guaranteed Rate, Inc. 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. Shellpoint will act as interim servicer for the JPMCB
mortgage loans until the servicing transfer date, June 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), Inglet Blair LLC (IB) 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 2020-3'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 0.75% 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 0.75% 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 $4,462,552. The senior
subordination floor and subordinate floor of 0.75% 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.


JPMBB COMMERCIAL 2015-C30: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C30 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C30 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 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 X-C at A (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (high) (sf)
-- Class F at B (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance in July 2015 when the deal closed
with an original trust balance of $1.3 billion. The transaction
consisted of 70 fixed-rate loans secured by 114 commercial
properties at issuance, and as of the March 2020 remittance, there
has been a collateral reduction of 11.7% since issuance due to the
repayment of six loans and scheduled amortization. Out of the
original 70 loans, 64 are currently performing with a
weighted-average (WA) debt service coverage ratio (DSCR) and
loan-to-value of 1.89 times (x) and 64.9%, respectively. In
addition to benefiting from stable cash flow performance since
issuance, the largest loans in the pool have performed particularly
well in general. Based on partial-year 2019 financials, the top 15
loans (62.1% of the pool) reported a WA DSCR of 1.69x compared with
the WA DBRS Morningstar Term DSCR at issuance of 1.45x,
representing a WA net cash flow (NCF) growth of 16.1% from the DBRS
Morningstar NCF figures for those loans.

There are two top 15 loans being monitored closely by DBRS
Morningstar in the One City Centre loan (Prospectus ID#12), which
is secured by an office tower in downtown Houston, and Boulevard
Square (Prospectus ID#10), which is secured by an anchored retail
property in Pembroke Pines, Florida. One City Centre, the
second-largest loan on the watchlist, has seen precipitous
occupancy declines since issuance, when the property was 83.0%
occupied, to the leased rate of approximately 68.2% as of September
2019.

Approximately 63.0% of the net rentable area (NRA) expires by
September 2021, including the largest tenant, Waste Management,
Inc. (40.5% of the NRA; expires December 2020). Boulevard Square
also faces a high tenant rollover as 36.0% of the NRA expires by
September 2021. This includes the largest tenant, Ross Dress for
Less (13.7% of the NRA; expires January 2021). Additionally, all of
the in-place leases are scheduled to expire prior to a few months
beyond loan maturity in June 2025, including all major anchor
tenants. Given the significant upcoming decline in occupancy, DBRS
Morningstar has placed Boulevard Square on the DBRS Morningstar
Hotlist.

As of the March 2020 remittance, there are 11 loans, representing
25.0% of the current pool balance, on the servicer's watchlist and
no loans in special servicing. The largest loan on the watchlist
apart from deferred maintenance issues, Castleton Park (Prospectus
ID#6; 4.2% of the current pool balance), is secured by an office
property located in Indianapolis. The loan was placed on the
servicer's watchlist in February 2020 due to the DSCR falling below
1.10x. As of the YE2019 servicer reports, the subject reported a
DSCR and occupancy of 1.08x and 74.4%, respectively, compared with
YE2018 figures of 1.22x and 70.8%, respectively. The decline was a
result of higher-than-expected repairs and maintenance costs in
2019 and scheduled amortization. In addition, 47.0% of the NRA is
set to expire by December 2021, including the largest tenant,
National Government Services (15.5% of the NRA; expires September
2021). Due to the upcoming high tenant rollover and low
performance, DBRS Morningstar increased the loan's probability of
default in the analysis for this review.

DBRS Morningstar has confirmed the shadow ratings on the Pearlridge
Center (Prospectus ID#2; 6.1% of the pool) and Scottsdale Quarter
(Prospectus ID#11; 3.6% of the pool) loans, as performance remains
consistent with investment-grade loan characteristics.

Classes X-A, X-B, X-C, X-D, X-E, and X-F 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.


JPMBB COMMERCIAL 2015-C31: DBRS Confirms B(low) Rating on F Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C31 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C31 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 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 X-C at A (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there has been a collateral reduction of 6.2% as a result of
scheduled amortization. Loans representing 93.9% of the current
pool balance show a year-end (YE) 2018 analysis in the servicer's
reporting. Those loans reported a weighted-average (WA) debt
service coverage ratio (DSCR) and WA debt yield of 1.53 times (x)
and 10.0%, respectively. Loans representing 66.2% of the current
pool balance show 2019 partial year reporting with a WA DSCR of
1.83x. Four loans, representing 5.4% of the current pool balance,
are fully defeased, including one loan in the top 15, Prospectus
ID#14 – Klotz Multifamily Portfolio, representing 2.9% of the
current pool balance.

The largest 15 loans in the pool represent 66.6% of the current
pool balance. All of these loans, excluding the defeased loan,
reported year-end 2018 cash flows, a WA YE2018 DSCR and WA in-place
debt yield of 1.46x and 9.7%, respectively. The non-defeased loans
in the top 15 that are reporting partial-year 2019 financials had a
WA DSCR of 1.56x.

In addition to the stable in-place coverage ratios for the
underlying loans, the pool also benefits from the low expected loss
for many of the largest loans in the pool, including the
second-largest loan, The Roosevelt New Orleans Waldorf Astoria,
which represents 7.9% of the current pool balance. The 504 key
full-service luxury hotel has exhibited very strong performance
since issuance and has been trending upward year over year. The
largest loan, Civic Opera Building, which represents 9.03% of the
current pool balance, benefits from a prime location within
Chicago's West Loop submarket and has seen recent cash flow growth
and an improved DSCR.

As of the February 2020 remittance, there were ten loans on the
servicer's watchlist, representing 13.4% of the current pool
balance. Seven of those loans are on the watchlist for DSCR-related
issues, while two loans are being monitored for occupancy declines.
The remaining loan is being monitored for delinquent financials.
The largest watchlisted loan, Prospectus ID#3 – Sunbelt Portfolio
(7.3% of the current pool balance), is being monitored for a low
DSCR, as the second-largest building by allocated loan balance,
Inverness Center, has had persistent occupancy issues when a major
tenant vacated. In the case of this and other loans exhibiting
higher risks from issuance, DBRS Morningstar applied a probability
of default penalty in the analysis to increase the expected loss in
the model output.

Classes X-A, X-B, X-C, and X-D 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.


JPMBB COMMERCIAL 2015-C32: DBRS Confirms B(low) Rating on G Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-C32
issued by JPMBB Commercial Mortgage Securities Trust 2015-C32:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-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 X-C at A (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (sf)
-- Class G at B (low) (sf)

All trends are Stable with the exception of Classes F and G which
were assigned a Negative trend. The Negative trends reflect DBRS
Morningstar's concerns with the exposure of hotel loans in the top
15 because the Coronavirus Disease (COVID-19) pandemic has resulted
in mass cancellations of conferences, sporting events, and
entertainment events that are expected to significantly affect the
cash flow of hotel properties across the country. Both the Hilton
Suites Chicago Magnificent Mile loan (Prospectus ID#1; 7.0% of the
pool) and Hyatt Place Texas Portfolio loan (Prospectus ID#14; 2.3%
of the pool) are on the servicer's watchlist for performance
declines for the collateral hotels, all of which are situated in
locations heavily dependent on tourist traffic. Additionally, the
Hilton Atlanta Perimeter loan (Prospectus ID#12; 2.7% of the pool)
is expected to be adversely affected by the cancellations of large
sporting events and conventions within the Atlanta Metropolitan
Statistical Area, including the NCAA Final Four. That loan is
performing in line with issuance expectations, however, suggesting
the overall impact could be less significant by comparison.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there has been a collateral reduction of 10.9% since issuance, with
86 of the original 89 loans remaining in the pool. Four loans,
representing 2.8% of the pool, are fully defeased.

Loans representing 96.9% of the pool reported YE2018 financials
with a weighted-average (WA) debt service coverage ratio (DSCR) and
debt yield of 1.46 times (x) and 10.0%, respectively. The largest
15 loans reported YE2018 financials with a WA DSCR and WA debt
yield of 1.36x and 9.5%, respectively, representing a WA cash flow
improvement of 6.9% over the DBRS Morningstar net cash flow figures
derived at issuance.

As of the February 2020 remittance, 15 loans, representing 22.4% of
the pool (including three loans in the top 15), are on the
servicer's watchlist and two loans, representing 2.0% of the pool,
are in special servicing. Hilton Suites Chicago Magnificent Mile
has been on the watchlist for several years due to a depressed
DSCR, part of which is attributable to ongoing renovations for the
hotel. In addition, the hotel lost a notable corporate account
since issuance and this factor, along with an increase in supply in
the submarket, has suppressed cash flow below the issuance
expectations. The hotel's cash flow is expected to be further
suppressed because of the COVID-19 pandemic. DBRS Morningstar
reviewed this loan with a significantly increased probability of
default to capture the increased risks from issuance.

The largest loan in special servicing, Town & Country Shopping
Center (Prospectus ID#26; 1.3% of the pool), is secured by a
community shopping centre located in Springfield, Illinois. The
loan was transferred to special servicing for monetary default in
March 2019 after the property's largest tenant, Burlington Coat
Factory (24.1% of net rentable area (NRA)), vacated in April 2018
and the property's second-largest tenant, Illinois Board of
Elections (10.4% of NRA; lease expires January 2022), fell behind
on its rent payments. With this review, DBRS Morningstar assumed a
loss severity approaching 60% at liquidation, based on the most
recent appraised value.

At issuance, DBRS Morningstar shadow-rated the U-Haul Portfolio
Loan (Prospectus ID#5; 3.0% of the pool) as investment grade and,
with this review, DBRS Morningstar confirms that the performance of
the loan remains consistent with investment-grade loan
characteristics.

Classes X-A, X-B, X-C, and X-D 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.


JPMBB COMMERCIAL 2015-C33: DBRS Confirms B(low) Rating on G Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed the Commercial Mortgage Pass-Through
Certificates, Series 2015-C33 (the Certificates), issued by JPMBB
Commercial Mortgage Trust 2015-C33 as follows:

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

All trends are Stable. Classes D-1 and D-2 may be exchanged for the
Class D certificates (and vice versa). DBRS Morningstar also
discontinued the rating for Class A-1 as it was repaid as of the
February 2020 remittance.

The rating confirmations reflect the overall stable performance of
the transaction since issuance when the pool consisted of 64 loans
secured by 89 commercial and multifamily properties with a total
trust balance of $761.8 million. As of the February 2020
remittance, there were 62 loans secured by 87 commercial and
multifamily properties remaining in the pool with a total trust
balance of $689.4 million, representing a collateral reduction of
9.5%. In February 2020, the former second-largest loan in the
transaction (Prospectus ID#2–DoubleTree Paradise Valley Resort
Scottsdale) fully repaid. As of the February 2020 remittance, there
were five loans, representing 5.4% of the pool balance, that were
fully defeased.

Approximately 94.2% of the pool reported preceding year-end
financials, reporting a weighted-average (WA) debt service coverage
ratio (DSCR) of 1.90 times (x), up from the issuer's underwritten
WA DSCR of 1.74x. The portfolio's loan-to-value (LTV) was reduced
to a moderate 59.5%, compared with the issuance LTV of 61.8%. The
pool benefits from greater exposure to multifamily properties,
representing 38.9% of the pool balance. Additionally, five loans,
representing 24.1% of the pool balance, are located in urban cores.
The transaction has some concentration risk by loan size with the
largest loan, 32 Avenue of the Americas, representing 18.1% of the
pool balance. Sixteen loans, representing 46.0% of the pool
balance, are structured with full-term interest-only (IO)
payments.

As of the February 2020 remittance, there were three loans,
representing 4.9% of the pool balance, on the servicer's watchlist
with no loans in special servicing. Plaza Paseo Del Norte (2.3% of
the pool; Prospectus ID#13) is the largest watchlisted loan, which
is secured by an anchored retail center in Albuquerque, New Mexico.
The property lost its Sears Outlet junior anchor, representing
13.6% of the net rentable area, in July 2017 ahead of its May 2021
lease expiration date. The sponsor has been able to backfill the
Sears Outlet with Jungle Jam, a tenant that has a lease
commencement date in January 2020.

DBRS Morningstar is concerned about the upcoming lease expiration
date for the largest tenant, Cinemark, in May 2020. Sales for the
movie theater have gradually declined over the years, suggesting
the tenant could vacate at expiry. The sales declines have likely
been significantly compounded amid the Coronavirus Disease
(COVID-19) outbreak of 2020, as theatres across the country have
shuttered amid attempts to slow the spread of the virus. Cinemark
and other major chains have announced closures will remain in place
through April 2020, with many major releases delayed for later in
2020 and some even pushed straight to on-demand and streaming
services. In light of these increased risks, the probability of
default was increased for this loan as part of the surveillance
review.

