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

              Sunday, February 7, 2021, Vol. 25, No. 37

                            Headlines

ACRE COMMERCIAL 2021-FL4: DBRS Gives B(low) Rating on Cl. G Notes
ANCHORAGE CREDIT 3: Moody's Rates $38.75M Class E-R Notes 'Ba3'
ARIVO ACCEPTANCE 2021-1: DBRS Finalizes B Rating on Class D Notes
BALLYROCK CLO 14: S&P Assigns BB- (sf) Rating on $12MM Cl. D Notes
BBCMS MORTGAGE 2018-C2: DBRS Confirms B(high) Rating on Cl. G Certs

CASTLELAKE AIRCRAFT 2021-1: Moody's Gives (P)B2 Rating to C Notes
CATHEDRAL LAKE VII: S&P Assigns B- (sf) Rating to Class F Notes
CROSSROADS ASSET 2021-A: DBRS Gives Prov. BB Rating on Cl. E Notes
CSAIL 2016-C7: DBRS Confirms B(sf) Rating on Class F Certs
DBJPM 2017-C6: DBRS Confirms BB(low) Rating on Class F-RR Certs

DEEPHAVEN 2021-1: S&P Assigns Prelim B- (sf) Rating on B-2 Notes
EXETER AUTOMOBILE 2021-1: S&P Assigns BB(sf) Rating on Cl. E Notes
FREDDIE MAC 2021-DNA1: DBRS Assigns BB Rating on 16 Note Classes
FREDDIE MAC 2021-DNA1: S&P Assigns BB- (sf) Rating on B-1B Notes
FREED ABS: DBRS Confirms BB (low) Rating on 2 Classes of Notes

GOLDENTREE LOAN 9: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes
GOLUB CAPITAL CLO 41(B)-R: S&P Assigns BB-(sf) Rating on E-R Notes
JP MORGAN 2021-1: Moody's Rates Class B-5 Certificates 'B2'
JPMCC 2017-JP7: DBRS Confirms BB(sf) Rating on Class F-RR Certs
JPMDB COMMERCIAL 2016-JP2: DBRS Confirms B(low) Rating on F Certs

JPMDB COMMERCIAL 2017-C7: DBRS Confirms B(low) Rating on F-RR Certs
LCM 31: S&P Assigns BB- (sf) Rating on $12MM Class E Notes
LCM 31: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
MARBLE POINT XIX: S&P Assigns BB- (sf) Rating on Class E Notes
MARBLE POINT XIX: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes

MFA 2021-INV1: S&P Assigns BB (sf) Rating on Class B-2 Certs
MORGAN STANLEY 2016-C28: DBRS Lowers Ratings on 3 Tranches to B
MORGAN STANLEY I 2007-TOP25: Fitch Cuts Class B Bond Rating to 'C'
NELNET STUDENT 2005-4: Fitch Affirms B Rating on 4 Debt Classes
REAL ESTATE 2016-2: DBRS Confirms B Rating on Class G Certs

REGIONAL 2021-1: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes
SANTANDER PRIME 2018-A: S&P Raises Class F Notes Rating to BB-(sf)
SLC STUDENT 2004-1: S&P Lowers Rating to 'BB(sf)' on Cl. A-7 Notes
SLIDE 2018-FUN: S&P Affirms B (sf) Rating on Class HRR Certs
SYMPHONY CLO XIV: Moody's Hikes $48MM Class E Notes to Ba3

TIAA SEASONED 2007-C4: S&P Lowers Class E Certs Rating to 'B-(sf)'
VENTURE 41: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
VERUS 2021-1: S&P Assigns Prelim B (sf) Rating on B-2 Notes
VOYA CLO 2018-4: S&P Affirms BB- (sf) Rating on Class E Notes
WELLS FARGO 2016-C33: DBRS Confirms B Rating on Class X-F Certs

WELLS FARGO 2017-RC1: DBRS Reviews B(low) Rating on 2 Debt Classes
WELLS FARGO 2018-C43: DBRS Confirms B(low) Rating on Class F Certs
WELLS FARGO 2018-C45: DBRS Confirms BB Rating on Class G-RR Certs
[*]S&P Takes Actions on 16 US/Canadian Credit Card ABS Trusts

                            *********

ACRE COMMERCIAL 2021-FL4: DBRS Gives B(low) Rating on Cl. G Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by ACRE Commercial Mortgage 2021-FL4 Ltd.:

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

The initial collateral consists of 23 floating-rate mortgage loans
secured by 34 mostly transitional real estate properties with a
cut-off-date pool balance of approximately $667.2 million,
excluding $77.1 million of future funding commitments ($77.1
million of which remained outstanding as of the mortgage loan
cut-off date). Most loans are in a period of transition with plans
to stabilize and improve asset value. During the Permitted Funded
Companion Participation Acquisition Period, the Issuer may acquire
Funded Companion Participations subject to, among other criteria,
receipt of a no-downgrade confirmation (commonly referred to as a
rating agency confirmation). The transaction does not permit the
ability to reinvest or add unidentified assets to the pool post
closing, except that principal proceeds can be used to acquire the
aforementioned Funded Companion Participations.

For all floating-rate loans, DBRS Morningstar used the one-month
Libor index, which is based on the lower of a DBRS Morningstar
stressed rate that corresponded with the remaining fully extended
loan term of the loans or the strike price of the interest rate cap
with the respective contractual loan spread added to determine a
stressed interest rate over the loan term. When the property-level
as-is appraised values were measured against the fully funded
mortgage loan commitments, the pool exhibited a relatively high
Weighted-Average (WA) As-Is Loan-to-Value ratio (LTV) of 77.7%.
However, DBRS Morningstar estimates the pool's WA LTV to improve to
66.3% through stabilization. When the debt service payments
associated with the fully funded loan balances were measured
against the DBRS Morningstar As-Is Net Cash Flow (NCF), 19 loans,
representing 95.7% of the cut-off-date pool balance, had a DBRS
Morningstar As-IS Debt Service Coverage Ratio (DSCR) below 1.00
times (x), a threshold indicative of higher default risk.
Additionally, when the debt service payments associated with the
fully funded loan amounts were measured against the DBRS
Morningstar Stabilized NCF, 11 loans, representing a collective
56.1% of the pool, exhibited a stabilized DBRS Morningstar DSCR of
below 1.00x, a threshold indicative of elevated refinance risk. The
properties are often transitional with potential upside in cash
flow. However, DBRS Morningstar does not give full credit to the
stabilization if there are no holdbacks or if other structural
features are insufficient to support such treatment. Furthermore,
even with the structure provided, DBRS Morningstar generally does
not assume the assets will stabilize above market levels.

With regard to the Coronavirus Disease (COVID-19) pandemic, the
magnitude and extent of performance stress posed to global
structured finance transactions remain highly uncertain. This
considers the fiscal and monetary policy measures and statutory law
changes that have already been implemented or will be implemented
to soften the impact of the crisis on global economies. Some
regions, jurisdictions, and asset classes are, however, affected
more immediately. Accordingly, DBRS Morningstar may apply
additional short-term stresses to its rating analysis, for example
by front-loading default expectations and/or assessing the
liquidity position of a structured finance transaction with more
stressful operational risk and/or cash flow timing considerations.

The borrowers for all 23 loans have purchased Libor caps with
strike prices that range from 1.15% to 3.50% to protect against
rising interest rates through the duration of the loan term. In
addition to the fulfillment of certain minimum performance
requirements, exercise of any extension options would also require
the repurchase of interest rate cap protection through the duration
of the respectively exercised options. The loans are generally
secured by traditional property types (i.e., retail, multifamily,
and office) with only eight loans, representing 14.9% of the
cut-off-date pool balance, secured by nontraditional property types
such as hospitality and self-storage. Additionally, only two
multifamily loans in the pool are secured by student-housing
properties, which often exhibit higher cash flow volatility than
traditional multifamily properties.

Based on the initial pool balances, the overall WA DBRS Morningstar
As-Is DSCR of 0.47x and WA As-Is LTV of 77.7% are generally
reflective of high-leverage financing. Most of the assets are
generally well-positioned to stabilize, and any realized cash flow
growth would help to offset a rise in interest rates and improve
the overall debt yield of the loans. DBRS Morningstar associates
its loss given default based on the assets' as-is LTV, which does
not assume that the stabilization plan and cash flow growth will
ever materialize. The DBRS Morningstar As-Is DSCR at issuance does
not consider the sponsor's business plan, as the DBRS Morningstar
As-Is NCF was generally based on the most recent annualized period.
The sponsor's business plan could have an immediate impact on the
underlying asset performance that the DBRS Morningstar As-Is NCF is
not accounting for. When measured against the DBRS Morningstar
Stabilized NCF, DBRS Morningstar estimates that the WA DBRS
Morningstar As-Stabilized DSCR to improve to 0.98x, suggesting the
properties are likely to have improved NCFs once the sponsor's
business plan has been implemented.

Sixteen loans, comprising 82.8% of the cut-off-date pool balance,
represent refinance financing. The refinancings within this
securitization generally do not require the respective sponsor(s)
to contribute material cash equity as a source of funding in
conjunction with the mortgage loan, resulting in a lower sponsor
equity basis in the underlying collateral. Of the 16 refinance
loans, five loans, comprising 28.4% of the pool, reported occupancy
rates higher than 80.0%. Additionally, the 16 refinance loans
exhibited a WA growth between as-is and stabilized appraised value
estimates of 17.4% compared with the overall WA appraised value
growth of 17.9% for the pool and the WA appraised value growth of
20.0% exhibited by the pool's acquisition loans.

Six loans, comprising 40.0% of the cut-off-date pool balance, are
structured to be interest only (IO) through most of or all of the
initial loan term but switch to 30-year amortization schedules
during the last year of the loan term or during the extension
periods. Loans structured with partial IO periods generally exhibit
higher-than-average default frequencies relative to loans
structured with full-term IO periods or no IO periods. All
identified floating-rate loans have extension options and, in order
to qualify for such options, must generally meet minimum and/or
maximum leverage, debt yield, and/or DSCR requirements.

The transaction will likely be subject to a benchmark rate
replacement, which will depend on the availability of various
alternative benchmarks. The current selected benchmark is the
Secured Overnight Financing Rate (SOFR). Term SOFR, which is
expected to be a similar forward-looking term rate compared with
Libor, is the first alternative benchmark replacement rate but is
currently being developed. There is no assurance Term SOFR
development will be completed or that it will be widely endorsed
and adopted. This could lead to volatility in the interest rate on
the mortgage assets and floating-rate notes. The transaction could
be exposed to a timing mismatch between the notes and the
underlying mortgage assets as a result of the mortgage benchmark
rates adjusting on different dates than the benchmark on the note,
or a mismatch between the benchmark and/or the benchmark
replacement adjustment (if any) applicable to the mortgage loans.
In order to compensate for differences between the successor
benchmark rate and then-current benchmark rate, a benchmark
replacement adjustment has been contemplated in the indenture as a
way to compensate for the rate change. Currently, Wells Fargo,
National Association, in its capacity as Designated Transaction
Representative, will generally be responsible for handling any
benchmark rate change and will be held to a gross negligence
standard only with regard to any liability for its actions.

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


ANCHORAGE CREDIT 3: Moody's Rates $38.75M Class E-R Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CDO refinancing notes issued by Anchorage Credit Funding 3, Ltd.
(the "Issuer").

Moody's rating action is as follows:

US$226,250,000 Class A-1-R Senior Secured Fixed Rate Notes due 2039
(the "Class A-1-R Notes"), Definitive Rating Assigned Aaa (sf)

US$20,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2039 (the "Class A-2-R Notes"), Definitive Rating Assigned Aaa
(sf)

US$63,750,000 Class B-R Senior Secured Fixed Rate Notes due 2039
(the "Class B-R Notes"), Definitive Rating Assigned Aa3 (sf)

US$27,500,000 Class C-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2039 (the "Class C-R Notes"), Definitive Rating Assigned
A3 (sf)

US$23,750,000 Class D-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2039 (the "Class D-R Notes"), Definitive Rating Assigned
Baa3 (sf)

US$38,750,000 Class E-R Junior Secured Deferrable Fixed Rate Notes
due 2039 (the "Class E-R Notes"), Definitive Rating Assigned Ba3
(sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized debt obligation
(CDO). The issued notes are collateralized primarily by a portfolio
of corporate bonds and loans. At least 30% of the portfolio must
consist of senior secured loans, senior secured notes, and eligible
investments, at least 4% of the portfolio must consist of floating
rate obligations, up to 15% of the portfolio may consist of second
lien loans and up to 5% of the portfolio may consist of letters of
credit.

Anchorage Capital Group, L.L.C. (the "Manager") will continue to
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 extended five year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest up to 50% of principal proceeds that are
unscheduled principal payments and proceeds from sales of credit
risk assets.

The Issuer has issued the Refinancing Notes on January 28, 2021
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
originally issued on August 29, 2016 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes. On the Original Closing Date, the issuer also issued one
class of subordinated notes that remains outstanding.

In addition to the issuance of the Refinancing Notes, and
additional subordinated notes, a variety of other changes to
transaction features will occur in connection with the refinancing.
These include: extension of the reinvestment period; extensions of
the stated maturity and non-call period; changes to certain
collateral quality tests; changes to the overcollateralization test
levels, the inclusion of alternative benchmark replacement
provisions; additions to the CDO's ability to hold workout and
restructured assets; and changes to the definition of "Adjusted
Weighted Average Moody's Rating Factor".

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 December 2020.

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

Portfolio par: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3399

Weighted Average Coupon (WAC): 5.90%

Weighted Average Recovery Rate (WARR): 34.0%

Weighted Average Life (WAL): 11 years

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak U.S. economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around our forecasts is unusually high. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing Notes.


ARIVO ACCEPTANCE 2021-1: DBRS Finalizes B Rating on Class D Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Arivo Acceptance Auto Loan Receivables
Trust 2021-1 (the Issuer):

-- $165,719,000 Class A at A (sf)
-- $12,523,000 Class B at BBB (sf)
-- $6,213,000 Class C at BB (sf)
-- $8,543,000 Class D at B (sf)

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

(1) Transaction capital structure, ratings, and form and
sufficiency of available credit enhancement.

-- Credit enhancement in the form of overcollateralization,
subordination, amounts held in the cash collateral account, and
excess spread. Credit enhancement levels are sufficient to support
the DBRS Morningstar expected cumulative net loss (CNL) assumption
under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested. For the transaction, the ratings address the
timely payment of interest on a monthly basis and principal by the
legal final maturity date. DBRS Morningstar assumptions for cash
flow modeling are described more fully under the Cash Flow Analysis
section of the corresponding report.

(2) DBRS Morningstar's projected losses include the assessment of
the impact of the Coronavirus Disease (COVID-19). While
considerable uncertainty remains with respect to the intensity and
duration of the pandemic, DBRS Morningstar-projected CNL includes
an assessment of the expected impact on consumer behavior.

(3) DBRS Morningstar adjusted the expected loss assumption in
consideration of the period of stress related to the coronavirus
pandemic. This adjustment takes into account DBRS Morningstar's set
of macroeconomic scenarios for select economies related to the
coronavirus, available in its commentary "Global Macroeconomic
Scenarios: December Update," published on December 2, 2020. DBRS
Morningstar initially published macroeconomic scenarios on April
16, 2020, and they have been regularly updated. The scenarios were
last updated on December 2, 2020, and are reflected in DBRS
Morningstar's rating analysis. The assumptions consider the
moderate macroeconomic scenario outlined in the commentary, with
the moderate scenario serving as the primary anchor for current
ratings. The moderate scenario factors in increasing success in
containment during the first half of 2021, enabling the continued
relaxation of restrictions.

(4) DBRS Morningstar has performed an operational review of Arivo
Acceptance, LLC (Arivo) and considers the entity to be an
acceptable originator and servicer of subprime and nonprime auto
loans. The transaction structure provides for a transition of
servicing in the event a Servicer Termination Event occurs.
Wilmington Trust National Association (rated AA (low) with a
Negative trend by DBRS Morningstar) is the Backup Servicer, and
Systems & Services Technologies, Inc. is the contracted subagent to
perform the backup servicer's duties.

(5) The credit quality of the collateral and performance of Arivo's
auto loan portfolio. The weighted-average (WA) remaining term of
the Initial Receivables is approximately 66 months with WA
seasoning of approximately five months. The nonzero WA credit score
of the pool is 558 and the WA annual percentage rate is 16.07%.

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

(7) DBRS Morningstar assigned the Class D notes a rating of B (sf).
While DBRS Morningstar's "Rating U.S. Retail Auto Loan
Securitizations" methodology does not set forth a range of
multiples for this asset class for the B (sf) level, the analytical
approach for this rating level is consistent with that contemplated
by the methodology. The typical range of multiples applied in the
DBRS Morningstar stress analysis for a B (sf) rating is 1.00 times
(x) to 1.25x.

(8) The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the nonconsolidation of
the special-purpose vehicle with Arivo, that the trust has a valid
first-priority security interest in the assets, and the consistency
with DBRS Morningstar's "Legal Criteria for U.S. Structured
Finance" methodology.

The transaction is structured as a Rule 144A transaction offering
four classes of notes: Class A, Class B, Class C and Class D.
Initial Class A credit enhancement of 15.65% includes a cash
collateral account (1.00% of the aggregate pool balance (the
initial pool balance plus the subsequent receivable balance),
funded at inception and non-declining); overcollateralization (OC)
of 0.60% of the initial pool balance as of the initial cut-off
date; and subordination of 14.05% of the aggregate pool balance.
Initial Class B enhancement of 9.20% includes a 1.00% cash
collateral account, OC of 0.60% and 7.60% subordination. Initial
Class C enhancement of 6.00% includes a 1.00% cash collateral
account, OC of 0.60% and 4.40% subordination. Initial Class D
enhancement of 1.60% includes a 1.00% cash collateral account and
0.60% OC.

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


BALLYROCK CLO 14: S&P Assigns BB- (sf) Rating on $12MM Cl. D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ballyrock CLO 14
Ltd./Ballyrock CLO 14 LLC's floating-rate notes.

The note issuance is a CLO securitization backed primarily by
broadly syndicated speculative-grade (rated 'BB+' or lower) senior
secured term loans that are governed by collateral quality tests.

The ratings reflect S&P's view of:

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

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

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

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

  Ratings Assigned

  Ballyrock CLO 14 Ltd./Ballyrock CLO 14 LLC

  Class A-1, $248.00 million: AAA (sf)  
  Class A-2, $56.00 million: AA (sf)
  Class B (deferrable), $24.00 million: A (sf)
  Class C (deferrable), $24.00 million: BBB- (sf)
  Class D (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $36.90 million: Not rated


BBCMS MORTGAGE 2018-C2: DBRS Confirms B(high) Rating on Cl. G Certs
-------------------------------------------------------------------
DBRS Limited confirmed the ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2018-C2 issued by BBCMS Mortgage
Trust 2018-C2 as follows:

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

All trends are Stable.

Classes F, G, H-RR, X-F, and X-G were removed from Under Review
with Negative Implications where they were placed on August 6,
2020.

As of the December 2020 remittance, all 44 original loans remain in
the pool. There are 12 loans, representing 23.8% of the current
trust balance, on the servicer's watchlist. These loans are
generally being monitored for a low debt service coverage ratio
(DSCR) and/or occupancy issues that have generally been driven by
disruptions related to the Coronavirus Disease (COVID-19) pandemic.
As of the December 2020 reporting, there are no delinquent loans
and no loans in special servicing.

Five of the loans on the watchlist (12.2% of the pool) are secured
by lodging properties, while two loans are secured by retail
properties (1.8% of the pool). Three of the loans backed by
hospitality properties have been flagged for coronavirus relief
requests, with those borrowers typically seeking temporary payment
relief. Although the need for relief, as well as the
pandemic-related stress on hospitality properties across the
country, is undoubtedly affecting the collateral hotels in this
pool and is generally indicative of increased risks from issuance,
the mitigating factors in the historically strong performance of
the underlying hotels prior to the pandemic and the lack of
delinquency were noted as stabilizing factors for this review. DBRS
Morningstar will continue to monitor those loans for developments.

At issuance, four loans, representing 12.7% of the current pool
balance, were shadow-rated investment grade. These loans include
Christiana Mall (Prospectus ID #2; 6.2% of the pool); Moffett
Towers – Buildings E,F,G (Prospectus ID 125; 2.8% of the pool);
Moffett Towers II – Building 1 (Prospectus ID #16; 2.5% of the
pool); and Fair Oaks Mall (Prospectus ID #30; 1.2% of the pool).
With this review, DBRS Morningstar confirms that the performance of
these loans remains consistent with investment-grade loan
characteristics.

Although the overall performance of the pool has remained stable
from issuance, DBRS Morningstar continues to monitor the
performance of the underlying collateral, much of which has been
affected by the pandemic. DBRS Morningstar notes that the pool has
a moderate concentration of hospitality properties, representing
19.1% of the pool. Hospitality properties have been the most
severely affected by the initial impact of the coronavirus
pandemic. The hotel concentration includes the largest loan in the
pool, Dream Inn (Prospectus ID#1; 6.2% of the pool), which is
secured by a 165-key full-service beachfront hotel in Santa Cruz,
California. The 10-year loan is IO for the entire term. A full
hotel renovation, which included rooms, lobby, public space, and
amenities, was completed in 2017, at a total cost of $8.6 million
($52,107 per key). In July 2020, the borrower requested coronavirus
related relief as a result of the large decline in leisure travel.
Although cash flow is expected to be depressed in the short term,
DBRS Morningstar notes the property's ideal beachfront location,
very limited supply in the market, and strong historical
performance as mitigating factors for the near- to moderate-term
risks amid the pandemic.

