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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, August 1, 2021, Vol. 25, No. 212

                            Headlines

AMERICAN CREDIT 2021-3: DBRS Gives Prov. B Rating on Class F Notes
AMERICAN CREDIT 2021-3: S&P Assigns B+ (sf) Rating on Class F Notes
ANCHORAGE CAPITAL 11: S&P Affirms BB- (sf) Rating on Class E Notes
ANCHORAGE CREDIT 8: Moody's Assigns Ba2 Rating to $27.6MM E Notes
ARES LII: S&P Assigns BB- (sf) Rating on $17.75MM Class E-R Notes

BANK 2021-BNK35: Fitch Affirms B- Rating on 2 Tranches
BARINGS MIDDLE 2021-I: S&P Assigns Prelim 'BB-' Rating on D Notes
BEAR STEARNS 2006-TOP22: Fitch Affirms, Then Withdraws All Ratings
BENCHMARK 2021-B28: Fitch Assigns B- Rating on 2 Tranches
BENEFIT STREET VI-B: S&P Assigns Prelim BB- (sf) Rating on E Notes

BENEFIT STREET XVII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
BLACK DIAMOND 2017-1: Moody's Raises $25MM Class C Notes From Ba1
BLUEMOUNTAIN CLO XXIX: S&P Assigns BB- (sf) Rating on Class E Notes
CALIFORNIA COUNTY TSA: Moody's Upgrades 2002 Turbo Bond 4 From Ba1
CARVAL CLO IV: S&P Assigns B- (sf) Rating on Class F Notes

CASTLELAKE 2017-1R: S&P Assigns Prelim B- (sf) Rating on C Notes
CATAMARAN CLO 2018-1: S&P Affirms BB- (sf) Rating on Class E Notes
CAYUGA PARK: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
CIFC FUNDING 2021-V: S&P Assigns BB- (sf) Rating on Class E Notes
COLT MORTGAGE 2021-2: Fitch Rates Class B2 Certs 'Bsf'

COMM 2013-GAM: DBRS Cuts Class F Certs Rating to B(high)
CPS AUTO 2021-C: DBRS Gives Prov. BB Rating on Class E Notes
CPS AUTO 2021-C: S&P Assigns BB- (sf) Rating on Class E Notes
CROWN CITY I: Moody's Assigns Ba3 Rating to $14MM Class D-R Notes
CROWN POINT 9: S&P Assigns BB- (sf) Rating on Class E-R Notes

CSAIL 2015-C4: Fitch Affirms B- Rating on 2 Tranches
CSMC 2021-980M: Fitch Assigns B- Rating on Class F Certs
CSMC 2021-NQM5: S&P Assigns Prelim B(sf) Rating on Class B-2 Certs
CSMC TRUST 2021-RPL6: Fitch to Rate Class B2 Notes 'B(EXP)'
CSWF TRUST 2018-TOP: DBRS Hikes Class G Certs Rating to BB

DIAMETER CREDIT I: Moody's Assigns Ba3 Rating to $28.425MM E Notes
DT AUTO 2021-3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
FIRSTKEY HOMES 2021-SFR1: DBRS Finalizes BB(low) Rating on F Certs
FORTRESS CREDIT XI: S&P Assigns (P) BB- (sf) Rating on Cl. E Notes
FREDDIE MAC 2021-DNA5: DBRS Gives Prov. BB Rating on Cl. B-1 Notes

FREDDIE MAC 2021-DNA5: S&P Assigns BB- (sf) Rating on B-1B Notes
GOLDENTREE LOAN 10: S&P Assigns Prelim B- (sf) Rating on F Notes
GS MORTGAGE 2010-C1: Moody's Cuts Cl. D Certs Rating to Caa3
GS MORTGAGE 2021-PJ7: DBRS Gives Prov. B Rating on Class B-5 Certs
JP MORGAN 2007-LDP12: Fitch Affirms D Rating on 15 Tranches

JP MORGAN 2021-INV2: S&P Assigns Prelim B-(sf) Rating in B-5 Certs
JP MORGAN 2021-INV3: S&P Assigns Prelim B (sf) Rating B-5 Certs
JPMCC COMMERCIAL 2016-JP2: DBRS Confirms B(low) Rating on F Certs
KNDR TRUST 2021-KIND: Moody's Assigns (P)B2 Rating to Cl. F Certs
LCCM 2021-FL2: DBRS Finalizes B(low) Rating on Class G Notes

MARBLE POINT XXII: Moody's Assigns Ba3 Rating to $20.25MM E Notes
MORGAN STANLEY 2014-C18: DBRS Confirms B(low) Rating on X-C Certs
MORGAN STANLEY 2015-C26: Fitch Affirms B- Rating on Class F Certs
NATIXIS COMMERCIAL 2019: DBRS Confirms B(low) Rating on F Certs
NLT 2021-INV2: S&P Assigns Prelim B (sf) Rating on Class B-2 Certs

OCEAN TRAILS 8: Moody's Assigns Ba3 Rating to $19MM Cl. E-R Notes
OCEAN TRAILS XI: S&P Assigns BB- (sf) Rating on Class E Notes
OCEANVIEW MORTGAGE 2020: DBRS Confirms B(low) Rating on B3 Certs
OCEANVIEW MORTGAGE 2021-3: Moody's Assigns B3 Rating to B-5 Certs
OCTAGON INVESTMENT XV: S&P Affirms BB- (sf) Rating on E-R Notes

REGIONAL MANAGEMENT 2021-2: DBRS Gives Prov. BB Rating on D Notes
REGIONAL MANAGEMENT 2021-2: S&P Assigns 'BB' Rating on Cl. D Notes
SOHO TRUST 2021: DBRS Gives Prov. B Rating on Class HRR Certs
STWD 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
STWD 2021-HTS: S&P Assigns B- (sf) Rating on Class F Certs

TCW CLO 2021-2: S&P Assigns BB- (sf) Rating on Class E Notes
TRESTLES CLO IV: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
TRK 2021-INV1: S&P Assigns B (sf) Rating on Class B-2 Certs
UBS COMMERCIAL 2018-C12: Fitch Lowers Class F-RR Debt to B-
VERUS 2021-4: S&P Assigns Prelim B- (sf) Rating on Class B-2 Notes

VOYA CLO 2020-1: S&P Assigns BB- (sf) Rating on Class E-R Notes
VOYA CLO 2021-1: Moody's Gives (P)Ba3 Rating to $17MM Cl. E Notes
WELLS FARGO 2021-C60: DBRS Gives Prov. B(low) Rating on L-RR Certs
WIND RIVER 2013-2: S&P Affirms B- (sf) Rating on Class E-2-R Notes
[*] Moody's Hikes 33 Tranches From 4 RMBS Deals Issued 2017 & 2020

[*] S&P Discontinues Ratings on Classes from 138 U.S. RMBS Deals

                            *********

AMERICAN CREDIT 2021-3: DBRS Gives Prov. B Rating on Class F Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by American Credit Acceptance Receivables Trust
2021-3 (ACAR 2021-3):

-- $208,350,000 Class A Notes at AAA (sf)
-- $51,290,000 Class B Notes at AA (sf)
-- $85,330,000 Class C Notes at A (sf)
-- $51,520,000 Class D Notes at BBB (sf)
-- $28,290,000 Class E Notes at BB (sf)
-- $10,350,000 Class F Notes at B (sf)

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

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

-- Credit enhancement is in the form of overcollateralization
(OC), subordination, amounts held in the reserve fund, and excess
spread. Credit enhancement levels are sufficient to support the
DBRS Morningstar-projected 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 this transaction, the ratings address the
payment of timely interest on a monthly basis and the payment of
principal by the legal final maturity date.

(2) ACAR 2021-3 provides for Class A, B, C, D, and E coverage
multiples that are slightly below the DBRS Morningstar range of
multiples set forth in the criteria for this asset class. DBRS
Morningstar believes that this is warranted, given the magnitude of
expected loss and structural features of the transaction.

(3) The DBRS Morningstar CNL assumption is 30.70% based on the
expected cut-off date pool composition.

(4) The transaction assumptions consider DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
coronavirus pandemic available in its commentary "Global
Macroeconomic Scenarios - June 2021 Update," published on June 18,
2021. DBRS Morningstar initially published macroeconomic scenarios
on April 16, 2020, and has regularly updated them. The scenarios
were last updated on June 18, 2021, 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 the current
ratings. The moderate scenario factors in continued success in
containment during the second half of 2021, enabling the continued
relaxation of restrictions.

(5) The consistent operational history of American Credit
Acceptance, LLC (ACA or the Company) as well as the strength of the
overall Company and its management team.

-- The ACA senior management team has considerable experience,
with an average of 19 years in banking, finance, and auto finance
companies, as well as an average of approximately eight years of
Company tenure.

(6) ACA's operating history and its capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar has performed an operational review of the
Company and considers the entity to be an acceptable originator and
servicer of subprime automobile loan contracts.

-- ACA has completed 35 securitizations since 2011, including two
transactions in 2021.

-- ACA maintains a strong corporate culture of compliance and a
robust compliance department.

(7) The credit quality of the collateral and the consistent
performance of ACA's auto loan portfolio.

-- Availability of considerable historical performance data and a
history of consistent performance on the Company's portfolio.

-- The statistical pool characteristics include the following: the
pool is seasoned by approximately one month and contains ACA
originations from Q3 2015 through Q2 2021; the weighted-average
(WA) remaining term of the collateral pool is approximately 70
months; and the WA FICO score of the pool is 542.

(8) The Company indicated that it may be subject to various
consumer claims and litigation seeking damages and statutory
penalties. Some litigation against ACA could take the form of
class-action complaints by consumers; however, the Company
indicated that there is no material pending or threatened
litigation.

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

(10) ACAR 2021-3 provides for Class F Notes with an assigned rating
of B (sf). While the DBRS Morningstar "Rating U.S. Retail Auto Loan
Securitizations" methodology does not set forth a range of
multiples for this asset class for the B (sf) rating 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.

ACA is an independent full-service automotive financing and
servicing company that provides (1) financing to borrowers who do
not typically have access to prime credit-lending terms for the
purchase of late-model vehicles and (2) refinancing of existing
automotive financing.

The ACAR 2021-3 transaction will represent the 36th securitization
completed by ACA since 2011 and will offer both senior and
subordinate rated securities. The receivables securitized in ACAR
2021-3 will be subprime automobile loan contracts secured primarily
by used automobiles, light-duty trucks, vans, motorcycles, and
minivans.

The rating on the Class A Notes reflects 58.65% of initial hard
credit enhancement provided by the subordinated notes in the pool,
the reserve fund (1.00% as a percentage of the initial collateral
balance), and OC (6.50% of the total pool balance). The ratings on
the Class B, Class C, Class D, Class E, and Class F Notes reflect
48.30%, 31.50%, 18.35%, 12.50%, and 7.50% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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



AMERICAN CREDIT 2021-3: S&P Assigns B+ (sf) Rating on Class F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned ratings to American Credit Acceptance
Receivables Trust 2021-3's asset-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 64.15%, 57.89%, 49.87,
42.46%, 38.93%, and 34.35% credit support, including excess spread,
for the class A, B, C, D, E, and F notes, respectively, based on
stressed cash flow scenarios. These credit support levels provide
more than 2.35x, 2.10x, 1.70x, 1.48x, 1.33x, and 1.15x coverage of
our expected net loss range of 26.50%-27.50% for the class A, B, C,
D, E, and F notes, respectively.

-- The hard credit enhancement in the form of subordination,
overcollateralization, and a reserve account in addition to excess
spread.

-- The expectation that under a moderate ('BBB') stress scenario
(1.37x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB+ (sf)', 'BBB- (sf)', and 'B+ (sf)'
ratings on the class A, B, C, D, E, and F notes, respectively, will
be within the credit stability limits specified by section A.4 of
the Appendix of "S&P Global Ratings Definitions," published Jan. 5,
2021.

-- The timely payment of interest and principal by the designated
legal final maturity dates under S&P's stressed cash flow modeling
scenarios that it believes are appropriate for the assigned
ratings.

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

-- The backup servicing arrangement with Wells Fargo Bank N.A.

-- The transaction's payment and legal structure.

  Ratings Assigned

  American Credit Acceptance Receivables Trust 2021-3

  Class A, $285.86 million: AAA (sf)
  Class B, $69.86 million: AA (sf)
  Class C, $113.40 million: A (sf)
  Class D, $88.76 million: BBB+ (sf)
  Class E, $39.49 million: BBB- (sf)
  Class F, $33.75 million: B+ (sf)



ANCHORAGE CAPITAL 11: S&P Affirms BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class B-R, C-R and
D-R replacement notes from Anchorage Capital CLO 11 Ltd./Anchorage
Capital CLO 11 LLC, a CLO originally issued in August 2019 that is
managed by Anchorage Capital Group LLC. At the same time, S&P
withdrew its ratings on the original class B, C, and D notes
following payment in full on the July 22, 2021, refinancing date.
S&P also affirmed its ratings on the class E notes, which were not
refinanced. The replacement class A-R notes are not rated by S&P
Global Ratings.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class notes were issued at a lower spread than
the existing notes.

-- The non-call period for the replacement notes will be extended
to July 2022.

-- The reinvestment period and the legal final maturity dates will
remain unchanged.

-- The transaction updated the benchmark replacement language.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-R, $248.00 million: LIBOR + 1.14%
  Class B-R, $46.00 million: LIBOR + 1.75%
  Class C-R, $28.00 million: LIBOR + 2.30%
  Class D-R, $27.00 million: LIBOR + 3.45%

  Original notes

  Class A, $248.00 million: Three-month LIBOR + 1.39%
  Class B, $46.00 million: Three-month LIBOR + 2.15%
  Class C, $28.00 million: Three-month LIBOR + 3.00%
  Class D, $27.00 million: Three-month LIBOR + 4.10%

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC
  
  Class A-R, $248,000,000: NR
  Class B-R, $46,000,000: AA (sf)
  Class C-R, $28,000,000: A (sf)
  Class D-R, $27,000,000: BBB- (sf)

  Ratings Affirmed

  Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC

  Class E: BB- (sf)

  Ratings Withdrawn

  Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC

  Class B to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'

  Other Outstanding Notes

  Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC
  Subordinated notes, $39,685,000: NR

  NR--Not rated.


ANCHORAGE CREDIT 8: Moody's Assigns Ba2 Rating to $27.6MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to four classes of
CDO refinancing notes issued by Anchorage Credit Funding 8, Ltd.
(the "Issuer").

Moody's rating action is as follows:

US$52,000,000 Class B-R Senior Secured Fixed Rate Notes due 2037,
Assigned Aa2 (sf)

US$18,000,000 Class C-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2037, Assigned A2 (sf)

US$14,400,000 Class D-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2037, Assigned Baa1 (sf)

US$27,600,000 Class E Junior Secured Deferrable Fixed Rate Notes
due 2037, Assigned Ba2 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on Moody's 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.

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 remaining
reinvestment period.

The Issuer previously issued one other class of secured notes and
one class of subordinated notes, which will remain outstanding.

In addition to the issuance of the Refinancing Notes a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extensions of non-call period;
changes to the definition of "Adjusted Weighted Average Rating
Factor".

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

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

Performing par and principal proceeds balance: $360,000,000

Defaulted par: $0

Diversity Score: 61

Weighted Average Rating Factor (WARF): 3206

Weighted Average Coupon (WAC): 5.37%

Weighted Average Recovery Rate (WARR): 37.18%

Weighted Average Life (WAL): 9 years

Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge from Moody's
base case.

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


ARES LII: S&P Assigns BB- (sf) Rating on $17.75MM Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, D-R, and E-R replacement notes from Ares LII CLO Ltd./Ares LII
CLO LLC, a CLO originally issued in March 2019 that is managed by
Ares CLO Management LLC. At the same time, S&P withdrew its ratings
on the original class A-1, B, C, D, and E notes following payment
in full on the July 22, 2021, refinancing date. The replacement
class A-2-R notes are not rated by S&P Global Ratings.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class notes were issued at a lower spread than
the existing notes.

-- The non-call period for the replacement notes was extended to
July 2022.

-- The reinvestment period and the legal final maturity dates were
unchanged.

-- The transaction updated the benchmark replacement language.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R, $300.00 million: Benchmark + 1.05%
  Class A-2-R, $25.00 million: Benchmark + 1.45%
  Class B-R, $52.50 million: Benchmark + 1.65%
  Class C-R, $32.50 million: Benchmark + 2.10%
  Class D-R, $29.75 million: Benchmark + 3.30%
  Class E-R, $17.75 million: Benchmark + 6.45%

  Original notes

  Class A-1, $300.00 million: LIBOR + 1.33%
  Class A-2, $25.00 million: LIBOR + 1.65%
  Class B, $52.50 million: LIBOR + 1.85%
  Class C, $32.50 million: LIBOR + 2.68%
  Class D, $29.75 million: LIBOR + 3.95%
  Class E, $17.75 million: LIBOR + 6.55%

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  Ares LII CLO Ltd./Ares LII CLO LLC

  Class A-1-R, $300.00 million: AAA (sf)
  Class A-2-R, $25.00 million: Not rated
  Class B-R, $52.50 million: AA (sf)
  Class C-R, $32.50 million: A (sf)
  Class D-R, $29.75 million: BBB- (sf)
  Class E-R, $17.75 million: BB- (sf)
  Subordinated notes, $50.00 million: Not rated

  Ratings Withdrawn

  Ares LII CLO Ltd./Ares LII CLO LLC

  Class A-1 to not rated from 'AAA (sf)'
  Class B to not rated from 'AA (sf)'
  Class C to not rated from 'A (sf)'
  Class D to not rated from 'BBB- (sf)'
  Class E to not rated from 'BB- (sf)'



BANK 2021-BNK35: Fitch Affirms B- Rating on 2 Tranches
------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BANK 2021-BNK35, commercial mortgage pass-through certificates,
Series 2021-BNK35 as follows:

-- $22,700,000 class A-1 'AAAsf'; Outlook Stable;

-- $90,700,000 class A-2 'AAAsf'; Outlook Stable;

-- $32,600,000 class A-3 'AAAsf'; Outlook Stable;

-- $35,500,000 class A-SB 'AAAsf'; Outlook Stable;

-- $175,000,000ab class A-4 'AAAsf'; Outlook Stable;

-- $0b class A-4-1 'AAAsf'; Outlook Stable;

-- $0b class A-4-2 'AAAsf'; Outlook Stable;

-- $0bc class A-4-X1 'AAAsf'; Outlook Stable;

-- $0bc class A-4-X2 'AAAsf'; Outlook Stable;

-- $571,079,000ab class A-5 'AAAsf'; Outlook Stable;

-- $0b class A-5-1 'AAAsf'; Outlook Stable;

-- $0b class A-5-2 'AAAsf'; Outlook Stable;

-- $0bc class A-5-X1 'AAAsf'; Outlook Stable;

-- $0bc class A-5-X2 'AAAsf'; Outlook Stable;

-- $927,579,000c class X-A 'AAAsf'; Outlook Stable;

-- $253,428,000c class X-B 'A-sf'; Outlook Stable;

-- $142,450,000b class A-S 'AAAsf'; Outlook Stable;

-- $0b class A-S-1 'AAAsf'; Outlook Stable;

-- $0b class A-S-2 'AAAsf'; Outlook Stable;

-- $0bc class A-S-X1 'AAAsf'; Outlook Stable;

-- $0bc class A-S-X2 'AAAsf'; Outlook Stable;

-- $57,973,000b class B 'AA-sf'; Outlook Stable;

-- $0b class B-1 'AA-sf'; Outlook Stable;

-- $0b class B-2 'AA-sf'; Outlook Stable;

-- $0bc class B-X1 'AA-sf'; Outlook Stable;

-- $0bc class B-X2 'AA-sf'; Outlook Stable;

-- $53,005,000b class C 'A-sf'; Outlook Stable;

-- $0b class C-1 'A-sf'; Outlook Stable;

-- $0b class C-2 'A-sf'; Outlook Stable;

-- $0bc class C-X1 'A-sf'; Outlook Stable;

-- $0bc class C-X2 'A-sf'; Outlook Stable;

-- $57,974,000cd class X-D 'BBB-sf'; Outlook Stable;

-- $28,158,000cd class X-FG 'BB-sf'; Outlook Stable;

-- $13,251,000cd class X-H 'B-sf'; Outlook Stable;

-- $33,128,000d class D 'BBBsf'; Outlook Stable;

-- $24,846,000d class E 'BBB-sf'; Outlook Stable;

-- $14,907,000d class F 'BB+sf'; Outlook Stable;

-- $13,251,000d class G 'BB-sf'; Outlook Stable;

-- $13,251,000d class H 'B-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $13,251,000cd class X-J 'NRsf'; Outlook Stable;

-- $31,472,378cd class X-K 'NRsf'; Outlook Stable;

-- $13,251,000d class J 'NRsf'; Outlook Stable;

-- $31,472,378d class K 'NRsf'; Outlook Stable;

-- $69,742,809de RR Interest 'NRsf'; Outlook Stable.

(a) A-4 and A-5 are unknown and expected to be $746,079,000 in
aggregate, subject to a 5% variance. The certificate balances will
be determined based on the final pricing of those classes of
certificates. The expected class A-4 balance range is $0 to
$350,000,000, and the expected class A-5 balance range is
$396,079,000 to $746,079,000. Fitch's certificate balances for
classes A-4 and A-5 are assumed at the midpoint for each class

(b) Exchangeable Certificates. The class A-4, class A-5, class A-S,
class B, and class C are exchangeable certificates. Each class of
exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates, and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the surrendered
classes of certificates. The class A-4 may be surrendered (or
received) for the received (or surrendered) classes A-4-1, A-4-2,
A-4-X1 and A-4-X2. The class A-5 may be surrendered (or received)
for the received (or surrendered) class A-5-1, A-5-2, A-5-X1 and
A-5-X2. The class A-S may be surrendered (or received) for the
received (or surrendered) class A-S-1, A-S-2, A-S-X1 and A-S-X2.
The class B may be surrendered (or received) for the received (or
surrendered) class B-1, B-2, B-X1 and B-X2. The class C may be
surrendered (or received) for the received (or surrendered) class
C-1, C-2, C-X1 and C-X2. The ratings of the exchangeable classes
would reference the ratings on the associated referenced or
original classes.

(c) Notional amount and interest only.

(d) Privately placed and pursuant to Rule 144A.

(e) Represents the "eligible vertical interest" comprising 5.0% of
the pool.

The expected ratings are based on information provided by the
issuer as of July 22, 2021.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 76 fixed-rate loans secured by
109 commercial properties having an aggregate principal balance of
$1,394,856,187 as of the cutoff date. The loans were contributed to
the trust by Morgan Stanley Mortgage Capital Holdings, LLC, Bank of
America, National Association, Wells Fargo Bank, National
Association and National Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 38.3% of the properties
by balance, cash flow analyses of 83.1% of the pool and asset
summary reviews on 100% of the pool.

Coronavirus Impact: The ongoing containment effort related to the
coronavirus pandemic may have an adverse impact on near-term
revenue (i.e. bad debt expense, rent relief) and operating expenses
(i.e. sanitation costs) for some properties in the pool. Per the
offering documents, all of the loans are current and are not
subject to any ongoing forbearance requests.

KEY RATING DRIVERS

Fitch Leverage: The pool has average leverage relative to other
multiborrower transactions recently rated by Fitch. The pool's
trust Fitch DSCR of 1.61x is greater than the YTD 2021 and 2020
averages of 1.39x and 1.32x, respectively. The pool's trust LTV of
99.9% falls between the YTD 2021 and 2020 averages of 101.9% and
99.6%, respectively. Excluding the co-operative (co-op) loans and
credit opinion loans, the pool's DSCR and LTV are 1.38 and 109.4%,
respectively.

Investment-Grade Credit Opinion Loans: Three loans representing
10.6% of the pool received an investment-grade credit opinion. This
falls below the YTD 2021 and 2020 average credit opinion
concentrations of 14.7% and 24.5%, respectively. Four Constitution
Square (3.9% of the pool) received a standalone credit opinion of
'BBBsf', River House Coop (3.9%) received a standalone credit
opinion of 'AAAsf' and Three Constitution Square (2.7%) received a
standalone credit opinion of 'BBB-sf'. Additionally, the pool
contains 26 loans, representing 5.6% of the pool, that are secured
by residential cooperatives that exhibit leverage characteristics
significantly lower than typical conduit loans. The weighted
average (WA) Fitch DSCR and LTV for the co-op loans are 5.18x and
29.3%, respectively.