In addition to the above-mentioned risks, DBRS Morningstar also
notes the transaction's exposure to a large hotel loan in the top
five loans in the pool in Prospectus ID#4–DoubleTree Anaheim –
Orange County (4.1% of the pool). Hotels have also been
particularly hard hit amid the effects of the coronavirus pandemic,
with room bookings canceled and overall traffic basically grinding
to a halt amid travel restrictions and canceled conferences and
events. The subject loan has historically performed well, with a
YE2018 DSCR of 2.22x, significantly above the issuance estimates.
DBRS Morningstar will monitor closely as these events unfold and
more is known with regard to specific impacts for this and other
hotel loans in the pool.

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

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


JPMCC MORTGAGE 2012-CIBX: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed the ratings of the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX,
issued by JPMCC 2012-CIBX Mortgage Trust:

-- Class A-4 at AAA (sf)
-- Class A-4FL at AAA (sf)
-- Class A-4FX at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (low) (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (sf)
-- Class X-B at B (high) (sf)
-- Class G at B (sf)

DBRS Morningstar maintains Negative trends for Classes F, X-B, and
G. All other trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance, with DBRS Morningstar maintaining
the Negative trends for three classes, as noted above, to reflect
its outlook for some of the largest loans in the pool that have
reported cash flow declines since issuance. DBRS Morningstar
originally assigned the Negative trends in February 2018 as the
largest loan in the pool, the Wit Hotel (Prospectus ID#2, 9.7% of
the pool balance), reported significant performance declines. While
performance for the loan has since improved, DBRS Morningstar is
concerned about the impact of the Coronavirus Disease (COVID-19)
pandemic and its effect on hospitality properties. Hotels across
the country are reporting sharp drops in occupancy rates as efforts
to contain the virus' spread have affected travel plans through the
rest of the spring and into the summer of 2020. DBRS Morningstar
has requested specifics from the servicer regarding the impact for
this and other large loans backed by hotels in this pool (including
Residence Inn Palo Alto (Prospectus ID#11, 3.8% of the pool) and
Doubletree Hotel & Suites  
– Pittsburgh, PA (Prospectus ID#20, 2.1% of the pool)). As DBRS
Morningstar receives responses, it will update the loan-level
commentary in the DBRS Viewpoint platform to reflect any new
information.

Additionally, DBRS Morningstar is closely monitoring the Jefferson
Mall (Prospectus ID#4, 7.7% of the pool) and Southpark Mall
(Prospectus ID#5, 7.2% of the pool) loans, as both regional malls
lost anchor tenants since 2017 and are sponsored by the financially
weak CBL & Associates Properties. Finally, Plaza Centro (Prospectus
ID#16, 3.0% of the pool balance) is on the DBRS Morningstar Hotlist
after the anchored retail center in Caguas, Puerto Rico,
unexpectedly lost its Kmart anchor in December 2019.

At issuance, the pool consisted of 49 loans secured by 59
commercial and multifamily properties with a trust balance of $1.3
billion. As of the February 2020 remittance, there were 40 loans
secured by 49 commercial and multifamily properties remaining in
the pool with a trust balance of $804.6 million, representing a
37.5% collateral reduction. Over the previous 12 months, there have
been two loans that have been repaid in full, including the
specially serviced loan One Upland Road. Additionally, there were
four loans, representing 14.5% of the pool balance, that fully
defeased in the past 12 months, with a total of 10 loans,
representing 26.0% of the pool balance, that were fully defeased as
of February 2020.

The pool is concentrated by property type; retail properties
represent 52.3% of the pool balance, primarily consisting of the
Jefferson Mall and Southpark Mall loans. Retail properties are also
reporting immediate impacts amid the coronavirus outbreak, as
property owners, retailers, and restauranteurs alike have closed
locations and entire malls and shopping centers have shut down to
help curb the virus' spread. As the pandemic continues, DBRS
Morningstar believes those properties already showing performance
declines will be the most significantly affected and is watching
those loans in this and other rated pools closely for
developments.

As of the February 2020 remittance, there were eight loans,
representing 26.5% of the pool balance, on the servicer's watchlist
and no loans in special servicing. The largest watchlist loan is
the previously mentioned the Wit Hotel. For additional information
on that and other watchlist loans, please see the DBRS Viewpoint
platform, for which information has been provided below.

DBRS Morningstar is monitoring the upcoming loan maturities for the
nondefeased loans. There are 11 loans, representing 23.0% of the
pool balance, that are scheduled to mature in 2021. The remainder
of the nondefeased loans will mature in 2022.

Classes X-A and X-B 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.


KKR INDUSTRIAL 2020-AIP: Moody's Gives B3 Rating on Class F Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to seven
classes of CMBS securities, issued by KKR Industrial Portfolio
Trust 2020-AIP Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2020-AIP:

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

This securitization is backed by a single loan secured by a first
priority mortgage in the borrowers' fee simple and leasehold
interests in 71 industrial property groups (98 total facilities)
located in seven states. The ratings are based on the collateral
and the structure of the transaction.

The loan's property-level Herfindahl score is 46.1 based on ALA.
Texas represents the largest state concentration with 27 properties
or approximately 31.2% of the ALA and 37.4% of NRA. Atlanta
represents the submarket concentration with 7 properties or
approximately 15.8% of the ALA and 16.6% of NRA.

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, it 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 $571,600,000 represents a Moody's LTV
of 125.1%. The Moody's first mortgage Actual DSCR is 2.01X and
Moody's first mortgage Stressed DSCR is 0.70X.

Positive features of the transaction include proximity to global
gateway markets, the high share of infill markets, geographic and
tenancy diversity. Offsetting these strengths are the functionality
of certain property subtypes, future development, the age of the
properties, the loan's floating-rate and interest-only mortgage
loan profile, and credit negative 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.

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.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures, put in place to
contain the virus, will have on the performance of commercial real
estate. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.


LSTAR COMMERCIAL 2015-3: DBRS Confirms B Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-3 issued by LSTAR
Commercial Mortgage Trust 2015-3 as follows:

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

DBRS Morningstar also changed the trends on Classes F, X-A, and X-B
to Negative from Stable. The trend remains Stable for the remaining
classes

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. At closing, this transaction consisted
of 62 loans for a total trust balance of approximately $282
million. As of the February 2020 remittance report, the trust
balance was $158.2 million, representing a collateral reduction of
43.8% resulting from scheduled amortization and loan repayments
leaving 19 of the original 62 loans remaining in the pool. The
remaining loans in the pool have a weighted average (WA) balloon
loan to value (LTV) of 56.8%. The loans in the top 15 that reported
YE2018 financials, collectively representing 99.0% of the pool
balance, had a WA debt service coverage ratio (DSCR) of 1.54 times
(x) compared with the YE2017 WA DSCR of 1.49x.

The pool also benefits from the strong credit metrics for many of
the largest loans, including the largest loan, 101 Redwood Shores,
representing 23.4% of the current pool balance. This loan is
secured by a 100,328 square foot office property in Redwood City,
California. The property was 100% vacant at issuance after the loss
of the former single tenant, which continued to pay rent through
the February 2019 lease expiry; however, the servicer has confirmed
that the building now is 100% leased to a single-tenant, Zuora, on
a lease term that stretches to 2030, at a favorable rental rate
compared with the market. The issuance LTV of 61.0% and strong
in-place coverage metrics are indicative of a healthy leverage
point for the loan, which matures in October 2024.

DBRS Morningstar notes that the second-largest loan in the pool is
secured by the Intercontinental Hotel Monterey (Prospectus ID #2; a
hotel property representing 23.0% of the pool). This pari passu
loan was split into two $36.2 million pieces: one contributed to
the subject transaction and the other contributed to the LSTAR
Commercial Mortgage Trust 2016-4 transaction, also rated by DBRS
Morningstar. The collateral is a 208-key full-service hotel in
Monterey, California. The loan had an initial IO period of five
years and will begin amortizing on a 30-year schedule in April
2020. Based on the amortizing debt service figure, the in-place
DSCR at YE2018 was 1.29x with the trailing 12-months ending March
2019 cash flow reported by the servicer suggesting performance was
improved over YE2018, largely as a result of reduced expenses. The
in-place coverage is in line with the issuer's underwritten DSCR of
1.28x, but slightly above the DBRS Morningstar DSCR of 1.17x.

Because the ongoing Coronavirus Disease (COVID-19) outbreak has
affected hotel traffic in the United States and around the world,
the subject hotel has been affected by booking cancellations and
overall declines in traffic and room revenues. The property is a
newer hotel, constructed in 2008, and benefits from a superior
location along the Monterey coastline with spectacular views of the
Pacific Ocean. At issuance, DBRS Morningstar noted that the
property opened at the start of the financial crisis and was
quickly established as one of the dominant hotels in the Monterey
market. However, as the coronavirus pandemic has had a swift and
widespread negative impact on the hospitality industry, the subject
loan's relatively low DSCR could exacerbate any effect on the
subject property's cash flow over the near to moderate term,
supporting the Negative trends. The loan will be closely monitored
for developments and, for the purposes of this review, an elevated
probability of default scenario was applied.

As of the February 2020 remittance report, eight loans,
representing 40.0% of the pool, are on the servicer's watchlist
with two loans, representing 6.9% of the pool, in special
servicing. The largest loan in special servicing, Dawson Village
(Prospectus ID #9; 6.5% of the pool), was transferred to the
special servicer following the loss of the collateral property's
anchor tenant; however, that space has since largely been
backfilled and performance is expected to stabilize. Despite these
improvements, there are significantly increased risks since
issuance for this loan, which was liquidated from the pool in the
DBRS Morningstar analysis for this review, resulting in a loss
severity of 45.7%.

Classes X-A, X-B, and X-C 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.


MORGAN STANLEY 2013-C7: DBRS Confirms B Rating on Class G Certs
---------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2013-C7 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2013-C7 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there was a collateral reduction of 25.4% as a result of scheduled
amortization. Five loans, representing 4.75% of the current pool
balance, are fully defeased including one loan in the top 15, Court
at Grant Avenue, representing 2.7% of the current pool balance.

Loans representing 95.3% of the current pool balance showed a
YE2018 analysis in the servicer's reporting, with a
weighted-average (WA) debt service coverage ratio (DSCR) of 1.82x
and WA debt yield of 10.9%. The largest 15 nondefeased loans in the
pool represent 71.8% of the current pool balance. These loans
reported YE2018 cash flows, a WA YE2018 DSCR of 1.42x, and
partial-year 2019 WA DSCR of 1.32x. In addition to the stable
in-place coverage ratios for the underlying loans, the pool also
benefits from the strong credit metrics for many of the largest
loans in the pool, including the largest and third-largest loans,
Prospectus ID#1 - Chrysler East Building and Prospectus ID#3 -
Millennium Boston Retail, which represents 15.9% and 9.2% of the
current pool balance, respectively.

The Chrysler East Building loan is secured by a 767,000 square foot
(sf) Class A office building in Midtown Manhattan that benefits
from recent occupancy increases. The Millennium Boston Retail loan
is secured by a 272,000 sf mixed-use building secured by the
borrower's condominium interest in the retail portions of the North
and South towers at Millennium Place and the retail portion of One
Charles Street in Boston. Both loans have reported consistent
performance metrics since issuance.

The transaction is exposed to a concentration of retail properties
in the top 10 nondefeased loans in the pool, a factor that is
particularly noteworthy given the Coronavirus Disease (COVID-19)
outbreak and its impact to retail traffic nationwide as mayors and
governors, as well as company chief executive officers alike, have
taken measures to address the virus' spread by ordering stores and
restaurants to close. DBRS Morningstar is actively monitoring these
events as they unfold and will provide updated information on the
DBRS Viewpoint platform with regard to property- and loan-specific
impacts as information become available.

As of the February 2020 remittance, there were nine loans on the
servicer's watchlist, representing 16.0% of the current pool
balance. Three of those loans are on the watchlist for DSCR-related
issues, while five loans are on the list for occupancy declines.
The largest watchlist loan, Prospectus ID#8 – Barnett Industrial
Portfolio, representing 4.8% of the current pool balance, has major
tenants with leases expiring. DBRS Morningstar applied a
probability of default penalty in the analysis to increase the
expected loss in the model output for that and other loans
exhibiting higher risks from issuance.

As of the February 2020 remittance, there were two loans in special
servicing, representing 6.1% of the current pool balance. The first
loan, Prospectus ID#7 – Valley West Mall, representing 4.2% of
the current pool balance, transferred for imminent default after
precipitous hits to performance over the past few years, including
losing an anchor and declining sales. The second loan, Prospectus
ID#19 – 494 Broadway, representing 1.9% of the current pool
balance, was transferred to special servicing for imminent default
tied to a decline in property cash flows that stemmed from a low
occupancy rate at the mixed-use property and declining market
conditions. DBRS Morningstar liquidated both of these loans from
the pool for this analysis, with a loss severity of 54.3% and
50.4%, respectively, based on its loss projections for each.

Classes X-A and X-B 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.