The pool is also concentrated in loans secured by retail
properties, which represent 23.7% of the current pool balance. Much
like hospitality properties, retail properties have been among the
most significantly affected by the pandemic and those loans are
being monitored closely as well. In general, DBRS Morningstar noted
mitigating factors in property locations, tenant rosters and
healthy historical performance as stabilizing factors for the bulk
of the retail concentration in the larger loans in the pool and
will continue to monitor as the pandemic progresses.

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


CASTLELAKE AIRCRAFT 2021-1: Moody's Gives (P)B2 Rating to C Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating to the
class C notes to be issued by Castlelake Aircraft Structured Trust
2021-1 (CLAS 2021-1), a Delaware statutory trust. The ultimate
assets backing the rated class C notes will consist primarily of a
portfolio of aircraft and their related initial and future leases.
Castlelake, L.P. (Castlelake) will be the sponsor of the
transaction, and Castlelake Aviation Holdings (Ireland) Limited
(Castlelake Aviation) will be the servicer of the underlying
assets, with Castlelake as sub-servicer. The aircraft lease asset
backed securities will be primarily repaid by cash flows from
payments on initial and subsequent leases attached to the portfolio
of aircraft to be securitized, and proceeds from aircraft
dispositions (aircraft sales). As of December 31, 2020, the initial
assets primarily consisted of 27 aircraft subject to initial leases
to 11 lessees domiciled in 10 countries.

The complete rating actions are as follows:

Issuer: Castlelake Aircraft Structured Trust 2021-1

Class C Notes, Assigned (P)B2 (sf)

CLAS 2021-1 is Castlelake's first aircraft lease ABS of the year
and its seventh transaction since 2014. CLAS 2021-1 plans to issue
to class C notes on 10 February, and previously issued the class A
and B notes on January 28.

CLAS 2021-1 used the proceeds from the issuance of the CLAS 2021-1
class A and B notes to acquire the series A and B AOE notes, and
will use the proceeds from the issuance of the CLAS 2021-1 class C
notes to acquire the series C AOE notes (together with the series A
and B AOE notes, the AOE notes). The AOE notes are or will be
issued by each of CLSec Holdings 20 DAC and CLSec Holdings 21 LLC,
the two underlying AOE issuers, one incorporated under Irish law
and the other under Delaware law. In turn, the AOE issuers will use
the class C AOE note proceeds, along with the class A and class B
AOE note proceeds, to acquire the initial assets from funds
affiliated with and managed by Castlelake through the acquisition
of contribution entities that either directly or indirectly own, or
will acquire, the 27 aircraft subject to the initial leases. The
AOE issuers expect to acquire the initial assets during the 270-day
contribution period after the transaction's closing date.

RATINGS RATIONALE

The provisional rating of the CLAS 2021-1 class C notes is based on
(1) the results of Moody's quantitative modeling analyses,
including sensitivity analyses with respect to certain assumptions,
(2) Moody's assessed cumulative loan-to-value (CLTV) ratio for the
class C notes, (3) the credit quality of the underlying aircraft
portfolio, their related leases and their expected performance,
including the leases' initial and assumed subsequent lease terms,
(4) the transaction structure and priority of payments, (5) the
ability, experience and expertise of Castlelake as the sub-servicer
of the securitized assets and (6) qualitative considerations for
risks related to legal, operational, country, data quality,
bankruptcy remoteness, and ESG (environmental, social and
governance) factors, among others. The rating actions also consider
the heightened risk and continued global economic disruption caused
by the COVID-19 pandemic.

The class C notes have a Moody's CLTV ratio of 104.3%. The class C
CLTV ratio would be materially lower, at around 87.7%, after
reflecting the projected end of lease (EOL) payments, discounted at
the weighted average note rate. Moody's assessed value reflects the
minimum of several third-party appraisers' initial half-life market
values, plus a maintenance adjustment provided by morten beyer and
agnew (mba). Moody's CLTV ratio reflects the loan-to-value ratio of
the combined amounts of each class of notes and the classes that
are senior to it. The EOL payments are due from certain airlines at
lease expiry based on contractual return conditions, maintenance
costs and escalators, that are available to repay the notes. mba
provided initial projections of the EOL payments based primarily on
forecasted aircraft utilization.

Key credit strengths of the transaction include (1) mostly strong
leasing assets, (2) strong initial contractual cash flows from
lessees of relatively strong credit quality, (3) limited lease
maturities through 2024, (4) large EOL payments and leases with
full life aircraft return conditions, (5) new debt paydown feature
whereby unscheduled note principal payments cause each note's
balance to remain ahead of schedule, and (6) a class C partial
class sweep trigger and class C-specific reserve account supporting
the notes.

Key credit challenges include (1) heightened asset risks owing to
the continuing negative effects of the global coronavirus pandemic,
(2) weakened airline credit quality, (3) exposure to vintage or
widebody assets, (4) technological and environmental risk, (5)
volatility in aircraft values and lease rates, (6) potential credit
migration risk, (7) potential large maintenance expenses, (8)
unrated sponsor/servicer, (9) leakage of cash flows to the
E-Certificates, and (10) novation risk. In assessing the impact of
the credit challenges, Moody's considered the various mitigants to
the risks and performed sensitivity analyses in the quantitative
modeling.

As of the closing date, Castlelake funds will endeavor to
contribute the asset entities that own the aircraft to the AOE
issuers in exchange for the E-Certificates during a 270-day
contribution period. As a result, ownership of the aircraft will
not change and lease novation will be much less complex, compared
with cases where aircraft ownership is changing. Also, the novation
process may protect investors from reduced cash flows owing to
airline defaults after deal closing but prior to the asset entities
being contributed to the transaction, since aircraft with
delinquent leases may not be contributed.

On January 29, Air Namibia reached an out of court settlement with
one of its creditors who had previously petitioned for an
involuntary insolvency of the airline in local court that triggered
a technical event of default under the lease agreement. Air Namibia
remains current on all lease payments because the Government of
Namibia (Ba3 negative), the lease guarantor, continues to fulfill
the lease obligations. To protect investors, the relevant
contribution agreement prevents the contribution of the ultimate
interest in the A330-200 aircraft (7% of Moody's initial assessed
value) and the related lease, until a resolution is finalized with
respect to the airline's involuntary insolvency petition. If the
aircraft is not contributed, noteholders will receive their
pro-rata share of the debt allocated to the aircraft using funds
deposited in the acquisition account from the note proceeds.

In Moody's quantitative analysis Moody's assessed the impact of the
aircraft not being contributed on the rated notes.

CREDIT QUALITY OF UNDERLYING AIRCRAFT

Highly liquid, narrowbody aircraft that are less than five years
old comprise 20% (by Moody's initial assessed value) of the
portfolio to be securitized, while midlife and older, narrowbody
aircraft make up 42% of the portfolio. Across all ages, liquid
narrowbody aircraft, which make up 56% of the pool and include the
A320ceo (38%), A220 (8%) and B737NG (17%) models, are considered
strong leasing assets owing to their large diversified operator
bases. Compared with widebody aircraft, narrowbody planes typically
have lower expenses associated with maintenance, reconfiguration
and transition. The pool consists of 63% mid-life or older aircraft
(vintage aircraft). Risks typically associated with vintage
aircraft include diminished re-leasing prospects, higher volatility
in values, technological obsolescence and higher costs related to
ongoing maintenance. The weakest combination of the pool consists
of around 24% of leases with less liquid, mid-life, widebody
aircraft to weak airlines or with relatively short maturity terms,
increasing the transaction's exposure to re-leasing risk. The
aircraft include one A330 (7%) and two B777-300ERs (16%). Widebody
aircraft typically have higher expenses associated with
maintenance, reconfiguration and transition costs compared with
narrowbody aircraft. In its cash flow analysis, Moody's assumed
that most aircraft are scrapped when they are 21-24 years old.
Moody's assumed that one 17-year old A320-200 and one 14-year old
B777-300 ER had an economic useful life of 19 years to address the
risk of accelerated near-term retirements stemming from the
pandemic.

CREDIT QUALITY OF INITIAL LEASES AND LESSEES

The vast majority of the aircraft in the portfolio have leases that
will expire at a time which is beyond Moody's current expectation
for a recovery in global air travel demand approaching 2019 levels
by 2024. Leases attached to only five aircraft comprising 15% of
the pool expire prior to 2025, with 7% expiring in 2023 and the
remainder in 2024. The weighted average remaining lease term of the
initial leases is 7.7 years, longer than the 4.0-4.5 years in prior
Castlelake aircraft lease ABS deals. Therefore, the transaction is
generally well protected from the near-term COVID-19-related asset
risks such as potentially long periods of aircraft downtime and the
re-leasing of new aircraft to weakened lessees at depressed lease
rates.

Around 67% of the initial contractual cash flows come from lessees
or guarantors of relatively strong quality, likely providing a
strong and steady source of cashflow to the transaction.

Noteholders will benefit from EOL payments received from certain
lessees at the end of their leases. Based on projections from the
appraisal firm mba, the aggregate projected EOL payments from the
lessees total $253 million, or 43% of the aggregate note balance.
In Moody's analysis, Moody's reduce the estimated EOL payments to
account for (1) the projected costs required to ensure that the
maintenance condition of the plane is sufficient to attract a
subsequent lessee at reasonable terms, (2) the potential volatility
in mba's projected EOL amounts owing to uncertainty around
utilization of the aircraft during the lease terms, and (3) the
probability of lessee defaults prior to lease expiry.

STRENGTH OF TRANSACTION STRUCTURE

This transaction structure includes some new features to support
performance. Unlike prior aircraft lease ABS, note amortization
schedules are specific to each asset in the pool, providing
additional protection to noteholders for two reasons. First,
prepayments of note principal from aircraft disposition proceeds or
EOL payments at lease expiry will result in unscheduled note
principal payments that will cause each notes' principal balance to
remain ahead of its targeted amortization schedules. Second, each
aircraft in the pool has its own CLTV ratio at closing, with the
strongest aircraft (young or narrowbody) and/or lessees generally
having a higher CLTV, and the weakest aircraft (older or widebody)
and/or lessees, a lower CLTV. Also, the debt amortization schedules
attached to weaker assets are faster protecting noteholders from
the risk that weaker credits default, exposing the deal to
re-leasing risk.

The transaction also includes triggers that will benefit the class
C noteholders. These triggers include a class C partial cash sweep,
where a portion of available funds are used to repay the class C
notes in years four through seven. This repayment is in addition to
the class C scheduled principal payment. In addition, the deal
includes early amortization triggers that if breached will result
in interest and principal on the class C notes being paid only
after the class A and class B are paid in full, but before the
E-Certificates. One such trigger will be breached if the number of
aircraft in the portfolio falls below eight, mitigating tail risk
in the transaction. Similar to other aircraft lease ABS
transactions, the E-Certificates receive a portion of the
transaction cash flows assuming a senior rapid amortization trigger
has not been breached.

Furthermore, the deal includes a class C-specific reserve account
that will be fully funded at closing and will be used to cover
shortfalls on interest and principal on the class C notes. The
account will be replenished up to a maximum amount that steps up
over time.

QUANTATIVE MODELING ASSUMPTIONS

Initial value: Moody's initial assumed maintenance-adjusted value
of the aircraft in the portfolio is $646.5 million. Moody's initial
maintenance-adjusted value assumed value is equal to the minimum of
(i) three half-life market value appraisals provided by the issuer
(mba, IBA Group Ltd., and Aircraft Information Services, Inc.),
using mba's maintenance adjustment, and (ii) half-life market
values provided by two independent appraisal firms that Moody's
traditionally use, using mba's maintenance adjustment. Moody's
initial assessed maintenance-adjusted half-life market value is 19%
lower than the average maintenance adjusted half-life base values
provided by the issuer. In commercial aviation industry downturns,
half-life market values are typically lower than half-life base
values because base values look through the cycle.

Lessee defaults: In simulating lessee defaults, Moody's use a Monte
Carlo simulation that accounts for each airline's default
probability. Lessee defaults are correlated using an approach
similar to CDOROM. For initial lessees, Moody's inferred the
probability of default of each airline (or any guarantor) using
either its (1) actual credit rating where available (53% of the
initial contracted lease rent, having a weighted average (WA)
rating of around Ba2), (2) credit estimate where available (14% of
the initial contracted lease rent, with a WA credit estimate of
around B3) after applying required notching downward as per
"Moody's Approach to Using Credit Estimates in Its Rating
Analysis," March 2020) or (3) a default probability equivalent to a
low speculative-grade rating for non-rated lessees ranging from
Caa2 to B3 (33% of the initial contracted lease rent, with a WA
default probability of Caa1). When an aircraft is re-leased to a
new lessee in Moody's asset model, Moody's assumed that the new
lessee has a default risk equivalent to a low speculative-grade
rating of B3.

EOL payments: Moody's assumed a 30% haircut to all projected EOL
payments to account for volatility in mba's estimate and
maintenance required to attract a new lessee. Moody's also reduced
the resulting amounts by each lessee's default probability.

Payment deferrals: Leases on partial payment deferrals are attached
to around 30% of the aircraft in the pool (by Moody's initial
value). Moody's also deferred an additional 25% of lease rent until
the end of 2022, followed by a recovery of 75% of the deferred rent
in 2023, given the ongoing stressed operating environment resulting
from the COVID pandemic.

Recession timing: Moody's typically assumes a downturn occurs once
every 10 years and lasts for 3 years, roughly consistent with
historical experience. The timing of the first assumed recession is
equally weighted for each of the 10 years after closing.
Consequently, in Moody's analysis, a typical aircraft lease
securitization will experience two or three downturns during its
lifetime.

Remarketing and repossession periods: For a return of an aircraft
at lease expiry, Moody's assumes aircraft downtime of five months
outside of a recession and eight months during a recession. For a
lease default and aircraft repossession, Moody's assume aircraft
downtime of eight months outside of a recession and 11 months
during a recession. These periods are at the high end of Moody's
indicative assumptions owing to the pandemic.

Economic useful life: All aircraft in the portfolio follow Moody's
indicative assumptions, except for one 17-year A320-200 and one
14-year B777-300 ER, which have an assumed economic useful life of
19 years.

ESG CONSIDERATIONS

Environmental risk

The environmental risk for this transaction is moderate. Current
and future carbon and air emission regulations for airplanes could
make older and fuel inefficient aircraft more expensive to operate,
or require retro-fits that may still make them less attractive to
airlines, reducing demand for these aircraft. The lower demand
could (1) negatively affect both the values and lease rates of aged
aircraft, and (2) relegate older aircraft to airlines with lower
credit quality or those operating in jurisdictions where
regulations have not been implemented. The transaction has a long
legal final maturity and is therefore exposed to regulatory
changes. However, these risks are mitigated by the sizable
contractual cash flows of the initial leases, as well as the
transaction structure, which accelerates note amortization with the
receipt of EOL payments and disposition proceeds.

Social risk

The social risk for this transaction is moderate. The ongoing
global coronavirus pandemic, which we regard as a social risk under
Moody's ESG framework, will continue to negatively affect global
air travel, resulting in (1) lower demand for aircraft and
therefore depressed aircraft lease rates and values, higher risk of
extended remarketing periods and accelerated retirements of older
aircraft, and (2) weakened credit quality of airline lessees,
elevating the risk of bankruptcies, additional lease payment
deferrals and re-leasing risk. Moody's expect a full recovery in
global air travel demand to 2019 levels until 2024. However, the
vast majority of the aircraft in the portfolio have leases that
will not expire until after 2024 when the commercial aviation
industry recovers, protecting the transaction from near-term
COVID-19-related asset risks. In addition, in its cash flow
analysis, Moody's considered the depressed values as the initial
values and assumed elevated default risk for the initial lessees to
reflect pandemic-related risks.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak US economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous, and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Governance risk

This securitization's governance risk is moderate and typical of
other aircraft lease transactions in the market. As described in
Moody's publication "Governance considerations are a key
determinant of credit quality for all issuers," September 2019,
Moody's examine five governance considerations in its analysis.
Governance risks are mitigated by this transaction's structure,
documentation and characteristics of the transaction parties.

Financial strategy and risk management -- this transaction limits
the ability of the issuers and their respective subsidiary asset
entities to engage in activities other than the ones related to the
underlying assets and this transaction.

Management credibility and track record -- While the sponsor and
servicer are not rated by Moody's, the legal structure and
documentation of the transaction mitigates the governance risk.

The organizational/transaction structure -- These transaction's
issuers are structured as bankruptcy-remove special purpose
entities. The transaction could have misalignment of interests
among the transaction parties, and specifically between the
holder(s) of the Class E-Certificates and the noteholders. For
instance, the servicer may execute aircraft sales upon direction
from the E-certificate holders that are disadvantageous to
noteholders providing a portion of the sales proceeds to the
equity.

The board structure -- includes a board of directors for the
issuers, with one independent director, that makes decisions to
maximize the value of the collateral, such as disposing of aircraft
at favorable prices, restructuring leases to prevent defaults, or
finding a replacement servicer. The deal has an independent
trustee, managing agent, and paying agent. The independent
directors, however, are not from a nationally recognized corporate
services provider.

Compliance and reporting - this securitization's consistency and
quality of reporting in the form of servicing reports.

In addition, Moody's notes that this securitization has no
objective standard of care for the servicer. Furthermore, the
servicer may have potential conflicts of interest in servicing the
securitization aircraft because it also services its own aircraft
portfolio. However, the servicer covenants not to discriminate
among the securitization assets and its own assets, partially
mitigating this governance risk.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was "Moody's Global
Approach to Rating Securities Backed by Aircraft and Associated
Leases" published in July 2020.

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

Up

Factors that could lead to an upgrade of the ratings on the notes
are (1) collateral cash flows that are significantly greater than
Moody's initial expectations and (2) significant improvement in the
credit quality of the airlines leasing the aircraft. Moody's
updated expectations of collateral cash flows may be better than
its original expectations because of lower frequency of default by
the underlying lessees, recovery in aircraft values owing to
stronger global air travel demand, lower than expected depreciation
in the value of the aircraft that secure the obligor's promise of
payment, and higher realization of EOL payments that are used to
prepay the notes. As the primary drivers of performance, positive
changes in the global commercial aviation industry could also
affect the ratings.

Down

Factors that could lead to a downgrade of the ratings on the notes
are (1) collateral cash flows that are materially below Moody's
initial expectations and (2) a significant decline in the credit
quality of the airlines leasing the aircraft. Other reasons for
worse-than-expected transaction performance could include poor
servicing of the assets, for example sales disadvantageous to
noteholders, or error on the part of transaction parties. Moody's
updated expectations of collateral cash flows may be worse than its
original expectations because of a higher number of lessee defaults
or greater than expected deterioration in the value of the aircraft
that secure the obligor's promise of payment owing to weak global
air travel demand, and lower than expected realization of EOL
payments. Transaction performance also depends greatly on the
strength of the global commercial aviation industry.


CATHEDRAL LAKE VII: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Cathedral Lake VII
Ltd.'s floating-rate notes. The issuance is a reissue of Cathedral
Lake III Ltd., which closed in October 2015 and was refinanced in
July 2017. At the same time, S&P withdrew its ratings on Cathedral
Lake III Ltd.'s class A-1-R loan and class A-R, class B-R, class
C-R, class D-R, and class E-R notes, as well as its ratings on the
series A risk retention notes associated with Cathedral Lake II/III
following the redemptions.

The note issuance is a CLO transaction backed primarily by broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Ratings Assigned

  Cathedral Lake VII Ltd.

  Class A loans, $241.65 million: AAA (sf)
  Class A, $9.85 million: AAA (sf)
  Class B, $47.00 million: AA (sf)
  Class C (deferrable), $23.50 million: A (sf)
  Class D (deferrable), $23.50 million: BBB- (sf)
  Class E (deferrable), $13.00 million: BB- (sf)
  Class F (deferrable), $6.00 million: B- (sf)
  Incremental subordinate notes, $15.50 million: Not rated
  Subordinated notes, $33.86 million: Not rated

  Ratings Withdrawn

  Cathedral Lake III Ltd.

  Class A-1-R loan, To: NR, From: AAA (sf)
  Class A-R notes, To: NR, From: AAA (sf)
  Class B-R notes, To: NR, From: AA (sf)
  Class C-R notes, To: NR, From: A (sf)
  Class D-R notes, To: NR, From: BBB (sf)
  Class E-R notes, To: NR, From: B- (sf)

  Cathedral Lake II/III Risk Retention LLC

  Series A debt

  Class A, To: NR, From: AAA (sf)
  Class B, To: NR, From: AA (sf)
  Class C, To: NR, From: A (sf)


CROSSROADS ASSET 2021-A: DBRS Gives Prov. BB Rating on Cl. E Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Crossroads Asset Trust 2021-A:

-- $44,000,000 Class A-1 Notes at R-1 (high) (sf)
-- $77,887,000 Class A-2 Notes at AAA (sf)
-- $15,050,000 Class B Notes at AA (sf)
-- $11,900,000 Class C Notes at A (sf)
-- $12,250,000 Class D Notes at BBB (sf)
-- $9,975,000 Class E Notes at BB (sf)

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

-- The transaction analysis considers DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
Coronavirus Disease (COVID-19), available in its commentary "Global
Macroeconomic Scenarios: December Update," published on December 2,
2020. DBRS Morningstar initially published macroeconomic scenarios
on April 16, 2020, which have been regularly updated. The scenarios
were last updated on December 2, 2020, and are reflected in DBRS
Morningstar's rating analysis. The analytical considerations
incorporate the moderate macroeconomic scenario outlined in the
commentary, with the moderate scenario serving as the primary
anchor for current ratings. The moderate scenario factors in
increasing success in containment during the first half of 2021,
enabling the continued relaxation of restrictions.

-- The coronavirus pandemic has been negatively affecting
economies worldwide since early 2020. DBRS Morningstar's baseline
cumulative net loss (CNL) assumption of 7.06% considers the
coronavirus pandemic's potential impact on the performance of the
collateral securing the Notes.