Diverse Pool: The pool's 10 largest loans comprise 41.5% of the
pool's cutoff balance, which is a significantly lower concentration
than the 2021 YTD or 2020 averages of 53.5% and 56.8%,
respectively. The Loan Concentration Index (LCI) of 290 is lower
than the 2021 YTD and 2020 averages of 402 and 440, respectively.
The Sponsor Concentration Index (SCI) of 344 is also lower than the
2021 YTD and 2020 averages of 427 and 474, respectively, and
indicates there is little sponsor concentration.

RATING SENSITIVITIES

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

Improvement in cash flow increases property value and capacity to
meet its debt service obligations. The table below indicates the
model implied rating sensitivity to changes in one variable, Fitch
NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB
    sf' / 'BB+sf' / 'BB-sf'/ 'B-sf'.

-- 20% NCF Increase: 'AAAsf' / 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A
    sf' / 'BBB+sf' / 'BBBsf' / 'BBB-sf'.

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

Similarly, declining cash flow decreases property value and
capacity to meet its debt service obligations. The table below
indicates the model implied rating sensitivity to changes to the
same one variable, Fitch NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB
    sf' / 'BB+sf' / 'BB-sf'/ 'B-sf'.

-- 10% NCF Decline: 'A+sf' / 'A-sf' / 'BBB-sf' / 'BB+sf' / 'BB
    sf' / 'B-sf' / 'CCCsf' / 'CCCsf'.

-- 20% NCF Decline: 'BBB+sf' / 'BBB-sf' / 'BBsf' / 'B-sf' /
    'CCCsf' / 'CCCsf' / 'CCCsf' / 'CCCsf'.

-- 30% NCF Decline: 'BBB-sf' / 'BBsf' / 'CCCsf' / 'CCCsf' /
    'CCCsf' / 'CCCsf' / 'CCCsf' / 'CCCsf'.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis, and it did not
have an effect on Fitch's analysis or conclusions.

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.


BARINGS MIDDLE 2021-I: S&P Assigns Prelim 'BB-' Rating on D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Barings
Middle Market CLO Ltd. 2021-I/Barings Middle Market CLO 2021-I
LLC's fixed- and floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by Barings LLC.

The preliminary ratings are based on information as of July 27,
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, which consists
primarily of middle market 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.

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

  Preliminary Ratings Assigned
  
  Barings Middle Market CLO Ltd. 2021-I/Barings Middle Market CLO
2021-I LLC

  Class X, $4.00 million: AAA (sf)
  Class A-1, $188.00 million: AAA (sf)
  Class A-1L, $30.00 million: AAA (sf)
  Class A-1F, $6.00 million: AAA (sf)
  Class A-2, $46.00 million: AA (sf)
  Class B (deferrable), $36.00 million: A (sf)
  Class C (deferrable), $18.00 million: BBB- (sf)
  Class D (deferrable), $26.00 million: BB- (sf)
  Subordinated notes, $46.16 million: Not rated



BEAR STEARNS 2006-TOP22: Fitch Affirms, Then Withdraws All Ratings
------------------------------------------------------------------
Fitch Ratings has taken various actions on already distressed bonds
across two U.S. commercial mortgage-backed securities (CMBS)
transactions.

   DEBT             RATING           PRIOR
   ----             ------           -----
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22

J 07387BGD9   LT  Dsf   Affirmed     Dsf
J 07387BGD9   LT  WDsf  Withdrawn    Dsf
K 07387BGE7   LT  Dsf   Affirmed     Dsf
K 07387BGE7   LT  WDsf  Withdrawn    Dsf
L 07387BGF4   LT  Dsf   Affirmed     Dsf
L 07387BGF4   LT  WDsf  Withdrawn    Dsf
M 07387BGG2   LT  Dsf   Affirmed     Dsf
M 07387BGG2   LT  WDsf  Withdrawn    Dsf
N 07387BGH0   LT  Dsf   Affirmed     Dsf
N 07387BGH0   LT  WDsf  Withdrawn    Dsf
O 07387BGJ6   LT  Dsf   Affirmed     Dsf
O 07387BGJ6   LT  WDsf  Withdrawn    Dsf

J. P. Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP7

E 46628FAS0   LT  Dsf   Downgrade    Csf
F 46628FAU5   LT  Dsf   Affirmed     Dsf
G 46628FAW1   LT  Dsf   Affirmed     Dsf
H 46628FAY7   LT  Dsf   Affirmed     Dsf
J 46628FBA8   LT  Dsf   Affirmed     Dsf
K 46628FBC4   LT  Dsf   Affirmed     Dsf
L 46628FBE0   LT  Dsf   Affirmed     Dsf
M 46628FBG5   LT  Dsf   Affirmed     Dsf

All ratings in Bear Stearns Commercial Mortgage Securities Trust
2006-TOP22 have subsequently been withdrawn, as there is no
remaining collateral and the trust balance has been reduced to
zero. These ratings are no longer considered by Fitch to be
relevant to the agency's coverage.

KEY RATING DRIVERS

Fitch has downgraded class E of J. P. Morgan Chase Commercial
Mortgage Securities Corp. 2006-LDP7 to 'Dsf' as the class has
realized a principal loss; the class was previously rated 'Csf,'
which indicated default was inevitable.

Additionally, Fitch has affirmed seven classes of J. P. Morgan
Chase Commercial Mortgage Securities Corp. 2006-LDP7 and six
classes of Bear Stearns Commercial Mortgage Securities Trust
2006-TOP22 at 'Dsf' as a result of previously incurred losses.

RATING SENSITIVITIES

No further rating changes are expected as these bonds have incurred
principal losses. While the bonds that have defaulted are not
expected to recover any material amount of lost principal in the
future, there is a limited possibility this may happen. In this
unlikely scenario, Fitch would further review the affected
classes.

Today's actions are limited to the bonds that have incurred losses.
Any remaining bonds in J. P. Morgan Chase Commercial Mortgage
Securities Corp. 2006-LDP7 have not been analyzed as part of this
review.

The ratings in Bear Stearns Commercial Mortgage Securities Trust
2006-TOP22 have been withdrawn and no further rating changes are
possible.

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.

AUTOMATIC WITHDRAWAL OF THE LAST DEFAULT RATING

Default ratings ('Dsf') assigned to the last rated class of a
transaction will be automatically withdrawn within 11 months from
the date of this rating action. A separate RAC will not be issued
at that time.


BENCHMARK 2021-B28: Fitch Assigns B- Rating on 2 Tranches
---------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Benchmark 2021-B28 Mortgage Trust commercial mortgage pass-through
certificates, series B28, as follows.

-- $34,164,000 class A-1 'AAAsf'; Rating Outlook Stable;

-- $55,782,000 class A-2 'AAAsf'; Rating Outlook Stable;

-- $162,402,000 class A-3 'AAAsf'; Rating Outlook Stable;

-- $110,000,000(a) class A-4 'AAAsf'; Rating Outlook Stable;

-- $100,000,000(a c) class A-4A1 'AAAsf'; Rating Outlook Stable;

-- $405,466,000(a) class A-5 'AAAsf'; Rating Outlook Stable;

-- $46,745,000 class A-SB 'AAAsf'; Rating Outlook Stable;

-- $102,888,000 class A-S 'AAAsf'; Rating Outlook Stable;

-- $1,017,447,000(b) class X-A 'AAAsf'; Rating Outlook Stable;

-- $58,793,000 class B 'AA-sf'; Rating Outlook Stable;

-- $60,426,000 class C 'A-sf'; Rating Outlook Stable;

-- $119,219,000(b) class X-B 'A-sf'; Rating Outlook Stable;

-- $39,196,000(c) class D 'BBBsf'; Rating Outlook Stable;

-- $32,662,000(c) class E 'BBB-sf'; Rating Outlook Stable;

-- $71,858,000(b c) class X-D 'BBB-sf'; Rating Outlook Stable;

-- $31,030,000(c) class F 'BB-sf'; Rating Outlook Stable;

-- $31,030,000(b c) class X-F 'BB-sf'; Rating Outlook Stable;

-- $13,065,000(c) class G 'B-sf'; Rating Outlook Stable; and

-- $13,065,000(b c) class X-G 'B-sf'; Rating Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $53,894,433(c) class NR;

-- $53,894,433(b c) class X-NR;

-- $31,413,527(c d) class RR; and

-- $37,350,338(c e) RR Interest.

(a) The initial certificate balances of classes A-4 and A-5 are
unknown and expected to be $515,466,000 in the aggregate, subject
to a 5% variance. The certificate balances will be determined based
on the final pricing of those classes of certificates. The expected
class A-4 balance range is $50,000,000 to $170,000,000, and the
expected class A-5 balance range is $345,466,000 to $465,466,000.
Fitch's certificate balances for classes A-4 and A-5 are assumed at
the midpoint of the range for each class.

(b) Notional amount and interest only (IO).

(c) Privately placed and pursuant to Rule 144A.

(d) Vertical risk retention interest.

(e) Non-offered vertical credit risk retention interest.

The expected ratings are based on information provided by the
issuer as of July 28, 2021.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 71 loans secured by 131
commercial properties with an aggregate principal balance of
$1,375,277,299 as of the cutoff date. The loans were contributed to
the trust by Citi Real Estate Funding Inc., German American Capital
Corporation, JPMorgan Chase Bank, National Association and Goldman
Sachs Mortgage Company. Midland Loan Services, a Division of PNC
Bank, National Association, is expected to serve as both the master
servicer and special servicer for this transaction.

KEY RATING DRIVERS

Higher Fitch Leverage: The transaction's Fitch leverage is higher
than other recent U.S. multiborrower transactions rated by Fitch.
The pool's Fitch loan to value ratio (LTV) of 109.2% is higher than
the 2020 average of 99.6% and the YTD 2021 average of 101.9%.
Additionally, the pool's Fitch trust debt service coverage ratio
(DSCR) of 1.25x is lower than the 2020 and YTD 2021 averages of
1.32x and 1.39x, respectively. Excluding credit opinion loans, the
pool's weighted average (WA) DSCR was also 1.25x. Excluding credit
opinion loans, the pool's WA Fitch trust LTV of 114.4% is above the
YTD 2021 and 2020 averages of 109.8% and 111.3%, respectively.

Investment-Grade Credit Opinion Loans: The pool includes two loans,
representing 12.2% of the pool, that received investment-grade
credit opinions. This is lower than the 2020 and YTD 2021 averages
of 24.5 and 14.7%, respectively. One SoHo Square (9.8% of pool)
received a credit opinion of 'BBB-sf' on a standalone basis, and
Glenmuir Naperville (2.4% of pool) received a credit opinion of
'BBB-sf' on a standalone basis.

Above-Average Amortization: Based on the scheduled balances at
maturity, the pool will pay down by 6.3%, which is above the 2020
and YTD 2021 averages of 5.3% and 4.7%, respectively. Thirty-nine
loans (65.8% of pool) are full IO loans, which is lower than the
2020 and YTD 2021 averages of 67.7% and 71.6%, respectively.
Fourteen loans (14.4% of pool) are partial IO loans, which is also
lower than the 2020 and YTD 2021 averages of 20.0% and 17.7%,
respectively.

Property Type Exposure: Loans secured by retail properties
represent 24.2% of the pool by balance including five of the top
20. The total retail concentration is larger than the 2020 average
of 16.3% and the YTD 2021 average of 17.0%. Loans secured by office
properties represent 42.8% of the pool by balance, which is in line
with the 2020 and YTD 2021 averages of 41.2% and 40.0%,
respectively. Loans secured by multifamily properties represent
13.3% of the pool, which is slightly lower than the 2020 and YTD
2021 averages of 16.3% and 14.7%, respectively. The pool has three
loans secured by hotel properties, making up 1.8% of the pool by
balance. This is significantly below the 2020 and YTD 2021 averages
of 9.2% and 4.7%, respectively.

RATING SENSITIVITIES

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

Improvement in cash flow increases property value and capacity to
meet its debt service obligations. The table below indicates the
model-implied rating sensitivity to changes in one variable, Fitch
NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB
    sf' / 'BB-sf' / 'B-sf'.

-- 20% NCF Increase: 'AAAsf' / 'AAAsf' / 'AA+sf' / 'A+sf' / 'A
    sf' / 'BBBsf' / 'BBB-sf'.

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

Similarly, declining cash flow decreases property value and
capacity to meet its debt service obligations. The table below
indicates the model-implied rating sensitivity to changes to the
same one variable, Fitch NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB
    sf' / 'BB-sf' / 'B-sf'.

-- 10% NCF Decline: 'A+sf' / 'BBB+sf' / 'BBB-sf' / 'BB+sf' /
    'B+sf' / 'CCCsf' / 'CCCsf'.

-- 20% NCF Decline: 'BBB+sf' / 'BBB-sf' / 'BBsf' / 'B-sf' /
    'CCCsf' / 'CCCsf' / 'CCCsf'.

-- 30% NCF Decline: 'BBB-sf' / 'BBsf' / 'CCCsf' / 'CCCsf' /
    'CCCsf' / 'CCCsf'/ 'CCCsf'.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Ernst & Young LLP. The third-party due diligence
described in Form 15E focused on A comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis, and it did not
have an effect on Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch received information in accordance with its published
criteria, available at www.fitchratings.com. Sufficient data,
including asset summaries, three years of property financials, when
available, and third-party reports on the properties, were received
from the issuer. Ongoing performance monitoring, including the data
provided, is described in the Surveillance section of the presale
report.

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.


BENEFIT STREET VI-B: S&P Assigns Prelim BB- (sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class X,
A, B, C-1, C-2, D, and E notes replacement notes from Benefit
Street Partners CLO VI-B Ltd., a broadly syndicated CLO that is a
proposed reissue of Benefit Street Partners CLO VI Ltd. The
original class A-1-R, A-2-R, B-R, C-R, and D-R notes are expected
to be fully redeemed with proceeds from the replacement notes on
the July 27, 2021, refinancing date.

The preliminary ratings are based on information as of July 22,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the refinancing date, S&P anticipates withdrawing the ratings on
the original notes and assigning ratings to the replacement notes.
However, if the refinancing doesn't occur, it may affirm the
ratings on the original notes and withdraw its preliminary ratings
on the replacement notes.

The preliminary ratings reflect:

-- 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.

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

  Preliminary Ratings Assigned

  Benefit Street Partners CLO VI-B Ltd.

  Class X, $6.00 mil.: AAA (sf)
  Class A, $393.00 mil: AAA (sf)
  Class B, $86.00 mil.: AA (sf)
  Class C-1 (deferrable), $32.50 mil.: A (sf)
  Class C-2 (deferrable), $4.50 mil.: A (sf)
  Class D (deferrable), $39.00 mil.: BBB- (sf)
  Class E (deferrable), $22.00 mil.: BB- (sf)
  Subordinated notes, $93.84 mil.: Not rated



BENEFIT STREET XVII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes from Benefit Street
Partners CLO XVII Ltd./Benefit Street Partners CLO XVII LLC, a CLO
originally issued in 2019 that is managed by BSP CLO Management
LLC.

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

On the Aug. 10, 2021, refinancing date, the proceeds from the
replacement notes will be used to redeem the original notes. S&P
said, "At that time, we expect to withdraw our ratings on the
original notes and assign ratings to the replacement notes.
However, if the refinancing doesn't occur, we may affirm our
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes."

The replacement notes will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement notes.
According to the proposed supplemental indenture:

-- The non-call period will be extended by approximately one year
to Aug. 10, 2022.

-- The reinvestment period and legal final maturity dates (for the
replacement notes and the existing subordinated notes) will be
unchanged.

-- The original class A-1 and A-2 notes are combining into one
class A-R in the post-refinancing structure

-- No additional assets will be purchased on the refinancing date,
and the target initial par amount will remain at $500 million.
There will be no additional effective date or ramp-up period, and
the first payment date following the refinancing will be Oct. 15,
2021.

-- The required minimum overcollateralization and interest
coverage ratios will remain unchanged.

-- No additional subordinated notes will be issued on the
refinancing date.

-- The transaction prohibits the purchase of assets in a
restricted industry: tobacco or an obligor with a principal
business related to the production or marketing or controversial
weapons, including nuclear weapons.

-- The transaction is adding the ability to purchase
workout-related assets. If principal proceeds are used, the
collateral principal amount of the collateral obligations
(considering defaulted at the S&P Global Ratings collateral value)
must be equal to the reinvestment target par amount and the
coverage tests must be satisfied, among other requirements found in
the indenture.

-- The transaction will adopt benchmark replacement language and
make updates to conform to current rating agency methodology.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-R, $320.00 million: Three-month LIBOR + 1.08%
  Class B-R, $51.00 million: Three-month LIBOR + 1.65%
  Class C-R, $39.00 million: Three-month LIBOR + 2.15%
  Class D-R, $30.00 million: Three-month LIBOR + 3.35%
  Class E-R, $18.25 million: Three-month LIBOR + 6.35%

  Original notes

  Class A-1, $310.00 million: Three-month LIBOR + 1.38%
  Class A-2, $10.00 million: Three-month LIBOR + 1.60%
  Class B, $51.00 million: Three-month LIBOR + 1.85%
  Class C, $39.00 million: Three-month LIBOR + 2.45%
  Class D, $30.00 million: Three-month LIBOR + 3.60%
  Class E, $16.25 million: Three-month LIBOR + 6.60%

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

"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 take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  Benefit Street Partners CLO XVII Ltd./Benefit Street Partners CLO
XVII LLC

  Class A-R, $320.00 million: AAA (sf)
  Class B-R, $51.00 million: AA (sf)
  Class C-R, $39.00 million: A (sf)
  Class D-R, $30.00 million: BBB- (sf)
  Class E-R, $18.25 million: BB- (sf)

  Other Outstanding Notes

  Benefit Street Partners CLO XVII Ltd./Benefit Street Partners CLO
XVII LLC

  Subordinated notes, $51.95 million: Not rated



BLACK DIAMOND 2017-1: Moody's Raises $25MM Class C Notes From Ba1
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
CLO refinancing notes issued by Black Diamond CLO 2017-1, Ltd. (the
"Issuer").

Moody's rating action is as follows:

US$232,400,000 Class A-1a-R Senior Secured Floating Rate Notes Due
2029, Assigned Aaa (sf)

US$53,600,000 Class A-2-R Senior Secured Floating Rate Notes Due
2029, Assigned Aa1 (sf)

US$8,000,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes Due 2029, Assigned A1 (sf)

Additionally, Moody's has taken rating actions on the following
outstanding notes previously issued by the Issuer:

US$16,000,000 Class B-2-R Senior Secured Deferrable Fixed Rate
Notes Due 2029, Upgraded to A1 (sf); previously on October 26, 2020
Assigned A3 (sf)

US$25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
Due 2029, Upgraded to Baa3 (sf); previously on July 29, 2020
Downgraded to Ba1(sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans.

Black Diamond CLO 2017-1 Adviser, L.L.C. (the "Manager") will
continue to direct the selection, acquisition and disposition of
the assets on behalf of the Issuer.

The Issuer previously issued two other classes of secured notes and
two classes of subordinated notes, which will remain outstanding.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include the extension of the non-call period
and the inclusion of alternative benchmark replacement provisions.

Moody's rating actions on the Class B-2-R Notes and the Class C
Notes are primarily a result of the refinancing, which increases
excess spread available as credit enhancement to the rated notes.
Additionally, the transaction benefitted from an improvement in the
credit quality of the collateral, an increase in subordination, a
shortening of the weighted average life (WAL) and the ending of its
reinvestment period.

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

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

Performing par and principal proceeds balance: $397,569,804

Diversity Score: 73

Weighted Average Rating Factor (WARF): 2998

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
3.69%

Weighted Average Recovery Rate (WARR): 47.45%

Weighted Average Life (WAL): 4.7 years

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 from Moody's
base case. Some of the additional scenarios that Moody's considered
in its analysis of the transaction include, among others:
sensitivity analysis on deteriorating credit quality due to the
exposure to loans with negative outlook, and a lower recovery rate
assumption on defaulted assets to reflect declining loan recovery
rate expectations.

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


BLUEMOUNTAIN CLO XXIX: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-1-R, D-2-R, and E-R replacement notes from BlueMountain
CLO XXIX Ltd./BlueMountain CLO XXIX LLC, a CLO originally issued in
June 2020 that is managed by Assured Investment Management LLC.

On the July 26, 2021, refinancing date, the proceeds from the
replacement notes were used to redeem the original notes. At that
time, S&P withdrew its ratings on the original notes and assigned
ratings to the replacement notes.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and
E-R notes were issued at a lower spread over three-month LIBOR than
the original notes.

-- The replacement class A-1-R and A-2-R notes were issued at a
floating spread, replacing the current class A floating-rate note.

-- The replacement class D-1-R and D-2-R notes were issued at a
floating spread, replacing the current class D floating-rate note.

-- The stated maturity and reinvestment period was extended three
years.

-- The aggregate ramp-up par amount was increased from $400
million to $500 million.

-- The portfolio manager gained the ability to purchase workout
obligations.

-- Of the identified underlying collateral obligations, 98.89%
have credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 96.21%
have recovery ratings assigned by S&P Global Ratings.

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  BlueMountain CLO XXIX Ltd./BlueMountain CLO XXIX LLC

  Class A-1-R, $300.0 million: AAA (sf)
  Class A-2-R, $20.0 million: AAA (sf)
  Class B-R, $60.0 million: AA (sf)
  Class C-R (deferrable), $30.0 million: A (sf)
  Class D-1-R (deferrable), $22.5 million: BBB+ (sf)
  Class D-2-R (deferrable), $7.5 million: BBB- (sf)
  Class E-R (deferrable), $20.0 million: BB- (sf)
  Subordinated notes, $46.0 million: Not rated

  Ratings Withdrawn

  BlueMountain CLO XXIX Ltd./BlueMountain CLO XXIX LLC

  Class A to not rated from 'AAA (sf)'
  Class B to not ratedfrom 'AA (sf)'
  Class C to not ratedfrom 'A (sf)'
  Class D to not ratedfrom 'BBB- (sf)'
  Class E to not ratedfrom 'BB- (sf)'



CALIFORNIA COUNTY TSA: Moody's Upgrades 2002 Turbo Bond 4 From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five tranches
in three tobacco settlement revenue securitizations.

The complete rating actions are as follows:

Issuer: District of Columbia Tobacco Settlement Financing
Corporation, Series 2001

Term Bond 2, Upgraded to A3 (sf); previously on Feb 20, 2014
Confirmed at Baa1 (sf)

Issuer: The California County Tobacco Securitization Agency (
Fresno County Tobacco Funding Corporation), Series 2002

Ser. 2002 Term Bonds 3, Upgraded to Baa1 (sf); previously on Oct
10, 2017 Downgraded to Baa2 (sf)

Ser. 2002 Term Bond 4, Upgraded to Baa2 (sf); previously on Oct 10,
2017 Downgraded to Baa3 (sf)

Issuer: The California County Tobacco Securitization Agency
(Alameda County Tobacco Asset Securitization Corporation), Series
2002

Ser. 2002 Turbo Bond 3, Upgraded to Baa1 (sf); previously on Jul
26, 2016 Upgraded to Baa3 (sf)

Ser. 2002 Turbo Bond 4, Upgraded to Baa3 (sf); previously on Aug 1,
2018 Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrade actions are primarily driven by further deleveraging
and the availability of cash reserves. Cigarette consumption
volumes, the main driver of tobacco settlement revenues, increased
in the 2020 sales years, benefiting the transactions. In addition
to the factors discussed above, the rating actions are generally
driven by future projections of cigarette shipment volume declines.
Moody's currently expects that US cigarette shipment volumes will
decline slowly at first by about 1%-3% per year over the next 12-18
months, and then accelerate back to 3%-5% per year over the next
3-5 years.

There is a risk of continued shifts in attitudes towards smoking,
as well as further regulation. Tobacco settlement ABS are exposed
to social risks that reduce cigarette consumption, lowering the
revenue available to repay tobacco bonds. Factors that could
accelerate such declines are further changes in demographics and
shifts in social attitudes towards smoking. Such trends could also
result in further regulation that restricts tobacco use.
Furthermore, the marketing of new products that are currently less
regulated could expose tobacco companies, who are the obligors in
the transactions, to litigation risk. However, because regulation
takes several years to come into effect, Moody's view this as a
moderate risk at this stage.

Exposure to these identified social risks is broadly manageable, or
could be material to the credit quality the bonds in the medium to
long term (five or more years). However, it may be less certain
that the identified risks will develop in a way that is material to
bond ratings. These identified risks have been taken into account
in the analysis of the ABS.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Tobacco
Settlement Revenue Securitizations Methodology" published in May
2020.