MORGAN STANLEY 2013-C9: DBRS Hikes Rating on Cl. H Debt to B(High)
------------------------------------------------------------------
DBRS Limited upgraded the ratings of the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-C9
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9 as follows:

-- Class B upgraded to AA (high) (sf) from AA (sf)
-- Class X-B upgraded to AA (high) (sf) from AA (sf)
-- Class C upgraded to AA (sf) from AA (low) (sf)
-- Class PST upgraded to AA (sf) from AA (low) (sf)
-- Class F upgraded to BBB (sf) from BBB (low) (sf)
-- Class G upgraded to BB (high) (sf) from BB (sf)
-- Class H upgraded to B (high) (sf) from B (sf)

DBRS Morningstar also confirmed the ratings of the following
classes:

-- 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-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (high) (sf)

All trends are Stable.

The rating upgrades and confirmations reflect the generally healthy
performance of the transaction since issuance. At closing, this
transaction consisted of 60 loans secured by 77 properties for a
total trust balance of approximately $1.28 billion. As of the
February 2020 remittance report, the trust balance was $958.5
million, representing a collateral reduction of 24.9% resulting
from scheduled amortization and loan repayments, with 51 of the
original 60 loans remaining in the pool. The pool also has six
fully defeased loans representing 25.8% of the pool, four of which
are in the top 15 loans.

Loans representing 66.3% and 79.5% of the current pool balance
reported partial-year 2019 and YE2018 (year-end) financials,
respectively. Collectively, the loans reporting YE2018 financials
have a weighted-average (WA) debt service coverage ratio (DSCR) and
debt yield of 1.87 times (x) and 10.9%, respectively. Those figures
compared with the year-end 2017 financials which reported a WA DSCR
and debt yield of 1.74x and 10.1%, respectively, show healthy
year-over-year growth. Of the loans reporting YE2018 financials in
the top 15, which collectively represent 72.7% of the pool balance,
those loans had a WA net cash flow growth of 9.6% over the YE2017
figures, with a WA DSCR of 1.87x.

In addition to the stable in-place coverage ratios and healthy cash
flow growth for the underlying loans, the pool also benefits from
the low expected loss for many of the largest loans in the pool,
including the top loan in Milford Plaza Fee, which represents 17.1%
of the current pool balance. The loan is secured by the
ground-leased fee interest under a hotel-condominium of New York
City's Milford Plaza Hotel, which is considered a very low-risk
loan given the strength of the collateral and loan structure.

As of the February 2020 remittance report, there are six loans
representing 10.5% of the pool on the servicer's watchlist, with no
loans in special servicing. The largest loan on the watchlist,
Prospectus ID #5–Apthorp Retail Condominium, representing 6.1% of
the current pool, is being monitored on the watchlist for a low
DSCR. Given the increased risks from issuance, DBRS Morningstar
significantly increased the probability of default for the loan as
part of this review. For additional information on that loan and
the DBRS Morningstar perspective on current and future performance,
please see the loan commentary on the DBRS Viewpoint platform, for
which information is provided below.

Classes X-A and X-B 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.


MORGAN STANLEY 2015-C20: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C20 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2015-C20 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 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 PST at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there had been a collateral reduction of 7.5% since issuance, with
85 of the original 88 loans remaining in the pool. Seven loans,
representing 3.9% of the pool, were fully defeased. To date, there
have been no losses to the pool.

Loans representing 95.5% of the pool reported YE2018 financials
with a weighted-average (WA) debt service coverage ratio (DSCR) and
debt yield of 1.67 times (x) and 10.5%, respectively. Fourteen out
of the largest 15 loans reported YE2018 financials with a WA DSCR
and WA debt yield of 1.60x and 10.0%, respectively, representing a
WA cash flow improvement of 12.4% over the DBRS Morningstar net
cash flow figures derived at issuance.

There are 18 loans, representing 20.3% of the pool, secured by
hotel properties, including four loans in the top 15 in DoubleTree
- Santa Ana, CA (Prospectus ID #6, 2.8% of the pool); One & Only
Ocean Club (Prospectus ID #8, 2.7% of the pool); Ashford Portfolio
- Palm Desert, CA (Prospectus ID #10, 2.1% of the pool); and
Ashford Portfolio - Charlotte/Durham, NC (Prospectus ID #11, 1.8%
of the pool). This concentration is particularly noteworthy given
the recent impacts to lodging properties and the hospitality
industry in general amid the ongoing Coronavirus Disease (COVID-19)
outbreak that has halted both leisure and business travel around
the globe. Hotel owners and industry data providers alike are
reporting significant immediate impacts, with many properties fully
empty as events and spring break plans were cancelled. DBRS
Morningstar has requested specific information with regard to the
collateral hotels backing the larger loans in this and other CMBS
transactions and will be monitoring closely for developments.

As of the February 2020 remittance, five loans, representing 6.5%
of the pool (including two loans in the top 15), were on the
servicer's watchlist and five loans, representing 6.8% of the pool,
were in special servicing. There are two loans in the top 15 on the
servicer's watchlist in Summerhill Pointe Apartments (Prospectus ID
#5, 3.3% of the pool) and 33 West 46th Street (Prospectus ID #12,
1.8% of the pool). The larger loan, Summerhill Pointe Apartments,
is secured by a multifamily property in Las Vegas, Nevada. Cash
flows have been stable from issuance, but the loan has been placed
on the watchlist while the servicer resolves an outstanding issue
with the insurance. The 33 West 46th Street loan is secured by an
office property in Midtown Manhattan and is being monitored for
occupancy and cash flow declines from issuance. As applicable, a
probability of default multiplier was applied to watchlist and
other loans exhibiting increased risks from issuance.

The largest loan in special servicing, VA Office Portfolio
(Prospectus ID#3, 4.3% of the pool), is secured by three
cross-collateralized and cross-defaulted office properties
throughout Fairfax County, Virginia. The loan transferred to
special servicing in December 2019 for maturity default, after its
scheduled loan maturity date of November 2019. As of October 2018,
the portfolio's occupancy rate had fallen from 84.1% at issuance to
69.9%, primarily stemming from a 26.4% increase in vacancy at the
Reston Sunrise Plaza property. Recent leasing across the portfolio
has been moderately successful, increasing the portfolio's leased
rate to 78.5%. According to February 2020 servicer commentary, a
refinance is in process. An updated appraisal has not been
finalized to date. It is noteworthy that the loan amount as of
February 2020 results in a trust exposure to the portfolio of $134
per square foot (psf), with recent sales reported at levels near
$200 psf, suggesting the overall leverage is reasonable.

Two of the smaller loans in special servicing are secured by
limited-service hotel properties in the Holiday Inn Express -
Syracuse (Prospectus ID #53, 0.7% of the pool) and Homewood Suites
Mobile (Prospectus ID #58, 0.6% of the pool). The Mobile property
is performing in line with issuance expectations, with the
servicer's February 2020 commentary suggesting a full payoff is
expected in the near term. For the Syracuse property, cash flows
fell sharply in 2017, with the loan transferred to special
servicing in September of that year and the servicer's most-recent
appraised value of $4.0 million as of January 2019 suggesting a
significant loss severity can be expected at disposition.

Classes X-A, X-B, X-D, X-E, and X-F 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: The principal methodology is the North American CMBS
Surveillance Methodology.


MORGAN STANLEY 2015-C23: DBRS Confirms B(low) on G Certs
--------------------------------------------------------
DBRS, Inc. confirmed the following ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2015-C23 issued by
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 (the
Issuer):

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has generally remained in line with DBRS
Morningstar's expectations since issuance. At issuance, the
collateral consisted of 75 fixed-rate loans secured by 151
commercial properties. As of the February 2020 remittance, the pool
had 69 of the original loans remaining in the pool with a
collateral reduction of 13.9% since issuance and no losses incurred
to date. Six loans, representing 3.6% of the current pool, are
fully defeased. As of the February 2020 remittance, five loans,
representing 5.4% of the current pool balance, were on the
servicer's watchlist and no loans were in special servicing. For
loans reporting an in-place debt service coverage ratio (DSCR), the
weighted-average (WA) DSCR was 1.82 times (x) compared with the
Issuer's DSCR of 1.76x for the pool. At issuance, the pool had a WA
loan-to-value ratio (LTV) of 67.8% compared with the WA LTV of
68.8% for the remaining loans in the pool as of the February 2020
remittance.

DBRS Morningstar notes that the pool's concentration of loans
backed by hotel and retail property types represent 17.3% and 28.4%
of the pool balance, respectively. The Coronavirus Disease
(COVID-19) pandemic has had an immediate and substantial impact on
the hospitality and retail industries as governments, property
owners, retailers, and restauranteurs have closed locations as part
of the larger effort to contain the spread of the coronavirus. DBRS
Morningstar anticipates that the medium-term impact of these
events, for hotel and retail properties in particular, will be
significant and will monitor the loans in this pool and other rated
deals closely for developments. Three of the largest 15 loans in
the subject transaction are secured by hotels—Georgian Terrace
(Prospectus ID #5; 4.7% of the pool), Hilton Garden Inn W 54th
Street (Prospectus ID #7; 4.3% of the pool), and Fairfield Inn
Chelsea (Prospectus ID #10; 3.2% of the pool). DBRS Morningstar
contacted the servicer regarding the specific impact on bookings
for these properties and will provide updated commentary as
information becomes available on the DBRS Viewpoint platform.

At issuance, DBRS Morningstar assigned investment-grade shadow
ratings to two loans, but with the repayment of US StorageMart
Portfolio (Prospectus ID #11), only 32 Old Slip Fee (Prospectus ID
#2; 7.1% of the pool) remains. With this review, DBRS Morningstar
confirmed that the performance of this loan remains consistent with
investment-grade loan characteristics.

Classes X-A, X-B, 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.


MORGAN STANLEY 2015-MS1: DBRS Confirms B(high) Rating on F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings of all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-MS1 issued by
Morgan Stanley Capital I Trust 2015-MS1 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has had a collateral reduction of 3.2% since
issuance with all of the original 54 loans remaining in the pool as
of the February 2020 remittance report.

Loans representing 83.3% of the current pool balance reported Q2 or
Q3 2019 financials. Collectively, the loans reporting these
partial-year 2019 financials had a weighted-average (WA) debt
service coverage ratio (DSCR) and debt yield of 1.75 times (x) and
8.5%, respectively. The largest 15 loans reported partial-year 2019
or YE2018 financials, with a WA DSCR and debt yield of 2.56x and
8.9%, respectively, representing a WA cash flow improvement of
28.3% over the DBRS Morningstar net cash flow figures derived at
issuance.

The pool is highly concentrated in loans secured by retail
properties with 24 such loans representing 41.7% of the pool,
including four in the top 15. This concentration is particularly
noteworthy given the ongoing Coronavirus Disease (COVID-19)
outbreak and its effect on retail traffic nationwide as cities and
governors as well as company CEOs take measures to curtail viral
spread by ordering stores and restaurants closed. In general, the
retail loans in this pool are performing as expected, with the
largest retail loans in the top 15 loans in the pool reporting net
cash flow growth of roughly 19.3% since issuance.

As of the February 2020 remittance, five loans, representing 7.1%
of the pool, are on the servicer's watchlist and no loans are in
special servicing. The second-largest loan on the watchlist, HSBC

– Brandon, FL (Prospectus ID #16; 1.9% of the pool), is being
monitored because of the loss of the single-tenant in HSBC in July
2018, ahead of the scheduled lease expiry in June 2020. As of the
March 2020 update from the servicer, the property remains fully
vacant but lease approvals are in process for tenants that would
take a portion of the space.

At issuance, DBRS Morningstar assigned investment-grade shadow
ratings to three loans, 32 Old Slip Fee (Prospectus ID#3; 7.0% of
the pool), Alderwood Mall (Prospectus ID#5; 5.0% of the pool), and
841-853 Broadway (Prospectus ID#6; 5.8% of the pool). With this
review, DBRS Morningstar has confirmed that the performance of
these loans remains consistent with investment-grade loan
characteristics.

Class X-A 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: The principal methodology is the North American CMBS
Surveillance Methodology.


MSC MORTGAGE 2012-C4: DBRS Confirms B Rating on Class G Certs
-------------------------------------------------------------
DBRS, Inc confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C4
issued by MSC Mortgage Securities Trust, 2012-C4:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the March 2020 remittance, 30 of the
original 39 loans remain in the pool, with collateral reduction of
34.3% since issuance as a result of loan repayment, scheduled
amortization, and the proceeds from one liquidation, which incurred
a realized loss to the trust of $8.6 million in February 2017. To
date, no loans are delinquent or in special servicing. The pool
benefits from defeasance collateral as seven loans, representing
17.4% of the pool, are fully defeased. Based on the most recent
year-end (YE) reporting, the pool had a weighted-average (WA) debt
service coverage ratio (DSCR) and WA debt yield of 1.72 times (x)
and 13.7%, respectively, compared with the DBRS Morningstar Term
figures derived at issuance of 1.56x and 10.9%, respectively.