-- The assumption also takes into account the continuing rollout
of the vaccination program in the U.S., the recently enacted second
legislative package aimed at supporting small businesses across the
country, and the expectation of when a sustained economic recovery
will begin. DBRS Morningstar also considered the exposure of the
transaction exclusively to the cargo transportation sector, which
has not been as heavily affected by the coronavirus as some other
industries.

-- DBRS Morningstar's expected CNL assumption also incorporates a
50% credit seasoning of the expected financed unit pool of
approximately 10.79 months (further adjusted to reflect that
approximately 15% of the Aggregate Securitization Value will be
funded during the funding period).

-- Crossroads Equipment Lease & Finance, LLC participates in the
California Capital Access Program for Small Business (CalCAP),
which is a program sponsored by the California Pollution Control
Financing Authority designed to encourage financial institutions to
make loans to small businesses that have difficulty obtaining
financing. CalCAP is a loan loss reserve program, which provides
coverage on enrolled loans subject to the satisfaction of program
conditions. As a CalCAP participant, Crossroads has the option to
enroll loans satisfying CalCAP eligibility criteria into the
program upon origination. Any loss on a charged-off financed unit
enrolled by Crossroads in CalCAP may be covered by funds in
Crossroads' loan loss reserve account established by CalCAP.

-- Up to 27.50% of the Aggregate Securitization Value may be
represented by financed units enrolled in CalCAP. Although
Crossroads is required under the Sale and Servicing Agreement to
deposit into the Collection Account amounts released to the
Servicer from the loss reserve account (CalCAP Loss Payment) and
allocable to a financed unit, none of the Issuing Entity, Grantor
Trust, or Indenture Trustee will have a security interest in such
loss reserve account. Consequently, while DBRS Morningstar views
the availability of CalCAP Loss Payments as providing additional
benefit to the holders of the Notes, it did not formally
incorporate the historical loss mitigation impact from the CalCAP
loss reserve account into its baseline CNL assumption.

-- The transaction's capital structure and form and sufficiency of
available credit enhancement. The subordination,
overcollateralization, cash held in the Reserve Account, available
excess spread, and other structural provisions create credit
enhancement levels that are commensurate with the respective
ratings for each class of the Notes. Under various cash flow
scenarios, the credit enhancement available to the transaction can
withstand the stressed expected loss using target multiples of 5.25
times (x) with respect to the Class A-1 and A-2 Notes, 4.25x with
respect to the Class B Notes, 3.35x with respect to the Class C
Notes, 2.45x with respect to the Class D Notes, and 1.85x with
respect to the Class E Notes.

-- The weighted-average contract rate for the statistical financed
unit pool as of the Statistical Cut-off Date was approximately
10.52%, resulting in an excess spread of approximately 7.42% per
annum at closing, given the Statistical Securitization Rate and
projected servicing and interest expenses.

-- While Crossroads provided deferrals to a substantial number of
its obligors during the early stages of the coronavirus pandemic,
the Company was successful in bringing the overwhelming majority of
its borrowers to resume making scheduled payments by September
2020. The overall delinquency rate for Crossroads' portfolio was
below 1% as of November 2020. No contracts in a pandemic-related
deferral status will be included in the financed unit pool as of
the applicable cut-off date.

-- DBRS Morningstar performed a telephone operational risk review
and deems Crossroads to be an acceptable originator and servicer of
equipment-backed leases and loans. GreatAmerica Portfolio Services
Group, LLC, an experienced servicer of equipment-backed collateral,
will be the Backup Servicer for the Transaction.

-- The expected financed unit pool is granular but has more than
70% of obligor concentration in California, which was considered in
DBRS Morningstar's data review. Overall, more than 80% of all
transactions underwritten by Crossroads have a personal guarantee
requirement, 90% of transactions come with a down payment (which is
held for term of the financing), and approximately 80% of customers
pay through an automated clearing house.

-- The transaction is supported by an established structure and is
consistent with DBRS Morningstar's "Legal Criteria for U.S.
Structured Finance" methodology. Legal opinions covering true sale
and non-consolidation will also be provided.

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


CSAIL 2016-C7: DBRS Confirms B(sf) Rating on Class F Certs
----------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-C7 issued by CSAIL
2016-C7 Commercial Mortgage Trust 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 B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class C at AA (low) (sf)
-- Class D at BBB (high) (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-F at B (high) (sf)
-- Class F at B (sf)

With this review, DBRS Morningstar removed Classes X-F and F from
Under Review with Negative Implications, where they were placed on
August 6, 2020. With this review, Negative trends have been
assigned to those two classes and to Classes C, D, X-E and E. All
other trends remain Stable.

The Negative trends reflect DBRS Morningstar's concerns as a result
of ongoing performance issues with certain loans, specifically
those in special servicing and others in the pool that are secured
by hotel and retail properties, which have been disproportionately
affected by the ongoing Coronavirus Disease (COVID-19) pandemic. In
total, 18 loans in the transaction, representing 49.5% of the
outstanding transaction balance, are backed by hotel and retail
properties. As of the January 2021 reporting, four loans,
representing 14.7% of the current pool balance, are in special
servicing, and 10 loans, representing 11.4% of the current pool
balance, are on the servicer's watchlist.

Three of the four loans in special servicing are secured by either
hotel or retail properties, including the second-largest loan in
the transaction (Gurnee Mills; 9.9% of the pool), which is secured
by a regional mall outside of Chicago. Two additional loans are
also secured by regional malls, including Coconut Point (13.8% of
the pool) and Peachtree Mall (3.2% of the pool).

As of January 2021, the transaction comprises 50 loans, totaling
$698.6 million, as three of the original 53 loans have been repaid
from the trust, resulting in collateral reduction of 9.0%,
inclusive of payoffs and loan amortization. The transaction
benefits from a concentration of office collateral as 10 loans,
representing 25.6% of the pool, are secured by office properties,
which have shown greater resilience to cash flow declines thus far
in the pandemic. The third-largest loan in the transaction is
secured by an office property in Manhattan (9 West 57th Street;
7.2% of the pool). The transaction also includes 18 loans secured
by multifamily and manufactured housing community properties,
representing 18.1% of the pool balance. Additionally, one loan,
representing 0.5% of the pool, has been defeased.

The largest and most pivotal loan in special servicing, Gurnee
Mills (Prospectus ID#2; 9.9% of the pool), is secured by a
single-level enclosed regional mall totaling 1.9 million square
feet (sf), of which 1.7 million sf is part of the collateral. The
property is located in Gurnee, Illinois, approximately 45 miles
northwest of the Chicago downtown core. Simon Property Group owns
and operates the collateral portion of the property. At issuance,
the largest tenants were Sears, Bass Pro Shops, and Macy's. The
Sears was closed in 2018 and the sponsor has yet to back-fill the
space. The loan transferred to the special servicer in June 2020 as
a result of monetary default related to the effects of the
coronavirus pandemic. The loan was last paid in April 2020,
according to the January 2021 remittance. Simon has submitted a
coronavirus-related relief request and, according to servicer
commentary, the special servicer has come to an agreement with the
borrower on a forbearance; however, the terms of the agreement have
not been made public to date.

Performance of the subject property was on the decline prior to the
coronavirus pandemic, with cash flow trending downward for the past
three consecutive years. The 2019 year-end net cash flow decreased
11.1% compared with year-end 2018 and declined 17.5% compared with
the issuer's NCF. DBRS Morningstar notes the increased risks for
the loan from issuance given the extended delinquency, difficulty
in back-filling the former Sears space, and the property's exposure
to struggling retailers, including Macy's. Given these factors, as
well as the decline in performance prior to the pandemic, DBRS
Morningstar applied a stressed probability of default for this loan
in the analysis for this review, increasing the expected loss.

DBRS Morningstar maintains an investment-grade shadow rating on the
9 West 57th Street loan (Prospectus ID#3; 7.2% of the pool). DBRS
Morningstar confirmed that the performance of this loan remains
consistent with investment-grade loan characteristics.

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


DBJPM 2017-C6: DBRS Confirms BB(low) Rating on Class F-RR Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-C6 issued by DBJPM 2017-C6
Mortgage Trust as follows:

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

In addition, DBRS Morningstar discontinued the rating on Class A-1
at it was paid out as of the January 2021 remittance. All trends
are Stable.

With this review, Classes X-D, D, E-RR, and F-RR were removed from
Under Review with Negative Implications, where they were placed on
August 6, 2020. The rating confirmations reflect the overall stable
performance of the transaction since issuance. At issuance, the
transaction consisted of 41 fixed-rate loans secured by 196
commercial and multifamily properties with a trust balance of $1.1
billion. According to the January 2021 remittance, 40 of the
original 41 loans remain in the pool, with a collateral reduction
of 4.9% as a result of scheduled amortization and the payoff of the
deal's 10th-largest loan in January 2021. The transaction is
concentrated by property type as seven loans, representing 24.3% of
the current trust balance, are secured by office collateral, while
10 loans, representing 21.0% of the current trust balance, are
secured by retail collateral. Additionally, 11 loans, representing
30.9% of the pool, are on the servicer's watchlist. These loans are
being monitored for various reasons, including low debt service
coverage ratios (DSCR) or occupancy, tenant rollover risk, and/or
pandemic-related forbearance requests.

As of the January 2021 remittance, four loans, representing 6.0% of
the pool, were in special servicing. Lake Forest Gateway
(Prospectus ID#11, 3.3% of the pool), secured by a neighborhood
retail center in Lake Forest, California, transferred to special
servicing in June 2020 as a result of payment default. The borrower
originally indicated that they wished to turn the property over to
the lender because of the uncertainty of tenancy post-coronavirus;
however, the property has performed better than anticipated and the
borrower is now requesting a 90-day deferral of principal payments
and the use of reserve funds to bring the loan current. The lender
is in the process of evaluating its options for a modification or
enforcement action in order to bring the loan current. The most
recent proposal by the lender involves the use of existing
reserves, fresh equity, payment deferral, and an extension of the
interest-only period to give the property time to recover. As part
of this review, DBRS Morningstar analyzed this loan with an
elevated probability of default.

The Cincinnati Eastgate Holiday Inn loan (Prospectus ID#25, 1.2% of
the pool), secured by a 212-key, full-service hotel 20 miles east
of the Cincinnati CBD, transferred to special servicing in July
2020 as a result of payment default. The loan has struggled in 2020
because of the pandemic, reporting negative cash flow according to
the T-12 Q3 2020 financials. The sponsor, who cashed out $10.1
million of equity as part of this loan, has given notice that they
are unwilling to further carry loan payments and is cooperating in
a friendly foreclosure filing. A receiver is now in place,
operating the hotel and coordinating turnover with the owner. An
updated appraised value as of September 2020 shows a value decline
to $10.0 million, down from $20.5 million at issuance. Given the
sharp value decline from issuance and the likelihood that the trust
will eventually own the collateral properties, this loan was
analyzed with a liquidation scenario that implied a loss severity
approaching of 45.0%.

The transaction benefits from two loans, Gateway Net Lease
Portfolio (Prospectus ID#2, 7.9% of the pool) and Olympic Tower
(Prospectus ID#3, 7.4% of the pool), that are shadow-rated
investment grade. With this review, DBRS Morningstar confirms that
both loans continue to exhibit characteristics consistent with the
investment-grade shadow ratings.

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


DEEPHAVEN 2021-1: S&P Assigns Prelim B- (sf) Rating on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Deephaven
Residential Mortgage Trust 2021-1's mortgage pass-through notes
series 2021-1.

The note issuance is an RMBS transaction backed by first-lien
fixed- and adjustable-rate fully amortizing and interest-only
residential mortgage loans primarily secured by single-family
residences, planned unit developments, condominiums,
two-to-four-family homes, a mixed-use property and a 5-10 unit
residential property to both prime and nonprime borrowers. The pool
has 395 loans, which are primarily nonqualified mortgage (non-QM)
and ATR-exempt loans.

The preliminary ratings are based on information as of Feb 2,
2021.

Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, geographic concentration, and representation and
warranty framework;

-- The mortgage aggregator, Deephaven Mortgage LLC; and

-- The impact the COVID-19 pandemic will likely have on the
performance of the mortgage borrowers in the pool and liquidity
available in the transaction.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Preliminary Ratings Assigned(i)

  Deephaven Residential Mortgage Trust 2021-1

  Class A-1, $85,652,000: AAA (sf)
  Class A-2, $9,062,000: AA (sf)
  Class A-3, $17,832,000: A (sf)
  Class M-1, $9,647,000: BBB- (sf)
  Class B-1, $6,504,000: BB (sf)
  Class B-2, $9,720,000: B- (sf)
  Class B-3, $7,747,081: NR
  Class XS, notional(ii): NR
  Class A-IO-S, notional(iii): NR
  Class R: NR

(i)The collateral and structural information in this report
reflects the preliminary private placement memorandum dated Feb 1,
2021.
(ii)The notional amount equals the loans' aggregate stated
principal balance.
(iii)The notional amount equals the aggregate stated principal
balance of loans serviced by Selene Finance LP.

NR--Not rated.


EXETER AUTOMOBILE 2021-1: S&P Assigns BB(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Exeter Automobile
Receivables Trust 2021-1's automobile receivables-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 60.7%, 54.5%, 45.7%, 39.0%,
and 32.0% credit support for the class A-1, A-2, and A-3 notes
(collectively, class A), B, C, D, and E notes, respectively, based
on stressed cash flow scenarios (including excess spread). This
credit support provides coverage of approximately 2.55x, 2.24x,
1.83x, 1.52x, and 1.27x S&P's 23.00%-24.00% expected cumulative net
loss range. These break-even scenarios withstand cumulative gross
losses of approximately 93.4%, 83.8%, 73.0%, 62.3%, and 51.2%,
respectively.

-- S&P's expectation for timely interest and principal payments on
the notes, based on stressed cash flow modeling scenarios, which,
in its view, are appropriate for the assigned ratings.

-- S&P's expectation that under a moderate ('BBB') stress scenario
(1.52x its expected loss level), all else being equal, its ratings
will be within the credit stability limits specified by section A.4
of the Appendix in "S&P Global Ratings Definitions, published, Jan.
5, 2021.

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction.

-- The transaction's payment, credit enhancement, and legal
structures.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Ratings Assigned

  Exeter Automobile Receivables Trust 2021-1

  Class A-1, $108.00 million: A-1+ (sf)
  Class A-2, $313.05 million: AAA (sf)
  Class A-3, $107.48 million: AAA (sf)
  Class B, $158.09 million: AA (sf)
  Class C, $182.87 million: A (sf)
  Class D, $135.67 million: BBB (sf)
  Class E, $108.54 million: BB (sf)


FREDDIE MAC 2021-DNA1: DBRS Assigns BB Rating on 16 Note Classes
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk (STACR) REMIC 2021-DNA1 Notes to be
issued by Freddie Mac STACR REMIC Trust 2021-DNA1 (STACR
2021-DNA1):

-- $208.0 million Class M-1 at BBB (sf)
-- $155.0 million Class M-2A at BB (high) (sf)
-- $155.0 million Class M-2B at BB (sf)
-- $104.0 million Class B-1A at BB (low) (sf)
-- $104.0 million Class B-1B at B (high) (sf)
-- $310.0 million Class M-2 at BB (sf)
-- $310.0 million Class M-2R at BB (sf)
-- $310.0 million Class M-2S at BB (sf)
-- $310.0 million Class M-2T at BB (sf)
-- $310.0 million Class M-2U at BB (sf)
-- $310.0 million Class M-2I at BB (sf)
-- $155.0 million Class M-2AR at BB (high) (sf)
-- $155.0 million Class M-2AS at BB (high) (sf)
-- $155.0 million Class M-2AT at BB (high) (sf)
-- $155.0 million Class M-2AU at BB (high) (sf)
-- $155.0 million Class M-2AI at BB (high) (sf)
-- $155.0 million Class M-2BR at BB (sf)
-- $155.0 million Class M-2BS at BB (sf)
-- $155.0 million Class M-2BT at BB (sf)
-- $155.0 million Class M-2BU at BB (sf)
-- $155.0 million Class M-2BI at BB (sf)
-- $155.0 million Class M-2RB at BB (sf)
-- $155.0 million Class M-2SB at BB (sf)
-- $155.0 million Class M-2TB at BB (sf)
-- $155.0 million Class M-2UB at BB (sf)
-- $208.0 million Class B-1 at B (high) (sf)
-- $104.0 million Class B-1AR at BB (low) (sf)
-- $104.0 million Class B-1AI at BB (low) (sf)

Classes M-2, M-2R, M-2S, M-2T, M-2U, M-2I, M-2AR, M-2AS, M-2AT,
M-2AU, M-2AI, M-2BR, M-2BS, M-2BT, M-2BU, M-2BI, M-2RB, M-2SB,
M-2TB, M-2UB, B-1, B-1AR, and B-1AI are Modifiable and Combinable
STACR Notes (MAC Notes). Classes M-2I, M-2AI, M-2BI, and B-1AI are
interest-only MAC Notes.

The BBB (sf), BB (high) (sf), BB (sf), BB (low) (sf), and B (high)
(sf) ratings reflect 2.000%, 1.625%, 1.250%, 1.000%, and 0.750% of
credit enhancement, respectively. Other than the specified classes
above, DBRS Morningstar does not rate any other classes in this
transaction.

STACR 2021-DNA1 is the 24th transaction in the STACR DNA series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool of residential mortgage loans held in
various Freddie Mac-guaranteed mortgage-backed securities.

As of the Cut-Off Date, the Reference Pool consists of 193,729
greater-than-20-year fully amortizing first-lien fixed-rate
mortgage loans underwritten to a full documentation standard, with
original loan-to-value (LTV) ratios greater than 60% and less than
or equal to 80%. The mortgage loans were estimated to be originated
on or after July 2019 and were securitized by Freddie Mac between
July 1, 2020, and August 15, 2020.

On the Closing Date, the trust will enter into a Collateral
Administration Agreement (CAA) with Freddie Mac. Freddie Mac, as
the credit protection buyer, will be required to make transfer
amount payments. The trust is expected to use the aggregate
proceeds realized from the sale of the Notes to purchase certain
eligible investments to be held in a custodian account. The
eligible investments are restricted to highly rated, short-term
investments. Cash flow from the Reference Pool will not be used to
make any payments; instead, a portion of the eligible investments
held in the custodian account will be liquidated to make principal
payments to the Noteholders and return amount, if any, to Freddie
Mac upon the occurrence of certain specified credit events and
modification events.

The coupon rates for the Notes are based on the Secured Overnight
Financing Rate (SOFR). There are replacement provisions in place in
the event that SOFR is no longer available. DBRS Morningstar did
not run interest rate stresses for this transaction, as the
interest is not linked to the performance of the reference
obligations. Instead, the trust will use the net investment
earnings on the eligible investments together with Freddie Mac's
transfer amount payments to pay interest to the Noteholders.

In this transaction, approximately 48.4% of the loans were
originated using property values determined using Freddie Mac's
automated collateral evaluation (ACE) assessment rather than a
traditional full appraisal. Loans where the property values were
determined using ACE assessments generally have better credit
attributes.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. For STACR DNA
transactions, beginning with the STACR 2018-DNA2 transaction, there
has been a revision to principal allocation. The scheduled
principal in prior transactions was allocated pro rata between the
senior and nonsenior (mezzanine and subordinate) tranches,
regardless of deal performance, while the unscheduled principal was
allocated pro rata subject to certain performance tests being met.
For the more recent transactions, the scheduled and unscheduled
principal will be combined and only allocated pro rata between the
senior and nonsenior tranches if the performance tests are
satisfied. For the STACR 2021-DNA1 transaction, the minimum credit
enhancement test—one of the three performance tests—has been
set to fail at the Closing Date, thus locking out the rated classes
from initially receiving any principal payments until the
subordination percentage grows to 2.75% from 2.50%. Additionally,
the nonsenior tranches will also be entitled to supplemental
subordinate reduction amount if the offered reference tranche
percentage increases above 6.15%. The interest payments for these
transactions are not linked to the performance of the reference
obligations except to the extent that modification losses have
occurred.

The Notes will be scheduled to mature on the payment date in
January 2051, but will be subject to mandatory redemption prior to
the scheduled maturity date upon the termination of the CAA.

The sponsor of the transaction will be Freddie Mac. U.S. Bank
National Association (rated AA (high) with a Negative trend and R-1
(high) with a Stable trend by DBRS Morningstar) will act as the
Indenture Trustee and Exchange Administrator. The Bank of New York
Mellon (rated AA (high) with a Stable trend and R-1 (high) with a
Stable trend by DBRS Morningstar) will act as the Custodian.
Wilmington Trust National Association (rated AA (low) with a
Negative trend and R-1 (middle) with a Stable trend by DBRS
Morningstar) will act as the Owner Trustee.

The Reference Pool consists of approximately 0.8% of loans
originated under the Home Possible program. Home Possible is
Freddie Mac's affordable mortgage product designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers.

If a reference obligation is refinanced under the Enhanced Relief
Refinance Program, then the resulting refinanced reference
obligation may be included in the Reference Pool as a replacement
of the original reference obligation. The Enhanced Relief Refinance
Program provides refinance opportunities to borrowers with existing
Freddie Mac mortgages who are current in their mortgage payments
but whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this program will not constitute a credit event.

For this transaction, if a loan becomes delinquent and the related
servicer reports that such loan is in disaster forbearance before
or in the reporting periods related to the payment dates in March
2021 as a result of Hurricane Laura or April 2021 as a result of
Hurricane Sally, Freddie Mac will remove the loan from the pool to
the extent the related mortgaged property is located in a Federal
Emergency Management Agency (FEMA) major disaster area and in which
FEMA had authorized individual assistance to homeowners in such
area as a result of Hurricane Laura, Hurricane Sally, or any other
hurricane that affects such related mortgaged property prior to the
Closing Date.