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

Up

Moody's could upgrade the ratings if the annual rate of decline in
the volume of domestic cigarette shipments decreases, if future
arbitration proceedings and subsequent recoveries for settling
states become more expeditious than they currently are, or if
additional settlements are entered into which benefit the bonds.

Down

Moody's could downgrade the ratings if the annual rate of decline
in the volume of domestic cigarette shipments increases, if
subsequent recoveries from future arbitration proceedings for
settling states take longer than Moody's assumption of 15-20 years,
if an arbitration panel finds that a settling state was not
diligent in enforcing a certain statute which could lead to a
significant decline in cash flow to that state, or if additional
settlements are entered into which reduce the cash flow to the
bonds.


CARVAL CLO IV: S&P Assigns B- (sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to Carval CLO IV
Ltd./Carval CLO IV LLC's loans and fixed- and floating-rate notes.

The loan and note issuance is a CLO securitization governed by
investment criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by CarVal CLO Management LLC.

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

  Carval CLO IV Ltd./Carval CLO IV LLC

  Class A-1A, $93.00 million: AAA (sf)
  Class A-1B, $15.00 million: AAA (sf)
  Class A-1N loans, $140.00 million(i): AAA (sf)
  Class A-1N, $0.00 million(i): AAA (sf)
  Class A-2, $8.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $22.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $18.00 million: BB- (sf)
  Class F (deferrable), $6.00 million: B- (sf)
  Subordinated notes, $32.20 million: Not rated

(i)The outstanding principal amount of the class A-1N notes will be
$0.00 on the closing date and may be increased to up to
$140,000,000 upon the exercise of the conversion option, which
shall convert the class A-1N loans into the class A-1N notes. Upon
conversion, the outstanding principal amount of the class A-1N
loans will be reduced accordingly.


CASTLELAKE 2017-1R: S&P Assigns Prelim B- (sf) Rating on C Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Castlelake
Aircraft Structured Trust 2017-1R's class A, B, and C notes.

The two aircraft-operating entity issuers' series A, B, and C
notes, which are in turn backed by 34 aircraft and the related
leases and shares and beneficial interests in entities that
directly and indirectly receive aircraft portfolio lease rental and
residual cash flows, among others.

The preliminary ratings are based on information as of July 22,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The likelihood of timely interest on the series A notes
(excluding step up interest) on each payment date, the timely
interest on the series B notes (excluding step up interest) on each
payment date when the series A notes are no longer outstanding, the
ultimate interest on the series C notes (excluding step up
interest), and the ultimate principal payment on the series A, B,
and C notes on or prior to the legal final maturity date at their
respective rating stress.

-- The portfolio comprising a pool of 34 aircraft, including 30
narrowbody (A319/A320/A321: 58%, 737-700/737-800: 14%) and four
widebody aircraft (A330-300: 28%).

-- The weighted average age (by LMM of the half-life values) of
the aircraft in the portfolio being 16.7 years. Currently, 33
aircraft are on lease, with weighted average remaining maturity of
approximately 3.8 years (excluding MSN 2692). Weighted average age
and remaining term are calculated as of the economic closing date.

-- Approximately 61% (by LMM of half-life values) of the lessees
operate in developed markets, where domestic air traffic levels
have picked up recently, after a global air travel shutdown was
imposed in 2020 at the height of the COVID-19 pandemic.

-- The existing and future lessees' estimated credit quality and
diversification. The 33 aircraft are currently leased to 13
airlines in 11 countries; one aircraft is considered off lease.

-- Each series' scheduled amortization profile, which is a
straight line over 10.5 years on average based on aircraft-specific
principal amortization for series A and B, and straight-line seven
years for the first year and straight-line five years thereafter,
based on aircraft-specific principal amortization for series C.

-- The transaction's debt service coverage ratios and utilization
trigger--a failure of which will result in the series A and B
notes' turbo amortization; turbo amortization for the series A and
B notes will also occur if they are outstanding after year seven or
if the number of aircraft in the portfolio is less than eight.

-- A collections test, which diverts class B scheduled
amortization to pay class A if the aggregate amount of basic rent
is less than 75% of the aggregate amount of contracted basic rent.

-- The cash sweep for the series A, B, and C notes, which provides
for a percentage of remaining available collections after all
payments entitled to priority, to pay principal on the notes. The
series A cash sweep of 10% of remaining available collections
begins on the closing date and increases to 25% in years three and
four of the transaction and 50% in years six and seven of the
transaction. The cash sweep for the series B notes begins in year
three of the transaction at 5% of remaining collections and steps
up in years four and five to 7.5% and 10% in years six and seven.

-- The series C supplemental amortization, which, from the closing
date up to month 30 of the transaction, pays 10% of available
collection to principal on the series C notes; and the series C
cash sweep, which, from month 30 to month 83, pays 20% of available
collections to principal on the notes and from month 84, pays 100%
of available collections to principal on the notes provided the
issuers own a minimum of eight aircraft.

-- The end-of-lease payment will be paid to the series A, B, and C
notes according to a percentage equaling each series' then-current
loan-to-value ratio.

-- The subordination of series C principal and interest to series
A and B principal and interest.

-- A revolving credit facility from Sun Life, which is available
to cover senior expenses, including hedge payments and interest on
the series A and B notes. The amount available under the facility
will equal nine months of interest on the series A and B notes.

-- Morten Beyer & Agnew Inc.'s maintenance analysis before
closing. After closing, the servicer will perform a forward-looking
24-month maintenance analysis at least semi-annually, which will be
reviewed by MBA Aviation for reasonableness.

-- The maintenance reserve account (approximately $11 million
balance at closing), which is used to cover maintenance costs. The
account gets topped up to a senior and a junior required amount,
which are sized based on a forward-looking schedule of maintenance
outflows. The excess amounts in the account over the required
maintenance amount will be transferred to the waterfall on or after
December 2022.

-- The security deposit ($2 million at closing), which can be used
to repay security deposit due amounts along with other senior
expenses, to the extent the amount on deposit exceeds the target
amount.

-- The expense reserve account, which will be funded at closing
from note proceeds with approximately $500,000 that is expected to
cover the next three months' expenses.

-- The series C reserve account, which will be funded at closing
from note proceeds of approximately $2 million, and which may be
used to pay interest and principal on the series C notes.

-- The transition reserve account established in respect of MSN
918, which is expected to be on-lease with Qatar Airways based on a
power-by-the hour (PBH) agreement with a minimum amount due of
$165,000/month starting around August 2021.

-- The senior indemnification (excluding indemnification amounts
to lessees under leases entered into before the transaction closing
date) is capped at $10 million and is modeled to occur in the first
12 months.

-- The junior indemnification (uncapped) is subordinated to the
rated series' principal payment.

-- Castlelake Aviation Holdings (Ireland) Ltd., which is a
wholly-owned subsidiary of Castlelake as the servicer of the
transaction.

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

  Preliminary Ratings Assigned

  Castlelake Aircraft Structured Trust 2017-1R

  Class A, $315.000 million: A (sf)
  Class B, $75.000 million: BBB (sf)
  Class C, $60.000 million: B- (sf)



CATAMARAN CLO 2018-1: S&P Affirms BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to the replacement class A-1-R
and B-R notes from Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1
LLC, a CLO originally issued in 2018 that is managed by Trimaran
Advisors LLC. At the same time, S&P withdrew its ratings on the
original class A-1 and B notes following payment in full on the
July 26, 2021, refinancing date and affirmed our ratings on the
class C, D, and E notes, which were not refinanced. S&P did not
rate the original class A-2 notes or the replacement class A-2-R
notes.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture, the replacement class A-1-R, A-2-R, and B-R
notes were issued at lower spreads than the respective original
classes, thereby reducing the transaction's overall cost of
funding.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R, $244.00 million: Three-month LIBOR + 1.10%
  Class A-2-R, $8.00 million: Three-month LIBOR + 1.45%
  Class B-R, $52.00 million: Three-month LIBOR + 1.75%

  Original notes

  Class A-1, $244.00 million: Three-month LIBOR + 1.25%
  Class A-2, $8.00 million: Three-month LIBOR + 1.55%
  Class B, $52.00 million: Three-month LIBOR + 1.90%

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

"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 take rating actions as we deem
necessary."

  Rating Assigned

  Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC

  Class A-1-R, $244.00 million: AAA (sf)
  Class A-2-R(i), $8.00 million: NR
  Class B-R, $52.00 million: AA (sf)
  Subordinated notes, $40.35 million: NR

  Ratings Affirmed

  Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC

  Class C: A (sf)
  Class D: BBB- (sf)
  Class E: BB- (sf)
  
  Rating Withdrawn

  Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC

  Class A-1 to NR from 'AAA (sf)'
  Class B to NR from 'AA (sf)'

(i)S&P did not rate the original class A-2 notes.
NR--Not rated.



CAYUGA PARK: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-1-R, B-2-R, C-R, D-R, and E-R replacement notes and proposed
new class X-R notes from Cayuga Park CLO Ltd./Cayuga Park CLO LLC,
a CLO originally issued in August 2020 that is managed by
Blackstone CLO Management LLC.

The preliminary ratings are based on information as of July 23,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 3, 2021 refinancing date, the proceeds from the
replacement notes will be used to redeem the original notes. S&P
said, "At that time, we expect to withdraw our ratings on the
original notes and assign ratings to the replacement notes.
However, if the refinancing doesn't occur, we may affirm our
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes."

The replacement notes will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement notes.
According to the proposed supplemental indenture:

-- The replacement class of notes are expected to be issued at a
lower weighted average debt than the original notes.

-- The stated maturity and reinvestment period will be extended by
approximately three years.

-- The non-call period will be extended by approximately two
years.

-- The EU risk retention language will be amended.

-- The proposed class X-R notes will be issued in connection with
this refinancing. These notes are expected to be paid beginning on
the payment date in January 2022.

-- Of the identified underlying collateral obligations, 100.00%
will have credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 97.62%
will have recovery ratings assigned by S&P Global Ratings.

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

"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 take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  Cayuga Park CLO Ltd./Cayuga Park CLO LLC

  Class X-R, $4.00 million: AAA (sf)
  Class A-R, $245.00 million: AAA (sf)
  Class B-1-R, $40.50 million: AA (sf)
  Class B-2-R, $18.00 million: AA (sf)
  Class C-R (deferrable), $22.50 million: A (sf)
  Class D-R (deferrable), $25.50 million: BBB- (sf)
  Class E-R (deferrable), $13.50 million: BB- (sf)
  Subordinated notes, $31.79 million: Not rated



CIFC FUNDING 2021-V: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to CIFC Funding 2021-V
Ltd./CIFC Funding 2021-V LLC's floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by CIFC Asset Management LLC.

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

  CIFC Funding 2021-V Ltd./CIFC Funding 2021-V LLC

  Class A, $300.00 million: AAA (sf)
  Class B, $80.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $20.00 million: BB- (sf)
  Subordinated notes, $48.30 million: Not rated



COLT MORTGAGE 2021-2: Fitch Rates Class B2 Certs 'Bsf'
------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by COLT 2021-2 Mortgage
Loan Trust (COLT 2021-2).

DEBT        RATING              PRIOR
----        ------              -----
COLT 2021-2

A1    LT  AAAsf  New Rating   AAA(EXP)sf
A2    LT  AAsf   New Rating   AA(EXP)sf
A3    LT  Asf    New Rating   A(EXP)sf
M1    LT  BBBsf  New Rating   BBB(EXP)sf
B1    LT  BBsf   New Rating   BB(EXP)sf
B2    LT  Bsf    New Rating   B(EXP)sf
B3    LT  NRsf   New Rating   NR(EXP)sf
X     LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Loans in the pool were originated by multiple originators and
aggregated by Hudson Advisors. All loans are serviced by Select
Portfolio Servicing, Inc. The certificates are supported by 584
loans with a total balance of approximately $339 million as of the
cutoff date.

KEY RATING DRIVERS

Non-QM Credit Quality (Mixed): The collateral consists of 584
loans, totaling $339 million and seasoned approximately four months
in aggregate. The borrowers have a strong credit profile -- 741
model FICO and 40% debt-to-income ratio (which includes mapping for
debt service coverage ration [DSCR] loans); and moderate leverage
-- 80% sustainable loan-to-value ratio [sLTV]). The pool consists
of 62.6% of loans Fitch's model treats as owner occupied, while
37.3% was investor loans or non-permanent resident alien loans
treated as investor properties (33.4%) or second home (4.0%).

Additionally, 7.3% of the loans were originated through a retail
channel, and 0.3% are designated as a qualified mortgage (QM) loan,
while 67.9% are non-QM, and the remainder Ability to Repay Rule
(ATR) does not apply. Lastly, there are currently 18 loans that are
30 days delinquent.

Loan Documentation (Negative): Approximately 85.7% of the pool was
underwritten to less than full documentation, and 51.0% was
underwritten to a 12- or 24-month bank statement program for
verifying income, which is not consistent with Appendix Q standards
and Fitch's view of a full documentation program.

A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the CFPB's ATR, which reduces the risk of borrower
default arising from lack of affordability, misrepresentation or
other operational quality risks due to rigor of the ATR's mandates
regarding the underwriting and documentation of the borrower's
ability to repay. Additionally, 1.2% is an Asset Depletion product,
0.3% is a CPA or PnL product, 6.0% is a WVOE product, and 26.7% is
DSCR product.

Modified Sequential Payment Structure (Mixed): The structure
distributes principal pro rata among the senior certificates while
shutting out the subordinate bonds from principal until all senior
classes are reduced to zero. If a cumulative loss trigger event,
delinquency trigger event or credit enhancement (CE) trigger event
occurs in a given period, principal will be distributed
sequentially to class A-1, A-2 and A-3 certificates until they are
reduced to zero.

Advances of delinquent P&I will be made on the mortgage loans for
the first 180 days of delinquency, to the extent such advances are
deemed recoverable. If the P&I advancing party fails to make a
required advance, the master servicer (Wells Fargo) will be
obligated to make such advance. The servicer or master servicer
will not advance delinquent P&I during the forbearance period.

Excess Cash Flow (Positive): The transaction benefits from a
material amount of excess cash flow that provides benefit to the
rated certificates before being paid out to class X certificates.
The excess is available to pay timely interest and protect against
realized losses, resulting in a CE amount that is less than Fitch's
loss expectations for all classes except for the A1. To the extent
the collateral weighted average coupon (WAC) and corresponding
excess are reduced through a rate modification, Fitch would view
the impact as credit neutral, as the modification would reduce the
borrower's probability of default, resulting in a lower loss
expectation.

As a sensitivity to Fitch's rating stresses, Fitch took into
account a WAC deterioration that varied by rating stress. The WAC
cut was derived by assuming a 2.5% cut (based on the most common
historical modification rate) on 40% (historical Alt A modification
%) of the performing loans. Although the WAC reduction stress is
based on historical modification rates, Fitch did not include the
WAC reduction stress in its testing of the delinquency trigger.

Fitch viewed the WAC deterioration as more of a pre-emptive cut
given the ongoing macro and regulatory environment. A portion of
borrowers will likely be impaired but not ultimately default.
Further, this approach had the largest impact on the Backloaded
Benchmark scenario, which is also the most probable outcome, as
defaults and liquidations are not likely to be extensive over the
next 12 to 18 months given the ongoing borrower relief and eviction
moratoriums.

Limited Advancing (Positive): The deal is structured to six months
of servicer advances for delinquent principal and interest. The
limited advancing reduces loss severities as there is a lower
amount repaid to the servicer when a loan liquidates and
liquidation proceeds are prioritized to cover principal repayment
over accrued but unpaid interest. The downside to this is the
additional stress on the structure side as there is limited
liquidity in the event of large and extended delinquencies.

Updated Economic Risk Factor (Positive): Consistent with the
Additional Scenario Analysis section of Fitch's U.S. RMBS
Coronavirus-Related Analytical Assumptions criteria, Fitch will
consider applying additional scenario analysis based on stressed
assumptions as described in the section to remain consistent with
significant revisions to Fitch's macroeconomic baseline scenario or
if actual performance data indicate the current assumptions require
reconsideration.

In response to revisions made to Fitch's macroeconomic baseline
scenario, observed actual performance data, and the unexpected
development in the health crisis arising from the advancement and
availability of coronavirus vaccines, Fitch reconsidered the
application of the coronavirus-related economic risk factor (ERF)
floors of 2.0 and used ERF floors of 1.5 and 1.0 for the 'BBsf' and
'Bsf' rating stresses, respectively. Fitch's 'Global Economic
Outlook - March 2021' and related baseline economic scenario
forecasts have been revised to 6.2% U.S. GDP growth for 2021 and
3.3% for 2022 following negative 3.5% GDP growth in 2020.
Additionally, Fitch's U.S. unemployment forecasts for 2021 and 2022
are 5.8% and 4.7%, respectively, which is down from 8.1% in 2020.
These revised forecasts support Fitch reverting to the 1.5 and 1.0
ERF floors described in Fitch's U.S. RMBS Loan Loss Model
Criteria.

RATING SENSITIVITIES

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

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

-- This defined negative stress sensitivity analysis demonstrates
    how the ratings would react to steeper MVDs at the national
    level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in
    addition to the model-projected 42.7% at 'AAAsf'. The analysis
    indicates that there is some potential rating migration with
    higher MVDs, compared with the model projection.

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

-- This defined positive rating sensitivity analysis demonstrates
    how the ratings would react to negative MVDs at the national
    level, or positive home price growth with no assumed
    overvaluation.

The analysis assumes positive home price growth of 10.0%. Excluding
the senior classes that are already 'AAAsf', the analysis indicates
there is potential positive rating migration for all of the rated
classes. This section provides insight into the model-implied
sensitivities the transaction faces when one assumption is
modified, while holding others equal. The modeling process uses the
modification of these variables to reflect asset performance in up
and down environments.

The results should only be considered as one potential outcome, as
the transaction is exposed to multiple dynamic risk factors. It
should not be used as an indicator of possible future performance.
Fitch has also added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a reemergence of infections in the major economies, before a slow
recovery begins in 2Q21.

Under this severe scenario, Fitch expects the ratings to be
affected by changes in its sustainable home price model due to
updates to the model's underlying economic data inputs. Any
long-term impact arising from coronavirus disruptions on these
economic inputs will likely affect both investment- and
speculative-grade ratings.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC, Clayton, Edgemac, Evolve, Infinity, Recovco and
Selene. The third-party due diligence described in Form 15E focused
on compliance, credit and valuation grades, and it assigned initial
grades for each subcategory. Fitch considered this information in
its analysis and, as a result, Fitch gave a 43bps adjustment to the
losses for 100% due diligence performed.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's U.S. RMBS Rating Criteria. Lone Star
Residential Mortgage Fund II (LSRMF II) engaged AMC, Clayton,
Edgemac, Evolve, Infinity, Recovco and Selene to perform the
review. Loans reviewed under this engagement were given compliance,
credit and valuation grades, and assigned initial grades for each
subcategory.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's (ASF) data layout format. The ASF data tape
layout was established with input from various industry
participants, including rating agencies, issuers, originators,
investors and others, to produce an industry standard for the
pool-level data in support of the U.S. RMBS securitization market.
The data contained in the data tape layout were populated by the
due diligence company, and no material discrepancies were noted.

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.


COMM 2013-GAM: DBRS Cuts Class F Certs Rating to B(high)
--------------------------------------------------------
DBRS Limited downgraded the ratings on three classes of the COMM
2013-GAM, Commercial Mortgage Pass-Through Certificates issued by
COMM 2013-GAM Mortgage Trust as follows:

-- Class D to BBB (sf) from BBB (high) (sf)
-- Class E to BB (high) (sf) from BBB (sf)
-- Class F to B (high) (sf) from BB (sf)

DBRS Morningstar also confirmed the ratings on the following
classes:

-- Class A-2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)

DBRS Morningstar changed the trend on Classes A-2 and X-A to Stable
from Negative. The trends on Classes B, C, D, E, and F are
Negative. The downgrades and Negative trends reflect increased
risks to the trust amid the borrower's failure to obtain takeout
financing at the loan's scheduled maturity, an updated appraisal
showing a value decline from issuance, and increased vacancy at the
collateral property and corresponding decline in cash flow over the
last few years that will likely be more difficult to reverse given
the effects of the ongoing Coronavirus Disease (COVID-19) pandemic.
DBRS Morningstar also notes that the loan benefits from the
collateral property's highly desirable location within a densely
populated market, relatively stable remaining tenant mix, and
strong sponsorship. These factors and the proceeds implied by the
DBRS Morningstar value derived as part of this review support the
rating confirmations for the four classes as outlined above.

The collateral for the transaction is a loan secured by the
borrower's fee-simple and leasehold interests in the 1.8
million-square foot (sf) Green Acres Mall in Valley Stream, New
York, approximately 5 miles east of the John F. Kennedy
International Airport. The mall was originally built in 1956 and
has been expanded and renovated many times with the last major
expansion in 2007. The mall is owned and operated by The Macerich
Company, which purchased the subject for $506.7 million in 2013,
contributing $181.7 million of cash equity to close the
transaction. The eight-year fixed-rate loan had a scheduled
maturity in February 2021, which has since been extended. As of the
June 2021 remittance, the loan has amortized down by 20.6% since
issuance, with a balance of $257.4 million.

Because of pandemic-related state and local mandates, most tenants
at the property were forced to remain closed from late March to
early July 2020. The loan was transferred to the special servicer
for review of proposed relief requests in March and May 2020, but
the sponsor ultimately rescinded both requests. The loan
transferred to special servicing again in December 2020, ahead of
the pending February 2021 loan maturity, with the special servicer
ultimately approving a loan modification to extend the maturity
date. The loan was returned to the master servicer in April 2021.
The approved loan modification included a 12-month maturity date
extension to February 2022, with an option for an additional
12-month extension to February 2023. The terms of the extension
also included a $9 million curtailment of the loan's principal
balance and temporary cash management, subject to certain cure
provisions. The loan has remained current throughout the various
stints in special servicing and is currently being monitored on the
servicer's watchlist as part of the standard procedure following a
return from the special servicer.

The mall has lost several large tenants since 2019, including
anchors Kohl's (6.5% of net rentable area (NRA)), and JCPenney
(5.3% of NRA), Century 21 (4.0% of NRA), Modell's Sporting Goods
(1.7% of NRA), and a number of in-line tenants. The April 2021 rent
roll indicated an occupancy rate of 77.1%; however, the
third-largest tenant Sears (8.0% of NRA) announced plans to close
its store as of April 2021, suggesting the physical occupancy rate
fell to 69.1% at that time. Sears continues to pay rent through its
lease expiration in October 2023.

Despite the occupancy declines and challenges related to the
coronavirus pandemic, there have been reports of leasing momentum.
The servicer commentary and press announcements indicated that the
97,213-sf former JCPenney space was expected to be redeveloped and
fully leased to a collection of tenants including Primark, though
the tenant is not expected to take occupancy until September 2022
at the earliest. Additionally, it has been reported that Shoppers
World had agreed to backfill the 72,266-sf former Century 21 space,
though occupancy dates have not been released. The five largest
tenants currently in place at the property include Macy's (14.8% of
NRA); Walmart (9.6% of NRA); Macy's Men's/Furniture (6.9% of NRA);
BJ's Wholesale Club (6.8% of NRA); and Best Buy (2.5% of NRA),
which recently extended its lease to January 2027.

While the loan has historically been a consistent performer with
debt service coverage ratios (DSCR) ranging from 1.79 times (x) to
1.85x since issuance through YE2019, the servicer reported YE2020
financials which showed that net cash flow (NCF) and DSCR had
fallen to $23.8 million and 1.37x, respectively.

An updated appraisal was produced in August 2020, but was not made
available until March 2021, which estimated the as-is value of the
property at $357.0 million, with the appraiser using an 8.5% cap
rate.

The DBRS Morningstar NCF was derived using the servicer's reported
YE2019 NCF with a haircut to account for the occupancy declines and
general disruption to leasing momentum that is expected given the
effects of the coronavirus pandemic. The resulting NCF figure was
$24.7 million. In addition, DBRS Morningstar assumed a cap rate of
8.5%, an increase of 50 basis points from the figure assumed when
the DBRS Morningstar ratings were assigned, that resulted in a DBRS
Morningstar value of $291.2 million, a variance of -18.4% from the
August 2020 appraised value of $357.0 million. The DBRS Morningstar
value implies a loan-to-value ratio (LTV) of 88.4% compared with
the LTV of 72.1% based on the August 2020 appraised value.

The cap rate DBRS Morningstar applied is at the midrange of its cap
rate ranges for retail properties, reflecting the suburban location
and market position of the asset on Long Island.