As of the March 2020 remittance, there are five loans on the
servicer's watchlist, representing 23.4% of the pool, including the
largest loan in the pool, The Shoppes at Buckland Hills (Prospectus
ID#1, 15.7% of the pool). The collateral is secured by the in-line
space of a 1.1-million-sf regional mall in Manchester, Connecticut,
within the Hartford metropolitan statistical area. The cash flow
declines in 2018 were the result of both falling income and
increases in expenses. The loan's DSCR has decreased annually since
topping out at 1.45x at YE2016, ending YE2018 at 1.23x. The partial
year financials ended in September 2019 showed further slippage to
a 1.00x DSCR, despite maintaining an occupancy rate of 97.0%.
There's additional risk to foot traffic at the mall as the
noncollateral anchors include Sears, JCPenney, and Macy's, although
none have announced store closures at this location to date.

Among the other watchlisted loans, the Hilton Springfield loan
(ProspectusID#15, 3.0% of the pool) is of the most concern from a
performance standpoint. The 245-room full-service hotel in
Springfield, Virginia, has not reported a DSCR above break-even
since 2012. Its location near numerous governmental agencies has
had an impact on performance because of a decrease in demand after
federal budget cuts. In addition, the loan previously had a stint
in special servicing and was returned as corrected in February
2015, after an additional contribution of equity from the borrower
to fund a property improvement plan reserve and pay
special-servicing fees. While the loan remains current to date,
DBRS Morningstar notes the recent impact on the hospitality
industry amid the Coronavirus Disease (COVID-19) outbreak, which
has significantly reduced both business and leisure travel around
the world. Hotels have been immediately affected with devastatingly
low occupancy rates reported as of the most recent STR reporting.
As such, this and other loans secured by hotel properties are
likely to see a significant impact on near and moderate-term cash
flow. DBRS Morningstar is monitoring closely for developments.

Classes X-A and X-B 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.


REALT 2014-1: DBRS Hikes Rating on Class G Certs to B(High)
-----------------------------------------------------------
DBRS, Inc. upgraded six classes of Commercial Mortgage Pass-Through
Certificates Series 2014-1 issued by Real Estate Asset Liquidity
Trust (REALT) 2014-1 as follows:

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

In addition, DBRS Morningstar has confirmed the rating on the
remaining class in the transaction as listed below:

-- Class A at AAA (sf)

All trends are Stable.

The rating upgrades reflect the significantly increased credit
support for the transaction because recent successful loan
repayments have resulted in a collateral reduction of 54.9% since
issuance. As of the February 2020 remittance, 15 of the original 34
loans remained in the pool. All loans are reporting YE2018
financials, except the second-largest loan, 1015 Golf Links Road
(Prospectus ID#2; 13.7% of the pool balance), which most recently
reported YE2016 financials. Based on the YE2018 reporting, the
weighted average (WA) debt service coverage ratio (DSCR) and debt
yield for reporting loans were 1.63 times and 11.8%, respectively,
representing a 23.6% net cash flow (NCF) growth over the DBRS
Morningstar NCFs derived at issuance. The 1015 Golf Links Road loan
is on the watchlist because the borrower has not submitted updated
financial reports for the last two year-end cycles. The loan is
secured by a retail property in Ancaster, Ontario, and has been
current throughout the term with a 50% recourse guarantee to the
sponsor.

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: The principal methodology is the North American CMBS
Surveillance Methodology.


SELKIRK 2013-1: DBRS Confirms BB (low) Rating on Class F Notes
--------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the following classes of
Asset-Back Notes issued by Selkirk 2013-1 (the Trust) as follows:

-- Class A2 at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (sf)
-- Class D at A (high) (sf)
-- Class E at BBB (sf)
-- Class F at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance,
including the significant repayment of the underlying loans, for
the transaction since issuance. As of the March 2020 remittance,
there has been a collateral reduction of 73.6% since issuance
resulting from scheduled amortization and loan repayments, with 18
loans remaining in the pool out of the original 55 loans. The pool
maintains a heavy concentration of loans secured by office
properties, which represent 46.7% of the pool. As of the March 2020
remittance, there were no loans on the servicer's watchlist or in
special servicing.

The largest 10 loans represent 84.2% of the pool and based on
YE2018 reporting (most recent available), overall performance
remained healthy, with a weighted-average (WA) debt service
coverage ratio (DSCR) and WA loan-to-value ratio of 1.85 times (x)
and 47.1%, respectively. These loans reported a WA net cash flow
(NCF) growth of 36.5% over the DBRS Morningstar NCF figures from
issuance. The largest two loans, PetSmart Corporate Headquarters
(20.3% of the pool) and 777 Long Ridge Road - Long Ridge Office
Park (15.3% of the pool), are both single or nearly single-tenant
office properties, which reported YE2018 DSCR figures of 3.12x and
1.42x, respectively.

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


SELKIRK 2014-3A: DBRS Confirms BB Rating on Class F Notes
---------------------------------------------------------
DBRS Limited upgraded the ratings of the following classes of
Asset-Backed Notes issued by Selkirk 2014-3A:

-- Class B to AA (high) (sf) from AA (sf)
-- Class C to AA (sf) from AA (low) (sf)
-- Class D to A (sf) from A (low) (sf)
-- Class E to BBB (sf) from BBB (low) (sf)

DBRS Morningstar also confirmed the ratings of the following
classes:

-- Class A2 at AAA (sf)
-- Class F at BB (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayments as well as the
overall strong performance of the remaining collateral. As of the
February 2020 remittance, there has been a collateral reduction of
71.7% since issuance, as 24 of the original 62 loans remain in the
pool. Over the last 12 months, 10 loans have paid out of the trust,
contributing a principal repayment of $159.7 million for the
transaction. As of February 2020, there were no loans in special
servicing and no loans on the servicer's watchlist. Based on the
most recent year-end reporting available, the top 10 loans,
representing 71.9% of the current pool balance, are reporting a
weighted-average debt service coverage ratio (DSCR) of 1.67 times
(x).

The largest loan remaining in the pool, 750 East Pratt (Prospectus
ID#4; 12.8% of the pool balance), is secured by a
336,462-square-foot office building located in Baltimore. The loan
reported performance declines due to the rent abatement period
associated with two tenants throughout 2018 as the YE2018 DSCR was
0.77x compared with the YE2017 DSCR of 1.54x. This loan was
previously on the servicer's watchlist as Exelon Business Services
Co. LLC, which formerly occupied 45.4% of the net rentable area,
provided notice to the borrower that it would be vacating its space
upon lease expiration in YE2017.

Since that time, however, the borrower has been successful in
re-leasing the majority of the vacant space to John Hopkins
University (Johns Hopkins), KPMG, Maryland Health Benefit Exchange,
and the Armstrong Institute for Patient Safety and Quality. Both
Johns Hopkins and KPMG had lease commencement dates in January 2018
and May 2018 and began paying rent in January 2019 and April 2019,
respectively, following the rent abatement period. As part of the
review, the loan was analyzed with an elevated probability of
default to reflect the elevated risk associated with the decline in
performance in 2018.

DBRS Morningstar does note the transaction's exposure to a
concentration of retail properties in the top 10, representing
24.5% of the pool, a factor that is particularly noteworthy given
the Coronavirus Disease (COVID-19) outbreak of 2020 and its impact
on retail traffic nationwide as cities, governors, and company
chief executive officers have taken measures to address the virus'
spread by ordering stores and restaurants to close. DBRS
Morningstar will be monitoring these loans closely as the
coronavirus pandemic extends and its full impact on the economy and
commercial real estate becomes known.

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


SELKIRK 2014-3V: DBRS Confirms BB Rating on Class F Notes
---------------------------------------------------------
DBRS Limited upgraded the ratings of the following classes of
Asset-Backed Notes issued by Selkirk 2014-3V:

-- Class B to AA (high) (sf) from AA (sf)
-- Class C to AA (sf) from AA (low) (sf)
-- Class D to A (sf) from A (low) (sf)
-- Class E to BBB (sf) from BBB (low) (sf)

DBRS Morningstar also confirmed the ratings of the following
classes:

-- Class A2 at AAA (sf)
-- Class F at BB (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayments as well as the
overall strong performance of the remaining collateral. As of the
February 2020 remittance, there has been a collateral reduction of
71.7% since issuance, as 24 of the original 62 loans remain in the
pool. Over the last 12 months, 10 loans have paid out of the trust,
contributing a principal repayment of $159.7 million for the
transaction. As of February 2020, there were no loans in special
servicing and no loans on the servicer's watchlist. Based on the
most recent year-end reporting available, the top 10 loans,
representing 71.9% of the current pool balance, are reporting a
weighted-average debt service coverage ratio (DSCR) of 1.67 times
(x).

The largest loan remaining in the pool, 750 East Pratt (Prospectus
ID#4; 12.8% of the pool balance), is secured by a
336,462-square-foot office building located in Baltimore. The loan
reported performance declines due to the rent abatement period
associated with two tenants throughout 2018 as the YE2018 DSCR was
0.77x compared with the YE2017 DSCR of 1.54x. The loan was
previously on the servicer's watchlist as Exelon Business Services
Co. LLC, which formerly occupied 45.4% of the net rentable area,
provided notice to the borrower that it would be vacating its space
upon lease expiration as at YE2017.

Since that time, however, the borrower has been successful at
re-leasing the majority of the vacant space to John Hopkins
University (Johns Hopkins), KPMG, Maryland Health Benefit Exchange,
and the Armstrong Institute for Patient Safety and Quality. Both
Johns Hopkins and KPMG had lease commencement dates in January 2018
and May 2018 and began paying rent in January 2019 and April 2019,
respectively, following the rent abatement period. As part of the
review, the loan was analyzed with an elevated probability of
default to reflect the elevated risk associated with the decline in
performance in 2018. For additional information on this loan,
please see the loan commentary in the DBRS Viewpoint platform.

DBRS Morningstar does note the transaction's exposure to a
concentration of retail properties in the top 10, representing
24.5% of the pool, a factor that is particularly noteworthy given
the Coronavirus Disease (COVID-19) outbreak of 2020 and its impact
on retail traffic nationwide, as cities, governors, and company
chief executive officers alike have taken measures to address the
virus' spread by ordering stores and restaurants to close. DBRS
Morningstar will be monitoring these loans closely as the
coronavirus pandemic extends and its full impact on the economy and
commercial real estate becomes known.

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


TOWD POINT 2020-2: DBRS Gives Prov. B Rating on Class B2 Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to Asset-Backed Securities,
Series 2020-2 (the Notes) to be issued by Towd Point Mortgage Trust
2020-2 (TPMT 2020-2 or the Trust) as follows:

-- $772.4 million Class A1A1 at AAA (sf)
-- $136.3 million Class A1A2 at AAA (sf)
-- $52.8 million Class A1B at AAA (sf)
-- $60.2 million Class A2 at AA (sf)
-- $45.4 million Class M1 at A (sf)
-- $34.4 million Class M2 at BBB (sf)
-- $25.8 million Class B1 at BB (sf)
-- $23.3 million Class B2 at B (sf)
-- $961.6 million Class A1 at AAA (sf)
-- $908.8 million Class A1A at AAA (sf)
-- $60.2 million Class A2A at AA (sf)
-- $60.2 million Class A2AX at AA (sf)
-- $60.2 million Class A2B at AA (sf)
-- $60.2 million Class A2BX at AA (sf)
-- $45.4 million Class M1A at A (sf)
-- $45.4 million Class M1AX at A (sf)
-- $45.4 million Class M1B at A (sf)
-- $45.4 million Class M1BX at A (sf)
-- $34.4 million Class M2A at BBB (sf)
-- $34.4 million Class M2AX at BBB (sf)
-- $34.4 million Class M2B at BBB (sf)
-- $34.4 million Class M2BX at BBB (sf)
-- $1.0 billion Class A3 at AA (sf)
-- $1.1 billion Class A4 at A (sf)
-- $1.1 billion Class A5 at BBB (sf)

Classes A2AX, A2BX, M1AX, M1BX, M2AX, and M2BX are interest-only
notes. The class balances represent a notional amount.

Classes A1, A1A, A2A, A2AX, A2B, A2BX, M1A, M1AX, M1B, M1BX, M2A,
M2AX, M2B, M2BX, A3, A4, and A5 are exchangeable notes. These
classes can be exchanged for combinations of exchange notes as
specified in the offering documents.

The AAA (sf) ratings on the Notes reflect 21.70% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 16.80%, 13.10%,
10.30%, 8.20%, and 6.30% 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 seasoned
performing and reperforming primarily first-lien mortgages funded
by the issuance of the Notes. The Notes are backed by 7,358 loans
with a total principal balance of $1,228,047,667 as of the
Statistical Calculation Date (February 29, 2020).

The portfolio is approximately 161 months seasoned and contains
97.8% modified loans. The modifications happened more than two
years ago for 95.3% of the modified loans. Within the pool, 2,280
mortgages have non-interest-bearing deferred amounts, which equate
to approximately 7.3% of the total principal balance. There are no
Home Affordable Modification Program (HAMP) and proprietary
principal forgiveness amounts included in the deferred amounts.