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures have caused an economic contraction, leading to
sharp increases in unemployment rates and income reductions for
many consumers. DBRS Morningstar anticipates that delinquencies may
continue to raise in the coming months for many residential
mortgage-backed securities asset classes, some meaningfully.

As a result of the coronavirus, DBRS Morningstar expects increased
delinquencies, loans on forbearance plans, and a potential
near-term decline in the values of the mortgaged properties. Such
deteriorations may adversely affect borrowers' ability to make
monthly payments, refinance their loans, or sell properties in an
amount sufficient to repay the outstanding balance of their loans.

In connection with the economic stress assumed under the moderate
scenario in its commentary, see "Global Macroeconomic Scenarios:
December Update," published on December 2, 2020, for the
government-sponsored enterprise (GSE CRT) asset class, DBRS
Morningstar applies more severe market value decline (MVD)
assumptions across all rating categories than it previously used.
DBRS Morningstar derives such MVD assumptions through a fundamental
home price approach based on the forecast unemployment rates and
GDP growth outlined in the aforementioned moderate scenario. In
addition, for pools with loans on forbearance plans, DBRS
Morningstar may assume higher loss expectations above and beyond
the coronavirus assumptions. Such assumptions translate to higher
expected losses on the collateral pool and correspondingly higher
credit enhancement.

In the GSE CRT asset class, while the full effect of the
coronavirus may not occur until a few performance cycles later,
DBRS Morningstar generally believes that loans with layered risk
(low FICO score with high LTV/high debt-to-income ratio) may be
more sensitive to economic hardships resulting from higher
unemployment rates and lower incomes. Additionally, higher
delinquencies might cause a longer lockout period or a redirection
of principal allocation away from outstanding rated classes because
performance triggers failed.

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


FREDDIE MAC 2021-DNA1: S&P Assigns BB- (sf) Rating on B-1B Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Freddie Mac STACR REMIC
Trust 2021-DNA1's notes.

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

The ratings reflect:

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

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

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

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

-- The impact that COVID-19 is likely to have on the U.S. economy
and the U.S. housing market and the additional structural
provisions included to address corresponding forbearance and
subsequent defaults.

  RATINGS ASSIGNED

  Freddie Mac STACR REMIC Trust 2021-DNA1

  A-H(i), $56,589,568,200: NR
  M-1, $208,000,000: BBB+ (sf)
  M-1H(i), $82,202,913: NR
  M-2, $310,000,000: BB+ (sf)
  M-2A, $155,000,000: BBB (sf)
  M-2AH(i), $62,652,185: NR
  M-2B, $155,000,000: BB+ (sf)
  M-2BH(i), $62,652,185: NR
  M-2R, $310,000,000: BB+ (sf)
  M-2S, $310,000,000: BB+ (sf)
  M-2T, $310,000,000: BB+ (sf)
  M-2U, $310,000,000: BB+ (sf)
  M-2I, $310,000,000: BB+ (sf)
  M-2AR, $155,000,000: BBB (sf)
  M-2AS, $155,000,000: BBB (sf)
  M-2AT, $155,000,000: BBB (sf)
  M-2AU, $155,000,000: BBB (sf)
  M-2AI, $155,000,000: BBB (sf)
  M-2BR, $155,000,000: BB+ (sf)
  M-2BS, $155,000,000: BB+ (sf)
  M-2BT, $155,000,000: BB+ (sf)
  M-2BU, $155,000,000: BB+ (sf)
  M-2BI, $155,000,000: BB+ (sf)
  M-2RB, $155,000,000: BB+ (sf)
  M-2SB, $155,000,000: BB+ (sf)
  M-2TB, $155,000,000: BB+ (sf)
  M-2UB, $155,000,000: BB+ (sf)
  B-1, $208,000,000: BB- (sf)
  B-1A, $104,000,000: BB+ (sf)
  B-1AR, $104,000,000: BB+ (sf)
  B-1AI, $104,000,000: BB+ (sf)
  B-1AH(i), $41,101,456: NR
  B-1B, $104,000,000: BB- (sf)
  B-1BH(i), $41,101,456: NR
  B-2, $244,000,000: NR
  B-2A, $122,000,000: NR
  B-2AR, $122,000,000: NR
  B-2AI, $122,000,000: NR
  B-2AH(i), $23,101,456: NR
  B-2B, $122,000,000: NR
  B-2BH(i), $23,101,456: NR
  B-3H(i), $145,101,462: NR

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

NR--Not rated.


FREED ABS: DBRS Confirms BB (low) Rating on 2 Classes of Notes
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following nine classes of
securities issued by three FREED ABS Trust transactions:

-- FREED ABS Trust 2020-1, Class A Notes at A (high) (sf)
-- FREED ABS Trust 2020-1, Class B Notes at BBB (high) (sf)
-- FREED ABS Trust 2020-1, Class C Notes at BB (low) (sf)
-- FREED ABS Trust 2020-2CP, Class A Notes at AA (low) (sf)
-- FREED ABS Trust 2020-2CP, Class B Notes at A (low) (sf)
-- FREED ABS Trust 2020-2CP, Class C Notes at BBB (low) (sf)
-- FREED ABS Trust 2020-3FP, Class A Notes at A (high) (sf)
-- FREED ABS Trust 2020-3FP, Class B Notes at A (low) (sf)
-- FREED ABS Trust 2020-3FP, Class C Notes at BB (low) (sf)

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
Coronavirus Disease (COVID-19), available in its commentary "Global
Macroeconomic Scenarios: December Update," published on December 2,
2020. DBRS Morningstar initially published macroeconomic scenarios
on April 16, 2020, which have been regularly updated. The scenarios
were last updated on December 2, 2020, and are reflected in DBRS
Morningstar's rating analysis.

-- The assumptions consider the moderate macroeconomic scenario
outlined in the commentary, with the moderate scenario serving as
the primary anchor for current ratings. The moderate scenario
factors in increasing success in containment during the first half
of 2021, enabling the continued relaxation of restrictions.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance, including upward revisions to the
expected cumulative net loss assumptions consistent with the
expected unemployment levels in the moderate scenario.

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

Notes: The principal methodology is DBRS Morningstar Master U.S.
ABS Surveillance (May 27, 2020), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.


GOLDENTREE LOAN 9: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GoldenTree
Loan Management US CLO 9 Ltd./GoldenTree Loan Management US CLO 9
LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Feb. 4,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  GoldenTree Loan Management US CLO 9 Ltd.

  Class X, $4.20 million: AAA (sf)
  Class A, $455.00 million: AAA (sf)
  Class B, $84.00 million: AA (sf)
  Class C (deferrable), $45.50 million: A (sf)
  Class D (deferrable), $40.60 million: BBB- (sf)
  Class E (deferrable), $21.35 million: BB- (sf)
  Class F (deferrable), $6.30 million: B- (sf)
  Subordinated notes, $40.89 million: Not rated


GOLUB CAPITAL CLO 41(B)-R: S&P Assigns BB-(sf) Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Golub
Capital Partners CLO 41(B)-R Ltd./Golub Capital Partners CLO
41(B)-R LLC's fixed- and floating-rate notes.

The note issuance is a CLO transaction backed primarily by broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of Feb. 4,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Golub Capital Partners CLO 41(B)-R Ltd./Golub Capital Partners
CLO 41(B)-R LLC

  Class A-R, $272.80 million: AAA (sf)
  Class B-1-R, $47.20 million: AA (sf)
  Class B-2-R, $22.00 million: AA (sf)
  Class C-R (deferrable), $24.75 million: A (sf)
  Class D-R (deferrable), $27.00 million: BBB- (sf)
  Class E-R (deferrable), $15.75 million: BB- (sf)
  Subordinated notes, $47.00 million: Not rated


JP MORGAN 2021-1: Moody's Rates Class B-5 Certificates 'B2'
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 51
classes of residential mortgage-backed securities issued by J.P.
Morgan Mortgage Trust (JPMMT) 2021-1. The ratings range from Aaa
(sf) to B2 (sf).

The certificates are backed by 1,121 fully-amortizing fixed-rate
mortgage loans with a total balance of $1,033,923,807 as of the
December 31, 2020 cut-off date. The loans have original terms to
maturity of up to 30 years. Similar to prior JPMMT transactions,
JPMMT 2021-1 includes agency-eligible mortgage loans (approximately
3.7% by loan balance) underwritten to the government sponsored
enterprises guidelines, in addition to prime jumbo non-agency
eligible mortgages purchased by J.P. Morgan Mortgage Acquisition
Corp. (JPMMAC), the sponsor and mortgage loan seller, from various
originators and aggregators. The characteristics of the mortgage
loans underlying the pool are generally comparable to those of
other JPMMT transactions backed by prime mortgage loans that
Moody's have rated. As of the cut-off date, no borrower under any
mortgage loan has active COVID-19 related forbearance plan with the
servicer.

Guaranteed Rate, Inc originated approximately 12.2% of the mortgage
loans (by balance) in the pool. All other originators accounted for
less than 10% of the pool by balance. With respect to the mortgage
loans, each originator made a representation and warranty that the
mortgage loan constitutes a qualified mortgage under the QM rule.

NewRez LLC f/k/a New Penn Financial, LLC d/b/a Shellpoint Mortgage
Servicing will interim service approximately about 91.01%
(subserviced by JPMorgan Chase Bank, National Association ),
loanDepot.com, LLC will service about 4.4% (subserviced by Cenlar,
FSB), United Wholesale Mortgage, LLC will service about 3.6% of the
mortgage loans ( also subserviced by Cenlar, FSB), Johnson Bank
will service about 0.9% and USAA Federal Savings Bank will service
about 0.1% (subserviced by Nationstar). Shellpoint will act as
interim servicer for the JPMCB mortgage loans from the closing date
until the servicing transfer date, which is expected to occur on or
about April 1, 2021 (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 (Shellpoint, until
the servicing transfer date),loanDepot and United Wholesale
Mortgage, LLC will be based on a step-up incentive fee structure
and additional fees for servicing delinquent and defaulted loans.
Johnson Bank and USAA Federal Savings Bank have a fixed fee
servicing framework. Nationstar Mortgage LLC will be the master
servicer and Citibank, N.A. will be the securities administrator
and Delaware trustee. Pentalpha Surveillance LLC will be the
representations and warranties breach reviewer.

Four third-party review (TPR) firms verified the accuracy of the
loan level information. These firms conducted detailed credit,
property valuation, data accuracy and compliance reviews on 100% of
the mortgage loans in the collateral pool.

Distributions of principal and interest (P&I) and loss allocations
are based on a typical shifting interest structure that benefits
from senior and subordination floors. Moody's coded the cash flow
to each of the certificate classes using Moody's proprietary cash
flow tool. In coding the cash flow, Moody's took into account the
step-up incentive servicing fee structure.

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2021-1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-1-X*, Rating Assigned Aa3 (sf)

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

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

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

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

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

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario-mean is
0.37%, in a baseline scenario-median is 0.20%, and reaches 3.84% at
a stress level consistent with Moody's Aaa ratings.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
residential mortgage loans from the current weak US economic
activity and a gradual recovery for the coming months. Although an
economic recovery is underway, it is tenuous and its continuation
will be closely tied to containment of the virus. As a result, the
degree of uncertainty around Moody's forecasts is unusually high.

Moody's increased its model-derived median expected losses by 15%
(10.2% for the mean) and ourits Aaa losses by 5% to reflect the
likely performance deterioration resulting from of a slowdown in US
economic activity due to the coronavirus outbreak.

Moody's regard the COVID-19 outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Moody's base its ratings on the certificates on the credit quality
of the mortgage loans, the structural features of the transaction,
its assessments of the origination quality and servicing
arrangement, the strength of the TPR and the R&W framework of the
transaction.

Collateral Description

JPMMT 2021-1 is a securitization of a pool of 1,121
fully-amortizing fixed-rate mortgage loans with a total balance of
$1,033,923,807 as of the cut-off date, with a weighted average (WA)
remaining term to maturity of 357 months, and a WA seasoning of 3
months. The WA current FICO score is 776 and the WA original
combined loan-to-value ratio (CLTV) is 69.7%. About 78.36% of the
mortgage loans (by balance) were originated through correspondent
(3.73%) and broker (74.64%) channels.

The borrowers have high monthly income (about $27,424 on WA.
average), and significant liquid cash reserve (about $362,792 on
average), all of which have been verified as part of the
underwriting process and reviewed by the third-party review firms.
The GSE-eligible loans have an average balance of $683,273 compared
to the average GSE balance of approximately $230,000. The higher
conforming loan balance is attributable to the greater amount of
properties located in high-cost areas, such as the metro areas of
Los Angeles, San Francisco and New York City. The GSE-eligible
loans, which make up about 3.7% of the JPMMT 2021-1 pool by loan
balance, were underwritten pursuant to GSE guidelines and were
approved by DU/LP. All the loans are subject to the QM and
Ability-to-Repay (ATR) rules.

Overall, 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 consider JPMMAC's aggregation platform to be adequate and
Moody's did not apply a separate loss-level adjustment for
aggregation quality. In addition to reviewing JPMMAC as an
aggregator, Moody's have also reviewed the originator(s)
contributing a significant percentage of the collateral pool (above
10%). Additionally, Moody's did not make an adjustment for
GSE-eligible loans, since those loans were underwritten in
accordance with GSE guidelines. Moody's increased its base case and
Aaa loss expectations for certain originators of non-conforming
loans where Moody's do not have clear insight into the underwriting
practices, quality control and credit risk management. In addition,
Moody's reviewed the loan performance for some of these
originators. Moody's viewed the loan performance as comparable to
the GSE loans due to consistently low delinquencies, early payment
defaults and repurchase requests.

Servicing Arrangement

Moody's consider 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. corporate family rating B2) will
act as the master servicer. The servicers are required to advance
P&I 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.

COVID-19 Impacted Borrowers

As of the cut-off date, 1.55% of the borrowers have entered into a
COVID-19 related forbearance plan with the servicer but none of
them are active. JPMMAC will be removing any mortgage loan with
respect to which the related borrower requests or enters into a
COVID-19 related forbearance plan after the cut-off date but on or
prior to the closing date, which would be a closing date
substitution amount treated like a prepayment at month one. In the
event that after the closing date a borrower enters into or
requests a COVID-19 related forbearance plan, such mortgage loan
(and the risks associated with it) will remain in the mortgage
pool.

Typically, the borrower must contact the servicer and attest they
have been impacted by a COVID-19 hardship and that they require
payment assistance. The servicer will offer an initial forbearance
period to the borrower, which can be extended if the borrower
attests that they require additional payment assistance.

At the end of the forbearance period, if the borrower is unable to
make the forborne payments on such mortgage loan as a lump sum
payment or does not enter into a repayment plan, the servicer may
defer the missed payments, which could be added as a
non-interest-bearing payment due at the end of the loan term. If
the borrower can no longer afford to make payments in line with the
original loan terms, the servicer would typically work with the
borrower to modify the loan (although the servicer may utilize any
other loss mitigation option permitted under the pooling and
servicing agreement with respect to such mortgage loan at such time
or any time thereafter).

However, it should be noted that servicing practices, including
tracking COVID-19-related loss mitigation activities, may vary
among servicers in this particular transaction. These
inconsistencies could impact reported collateral performance and
affect the timing of any breach of performance triggers, servicer
advance recoupment, the extent of servicer fees, and additional
expenses for R&W breach reviews when loans become seriously
delinquent.

Servicing Fee Framework

The servicing fee for all loans will be based on a step-up
incentive fee structure with a monthly base fee of $40 per loan and
additional fees for delinquent or defaulted loans.

By establishing a base servicing fee for performing loans that
increases when loans become delinquent, the fee-for-service
structure aligns monetary incentives to the servicer with the costs
of servicing. 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 costly and 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.

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 TPR firms, AMC Diligence, LLC, Clayton Services LLC, Opus
Capital Markets Consultants, LLC, and Inglet Blair (IB)
(collectively, TPR firms) reviewed 100% of the loans in this
transaction for credit, regulatory compliance, property valuation,
and data accuracy. Each mortgage loan was reviewed by only one of
the TPR firms and each TPR firm produced one or more reports
detailing its review procedures and the related results. The TPR
results indicated compliance with the originators' underwriting
guidelines for majority of loans, no material compliance issues and
no material 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.

In addition, there are nine loans (0.76% of the pool) that have
exterior only appraisal due to COVID-19, instead of full appraisal.
Three out of such nine loans are for purchase and have a sales
price. These exterior-only loans are all non-conforming loans,
underwritten through Guaranteed Rate's guidelines. Since the
exterior-only appraisal only covers the outside of the property
there is a risk that the property condition cannot be verified to
the same extent had the appraiser been provided access to the
interior of the home. Moody's did not make any specific adjustment
for exterior-only appraisal loans since they make a de minimis
portion of the pool.

While the transaction benefits from strong TPR results for credit
and compliance, the overall property valuation review for this
transaction is weaker than in most prime jumbo transactions we have
rated, which typically had third-party valuation products, such as
desktop appraisals or field reviews, ordered for the vast majority
of the collateral pool. In this transaction, most of the
non-conforming loans originated under United Shore's High Balance
Nationwide program had a property valuation review only consisting
of Fannie Mae Collateral Underwriter (CU) risk scores (in some
instances, combined with an automated valuation model (AVM)) and no
other third-party valuation product such as a collateral desk
appraisal (CDA) and field review. Moody's consider the use of CU
risk scores 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 applied an adjustment to the loss for such
loans since the statistically significant sample size and valuation
results of the loans that were reviewed using a third-party
valuation product such as a CDA and field review were
insufficient.

R&W Framework

JPMMT 2021-1'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.
Moody's 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 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
analyze 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 JPMorgan Chase
Bank, N.A. (rated Aa1) provided R&Ws since it is a high-rated and
financially stable entity. Furthermore, the R&W provider, Quicken
Loans, LLC (rated Ba1) has a strong credit profile and is a
financially stable entity. However, Moody's applied an adjustment
to Moody's expected losses to account for the risk that Quicken
Loans may be unable to repurchase defective loans in a stressed
economic environment in which a substantial portion of the loans
breach the R&Ws, given that it is a non-bank entity with a monoline
business (mortgage origination and servicing) that is highly
correlated with the economy. Moody's tempered this adjustment by
taking into account Quicken Loans' relative financial strength
relative to other originators in this pool.

Moody's applied an adjustment to all other R&W providers that are
unrated and/or financially weaker entities. For loans that JPMMAC
acquired via the MaxEx (MaxEx Clearing LLC) 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 P&I 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 0.7% 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 0.5% 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 calculate the credit neutral floors for a given target
rating as shown in Moody's 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 $7,237,467. The senior
subordination floor of 0.7% and subordinate floor of 0.5% 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, Class A-11-A, Class A-11-B Certificates will have a
pass-through rate that will vary directly with the SOFR rate and
the Class A-11-X Certificates will have a pass-through rate that
will vary inversely with the SOFR rate. If the securities
administrator notifies the depositor that it cannot determine SOFR
rate in accordance with the methods prescribed in the sale and
servicing agreement and a benchmark transition event has not yet
occurred, SOFR rate for such accrual period will be SOFR rate as
calculated for the immediately preceding accrual period. Following
the occurrence of a benchmark transition event, a benchmark other
than SOFR rate will be selected for purposes of calculating the
pass-through rate on the Class A-11, Class A-11-A, Class A-11-B
certificates.

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

Down

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

Up

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

Methodology

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in April 2020.


JPMCC 2017-JP7: DBRS Confirms BB(sf) Rating on Class F-RR Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings for all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2017-JP7
issued by JPMCC Commercial Mortgage Securities Trust 2017-JP7 as
follows:

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

All trends are Stable.

With this review, DBRS Morningstar removed Class G-RR from Under
Review with Negative Implications, where it was placed on August 6,
2020.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. The collateral consists of 37 loans
secured by 168 commercial and multifamily properties. As of the
December 2020 remittance, the pool had an aggregate principal
balance of $796.4 million, representing a marginal collational
reduction of 1.8% since issuance.

Loans representing 76.0% of the current pool balance are reporting
partial-year 2020 figures. Based on these financials, those loans
reported a weighted-average debt-service coverage ratio (DSCR) of
1.78 times (x), which is down slightly from the year-end 2019
figure of 1.98x. At issuance, two loans, representing 12.5% of the
current pool balance, were shadow-rated investment grade. These
loans include Gateway Net Lease Portfolio (Prospectus ID#2) and
West Town Mall (Prospectus ID#7). With this review, DBRS
Morningstar confirms that the performance of these loans remains
consistent with investment-grade loan characteristics. For
additional information on these loans, please see the DBRS
Viewpoint platform, for which information has been provided below.

As of the December 2020 remittance, there were two loans in special
servicing, representing 4.3% of the current pool balance. The first
loan in special servicing is Prospectus ID#13 – Springhill Suites
Newark Airport, representing 2.3% of the current pool balance. The
collateral is a 200-key limited-service hotel located in Newark,
New Jersey, adjacent to the Newark International Airport. The loan
transferred to special servicing in June 2020 for imminent monetary
default and was 121+ days delinquent as of the December 2020
remittance. The hotel has been closed since April 2020 due to low
demand and, according to its website as of January 2021, is taking
reservations for bookings beginning in February 2021.

An updated appraisal dated September 2020 has been obtained by the
special servicer, showing an as-is value of $20.8 million, down
from $28.6 million at issuance but above the outstanding loan
balance as of December 2020. The special servicer continues to
discuss the workout options with the borrower and, as of December
2020, expected a loan modification to be approved that would allow
for a deferral of all principal and interest payments and
furniture, fixture, and equipment reserve payments from May 2020 to
April 2021.