DBRS Morningstar made positive qualitative adjustments to the final
LTV sizing benchmarks used for this rating analysis, totaling 3.0%
to account for property quality and market fundamentals.

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



CPS AUTO 2021-C: DBRS Gives Prov. BB Rating on Class E Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by CPS Auto Receivables Trust 2021-C (the
Issuer):

-- $126,000,000 Class A Notes at AAA (sf)
-- $51,450,000 Class B Notes at AA (high) (sf)
-- $45,150,000 Class C Notes at A (high) (sf)
-- $44,100,000 Class D Notes at BBB (sf)
-- $24,300,000 Class E Notes at BB (sf)

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

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

-- Credit enhancement is in the form of overcollateralization
(OC), subordination, amounts held in the reserve fund, and excess
spread. Credit enhancement levels are sufficient to support the
DBRS Morningstar-projected cumulative net loss (CNL) assumption
under various stress scenarios.

-- The DBRS Morningstar CNL assumption is 17.05%, based on the
expected cut-off date pool composition.

-- The transaction assumptions consider DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
coronavirus, available in its commentary "Global Macroeconomic
Scenarios - June 2021 Update," published on June 18, 2021. DBRS
Morningstar initially published macroeconomic scenarios on April
16, 2020, which have been regularly updated. The scenarios were
last updated on June 18, 2021, 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 the current
ratings. The moderate scenario factors in continued success in
containment during the second half of 2021, enabling the continued
relaxation of restrictions.

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

(3) The consistent operational history of Consumer Portfolio
Services, Inc. (CPS or the Company) and the strength of the overall
Company and its management team.

-- The CPS senior management team has considerable experience and
a successful track record within the auto finance industry.

(4) The capabilities of CPS with regard to originations,
underwriting, and servicing.

-- DBRS Morningstar performed an operational review of CPS and
considers the entity to be an acceptable originator and servicer of
subprime automobile loan contracts with an acceptable backup
servicer.

(5) DBRS Morningstar exclusively used the static pool approach
because CPS has enough data to generate a sufficient amount of
static pool projected losses.

-- DBRS Morningstar was conservative in the loss forecast analysis
it performed on the static pool data.

(6) The Company indicated that it may be subject to various
consumer claims and litigation seeking damages and statutory
penalties. Some litigation against CPS could take the form of
class-action complaints by consumers; however, the Company
indicated that there is no material pending or threatened
litigation.

(7) 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 CPS, that the trust has a valid
first-priority security interest in the assets, and the consistency
with the DBRS Morningstar "Legal Criteria for U.S. Structured
Finance."

CPS is an independent full-service automotive financing and
servicing company that provides (1) financing to borrowers who do
not typically have access to prime credit-lending terms for the
purchase of late-model vehicles and (2) refinancing of existing
automotive financing.

The rating on the Class A Notes reflects 59.00% of initial hard
credit enhancement provided by subordinated notes in the pool
(55.00%), the reserve account (1.00%), and OC (3.00%). The ratings
on the Class B, C, D, and E Notes reflect 41.85%, 26.80%, 12.10%,
and 4.00% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

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



CPS AUTO 2021-C: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to CPS Auto Receivables
Trust 2021-C's asset-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 60.2%, 51.8%, 42.8%, 33.4%,
and 27.4% of credit support for the class A, B, C, D, and E notes,
respectively, based on stressed cash flow scenarios (including
excess spread). These credit support levels provide coverage of
approximately 3.10x, 2.60x, 2.10x, 1.60x, and 1.23x our
18.75%-19.75% expected cumulative net loss range for the class A,
B, C, D, and E notes, respectively. Additionally, credit
enhancement, including excess spread, for classes A, B, C, D, and E
covers break-even cumulative gross losses of approximately 96.3%,
82.9%, 71.5%, 55.7%, and 45.7%, respectively.

-- The expectations that under a moderate ('BBB') stress scenario
(1.60x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB- (sf)' ratings on
the class A, B, C, D, and E notes, respectively, will be within the
credit stability limits specified by section A.4 of the Appendix
contained in "S&P Global Ratings Definitions," published Jan. 5,
2021.

-- The rated notes' underlying credit enhancement in the form of
subordination, overcollateralization, a reserve account, and excess
spread for the class A through E notes.

-- The timely interest and principal payments made to the rated
notes under S&P's stressed cash flow modeling scenarios, which it
believes are appropriate for the assigned ratings.

-- The transaction's payment and credit enhancement structure,
which includes an incurable performance trigger.

  Ratings Assigned

  CPS Auto Receivables Trust 2021-C

  Class A, $126.00 million: AAA (sf)
  Class B, $51.45 million: AA (sf)
  Class C, $45.15 million: A (sf)
  Class D, $44.10 million: BBB (sf)
  Class E, $24.30 million: BB- (sf)



CROWN CITY I: Moody's Assigns Ba3 Rating to $14MM Class D-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by Crown City CLO I (the "Issuer").

Moody's rating action is as follows:

US$213,500,000 Class A-1a-R Senior Secured Floating Rate Notes Due
2034, Assigned Aaa (sf)

US$10,500,000 Class A-1b-R Senior Secured Floating Rate Notes Due
2034, Assigned Aaa (sf)

US$42,000,000 Class A-2-R Senior Secured Floating Rate Notes Due
2034, Assigned Aa2 (sf)

US$18,375,000 Class B-R Senior Secured Deferrable Floating Rate
Notes Due 2034, Assigned A2 (sf)

US$22,750,000 Class C-R Senior Secured Deferrable Floating Rate
Notes Due 2034, Assigned Baa3 (sf)

US$14,000,000 Class D-R Secured Deferrable Floating Rate Notes Due
2034, Assigned Ba3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least
92.5% of the portfolio must consist of first lien senior secured
loans, cash, and eligible investments, and up to 7.5% of the
portfolio may consist of second lien loans, unsecured loans and
senior secured bonds.

Western Asset Management Company, LLC (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 five year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

In addition to the 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: reinstatement and extension of the reinvestment period;
extensions of the stated maturity and non-call period; changes to
certain collateral quality tests; and changes to the
overcollateralization test levels; the inclusion of Libor
replacement provisions; additions to the CLO's ability to hold
workout and restructured assets; changes to the definition of
"Adjusted Weighted Average Rating Factor" and changes to the base
matrix and modifiers.

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: $350,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2600

Weighted Average Spread (WAS): 3.35%

Weighted Average Recovery Rate (WARR): 46%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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


CROWN POINT 9: S&P Assigns BB- (sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from Crown Point CLO 9 Ltd./Crown
Point CLO 9 LLC, a CLO originally issued in June 2020 that is
managed by Pretium Credit CLO Management LLC.

On the July 28, 2021, refinancing date, the proceeds from the
replacement notes were used to redeem the original notes. At that
time, we withdrew our ratings on the original notes and assigned
ratings to the replacement notes.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class A-R, B-R, C-R, D-R, and E-R notes were
issued at a lower spread over three-month LIBOR than the original
notes.

-- The stated maturity was extended by two years.

-- The reinvestment period was extended by five years.

-- The non-call period was extended to July 2023.

-- The weighted average life test was extended to nine years from
the refinancing date.

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

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

  Ratings Assigned

  Crown Point CLO 9 Ltd./Crown Point CLO 9 LLC

  Class A-R, $185.25 million: AAA (sf)
  Class B-R, $42.75 million: AA (sf)
  Class C-R (deferrable), $16.50 million: A (sf)
  Class D-R (deferrable), $18.00 million: BBB- (sf)
  Class E-R (deferrable), $12.75 million: BB- (sf)
  Subordinated notes, $28.95 million: Not rated



CSAIL 2015-C4: Fitch Affirms B- Rating on 2 Tranches
----------------------------------------------------
Fitch Ratings has affirmed 15 classes of CSAIL 2015-C4 Commercial
Mortgage Trust commercial mortgage pass-through certificates series
2015-C4. In addition, the Rating Outlooks remain Negative on
classes G and X-G.

   DEBT                 RATING          PRIOR
   ----                 ------          -----
CSAIL 2015-C4

A-3 12635RAW8    LT  AAAsf   Affirmed   AAAsf
A-4 12635RAX6    LT  AAAsf   Affirmed   AAAsf
A-S 12635RBB3    LT  AAAsf   Affirmed   AAAsf
A-SB 12635RAY4   LT  AAAsf   Affirmed   AAAsf
B 12635RBC1      LT  AA-sf   Affirmed   AA-sf
C 12635RBD9      LT  A-sf    Affirmed   A-sf
D 12635RBE7      LT  BBBsf   Affirmed   BBBsf
E 12635RBF4      LT  BBB-sf  Affirmed   BBB-sf
F 12635RAL2      LT  BB-sf   Affirmed   BB-sf
G 12635RAN8      LT  B-sf    Affirmed   B-sf
X-A 12635RAZ1    LT  AAAsf   Affirmed   AAAsf
X-B 12635RBA5    LT  AA-sf   Affirmed   AA-sf
X-D 12635RAA6    LT  BBB-sf  Affirmed   BBB-sf
X-F 12635RAE8    LT  BB-sf   Affirmed   BB-sf
X-G 12635RAG3    LT  B-sf    Affirmed   B-sf

KEY RATING DRIVERS

Stable Loss Expectations; Coronavirus Concerns: Overall loss
expectations have remained relatively stable since the prior rating
action, with several loans experiencing less severe coronavirus
pandemic-related declines than expected. Twenty-three loans (34.0%
of pool), including one (2.0%) in special servicing were designated
Fitch Loans of Concern (FLOCs).

Fitch's current ratings incorporate a base case loss of 3.20% and
could reach 3.90% when factoring additional pandemic-related
stresses. The Negative Outlooks on classes G and X-G reflect the
high non-defeased hotel (22.3%) and retail (32.3%) concentration,
which is considered more vulnerable to the pandemic and may fail to
stabilize and/or transfer to the special servicer.

Specially Serviced Loan: The largest contributor to loss
expectations, 120 NE 39th Street Miami (2.0%), is secured by a
5,607 sf, single-tenant retail center in Miami, FL that is fully
leased (NNN) to Stefano Ricci (an Italian luxury menswear retailer
with a concentrated presence in Europe and Asia) through February
2026. The loan, which is sponsored by Thor Equities, transferred to
special servicing in August 2020 for Imminent Monetary Default. Per
servicer updates, payments through September 2020 were made through
reserves. While the servicer had previously considered eviction and
foreclosure, a potential forbearance agreement is now under
discussion with the borrower. The tenant pledged to bring rent
current and had a court hearing scheduled in July 2021.

Servicer-reported NOI debt service coverage ratio (DSCR) for this
interest-only loan, which matures in October 2025 was 1.46x as of
the YTD March 2021 compared with 1.76x at YE 2019 and 1.63x at
issuance. Fitch's loss expectation of approximately 25% in the base
case is based on an 8.50% cap rate and 20% total haircut to YE 2019
NOI.

Exposure to Coronavirus Pandemic: Six non-defeased loans (22.4%)
are secured by hotels and 31 loans (32.3%) are secured by retail
properties. Fitch's analysis took this exposure into account and
applied additional stresses to loans affected by the coronavirus
pandemic. This exposure contributed to the Negative Outlooks on
classes G and X-G.

Increasing Credit Enhancement: As of the July 2021 distribution
date, the pool's aggregate balance has been reduced by 8.5% to
$860.1 million from $939.6 million at issuance. Two loans with a
$22.0 million balance at disposition were disposed since Fitch's
prior rating action. One loan ($19.2 million), paid at maturity and
one loan ($2.8 million), was disposed with $1.7 million loss to the
trust. Ten loans (8.8%), are fully defeased. Four loans (17.1%) are
full-term, interest-only, and 40 loans (51.1%) had a partial-term,
interest-only component at issuance. All 40 have begun to amortize.
Realized losses of $1.7 million and interest shortfalls of $99,901
are currently affecting the non-rated class NR.

Pool Concentration: The top 10 loans comprise 39.8% of the pool.
All remaining loans maturity in 2025. Based on property type, the
largest concentrations are retail at 32.3%, hotel at 23.0% and
multifamily at 20.5%.

RATING SENSITIVITIES

The Negative Outlooks on classes G and X-G reflect the high hotel
and retail concentration of the pool. These classes may be
downgraded if performance of the FLOCs or loans vulnerable to the
pandemic fail to stabilize or additional loans default and/or
transfer to the special servicer. The Stable Outlooks reflect
sufficient credit enhancement (CE) and the expectation of paydown
from continued amortization.

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

-- Stable to improved asset performance coupled with paydown
    and/or defeasance. Upgrades of classes B through D, X-B and X
    D may occur with significant improvement in CE and/or
    defeasance but would be limited based on sensitivity to
    concentrations or the potential for future concentration. The
    Negative Outlooks on classes G and X-G will be revised to
    Stable if loans affected by the pandemic stabilize and return
    to their pre-pandemic performance.

-- Classes would not be upgraded above 'Asf' if there is a
    likelihood for interest shortfalls. Upgrades of classes F, X
    F, G and X-G could occur if performance of the FLOCs improves
    significantly and/or if there is sufficient CE, which would
    likely occur if the non-rated class is not eroded and the
    senior classes pay-off.

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

-- An increase in pool level expected losses from underperforming
    or specially serviced loans. Downgrades of classes rated
    'AAAsf' are not likely due to sufficient CE and expected
    continued amortization but would occur at the 'AAAsf' and
    'AAsf' levels if interest shortfalls occur.

-- Downgrades of classes in the 'Asf' and 'BBBsf' categories
    would occur if additional loans become FLOCs or if performance
    of the FLOCs deteriorates further. Classes F, X-F, G and X-G
    would be downgraded if additional loans become FLOCs,
    performance of the FLOCs declines and/or losses on the loans
    affected by the coronavirus pandemic materialize.

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.


CSMC 2021-980M: Fitch Assigns B- Rating on Class F Certs
--------------------------------------------------------
Fitch Ratings has issued a presale report on CSMC 2021-980M,
commercial mortgage pass-through certificates, series 2021-980M.

Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

-- $60,400,000 class A 'AAAsf'; Outlook Stable;

-- $11,100,000 class B 'AA-sf'; Outlook Stable;

-- $10,000,000 class C 'A-sf'; Outlook Stable;

-- $16,000,000 class D 'BBB-sf'; Outlook Stable;

-- $24,600,000 class E 'BB-sf'; Outlook Stable;

-- $24,700,000 class F 'B-sf'; Outlook Stable;

-- $97,500,000a class X 'A-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $14,850,000 class G;

-- $10,950,000b class HRR.

(a) Interest Only with notional amount equal to the aggregate
balance of classes A, B, C, and D. Class D is not expected to
contribute cash flow to the transaction; however, this is subject
to change based on final pricing.

(b) Horizontal credit risk retention interest.

TRANSACTION SUMMARY

The trust certificates represent the beneficial interest in a
$197.6 million mortgage loan that is secured by the borrower's fee
interest in 980 Madison Avenue, a six-story mixed-use development
with 134,843 sf of luxury retail, upscale gallery, and office
spaces located along Madison Avenue's luxury retail corridor
between 76th and 77th Streets. The trust certificates are expected
to follow a sequential-pay structure.

The total $197.6 million mortgage loan consists of two trust notes
totaling $172.6 million and one non-trust senior note totaling
$25.0 million. The trust loan is part of a split loan structure
comprising one senior note in the amount of $71.5 million (A-1
note) and one subordinate note in the amount of $101.1 million
(B-note), each of which will be an asset of the trust. The senior
pari passu companion note totaling $25.0 million (A-2 note) will
not be part of the assets of this trust and is expected to be
contributed to one or more future securitizations.

Mortgage loan proceeds will be used to refinance $229.8 million of
existing mortgage debt, fund upfront reserves totaling $1.9 million
for outstanding tenant obligations (Unfunded Obligations Reserve),
and pay for closing costs.

KEY RATING DRIVERS

High Fitch Leverage: The $197.6 million total mortgage loan has
high Fitch leverage metrics, with total debt of $1,465 psf and a
Fitch stressed loan to value (LTV), debt service coverage (DSCR)
and debt yield (DY) of 117.8%, 0.75x, and 6.2%, respectively.
Inclusive of the $40.0 million mezzanine loan, the transaction has
total debt of $1,762 psf, and a Fitch stressed LTV, DSCR, and DY of
141.6%, 0.62x, and 5.1%, respectively. The transaction is a
cash-neutral refinance, with no equity being returned to the
sponsor. Through Fitch's last rated class, 'B-sf', Fitch's LTV,
DSCR, and DY are 102.4%, 0.86x, and 7.1%, with cumulative proceeds
of approximately $1,274 psf.

Strong Manhattan Location and Property Quality: The property is a
six-story mixed-use development with 134,843 sf of luxury retail,
upscale gallery, and office spaces, extending along Madison
Avenue's prime retail corridor for an entire city block between
76th and 77th streets, one block from Central Park. The property is
part of Manhattan's Upper East Side neighborhood, and specifically
located within the landmarked Historic District, which includes a
multitude of upscale commercial and residential developments and
established cultural institutions. The surrounding neighborhood
includes the Museum Mile, featuring the Metropolitan Museum of Art,
the Guggenheim, and the Frick Collection, all within close
proximity, and the property also draws from luxury hotels located
directly across Madison Avenue, including the Carlyle, Surrey, and
Mark hotels. It is also within nearby walking distance to East Side
subway lines that provide access to Times Square, Grand Central
Terminal, and Bryant Park. Fitch assigned 980 Madison a property
quality grade of 'A-'.

Stable Occupancy and Committed Long-Term Tenancy: The property has
demonstrated stable historical occupancy, averaging 97.5% since
2016, and it is currently 93.0% occupied by 17 tenants that have
been in occupancy at the property for a weighted-average term of 17
years. The property's major tenant, Gagosian Gallery (41.8% of
NRA), has been in occupancy for over 30 years and the property
serves as the tenant's global headquarters location. Gagosian
Gallery is considered to be one of the world's top tier art
galleries, with 16 locations including in Paris, Geneva, London,
and Beverly Hills. The tenant has extended its leases and expanded
or renovated its spaces several times since taking occupancy in
1989. Most recently, in 2019, the tenant invested $5.0 million into
its fifth-floor space at the property.

Long-Term Institutional Sponsorship: RFR Holding LLC (RFR) is a
fully-integrated real estate investment firm with about 20 million
in assets across the U.S. and Europe. Within the U.S., the company
has an interest in over 75 properties comprising about 10 million
sf of office, retail, residential and hotel properties. The
company's primary U.S. holdings are located in New York City,
Miami, San Francisco, and Seattle. Notable New York City holdings
include iconic office towers such as the Chrysler and Seagram
buildings. The sponsor has been a long-term owner of the subject
property for over 15 years, since acquiring it in 2004. In 2014,
the sponsor invested $8.0 million ($59 psf) in capital improvements
to maintain the property's strong positioning within the market.

Concentrated Tenancy and Lease Rollover: The property is exposed to
significant lease rollover, as all of the leases currently in place
at the property are scheduled to expire over the five-year loan
term. The largest rollover concentration is scheduled to occur in
2025, when leases accounting for 67.3% of the NRA are set to
expire. This includes leases to the property's three largest
tenants, Gagosian Gallery (41.8% of NRA), Ramsfield Hospitality
Finance (7.9% of NRA), and JN Contemporary (6.5% of NRA). Aside
from Ramsfield Hospitality Finance, which is a new tenant to the
property, these tenants have been in occupancy at the property for
a weighted-average term of over 26 years. The loan is also
structured with a cash flow sweep that goes into effect 12 months
prior to Gagosian Gallery's lease expiration in April 2025, and the
tenant does not have any termination options. Additionally, aside
from Gargosian Gallery, no single tenant represents more than 7.9%
of the NRA.

Non-Traditional Gallery Tenancy: The property currently designates
a majority of its spaces on floors two through six (53.7% of the
NRA) as non-traditional gallery spaces, and the majority of these
are utilized as art galleries. All of the gallery tenants have been
in place at the property for at least eight years, with the
exception of three tenants that recently took occupancy since early
2019. Two of these new tenants executed their leases subsequent to
the onset of the COVID-19 pandemic, at an average base rent of
$145.19 psf, and there were also two recent expansions by the
property's major gallery tenants, Gagosian Gallery and JN
Contemporary, since July 2020, at an average base rent of $145.82
psf. All four new and expansion leases have a base rent that is
considerably higher than the average base rent of $129.24 psf for
the in-place gallery tenants. As an alternative to the
gallery-specific usage, all of these spaces are also
interchangeable as office spaces, and they command base rents that
are closely in line. These average $129.24 psf for the gallery
tenants and $125.67 psf for the office tenants.

RATING SENSITIVITIES

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

-- Improvement in cash flow increases property value and capacity
    to meet its debt service obligations. Class A is rated at the
    highest rating level and cannot be upgraded further.

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

Declining cash flow decreases property value and capacity to meet
its debt service obligations. A 20% decline in Fitch's NCF indicate
the following model implied rating sensitivities:

-- Class A from 'AAAsf' to 'Asf'; class B from 'AA-sf' to 'BBB
    sf';

-- Class C from 'A-sf' to 'BBsf'; class D from 'BBB-sf' to
    'B+sf';

-- Class E from 'BB-sf' to 'CCCsf';

-- Class F from 'B-sf' to 'CCCsf'.

The presale report includes a detailed explanation of additional
stresses and sensitivities.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to the mortgage loan and
related mortgaged property in the data file. Fitch considered this
information in its analysis, and it did not have an effect on
Fitch's analysis or conclusions.

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.


CSMC 2021-NQM5: S&P Assigns Prelim B(sf) Rating on Class B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CSMC
2021-NQM5 Trust's mortgage pass-through notes.

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

The preliminary ratings are based on information as of July 26,
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, DLJ Mortgage Capital Inc. as well as
S&P Global Ratings reviewed originators; 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.

  Preliminary Ratings Assigned

  CSMC 2021-NQM5 Trust

  Class A-1, $232,068,000: AAA (sf)
  Class A-2, $ 20,971,000: AA (sf)
  Class A-3, $ 28,681,000: A (sf)
  Class M-1, $ 13,107,000: BBB (sf)
  Class B-1, $ 7,247,000: BB (sf)
  Class B-2, $ 4,626,000: B (sf)
  Class B-3, $ 1,696,591: NR
  Class A-IO-S, Notional(i): NR
  Class XS, Notional(ii): NR
  Class PT(iii), $308,396,591: NR
  Class R: NR

(i)The notional amount will equal the aggregate interest-bearing
principal balance of the mortgage loans as of the first day of the
related due period and is initially $308,384,476.

(ii)The notional amount will equal the aggregate principal balance
of the mortgage loans as of the first day of the related due period
and is initially $308,396,591.

(iii)Certain initial exchangeable notes are exchangeable for the
exchangeable notes and vice versa.
NR--Not rated.



CSMC TRUST 2021-RPL6: Fitch to Rate Class B2 Notes 'B(EXP)'
-----------------------------------------------------------
Fitch Ratings expects to rate CSMC 2021-RPL6 Trust's (CSMC
2021-RPL6) residential mortgage-backed notes.

DEBT              RATING
----              ------
CSMC 2021-RPL6

A1    LT  AAA(EXP)sf  Expected Rating
A1A   LT  AAA(EXP)sf  Expected Rating
A1X   LT  AAA(EXP)sf  Expected Rating
M1    LT  AA(EXP)sf   Expected Rating
M2    LT  A(EXP)sf    Expected Rating
M3    LT  BBB(EXP)sf  Expected Rating
B1    LT  BB(EXP)sf   Expected Rating
B2    LT  B(EXP)sf    Expected Rating
B3    LT  NR(EXP)sf   Expected Rating
B4    LT  NR(EXP)sf   Expected Rating
B5    LT  NR(EXP)sf   Expected Rating
AIOS  LT  NR(EXP)sf   Expected Rating
XS    LT  NR(EXP)sf   Expected Rating
PT    LT  NR(EXP)sf   Expected Rating
SA    LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by CSMC 2021-RPL6 Trust as indicated. The transaction is
expected to close on July 28, 2021. The notes are supported by one
collateral group that consists of 2,274 seasoned performing loans
(SPLs) and re-performing loans (RPLs) with a total balance of
approximately $346.3 million, including $30.4 million in deferred
balances.

Distributions of principal and interest (P&I) and loss allocations
are based on a traditional senior-subordinate, sequential
structure. The sequential-pay structure locks out principal to the
subordinated notes until the most senior notes outstanding are paid
in full. The servicers will not be advancing delinquent monthly
payments of P&I.