As of the Statistical Calculation Date, 93.1% of the pool is
current, 5.6% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method, and 1.3% is in bankruptcy
(all bankruptcy loans are performing or 30 days delinquent).
Approximately 75.0% of the mortgage loans have been zero times 30
days delinquent (0 x 30) for at least the past 24 months under the
MBA delinquency method.

All but one loan in the pool is exempt from the Consumer Financial
Protection Bureau (CFPB) Ability-to-Repay (ATR)/Qualified Mortgage
(QM) rules. This loan is subject to the ATR rules and is designated
as Non-QM.

FirstKey Mortgage, LLC (FirstKey) will acquire the loans from
various transferring trusts on or prior to the Closing Date. The
transferring trusts acquired the mortgage loans between July 2017
and March 2020 and are beneficially owned by funds managed by
affiliates of Cerberus Capital Management, L.P. (Cerberus). Upon
acquiring the loans from the transferring trusts, FirstKey, through
a wholly owned subsidiary, Towd Point Asset Funding, LLC (the
Depositor), will contribute loans to the Trust. As the Sponsor,
FirstKey, through a majority-owned affiliate, will acquire and
retain a 5% eligible vertical interest in each class of securities
to be issued (other than any residual certificates) to satisfy the
credit risk-retention requirements. These loans were originated and
previously serviced by various entities through purchases in the
secondary market.

The loans will be serviced by Select Portfolio Servicing, Inc.
(SPS; 97.9%) and Specialized Loan Servicing LLC (SLS; 2.1%). The
initial aggregate servicing fee for the TPMT 2020-2 portfolio will
be 0.1538% per year, lower than transactions backed by similar
collateral. DBRS Morningstar stressed such servicing expenses in
its cash flow analysis to account for a potential fee increase in a
distressed scenario.

There will not be any advancing of delinquent principal or interest
on any mortgages by the servicers or any other party to the
transaction; however, the servicers are obligated to make advances
in respect of homeowner association fees, taxes, and insurance,
installment payments on energy improvement liens, and reasonable
costs and expenses incurred in the course of servicing and
disposing of properties.

FirstKey, as the asset manager, has the option to sell certain
nonperforming loans or real estate owned (REO) properties to
unaffiliated third parties individually or in bulk sales. Bulk
sales require an asset sale price to at least equal a minimum
reserve amount of the product of (1) 65.26% and (2) the current
principal amount of the mortgage loans or REO properties as of the
bulk sale date.

When the aggregate pool balance of the mortgage loans is reduced to
less than 30.0% of the Cut-Off Date balance, the holders of more
than 50% of the Class X Certificates will have the option to cause
the Issuer to sell all of its remaining property (other than
amounts in the Breach Reserve Account) to one or more third-party
purchasers so long as the aggregate proceeds meets a minimum
price.

When the aggregate pool balance is reduced to less than 10% of the
balance as of the Cut-off Date, the majority representative as
appointed by the holder(s) of more than 50% of the notional amount
of the Class X Certificates or their affiliates may purchase all of
the mortgage loans, REO properties and other properties from the
Issuer, as long as the aggregate proceeds meet a minimum price.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M1
and more subordinate bonds will not be paid from principal proceeds
until the Class A1A1, A1A2, A1B, and A2 Notes are retired.

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.


TRINITAS CLO XII: Moody's Rates $11.2MM Class F Notes 'B3'
----------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by Trinitas CLO XII, Ltd.

Moody's rating action is as follows:

US$290,000,000 Class A-1 Floating Rate Notes due 2033 (the "Class
A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$30,000,000 Class A-2 Fixed Rate Notes due 2033 (the "Class A-2
Notes"), Definitive Rating Assigned Aaa (sf)

US$30,000,000 Class B-1 Floating Rate Notes due 2033 (the "Class
B-1 Notes"), Definitive Rating Assigned Aa2 (sf)

US$28,450,000 Class B-2 Fixed Rate Notes due 2033 (the "Class B-2
Notes"), Definitive Rating Assigned Aa2 (sf)

US$23,850,000 Class C Deferrable Floating Rate Notes due 2033 (the
"Class C Notes"), Definitive Rating Assigned A2 (sf)

US$30,200,000 Class D Deferrable Floating Rate Notes due 2033 (the
"Class D Notes"), Definitive Rating Assigned Baa3 (sf)

US$23,750,000 Class E Deferrable Floating Rate Notes due 2033 (the
"Class E Notes"), Definitive Rating Assigned Ba3 (sf)

US$11,250,000 Class F Deferrable Floating Rate Notes due 2033 (the
"Class F Notes"), Definitive Rating Assigned B3 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the
Class B-2 Notes, the Class C Notes, the Class D Notes, the Class E
Notes, and the Class F 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.

Trinitas XII 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
senior secured loans and eligible principal investments, up to 7.5%
of the portfolio may consist of second lien loans and up to 2.5% of
unsecured loans. The portfolio is approximately 90% ramped as of
the closing date.

Trinitas Capital Management, 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 issued 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: $500,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2739

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.0 years

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of corporate
assets. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.

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.


UBS COMMERCIAL 2018-C10: Fitch Affirms B- Rating on Cl. F-RR Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of UBS Commercial Mortgage
Trust 2018-C10.

RATING ACTIONS

UBS 2018-C10

Class A-1 90276FAS3;  LT AAAsf Affirmed;  previously at AAAsf

Class A-2 90276FAT1;  LT AAAsf Affirmed;  previously at AAAsf

Class A-3 90276FAV6;  LT AAAsf Affirmed;  previously at AAAsf

Class A-4 90276FAW4;  LT AAAsf Affirmed;  previously at AAAsf

Class A-S 90276FAZ7;  LT AAAsf Affirmed;  previously at AAAsf

Class A-SB 90276FAU8; LT AAAsf Affirmed;  previously at AAAsf

Class B 90276FBA1;    LT AA-sf Affirmed;  previously at AA-sf

Class C 90276FBB9;    LT A-sf Affirmed;   previously at A-sf

Class D 90276FAC8;    LT BBB-sf Affirmed; previously at BBB-sf

Class D-RR 90276FAE4; LT BBB-sf Affirmed; previously at BBB-sf

Class E-RR 90276FAG9; LT BB-sf Affirmed;  previously at BB-sf

Class F-RR 90276FAJ3; LT B-sf Affirmed;   previously at B-sf

Class X-A 90276FAX2;  LT AAAsf Affirmed;  previously at AAAsf

Class X-B 90276FAY0;  LT AA-sf Affirmed;  previously at AA-sf

Class X-D 90276FAA2;  LT BBB-sf Affirmed; previously at BBB-sf

KEY RATING DRIVERS

Stable Loss Expectations: The majority of the pool has exhibited
overall stable performance since issuance. One loan (0.4% of the
pool) is specially serviced and 90 days delinquent. Fitch also
identified one loan (1.8% of the pool) as a Fitch Loan of Concern
(FLOC).

The specially serviced loan, CVS Goshen, is secured by a 10,125 sf
retail property that is single-tenanted by CVS and located in
Goshen, IN. The loan was recently transferred to special servicing
in March 2020 due to monetary default. Based on Google searches, it
appears the CVS remains open for business. Per the rent roll from
issuance, the tenant's lease expires in 2038. Fitch has requested
an update from the master servicer and will continue to monitor the
loan for further updates.

The FLOC, Hilton Branson Convention Center, is secured by two
cross-collateralized, full service hotels, consisting of 293 and
102 rooms, respectively, and is located in Branson, MO. Both hotels
are Hilton franchises located near the Branson Convention Center,
which is a major demand driver of the subjects. Fitch expects
performance to be impacted given expected declines in travel
related to the coronavirus pandemic. As part of Fitch's base case
analysis, Fitch applied a higher NOI haircut to account for the
expected declines in performance and will continue to monitor the
loan for further updates.

Limited Change to Credit Enhancement: As of the March 2020
remittance, the pool's aggregate principal balance has been reduced
by 0.8% to $724.3 million from $730.4 million at issuance.
Seventeen loans (45.8% of the pool) are IO for the full loan term,
including eight loans (38.2% of the pool) within the top 15.
Sixteen loans (25.8% of the pool) have partial IO payments,
including four loans (12.0% of the pool) within the top 15. Of the
loans with partial IO payments, five (8.0% of the pool) have
entered their respective amortization periods. The remainder of the
loans (28.4% of the pool) are amortizing.

Additional Loss Considerations: Fitch applied an additional 25%
loss severity to the Hilton Branson Convention Center loans due to
the expected declines in travel and performance related to the
coronavirus pandemic. However, this scenario did not impact the
ratings.

Coronavirus Exposure: Ten loans (14.4% of the pool) are secured by
hotel properties, including one loan (2.8% of the pool) in the top
15. The weighted average (WA) debt service coverage ratio (DSCR)
for all hotel loans in the pool is approximately 3.07x. On average,
the hotel loans could sustain a 60.4% decline in NOI before the
actual DSCR would fall below 1.0x coverage. As part of Fitch's base
case scenario, Fitch included an additional stress on all hotels to
address the expected declines due to lack of travel related to the
coronavirus pandemic; however, the additional stress did not impact
the ratings.

Loans with Anticipated Repayment Dates: Three loans (1.9% of the
pool) have anticipated repayment dates (ARD), all dated in 2028.

RATING SENSITIVITIES

Rating Sensitivity

Near term rating changes are expected to be limited as indicated by
the sufficient credit enhancement, continued amortization, and
stable performance of the pool as evidenced by the Stable Outlooks
assigned to classes A-1 through X-D.

Upgrade Sensitivity

Factors that could lead to upgrades would include stable to
improved asset performance, coupled with additional paydown and/or
defeasance. Upgrades to the 'A-sf' and 'AA-sf' categories would
likely occur with significant improvement in credit enhancement
and/or defeasance; however, the underpformance of the FLOCs could
limit future upgrades.

Upgrades to the 'BBB-sf' and below categories are considered
unlikely and would be limited based on the sensitivity to
concentrations or the potential for future concentrations. Classes
would not be upgraded above 'Asf' if there is a likelihood for
interest shortfalls. An upgrade to the 'BB-sf' and 'B-sf'
categories is not likely until the later years in a transaction and
only if the performance of the remaining pool is stable and/or if
there is sufficient credit enhancement, which would likely occur
when the non-rated class is not eroded and the senior classes pay
off.

Downgrade Sensitivity

Factors that could lead to downgrades include an increase in pool
level losses due to underperforming or specially serviced loans.
Downgrades to the senior classes, 'AA-sf' through 'AAAsf' are not
likely due to the position in the capital structure and high credit
enhancement; however, downgrades of these classes may occur should
there be interest shortfalls to these classes. Downgrades to the
classes rated 'BBB-sf' and below would occur if the performance of
the FLOCs continues to decline or fails to stabilize.


UBS-BARCLAYS 2012-C3: DBRS Confirms B(high) Rating on Cl. F Certs
-----------------------------------------------------------------
DBRS, Inc confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2012-C3, issued by
UBS-Barclays Commercial Mortgage Trust 2012-C3 as follows

-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at AA (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BB (high) (sf)
-- Class X-B at BB (low) (sf)
-- Class F at B (high) (sf)

DBRS Morningstar changed the trend on Classes B and C to Positive
from Stable; all other trends are Stable. In addition, DBRS
Morningstar discontinued the rating on Class A-3 as it was repaid
in full with the February 2020 remittance.

The rating confirmations and Positive trends reflect the overall
strong performance of the transaction. As of the March 2020
remittance, 69 of the original 76 loans remained in the pool with
the collateral reduction of 26.3% as a result of scheduled loan
amortization and loan repayments. Loans representing 24.3% of the
pool, are fully defeased. Based on the most recent year-end (YE)
reporting, the pool had a weighted-average (WA) debt service
coverage ratio (DSCR) and WA debt yield of 1.82 times (x) and
13.5%, respectively, compared with the DBRS Morningstar figures
derived at issuance of 1.59x and 10.2%, respectively.

As of the March 2020 remittance, one loan (representing 2.5% of the
pool) was in special servicing and eight loans (9.0% of the pool)
were on the servicer's watchlist.

The specially-serviced loan, Great Northeast Plaza (Prospectus
ID#11; 2.5% of the pool), transferred to the special servicer in
November 2018 and became real estate owned in September 2019. The
loan is secured by an anchored retail property in Philadelphia.
Performance declined following the departure of Sears (81.0% of the
net rentable area) in early 2019. Based on a discount to the recent
appraised value of $25.1 million, DBRS Morningstar believes the
loss severity could approach 50.0% at resolution.

All eight loans on the servicer's watchlist were flagged for
performance-related reasons. The largest loan, Cooper Retail
Portfolio (Prospectus ID #19; 1.7% of the pool) is also on the DBRS
Morningstar Hotlist because of occupancy concerns after the largest
tenants at two of the portfolio's three shopping centers vacated in
2019.