The second loan in special servicing is Prospectus ID#17 –
Carolina Hotel Portfolio, representing 2.0% of the current pool
balance. The trust loan is part of a pari passu whole loan and is
secured by a portfolio of five hotels located in North Carolina and
South Carolina, totaling 511 rooms. The portfolio consists of three
flags: Holiday Inn, Comfort Suites, and Fairfield Inn. The loan
transferred to special servicing in May 2020 for imminent monetary
default and, as of the December 2020 remittance, was 121+ days
delinquent. The workout strategy has not been finalized and the
special servicer reports negotiations remain ongoing with the
borrower. An October 2020 appraisal valued the portfolio at $50.3
million on an as-is basis, down from $55.3 million at issuance but
still well above the combined senior loan amount of $35.2 million.

As both of the specially serviced loans appear to be headed for a
loan modification and both have reported recent appraisals
suggesting there remains value outside of the respective loan
balances, neither loan was liquidated in the analysis for this
review.

As of the December 2020 remittance, there were 10 loans on the
servicer's watchlist, representing 23.7% of the current pool
balance. Six of these loans are being monitored for DSCR declines
from issuance; two are being monitored for increased levels of risk
due to the Coronavirus Disease (COVID-19) pandemic; one is on the
watchlist for deferred maintenance issues; and one loan is being
monitored for late financial statement submissions. In general,
DBRS Morningstar does not have any significant concerns at this
time with any of the watchlisted loans.

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


JPMDB COMMERCIAL 2016-JP2: DBRS Confirms B(low) Rating on F Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-JP2
issued by JPMCC Commercial Mortgage Securities Trust 2016-JP2:

-- 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 X-C 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. In addition, DBRS Morningstar discontinued
the rating on Class A-2 as it was paid out as of the December 2020
remittance.

Classes X-C, D, E, and F were removed from Under Review with
Negative Implications, where they were placed on August 6, 2020.
The rating confirmations reflect the overall stable performance of
the transaction since issuance. At issuance, the transaction
consisted of 47 fixed-rate loans secured by 78 commercial and
multifamily properties at a trust balance of $939.2 million.
According to the January 2021 remittance, 45 of the original 47
loans remain in the pool, representing a collateral reduction of
5.5%. The transaction is concentrated by property type as 10 loans,
representing 27.7% of the current trust balance, are secured by
office collateral while the second largest concentration is
represented by 10 loans secured by retail collateral, representing
26.0% of the current trust balance. The transaction benefits from
three defeased loans, including the second-largest loan in the
pool, which make up 11.0% of the current trust balance.
Additionally, there are 21 loans, representing 38.3% of the pool,
on the servicer's watchlist. These loans are being monitored for
various reasons including low debt service coverage ratios (DSCR)
or occupancy, tenant rollover risk, and/or pandemic-related
forbearance requests.

As of the January 2021 remittance, there was one loan, representing
3.3% of the pool, in special servicing. Hagerstown Premium Outlets
(Prospectus ID#9, 3.3% of the pool), secured by a 485,000-sf
Simon-operated open-air outlet center in Hagerstown, Maryland,
transferred to the special servicer in June 2020 for imminent
monetary default related to the coronavirus pandemic. Prior to the
pandemic, the loan was being monitored as the property's largest
tenant, Wolf's Furniture (13.8% of the net rentable area (NRA))
vacated in Q1 2020 after its parent company filed for bankruptcy.
The property has experienced a precipitous decline in occupancy in
recent years, falling to 51.9% as of September 2020 from 78.3% at
YE2018. A forbearance has been agreed upon whereby principal
payments will be deferred from October through December 2020. The
deferred principal shall be repaid no later than March 31, 2021.

The largest loan on the servicer's watchlist, 693 Fifth Avenue
(Prospectus ID#3, 6.9% of the pool), is secured by a mixed-use
office and retail property in Midtown Manhattan. The property has
been approximately 65% occupied since issuance, with more than 80%
of the rental income coming from the property's sole retail tenant,
Valentino (15.1% of NRA, lease expires July 2029). The retailer
took legal action in June 2020 against the borrower in order to
void its lease ahead of its expiry date, citing business
interruption as a result of the coronavirus pandemic. The most
recent correspondence with the servicer notes that the retailer was
in arrears for its May 2020 and June 2020 rental payments. Given
the risks surrounding these properties, both loans were analyzed
with elevated probabilities of default for this review.

At issuance, DBRS Morningstar shadow-rated one loan, The Shops at
Crystals (Prospectus ID#6, 5.6% of the pool), as investment grade.
This assessment was supported by the loan's above-average property
quality and strong sponsorship. With this review, DBRS Morningstar
confirms that the characteristics of these loans remain consistent
with the investment-grade shadow rating.

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


JPMDB COMMERCIAL 2017-C7: DBRS Confirms B(low) Rating on F-RR Certs
-------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-C7 issued by JPMDB
Commercial Mortgage Securities Trust 2017-C7 as follows:

-- Class A-1 at AAA (sf)
-- 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 (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E-RR at BB (low) (sf)
-- Class F-RR at B (low) (sf)

DBRS Morningstar also removed the ratings on Classes E-RR and F-RR
from Under Review with Negative Implications, where they were
placed on August 6, 2020. The trends on Classes E-RR and F-RR are
Negative, reflecting the continued performance challenges to the
underlying collateral, many of which the Coronavirus Disease
(COVID-19) pandemic has driven. The trends on all other classes are
Stable.

The rating confirmations reflect the stable performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. At issuance, the transaction consisted
of 41 loans with an original trust balance of $1.11 billion. As of
the December 2020 remittance report, 40 loans remain in the
transaction with a current trust balance of $1.08 billion,
representing a collateral reduction of approximately 2.3% since
issuance. Three loans, representing 6.4% of the pool, are in
special servicing. The largest loan in special servicing is the
Sheraton DFW (Prospectus ID#14, 3.0% of the pool), which
transferred to special servicing in July 2020 for payment default
after the loan became 60 days delinquent. The loan is backed by the
borrower's fee interest in a 302-key full-service hotel adjacent to
the Dallas/Fort Worth International Airport. According to the
servicer, the borrower and special servicer are in active
discussions for a forbearance or modification. DBRS Morningstar's
concerns are also heightened because the transaction's performance
had been trending downward prior to the coronavirus pandemic with
the YE2019 net cash flow (NCF) 30% below the issuance figure.
Furthermore, based on the most recent Smith Travel Research report
for the 12-month period ended December 31, 2019, the property
underperformed its competitors with penetration rates of less than
100% for the average daily rate and revenue per available room. The
second-largest specially serviced loan, Lightstone Portfolio
(Prospectus ID#19, 2.3% of the pool), transferred to special
servicing in May 2020 for payment default. The collateral comprises
a portfolio of seven select- and limited-service hotels across
Louisiana, Arkansas, and Florida. The YE2019 NCF was down 26%
across the portfolio. The loan remained delinquent as of the
December 2020 remittance as modification discussions were in
progress.

Nine loans, representing 18.4% of the pool, are on the servicer's
watchlist as of the December 2020 remittance. The largest loan on
the servicer's watchlist is the AHIP Northeast Portfolio I
(Prospectus ID#5, 5.1% of the pool), which is secured by a
portfolio of five hotel properties located across Maryland, New
Jersey, and Pennsylvania. The combined NCF for the portfolio has
been declining since 2017, with the 2019 NCF reported at 29% lower
than the issuance level. The loan received pandemic-related relief
in June 2020, deferring the collection of furniture, fixtures, and
equipment reserves as well as applying existing reserve balance to
cover interest shortfalls between June and August 2020.

While not on the servicer's watchlist, DBRS Morningstar remains
concerned about the pool's second-largest loan, Station Place III
(Prospectus ID#3, 5.9% of the pool). This loan is secured by the
borrower's fee interest in a 517,653-square-foot Class A office
building located in Washington, D.C.'s central business district.
It will face rollover concerns when the lease of the property's
largest tenant, the Securities and Exchange Commission, expires in
September 2023. The tenant, which represents 40.5% of the
building's net rentable area, is expected to vacate upon its lease
expiration after the Congressional Committee approved the SEC's
search for a new headquarters. The General Services Administration
tenant originally had a lease expiration of 2021 and renewed for an
additional two years to allow additional time to search for a new
headquarters. Mitigating this concern is the property's location,
which is adjacent to Union Station and a few blocks north of the
United States Capitol. As of September 2020 the property was 100%
occupied while the loan was covered with a debt service coverage
ratio of 3.05 times.

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


LCM 31: S&P Assigns BB- (sf) Rating on $12MM Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to LCM 31 Ltd./LCM 31 LLC's
floating-rate notes.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  LCM 31 Ltd./LCM 31 LLC

  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $39.20 million: Not rated


LCM 31: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to LCM 31
Ltd./LCM 31 LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Jan. 29,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  LCM 31 Ltd./LCM 31 LLC

  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $39.20 million: Not rated


MARBLE POINT XIX: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Marble Point CLO XIX
Ltd.'s floating-rate notes.

The note issuance is a CLO transaction backed by primarily broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Ratings Assigned

  Marble Point CLO XIX Ltd.

  Class X, $2.00 million: AAA (sf)
  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C (deferrable), $22.00 million: A (sf)
  Class D (deferrable), $23.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $39.00 million: not rated


MARBLE POINT XIX: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Marble Point
CLO XIX Ltd.'s floating-rate notes.

The note issuance is a CLO transaction backed by primarily broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of Jan. 29,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Preliminary Ratings Assigned

  Marble Point CLO XIX Ltd.

  Class X, $2.00 million: AAA (sf)
  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C (deferrable), $22.00 million: A (sf)
  Class D (deferrable), $23.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $39.00 million: not rated


MFA 2021-INV1: S&P Assigns BB (sf) Rating on Class B-2 Certs
------------------------------------------------------------
S&P Global Ratings assigned its ratings to MFA 2021-INV1 Trust's
mortgage pass-through certificates series 2021-INV1.

The certificates are backed by first-lien, fixed-rate,
adjustable-rate, fully amortizing, and interest-only residential
mortgage loans primarily secured by single-family residences,
planned unit developments, condominiums, two- to four-family homes,
a mixed-use property, and a multifamily (five units) property to
both prime and nonprime borrowers. The pool consists of 1,423
business-purpose investor loans (including 329 cross-collateralized
loans backing 1,143 properties) that are exempt from the qualified
mortgage and ability-to-repay rules.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, geographic concentration, and representation and
warranty framework;

-- The mortgage aggregator and mortgage originator; and

-- The impact the COVID-19 pandemic will likely have on the
performance of the mortgage borrowers in the pool and liquidity
available in the transaction.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Ratings Assigned(i)

  MFA 2021-INV1 Trust

  Class A-1, $148,980,000: AAA (sf)
  Class A-2, $13,810,000: AA (sf)
  Class A-3, $20,118,000: A+ (sf)
  Class M-1, $7,394,000: BBB+ (sf)
  Class B-1, $7,613,000: BBB- (sf)
  Class B-2, $8,699,000: BB (sf)
  Class B-3, $10,875,114: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R: Not rated

(i)The ratings address the ultimate payment of interest and
principal; they do not address payment of the cap carryover
amounts.
(ii)The notional amount equals the loans' aggregate unpaid
principal balance.


MORGAN STANLEY 2016-C28: DBRS Lowers Ratings on 3 Tranches to B
---------------------------------------------------------------
DBRS, Inc. downgraded the ratings on the following 11 classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C28
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2016-C28:

-- Class E-1 to BB (high) (sf) from BBB (sf)
-- Class E to B (high) (sf) from BBB (low) (sf)
-- Class E-2 to B (high) (sf) (sf) from BBB (low) (sf)
-- Class EF to B (sf) from BB (sf)
-- Class F to B (sf) from BB (sf)
-- Class F-1 to B (high) (sf) from BB (sf)
-- Class F-2 to B (sf) from BB (sf)
-- Class G-1 to B (low) (sf) from B (high) (sf)
-- Class EFG to CCC (sf) from B (low) (sf)
-- Class G to CCC (sf) from B (low) (sf)
-- Class G-2 to CCC (sf) from B (low) (sf)

DBRS Morningstar also confirmed the ratings on the remaining
classes 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 AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class X-D at BBB (high) (sf)
-- Class D at BBB (sf)

With this review, DBRS Morningstar removed Classes D, X-D, E-1,
E-2, E, F-1, F-2, EF, F, G-1, G-2, G, and EFG from Under Review
with Negative Implications, where they were placed on August 6,
2020. The trends on Classes E-1, E-2, E, F-1, F-2, F, EF, and G-1
are Negative, given the weakening credit metrics of the remaining
loans in the transaction and the deteriorating credit enhancement
levels from the anticipated liquidation of the DoubleTree by Hilton
– Cleveland, OH loan (Prospectus ID#13; 3.2% of trust balance).
The trends on Classes D and X-D are Stable. The trends on Classes
A-3, A-4, A-SB, A-S, B, C, X-A, and X-B remain Stable. Classes EFG,
G, and G-2 do not carry trends given the CCC (sf) rating.

The rating downgrades reflect the overall weakening performance of
the transaction since the last review, which has been exacerbated
by the Coronavirus Disease (COVID-19) pandemic. At issuance, the
trust consisted of 42 fixed-rate loans secured by 161 commercial
and multifamily properties with a trust balance of $955.6 million.
Per the January 2021 remittance report, there were 40 loans secured
by 46 commercial and multifamily properties remaining in the trust
with a total trust balance of $853.1 million, representing a 10.7%
collateral reduction since issuance. Most of the collateral
reduction was attributed to the early prepayment of the GLP
Industrial Portfolio A loan ($70.0 million loan balance) in October
2019. The trust is concentrated by loan size with the largest 15
loans representing 73.9% of the trust balance and by property type
with 17 loans secured by retail properties, totaling 39.2% of the
trust balance. The largest loan, Penn Square Mall (Prospectus ID#1;
10.6% of the trust balance), has investment-grade credit
characteristics and one loan, representing 0.9% of the trust
balance, is fully defeased.

Four loans, representing 11.9% of the trust balance, are in special
servicing; three of these loans are secured by hospitality
properties that transferred to the special servicer as a result of
the coronavirus pandemic. The DoubleTree by Hilton – Cleveland,
OH loan was the only loan transferred to the special servicer prior
to the pandemic and the borrower has agreed to a voluntary
foreclosure, which was scheduled to occur in May 2020. However, due
to the coronavirus pandemic, Cuyahoga County placed a moratorium on
sherriff sales. The moratorium expired in October 2020, but the
special servicer must resolve legal issues prior to completing the
foreclosure process. Foreclosure is now anticipated to occur in the
near term and the trust is expected to acquire title to the
collateral. The loan was liquidated from the trust based on the
October 2020 appraised value of $13.2 million, resulting in an
implied loss severity in excess of 75.0% to the trust. The
projected loss would eliminate Class H-2 and result in a partial
loss to Class H-1. DBRS Morningstar made probability of default
adjustments for Le Meridian Cambridge MIT (Prospectus ID#12; 3.4%
of the trust balance) (maturing in 2021) and Holiday Inn – La
Mesa, CA (Prospectus ID#23; 1.3% of the trust balance).

An additional 15 loans, representing 32.2% of the trust balance,
are on the servicer's watchlist. Approximately 22.5% of the
watchlisted loan balance are on the watchlist for deferred
maintenance items. Park Lee Shopping Center (Prospectus ID#29; 0.9%
of the trust balance) had a January 2021 loan maturity date;
however, the loan was not repaid. Monthly loan payments remained
current and the collateral exhibits credit characteristics that
should be able to fully refinance the debt in full. DBRS
Morningstar made probability of default adjustments for loans that
exhibited increased default risk since issuance.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to Penn Square Mall. With this review, DBRS Morningstar
confirmed that the performance of these loans remain consistent
with investment-grade loan characteristics.

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


MORGAN STANLEY I 2007-TOP25: Fitch Cuts Class B Bond Rating to 'C'
------------------------------------------------------------------
Fitch has taken the following rating actions on 28 classes of
across three U.S. CMBS transactions.

     DEBT              RATING            PRIOR
     ----              ------            -----
Morgan Stanley Capital I Trust 2007-TOP25

A-J 61751XAG5   LT  CCCsf  Downgrade      Bsf
B 61751XAH3     LT  Csf    Downgrade      CCCsf
C 61751XAJ9     LT  Csf    Affirmed       Csf
D 61751XAK6     LT  Dsf    Affirmed       Dsf
E 61751XAL4     LT  Dsf    Affirmed       Dsf
F 61751XAM2     LT  Dsf    Affirmed       Dsf
G 61751XAN0     LT  Dsf    Affirmed       Dsf
H 61751XAP5     LT  Dsf    Affirmed       Dsf
J 61751XAQ3     LT  Dsf    Affirmed       Dsf
K 61751XAR1     LT  Dsf    Affirmed       Dsf
L 61751XAS9     LT  Dsf    Affirmed       Dsf
M 61751XAT7     LT  Dsf    Affirmed       Dsf
N 61751XAU4     LT  Dsf    Affirmed       Dsf
O 61751XAV2     LT  Dsf    Affirmed       Dsf

Morgan Stanley Capital I Trust 2006-TOP23

D 61749MAD1     LT  Bsf    Affirmed       Bsf
E 61749MAE9     LT  Csf    Downgrade      CCCsf
F 61749MAF6     LT  Csf    Affirmed       Csf
G 61749MAG4     LT  Dsf    Affirmed       Dsf
H 61749MAH2     LT  Dsf    Affirmed       Dsf
J 61749MAJ8     LT  Dsf    Affirmed       Dsf
K 61749MAK5     LT  Dsf    Affirmed       Dsf
L 61749MAL3     LT  Dsf    Affirmed       Dsf
M 61749MAM1     LT  Dsf    Affirmed       Dsf
N 61749MAN9     LT  Dsf    Affirmed       Dsf
O 61749MAP4     LT  Dsf    Affirmed       Dsf

J. P. Morgan Chase Commercial Mortgage Securities Corp. 2003-ML1

L 46625MWF2     LT BBsf    Affirmed       BBsf
M 46625MWG0     LT Csf     Affirmed       Csf
N 46625MWH8     LT Dsf     Affirmed       Dsf

KEY RATING DRIVERS

High Expected Losses: All of the transactions have high expected
losses, as each has a high concentration of specially serviced
foreclosure or REO assets. Each transaction has nine or fewer
assets remaining and losses are expected to impact most of the
remaining classes.

Low Credit Enhancement (CE): Classes rated 'BBsf' or 'Bsf' are not
expected to incur realized losses although CE is low compared
expected losses. Each of the remaining classes in these
transactions have distressed ratings and are expected to incur
losses.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to a positive
rating action/upgrade:

-- Although not expected, factors that could lead to upgrades
    include significant improvement in valuations, better than
    expected recoveries on specially serviced assets, and
    improvement in performance of the remaining assets.

Factors that could, individually or collectively, lead to a
negative rating action/downgrade:

-- Classes rated 'BBsf' or 'Bsf' may be downgraded if expected
    losses increase due to lower property valuations and/or higher
    loan exposure of the assets in special servicing. Classes
    rated 'CCCsf' and 'Csf' will be downgraded further if losses
    become more certain or once realized losses are incurred.
    Classes currently rated 'Dsf' will remain unchanged as losses
    have already been incurred.

BEST/WORST CASE RATING SCENARIO

International scale credit 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 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

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

ESG CONSIDERATIONS

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


NELNET STUDENT 2005-4: Fitch Affirms B Rating on 4 Debt Classes
---------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by Nelnet Student Loan
Trust 2004-3, 2004-4, 2005-2, 2005-3, and 2005-4 and maintain the
notes' respective Rating Outlook. The rating affirmations reflect
Fitch's review of the sustainable constant default rate (sCDR) and
sustainable constant prepayment rate (sCPR) assumptions for each
transaction to account for potential impacts to default and
pre-payment rates caused by coronavirus market disruption as
assumed under the coronavirus baseline scenario. Rating sensitivity
to more severe scenarios is provided in Rating Sensitivities. The
Rating Outlooks for the senior notes rated 'AAAsf' were revised to
Negative from Stable on Aug. 6, 2020, following Fitch's affirmation
of the U.S. sovereign's 'AAA' Issuer Default Rating (IDR) and
revision of its Outlook to Negative from Stable.

     DEBT              RATING            PRIOR
     ----              ------            -----
Nelnet Student Loan Trust 2004-3

A-5 64031QBC4     LT  AAAsf  Affirmed    AAAsf
B 64031QBE0       LT  AAsf   Affirmed    AAsf

Nelnet Student Loan Trust 2004-4

A-5 64031QBK6     LT  AAAsf  Affirmed    AAAsf
B 64031QBL4       LT  AAsf   Affirmed    AAsf

Nelnet Student Loan Trust 2005-2

A-5 64031QBX8     LT  AAAsf  Affirmed    AAAsf
B 64031QBY6       LT  AAsf   Affirmed    AAsf

Nelnet Student Loan Trust 2005-3

A-5 64031QCD1     LT AAAsf  Affirmed     AAAsf
B 64031QCE9       LT AAsf   Affirmed     AAsf

Nelnet Student Loan Trust 2005-4

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

TRANSACTION SUMMARY

Nelnet 2004-3: Cash flow modeling for the class A-5 notes supports
'AAAsf' ratings under Fitch's credit and maturity stresses.
Although cash flow modeling implies higher ratings for the class B
notes, the total parity does not meet the parity threshold of
102.5% required for 'AAAsf' ratings per Fitch's criteria.

Nelnet 2004-4: Cash flow modeling for the class A-5 notes supports
'AAAsf' ratings under Fitch's credit and maturity stresses.
Although cash flow modeling implies higher ratings for the class B
notes, and the total parity is currently at 106.5%, Fitch is
affirming the class due to the current economic environment.

Nelnet 2005-2: Cash flow modeling for the class A-5 notes supports
'AAAsf' ratings under Fitch's credit and maturity stresses.
Although cash flow modeling implies higher ratings for the class B
notes, and the total parity is currently at 102.8%, Fitch is
affirming the class due to the current economic environment.