KEY RATING DRIVERS

Distressed Performance History (Negative): The collateral pool
consists primarily of peak-vintage SPLs and RPLs. Based on Fitch's
treatment of coronavirus-related forbearance and deferral loans,
approximately 40.7% of the loans were treated as having clean
payment histories for the past two years and the remaining 52.5% of
the loans are current but have had recent delinquencies or
incomplete 24-month pay strings. As of the cutoff date, 6.8% of the
loans in the pool are being treated as currently delinquent.
Roughly 84.3% of the loans have been modified.

Sequential Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
that class in the absence of servicer advancing.

No Servicer P&I Advances (Mixed): The servicer will not be
advancing delinquent monthly payments of P&I, which reduce
liquidity to the trust. P&I advances made on behalf of loans that
become delinquent and eventually liquidate reduce liquidation
proceeds to the trust. Due to the lack of P&I advancing, the
loan-level loss severity is less for this transaction than for
those where the servicer is obligated to advance P&I. Structural
provisions and cash flow priorities, together with increased
subordination, provide for timely payments of interest to the
'AAAsf' and 'AAsf' rated classes.

Updated Economic Risk Factor (Positive): Consistent with the
Additional Scenario Analysis section of Fitch's "U.S. RMBS
Coronavirus-Related Analytical Assumptions" criteria, Fitch will
consider applying an additional scenario analysis based on stressed
assumptions as described in the section to remain consistent with
significant revisions to its macroeconomic baseline scenario or if
actual performance data indicate the current assumptions require
reconsideration.

In response to revisions to Fitch's macroeconomic baseline
scenario, observed actual performance data and the unexpected
development in the health crisis arising from the advancement and
availability of coronavirus vaccines, Fitch reconsidered the
application of the coronavirus-related Economic Risk Factor (ERF)
floors of 2.0 and instead used ERF floors of 1.5 and 1.0 for the
'BBsf' and 'Bsf' rating stresses, respectively.

Fitch's "Global Economic Outlook — March 2021" and related
baseline economic scenario forecasts have been revised to 6.2% U.S.
GDP growth for 2021 and 3.3% for 2022 following a 3.5% GDP
contraction in 2020. Additionally, Fitch's U.S. unemployment
forecasts for 2021 and 2022 are 5.8% and 4.7%, respectively, down
from 8.1% in 2020. These revised forecasts support Fitch reverting
to the 1.5 and 1.0 ERF floors described in its "U.S. RMBS Loan Loss
Model Criteria."

RATING SENSITIVITIES

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analyses was conducted at the
state and national levels to assess the effect of higher MVDs for
the subject pool as well as lower MVDs, illustrated by a gain in
home prices.

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

-- This defined positive rating sensitivity analysis demonstrates
    how the ratings would react to positive home price growth of
    10% with no assumed overvaluation. Excluding the senior class,
    which is already rated 'AAAsf', the analysis indicates there
    is potential positive rating migration for all of the rated
    classes. Specifically, a 10% gain in home prices would result
    in a full category upgrade for the rated class excluding those
    being assigned ratings of 'AAAsf'.

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

-- This defined negative rating sensitivity analysis demonstrates
    how the ratings would react to steeper MVDs at the national
    level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in
    addition to the model-projected 41.5% at the 'AAA' level. The
    analysis indicates that there is some potential rating
    migration with higher MVDs for all rated classes, compared
    with the model projection. Specifically, a 10% additional
    decline in home prices would lower all rated classes by one
    full category.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC, Opus CMC, Clayton Services and Residential
Real Estate Review Management. The third-party due diligence
described in Form 15E focused on regulatory compliance which
covered applicable federal, state and local high-cost loan and/or
anti-predatory laws, as well as the Truth-in-Lending Act (TILA) and
Real Estate Settlement Procedures Act (RESPA).

A third-party due diligence review was completed on 100% of the
loans in the transaction pool by loan count.

Fitch considered this information in its analysis and, as a result,
Fitch made the following adjustment(s) to its analysis:

The regulatory compliance review indicated that 202 reviewed loans,
or approximately 9% of the review sample, were found to have a
material defect and, therefore, assigned a final grade of 'C' or
'D'.

Of the reviewed loans, 110, or approximately 4.8% of the review
sample, received a final grade of 'D', as the loan file did not
have a final HUD-1 for compliance testing purposes. The absence of
a final HUD-1 file prevents the TPR firm from properly testing for
compliance surrounding predatory lending in which statute of
limitations does not apply. These regulations may expose the trust
to potential assignee liability in the future and create added risk
for bond investors.

The remaining 90 loans with final grades of 'C' or 'D' reflect
missing final HUD-1 files that are not subject to predatory
lending, missing state disclosures and other missing documents
related to compliance testing. Fitch notes that these exceptions
are unlikely to add material risk to bondholders since the statute
of limitations on these issues have expired. No adjustments to loss
expectations were made for these 90 loans.

Fitch also applied an adjustment on 43 loans that had missing
modification agreements. Each loan received a three-month
foreclosure timeline extension to represent a delay in the event of
liquidation as a result of these files not being present.

Fitch increased its loss expectation at the 'AAAsf' level by
approximately 319 bps to reflect these findings.

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.


CSWF TRUST 2018-TOP: DBRS Hikes Class G Certs Rating to BB
----------------------------------------------------------
DBRS Limited upgraded its ratings on four classes of Commercial
Mortgage Pass-Through Certificates, Series 2018-TOP issued by CSWF
Trust 2018-TOP as follows:

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

DBRS Morningstar also confirmed its rating on the remaining class
as follows:

-- Class H at B (low) (sf)

All trends are Stable. DBRS Morningstar also discontinued the
rating on Class C due to full repayment with the June 2021
remittance.

The rating upgrades are reflective of the continued release of
collateralized properties and the resultant prepayments to the
trust. In total, eight properties have been released since
issuance, reducing the deal's balance by 67.0%. Three of those
properties were released since DBRS Morningstar's prior review in
April 2021, resulting in $60.7 million passing through the trust's
waterfall, repaying Class B and Class C in full, and considerably
paying down Class D.

The loan and deal structures include a number of features that were
designed to adjust as the loan pays down. At the deal level,
prepayment proceeds on the first 20.0% of the pool balance were to
be distributed pro rata, with proceeds above that threshold to be
distributed sequentially. With the repayments as of April 2021, the
20.0% threshold was met and the sequential payment structure is now
being followed. In addition, there was a tiered property release
premium that was increased from the initial requirement of 105.0%
of the allocated principal balance to 115.0% of the allocated
principal balance with the property releases as of April 2021.

The transaction sponsor, TPG Real Estate's TPG Real Estate Partners
Fund II, used the collateral loan to acquire and recapitalize the
fee simple and leasehold interests in a portfolio of 15 mostly
single-tenant Class A office properties totaling 3.1 million square
feet (sf) in 11 states. The loan facilitated the sponsor's (1)
buyout of Gramercy Property Trust's (GPT) interest in Strategic
Office Partners, a joint venture between the sponsor and GPT, and
(2) its acquisition of four of the original assets included in the
portfolio. The seven properties remaining in the trust total 1.5
million sf and are primarily located in secondary markets across
the U.S. including Charlotte, North Carolina; San Bernardino,
California; Tampa, Florida; Tempe, Arizona; San Antonio, Texas;
Lawrenceville, Georgia; and Burbank, California. Major tenants in
the remaining properties include Bank of America; Wells Fargo;
Bristol Myers Squibb Company; and Amazon.com, Inc. The loan was
added to the servicer's watchlist in May 2021 given the upcoming
maturity in August 2021. According to the servicer, the borrower
will be exercising its second one-year extension to extend the
maturity to August 2022.

For the purposes of this analysis, DBRS Morningstar considered both
a base-case stress and an upgrade stress on the property values for
the remaining collateral. The base-case stress was based on the
values derived by DBRS Morningstar as part of the rating actions
taken in April 2020, when DBRS Morningstar assigned the ratings.
The resulting value is $243.1 million, a -15.3% variance from the
aggregate appraised value of the remaining properties. The DBRS
Morningstar net cash flow (NCF) for the remaining properties is
$19.9 million, a -4.2% variance from the Issuer's NCF, and implying
an 8.2% weighted-average cap rate on the pool. The upgrade stress
assumed a 20.0% haircut to the base-case values given the increased
concentration risk for the remaining collateral and the continued
unknowns posed by the Coronavirus Disease (COVID-19) pandemic.

DBRS Morningstar made negative qualitative adjustments to the final
loan-to-value sizing benchmarks used for this rating analysis,
totaling -4.0% to account for cash flow volatility, property
quality, and market fundamentals.

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



DIAMETER CREDIT I: Moody's Assigns Ba3 Rating to $28.425MM E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a rating to one class of CDO
notes issued by Diameter Credit Funding I, Ltd. (the "Issuer").

Moody's rating action is as follows:

US$28,425,000 Class E Junior Secured Deferrable Fixed Rate Notes
Due 2037, Assigned Ba3 (sf)

Additionally, Moody's has upgraded the ratings on the following
outstanding notes issued by the Issuer on the original closing
date:

US$36,700,000 Class B Senior Secured Fixed Rate Notes Due 2037,
Upgraded to Aa1 (sf); previously on May 30, 2019 Assigned Aa3 (sf)

US$12,300,000 Class C Mezzanine Secured Deferrable Fixed Rate Notes
Due 2037, Upgraded to A1 (sf); previously on May 30, 2019 Assigned
A3 (sf)

US$12,900,000 Class D Mezzanine Secured Deferrable Fixed Rate Notes
Due 2037, Upgraded to Baa1 (sf); previously on May 30, 2019
Assigned Baa3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CDO. The issued notes are
collateralized primarily by a portfolio of corporate bonds and
loans.

Diameter Capital Partners LP (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 remaining
reinvestment period.

The Issuer previously issued one other classes of secured notes and
one class of subordinated notes, which will remain outstanding.

In addition to the issuance of the Class E Notes, other changes to
transaction include reduction of coupon on the Class B Notes, the
Class C Notes and the Class D Notes and extensions of the non-call
period.

Moody's rating actions on the Class B Notes, the Class C Notes, and
the Class D Notes are primarily a result of the reduction in
coupon, which increases excess spread available as credit
enhancement to the rated notes. Additionally, the Notes benefited
from a shortening of the weighted average life (WAL).

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

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

Performing par and principal proceeds balance: $275,000,000

Defaulted par: $0

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3400

Weighted Average Coupon (WAC): 6.40%

Weighted Average Recovery Rate (WARR): 35.08%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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


DT AUTO 2021-3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to DT Auto
Owner Trust 2021-3's asset-backed notes series 2021-3.

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

The preliminary ratings are based on information as of July 28,
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:

-- Credit support of 62.8%, 57.8%, 47.9%, 37.3%, and 34.5% for the
class A, B, C, D, and E notes, respectively, based on stressed
break-even cash flow scenarios (including excess spread). These
credit support levels provide approximately 2.35x, 2.10x, 1.70x,
1.33x, and 1.20x coverage of its expected net loss range of
26.00%-27.00% for the class A, B, C, D, and E notes, respectively.
Credit enhancement also covers cumulative gross losses of
approximately 89.7%, 82.5%, 73.7%, 57.4%, and 53.0%, respectively,
assuming a 30% recovery rate for the class A and B notes, and a 35%
recovery rate for the class C, D, and E notes.

-- The timely interest and principal payments by the legal final
maturity dates made under stressed cash flow modeling scenarios
that S&P deems appropriate for the assigned preliminary ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(1.37x S&P's expected loss level), all else being equal, its
ratings will be within the credit stability limits specified by
section A.4 of the Appendix contained in S&P Global Rating
Definitions.

-- The collateral characteristics of the subprime pool being
securitized, including a high percentage (approximately 76%) of
obligors with higher payment frequencies (more than once a month),
which S&P expects will result in a somewhat faster paydown on the
pool.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

  Preliminary Ratings Assigned

  DT Auto Owner Trust 2021-3(i)

  Class A, $206.10 million: AAA (sf)
  Class B, $46.80 million: AA (sf)
  Class C, $60.30 million: A (sf)
  Class D, $80.55 million: BBB- (sf)
  Class E, $13.06 million: BB- (sf)

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



FIRSTKEY HOMES 2021-SFR1: DBRS Finalizes BB(low) Rating on F Certs
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Single-Family
Rental Pass-Through Certificates issued by FirstKey Homes 2021-SFR1
Trust:

-- $867.9 million Class A at AAA (sf)
-- $183.9 million Class B at AA (sf)
-- $143.7 million Class C at A (sf)
-- $166.7 million Class D at BBB (high) (sf)
-- $126.4 million Class E1 at BBB (sf)
-- $97.7 million Class E2 at BBB (low) (sf)
-- $103.5 million Class F1 at BB (sf)
-- $57.5 million Class F2 at BB (sf)
-- $46.0 million Class F3 at BB (low) (sf)
-- $46.0 million Class G at B (high) (sf)
-- $224.1 million Class E at BBB (low) (sf)
-- $206.9 million Class F at BB (low) (sf)

The AAA (sf) rating on the Class A Certificates reflects 58.1% of
credit enhancement provided by subordinated notes in the pool. The
AA (sf), A (sf), BBB (high) (sf), BBB (sf), BBB (low) (sf), BB
(sf), BB (low) (sf), and B (high) (sf) ratings reflect 49.2%,
42.2%, 34.2%, 28.1%, 23.3%, 15.6%, 13.3%, and 11.1% of credit
enhancement, respectively.

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

The Certificates are supported by the income streams and values
from 9,238 rental properties. The properties are distributed across
16 states and 42 metropolitan statistical areas (MSAs) in the U.S.
DBRS Morningstar maps an MSA based on the ZIP code provided in the
data tape, which may result in different MSA stratifications than
those provided in offering documents. As measured by broker price
opinion value, 56.5% of the portfolio is concentrated in three
states: Florida (29.0%), Georgia (16.2%), and North Carolina
(11.3%). The average value is $248,858. The average age of the
properties is roughly 30 years. The majority of the properties have
three or more bedrooms. The Certificates represent a beneficial
ownership in an approximately five-year, fixed-rate, interest-only
loan with an initial aggregate principal balance of approximately
$2.1 billion.

DBRS Morningstar finalized the provisional ratings for each class
of Certificates by performing a quantitative and qualitative
collateral, structural, and legal analysis. This analysis uses DBRS
Morningstar's single-family rental subordination model and is based
on DBRS Morningstar's published criteria. DBRS Morningstar
developed property-level stresses for the analysis of single-family
rental assets. DBRS Morningstar assigned the provisional ratings to
each class based on the level of stresses each class can withstand
and whether such stresses are commensurate with the applicable
rating level. DBRS Morningstar's analysis includes estimated
base-case net cash flows (NCFs) by evaluating the gross rent,
concession, vacancy, operating expenses, and capital expenditure
data. The DBRS Morningstar NCF analysis resulted in a minimum debt
service coverage ratio of higher than 1.0 times.

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



FORTRESS CREDIT XI: S&P Assigns (P) BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit BSL XI Ltd.'s fixed- and floating-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 July 28,
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.

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

  Preliminary Ratings Assigned

  Fortress Credit BSL XI Ltd.

  Class A, $240.00 million: AAA (sf)
  Class B-1, $39.00 million: AA (sf)
  Class B-2, $17.00 million: AA (sf)
  Class C, $26.00 million: A (sf)
  Class D, $24.00 million: BBB- (sf)
  Class E, $15.00 million: BB- (sf)
  Subordinated notes, $41.80 million: Not rated



FREDDIE MAC 2021-DNA5: DBRS Gives Prov. BB Rating on Cl. B-1 Notes
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk (STACR) REMIC 2021-DNA5 Notes to be
issued by Freddie Mac STACR REMIC Trust 2021-DNA5 (STACR
2021-DNA5):

-- $169.0 million Class M-1 at BBB (high) (sf)
-- $169.5 million Class M-2A at BBB (sf)
-- $169.5 million Class M-2B at BBB (low) (sf)
-- $169.5 million Class B-1A at BB (high) (sf)
-- $169.5 million Class B-1B at BB (sf)
-- $339.0 million Class M-2 at BBB (low) (sf)
-- $339.0 million Class M-2R at BBB (low) (sf)
-- $339.0 million Class M-2S at BBB (low) (sf)
-- $339.0 million Class M-2T at BBB (low) (sf)
-- $339.0 million Class M-2U at BBB (low) (sf)
-- $339.0 million Class M-2I at BBB (low) (sf)
-- $169.5 million Class M-2AR at BBB (sf)
-- $169.5 million Class M-2AS at BBB (sf)
-- $169.5 million Class M-2AT at BBB (sf)
-- $169.5 million Class M-2AU at BBB (sf)
-- $169.5 million Class M-2AI at BBB (sf)
-- $169.5 million Class M-2BR at BBB (low) (sf)
-- $169.5 million Class M-2BS at BBB (low) (sf)
-- $169.5 million Class M-2BT at BBB (low) (sf)
-- $169.5 million Class M-2BU at BBB (low) (sf)
-- $169.5 million Class M-2BI at BBB (low) (sf)
-- $169.5 million Class M-2RB at BBB (low) (sf)
-- $169.5 million Class M-2SB at BBB (low) (sf)
-- $169.5 million Class M-2TB at BBB (low) (sf)
-- $169.5 million Class M-2UB at BBB (low) (sf)
-- $339.0 million Class B-1 at BB (sf)
-- $169.5 million Class B-1AR at BB (high) (sf)
-- $169.5 million Class B-1AI at BB (high) (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 (high) (sf), BBB (sf), BBB (low) (sf), BB (high) (sf), and
BB (sf) ratings reflect 1.750%, 1.500%, 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-DNA5 is the 27th transaction in the STACR DNA series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the 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 230,280
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 April 2020 and were securitized by Freddie Mac between
November 1, 2020, and December 31, 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.

Unlike prior STACR transactions, the minimum credit enhancement
test for STACR 2021-DNA5 is not set to fail at the Closing Date,
allowing rated classes to receive principal payments from the First
Payment Date, provided the other two performance
tests—delinquency test and cumulative net loss test—are met.
Additionally, the nonsenior tranches will also be entitled to a
supplemental subordinate reduction amount if the offered reference
tranche percentage increases above 5.50%.

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. This transaction is the first
STACR transaction setting the Class B3H's coupon rate to be the
SOFR benchmark rate without any spread. This may reduce the cushion
that rated classes have to the extent any modification losses
arise.

STACR 2021-DNA5 is the first DNA transaction with a STACR REMIC
structure with a 12.5-year deal term. The Notes will be scheduled
to mature on the payment date in January 2034, but they 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 Stable trend and R-1
(high) with a Stable trend by DBRS Morningstar) will act as the
Indenture Trustee and Exchange Administrator. 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 Bank of New York Mellon will act as the
Custodian.

The Reference Pool consists of approximately 1.0% 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 LTVs 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.

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures have caused an immediate economic contraction,
leading to sharp increases in unemployment rates and income
reductions for many consumers. Shortly after the onset of the
coronavirus, DBRS Morningstar saw an increase in the delinquencies
for many residential mortgage-backed securities (RMBS) asset
classes.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief, that may perform differently from traditional
delinquencies. At the onset of coronavirus, the option to forebear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearance in 2020 performed better than
expected, thanks to government aid, low LTVs, and acceptable
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes in recent months, delinquencies have been
gradually trending downward, as forbearance periods come to an end
for many borrowers.

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



FREDDIE MAC 2021-DNA5: S&P Assigns BB- (sf) Rating on B-1B Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Freddie Mac STACR REMIC
Trust 2021-DNA5'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 and the associated structural deal mechanics;

-- The REMIC structure, which reduces the counterparty exposure to
Freddie Mac for periodic principal and interest payments but also
pledges the Freddie Mac support (as a highly rated counterparty) to
cover any shortfalls on interest payments and make up for any
investment losses;

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

-- 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 the economic stress brought on by the COVID-19
pandemic may have on the performance of the mortgage borrowers in
the pool and the structural provisions included to address
corresponding forbearance and subsequent defaults.

  Ratings Assigned

  Freddie Mac STACR REMIC Trust 2021-DNA5

  Class A-H(i), $69,960,116,216: NR
  Class M-1, $169,500,000: BBB+ (sf)
  Class M-1H(i), $9,469,684: NR
  Class M-2, $339,000,000: BBB- (sf)
  Class M-2A, $169,500,000: BBB+ (sf)
  Class M-2AH(i), $8,969,684: NR
  Class M-2B, $169,500,000: BBB- (sf)
  Class M-2BH(i), $8,969,684: NR
  Class M-2R, $339,000,000: BBB- (sf)
  Class M-2S, $339,000,000: BBB- (sf)
  Class M-2T, $339,000,000: BBB- (sf)
  Class M-2U, $339,000,000: BBB- (sf)
  Class M-2I, $339,000,000: BBB- (sf)
  Class M-2AR, $169,500,000: BBB+ (sf)
  Class M-2AS, $169,500,000: BBB+ (sf)
  Class M-2AT, $169,500,000: BBB+ (sf)
  Class M-2AU, $169,500,000: BBB+ (sf)
  Class M-2AI, $169,500,000: BBB+ (sf)
  Class M-2BR, $169,500,000: BBB- (sf)
  Class M-2BS, $169,500,000: BBB- (sf)
  Class M-2BT, $169,500,000: BBB- (sf)
  Class M-2BU, $169,500,000: BBB- (sf)
  Class M-2BI, $169,500,000: BBB- (sf)
  Class M-2RB, $169,500,000: BBB- (sf)
  Class M-2SB, $169,500,000: BBB- (sf)
  Class M-2TB, $169,500,000: BBB- (sf)
  Class M-2UB, $169,500,000: BBB- (sf)
  Class B-1, $339,000,000: BB- (sf)
  Class B-1A, $169,500,000: BB+ (sf)
  Class B-1AR, $169,500,000: BB+ (sf)
  Class B-1AI, $169,500,000: BB+ (sf)
  Class B-1AH(i), $8,969,684: NR
  Class B-1B, $169,500,000: BB- (sf)
  Class B-1BH(i), 8,969,684: NR
  Class B-2, $339,000,000: NR
  Class B-2A, $169,500,000: NR
  Class B-2AR, $169,500,000: NR
  Class B-2AI, $169,500,000: NR
  Class B-2AH(i), $8,969,684: NR
  Class B-2B, $169,500,000: NR
  Class B-2BH(i), $8,969,684: NR
  Class B-3H(i), $178,469,685: NR

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


GOLDENTREE LOAN 10: S&P Assigns Prelim B- (sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GoldenTree
Loan Management U.S. CLO 10 Ltd./GoldenTree Loan Management U.S.
CLO 10 LLC's floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by GoldenTree Loan Management II L.P.

The preliminary ratings are based on information as of July 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; and

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

  Preliminary Ratings Assigned

  GoldenTree Loan Management U.S. CLO 10 Ltd./GoldenTree Loan
Management U.S. CLO 10 LLC

  Class X, $3.84 million: AAA (sf)
  Class A, $385.92 million: AAA (sf)
  Class B, $100.48 million: AA (sf)
  Class C (deferrable), $38.40 million: A (sf)
  Class D (deferrable), $38.40 million: BBB- (sf)
  Class E (deferrable), $24.96 million: BB- (sf)
  Class F (deferrable), $10.88 million: B- (sf)
  Subordinated notes, $36.95 million: Not rated



GS MORTGAGE 2010-C1: Moody's Cuts Cl. D Certs Rating to Caa3
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and downgraded the ratings on four classes of in GS Mortgage
Securities Corporation II Commercial Mortgages Pass-Through
Certificates Series 2010-C1 ("GSMS 2010-C1") as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Sep 1, 2020 Affirmed Aaa
(sf)

Cl. B, Downgraded to Aa3 (sf); previously on Sep 1, 2020 Downgraded
to Aa1 (sf)

Cl. C, Downgraded to Ba3 (sf); previously on Sep 1, 2020 Downgraded
to Ba1 (sf)

Cl. D, Downgraded to Caa3 (sf); previously on Sep 1, 2020 Confirmed
at Caa1 (sf)

Cl. E, Affirmed C (sf); previously on Sep 1, 2020 Affirmed C (sf)

Cl. X*, Downgraded to Caa2 (sf); previously on Sep 1, 2020
Downgraded to Caa1 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The rating on Cl. A-2 was affirmed because of the credit support
and the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio and Moody's stressed debt service coverage ratio
(DSCR), are within acceptable ranges.

The rating on Cl. E was affirmed because the rating is consistent
with Moody's expected loss plus realized losses. Class E has
already experienced a 88% realized loss as result of previously
liquidated loans.