DBRS Morningstar does note the transaction's exposure to the
concentration of retail properties in the top 10 non-defeased loans
in the pool, a factor that is particularly noteworthy given the
2020 Coronavirus Disease (COVID-19) outbreak and its effect on
retail traffic nationwide as cities and governors as well as
company CEOs have taken measures to curtail viral spread by
ordering stores and restaurants closed. Six of the pool's 10
largest loans are backed by retail properties. Outside of the
pool's only specially serviced asset, all of those loans have
generally maintained stable performance to date.

Classes X-A and X-B 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.


UBS-BARCLAYS 2012-C4: DBRS Confirms B Rating on Class F Certs
-------------------------------------------------------------
DBRS, Inc confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2012-C4 issued by
UBS-Barclays Commercial Mortgage Trust 2012-C4:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the March 2020 remittance, 80 of the
original 89 loans remained in the pool, with collateral reduction
of 16.4% as a result of loan repayment, scheduled amortization, and
the proceeds from one liquidation that resulted in a realized loss
to the trust of $0.4 million in December 2019. The pool benefits
from defeasance collateral as 19 loans, representing 14.7% of the
pool, are fully defeased. Based on the most recent year-end (YE)
reporting, the pool had a weighted-average (WA) debt service
coverage ratio (DSCR) and WA debt yield of 2.15 times (x) and
11.8%, respectively, compared with the DBRS Morningstar Term
figures derived at issuance of 1.53x and 9.4%, respectively.

DBRS Morningstar notes that the pool is concentrated in retail and
hotel properties, representing 29.4% and 12.0% of the current pool
balance, respectively. Two of the largest 15 loans in the pool are
secured by hotel properties in Hilton Columbus (Prospectus ID #5;
4.3% of the pool) and Sun Development Portfolio (Prospectus ID #9;
2.4% of the pool). The Hilton Columbus loan has shown strong
performance since issuance with healthy cash flow growth, but the
Sun Development Portfolio reported a net cash flow (NCF) decline
from issuance as of the YE2018 reporting. DBRS Morningstar notes
the retail and, particularly for the immediate term, the hotel
concentration of this pool are items to monitor amid the ongoing
Coronavirus Disease (COVID-19) outbreak that has halted travel
worldwide and resulted in mass temporary closures for restaurants,
bars, and retail outlets as attempts to stem viral spread are put
into place. DBRS Morningstar has requested specific details from
the servicers about immediate performance effects on large hotel
properties and, as such information is received, updated commentary
will be provided on the DBRS Viewpoint platform, for which
information has been provided, below.

As of the March 2020 remittance, three loans (5.5% of the pool)
were in special servicing and 10 loans (17.3% of the pool) were on
the servicer's watchlist. Two loans in special servicing (0.8% of
the pool) are relatively small; however, the largest loan, Newgate
Mall (Prospectus ID#6; 4.8% of the pool), is more noteworthy.

The $58.0 million Newgate Mall loan is secured by a 500,000 square
foot regional mall in Ogden, Utah, about 30 miles outside Salt Lake
City. Based on the YE2019 financial reporting, the loan had a DSCR
of 1.64x, representing a 57.5% NCF decline from the DBRS
Morningstar figure derived at issuance. The mall lost a Sears
anchor in April 2018 and occupancy has remained in the low 60%
range since then. The most recently reported in-line sales figures
suggest overall traffic remains healthy, but DBRS Morningstar notes
that the subject property was sold and the trust loan assumed in
August 2016., The sale price of $69.5 million was well below the
issuance-appraised value of $83.0 million and the sale closed with
all anchors in place. DBRS Morningstar assumed a conservative loss
severity for this loan in the analysis for this review, reflective
of concerns about further deterioration in value and low investor
demand should the asset be liquidated.

Of the 10 loans on the servicer's watchlist, the two largest are
also secured by retail properties, Visalia Mall (Prospectus ID#3;
6.1% of the pool) and Manassas Retail Portfolio (Prospectus ID#10;
2.2% of the pool); however, both appear to be performing. Visalia
Mall is secured by a regional mall in Visalia, California,
approximately 40 miles south of Fresno and was flagged for an
upcoming maturity in May 2020. The loan reported a YE2019 DSCR of
3.69x and is expected to repay in full at maturity. The Manassas
Retail Portfolio is secured by a two-property shadow-anchored
retail portfolio. The properties are located across the street from
each other in Manassas, Virginia, an affluent neighborhood about 30
miles from Washington, D.C. Rollover exposure landed the loan on
the servicer's watchlist as a handful of small tenants have leases
expiring in 2020; however, the loan reported a DSCR of 1.35x based
on the most recent reporting, in line with historical figures.
Given the diversity of the rent roll and strong occupancy to date,
DBRS Morningstar did not consider the loan a material risk.

Classes X-A and X-B 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.


UBS-CITIGROUP 2011-C1: DBRS Confirms B(high) Rating on G Certs
--------------------------------------------------------------
DBRS Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2011-C1 issued by UBS-Citigroup
Commercial Mortgage Trust, Series 2011-C1 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there has been a collateral reduction of 39.2% as a result of
scheduled amortization and loan repayments with 25 loans remaining
in the pool. Ten loans, representing 43.3% of the current pool
balance, are fully defeased, including the largest loan, Trinity
Centre (Prospectus ID#1; representing 15.8% of the pool).

Loans representing 56.8% of the pool show a YE2018 analysis in the
servicer's report. Those loans reported a weighted-average (WA)
debt service coverage ratio (DSCR) and WA debt yield of 1.43 times
(x) and 12.3%, respectively. Loans representing 52.2% of the pool
show 2019 partial year reporting with a WA DSCR of 1.26x. The
largest 15 non-defeased loans (56.8% of the current pool balance)
are the only remaining loans in the pool.

As of the February 2020 remittance, seven loans, representing 35.7%
of the current pool balance, were on the servicer's watchlist.
Three of those loans are on the watchlist for DSCR-related issues
while two loans are being monitored for occupancy declines. The
sixth loan is not showing any servicer commentary to confirm the
reason for the watchlist placement, but DBRS Morningstar notes the
loan was previously monitored for deferred maintenance cited for
the collateral property. The seventh loan was placed on the
servicer's watchlist for a life safety issue. The largest
watchlisted loan, Poughkeepsie Galleria (Prospectus ID#2; 15.4% of
the pool), is being monitored because of its low DSCR, which stems
from declining occupancy. As of September 2019, the property was
79.0% occupied with a DSCR of 0.92x. The loan has also been placed
on the DBRS Morningstar Hotlist; for further information, please
see the loan commentary on the DBRS Viewpoint platform, for which
information has been provided, below.

Classes X-A and X-B 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: The principal methodology is the North American CMBS
Surveillance Methodology.


VENTURE 39: Moody's Assigns Ba3 Rating on $27MM Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Venture 39 CLO, Limited.

Moody's rating action is as follows:

US$2,000,000 Class X Senior Secured Floating Rate Notes due 2033
(the "Class X Notes"), Definitive Rating Assigned Aaa (sf)

US$310,000,000 Class A-1 Senior Secured Floating Rate Notes due
2033 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$15,000,000 Class A-2 Senior Secured Floating Rate Notes due 2033
(the "Class A-2 Notes"), Definitive Rating Assigned Aaa (sf)

US$50,000,000 Class B Senior Secured Floating Rate Notes due 2033
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2033 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

US$30,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2033 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$27,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2033 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

The Class X Notes, the Class A-1 Notes, the Class A-2 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.

Venture 39 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 95% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to 5%
of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 100% ramped as of the closing
date.

MJX Asset Management 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 issued 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: $500,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 46.4%

Weighted Average Life (WAL): 9 years

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of corporate
assets. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.

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.


WELLS FARGO 2015-C27: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings of Commercial Mortgage
Pass-Through Certificates, Series 2015-C27 issued by Wells Fargo
Commercial Mortgage Trust 2015-C27 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class X-B at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has had a collateral reduction of 12.6%
since issuance, with 84 out of the original 95 loans remaining in
the pool as of the February 2020 remittance report. Six loans,
including one loan in the Top 15, are fully defeased, representing
4.9% of the pool.

Loans representing 67.3% and 95.1% of the current pool balance
reported partial-year 2019 and YE2018 financials, respectively.
Collectively, the loans reporting YE2018 financials have a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.77 times (x) and 10.8%, respectively. The largest 15
loans reported YE2018 financials, with a WA DSCR and debt yield of
1.79x and 10.6%, respectively, representing a WA cash flow
improvement of 15.0% over the DBRS Morningstar net cash flow
figures derived at issuance.

The pool is concentrated with loans secured by hospitality
properties, as 19 loans, representing 24.5% of the pool, are
secured by hotel properties, including four in the Top 15 in
Marriott Greensboro (Prospectus ID#4, 4.4% of the pool); Maxwell
Hotel (Prospectus ID#8, 3.1% of the pool); Residence Inn Tampa
Westshore Airport (Prospectus ID#11, 2.5% of the pool), and
Residence Inn Charlotte Southpark (Prospectus ID#14, 2.2% of the
pool). The larger loans in particular have performed quite well,
but given the ongoing impact to the hotel industry amid the
Coronavirus Disease (COVID-19) outbreak and the resulting halt in
personal and business travel around the world, DBRS Morningstar
will be closely monitoring for developments.

As of the February 2020 remittance, there were two loans,
representing 0.9% of the pool, in special servicing, and 16 loans,
representing 16.8% of the pool, are on the servicer's watchlist.
Three loans on the servicer's watchlist, representing 2.4% of the
pool, are being monitored for deferred maintenance, while the
remainder generally showed performance declines. As applicable,
DBRS Morningstar applied a liquidation scenario for the loans in
special servicing based on the most recent appraised values and a
probability of default multiplier for loans on the watchlist (and
others) exhibiting increased risks from issuance in the analysis
for this review.

Classes X-A, X-B, X-E, and X-F 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: The principal methodology is the North American CMBS
Surveillance Methodology.


WELLS FARGO 2015-LC20: DBRS Confirms B(low) Rating on Class F Certs
-------------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-LC20 issued by Wells Fargo
Commercial Mortgage Trust 2015-LC20 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. As of the February 2020 remittance,
there has been a collateral reduction of 6.9% since issuance, with
65 of the original 68 loans remaining in the pool. There are five
loans, representing 15.9% of the pool, that are fully defeased.

Loans representing 82.1% of the pool reported year-end (YE) 2018 or
YE2019 financials, with a weighted-average (WA) debt service
coverage ratio (DSCR) and debt yield of 1.62 times (x) and 10.0%,
respectively. The largest 15 non-defeased loans reported YE2018 or
YE2019 financials with a WA DSCR and WA debt yield of 1.51x and
9.0%, respectively, representing a WA cash flow improvement of
10.0% over the DBRS Morningstar net cash flow figures derived at
issuance.

As of the February 2020 remittance, there are nine loans,
representing 18.7% of the pool (including four loans in the Top
15), that are on the servicer's watchlist and three loans,
representing 4.4% of the pool in special servicing. The watchlisted
18th Street Atrium loan (Prospectus ID#8, 3.5% of the pool) is
secured by an office building in downtown Denver and is also being
monitored on the DBRS Morningstar Hotlist after three tenants,
representing 81.6% of the net rentable area (NRA), vacated the
property over the last two years. Performance is expected to
improve; however, as the background check company Checkr Inc.,
announced in October 2019 that it has signed an 11-year lease at
the subject for approximately 82.6% of the NRA. For additional
information, please see the loan commentary for this loan in the
DBRS Morningstar Viewpoint platform.

The two largest loans in special servicing, Shop City Shopping
Center (Prospectus ID#13, 2.0% of the pool) and 377 Broadway
(Prospectus ID#23, 1.5% of the pool), both transferred to special
servicing in 2019 due to non-monetary defaults. Shop City Shopping
Center, secured by a grocery-anchored shopping center in Syracuse,
New York, transferred to special servicing due to non-compliance
with cash management provisions that were triggered following
bankruptcy filings for Tops Friendly Markets (Tops) (22.1% of the
NRA) and Fallas (10.8% of the NRA). The Tops store remains open;
however, Fallas has closed. The loan was 60 to 89 days delinquent
as of the February 2020 remittance.

377 Broadway, secured by three-level retail and commercial
condominium unit in the TriBeCa neighborhood of Manhattan,
transferred to special servicing after the borrower modified the
property's single-tenant affiliate lease for a reduced rate without
lender consent. The loan reported a YE2018 DSCR of 1.04x and an
annualized Q3 2019 DSCR of 1.24x and remains current as of the
February 2020 remittance. Both loans were modeled with an increased
probability of default in the analysis for this review to increase
the expected losses for each.