Nelnet 2005-3: Cash flow modeling for the class A-5 notes supports
'AAAsf' ratings under Fitch's credit and maturity stresses.
Although cash flow modeling implies higher ratings for the class B
notes, and the total parity is currently at 102.7%, Fitch is
affirming the class due to the current economic environment.

Nelnet 2005-4: An updated cashflow was not run for Nelnet 2005-4,
reflecting current ratings and no material change in performance
since the last review. Fitch affirmed the ratings of the class A-4
notes at 'Bsf' reflecting the risk of the notes not being paid in
full before legal final maturity. The affirmation at 'Bsf' is
because the legal final maturity of class A-4 is over 11 years away
and qualitative credit was given to the servicer's ability to call
the notes upon reaching 10% pool factor. The rating of subordinate
tranches will typically not be eligible for ratings higher than any
senior tranche in the same transaction, because in an event of
default (EOD) caused by a senior class that is not paid in full by
maturity, all subordinate classes will not receive principal or
interest payments.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family
Education Loan Program (FFELP) loans, with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. The U.S. sovereign rating is currently 'AAA'/Outlook
Negative.

Collateral Performance

Nelnet 2004-3: Fitch assumes a base case default rate of 17.00% and
51.00% under the 'AAAsf' credit stress scenario and a sCDR of
3.00%. Fitch applies the standard default timing curve in its
credit stress cash flow analysis. The claim reject rate is assumed
to be 0.25% in the base case and 2.0% in the 'AAAsf' case. The TTM
levels of deferment, forbearance and income-based repayment (IBR)
are 4.0%, 11.1%, and 18.5%, respectively, and are used as the
starting point in cash flow modelling. The sCPR (voluntary and
involuntary pre-payments) is assumed to be 8.0%. Subsequent
declines or increases are modelled as per criteria. The borrower
benefit is assumed to be approximately 0.14%, based on information
provided by the sponsor.

Nelnet 2004-4: Fitch assumes a base case default rate of 23.50% and
70.50% under the 'AAAsf' credit stress scenario and a sCDR of
4.00%. Fitch applies the standard default timing curve in its
credit stress cash flow analysis. The claim reject rate is assumed
to be 0.25% in the base case and 2.0% in the 'AAAsf' case. The TTM
levels of deferment, forbearance and IBR are 5.0%, 12.9%, and
23.1%, respectively, and are used as the starting point in cash
flow modelling. The sCPR is assumed to be 8.0%. Subsequent declines
or increases are modelled as per criteria. The borrower benefit is
assumed to be approximately 0.09%, based on information provided by
the sponsor.

Nelnet 2005-2: Fitch assumes a base case default rate of 17.50% and
52.50% under the 'AAAsf' credit stress scenario and a sCDR of
3.00%. Fitch applies the standard default timing curve in its
credit stress cash flow analysis. The claim reject rate is assumed
to be 0.25% in the base case and 2.0% in the 'AAAsf' case. The TTM
levels of deferment, forbearance IBR are 4.5%, 11.2%, and 17.0%,
respectively, and are used as the starting point in cash flow
modelling. The sCPR is assumed to be 8.0%. Subsequent declines or
increases are modelled as per criteria. The borrower benefit is
assumed to be approximately 0.18%, based on information provided by
the sponsor.

Nelnet 2005-3: Fitch assumes a base case default rate of 18.0% and
54.0% under the 'AAAsf' credit stress scenario and a sCDR of 3.00%.
Fitch applies the standard default timing curve in its credit
stress cash flow analysis. The claim reject rate is assumed to be
0.25% in the base case and 2.0% in the 'AAAsf' case. The TTM levels
of deferment, forbearance and IBR are 4.5%, 11.1%, and 20.0%,
respectively, and are used as the starting point in cash flow
modelling. The sCPR is assumed to be 8.0%. Subsequent declines or
increases are modelled as per criteria. The borrower benefit is
assumed to be approximately 0.18%, based on information provided by
the sponsor.

Nelnet 2005-4: Based on transaction-specific performance to date,
Fitch maintains the sCDR and sCPR at 3.0% and 8.0%, respectively.
The claim reject rate is assumed to be 0.25% in the base case and
2.0% in the 'AAA' case. The TTM levels of deferment, forbearance
and IBR are 3.8%, 11.0%, and 19.1%, respectively. The borrower
benefit is assumed to be approximately 0.18%, based on information
provided by the sponsor.

Basis and Interest Rate Risk

Nelnet 2004-3: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of January
2021, 99.0% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 Day T-Bills. All notes are indexed to
three-month LIBOR.

Nelnet 2004-4: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for SAP
and the securities. As of January 2021, 90.6% of the principal
balance is indexed to one-month LIBOR with the rest indexed to 91
Day T-Bills. All notes are indexed to three-month LIBOR.

Nelnet 2005-2: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for SAP
and the securities. As of December 2020, 98.8% of the principal
balance is indexed to one-month LIBOR with the rest indexed to 91
Day T-Bills. All notes are indexed to three-month LIBOR.

Nelnet 2005-3: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for SAP
and the securities. As of December 2020, 99.7% of the principal
balance is indexed to one-month LIBOR with the rest indexed to 91
Day T-Bills. All notes are indexed to three-month LIBOR.

Nelnet 2005-4: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for SAP
and the securities. As of December 2020, 96.1% of the principal
balance is indexed to one-month LIBOR with the rest indexed to 91
Day T-Bills. All notes are indexed to three-month LIBOR.

Payment Structure

Nelnet 2004-3: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and, for the class A
notes, subordination. As of January 2021, total and senior
effective parity ratios (including the reserve) are 101.91% (1.88%
CE) and 109.61% (8.77% CE). Liquidity support is provided by a
reserve, which is currently at its floor of $2,011,386.13. The
transaction will continue to release cash as long as the target OC
amount of $921,831.95 is maintained.

Nelnet 2004-4: CE is provided by overcollateralization excess
spread and, for the class A notes, subordination. As of January
2021, total and senior effective parity ratios (including the
reserve) are 106.45% (6.06% CE) and 119.62% (16.40% CE). Liquidity
support is provided by a reserve, which is currently at its floor
of $2,991,407.19. The transaction will continue to release cash as
long as the target OC amount of $2,152,841.15 is maintained.

Nelnet 2005-2: CE is provided by OC, excess spread and, for the
class A notes, subordination. As of December 2020, total and senior
effective parity ratios (including the reserve) are 102.78% (2.70%
CE) and 111.11% (10.0% CE). Liquidity support is provided by a
reserve, which is currently at its floor of $2,976,292.60. The
transaction will continue to release cash as long as the target OC
amount of $1,433,657.96 is maintained.

Nelnet 2005-3: CE is provided by overcollateralization, excess
spread and, for the class A notes, subordination. As of December
2020, total and senior effective parity ratios (including the
reserve) are 104.01% (3.86% CE) and 113.63% (11.99% CE). Liquidity
support is provided by a reserve, which is currently at its floor
of $1,988,699.90. The transaction will continue to release cash as
long as the target OC amount of $ 1,325,800.10 is maintained.

Nelnet 2005-4: CE is provided by overcollateralization, excess
spread and, for the class A notes, subordination. As of December
2020, total and senior effective parity ratios (including the
reserve) are 101.0% (0.99% CE) and 106.03% (5.69% CE). Liquidity
support is provided by a reserve, which is currently at its floor
of $2,841,887.45. The transaction will continue to release cash as
long as the target OC amount of $ 1,116,965.95 is maintained.

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

Coronavirus Impact: Fitch's baseline (rating) scenario assumes an
initial activity bounce in 3Q20 followed by a slower recovery
trajectory from 4Q20 onward amid high unemployment and further
pullback in private-sector investment. To assess the sustainable
assumptions, Fitch assumed a decline in payment rates and an
increase in defaults to previous recessionary levels for two years
and then a return to recent performance for the remainder of the
life of the transactions. Fitch maintained the sCDR and sCPR
assumptions, which reflect healthy cushions from current
performance, for all transactions in cash flow modeling.

The risk of negative rating actions will increase under Fitch's
coronavirus downside scenario, which contemplates a more severe and
prolonged period of stress with a halting recovery beginning in
2Q21. As a downside sensitivity reflecting this scenario, Fitch
increased the default rate, IBR and remaining term assumptions by
50%. The results are provided in Rating Sensitivities below.

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
a transaction faces when one assumption is modified, while holding
others equal. Fitch conducts credit and maturity stress sensitivity
analysis by increasing or decreasing key assumptions by 25% and 50%
over the base case. The credit stress sensitivity is viewed by
stressing both the base case default rate and the basis spread. The
maturity stress sensitivity is viewed by stressing remaining term,
IBR usage and prepayments. The results below should only be
considered as one potential outcome, as a transaction is exposed to
multiple dynamic risk factors. It should not be used as an
indicator of possible future performance.

Nelnet Student Loan Trust 2004-3

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Credit Stress Sensitivity

-- Default decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf'.

Maturity Stress Sensitivity

-- CPR increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Default increase 50%: class A 'AAAsf'; class B 'AAsf';

-- Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.50%: class A 'AAAsf'; class B 'AAsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- CPR decrease 50%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 50%: class A 'AAAsf; class B 'AAAsf';

-- Remaining Term increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 50%: class A 'AAsf'; class B 'AAsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied ratings were 'AAAsf' and 'AAsf' for the class A
and B notes, respectively, for the credit stress. The model-implied
ratings were 'AAAsf' for both the class A and class B notes,
respectively, for the maturity stress under increased IBR and
'AAsf' for both the class A and class B notes under increased
remaining term.

Nelnet Student Loan Trust 2004-4

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Credit Stress Sensitivity

-- Default decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf'.

Maturity Stress Sensitivity

-- CPR increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Default increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.50%: class A 'AAAsf; class B 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- CPR decrease 50%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 50%: class A 'AAAsf'; class B 'AAAsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied ratings were 'AAAsf' for both the class A and B
notes, respectively, for the credit stress. The model-implied
ratings were 'AAAsf' for both the class A and class B notes,
respectively, for the maturity stress under increased IBR and
'AAAsf' for both the class A and class B notes under increased
remaining term.

Nelnet Student Loan Trust 2005-2

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Credit Stress Sensitivity

-- Default decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf';

Maturity Stress Sensitivity

-- CPR increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Default increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.50%: class A 'AAAsf; class B 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- CPR decrease 50%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 50%: class A 'AAAsf'; class B 'AAsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied ratings were 'AAAsf' for both the class A and B
notes, respectively, for the credit stress. The model-implied
ratings were 'AAAsf' for both the class A and class B notes, for
the maturity stress under increased IBR and 'AAAsf' and 'AAsf' for
the class A and class B notes, respectively under increased
remaining term.

Nelnet Student Loan Trust 2005-3

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Credit Stress Sensitivity

-- Default decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf'.

Maturity Stress Sensitivity

-- CPR increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Default increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAAsf';

-- Basis spread increase 0.50%: class A 'AAAsf; class B 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'AAAsf'; class B 'AAAsf';

-- CPR decrease 50%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- IBR usage increase 50%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 25%: class A 'AAAsf'; class B 'AAAsf';

-- Remaining Term increase 50%: class A 'AAAsf'; class B 'AAAsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied ratings were 'AAAsf' for both the class A and B
notes, respectively, for the credit stress. The model-implied
ratings were 'AAAsf' for both the class A and class B notes, for
the maturity stress under increased IBR and 'AAAsf' for both the
class A and class B notes under increased remaining term.

Nelnet Student Loan Trust 2005-4

Cashflow modeling was not conducted for Nelnet 2005-4, reflecting
performance since their last reviews and current ratings. In
general, ratings for FFELP student loan transactions are sensitive
to defaults, basis risk and loan extension risk.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

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

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The current ratings reflect the risk the senior notes miss
    their legal final maturity date under Fitch's base case
    maturity scenario. If the margin by which these classes miss
    their legal final maturity date increases, or does not improve
    as the maturity date nears, the ratings may be downgraded
    further. Additional defaults, increased basis spreads beyond
    Fitch's published stresses, lower-than-expected payment speed
    or loan term extension are factors that could lead to future
    rating downgrades.

BEST/WORST CASE RATING SCENARIO

International scale credit 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 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

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


REAL ESTATE 2016-2: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-2 issued by Real
Estate Asset Liquidity Trust, Series 2016-2 as follows:

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

DBRS Morningstar also changed the trends on Classes B, C, and X to
Positive from Stable; all other trends remain Stable.

The rating confirmations and trend changes reflect the overall
stable performance and significant paydown of the transaction since
issuance. At issuance, the transaction consisted of 47 loans at the
original trust balance of $421.4 million. As of the December 2020
remittance report, 40 loans remain in the transaction at the
current trust balance of $312.8 million, representing a collateral
reduction of approximately 25.8% since issuance. Property type
concentration across the portfolio is relatively evenly
distributed, with the largest concentration being in office
properties that back loans representing 22.9% of the current trust
balance. Six loans, representing 19.8% of the current trust
balance, are secured by industrial properties. Furthermore, nine
loans, representing 18.3% of the current trust balance, are secured
by retail assets and an additional five loans, representing 18.1%
of the balance, are secured by healthcare properties.

According to the December 2020 remittance report, eight loans,
representing 19.4% of the current trust balance, are on the
servicer's watchlist. Five of those loans, representing 11.0% of
the pool, have been granted forbearances due to Coronavirus Disease
(COVID-19)-related disruptions. The largest of these loans is
Prospectus ID#7 – 480 Hespeler Road, which is secured by a
118,000-square-foot unanchored retail center in Cambridge, Ontario.
The loan was granted a deferral of principal and interest payments
for May and June 2020 and a further deferral of principal payments
from July to September 2020, with repayment expected to begin in
January 2021. The other four loans that received
coronavirus-related forbearances received similar packages.

One watchlisted loan, Prospectus ID#17 – The Duke of Devonshire,
representing 3.0% of the pool, is on the DBRS Morningstar Hotlist
and has been on the servicer's watchlist since October 2017. The
loan has been monitored for a consistently very low debt service
coverage ratio driven by depressed occupancy rates since issuance.
The trust loan, which is part of an $18.5 million pari passu whole
loan, is secured by a 105-unit independent living facility in
Ottawa and is owned and operated by Chartwell Retirement Residences
(rated BBB (low) with Negative trends by DBRS Morningstar in
October 2020, reflecting increased risks for the company amid the
coronavirus pandemic). As of the February 2020 rent roll (the most
recent provided by the servicer), the property was only 53.9%
occupied, a level that is consistent with the figures reported
post-closing for the subject loan and well below the issuance
occupancy rate of 95.0%.

According to the servicer's watchlist commentary, the property
remained 53.0% occupied as of November 2020, which can be
attributed to a temporary oversupply in the local market. The
servicer also reports ongoing litigation against the property and
borrower that pertains to the property's sale in 2015 and is in
regard to a breach of contract/fraudulent misrepresentation.
According to the servicer, the litigation was in the discovery
stage as of December 2020. Further information has been requested.
For this review, the loan was analyzed with an increased
probability of default, significantly increasing the expected
loss.

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


REGIONAL 2021-1: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Regional
Management Issuance Trust 2021-1's personal consumer loan-backed
notes.

The note issuance is an ABS securitization backed by personal
consumer loan receivables.

The preliminary ratings are based on information as of Feb. 4,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 48.52%, 46.03%, 40.32%, and
33.78% credit support to the class A, B, C, and D notes,
respectively, in the form of subordination, overcollateralization,
a reserve account, and excess spread. These credit support levels
are sufficient to withstand stresses commensurate with the
preliminary ratings on the notes based on our stressed cash flow
scenarios.

-- S&P's worst-case weighted average base-case loss assumption for
this transaction is 16.71%. This base-case is a function of the
transaction-specific reinvestment criteria, actual Regional
Management Corp. (Regional) loan performance to date, and a
moderate adjustment in response to the COVID-19 pandemic-related
macroeconomic environment. Its base-case further reflects
year-over-year performance volatility observed in annual loan
vintages across time.

-- S&P said, "In addition to running stressed cash flows, which in
each instance showed timely interest and principal payments made by
the legal final maturity date, we conducted liquidity analyses to
assess the impact of a temporary disruption in loan principal and
interest payments over the next 12 months as a result of the
COVID-19 pandemic. These included elevated deferment levels and a
reduction of voluntary prepayments to 0%. Based on our analyses,
the note interest payments and transaction expenses are a small
component of the total collections from the pool of receivables,
and, accordingly, we believe the transaction could withstand
temporary, material declines in collections and still make full and
timely liability payments."

-- To date, Regional's central facilities and local branches
remain open and operational. Regional has the capacity to shift
branch employees to other branches as needed, and in May began
rolling out the option to close loans remotely, as opposed to
within branches, if needed.

-- In response to the COVID-19 pandemic, Regional tightened
underwriting and enhanced servicing procedures for its portfolio.
Regional selectively eliminated loans to lower-credit grade
borrowers, reduced advances to lower-credit grade existing
borrowers, and lowered lending limits to new borrowers across all
risk levels. Since the third quarter of 2020, Regional has
gradually begun to reverse some of these policies.

-- Regional has introduced new payment deferral options to
borrowers negatively impacted by the COVID-19 pandemic. While
deferment levels rose and peaked in April 2020, they decreased
through July 2020 to historic trend levels. Transaction documents
dictate that a reinvestment criteria event will occur if loans
subject to deferment during the previous collection period exceed
10.0% of the aggregate principal balance.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, the assigned preliminary ratings
will be within the limits specified in the credit stability section
of "S&P Global Ratings Definitions," published Aug. 7, 2020.

-- The timely interest and full principal payments expected to be
made under stressed cash flow modeling scenarios appropriate to the
assigned preliminary ratings.

-- The characteristics of the pool being securitized and
receivables expected to be purchased during the revolving period.

-- The operational risks associated with Regional's decentralized
business model.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Regional Management Issuance Trust 2021-1(i)

  Class A, $203.130 million: A (sf)
  Class B, $7.160 million: A- (sf)
  Class C, $17.320 million: BBB- (sf)
  Class D, $21.090 million: BB- (sf)

(i)The actual size of these tranches will be determined on the
pricing date.


SANTANDER PRIME 2018-A: S&P Raises Class F Notes Rating to BB-(sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes and affirmed
its rating on one class from Santander Prime Auto Issuance Notes
(SPAIN) 2018-A. The transaction is an ABS transaction backed by
retail installment sale contracts to prime and near-prime borrowers
secured by new and used automobiles, light-duty trucks, and vans.
The contracts are originated and serviced by Santander Consumer USA
Inc. under the Chrysler Capital platform.

S&P said, "The rating actions reflect the transaction's collateral
performance to date and our views regarding future collateral
performance, the economic outlook, the transaction's structure, and
the respective credit enhancement levels. In addition, our analysis
incorporated secondary credit factors, such as credit stability,
payment priorities under various scenarios, and sector- and
issuer-specific analyses. Considering all these factors, we believe
the creditworthiness of the notes remains consistent with the
raised and affirmed ratings."

SPAIN 2018-A is performing better than its initial expectations;
therefore, S&P decreased its expected lifetime credit loss on the
transaction to 4.00%-4.50%. As of the January 2021 distribution
date, the transaction had 35 months of performance, with 24.06% of
the pool remaining, 3.04% in cumulative net losses (CNLs), and
1.38% of 60-plus-day delinquencies.

Since closing, the credit support for each class has increased as a
percentage of the amortizing pool balance. The transaction has a
pro rata principal payment priority and credit enhancement
comprising a non-amortizing reserve account and subordination. The
reserve account is at the target level of 0.25% of the initial
collateral balance.

  Table 1

  Hard Credit Support (%)(i)
  As of the January 2021 distribution date

              Total hard
            credit support   Current total hard
  Class      at issuance       credit support
  A                21.85                57.68
  B                18.35                43.13
  C                11.65                15.28
  D                 8.30                11.93
  E                 5.90                 9.53
  F                 2.15                 5.78

(i)As a percentage of the collateral.

S&P said, "The upgrades and affirmations reflect our view that the
total credit support as a percentage of the amortizing pool
balance, compared with our expected remaining losses, is
commensurate with each raised and affirmed rating. We incorporated
an analysis of the current hard credit enhancement compared to the
remaining expected CNL for those classes where hard credit
enhancement alone without credit to the expected excess spread was
sufficient, in our opinion, to affirm the class A notes and upgrade
the class B notes to 'AAA (sf)'. For the other classes, we
incorporated a cash flow analysis to assess the loss coverage
level, giving credit to excess spread. Our various cash flow
scenarios included forward-looking assumptions on recoveries, the
timing of losses, and voluntary absolute prepayment speeds that we
believe are appropriate given each transaction's performance to
date. Aside from our break-even cash flow analysis, we also
conducted sensitivity analyses for this transaction to determine
the impact that a moderate ('BBB') stress scenario would have on
our ratings if losses begin trending higher than our revised
base-case loss expectation.

"We believe the results have demonstrated that all of the classes
have adequate credit enhancement for the raised and affirmed
ratings. We will continue to monitor the performance of all of the
outstanding transactions to determine if the credit enhancement
remains sufficient, in our view, to cover our CNL expectation under
our stress scenarios for each of the rated classes."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  RATINGS RAISED

  Santander Prime Auto Issuance Notes 2018-A
  
              Rating
  Class   To         From
  B       AAA (sf)   AA+ (sf)
  C       A+ (sf)    A- (sf)
  D       A- (sf)    BBB (sf)
  E       BBB (sf)   BB (sf)
  F       BB- (sf)   B (sf)

  RATING AFFIRMED

  Santander Prime Auto Issuance Notes 2018-A

  Class   Rating
  A       AAA (sf)


SLC STUDENT 2004-1: S&P Lowers Rating to 'BB(sf)' on Cl. A-7 Notes
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class A-7 and B notes
from SLC Student Loan Trust 2004-1 to 'BB (sf)' from 'A(sf)' and
placed the ratings on CreditWatch with negative implications. The
transaction is backed by a pool of student loans originated through
the U.S. Department of Education's (ED's) Federal Family Education
Loan Program (FFELP).