The ratings on three P&I classes were downgraded due to the
exposure of the remaining loans to retail properties that have
experienced declining cash flow and occupancy. All of the remaining
loans have all been previously modified after failing to payoff at
their initial maturity dates. The three remaining loans are secured
by two Class B regional malls and one retail property located in
Manhattan, New York. The credit support of the three P&I classes
has also declined after one former loan, Burnsville Center,
liquidated with a 54% loss.

The rating on the IO Class (Cl. X) was downgraded due to a decline
in the credit quality of its referenced classes.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of commercial real estate as the US economy
continues on the path toward normalization. Economic activity will
continue to strengthen in 2021 because of several factors,
including the rollout of vaccines, growing household consumption
and an accommodative central bank policy. However, specific sectors
and individual businesses will remain weakened by extended pandemic
related restrictions. Stress on commercial real estate properties
will be most directly stemming from declines in hotel occupancies
(particularly related to conference or other group attendance) and
declines in foot traffic and sales for non-essential items at
retail properties.

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in September
2020.

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

DEAL PERFORMANCE

As of the July 12, 2021 distribution date, the transaction's
aggregate certificate balance has decreased by 81% to $153 million
from $788 million at securitization. The certificates are
collateralized by three mortgage loans that have all been
previously modified or extended after failing to payoff at their
initial maturity dates.

One loan, the Burnsville Center loan, has been liquidated from the
pool, resulting in an aggregate realized loss of $45 million (for
an average loss severity of 54%).

The largest loan is the 660 Madison Avenue Retail Loan ($73.4
million -- 48.1% of the pool), which is secured by a 264,000 square
foot (SF) retail property that formerly served as the Barneys New
York flagship store. Barneys filed for Chapter 11 bankruptcy in
August 2019 and was sold to Authentic Brands Group. Authentic
Brands Group closed this Barney's location in February 2020 and has
since backfilled 49% of the collateral. The property benefits from
its superior location on Madison Avenue between East 60th Street
and East 61st Street in Manhattan. The loan was modified in August
2020 with an 18 month maturity extension through January 2022 with
an option to extend to July 2022. Due to the low occupancy, the
property's cash flow was unable to cover its operating expenses in
2020. However, the loan has amortized 26% from securitization and
an updated appraisal in August 2020 valued the property well above
the loan balance. The loan has remained current under the terms of
the extension.

The second largest loan is the Mall at Johnson City Loan ($41.9
million -- 27% of the pool), which is secured by a 571,319 square
foot (SF) portion of a regional mall located in Johnson City,
Tennessee. The mall is anchored by JC Penney, Belk, Dick's Sporting
Goods, Forever 21 and formerly a Sears. The Sears store closed in
January 2020. As of March 2021, collateral occupancy was 84%
compared to 99% as of December 2019 and 98% at securitization. This
loan transferred to special servicing in November 2019 due to
imminent maturity default and was subsequently modified with a
three-year loan maturity extension through May 2023. As part of the
modification the borrower funded reserve accounts and paid down the
principal balance by $5 million. The mall was temporarily closed
due to the coronavirus outbreak, and the borrower was temporarily
unable to make certain required reserve and principal payments. The
borrower and special servicer entered into a Standstill Agreement
in June 2020 whereby three full payments (P&I and escrows) May,
June and July (with an option of August) will be deferred and
repaid over 12 months. The borrower was also permitted to use
existing reserves to cover operating shortfalls. The mall has been
re-opened since May 2020, however, the property's net operating
income and occupancy have declined in recent years. The sponsor,
Washington Prime Group, entered into voluntary Chapter 11
bankruptcy proceedings in June 2021, however, this property was
listed as a Tier 1 asset as part of the sponsor's first quarter
financial reporting. The loan has remained current as of its July
2021 remittance statement and has paid down 24% from
securitization.

The third largest loan is the Grand Central Mall Loan ($37.3
million -- 24% of the pool), which is located in Vienna, West
Virginia and is anchored by JC Penney, Belk, Regal, H&M and
Dunham's Sports. The loan is also sponsored by Washington Prime.
The former Sears space has been demolished and the sponsor has
constructed new inline space and added four major tenants to the
center including Ross Dress For Less, HomeGoods, TJ Maxx and
PetSmart. The mall's performance peaked in 2015, however, starting
in 2016 the property's NOI has declined annually. Due to the
property's performance and the negative impacts of the coronavirus
outbreak, the borrower and special servicer entered into a
Standstill Agreement on July 15, 2020 whereby three full payments
(P&I and escrows) June, July and August (with the option of
September) was deferred and required to be repaid over 12 months.
The borrower was also permitted to use existing reserves to cover
operating shortfalls. The initial maturity date was also extended
12-months to July 2021. The loan has amortized 17% from
securitization and the property was listed as a Tier 1 asset as
part of the sponsor's first quarter financial reporting. However,
the loan was unable to payoff at its extended maturity date and as
of the July 2021 remittance statement the loan was last paid
through June 2021.


GS MORTGAGE 2021-PJ7: DBRS Gives Prov. B Rating on Class B-5 Certs
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2021-PJ7 to be issued by
GS Mortgage-Backed Securities Trust 2021-PJ7:

-- $740.4 million Class A-1 at AAA (sf)
-- $740.4 million Class A-2 at AAA (sf)
-- $93.4 million Class A-3 at AAA (sf)
-- $93.4 million Class A-4 at AAA (sf)
-- $444.2 million Class A-5 at AAA (sf)
-- $444.2 million Class A-6 at AAA (sf)
-- $555.3 million Class A-7 at AAA (sf)
-- $555.3 million Class A-7-X at AAA (sf)
-- $555.3 million Class A-8 at AAA (sf)
-- $111.1 million Class A-9 at AAA (sf)
-- $111.1 million Class A-10 at AAA (sf)
-- $296.2 million Class A-11 at AAA (sf)
-- $296.2 million Class A-11-X at AAA (sf)
-- $296.2 million Class A-12 at AAA (sf)
-- $185.1 million Class A-13 at AAA (sf)
-- $185.1 million Class A-14 at AAA (sf)
-- $49.4 million Class A-15 at AAA (sf)
-- $49.4 million Class A-15-X at AAA (sf)
-- $49.4 million Class A-16 at AAA (sf)
-- $49.4 million Class A-17 at AAA (sf)
-- $49.4 million Class A-17-X at AAA (sf)
-- $49.4 million Class A-18 at AAA (sf)
-- $49.4 million Class A-18-X at AAA (sf)
-- $789.8 million Class A-19 at AAA (sf)
-- $789.8 million Class A-20 at AAA (sf)
-- $93.4 million Class A-21 at AAA (sf)
-- $883.2 million Class A-X-1 at AAA (sf)
-- $740.4 million Class A-X-2 at AAA (sf)
-- $93.4 million Class A-X-3 at AAA (sf)
-- $93.4 million Class A-X-4 at AAA (sf)
-- $444.2 million Class A-X-5 at AAA (sf)
-- $111.1 million Class A-X-9 at AAA (sf)
-- $185.1 million Class A-X-13 at AAA (sf)
-- $8.8 million Class B-1 at AA (sf)
-- $13.5 million Class B-2 at A (sf)
-- $10.7 million Class B-3 at BBB (sf)
-- $7.9 million Class B-4 at BB (sf)
-- $1.9 million Class B-5 at B (sf)

Classes A-7-X, A-11-X, A-15-X, A-17-X, A-18-X, A-X-1, A-X-2, A-X-3,
A-X-4, A-X-5, A-X-9, and A-X-13 are interest-only certificates. The
class balances represent notional amounts.

Classes A-1, A-2, A-4, A-6, A-7, A-7-X, A-8, A-10, A-11, A-11-X,
A-12, A-14, A-16, A-17, A-17-X, A-18, A-18-X, A-19, A-20, A-21, and
A-X-2 are exchangeable certificates. These classes can be exchanged
for combinations of exchange certificates as specified in the
offering documents.

Classes A-1, A-2, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12, A-13,
A-14, A-15, A-16, A-17, A-18, A-19, and A-20 are super-senior
certificates. These classes benefit from additional protection from
the senior support certificates (Classes A-3 and A-4) with respect
to loss allocation.

The AAA (sf) ratings on the Certificates reflect 4.95% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 4.00%, 2.55%,
1.40%, 0.55%, and 0.35% of credit enhancement, respectively.

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

This securitization is a portfolio of first-lien fixed-rate prime
residential mortgages funded by the issuance of the Certificates.
The Certificates are backed by 953 loans with a total principal
balance of $929,183,733 as of the Cut-Off Date (July 1, 2021).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years and a weighted-average loan
age of three months. Approximately 92.2% of the pool are
traditional, nonagency, prime jumbo mortgage loans. The remaining
7.8% of the pool are conforming, high-balance mortgage loans that
were underwritten using an automated underwriting system designated
by Fannie Mae or Freddie Mac and were eligible for purchase by such
agencies. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section of the
related presale report.

The originators for the mortgage pool are Guaranteed Rate, Inc,
Guaranteed Rate Affinity, LLC, and Proper Rate, LLC, together as
Guaranteed Rate Parties (46.2%); CrossCountry Mortgage, LLC
(14.7%); and various other originators, each comprising less than
10.0% of the mortgage loans. Goldman Sachs Mortgage Company is the
Sponsor and the Mortgage Loan Seller of the transaction. For
certain originators, the related loans were sold to MAXEX Clearing
LLC (10.4%) and were subsequently acquired by the Mortgage Loan
Seller.

NewRez LLC (doing business as Shellpoint Mortgage Servicing) will
service the mortgage loans within the pool. Wells Fargo Bank, N.A.
(rated AA with a Negative trend by DBRS Morningstar) will act as
the Master Servicer, Securities Administrator, Rule 17g-5
Information Provider, and Custodian. U.S. Bank Trust National
Association will serve as Delaware Trustee. Pentalpha Surveillance
LLC will serve as the representations and warranties (R&W) File
Reviewer.

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

No loans in this transaction, as permitted by the Coronavirus Aid,
Relief, and Economic Security Act, signed into law on March 27,
2020, had been granted forbearance plans because the borrowers
reported financial hardship related to the Coronavirus Disease
(COVID-19) pandemic.

Coronavirus Impact

The coronavirus pandemic and the resulting isolation measures have
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. DBRS Morningstar saw increases in delinquencies for many
residential mortgage-backed securities (RMBS) asset classes,
shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
coronavirus, because the option to forebear mortgage payments was
so widely available, it drove forbearance to a very high level.
When the dust settled, coronavirus-induced forbearance in 2020
performed better than expected, thanks to government aid, low
loan-to-value ratios, and good underwriting in the mortgage market
in general. Across nearly all RMBS asset classes, delinquencies
have been gradually trending down in recent months as forbearance
period comes to an end for many borrowers.

In connection with the economic stress assumed under its moderate
scenario, DBRS Morningstar may assume higher loss expectations for
pools with loans on forbearance plans.

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

The ratings reflect transactional weaknesses that include their R&W
framework, entities lacking financial strength or securitization
history, servicer's financial capabilities, and borrowers on
forbearance plans.

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



JP MORGAN 2007-LDP12: Fitch Affirms D Rating on 15 Tranches
-----------------------------------------------------------
Fitch has downgraded one class of J.P. Morgan Chase Mortgage
Securities Trust 2007-LDP12 and affirmed the remaining classes
rated 'Dsf'. Class A-J is downgraded to 'CCsf' from 'CCCsf' due to
a higher certainty of loss. The largest loan in special servicing,
Oheka Castle (combined, 63.1% of the pool), is bifurcated into an A
and B note. The loan is secured by a 32-room full service hotel
located in Huntington, NY. The property operates largely as a
special events venue, namely weddings, and catering facility. The
loan originally transferred to special servicing in 2012 after it
failed to pay off at its initial 2012 maturity.

The loan was modified and returned to the master servicer in 2013;
terms of the modification included an A and B note split, maturity
date extension to 2017, and the implementation of cash management.
The loan re-transferred to special servicing in 2015 as the
borrower failed to deposit funds into the cash management account
per the modification agreement. The special servicer was awarded
foreclosure and is awaiting a foreclosure sale date. Losses to
class A-J stemming from this loan, as well as the REO single tenant
retail asset (6.6% of the pool), are considered probable given the
increasing exposures from fees and expenses.

Fitch has affirmed all classes of Morgan Stanley Capital I Trust
(MSCI) commercial mortgage pass-through certificates series
2007-HQ12 at their distressed ratings of 'Csf' and 'Dsf'. The
largest asset is a shopping center located in Gainesville, VA. The
loan transferred to special servicing in September 2016 for
imminent maturity default and the asset became REO in June 2017.
The grocery anchor tenant, Shoppers Food Warehouse (64.4% NRA) went
dark in 2011 and a replacement tenant was never found.

The property is 25% occupied due to the former grocer and several
vacant inline spaces. There is currently approximately $4.1 million
in suspense being held for lease up costs due to buyout with former
grocer tenant. The property is not currently marketed for sale.
Losses to class F are considered inevitable.

Fitch has affirmed all classes of Wachovia Bank Commercial Mortgage
Trust, Series 2006-C28 at their distressed ratings of 'CCCsf' and
'Dsf'. The largest loan is secured by a 372,730-sf portion of a
514,903-sf retail center in Flanders, NJ, anchored by Lowe's (36%
NRA) and Walmart (non-collateral). The property's second largest
tenant, Babies R Us (10.2% of NRA, 7.1% of base rent) vacated in
April 2018 following the bankruptcy of its parent company.
Occupancy subsequently declined to 89% from 98.9% in December 2017.
As of YE 2020, occupancy is 83%. The former Babies R Us space
continues to be actively marketed.

The loan was interest-only, but failed to repay at its anticipated
repayment date in October 2016 and is now amortizing with all
excess cashflow being applied to the loan's principal balance. The
loan's final maturity date is October 2021. Fitch remains concerned
about potential refinance risk for this loan given its leasing
challenges, tenant roll and substantial balloon payment. Losses to
class D are considered possible.

Fitch has affirmed all classes of Wachovia Bank Commercial Mortgage
Trust, Series 2007-C30 at their distressed ratings of 'CCsf' and
'Dsf'. Both remaining assets are in special servicing and losses
are expected. The largest loan, Mercedes-Benz Central Parts
Warehouse (58% of pool), secured by a 518,400-sf industrial
warehouse in Vance, AL, transferred to special servicing in May
2016 for imminent maturity default.

The property is 100% leased to Mercedes-Benz US Industrial through
October 2021. Per servicer updates, the forbearance agreement
expired in January 2019. The borrower submitted a proposal to pay
off the loan at a deep discount in 2019, but the payoff request was
declined by the special servicer. Also, the borrower and special
servicer are in discussions for a one-year extension to the
previously expired forbearance agreement. Losses to class E are
considered probable.

Fitch Ratings has downgraded one distressed class and affirmed the
remaining distressed classes in Wells Fargo Bank, N.A. Commercial
Mortgage Trust, commercial mortgage pass-through certificates,
series 2011-C3 (WFRBS 2011-C3). The downgrade is due to a higher
certainty of loss. All remaining classes are expected to incur
losses and are considered inevitable. The remaining three assets
are regional malls, each of which are in special servicing: Park
Plaza (52.6% of the pool, REO); Oakdale Mall (33.7%, REO) and
Hampshire Mall (13.7%, non-performing matured balloon). Appraisal
valuations have declined significantly since issuance.

    DEBT              RATING          PRIOR
    ----              ------          -----
J.P. Morgan Chase Mortgage Securities Trust 2007-LDP12

A-J 46632HAL5   LT CCsf   Downgrade   CCCsf
B 46632HAM3     LT Dsf    Affirmed    Dsf
C 46632HAN1     LT Dsf    Affirmed    Dsf
D 46632HAP6     LT Dsf    Affirmed    Dsf
E 46632HAQ4     LT Dsf    Affirmed    Dsf
F 46632HAR2     LT Dsf    Affirmed    Dsf
G 46632HAS0     LT Dsf    Affirmed    Dsf
H 46632HAU5     LT Dsf    Affirmed    Dsf
J 46632HAW1     LT Dsf    Affirmed    Dsf
K 46632HAY7     LT Dsf    Affirmed    Dsf
L 46632HBA8     LT Dsf    Affirmed    Dsf
M 46632HBC4     LT Dsf    Affirmed    Dsf
N 46632HBE0     LT Dsf    Affirmed    Dsf
P 46632HBG5     LT Dsf    Affirmed    Dsf
Q 46632HBJ9     LT Dsf    Affirmed    Dsf
T 46632HBL4     LT Dsf    Affirmed    Dsf

Morgan Stanley Capital I Trust 2007-HQ12

F 61755BAP9     LT Csf    Affirmed    Csf
G 61755BAQ7     LT Dsf    Affirmed    Dsf
H 61755BAR5     LT Dsf    Affirmed    Dsf
J 61755BAS3     LT Dsf    Affirmed    Dsf
K 61755BAT1     LT Dsf    Affirmed    Dsf
L 61755BAU8     LT Dsf    Affirmed    Dsf
M 61755BAV6     LT Dsf    Affirmed    Dsf
N 61755BAW4     LT Dsf    Affirmed    Dsf
O 61755BAX2     LT Dsf    Affirmed    Dsf
P 61755BAY0     LT Dsf    Affirmed    Dsf
Q 61755BAZ7     LT Dsf    Affirmed    Dsf

WFRBS Commercial Mortgage Trust 2011-C3

D 92935VAS7     LT Csf    Downgrade   CCsf
E 92935VAU2     LT Csf    Affirmed    Csf
F 92935VAW8     LT Csf    Affirmed    Csf

Wachovia Bank Commercial Mortgage Trust 2007-C30

E 92978QAN7     LT CCsf   Affirmed    CCsf
F 92978QAP2     LT Dsf    Affirmed    Dsf
G 92978QAR8     LT Dsf    Affirmed    Dsf
H 92978QAT4     LT Dsf    Affirmed    Dsf
J 92978QAV9     LT Dsf    Affirmed    Dsf
K 92978QAX5     LT Dsf    Affirmed    Dsf

Wachovia Bank Commercial Mortgage Trust 2006-C28

D 92978MAM8     LT CCCsf  Affirmed    CCCsf
E 92978MAN6     LT Dsf    Affirmed    Dsf
F 92978MAT3     LT Dsf    Affirmed    Dsf
G 92978MAU0     LT Dsf    Affirmed    Dsf
H 92978MAV8     LT Dsf    Affirmed    Dsf
J 92978MAW6     LT Dsf    Affirmed    Dsf
K 92978MAX4     LT Dsf    Affirmed    Dsf
L 92978MAY2     LT Dsf    Affirmed    Dsf
M 92978MAZ9     LT Dsf    Affirmed    Dsf
N 92978MBA3     LT Dsf    Affirmed    Dsf
O 92978MBB1     LT Dsf    Affirmed    Dsf
P 92978MBC9     LT Dsf    Affirmed    Dsf

KEY RATING DRIVERS

High Expected Losses: Each of the five transactions have high
expected losses, as most of the remaining assets are in special
servicing or are considered Fitch Loans of Concern. Each
transaction has seven or fewer assets remaining and losses are
expected to impact most of the remaining classes.

Low Credit Enhancement (CE): Each of the remaining classes has low
CE. The distressed ratings on the bonds reflect insufficient CE to
absorb the expected losses.

RATING SENSITIVITIES

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

-- Although not expected, factors that could lead to upgrades
    include significant improvement in valuations and performance
    of the remaining assets.

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

-- All classes in these transactions are distressed. Further
    downgrades to 'Dsf' are expected as 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

WFRBS Commercial Mortgage Trust 2011-C3 has an ESG Relevance Score
of '4' for Exposure to Social Impacts due to the three remaining
loans/assets, all of which are specially serviced regional malls ,
that have a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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.


JP MORGAN 2021-INV2: S&P Assigns Prelim B-(sf) Rating in B-5 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Mortgage Trust 2021-INV2's mortgage pass-through certificates.

The issuance is an RMBS transaction backed by first-lien,
fixed-rate fully amortizing investment property mortgage loans
secured by one- to four-family residential properties,
condominiums, and planned-unit developments to primarily prime
borrowers.

The preliminary ratings are based on information as of July 22,
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 high-quality collateral in the pool;

-- The available credit enhancement;

-- The transaction's associated structural mechanics;

-- The representation and warranty framework for this
transaction;

-- The experienced aggregator;

-- The geographic concentration;

-- The 100% due diligence sampling results consistent with
represented loan characteristics; and

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

  Preliminary Ratings Assigned

  J.P. Morgan Mortgage Trust 2021-INV2(i)

  Class A-1, $391,405,000: AAA (sf)
  Class A-2, $359,650,000: AAA (sf)
  Class A-3, $302,106,000: AAA (sf)
  Class A-3-A, $302,106,000: AAA (sf)
  Class A-3-X, $302,106,000(ii): AAA (sf)
  Class A-4, $226,580,000: AAA (sf)
  Class A-4-A, $226,580,000: AAA (sf)
  Class A-4-X, $226,580,000(ii): AAA (sf)
  Class A-5, $75,526,000: AAA (sf)
  Class A-5-A, $75,526,000: AAA (sf)
  Class A-5-B, $75,526,000: AAA (sf)
  Class A-5-X, $75,526,000(ii): AAA (sf)
  Class A-6, $184,401,000: AAA (sf)
  Class A-6-A, $184,401,000: AAA (sf)
  Class A-6-X, $184,401,000(ii): AAA (sf)
  Class A-7, $117,705,000: AAA (sf)
  Class A-7-A, $117,705,000: AAA (sf)
  Class A-7-B, $117,705,000: AAA (sf)
  Class A-7-X, $117,705,000(ii): AAA (sf)
  Class A-8, $42,179,000: AAA (sf)
  Class A-8-A, $42,179,000: AAA (sf)
  Class A-8-X, $42,179,000(ii): AAA (sf)
  Class A-9, $19,569,000: AAA (sf)
  Class A-9-A, $19,569,000: AAA (sf)
  Class A-9-X, $19,569,000(ii): AAA (sf)
  Class A-10, $55,957,000: AAA (sf)
  Class A-10-A, $55,957,000: AAA (sf)
  Class A-10-X, $55,957,000(ii): AAA (sf)
  Class A-11, $57,544,000: AAA (sf)
  Class A-11-X, $57,544,000(ii): AAA (sf)
  Class A-11-A, $57,544,000: AAA (sf)
  Class A-11-AI, $57,544,000(ii): AAA (sf)
  Class A-11-B, $57,544,000: AAA (sf)
  Class A-11-BI, $57,544,000(ii): AAA (sf)
  Class A-12, $57,544,000: AAA (sf)
  Class A-13, $57,544,000: AAA (sf)
  Class A-14, $31,755,000: AAA (sf)
  Class A-15, $31,755,000: AAA (sf)
  Class A-16, $328,780,200: AAA (sf)
  Class A-17, $62,624,800: AAA (sf)
  Class A-X-1, $391,405,000(ii): AAA (sf)
  Class A-X-2, $391,405,000(ii): AAA (sf)
  Class A-X-3, $57,544,000(ii): AAA (sf)
  Class A-X-4, $31,755,000(ii): AAA (sf)
  Class B-1, $11,848,000: AA- (sf)
  Class B-1-A, $11,848,000: AA- (sf)
  Class B-1-X, $11,848,000(ii): AA- (sf)
  Class B-2, $6,982,000: A- (sf)
  Class B-2-A, $6,982,000: A- (sf)
  Class B-2-X, $6,982,000(ii): A- (sf)
  Class B-3, $5,924,000: BBB- (sf)
  Class B-4, $3,385,000: BB- (sf)
  Class B-5, $1,693,000: B- (sf)
  Class B-6, $1,904,606: NR
  Class A-R, value not applicable: Not rated

(i)The collateral and structural information in this report is
based on information as of July 22, 2021.
(ii)Notional balance.



JP MORGAN 2021-INV3: S&P Assigns Prelim B (sf) Rating B-5 Certs
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Mortgage Trust 2021-INV3's mortgage pass-through certificates.

The certificate issuance is an RMBS securitization backed by
first-lien, fixed-rate, fully amortizing investment property
mortgage loans secured by one- to four-family residential
properties, condominiums, and planned-unit developments to
primarily prime borrowers.

The preliminary ratings are based on information as of July 26,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The high-quality collateral in the pool,

-- The available credit enhancement,

-- The transaction's associated structural mechanics,

-- The representation and warranty framework for this
transaction,

-- The geographic concentration,

-- The experienced aggregator, and

-- The 100% due diligence results consistent with represented loan
characteristics.