Classes X-A, X-B, X-E, and X-F 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 2015-NXS1: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of the
Commercial Mortgage Pass-Through Certificates, Series 2015-NXS1
issued by Wells Fargo Commercial Mortgage Trust 2015-NXS1 as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the March 2020 remittance, 64 of the
original 68 loans remain in the pool, with collateral reduction of
17.7% since issuance, as a result of scheduled loan amortization
and loan repayments. Four loans, representing 7.6% of the pool, are
fully defeased.

Based on the most recent year-end reporting, the pool had a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.69x and 9.9%, respectively, compared with the DBRS
Morningstar figures derived at issuance of 1.55x and 8.0%,
respectively, for the pool overall. In October 2019, the largest
loan in the pool at issuance, Patriots Park (9.9% of the original
pool balance) repaid after being transferred to special servicing
in November 2018 for nonmonetary default. Upon repayment, a
realized loss of $0.5 million to cover the special servicer's fees
was applied to the trust.

As of the March 2020 remittance, two loans (0.9% of the pool) were
in special servicing, both of which the borrower made current with
the February 2020 remittance, with major leases under review. As of
the March 2020 remittance, both loans are fewer than 30 days
delinquent with a full payoff expected by June 2020. There were
nine loans (12.2% of the pool) on the servicer's watchlist, four of
which (5.6% of the pool) were flagged for performance-related
reasons. The largest loan on the watchlist, 100 West 57th Street
(Prospectus ID#6, 4.5% of the pool), had an anticipated repayment
date in November 2019; however, the borrower did not repay at that
time and will repay the loan closer to the time of the ground lease
expiration in March 2025.

The pool has a notable concentration of loans backed by hotel
properties, which represented 11.7% of the pool balance as of the
March 2020 remittance. The bulk of the exposure is in three top 10
loans secured by hotels in the Best Western Premier Herald Square
(Prospectus ID#8, 3.5% of the pool), Hotel Valencia (Prospectus
ID#10, 3.3% of the pool), and Hotel Andra (Prospectus ID#13, 3.0%
of the pool) loans. All three loans reported net cash flow declines
from issuance as of the most recent year-end reporting periods,
with the two larger loans reporting significant declines. These
trends are particularly noteworthy given the ongoing Coronavirus
Disease (COVID-19) pandemic, which has halted business and leisure
travel in the United States and around the world, with hotels
reporting sharp declines in occupancy rates that are likely to hold
through the near to moderate term. DBRS Morningstar has requested
specific information regarding impacts to the larger hotel loans in
this and other rated pools and will provide updated commentary on
the DBRS Viewpoint platform as it receives relevant updates.

There are two loans on the DBRS Morningstar Hotlist, representing
6.9% of the pool. The larger of the two, 760 & 800 Westchester
Avenue (Prospectus ID#7, 4.4% of the pool), is secured by a
corporate office campus in Rye Brook, New York, approximately 33
miles northeast of Manhattan. This loan is on the Hotlist given the
low YE2019 amortizing DSCR of 1.05x, paired with the property's
submarket, which is quite weak, with vacancy reported at 19.6% as
of Q4 2019. The servicer reported the property's occupancy was
88.0% as of December 2019, up from 83.0% in September 2019;
however, DBRS Morningstar is aware of at least one smaller law firm
that relocated in early 2020.

The second loan, 9990 Richmond Avenue (Prospectus ID#17, 2.5% of
the pool), is secured by two interconnected Class B office
properties in the Westchase submarket of Houston. DBRS Morningstar
is also monitoring this loan for a low DSCR, which reported at
0.89x on an amortizing basis as of YE2019 primarily because of the
property's 28.0% vacancy rate in December 2019. Similarly, the
property's submarket is quite soft, with vacancy hovering around
25.0%. This will undoubtedly make backfilling a large vacancy quite
difficult over the near to medium term, particularly given the
increased stress to the oil and gas markets amid the ongoing
coronavirus outbreak.

Classes X-A, X-B, X-E, and X-F 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 2015-NXS2: DBRS Confirms B(low) Rating on Class F Certs
-------------------------------------------------------------------
DBRS Morningstar confirmed the ratings on the Commercial
Pass-Through Certificates, Series 2015-NXS2 issued by Wells Fargo
Commercial Mortgage Trust 2015-NXS2 as follows:

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

All trends are Stable.

The Class A-S, B, and C certificates may be exchanged for the Class
PEX certificates (and vice versa).

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The transaction consists of 62
fixed-rate loans secured by 76 commercial and multifamily
properties. According to the March 2020 remittance, the pool has
had a collateral reduction of 15.7% since issuance because of
scheduled loan amortization and the repayment of two loans, with 61
out of the original 63 loans remaining in the pool and an aggregate
outstanding principal balance of $793.0 million. The pool reported
a weighted-average (WA) debt service coverage ratio (DSCR) and
loan-to-value ratio (LTV) of 1.83x and 68.5%, respectively,
compared with the 1.68x DBRS Morningstar WA DSCR at issuance. As of
the partial year 2019 financials, the top 15 loans, which
collectively represent 56.1% of the pool, reported a WA DSCR and
debt yield of 1.54x and 8.7%, respectively.

The pool benefits from a healthy concentration of properties in
areas with market ranks of seven and eight (17.8% of the pool
balance) and a relatively low concentration of properties in areas
with market ranks of one and two, which represent only 12.4% of the
pool balance. The former largest loan in the pool, Patriots Park,
which previously represented 10.0% of the pool balance, was in
special servicing for a nonpermitted equity transfer without the
lender's consent and ultimately repaid in full with the
special-servicing fees in the amount of approximately $900,000
billed to the trust. That amount was applied as a loss to the
unrated Class G certificates with the October 2019 remittance.

The pool has a notable concentration of loans secured by hotel
properties in the top 15, with Embassy Suites Nashville (Prospectus
ID #5, 5.2% of the pool balance), Hampton Inn Philadelphia Airport
(Prospectus ID #12, 2.1% of the pool balance), and Springhill
Suites Napa Valley (Prospectus ID #14, 2.0% of the pool balance).
The ongoing Coronavirus Disease (COVID-19) outbreak of 2020 has
significantly affected both business and leisure travel around the
world, with hotels in the United States reporting immediate effects
is drastically reduced room revenues and bookings for future stays.
DBRS Morningstar observes that these three largest hotel loans in
the pool generally benefit from favorable locations within their
respective markets and performance metrics that are in line with or
even above the issuance levels, with all three reporting healthy
DSCRs as of the most recent reporting periods. However, cash flows
for the near to moderate term will likely be drastically lower than
historical levels, suggesting the increased risks from issuance
through the next year or so will be significant. DBRS Morningstar
will monitor these loans closely, with updates to loan-level
commentary in the DBRS Viewpoint platform provided as new
information is received.

As of the March 2020 remittance, there were eight loans comprising
30.5% of the pool with full-term interest-only (IO) terms and 17
loans comprising 35.0% of the poll with partial IO periods
remaining. There were eight loans representing 13.6% of the pool
balance on the servicer's watchlist and three specially serviced
loans representing 7.8% of the pool. The largest loan on the
servicer's watchlist, 100 West 57th Street (Prospectus ID #4, 5.7%
of the pool), is being monitored for the missed November 2019 ARD
date. The servicer has advised the borrower does not plan to repay
the loan until the renewal of the collateral ground lease has been
executed. Two of the loans on the servicer's watchlist are on the
DBRS Morningstar Hotlist in the 1200 Madison Avenue Loan
(Prospectus ID #22, 1.5% of the pool) and Fresh Thyme Farmers
Market (Prospectus ID #29, 0.9% of the pool). The larger loan, 1200
Madison Avenue, has been monitored for significant occupancy
declines, with the property reporting a physical occupancy rate of
approximately 44.0% at YE2019.

The largest loan in special servicing, Sea Harbor Office Center,
5.0% of the pool, was transferred in January 2019 as a result of
the sponsor's noncompliance with a lockbox provision tied to the
credit rating for the parent company of the property's largest
tenant, Wyndham Vacation Ownership, Inc., which represents 84.6% of
the NRA on a lease through October 2025. As of the February 2020
commentary provided by the special servicer, the workout strategy
is still in the process of being determined. The loan shows current
as of the March 2020 remittance and the sponsor appears to be
cooperating with the special servicer, outside of complying with
the terms of the lockbox, that is.

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

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


WELLS FARGO 2015-NXS3: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS Morningstar confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2015-NXS3 (the Certificates)
issued by Wells Fargo Commercial Mortgage Trust 2015-NXS3 as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance, when the pool consisted of 56
fixed-rate loans secured by 59 commercial properties with a trust
balance of $814.5 million. As of the March 2020 remittance, 54
loans remained in the pool, including four fully defeased loans
representing 9.7% of the pool balance. The collateral has been
reduced by 15.6% since issuance as a result of scheduled
amortization and the full repayment of two loans, including the
largest loan at issuance, One Court Square. Based on most recent
reporting, the pool has a weighted-average (WA) loan to value ratio
of 57.% and a WA debt service coverage ratio of 1.94x.

The transaction benefits from a substantial urban concentration
including 13 loans, representing 22.0% of the pool, which are
secured by properties in urban markets. Additionally, two of the
top 15 loans exhibit credit characteristics consistent with
investment-grade shadow ratings (11 Madison Avenue – Prospectus
ID#6, 4.9% of the pool and The Parking Spot LAX – Prospectus
ID#15, 1.9% of the pool). With this review, DBRS Morningstar
confirmed both loans continue to perform in line with the
investment-grade shadow ratings. The pool is concentrated by loan
size, with the top 10 loans representing 59.0% of the pool balance.
In addition, 15 loans, representing 34.2% of the pool, are made up
of retail properties and 10 loans, representing 15.8% of the pool,
are secured by office properties. There are 25 loans, representing
44.2% of the pool, that have partial interest-only (IO) periods and
six loans, comprising 19.6% of the loan pool, structured with full
IO terms.

As of the March 2020 remittance, there were 17 loans, representing
12.8% of the pool, on the servicer's watchlist, and no loans in
special servicing. The two largest loans on the watchlist
collectively represent 3.9% of the pool balance. 722 12th Street NW
(Prospectus ID #14, 2.2% of the pool) is secured by an office
property in Washington, D.C., and is being monitored for a decline
in occupancy and DSCR. The 10203 Santa Monica Boulevard loan
(Prospectus ID #19, 1.7% of the pool) is secured by an office
property in Santa Monica, California, and is on the watchlist for
intermittent delinquency, with the loan showing current as of the
March 2020 remittance.

DBRS Morningstar notes there are two hotel loans among the largest
five loans in the pool in Yosemite Resorts (Prospectus ID #3, 8.6%
of the pool) and Hilton Nashville (Prospectus ID #5, 6.5% of the
pool). As the effects of the Coronavirus Disease (COVID-19)
outbreak of 2020 have halted travel across the United States, the
hospitality industry has reported immediate and, in some cases,
severe impacts. Hotels are reporting sharp drop-offs in bookings
and spikes in cancellations through the summer as Americans and
global travelers alike cancel scheduled trips amid the pandemic.
Both of the hotel loans in question for the subject transaction are
secured by properties performing in line with issuance
expectations, but the collateral for each will undoubtedly face
significant stress in the near to moderate term as the ripple
effects of these events unfold over the next few months.

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

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


WFRBS COMMERCIAL 2012-C10: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C10
issued by WFRBS Commercial Mortgage Trust 2012-C10:

-- Class A-3 at AAA (sf)
-- Class A-FL at AAA (sf)
-- Class A-FX at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (sf)

All trends are Stable, except for Classes E and F, for which the
trends have changed to Negative from Stable given DBRS
Morningstar's outlook for the pool's concentration of regional
malls located in secondary or tertiary markets that have recently
exhibited performance declines and/or anchor losses.

As of the February 2020 remittance, there were four loans,
representing 18.8% of the pool, secured by malls. Based on the
annualized Q3 2019 figures, those loans reported a weighted-average
(WA) amortizing debt service coverage ratio (DSCR) of 1.24 times
(x), reflecting a 35.3% net cash flow (NCF) decline from the DBRS
Morningstar NCF figures derived at issuance. The pool as a whole is
concentrated by loans secured by retail properties (48.9% of the
pool), which is particularly noteworthy given the Coronavirus
Disease (COVID-19) outbreak of 2020 and the impact to retail
traffic nationwide as cities and governors, as well as company
chief executive officers and property owners alike, have taken
measures to address coronavirus' spread by ordering stores and
restaurants closed.

The pool consisted of 69 of the original 85 loans with collateral
reduction of 20.5% since issuance as of the February 2020
remittance. There are 13 loans representing 6.3% of the pool that
are fully defeased. According to the most recent YE reporting, the
pool had a weighted-average (WA) cash flow growth of +3.0% for the
non-defeased loans, resulting in a WA DSCR of 2.05x at YE2018,
compared with 1.99x at YE2017 and the WA DBRS Morningstar DSCR
derived at issuance of 1.23x. Of the nine loans (21.7% of the pool)
on the servicer's watchlist, seven loans (20.3% of the pool) were
flagged for performance-related declines. Based on the most recent
reporting, these loans reported a WA DSCR of 1.12x, compared with
1.66x at YE2018 and the WA DBRS Morningstar DSCR derived at
issuance of 1.36x.