S&P said, "Our review primarily considered the transaction's asset
or bond payment rate relative to each class' legal final maturity
date, expected future collateral performance, payment priority, and
current credit enhancement levels. We also considered the evolving
macroeconomic environment that has resulted from the COVID-19
pandemic, which will likely present employment challenges for
student loan borrowers. Additionally, we considered secondary
credit factors, such as credit stability, peer comparisons, and
issuer-specific analyses."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

Rating Action Rationale

S&P said, "The downgrades reflect the liquidity pressure the senior
notes are experiencing, not the available credit enhancement
levels. Our loss expectations remain low because the loans are
backed by a guarantee of at least 97% of a defaulted loan's
principal and interest from ED, as described below.

"Our liquidity analysis calculates a principal payment haircut that
takes into consideration a class' maturity date relative to its
average bond principal payments. The higher the principal payment
haircut, the greater likelihood the bond will be repaid by its
legal final maturity date. In 2019, we published guidance that
generally indicates that the maximum rating for classes with a
principal payment haircut of less than 20% and maturing within
seven years (A-7 matures in seven years) is 'AA (sf)'. A negative
principal payment haircut indicates a maximum rating of 'B (sf)'.

"We had previously lowered our ratings on both classes to 'A (sf)'
based on the May 2019 reporting data, which showed a steep decline
in the A-7 class' principal payment haircut, a metric we use to
monitor a transaction's liquidity profile."

The transaction, pre-COVID-19, was impacted by a slow pace of
principal payments to the notes. Additionally, in response to the
pandemic, certain borrowers requested a 90-day forbearance, which
further slowed the principal repayment to the noteholders.
Principal payments to the noteholders largely consist of amounts
derived from borrower loan payments and guarantee payments that ED
pays for reimbursement of defaulted loans that were properly
serviced. S&P expects the guarantee reimbursements to decline for
approximately one year as a result of delinquent borrowers that
were placed in forbearance. This has caused a further decline in
the payment levels, which had shown weakness prior to the COVID-19
pandemic.

S&P has lowered the rating on class A-7 to 'BB (sf)' because the
haircut for class A-7, which matures within seven years, has
declined below 20% to approximately 1%. The higher principal
payment haircut for class B at approximately 36% is primarily due
to the class having a maturity date that is four years longer,
allowing for this class to benefit from a higher number of borrower
payments. While this class benefits from the longer maturity date,
it is at risk of missing timely interest payments due to an
interest reprioritization trigger that could occur if the class A-7
is not repaid by maturity. As such, S&P also lowered the rating on
class B to 'BB (sf)'.

S&P said, "The CreditWatch negative placement on the notes reflects
our view that there is a greater than 50% chance that the payment
haircut on class A-7 will fall below 0% in the next several payment
periods, which would generally indicate a rating of no higher than
'B (sf)' at that time.

"Although the payment rates are declining, weakening the senior
classes' ability to be repaid by its legal final maturity dates and
the subordinate classes' ability to receive timely interest after
the legal maturity date of the A-7, we expect timely interest prior
to the maturity date to the classes to remain unaffected."

Current Capital Structure

The transaction in this review is comprised of one senior and one
subordinate note, with coupons based on a spread above a LIBOR
index.

Payment Structure And Credit Enhancement

The transaction utilizes a payment mechanism that defines a
principal distribution amount as the change in the adjusted pool
balance from previous quarter to current quarter. This principal
distribution amount is allocated pro-rata to the class A and B
notes. Generally, remaining available funds can be released to the
trust after the payment of senior fees, note interest, and the
class A and B notes' principal distribution amount. The transaction
releases certain amounts until its respective clean-up call date
(at approximately a 10% pool factor). After the call date, releases
are no longer permitted.

If the class A notes do not receive full principal by their
respective legal final maturity date, the payment priority may
change, requiring payments of principal and interest to the class B
notes after the full repayment of the senior note. This could cause
the class B to miss receiving their timely interest payments.

Credit enhancement includes overcollateralization (as measured by
parity), subordination (for the senior class), the reserve account,
and excess spread.

Collateral

The transaction is backed by FFELP consolidation loans guaranteed
by ED.

In addition, the majority of the loans are floor income loans.
Floor income loans allow the trust to retain the borrower interest
that exceeds the special allowance payment rate paid by the U.S.
government, which can increase excess spread when interest rates
are low. Loans that have been serviced according to the FFELP
guidelines are supported by a guarantee from ED of at least 97% of
a defaulted loan's principal and interest; therefore, net losses
are expected to be minimal. Student Loan Corp., a subsidiary of
Discover Financial Services, is the master administrator and master
servicer, and Navient Solutions LLC is the subservicer and
subadministrator for the loans.

S&P will continue to monitor the performance of the student loan
receivables backing the transactions relative to its ratings and
the available credit enhancement and liquidity for the classes.


SLIDE 2018-FUN: S&P Affirms B (sf) Rating on Class HRR Certs
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from SLIDE 2018-FUN,
a U.S. CMBS transaction.

S&P said, "We affirmed our ratings on the principal- and
interest-paying classes because the current rating levels were
generally in line with the model-indicated ratings. While the
transaction has benefitted from pay down due to amortization and
the model-indicated rating was higher for class F, we considered
the property's decline in performance during the COVID-19 pandemic,
the related uncertainty around the duration of the demand
disruption, and the time until the property's performance may
rebound.

"We affirmed the rating on the class X-EXT interest-only (IO)
certificates based on our criteria for rating IO securities, in
which the rating on the IO security would not be higher than that
of the lowest-rated reference class. The notional amount of class
X-EXT references the class A, B, C, and D certificates."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

Transaction Summary

This is a stand-alone (single borrower) transaction backed by a
floating-rate, partially amortizing mortgage loan secured by the
borrower's fee simple interest in the Kalahari Resort and
Conventions Poconos as well the borrower's interest in the
intellectual property license agreements and the operating lessee's
leasehold interest in the operating lease at the property.

Kalahari Resort and Conventions Poconos, which was built in 2015,
is an indoor water park resort with 977 guestrooms, a
260,000-sq.-ft. indoor water park, a 110,000-sq.-ft. outdoor water
park, 14 food and beverage outlets, over 200,000 sq. ft. of
convention space, a 9,000-sq.-ft. spa, 6,000 sq. ft. of retail
space, and the "Gorilla Grove Treetop Adventures," which is an
outdoor ropes and zipline course.

The property was built in two phases. Phase I opened in July 2015
with 457 guestrooms and suites, a 130,000-sq.-ft. indoor water
park, and a 100,000-sq.-ft. convention center. Phase II was
completed in March 2017 and added an additional 520 guestrooms and
approximately 235,000 sq. ft. of indoor and outdoor water park
space. At loan origination, $30.0 million was reserved for a
project to add an additional 100,000 sq. ft. of convention space,
which has since been completed.

As of the Jan. 15, 2021, trustee remittance report, the loan has
amortized down to $341.1 million from $362.6 million at issuance.
The loan is partially amortizing, and on each payment date, the
borrower was required to make scheduled amortization payments of
$1.0 million per month until the September 2020 payment date. The
principal payment was allocated pro rata between the mortgage and
mezzanine loans. After the September 2020 payment date, principal
amortization totaling $500,000 per month is required to be paid and
applied pro rata to the mortgage and mezzanine loans. The principal
payments will be applied pro rata to each of the certificate
classes as long as there is no mortgage loan event of default.

The loan is floating-rate with an interest rate equal to one-month
LIBOR plus 2.4842% and has an initial June 9, 2021, maturity date.
The mortgage loan has two one-year extension options. In addition
to the trust mortgage loan, there is a mezzanine loan totaling
$85.2 million.

The mortgage loan transferred to special servicing on April 16,
2020, for imminent default after the sponsor requested forbearance
due to declining performance resulting from the COVID-19 pandemic.
The sponsor and special servicer agreed to a two-phase forbearance
agreement. The first phase (the deferral period) was from May 2020
to September 2020, during which the borrower was not required to
make monthly principal payments, with interest payments still due.
Starting in October 2020, the borrower is required to make full
monthly debt service payments plus repay the deferred principal
amounts from the first phase. Payback will be via a monthly net
cash flow (NCF) sweep with any remainder to be paid in April 2021.
Furniture, fixture, and equipment (FF&E) reserves were also
deferred in the first phase and required to be repaid during the
second phase of the forbearance agreement. To date, the trust has
not incurred any principal losses and the borrower has been current
on its debt service payments during phase two of the forbearance.
There was a $41,838 realized loss that occurred in May 2020;
however, based on responses from the servicer, this was reversed in
June 2020. According to the special servicer, a total of $4.1
million of deferred principal and $853,255 in deferred FF&E
reserves were accrued during the first phase of forbearance, and as
of January 2021, all of the deferred principal and FF&E has been
repaid and the loan is in the process of returning to the master
servicer.

Property Analysis

The pandemic has brought about unprecedented social distancing and
curtailment measures, which are resulting in a significant decline
in corporate, leisure, and group travel. Since the outbreak, there
has been a dramatic decline in airline passenger miles stemming
from government restrictions on international travel and a
significant decline in domestic travel. In an effort to curtail the
spread of the virus, most group meetings (both corporate and
social) have been canceled, corporate transient travel has been
restricted, and leisure travel has slowed due to fear of travel and
the closure/cancellation of demand generators, such as amusement
parks, casinos, concerts, and sporting events. The Kalahari Resort
and Conventions Poconos closed twice in 2020 due to state-mandated
closures from March 17, 2020, to June 19, 2020, and closed again on
Dec. 12, 2020, reopening on Jan. 4, 2021.

S&P's property-level analysis included a reevaluation of the
lodging property that secures the mortgage loan in the trust.
Specifically, it considered the reported 13.3% decline in
servicer-reported NCF to $56.6 million in 2019 from $65.3 million
in 2018. In addition, the reported NCF for the property declined
41.3% to $33.2 million in the trailing 12 months (TTM) period ended
Sept. 31, 2020, which includes seven months of the pandemic. Based
on the year-to-date (YTD) November 2020 financial statements, the
Kalahari Resort and Conventions Poconos generated $12.2 million of
cash flow from operations, versus $29.5 million in the YTD period
ended November 2019, stemming mainly from several months of
mandated closures in 2020.

In S&P's analysis, instead of revising the S&P Global Ratings
sustainable NCF of $45.1 million derived at issuance, it increased
our capitalization rate to 11.75% (up 50 basis points from 11.25%
at issuance) to arrive at an S&P Global Ratings value of $383.9
million ($392,983 per guestroom), a loan-to-value (LTV) ratio of
88.8%, and a value variance of 35.8% to the October 2020 appraisal
report. This compares to an S&P Global Ratings value of $401.0
million and LTV ratio of 90.4% at issuance. At issuance, the
property appraised for $694,100,000; since then, it has been
reassessed with a valuation of $598,000,000, which represents a
13.8% decline from the 2018 appraisal.

The pandemic's negative effects on lodging properties have been
particularly severe for those that rely on corporate and group
demand, which S&P expects will be tempered for the next several
quarters. Demand for Kalahari Resort and Conventions Poconos is
primarily leisure-based, with about 76.0% of occupied room nights
historically stemming from leisure demand. The remaining demand
stems from the meeting and group segment. While leisure travel has
slowly increased since April 2020, leisure travelers have thus far
favored hotels similar to Kalahari that are in drive-to
destinations and more remote locations in an effort to socially
distance. Kalahari Resort and Conventions Poconos benefits from its
location approximately two hours from the New York City
metropolitan area.

There is significant uncertainty regarding the duration of the
pandemic and also the time needed for lodging demand to return to
normalized levels after lifting travel restrictions. S&P increased
the capitalization rate for the property to account for this risk.
S&P will continue to monitor for updated information and may take
further rating actions as we deem appropriate.

  Ratings Affirmed

  SLIDE 2018-FUN
  Commercial mortgage pass-through certificates

  Class A: AAA (sf)
  Class B: AA- (sf)
  Class C: A- (sf)
  Class D: BBB- (sf)
  Class E: BB- (sf)
  Class F: B (sf)
  Class HRR: B (sf)
  Class X-EXT: BBB- (sf)


SYMPHONY CLO XIV: Moody's Hikes $48MM Class E Notes to Ba3
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Symphony CLO XIV, LTD. (the "CLO" or "Issuer"):

US$63,900,000 Class B-1-RR Senior Secured Floating Rate Notes due
2026 (the "Class B-1-RR Notes"), Upgraded to Aaa (sf); previously
on October 15, 2019 Assigned Aa1 (sf)

US$7,500,000 Class B-2-RR Senior Secured Fixed Rate Notes due 2026
(the "Class B-2-RR Notes"), Upgraded to Aaa (sf); previously on
October 15, 2019 Assigned Aa1 (sf)

US$32,450,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2026 (the "Class C-R Notes"), Upgraded to Aa2 (sf);
previously on December 8, 2020 A2 (sf) Placed Under Review for
Possible Upgrade

US$18,900,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2026 (the "Class D-R Notes"), Upgraded to A2 (sf);
previously on September 25, 2020 Confirmed at Baa1 (sf)

US$48,000,000 Class E Deferrable Mezzanine Floating Rate Notes due
2026 (the "Class E Notes"), Upgraded to Ba3 (sf); previously on
September 25, 2020 Downgraded to B1 (sf)

The Class B-1-RR Notes, the Class B-2-RR Notes, the Class C-R
Notes, the Class D-R Notes, and the Class E Notes are referred to
herein, collectively, as the "Upgraded Notes."

These actions conclude the review for upgrade initiated on December
8, 2020 on the Class C-R Notes issued by the CLO. The CLO,
originally issued in May 2014 and partially refinanced in January
2017 and in October 2019, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in July 2018.

RATINGS RATIONALE

The upgrade actions taken on the Upgraded Notes are primarily a
result of applying Moody's revised CLO assumptions described in
"Moody's Global Approach to Rating Collateralized Loan Obligations"
published in December 2020. The primary changes to the modeling
assumptions include the analytical treatment of corporate obligors
whose ratings are on review downgrade or assigned a negative
outlook. Specifically, Moody's now adjust the obligor's Moody's
Default Probability Rating down by one notch if the obligor's
rating is on review for possible downgrade and we make no
adjustments if the obligor's rating has a negative outlook. Based
on these updates, Moody's calculated WARF on the portfolio is now
2698 compared to the WARF of 3009 reported by the trustee in the
January 2021 report[1].

The upgrade actions are also a result of deleveraging of the senior
notes and an increase in the transaction's over-collateralization
(OC) ratios since September 2020. The Class A-R Notes have been
paid down by approximately 21.0% or $74.6 million since September
2020. Based on Moody's calculations, the recent OC ratios (before
giving effect to any haircuts) for the Class B-1-RR/Class B-2-RR,
Class C-R, Class D-R, and Class E Notes are 137.84%, 126.22%,
120.31%, and 107.53%, respectively.

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

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

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

Performing par and principal proceeds balance: $479,310,145

Defaulted Securities: $16,758,875

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2698

Weighted Average Life (WAL): 3.3 years

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
2.96%

Weighted Average Recovery Rate (WARR): 48.3%

Par haircut in OC tests and interest diversion test: 0.8%

In consideration of the current high uncertainties around the
global economy, and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from Moody's base case. Some of the
additional scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; sensitivity analysis on
deteriorating credit quality due to a large exposure to loans with
negative outlook, and a lower recovery rate assumption on defaulted
assets to reflect declining loan recovery rate expectations.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak US economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Factors that would Lead to an Upgrade or Downgrade of the Ratings:

The performance of the rated notes is subject to uncertainty in the
performance of the related CLO's underlying portfolio, which in
turn depends on economic and credit conditions that may change. In
particular, the length and severity of the economic and credit
shock precipitated by the global coronavirus pandemic will have a
significant impact on the performance of the securities. The CLO
manager's investment decisions and management of the transaction
will also affect the performance of the rated securities.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.


TIAA SEASONED 2007-C4: S&P Lowers Class E Certs Rating to 'B-(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class D and E
commercial mortgage pass-through certificates from TIAA Seasoned
Commercial Mortgage Trust 2007-C4, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

The downgrade on class D reflects the class' susceptibility to
reduced liquidity support due to the potential for trust expenses
related to the resolution of the specially serviced loans to be
passed onto the trust.

The downgrade on class E reflects interest shortfalls on the class,
which are expected to continue until the resolution of the two
specially serviced loans ($80.7 million, 84.6%) in the trust.
Although the likelihood of full principal recovery on class E is
high, the lack of servicer advancing on the specially serviced
loans is resulting in interest shortfalls to the class E
certificates. S&P will continue to monitor the duration of the
interest shortfalls on class E and may further lower the rating to
'D (sf)' if the cumulative interest shortfalls continue to remain
outstanding for more than 12 months.

According to the January 2021 trustee remittance report, the
current monthly interest shortfalls totaled $380,245 and resulted
primarily from special servicing fees totaling $16,803 and interest
not advanced due to a nonrecoverable determination of $363,442.

Transaction Summary

As of the January 2021 trustee remittance report, the collateral
pool balance was $95.3 million, which is 4.6% of the pool balance
at issuance. The pool currently includes six loans, down from 154
loans at issuance. Two of these loans ($80.7 million, 84.6%) are
with the special servicer, Greystone Servicing Co. LLC (Greystone);
one ($10.6 million, 11.1%) is defeased; and two ($2.7 million,
2.8%) are on the master servicer's watchlist.

Excluding the specially serviced and defeased loans, S&P calculated
a 0.99x S&P Global Ratings' weighted average debt service coverage
(DSC) and 28.7% S&P Global Ratings' weighted average loan-to-value
(LTV) ratio using a 7.66% S&P Global Ratings' weighted average
capitalization rate.

To date, the transaction has experienced $47.3 million in principal
losses, or 2.3% of the original pool trust balance. S&P expects
losses to reach approximately 4.0% of the original pool trust
balance in the near term, based on loss incurred to date and
additional losses S&P expects upon the eventual resolution of the
two specially serviced loans.

Credit Considerations

As of the January 2021 trustee remittance report, two loans in the
pool were with the special servicer, Greystone.

The Algonquin Commons Phase I loan ($64.3 million, 67.5%) and the
Algonquin Commons Phase II loan ($16.4 million, 17.2%) are the two
largest loans in the pool with an aggregate balance of $80.7
million, and have an aggregate total reported exposure of $84.8
million. The loans are cross-collateralized and cross-defaulted.

The loans are secured by two adjacent retail properties, of 418,451
sq. ft. and 146,339 sq. ft., located in Algonquin, Ill. The loans
were transferred to the special servicer on June 20, 2012, because
of imminent default. Following the transfer of the loans to special
servicing, the trust filed suit against the borrower and guarantor
for failure to turn over property cash flow and against the
guarantor for payment guarantee under various non-recourse
provisions in the mortgage loan. However, the suit remains tied up
in litigation as the borrower and guarantor have appealed judgments
from the court. A receiver is in place at both properties, and the
occupancy rate as of Dec. 2020, as reported by servicer, is 80.9%
at Phase I and 55.9% at Phase II.

Based on the latest servicer reports, no prior servicer advances
remain outstanding on the loans because both loans have been deemed
non-recoverable, and prior servicer advances related to debt
service payments and property protection have been recovered. S&P
said, "However, because of the ongoing litigation, we believe
additional trust expenses may occur if the cash flow generated by
the properties are insufficient to pay for trust expenses related
to the resolution of these loans. It is our understanding that the
suspense account currently has $1.1 million, which may be used to
pay expenses related to the resolution of the loans. Based on the
latest appraisal values of the properties, we expect a moderate
loss (26%-59%) upon the eventual resolution of the loans."

  Ratings Lowered

  TIAA Seasoned Commercial Mortgage Trust 2007-C4
  Commercial mortgage-backed securities

  Class D: to 'BBB (sf)' from 'A (sf)'
  Class E: to 'B- (sf)' from 'BBB (sf)'


VENTURE 41: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Venture 41
CLO Ltd./Venture 41 CLO LLC's floating- and fixed-rate notes.

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

The preliminary ratings are based on information as of Jan. 29,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Venture 41 CLO Ltd./Venture 41 CLO LLC

  Class A-1N, $283.680 million: AAA (sf)
  Class A-1F, $26.320 million: AAA (sf)
  Class A-2, $15.000 million: AAA (sf)
  Class B-N, $44.473 million: AA (sf)
  Class B-F, $10.527 million: AA (sf)
  Class C (deferrable), $30.000 million: A (sf)
  Class D (deferrable), $25.000 million: BBB (sf)
  Class E (deferrable), $22.500 million: BB- (sf)
  Subordinated notes, $49.750 million: Not rated


VERUS 2021-1: S&P Assigns Prelim B (sf) Rating on B-2 Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2021-1's mortgage-backed notes.

The note issuance is an RMBS securitization back by primarily
first-lien, fixed-, and adjustable-rate residential mortgage loans,
including mortgage loans with initial interest-only periods and/or
balloon terms. The loans are secured primarily by single-family
residential properties, planned-unit developments, condominiums,
mixed-use properties, townhouses and two- to four-family
residential properties to both prime and nonprime borrowers. The
pool has 1,100 loans backed by 1,129 properties, which are
primarily non-qualified mortgage (non-QM/ATR compliant) and
ATR-exempt loans.