  Preliminary Ratings Assigned

  J.P. Morgan Mortgage Trust 2021-INV3

  Class A-1, $347,413,000: AAA (sf)
  Class A-2, $319,763,000: AAA (sf)
  Class A-3, $239,822,000: AAA (sf)
  Class A-4, $79,941,000: AAA (sf)
  Class A-5, $27,650,000: AAA (sf)
  Class A-6, $347,413,000: AAA (sf)
  Class A-X-1, $347,413,000(i): AAA (sf)
  Class B-1, $7,712,000: AA (sf)
  Class B-2, $8,088,000: A (sf)
  Class B-3, $5,455,000: BBB (sf)
  Class B-4, $3,009,000: BB (sf)
  Class B-5, $2,445,000: B (sf)
  Class B-6, $2,069,951: Not rated
  Class A-R, not applicable: Not rated

  (i)Notional balance.



JPMCC COMMERCIAL 2016-JP2: DBRS Confirms B(low) Rating on F Certs
-----------------------------------------------------------------
DBRS, Inc. 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)

DBRS Morningstar changed the trends on Classes B, C, D, E, F, X-B,
and X-C to Negative from Stable to account for increased risk
associated with two of the pool's 10 largest loans, one of which is
specially serviced. All other trends are Stable.

The rating confirmations reflect the otherwise overall stable
performance of the transaction since issuance, when the transaction
consisted of 47 fixed-rate loans secured by 78 commercial and
multifamily properties with an initial trust balance of $939.2
million. As of the June 2021 remittance report, 45 loans remain in
the transaction with a current trust balance of $882.9 million,
representing a collateral reduction of 6.0% since issuance
resulting from amortization and the repayment of two loans.

The transaction is concentrated by property type as 10 loans,
representing 35.8% of the current trust balance, are secured by
office collateral while the second-largest concentration comprises
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.

As of the June 2021 remittance, one loan, representing 3.3% of the
pool, is in special servicing. Marriott Atlanta Buckhead
(Prospectus ID#4, 5.5% of the pool) is secured by a full-service
hotel consisting of 349 rooms in Atlanta's Buckhead neighborhood.
The loan transferred to special servicing in February 2021 for
payment default after the borrower requested relief related to the
Coronavirus Disease (COVID-19) pandemic. The borrower submitted an
initial proposal that was rejected and has since submitted a
revised proposal, which is currently under review while the special
servicer dual-tracks a foreclosure. In addition to the pandemic's
effects on full-service hotels in general, the property was likely
affected particularly acutely as its largest demand generator since
issuance has been the Meeting & Group segment, which may take a bit
longer to rebound than the Leisure segment. In addition, there have
been recent headlines regarding a stark increase in crime in
Buckhead in 2021, which may make the property a less attractive
option for travelers. As of the June 2021 remittance, the loan
reported an immaterial reserve balance, which could limit options
when contemplating a workout.

The largest loan in special servicing during the previous ratings
review, Hagerstown Premium Outlets (Prospectus ID#9, 3.3% of the
pool), transferred back to the master servicer in May 2021 after
the loan received temporary relief and deferred principal payments
from October 2020 through December 2020. Despite its return to the
master servicer, the loan is still at an increased risk given the
property's precipitous decline in occupancy in recent years,
falling to 51% as of YE2020 from 78% at YE2018. The drop in
occupancy was in large part because of the departure of the
property's largest tenant, Wolf Furniture (13.8% of the net
rentable area (NRA)), in Q1 2020 after its parent company filed for
bankruptcy.

The largest loan on the servicer's watchlist, 693 Fifth Avenue
(Prospectus ID#3, 6.8% of the pool), is secured by a mixed-use
office and retail property in Midtown Manhattan. The property had
been approximately 66% occupied since issuance until recently, with
more than 80% of rental income coming from the property's sole
retail tenant, Valentino (15.1% of NRA; lease expires July 2029).
Valentino took legal action against the borrower in June 2020 in
order to void its lease ahead of its expiry date, citing business
interruption as a result of the coronavirus pandemic, and vacated
its space in December 2020. In February 2021, a court rejected
Valentino's lawsuit to exit the lease, which prompted Valentino to
file an appeal. The borrower has simultaneously filed suit to
collect back rents from Valentino. The property's physical
occupancy decreased to its current level of 36% after JDS
Development Group (12% of gross leasable area) vacated in April
2021. Given the risks surrounding these properties, DBRS
Morningstar analyzed all three of the above loans with elevated
probabilities of default for this review.

At issuance, DBRS Morningstar shadow-rated one loan, The Shops at
Crystals (Prospectus ID#6, 5.7% 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 the loan remain consistent
with the investment-grade shadow rating.

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



KNDR TRUST 2021-KIND: Moody's Assigns (P)B2 Rating to Cl. F Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 12
classes of CMBS securities, issued by KNDR Trust 2021-KIND,
Commercial Mortgage Pass-Through Certificates, Series 2021-KIND:

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

Cl. A-Y**, Assigned (P)Aaa (sf)

Cl. A-Z**, Assigned (P)Aaa (sf)

Cl. A-IO****, Assigned (P)Aaa (sf)

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

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

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

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

Cl. F, Assigned (P)B2 (sf)

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

Cl. X-CP*, Assigned (P)Baa3 (sf)

Cl. X-FP*, Assigned (P)Baa3 (sf)

* Reflects interest-only classes

** Reflects exchangeable classes

**** Reflects interest-only and exchangeable classes

RATINGS RATIONALE

The certificates are collateralized by a single, floating-rate loan
secured by the borrower's fee simple interest in a portfolio of 549
childhood education centers located across 37 states and totaling
3.98 million SF. Moody's ratings are based on the credit quality of
the loans and the strength of the securitization structure.

The collateral portfolio is comprised of the borrower's fee simple
interests in a portfolio of 549 childhood education centers located
across 37 states and totaling 3.98 million SF. The portfolio is
100% leased to KinderCare Education LLC ("KinderCare") pursuant to
a single, unitary master lease. The portfolio has a weighted
average lease term ("WALT") of 11.7 years

Since August 2015, the portfolio has been 100% leased to KinderCare
pursuant to the master lease. The borrower has no landlord
operational obligations under the master lease. KinderCare is fully
current on its lease obligations as of the origination date. The
base rent of approximately $84.6 million ($21.29 PSF) is subject to
rent escalations of the lesser of CPI and 10% every five years. 500
of the properties have lease expirations in July 2033 (the "2033
Properties"), with two, five-year extension options, and the other
49 properties have lease expirations in July 2030 (the "2030
Properties").

The portfolio is geographically diversified and granular, with no
single property representing more than approximately 0.4% of NRA
and no single state representing more than approximately 11.0% of
NRA.

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

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this transaction,
Moody's make various adjustments to the MLTV. Moody's adjust the
MLTV for each loan using a value that reflects capitalization (cap)
rates that are between Moody's sustainable cap rates and market cap
rates. Moody's also use an adjusted loan balance that reflects each
loan's amortization profile. The MLTV reported in this publication
reflects the MLTV before the adjustments described in the
methodology.

The securitization consists of a single floating-rate,
interest-only, first lien mortgage loan with an outstanding cut-off
date principal balance of $641,800,000 (the "loan" or "mortgage
loan"). The mortgage loan has an initial two-year term, with three,
one-year extension options. The first mortgage balance of
$641,800,000 represents a Moody's LTV of 108.9%.

The Moody's first-mortgage DSCR is 4.48x and Moody's first-mortgage
stressed DSCR (at a 9.25% constant) is 1.17x. Moody's DSCR is based
on Moody's assessment of the property's stabilized NCF.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The Property's quality
grade is 2.25.

Notable strengths of the transaction include: tenant performance,
geographic diversity, portfolio granularity, experienced
sponsorship, and demographics and fundamental backbone.

Notable credit challenges of the transaction include: tenant
corporate credit profile, single tenant exposure,
floating-rate/interest-only mortgage loan profile and certain
credit negative legal features.

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

The principal methodology used in rating all classes except
interest-only classes, exchangeable classes, and interest-only and
exchangeable classes was "Moody's Approach to Rating Large Loan and
Single Asset/Single Borrower CMBS" published in September 2020.

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

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

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

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


LCCM 2021-FL2: DBRS Finalizes B(low) Rating on Class G Notes
------------------------------------------------------------
DBRS, Inc. finalized provisional ratings to the following classes
of Notes to be issued by LCCM 2021-FL2 Trust (LCCM 2021-FL2):

-- 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)

All trends are Stable.

With regard to the Coronavirus Disease (COVID-19) pandemic, the
magnitude and extent of performance stress posed to global
structured finance transactions remains 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, feeling
more immediate effects. DBRS Morningstar continues to monitor the
ongoing coronavirus pandemic and its impact on both the commercial
real estate sector and the global fixed income markets.
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 initial collateral consists of 23 floating-rate mortgage loans
or pari passu participation interests in mortgage loans secured by
27 mostly transitional assets with a cut-off balance of $607.5
million excluding approximately $125.8 million of future funding
commitments. The pool consists of nine multifamily properties
representing 31.4% of the pool balance, three office properties
with 23.3% of the pool balance, four mixed-use properties totaling
23.2% of the pool balance, three manufactured housing communities
totaling 9.2% of the pool balance, three retail properties totaling
6.0% of the pool balance, one hotel totaling 4.9% of the pool
balance, and one industrial property totaling 1.9% of the pool
balance.

For the 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 to the remaining fully extended
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 cut-off
balances were measured against the DBRS Morningstar As-Is Net Cash
Flow (NCF), 20 loans, totaling 94.4% of the initial pool, had a
DBRS Morningstar As-Is Debt Service Coverage Ratio (DSCR) below
1.00 times (x), a threshold indicative of default risk.
Furthermore, the DBRS Morningstar Stabilized DSCRs for 10 loans,
representing 43.9% of the initial pool balance, are below 1.00x.

All of the rated classes of the LCCM 2021-FL2 transaction have been
conveyed into a trust by Ladder Capital Corp. (Ladder Capital) to
issue corresponding classes of Secured Floating Rate Notes. All
DBRS Morningstar-rated classes will be subject to ongoing
surveillance, confirmations, upgrades, or downgrades by DBRS
Morningstar after the date of issuance. An affiliate of Ladder
Capital, an indirect wholly-owned subsidiary of the Sponsor (as
retention holder), will acquire the Class F, G, and H notes,
representing the most subordinate 18% of the transaction by
principal balance.

DBRS Morningstar completed a cash flow review and cash flow
stability and structural review on 15 of the 23 loans, representing
83.0% of the pool by loan balance. Overall, the Issuer's cash flows
were generally recent, from early 2021, and reflective of recent
conditions. For the loans not subject to NCF review, DBRS
Morningstar applied NCF variances of -32.7% and -26.0% to the
Issuer's as-is and stabilized NCFs, respectively, which are based
on average sampled NCF variances.

Seven of the 23 loans, representing 33.2% of the pool are in areas
with DBRS Morningstar Market Ranks of 7 or 8, which are generally
characterized as highly dense urbanized areas that benefit from
increased liquidity driven by consistently strong investor demand,
even during times of economic stress. DBRS Morningstar Market Ranks
of 7 and 8 benefit from lower default frequencies than less dense
suburban, tertiary, and rural markets. Urban markets represented in
the deal include Los Angeles, Seattle, New York, and Miami. Six
loans, representing 23.0% of the pool balance, have collateral in
Metropolitan Statistical (MSA) Group 3, which is the best
performing group in terms of historical commercial mortgage-backed
securities (CMBS) default rates among the top 25 MSAs. MSA Group 3
has a historical default rate of 17.2%, which is 10.8 percentage
points lower than the overall CMBS historical default rate of
28.0%.

Based on the initial pool balances, the overall weighted-average
(WA) DBRS Morningstar As-Is DSCR of 0.57x and WA DBRS Morningstar
As-Is Loan-to-Value Ratio (LTV) of 81.1% generally reflect
high-leverage financing. When measured against the DBRS Morningstar
Stabilized NCF, the WA DBRS Morningstar DSCR is estimated to
improve to 1.02x, suggesting that the properties are likely to have
improved NCFs once the sponsors' business plans have been
implemented. DBRS Morningstar has analyzed the loans to a
stabilized cash flow that is, in some instances, above the in-place
cash flow. It is possible that the sponsors will not successfully
execute their business plans and that the higher stabilized cash
flow will not materialize during the loan term, particularly with
the ongoing coronavirus pandemic and its impact on the overall
economy. A sponsor's failure to execute the business plan could
result in a term default or the inability to refinance the fully
funded loan balance. DBRS Morningstar made relatively conservative
stabilization assumptions and, in each instance, considered the
business plan to be rational and the future funding amounts to be
sufficient to execute such plans. In addition, DBRS Morningstar
analyzes loss severity given default LGD based on the as-is LTV,
assuming the loan is fully funded.

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


MARBLE POINT XXII: Moody's Assigns Ba3 Rating to $20.25MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Marble Point CLO XXII Ltd. (the "Issuer").

Moody's rating action is as follows:

US$256,000,000 Class A Senior Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$47,500,000 Class B Senior Floating Rate Notes due 2034, Assigned
Aa2 (sf)

US$19,250,000 Class C Mezzanine Deferrable Floating Rate Notes due
2034, Assigned A2 (sf)

US$25,000,000 Class D Mezzanine Deferrable Floating Rate Notes due
2034, Assigned Baa3 (sf)

US$20,250,000 Class E Mezzanine Deferrable Floating Rate Notes due
2034, Assigned Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

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

Marble Point XXII is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10.0% of
the portfolio may consist of second lien loans and unsecured loans.
The portfolio is approximately 92.5% ramped as of the closing
date.

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

In addition to the Rated Notes, the Issuer issued subordinated
notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

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

Par amount: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2845

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.50%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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

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


MORGAN STANLEY 2014-C18: DBRS Confirms B(low) Rating on X-C Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-C18 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2014-C18 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 B at AA (sf)
-- Class C at A (low) (sf)
-- Class PST at A (low) (sf)
-- Class X-B at BBB (low) (sf)
-- Class D at BB (high) (sf)
-- Class E at B (low) (sf)
-- Class X-C at B (low) (sf)
-- Class F at CCC (sf)

DBRS Morningstar also confirmed the ratings on the following
non-pooled rake bonds of the Commercial Mortgage Pass-Through
Certificates, Series 2014-C18, which are backed by the $244.4
million subordinate B note of the 300 North LaSalle loan:

-- Class 300-A at AA (high) (sf)
-- Class 300-B at A (sf)
-- Class 300-C at BBB (sf)
-- Class 300-D at BB (sf)
-- Class 300-E at B (high) (sf)

The trends for Classes D, E, X-B, and X-C are Negative. All other
trends are Stable except for Class F, which is assigned a rating
that does not carry a trend. Classes E and F continue to have
Interest in Arrears Designations.

The rating confirmations for this review reflect the overall stable
performance for the transaction since the December 2020 review,
when DBRS Morningstar downgraded the ratings for Classes D, E, and
X-B because of ongoing concerns with loans in special servicing and
on the servicer's watchlist. As of the June 2021 remittance, the
trust collateral consists of 51 of the original 65 loans, totaling
$924.2 million. Since issuance, there has been collateral reduction
of 34.2%. At the time of the December 2020 rating actions, the
largest loan in special servicing was the Ashford Hospitality
Portfolio C1 loan (Prospectus ID#4, 5.9% of the pool), and that
loan has since transferred back to the master servicer as of April
2021. The loan was approved for a forbearance agreement, which
allowed the borrower to use existing furniture, fixture, and
equipment reserves to cover debt service payments between April
2020 and July 2020. In addition, the mezzanine lender has taken
ownership of the borrower after a foreclosure on the mezzanine
loan, which had a cutoff balance of $8.4 million as of the subject
transaction's closing date, was completed in September 2020.

The subject loan is secured by three limited-service hotels located
in Florida and Kentucky. As of the June 2021 remittance, the master
servicer reports the trust loan is current and is on the servicer's
watchlist for monitoring due to the loan modification; low in-place
debt service coverage ratio (DSCR), which was reported at -0.02
times (x) as of the year-end (YE) 2020 reporting period; and recent
return from special servicing. Although the loan's return from the
special servicer and loan modification is generally viewed as a
positive development, DBRS Morningstar notes the performance
declines for the collateral hotel portfolio that preceded the onset
of the Coronavirus Disease (COVID-19) pandemic could continue to
depress performance even as leisure and business travel begins to
increase in the United States. As such, the probability of default
(PoD) penalty that was applied with the December 2020 review was
maintained in the analysis for this review, resulting in a
significantly increased expected loss for the loan.

As of the June 2021 remittance, there are seven loans in special
servicing representing 10.6% of the pool. These loans include two
additional Ashford Hospitality loans in the Ashford Hospitality
Portfolio C3 (Prospectus ID#4, 2.5% of the pool) and the Ashford
Hospitality Portfolio C2 (Prospectus ID#21, 1.3% of the pool)
loans, which were both approved for forbearances in December 2020
and continue to be monitored by the special servicer. Both loans
have reported current since February 2021 and both report updated
appraisals at values lower than issuance but above the respective
loan balances. There was no mezzanine debt on either portfolio as
of issuance. These two hotel portfolios also showed cash flow
declines prior to the onset of the coronavirus pandemic and were
analyzed with PoD penalties to increase the expected losses for
this review.

The largest loan in special servicing, Louisiana Retail Portfolio
(Prospectus ID#11, 3.8% of the pool), is secured by a portfolio of
15 unanchored retail properties located across various markets
throughout Louisiana and Mississippi. The loan transferred to
special servicing in December 2019 due to a default on the October
2019 maturity date. The portfolio's largest tenant, Stage Stores,
located at three properties in spaces representing 11.4% of the
portfolio net rentable area (NRA), vacated all three properties in
2020 after the company filed for bankruptcy. With these closures,
the portfolio occupancy rate fell from 81.0% at YE2019 to 73.0% as
of September 2020. According to the most recent commentary, the
special servicer is pursuing foreclosure. An updated appraisal as
of October 2020 valued the portfolio on an as-is basis at $30.1
million, which is down 28.3% from the issuance appraisal of $41.9
million. Based on the updated value, the loan was liquidated from
the pool in the analysis for this review, which resulted in a loss
severity of 20.7%.

Per the June 2021 remittance, there are six loans, representing
16.3% of the current pool, on the servicer's watchlist, including
the second-largest loan in the pool, Huntington Oaks Shopping
Center (Prospectus ID#3, 6.5% of the pool). The loan collateral is
an anchored retail center in Monrovia, California, and the loan was
added to the watchlist in April 2018 when Toys "R" Us filed for
bankruptcy and later vacated its space, which represented 13.0% of
the NRA. The occupancy rate fell to 76.0%, where occupancy remained
until May 2021 when property's third-largest tenant, Chuck E.
Cheese (5.0% of the NRA), vacated at lease expiration, bringing
occupancy down further, to 70.0%.

While the sustained occupancy declines and further loss of tenancy
suggest increased risks for this loan, DBRS Morningstar notes the
collateral property is generally well located just north of
Interstate 210 and the remaining tenant mix includes desirable
draws including Marshalls and Trader Joe's, both of which have
signed renewals for five and 10 years, respectively, since
issuance. The servicer reports the borrower is in discussions with
several national retailers including Burlington Coat Factory and
David's Bridal for the existing vacancy, but nothing has been
formalized to date. As of the June 2021 remittance, the loan
reported $1.6 million in leasing reserves, with ongoing monthly
deposits of approximately $31,500 and a cash trap initiated
following the loss of Toys "R" Us remains in place. The loan has
remained current throughout the period of lower occupancy and there
has been no forbearance request submitted since the onset of the
pandemic. Given the low in-place DSCR and increased vacancy since
issuance, DBRS Morningstar analyzed the loan with a PoD penalty to
increase the expected loss in the analysis for this review.

DBRS Morningstar's rating actions of the non-pooled rake
certificates reflect the stable performance of the underlying
collateral 300 North LaSalle, a 1.3 million-square-foot Class A
office building in Chicago's River North submarket, since issuance.
Originally constructed in 2009, 300 North LaSalle is a 60-story
riverfront building with an extensive amenities package that
includes an outdoor public plaza, conference center, onsite bank,
cafe, fitness center, steakhouse restaurant, and subterranean valet
parking garage. The property is LEED Platinum certified and has
received an EnergyStar certificate. The sponsor used loan proceeds,
consisting of a $475.0 million mortgage loan, along with $381.6
million of borrower equity, to finance the Irvine Company LLC's
$850.0 million acquisition of the property. As of January 2020, the
building was 95.8% leased with the largest tenants at the property
including Kirkland & Ellis LLP and the Boston Consulting Group
(BCG).

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


MORGAN STANLEY 2015-C26: Fitch Affirms B- Rating on Class F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass- through
certificates, series 2015-C26 (MSBAM 2015-C26). In addition, the
Rating Outlooks on two classes have been revised to Stable from
Negative.

    DEBT               RATING           PRIOR
    ----               ------           -----
MSBAM 2015-C26

A-3 61690VAX6    LT  AAAsf   Affirmed   AAAsf
A-4 61690VAY4    LT  AAAsf   Affirmed   AAAsf
A-5 61690VAZ1    LT  AAAsf   Affirmed   AAAsf
A-S 61690VBB3    LT  AAAsf   Affirmed   AAAsf
A-SB 61690VAW8   LT  AAAsf   Affirmed   AAAsf
B 61690VBC1      LT  AA-sf   Affirmed   AA-sf
C 61690VBD9      LT  A-sf    Affirmed   A-sf
D 61690VAE8      LT  BBB-sf  Affirmed   BBB-sf
E 61690VAG3      LT  BB-sf   Affirmed   BB-sf
F 61690VAJ7      LT  B-sf    Affirmed   B-sf
X-A 61690VBA5    LT  AAAsf   Affirmed   AAAsf
X-B 61690VAA6    LT  AA-sf   Affirmed   AA-sf
X-D 61690VAC2    LT  BBB-sf  Affirmed   BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: The Rating Outlook revisions on classes
E and F to Stable from Negative reflect improved loss expectations
for the pool since Fitch's prior rating action due to better than
expected recoveries on two loans/assets: Wallace Student Housing
Portfolio and El Paso Medical Office. These were the largest and
third largest loss contributors at the prior rating action. In
addition, certain retail assets have experienced leasing progress.

The Wallace Student Housing Portfolio loan (3.8% of original pool
balance) was prepaid in full with yield maintenance in July 2021.
Fitch's prior loss expectation on the loan of 43% was based on a
15% haircut to the YE 2019 NOI to reflect the negative impact of
the coronavirus pandemic on student housing properties and the
superior market competition. The REO El Paso Medical Office asset
(0.9%) was sold in October 2020 with a slightly better recovery
than expected.

Fitch's current ratings reflect a base case loss for the pool of
2.9%. When factoring additional pandemic-related stresses on three
hotel loans, losses could reach 3.2%; the additional stresses
support the Outlook revisions to Stable.

Fitch Loans of Concern; Specially Serviced Loans: There are eight
Fitch Loans of Concern (FLOCs; 8.6% of pool), including two
specially serviced loans (2.3%), both of which transferred due to
performance being negatively affected by the pandemic and are
greater than 90 days delinquent as of July 2021.

The largest contributor to overall loss expectations is the 535-545
Fifth Avenue loan (11.8% of pool), which is secured by two
mixed-use properties totaling 503,441-sf (417,946-sf of office and
85,495-sf of retail space) that span a full city block along Fifth
Avenue between 44th and 45th Streets in Manhattan. YE 2020 NOI
improved 18% from YE 2019 due to Best Buy (7.3% of NRA; 22.9% of
total base rent, lease expiry in March 2031) commencing rental
payments in April 2020. However, property occupancy has declined to
77.6% as of March 2021, following the loss of Knotel (7.7% of NRA;
4.3% of total base rent), which has filed bankruptcy and
surrendered its space and abandoned its personal property at the
subject. Knotel's lease was rejected in bankruptcy court in March
2021.

The Hampton Inn & Suites Charlotte Airport loan (1.5%), which is
secured by a 109- room limited-service hotel in Charlotte, NC,
transferred to special servicing in June 2020. As of YTD August
2020, occupancy, ADR and RevPAR declined to 44.9%, $111 and $50,
respectively from 72.3%, $132 and $96 in 2019 and 86.6%, $133 and
$116 in 2018. The borrower has requested coronavirus relief, which
remains under review by the servicer. Performance is expected to
rebound as air travel recovers. Fitch's loss factors in a discount
to a recent appraisal, resulting in a Fitch-stressed value of
approximately $133,000 per room.