The Dayton Mall loan is secured by a regional mall in Dayton, Ohio,
and is on the DBRS Morningstar Hotlist for increased risks due to
the closure of two noncollateral anchors in Elder-Beerman and
Sears, as well as a few larger in-line tenants, in the last 18
months, and an upcoming lease expiration for JCPenney (22.8% of the
collateral net rentable area) in March 2021. While the property has
had some recent leasing momentum, with the sponsor committing over
$8.0 million in capital expenditure to complete build-outs, DBRS
Morningstar maintains the risks for this loan are significantly
increased from issuance as ownership (Washington Prime Group) will
face some significant challenges in backfilling two empty
department store spaces prior to loan maturity in September 2022.

Classes X-A and X-B 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.


WFRBS COMMERCIAL 2013-C17: DBRS Confirms B(high) Rating on F Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-C17 (the
Certificates) issued by WFRBS Commercial Mortgage Trust 2013-C17
(the Trust) as follows:

-- Class A-3 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 AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class X-C at BB (low) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the stable overall performance of
the pool. As of the March 2020 remittance, 75 of the original 84
loans remained in the pool with an aggregate principal balance of
$644.3 million, representing a collateral reduction of 28.8% since
issuance. There are 14 loans, representing 10.0% of the pool, that
are fully defeased. According to the most recent reporting, the
pool is reporting a weighted-average (WA) loan-to-value ratio of
55.5% and a WA debt service coverage ratio (DSCR) of 2.29x.

The pool is concentrated with loans secured by hotels, with 11
loans collectively representing 25.0% of the pool balance,
including the largest loan in the pool in Hilton Sandestin Beach
Resort and Spa (Prospectus ID#1, 11.6% of the pool) and another top
10 loans in the Marriott Courtyard – Goleta (Prospectus ID#6,
4.2% of the pool). Although the underlying collateral for both of
those loans are generally outperforming the issuance expectations,
the disruption in tourism and business travel alike amid the
Coronavirus Disease (COVID-19) pandemic has caused significant and
immediate impact to hotel properties in the United States and
around the world. As these events continue to unfold, DBRS
Morningstar is monitoring closely for developments and
communicating with servicers to obtain updated information with
regard to property-specific effects in cancellations and declines
in bookings.

As of the March 2020 remittance report, there were nine loans,
representing 8.2% of the pool, on the servicer's watchlist, and
there were two loans, representing 2.3% of the pool, in special
servicing. In general, none of the largest loans on the servicer's
watchlist are exhibiting significantly increased risks from
issuance.

The largest loan in special servicing, Oak Hill Apartments
(Prospectus ID#27, 1.4% of the pool), is secured by a 108-unit
multifamily property located in Washington, D.C., and it was
transferred to special servicing in May 2017 because of sponsor
issues. The sponsor, Sanford Capital, agreed to divest its real
estate holdings in Washington, D.C. by December 2018 because of
numerous housing law violations, and as of February 2020, the
servicer announced the property will be foreclosed by the end of
March 2020. The property reported a DSCR of -0.50x for the first
nine months of 2019, compared with the YE2018 DSCR of -0.80x.
Although the servicer's most recent appraisal of $14.7 million as
of August 2019 suggests value outside of the trust exposure, DBRS
Morningstar believes a loss could still be likely at resolution;
therefore, the analysis for this review reflects a highly stressed
scenario to capture the increased risks from issuance.

The smaller loan in special servicing, Baymont Hospitality
Portfolio (Prospectus ID#41, 0.9% of the pool), transferred in
August 2019 for a nonpermitted equity transfer; however, recent
financial performance has also declined. At this time, the
servicer's commentary suggests it has not determined a workout
strategy to date. The loan is 30 days delinquent as of March 2020
reporting. The collateral is a portfolio of three limited-service
hotels in Michigan. Over the life of the loan, property cash flows
have declined, with the Fairfield Inn Kalamazoo, which represents
44.6% of the allocated loan balance, as the primary contributor to
the low overall DSCR. The individual property reported a trailing
six months ended June 2019 DSCR of 0.6x, in line with the YE2018
and YE2017 figures of 0.46x and 0.44x, respectively. The workout
strategy may be in flux amid the coronavirus outbreak and its
impact on the hotel industry. Therefore, DBRS Morningstar expects a
resolution won't be forthcoming in the near term. As a result, DBRS
Morningstar analyzed the loan with a significantly increased
probability of default.

At issuance, DBRS Morningstar shadow-rated one loan, Westfield
Mission Valley (Prospectus ID#3, 8.5% of the pool), as investment
grade. DBRS Morningstar confirmed that the performance of this loan
remains consistent with investment-grade loan characteristics.

Classes X-A, X-B, and X-C 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.


WFRBS COMMERCIAL 2013-C18: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of the
Commercial Mortgage Pass-Through Certificates, Series 2013-C18 (the
Certificates), issued by WFRBS Commercial Mortgage Trust 2013-C18
as follows:

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

All trends are Stable, excluding Classes E and F for which DBRS
Morningstar maintained Negative trends.

The rating confirmations reflect the overall stable performance of
the transaction. The Negative trends maintained on the two junior
classes listed above reflect DBRS Morningstar's outlook for the
specially serviced loan, Cedar Rapids Office Portfolio (Prospectus
ID#9, 2.5% of the pool), and the three hotel loans (14.9% of the
pool) in the top 10, which reported a weighted-average (WA) net
cash flow (NCF) decline of -34.7% over the DBRS Morningstar figures
derived at issuance.

The pool's concentration of underperforming hotel loans is
particularly noteworthy as the Coronavirus Disease (COVID-19)
outbreak of 2020 has resulted in immediate and significant impacts
on the hospitality industry, as leisure and business travel has
ground to a halt in the United States and globally. In addition,
the pool has a significant concentration of retail properties in
the top 10 (49.7% of the pool), which have also been affected with
the coronavirus containment efforts, as retailers, property owners,
and state and local governments alike have been ordering stores and
restaurants to close. All of the larger retail loans in the pool
are performing well above issuance expectations to date, with the
two largest loans (33.2% of the pool) considered to be investment
grade, reporting a WA debt service coverage ratio (DSCR) of 4.68
times (x) based on the most recent year-end financials.

As of the March 2020 remittance, 62 of the original 67 loans remain
in the pool, with collateral reduction of 17.5% since issuance, as
a result of scheduled loan amortization and loan repayments. To
date, there have been no losses to the trust; however, DBRS
Morningstar does anticipate a loss with the resolution of the Cedar
Repaid Office Portfolio, as previously mentioned. In the analysis
for this review, DBRS Morningstar assumed a loss severity of 70.0%
based on a discount to the recent appraised value of $16.8 million.
Although there are some underperforming loans in the pool, overall
cash flow growth has been healthy with the pool reporting a WA DSCR
of 2.82x based on the most recent year-end reporting, over the DBRS
Morningstar WA DSCR figure derived at issuance of 2.05x,
representing an NCF growth of 37.6% since issuance.

There are currently 11 loans, representing 18.6% of the pool, on
the servicer's watchlist, the largest of which is the hotel loans
previously mentioned. The largest loan, JFK Hilton (Prospectus
ID#4, 7.2% of the pool), is secured by a 356-key, full-service
hotel in Jamaica, New York, adjacent to the JFK airport. As of Q3
2019, the loan reported a trailing 12-month DSCR of 0.96x; however,
the decline appears to be primarily driven by the 37.0% increase
($5.9 million) in operating expenses since issuance, primarily
driven by increases to real estate taxes, franchise fees,
advertising and marketing fees, and general and administrative
fees. Revenues have been growing, with the annualized Q3 2019
figure a 17.0% increase over the issuance figure.

The two other hotel loans, Hotel Felix Chicago (Prospectus ID#5,
5.2% of the pool) and HIE Magnificent Mile (Prospectus ID#10, 2.5%
of the pool), are located less than a mile from one another in
Chicago and are owned and operated by the same sponsor. Both loans
are reporting DSCR figures below a 1.0x, a factor of new supply in
the market, which has caused revenue per available room figures to
fall significantly since issuance. The Hotel Felix Chicago loan was
previously in special servicing but was returned to the master
servicer in February 2019 as a corrected loan, with all outstanding
payments recovered.

Given the likelihood of significantly decreased traffic in the last
few weeks, and likely into the near to moderate term, DBRS
Morningstar will monitor these hotel loans closely and update the
loan commentary provided on the DBRS Viewpoint platform as
information is received.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to two loans: Westfield Garden State Plaza (Prospectus ID#1,
17.2% of the pool) and The Outlet Collection – Jersey Gardens
(Prospectus ID#3, 16.1% of the pool). DBRS Morningstar confirmed
that the performance of these loans remains consistent with the
investment-grade loan characteristics.

Class X-A 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 U.S. dollars unless otherwise noted.


[*] Moody's Reviews 13 Classes by 12 Auto Loan Securitizations
--------------------------------------------------------------
Moody's Investors Service has placed thirteen tranches from twelve
asset-backed securitizations backed by auto loans on review for
possible downgrade. The bonds are backed by pools of non-prime
retail automobile loan contracts originated and serviced by
multiple parties.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2017-4

Class E Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Feb 12, 2020 Upgraded to Baa1 (sf)

Issuer: Carvana Auto Receivables Trust 2019-4

Class D Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 27, 2019 Definitive Rating Assigned
Baa3 (sf)

Issuer: CIG Auto Receivables Trust 2019-1

Class D Notes, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 9, 2019 Upgraded to Ba2 (sf)

Issuer: CPS Auto Receivables Trust 2014-D

Class E Notes, B2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 19, 2018 Affirmed B2 (sf)

Issuer: Drive Auto Receivables Trust 2019-3

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 16, 2020 Upgraded to Baa1 (sf)

Issuer: Drive Auto Receivables Trust 2019-4

Class D Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 18, 2019 Definitive Rating Assigned
Baa3 (sf)

Issuer: Drive Auto Receivables Trust 2020-1

Class D Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 22, 2020 Definitive Rating Assigned
Baa3 (sf)

Issuer: Exeter Automobile Receivables Trust 2019-3

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Jul 24, 2019 Definitive Rating Assigned
Baa1 (sf)

Issuer: Exeter Automobile Receivables Trust 2019-4

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 16, 2019 Definitive Rating Assigned
Baa1 (sf)

Issuer: Exeter Automobile Receivables Trust 2020-1

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 23, 2020 Definitive Rating Assigned
Baa1 (sf)

Issuer: Foursight Capital Automobile Receivables Trust 2020-1

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Feb 6, 2020 Definitive Rating Assigned
Baa1 (sf)

Class E Notes, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 6, 2020 Definitive Rating Assigned Ba1 (sf)

Issuer: Santander Drive Auto Receivables Trust 2019-3

Class D Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 21, 2019 Definitive Rating Assigned
Baa1 (sf)

RATINGS RATIONALE

The rating action reflects an increased likelihood of deterioration
in the performance of the underlying auto loans as a result of a
slowdown in US economic activity in 2020 due to the coronavirus
outbreak. Non-prime auto loans are more susceptible to this
slowdown due to the relatively weak credit quality of the
underlying obligors.

In its analysis, Moody's considered up to a 20% increase in
remaining expected losses on the underlying pools to evaluate the
resiliency of the ratings amid the uncertainty surrounding the
pools' performance. The affected tranches are junior notes that
have lower credit enhancement available to protect them, making
them more vulnerable to any increase in defaults relative to the
senior tranches in the deals, which have greater credit
protections. Moody's also factored individual transaction specifics
such as overcollateralization, reserve fund targets, availability
of excess spread and continued deleveraging of the deals in the
coming months. The potential increase in expected loss reflects the
increased volatility caused by the coronavirus outbreak, which
negatively affects the macroeconomic conditions that influence
consumer credit performance. In estimating the higher loss, Moody's
considered the increase in losses on non-prime auto pools during
the 2007 to 2009 economic downturn as well as portfolio performance
data through the downturn, where available.

During the review period, Moody's will evaluate effects of ongoing
and projected macroeconomic conditions, as well as impact of
various parties including the government, servicers and issuers on
the performance of underlying pools to update its cumulative net
loss projection on the pools and final rating action on the bonds.
Unemployment and used vehicle values are key indicators of
performance for auto ABS. Weaknesses in these factors are likely to
have a negative impact on the future performance of non-prime
loans. Rating actions on the bonds, due to the revised loss
projections, will vary for the different shelves and reflect
individual transaction considerations.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects of the announced government measures put in place to
contain the virus. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. It is a global health
shock, which makes it extremely difficult to provide an economic
assessment. On March 25th, Moody's revised its baseline growth
forecast and now expect real GDP in the US to contract by 2.0% in
2020. The degree of uncertainty around its forecasts is unusually
high.


                            *********

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