The preliminary ratings are based on information as of Feb. 4,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;
-- The transaction's credit enhancement;
-- The transaction's associated structural mechanics;
-- The transaction's representation and warranty framework;
-- The transaction's geographic concentration;
-- The mortgage aggregator, Invictus Capital Partners; and
-- The impact the COVID-19 pandemic will likely have on the
performance of the mortgage borrowers in the pool and liquidity
available in the transaction.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Preliminary Ratings Assigned

  Verus Securitization Trust 2021-1(i)

  Class A-1, $337,703,000: AAA (sf)
  Class A-1X-1, notional amount(ii): AAA (sf)
  Class A-1X-2, notional amount(ii): AAA (sf)
  Class A-1B(iii), $337,703,000: AAA (sf)
  Class A-2, $32,587,000: AA (sf)
  Class A-3, $59,382,000: A (sf)
  Class M-1, $25,587,000: BBB- (sf)
  Class B-1, $13,276,000: BB- (sf)
  Class B-2, $6,759,000: B (sf)
  Class B-3, $7,483,634: not rated
  Class A-IO-S, notional amount(iv): not rated
  Class XS, notional amount(iv): not rated
  Class P, $100: not rated
  Class DA, amount not applicable: not rated
  Class R, amount not applicable: not rated

(i)The collateral and structural information reflect the term sheet
dated Feb. 2, 2021; the preliminary ratings address the ultimate
payment of interest and principal.
(ii)The notional amount of class A-1X-1 and A-1X-2 equals the class
A-1 balance as of the prior distribution date.
(iii)The Class A-1 and A-1X-1 notes together are exchangeable for
the class A-1B MACR notes.
(iv)The notional amount equals the loans' stated principal balance.


VOYA CLO 2018-4: S&P Affirms BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1BR, B-R,
and C-R replacement notes from Voya CLO 2018-4 Ltd., a CLO
originally issued in 2019 that is managed by Voya Alternative Asset
Management LLC. S&P withdrew its ratings on the original class
A-1B, B, C-1, and C-2 notes following payment in full on the Feb.
2, 2021, refinancing date. At the same time, S&P affirmed its
ratings on the class A-1A, D, E, and F notes.

On the Feb. 2, 2021, refinancing date, the proceeds from the class
A-1BR, A-2AR (unrated), A-2BR (unrated), B-R, and C-R replacement
note issuances were used to redeem the original class A-1B, A-2A,
A-2B, B, C-1, and C-2 notes as outlined in the transaction document
provisions. Therefore, S&P withdrew its ratings on the original
notes in line with their full redemption, and it is assigning
ratings to the replacement notes.

The replacement notes are being issued via a supplemental
indenture, which outlines the terms of the replacement notes.

  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class       Amount (mil. $)         Interest rate (%)
  A-1BR                 16.60                      1.57
  A-2AR                 19.00     Reference rate + 1.40
  A-2BR                  5.00                      2.02
  B-R                   44.00     Reference rate + 1.65
  C-R                   22.00     Reference rate + 2.30

  Original Notes
  Class      Amount (mil. $)          Interest rate (%)
  A-1B                 16.60                       4.04
  A-2A                  5.00      Reference rate + 1.65
  A-2B                 19.00                       4.49
  B                    44.00      Reference rate + 1.85
  C-1                  20.00      Reference rate + 2.55
  C-2                   2.00                       5.42

S&P said, "In line with our criteria, our cash flow scenarios
applied forward-looking assumptions on the expected timing and
pattern of defaults, and recoveries upon default, under various
interest rate and macroeconomic scenarios. In addition, our
analysis considered the transaction's ability to pay timely
interest or ultimate principal, or both, to each of the rated
tranches.

"The assigned and affirmed ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels.

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

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  RATINGS ASSIGNED

  Voya CLO 2018-4 Ltd.

  Replacement class    Rating      Amount (mil $)
  A-1BR                AAA (sf)             16.60
  A-2AR                NR                   19.00
  A-2BR                NR                    5.00
  B-R                  AA (sf)              44.00
  C-R                  A (sf)               22.00

  RATINGS AFFIRMED

  Voya CLO 2018-4 Ltd.

  Class                Rating
  A-1A                 AAA (sf)
  D                    BBB- (sf)
  E                    BB-(sf)
  F                    B- (sf)

  RATINGS WITHDRAWN
  Voya CLO 2018-4 Ltd.  
                             Rating
  Original class       To              From
  A-1B                 NR              AAA (sf)
  B                    NR              AA (sf)
  C-1                  NR              A (sf)
  C-2                  NR              A (sf)

  NR--Not rated.


WELLS FARGO 2016-C33: DBRS Confirms B Rating on Class X-F Certs
---------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-C33 issued by Wells Fargo
Commercial Mortgage Trust 2016-C33 as follows:

-- 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 X-B at A (sf)
-- Class C 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-F at B (sf)
-- Class F at B (low) (sf)

Classes E, F, X-E, and X-F were removed from Under Review with
Negative Implications where they were placed on August 6, 2020. The
trends on these classes are Negative. All other trends are Stable.
The Negative trends reflect the continued performance challenges
for the underlying collateral, much of which has been driven by the
impact of the Coronavirus Disease (COVID-19) pandemic. In addition
to loans representing 7.7% of the pool being in special servicing
as of the December 2020 remittance, DBRS Morningstar also notes
that the pool has a significant concentration in retail and
hospitality properties, representing 21.4% and 14.6% of the pool
balance, respectively. These property types have been the most
severely affected by the initial effects of the coronavirus
pandemic and, as such, those concentrations suggest increased risks
for the pool, particularly at the lower rating categories, since
issuance.

As of the December 2020 remittance, 75 of the original 79 loans
remain in the pool, representing a 17.6% reduction of collateral.
There are five loans, representing 7.7% of the pool, with the
special servicer, the largest of which, Doubletree Seattle Airport
Southcenter (Prospectus ID#5, 4.5% of the pool), is secured by a
215-room full-service hotel that is about two miles from the
airport and 10 miles outside of downtown Seattle. The hotel had
displayed stable performance prior to the coronavirus. The YE2019
financials reported a net cash flow (NCF) of $3.0 million, a debt
service coverage ratio (DSCR) of 1.57 times (x), and occupancy at
85%, all of which are in line with the issuer's levels. A 2020
appraisal reported a value of $29.0 million implying a current
loan-to-value ratio of 91%. However, the loan is now delinquent,
and the servicer commentary indicated they are considering some
form of debt relief.

After the December 2020 remittance was reported, the Holiday Inn &
Suites Parsippany Fairfield loan(Prospectus ID#20, 1.8% of the
pool) transferred to the special servicer due to imminent
performance concerns. The loan is secured by a 184-room hotel in
Parsippany, New Jersey, which is about 30 miles east of New York
City. The hotel completed a major property improvement plan
renovation in 2018 and the YE2019 financials reported cash flow in
line with the issuance level. However, the hotel is facing
coronavirus-related hardships like many other hotels across the
country and the loan fell delinquent in 2020. As this is a new
transfer, there is very little information available at this time
and an updated appraisal has not been reported.

There are 13 loans, representing 15.5% of the pool, on the
servicer's watchlist. These loans are being monitored for various
reasons including low DSCR or occupancy, tenant rollover risk,
and/or pandemic-related forbearance requests. Three of the
watchlist loans, collectively representing 3.2% of the pool
balance, have been modified with forbearance agreements.

The Parkview at Spring Street loan (Prospectus ID#9, 3.0% of the
pool) is secured by a 100,895-square foot (sf) Class B office
building in Silver Springs, Maryland, which is approximately seven
miles from Washington, D.C. Although the loan is not on the
servicer watchlist, the second-largest tenant at the property,
Torti Gallas & Partners, occupying 22,000 sf or 22% of the gross
leasable area, is expected to vacate the space at its scheduled
lease expiration in July 2021. The YE2019 financials reported a
$1.3 million NCF, 1.20x DSCR, and 92% occupancy, which compares to
the issuer's figures of $1.4 million NCF, 1.26x DSCR, and 98%
occupancy.

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


WELLS FARGO 2017-RC1: DBRS Reviews B(low) Rating on 2 Debt Classes
------------------------------------------------------------------
DBRS Limited placed six classes of the Commercial Mortgage
Pass-Through Certificates, Series 2017-RC1 issued by Wells Fargo
Commercial Mortgage Trust 2017-RC1 Under Review with Negative
Implications as follows:

-- Class X-D at BBB (sf), Under Review with Negative Implications

-- Class D at BBB (low) (sf), Under Review with Negative
Implications

-- Class X-E at BB (low) (sf), Under Review with Negative
Implications

-- Class E at BB (low) (sf), Under Review with Negative
Implications

-- Class X-F at B (low) (sf), Under Review with Negative
Implications

-- Class F at B (low) (sf), Under Review with Negative
Implications

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

-- 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 B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)

The ratings for the six classes placed Under Review with Negative
Implications do not carry trends; all other trends are Stable.

DBRS Morningstar placed the aforementioned classes Under Review
with Negative Implications as a result of the continued performance
challenges for the largest loan in the pool, Hyatt Place Portfolio,
which represents 8.9% of the current pool balance and is currently
in special servicing. The loan is secured by a portfolio of six
limited-service hotels totaling 754 keys, located across six
states. The loan transferred to the special servicer in June 2020
for payment default and, with the December 2020 remittance, the
loan is over 121 days delinquent.

A loan modification is being negotiated with the borrower most
recently requesting a modification to allow for a 12-month waiver
of debt service payments and an interest-only period following the
forbearance period. The terms have not been finalized to date and
the borrower and special servicer are continuing discussions.
Although it appears that, for now, the sponsor is committed to the
portfolio and trust loan, there are significant concerns with the
sharp value decline for the portfolio as shown in the most recent
appraisal obtained by the special servicer. According to the July
2020 appraisal, the as-is value was reported at $54.9 million with
a stabilized value of $69.4 million, compared with the issuance
value of $85.1 million.

Given the significant drop in value since issuance and the
uncertainty surrounding the ultimate resolution of the loan, the
lowest-rated bonds, which generally represent classes with
relatively low credit enhancement in the transaction structure,
would be particularly vulnerable to any sizable loss associated
with this loan. As such, those classes have been placed Under
Review with Negative Implications and the loan will continued to be
monitored closely for developments. Generally, the conditions that
lead to the assignment of reviews are solved within a 90-day
period, but the circumstances surrounding these rating actions may
result in a prolonged resolution period.

As of the December 2020 remittance, 58 of the original 60 loans
remain in the trust, representing a collateral reduction of 3.6%.
There are three loans, representing 3.8% of the pool, that are
fully defeased and 14 loans, representing 17.3% of the pool, on the
servicer's watchlist. The watchlisted loans are being monitored for
a variety of issues including a low debt service coverage ratio
(DSCR), tenant rollover risk or deferred maintenance. According to
the YE2019 financials, the trust reported a weighted-average (WA)
DSCR of 1.89 times (x), compared with the DBRS Morningstar DSCR at
issuance of 1.76x.

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


WELLS FARGO 2018-C43: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2018-C43 issued by Wells Fargo
Commercial Mortgage Trust 2018-C43 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 X-A at AAA (sf)
-- Class X-B at A (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (sf)
-- Class C 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)

DBRS Morningstar removed Classes E and F from Under Review with
Negative Implications, where we placed them on August 6, 2020. All
trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. As of the December 2020 remittance,
62 of the original 63 fixed-rate loans secured by 132 commercial
and multifamily properties remain in the pool with a collateral
reduction of 2.5% since issuance. According to the YE2019
financials, the servicer reported a weighted-average (WA) debt
service coverage ratio (DSCR) of 2.03 times (x), compared with the
DBRS Morningstar DSCR at issuance of 1.89x.

As of the December 2020 remittance, there are two loans in special
servicing, including the 15th-largest loan in the pool, Galleria
Oaks (Prospectus ID#15, 2.2% of the pool balance), which is secured
by an unanchored retail property in Austin, Texas. The loan was
transferred to special servicing in April 2020 because of
prohibited liens filed against the collateral, with the servicer
reporting that a nonjudicial foreclosure notice was posted in
August 2020 for a September 2020 foreclosure sale. The sponsor has
not provided specifics on the liens, but DBRS Morningstar found
news articles suggesting the liens are mechanic's liens.

The servicer ordered third-party reports; however, the borrower has
not complied with the servicer's requests for access to the
property, which is impeding the process for the foreclosure sale.
As of YE2019, the servicer reported a DSCR of 1.10x and an
occupancy rate for the property of 92.3%. The three largest tenants
consist of North Austin Bingo-ABH Property Management LLC (10.3% of
the net rentable area (NRA), expiring January 2028), Wellmed
Medical Management (10.2% of the NRA, expiring September 2023), and
Discount Tire Company (7.0% of the NRA, expiring August 2024) and
represent a total of 27.5% of the NRA. Given the borrower's lack of
cooperation with the servicer and the outstanding defaults on the
loan, DBRS Morningstar applied an elevated probability of default
in the analysis for this loan to increase the expected loss for
this review.

The second-largest loan in special servicing is the Fairfield Inn &
Suites - Willow Grove (Prospectus ID#24, 1.1% of the pool balance)
loan, which is secured by a 108-key limited-service hotel in Willow
Grove, Pennsylvania. The loan first went delinquent in March 2020
and has been delinquent since then. The loan was transferred to
special servicing in June 2020, and the borrower has requested
relief in the form of a forbearance of debt service payments from
January 2021 through August 2021 and interest-only (IO) payments
from September 2021 through the November 2027 maturity date. The
servicer and borrower continue to negotiate the terms of a
potential modification, but nothing has been finalized to date.
Given the extended delinquency and the borrower's request for an IO
structure for the remainder of the loan, the risks are
significantly increased for this loan from issuance; therefore,
DBRS Morningstar analyzed this loan with a higher probability of
default to increase the expected loss for this review.

DBRS Morningstar is also monitoring a top-five loan, Southpoint
Office Center (Prospectus ID#4, 5.2% of the pool), which is secured
by an office building in Bloomington, Minnesota. The loan is
currently performing, but the property's occupancy rate
significantly dropped when the former largest tenant, Wells Fargo
(18.2% of the NRA), vacated the property at lease expiry in October
2020. With the loss of that tenant, the implied occupancy rate
based on the September 2020 occupancy of 86.4% is 68.2%. Some of
the remaining tenants include United Bank (11.4% of the NRA,
expiring December 2025) and Maruette Transportation Finance (5.3%
of the NRA, expiring December 2026).

As of a Q3 2020 Reis report, the Southwest/Northeast Scott County
submarket reported an average vacancy rate of 17.6% and experienced
a 8.4% decline in job growth. Because Wells Fargo previously
represented more than 20.0% of the base rental income and
re-leasing the space amid a weakening submarket will be
challenging, DBRS Morningstar applied an elevated probability of
default in the analysis for this loan to increase the expected loss
for this review.

According to the December 2020 remittance, 11 loans are on the
servicer's watchlist, representing 9.1% of the current pool
balance. The service is monitoring these loans for various reasons,
including a low DSCR or occupancy figure, tenant rollover risk,
and/or Coronavirus Disease (COVID-19) pandemic-related forbearance
requests.

DBRS Morningstar materially deviated from its North American CMBS
Insight Model when determining the rating on Class B as the
quantitative results suggested a lower rating. The material
deviation is warranted given the sustainability of loan performance
trends have not yet been demonstrated.

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


WELLS FARGO 2018-C45: DBRS Confirms BB Rating on Class G-RR Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings of all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2018-C45 issued by Wells
Fargo Commercial Mortgage Trust 2018-C45 as follows:

-- Class A-1 at AAA (sf)
-- 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 B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class X-D at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E-RR at BBB (sf)
-- Class F-RR at BBB (low) (sf)
-- Class G-RR at BB (sf)
-- Class H-RR at B (high) (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. The transaction consists of 49 loans
secured by 89 commercial and multifamily properties. As of the
December 2020 remittance, the pool had an aggregate principal
balance of $653.9 million, representing a marginal collational
reduction of 0.7% since issuance.

Loans representing 91.7% of the current pool balance are reporting
partial-year 2020 figures. Based on these financials, those loans
reported a weighted-average (WA) debt-service coverage ratio (DSCR)
of 2.33 times (x). which is up slightly from the year-end (YE) 2019
figure of 2.26x. At issuance, two loans, representing 6.0% of the
current pool balance, were shadow-rated investment grade. These
loans include 181 Fremont Street (Prospectus ID#10) and CoolSprings
Galleria (Prospectus ID#11). With this review, DBRS Morningstar
confirms that the performance of these loans remains consistent
with investment-grade loan characteristics. For additional
information on these loans, please see the DBRS Viewpoint platform,
for which information has been provided below.

As of the December 2020 remittance, there were two loans in special
servicing, representing 3.0% of the current pool balance. The
largest loan in special servicing is Prospectus ID#18 – Flats at
East Bank, representing 2.0% of the current pool balance. The
collateral is a mixed-use asset with a 247-unit multifamily
component coupled with a 59,000-square-foot retail element, located
in the waterfront district of Cleveland, Ohio. The loan transferred
to special servicing in June 2020 for imminent monetary default
after the borrower made a Coronavirus Disease (COVID-19)-related
relief request. The servicer reported the loan was brought current
for outstanding payments due between August 2020 and October 2020,
but the loan later fell delinquent again and was reported
outstanding for November and December with the December 2020
remittance. The service is working with the borrower to negotiate a
loan modification, but no further details have been provided to
date.

The second-largest loan in special servicing is Prospectus ID#30
– Hampton Inn Omaha West Dodge Road Old Mill, representing 1.0%
of the current pool balance. The collateral is a 110-room
limited-service hotel located in Omaha, Nebraska. The loan
transferred to special servicing in June 2020 for delinquent debt
service payments, with the borrower formally requesting payment
relief as part of the loan's transfer. As of the December 2020
remittance the loan was 121+ days delinquent and according to the
servicer's commentary, a workout strategy has not been finalized
and negotiations for a loan modification remain ongoing. A July
2020 appraisal valued the collateral hotel at $5.7 million, down
from $11.5 million at issuance.

As of the December 2020 remittance, there were nine loans on the
servicer's watchlist, representing 27.1% of the current pool
balance. Only one of these loans is being monitored for DSCR
declines from issuance; one is being monitored for a tenancy issue;
four are being monitored for increased levels of risk due to the
coronavirus pandemic; two are on the watchlist for deferred
maintenance issues; and one loan is being monitored for late
financial statement submissions. In general, DBRS Morningstar does
not have any significant concerns at this time with any of the
watchlisted loans.

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


[*]S&P Takes Actions on 16 US/Canadian Credit Card ABS Trusts
-------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes and affirmed
its ratings on 126 classes of ABS issued from 16 master trusts
collateralized by U.S. and Canadian credit card receivables.

S&P said, "The rating actions follow our shelf review of all ABS
transactions collateralized by credit card receivables from 10 U.S.
and four Canadian originators across eight U.S. bankcard, four
Canadian bankcard, and four U.S. private-label card master trusts.

"As part of our assessment, we reviewed key credit variables
(credit balance, credit limits, credit scores, geographic
distribution, account age, delinquency, and dilution) and key
performance variables (yield, charge-off/loss rate, and payment
rate) over multiple economic cycles. In addition to reviewing each
originator's management experience, consistency of underwriting,
account management, and servicing standards, we also performed peer
and sensitivity analyses to potential shifts in pool composition
from changes in co-brand or merchant partner relationships.

"We also consider adverse scenarios, such as insolvency of retail
partners and the removal of receivables from the trust. Our
charge-off (loss rate) assumptions are generally above the trusts'
current performance, and our payment rate and yield assumptions are
generally below the trusts' current performance. As such, given our
current macroeconomic outlooks for the U.S. and Canada, we believe
our assumptions continue to adequately capture the risks for the
credit card ABS receivables and remain relevant.

“We expect stable to marginal deterioration in U.S. and Canadian
credit card ABS collateral performance over the next 12-24 months
as forbearance periods end and charge-offs begin to be recognized.
Elevated unemployment levels could also hurt credit card collateral
performance if labor markets do not return to normalcy within the
next 12-24 months. Still, despite potential emerging risk to
collateral performance, our base-case and stressed rating
assumptions reflect our view of the transactions' expected
performance during multiple economic scenarios and forecasted
economic variables such as unemployment levels and bankruptcy
rates."

Receivables collateralizing credit card ABS master trusts generally
declined in 2020 as consumer spending decreased due to
pandemic-related economic restrictions. The three-month average
principal receivables declined year over year by 21.26% to $137.08
billion for U.S. bankcard, 12.65% to $45.39 billion Canadian
bankcard, and 1.14% to $32.05 billion for U.S. private-label cards
as of November 2020. However, credit card ABS receivables continue
to demonstrate strong credit metrics such as high seasoning, strong
credit scores, and geographic diversification.

On average, approximately 97%, 67%, and 84% of bankcard, retail
private-label, and Canadian trust receivables, respectively, are
from accounts aged at least five years. About 66% of bankcard
receivables are from accounts with FICO scores of at least 720 and
only 10% have FICO scores of 660 and below. Retail private-label
trusts, which tend to have a weaker credit profile, had 60% of
receivables with FICO scores above 720 and 10% with FICO scores
less than 660. Canadian trusts generally have high-quality
obligors, with approximately 70% and 85% of receivables associated
with cardholders with FICO scores above 700 and 660, respectively.
These overall strong credit metrics, coupled with originators'
forbearance programs and government assistance programs, which
benefitted obligors at the lower end of the credit spectrum, were
instrumental to U.S. and Canadian credit card ABS performance
remaining strong, despite the market dislocation in 2020.

S&P said, "Our review reflects S&P Global Ratings' forward-looking
view of the economy and the credit card sector. Based on these
analyses, we assessed each program and, where appropriate, updated
our base-case assumptions and stresses to the key performance
variables we use when rating credit card ABS."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

A list of Affected Ratings can be viewed at:

                https://bit.ly/3pHf2LU


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