The Bay Harbor Island Hotel loan (0.8%), which is secured by a
46-room full-service, boutique hotel in Bay Harbor Islands, FL,
transferred to special servicing in June 2020. As of YTD August
2020, occupancy, ADR and RevPAR declined to 42.5%, $215 and $91,
respectively, from 69.2%, $173 and $120 in 2019. Per the servicer,
the borrower has requested consent to a new franchise agreement
with Choice Hotels International, as well as debt relief/loan
modification, including utilizing existing reserves for debt
service and deferral of principal payments and FF&E deposits. The
servicer is also evaluating a proposed loan assumption as the
property is currently under contract for sale. Fitch's loss factors
in a discount to a recent appraisal, resulting in a Fitch-stressed
value of approximately $115,000 per room.

The Shopko Nampa loan (0.4%), which is secured by a 90,446-sf
retail property in Nampa, ID, lost its former single tenant in
April 2019 after Shopko filed for Chapter 11 bankruptcy in January
2019. Planet Fitness has since backfilled 28.7% of the NRA on a new
lease that expires in December 2036, with two five-year renewal
options; Planet Fitness commenced rental payments in June 2020. Per
the servicer, a letter of intent has been executed with O'Reilly
Auto Parts and the borrower remains in active discussions with
other national retailers on backfilling the remaining space.

Changes in Credit Enhancement: As of the July 2021 remittance
reporting, the pool's aggregate balance has been reduced by 10.8%
to $934.5 million from $1.05 billion at issuance. Six loans (5.5%
of pool) are fully defeased. Credit enhancement increased since the
prior rating action for classes A-3 through C due to the repayment
of the Wallace Student Housing Portfolio loan and continued
amortization. Credit enhancement decreased for classes D, E and F
due to the disposition of the REO El Paso Medical Office asset.
Eight loans (36%) are full-term, interest-only and 54 loans (64.1%)
are amortizing. Scheduled loan maturities include one loan (10.7%)
in 2024 and 61 loans (89.3%) in 2025.

Coronavirus Exposure: Six loans (7%) are secured by hotel
properties and 14 loans (10.9%) are secured by retail properties.
Fitch applied additional pandemic-related stresses to three hotel
loans (4.2%).

Credit Opinion Loan: One loan, 11 Madison Avenue (9.8%), received
an investment-grade credit opinion on a stand-alone basis at
issuance of 'A-'.

RATING SENSITIVITIES

The Stable Rating Outlooks on all classes, including class E and F,
which were revised to Stable from Negative, reflect improved loss
expectations since the prior rating action, stable performance on
the majority of the pool and expected continued amortization.

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

-- Stable to improved asset performance, coupled with paydown
    and/or defeasance.

-- Upgrades to classes B, C and X-B may occur with significant
    improvement in CE and/or defeasance, and with the
    stabilization of performance on the FLOCs, and/or the
    properties affected by the coronavirus pandemic; however,
    adverse selection and increased concentrations, or the
    underperformance of the FLOCs could cause this trend to
    reverse;

-- Upgrades to classes D and X-D are considered unlikely and
    would be limited based on sensitivity to concentrations or the
    potential for future concentration. Classes would not be
    upgraded above 'Asf' if interest shortfalls were likely;

-- Upgrades to classes E and F are not likely unless resolution
    of the specially serviced loans is better than expected and
    performance of the remaining pool is stable, and/or properties
    vulnerable to the coronavirus pandemic return to pre-pandemic
    levels and there is sufficient CE to the classes.

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

-- An increase in pool-level losses from underperforming or
    specially serviced loans.

-- Downgrades to classes A-3, A-4, A-5, A-SB and X-A are not
    considered likely due to their position in the capital
    structure, but may occur should interest shortfalls affect
    these classes;

-- Downgrades to classes A-S, B and X-B may occur should all of
    the loans susceptible to the coronavirus pandemic suffer
    losses and/or interest shortfalls affect these classes;

-- Downgrades to classes C, D and X-D may occur should loss
    expectations increase from continued performance decline of
    the FLOCs and loans susceptible to the pandemic not stabilize.

-- Downgrades to classes E and F may would occur should
    additional loans default and/or transfer to special servicing,
    higher losses than expected are incurred on the specially
    serviced loans and/or the larger FLOCs experience outsized
    losses.

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.


NATIXIS COMMERCIAL 2019: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-MILE issued by
Natixis Commercial Mortgage Securities Trust 2019-MILE as follows:

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

Classes A, B, and C have Stable trends. Classes D, E, and F carry
Negative trends as a reflection of DBRS Morningstar's concerns
regarding the collateral property's exposure to WeWork and the
general uncertainty surrounding that company's future given the
recent relinquishments of space at the subject and other prominent
locations throughout the United States. The ratings have been
removed from Under Review with Negative Implications, where they
were placed on April 20, 2021.

In April, DBRS Morningstar placed all classes Under Review with
Negative Implications as a result of the unexpected termination of
one of WeWork's existing leases at the subject property. DBRS
Morningstar has since obtained additional information from the
servicer regarding the lease termination and, given the substantial
reserves and guarantees in place coupled with the sponsor's
demonstrated commitment to the subject property, the classes were
removed from Under Review with Negative Implications. Further, the
risk associated with WeWork's leases was considered as part of DBRS
Morningstar's analysis when the ratings were assigned, with
stressed assumptions for the WeWork spaces in a lower renewal
probability and higher one-time tenant improvement costs included
in the DBRS Morningstar net cash flow figure.

The transaction is backed by the fee-simple and leasehold interests
in Wilshire Courtyard, which comprises two six-story, LEED
Gold-certified office buildings with an aggregate of 1.1 million
square feet (sf) in Los Angeles. The ground-leased parcel is 3.5%
of the property's total site area with a current ground rent of
$215,066 through 2066 that increases every 10 years based on
cumulative CPI increases. The trust's assets consist of a $408.2
million fully funded floating-rate mortgage loan with a 36-month
initial term and two 12-month extension options. In addition to the
trust debt, there is mezzanine financing in the amount of $69.4
million.

At issuance, WeWork leased 335,386 sf (31% of the net rentable area
(NRA)) that was split into two phases. Phase 1 totaled 158,663 sf
on a lease that commenced in May 2020, while the lease for Phase 2,
totaling 176,723 sf, was scheduled to commence in August 2020. In
July 2020, WeWork vacated its Phase 1 space and the loan was added
to the servicer's watchlist in June 2020, after the borrower
entered into an amendment of the WeWork lease without lender
consent. The servicer subsequently confirmed that WeWork terminated
its lease for the Phase 1 space in conjunction with a $6.5 million
termination payment, which was collected and is being held in the
tenant improvement/lease commission reserve that now totals nearly
$44.0 million. In addition, the $3.5 million letter of credit (LOC)
required at issuance as part of the ongoing build out for the Phase
1 space was released, but the Phase 2 LOC totaling $11.8 million
remains in place, as does the $17.9 million lease guarantee
provided by the tenant's parent company. Finally, as noted at
issuance, approximately $40.8 million of the underlying loan is
recourse to the guarantor until the debt yield on the property's
in-place net operating income (NOI) and the total debt on the
property is at least 7.5%. Based on the YE2020 NOI figure reported
by the servicer, that threshold has not been met.

A February 2021 rent roll confirmed that the property's physical
occupancy rate fell to 73.0%, with WeWork occupying only the
176,723-sf Phase 2 space. Occupancy is expected to increase to
75.0% with a recent lease signing for a 27,461-sf space that is
scheduled to commence in September 2021. After WeWork, the
property's second-largest tenant is IPG Mediabrands, which leases
8.4% of the NRA through June 2023. The third-largest tenant is
Twentieth Television, Inc., occupying 7.1% of the NRA under a lease
that expires in July 2022.

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


NLT 2021-INV2: S&P Assigns Prelim B (sf) Rating on Class B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to NLT
2021-INV2's mortgage pass-through certificates series 2021-INV2.

The certificate issuance is an RMBS transaction backed by
predominantly newly originated, fixed-rate and adjustable-rate
(some with interest-only feature), business purpose, investor,
fully-amortizing residential mortgage loans that are secured by
first liens on primarily one- to four-family residential
properties, planned unit developments, condominiums, and 5-20-unit
multifamily properties with 30-year original terms to maturity to
non-conforming (both prime and nonprime) borrowers. The pool has
1,093 loans backed by 1,242 properties, which are exempt from the
qualified mortgage/ability-to-repay rules.

The preliminary ratings are based on information as of July 27,
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 credit enhancement provided for this transaction;

-- The transaction's associated structural mechanics;

-- The representation and warranty framework for this
transaction;

-- The transaction's mortgage aggregator and mortgage
originators;

-- The geographic concentration; 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.

  Preliminary Ratings Assigned

  NLT 2021-INV2(i)

  Class A-1, $172,980,000: AAA (sf)
  Class A-2, $15,293,000: AA (sf)
  Class A-3, $28,016,000: A (sf)
  Class M-1, $13,237,000: BBB (sf)
  Class B-1, $11,695,000: BB (sf)
  Class B-2, $8,482,000: B (sf)
  Class B-3, $7,325,871: Not rated
  Class XS, notional(ii): Not rated
  Class PT, $257,028,871: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The collateral and structural information in this report
reflects the term sheet dated July 26, 2021. The preliminary
ratings address the ultimate payment of interest and principal.
(ii)Notional amount certificates that do not have class principal
balances. The notional amount will equal the aggregate stated
principal balance of the mortgage loans as of the first day of the
related due period.



OCEAN TRAILS 8: Moody's Assigns Ba3 Rating to $19MM Cl. E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by Ocean Trails CLO 8 (the "Issuer").

Moody's rating action is as follows:

US$228,000,000 Class A-1-R Floating Rate Notes Due 2034, Assigned
Aaa (sf)

US$60,800,000 Class B-R Floating Rate Notes Due 2034, Assigned Aa2
(sf)

US$19,000,000 Class C-R Deferrable Floating Rate Notes Due 2034,
Assigned A2 (sf)

US$22,800,000 Class D-R Deferrable Floating Rate Notes Due 2034,
Assigned Baa3 (sf)

US$19,000,000 Class E-R Deferrable Floating Rate Notes Due 2034,
Assigned Ba3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least
92.5% of the portfolio must consist of first lien senior secured
loans and eligible investments, and up to 7.5% of the portfolio may
consist of second lien loans, unsecured loans and bonds.

Five Arrows Managers North America LLC (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
five year reinvestment period. Thereafter, subject to certain
restrictions, the Manager may reinvest unscheduled principal
payments and proceeds from sales of credit risk assets.

In addition to the issuance of the Refinancing 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; and changes to the
overcollateralization test levels; the inclusion of Libor
replacement provisions; additions to the CLO's ability to hold
workout and restructured assets; changes to the definition of
"Moody's Adjusted Weighted Average Rating Factor" and changes to
the base matrix and modifiers.

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: $380,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.30%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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


OCEAN TRAILS XI: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ocean Trails CLO
XI/Ocean Trails CLO LLC's fixed- and floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Five Arrows Managers North America
LLC.

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; and

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

  Ratings Assigned

  Ocean Trails CLO XI/Ocean Trails CLO LLC

  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C-1 (deferrable), $17.00 million: A (sf)
  Class C-2 (deferrable), $7.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $16.00 million: BB- (sf)
  Subordinated notes, $37.71 million: Not rated



OCEANVIEW MORTGAGE 2020: DBRS Confirms B(low) Rating on B3 Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the secured floating-rate
notes, Series 2020-SBC1 issued by Oceanview Mortgage Loan Trust
2020-SBC1 as follows:

-- Class A1-A at AAA (sf)
-- Class A1-B at AAA (sf)
-- Class A1-C at AAA (sf)
-- Class A1-XA at AAA (sf)
-- Class A1-XB at AAA (sf)
-- Class A1-XC at AAA (sf)
-- Class A1-XD at AAA (sf)
-- Class A1-XE at AAA (sf)
-- Class M1-A at AA (sf)
-- Class M1-B at AA (sf)
-- Class M1-C at AA (sf)
-- Class M1-XA at AA (sf)
-- Class M1-XB at AA (sf)
-- Class M1-XC at AA (sf)
-- Class M1-XD at AA (sf)
-- Class M1-XE at AA (sf)
-- Class M2-A at A (sf)
-- Class M2-B at A (sf)
-- Class M2-C at A (sf)
-- Class M2-XA at A (sf)
-- Class M2-XB at A (sf)
-- Class M2-XC at A (sf)
-- Class M2-XD at A (sf)
-- Class M2-XE at A (sf)
-- Class M3-A at BBB (sf)
-- Class M3-B at BBB (sf)
-- Class M3-C at BBB (sf)
-- Class M3-XA at BBB (sf)
-- Class M3-XB at BBB (sf)
-- Class M3-XC at BBB (sf)
-- Class M3-XD at BBB (sf)
-- Class M3-XE at BBB (sf)
-- Class M4-A at BBB (low) (sf)
-- Class M4-B at BBB (low) (sf)
-- Class M4-C at BBB (low) (sf)
-- Class M4-XA at BBB (low) (sf)
-- Class M4-XB at BBB (low) (sf)
-- Class M4-XC at BBB (low) (sf)
-- Class M4-XD at BBB (low) (sf)
-- Class M4-XE at BBB (low) (sf)
-- Class B1-A at BB (high) (sf)
-- Class B1-B at BB (high) (sf)
-- Class B1-XA at BB (high) (sf)
-- Class B1-XB at BB (high) (sf)
-- Class B1-XC at BB (high) (sf)
-- Class B2 at BB (low) (sf)
-- Class B3 at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The collateral consists of 637 individual loans
secured by 761 commercial, multifamily, and single-family rental
(SFR) properties with an average loan balance of $428,354.
According to the June 2021 remittance report, 39 loans have repaid,
representing a collateral reduction of approximately 5.6%. Per the
most recent reporting, 15 loans, representing 2.5% of the pool, are
delinquent. The transaction is configured with a sequential-pay
pass-through structure.

The pool is diverse, based on loan size, as the 10 largest loans
represent only 7.1% of the overall pool balance. Increased pool
diversity helps to insulate the higher-rated classes from
loan-level event risk. Of the 637 loans, 399 loans, representing
60.1% of the pool, have a fixed interest rate with an average rate
of 6.9%. The floating-rate loans have interest rate life floors
ranging from 2.00% to 10.3%, with a straight average of 7.00%. All
but two of the loans fully amortize over their respective remaining
loan terms, resulting in 99.9% expected amortization, virtually
eliminating refinance risk.

The loans are mostly secured by traditional property types (retail,
multifamily, office, and industrial) with no exposure to
hospitality properties and minimal exposure to manufactured
housing, which represents 0.2% of the pool balance. The pool is
heavily concentrated with multifamily properties, representing
39.1% of the pool. Additionally, the pool is mostly concentrated in
California, Florida, and New Jersey, representing 16.0%, 7.2%, and
6.3% of the pool, respectively.

DBRS Morningstar notes that 46 loans, representing 3.1% of the
trust balance, are secured by SFR properties. The CMBS Methodology
does not currently contemplate ratings on SFR properties. To
address this, at issuance and for this review, DBRS Morningstar
considerably increased the expected loss on these loans by
approximately 2.9x over the average non-SFR expected loss.

Based on the original loan balance and the appraisal at
origination, the pool had a weighted average (WA) loan-to-value
ratio (LTV) of 66.9%. DBRS Morningstar applied a pool average LTV
of 71.3%, which reflects adjustments made to values based on
implied cap rates by market rank.

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



OCEANVIEW MORTGAGE 2021-3: Moody's Assigns B3 Rating to B-5 Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
fifty-six classes of residential mortgage-backed securities issued
by Oceanview Mortgage Trust (OCMT) 2021-3. The ratings range from
Aaa (sf) to B3 (sf).

Oceanview Asset Selector, LLC is the sponsor of OCMT 2021-3, a
third securitization of performing prime jumbo mortgage loans
backed by 386 first lien, fully amortizing, fixed-rate qualified
mortgage (QM) loans, with an aggregate unpaid principal balance
(UPB) of $351,439,638. The transaction benefits from a collateral
pool that is of high credit quality, and is further supported by an
unambiguous R&W framework, 100% third-party review (TPR) and a
shifting interest structure that incorporates a subordination
floor. As of the cut-off date, no borrower under any mortgage loan
has entered into a COVID-19 related forbearance plan with the
servicer.

The seller, Oceanview Acquisitions I, LLC (also the servicing
administrator), indirectly acquired the mortgage loans from various
third-party sellers through one or more affiliates of the seller.
Both the seller and the sponsor are wholly-owned subsidiaries of
Oceanview U.S. Holdings Corp. Community Loan Servicing, LLC (CLS)
(f/k/a Bayview Loan Servicing, LLC) will service 100% of the
mortgage loans. There is no master servicer in this transaction.
The servicing administrator will generally be required to fund
principal and interest (P&I) advances and servicing advances unless
such advances are deemed non-recoverable.

Three TPR firms verified the accuracy of the loan level
information. The firms conducted detailed credit, property
valuation, data accuracy and compliance reviews on 100% of the
mortgage loans in the collateral pool.

Transaction credit strengths include the high credit quality of the
collateral pool, the strong TPR results for credit, compliance and
valuations, and the unambiguous R&W framework. Transaction credit
weaknesses include having no master servicer to oversee the primary
servicer, unlike typical prime jumbo transactions Moody's have
rated.

Moody's analyzed the underlying mortgage loans using Moody's
Individual Loan Analysis (MILAN) model. Moody's also compared the
collateral pool to other prime jumbo securitizations and adjusted
Moody's expected losses based on qualitative attributes, including
the financial strength of the R&W provider and TPR results.

The complete rating action is as follows.

Issuer: Oceanview Mortgage Trust 2021-3

Cl. A-1, Assigned Aaa (sf)

Cl. A-2, Assigned Aaa (sf)

Cl. A-3, Assigned Aaa (sf)

Cl. A-4, Assigned Aaa (sf)

Cl. A-5, Assigned Aaa (sf)

Cl. A-6, Assigned Aaa (sf)

Cl. A-7, Assigned Aaa (sf)

Cl. A-8, Assigned Aaa (sf)

Cl. A-9, Assigned Aaa (sf)

Cl. A-10, Assigned Aaa (sf)

Cl. A-11, Assigned Aaa (sf)

Cl. A-12, Assigned Aaa (sf)

Cl. A-13, Assigned Aaa (sf)

Cl. A-14, Assigned Aaa (sf)

Cl. A-15, Assigned Aaa (sf)

Cl. A-16, Assigned Aaa (sf)

Cl. A-17, Assigned Aaa (sf)

Cl. A-18, Assigned Aaa (sf)

Cl. A-19, Assigned Aaa (sf)

Cl. A-20, Assigned Aaa (sf)

Cl. A-21, Assigned Aaa (sf)

Cl. A-22, Assigned Aaa (sf)

Cl. A-23, Assigned Aaa (sf)

Cl. A-24, Assigned Aaa (sf)

Cl. A-25, Assigned Aaa (sf)

Cl. A-IO1*, Assigned Aaa (sf)

Cl. A-IO2*, Assigned Aaa (sf)

Cl. A-IO3*, Assigned Aaa (sf)

Cl. A-IO4*, Assigned Aaa (sf)

Cl. A-IO5*, Assigned Aaa (sf)

Cl. A-IO6*, Assigned Aaa (sf)

Cl. A-IO7*, Assigned Aaa (sf)

Cl. A-IO8*, Assigned Aaa (sf)

Cl. A-IO9*, Assigned Aaa (sf)

Cl. A-IO10*, Assigned Aaa (sf)

Cl. A-IO11*, Assigned Aaa (sf)

Cl. A-IO12*, Assigned Aaa (sf)
Cl. A-IO13*, Assigned Aaa (sf)

Cl. A-IO14*, Assigned Aaa (sf)

Cl. A-IO15*, Assigned Aaa (sf)

Cl. A-IO16*, Assigned Aaa (sf)

Cl. A-IO17*, Assigned Aaa (sf)

Cl. A-IO18*, Assigned Aaa (sf)

Cl. A-IO19*, Assigned Aaa (sf)

Cl. A-IO20*, Assigned Aaa (sf)

Cl. A-IO21*, Assigned Aaa (sf)

Cl. A-IO22*, Assigned Aaa (sf)

Cl. A-IO23*, Assigned Aaa (sf)

Cl. A-IO24*, Assigned Aaa (sf)

Cl. A-IO25*, Assigned Aaa (sf)

Cl. A-IO26*, Assigned Aaa (sf)

Cl. B-1, Assigned Aa3 (sf)

Cl. B-2, Assigned A3 (sf)

Cl. B-3, Assigned Baa3 (sf)

Cl. B-4, Assigned Ba3 (sf)

Cl. B-5, Assigned B3 (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
0.35%, in a baseline scenario-median is 0.21%, and reaches 2.77% at
stress level consistent with Moody's Aaa rating.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of RMBS as the US economy continues on the
path toward normalization. Economic activity will continue to
strengthen in 2021 because of several factors, including the
rollout of vaccines, growing household consumption and an
accommodative central bank policy. However, specific sectors and
individual businesses will remain weakened by extended pandemic
related restrictions. Moody's regard the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

Moody's increased its model-derived median expected losses by 10%
(6.75% for the mean) and its Aaa loss by 2.5% to reflect the likely
performance deterioration resulting from the slowdown in US
economic activity due to the coronavirus outbreak. These
adjustments are lower than the 15% median expected loss and 5% Aaa
loss adjustments Moody's made on pools from deals issued after the
onset of the pandemic until February 2021. Moody's reduced
adjustments reflect the fact that the loan pool in this deal does
not contain any loans to borrowers who are not currently making
payments. For newly originated loans, post-COVID underwriting takes
into account the impact of the pandemic on a borrower's ability to
repay the mortgage. For seasoned loans, as time passes, the
likelihood that borrowers who have continued to make payments
throughout the pandemic will now become non-cash flowing due to
COVID-19 continues to decline.

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

Collateral Description

The pool characteristics are based on the July 1, 2021 cut-off
tape. This transaction consists of 386 first lien, fully
amortizing, fixed-rate QM loans, all of which have original terms
to maturity of 20, 25 or 30 years, with an aggregate unpaid
principal balance of $351,439,638. All of the mortgage loans are
secured by first liens on single-family residential properties,
planned unit developments and condominiums. The mortgage loans are
approximately 4 months seasoned and are backed by full
documentation.

Geographic concentration is relatively low where the three largest
states in the transaction, California, Virginia and Texas account
for 22.6%, 10.3%, and 9.8%, by UPB, respectively. Overall, the
credit quality of the mortgage loans backing this transaction is
similar to that of transactions issued by other prime issuers. The
WA original FICO for the pool is 782 and the WA CLTV is 67.9%.

None of the mortgage loans as of the cut-off date have an original
principal balance that conformed to the guidelines of Fannie Mae
and Freddie Mac at the time of origination, including mortgage
loans with original loan amounts meeting the high-cost area loan
limits established by the Federal Housing Finance Agency and were
eligible to be purchased by Fannie Mae or Freddie Mac. As of the
cut-off date, all of the mortgage loans were contractually current
under the MBA method with respect to payments of P&I.

As of the cut-off date, none of the borrowers of the mortgage loans
are currently subject to a forbearance plan or are in the process
of being subject to a forbearance plan, including as a result of
COVID-19. In the event a borrower enters into a forbearance plan,
including as a result of COVID-19, after the cut-off date, but
prior to the closing date, such mortgage loan will be removed from
the pool.

Overall, the credit quality of the mortgage loans backing this
transaction is similar to transactions issued by other prime
issuers.

Origination Quality

Oceanview Acquisitions I, LLC is the seller, servicing
administrator and R&W provider for this securitization and is a
wholly owned subsidiary of Oceanview Holdings Ltd. (together with
its affiliates and subsidiaries Oceanview). Oceanview is a wholly
owned subsidiary of Bayview Opportunity V Oceanview L.P., a pooled
investment vehicle managed by Bayview Asset Management (Bayview or
BAM).

The seller does not originate residential mortgage loans or fund
the origination of residential mortgage loans. Instead, the seller
acquired the mortgage loans directly from Bayview Acquisitions LLC,
an affiliate of the seller (affiliated loan purchaser), which in
turn acquired the mortgage loans directly from third parties. The
affiliated loan purchaser maintains eligibility criteria for use in
the process of acquiring third-party originated loans and provides
these criteria to third parties that sell mortgage loans to the
affiliated loan purchaser to enable those third parties to
determine whether mortgage loans they consider selling to the
affiliated loan purchaser will meet such criteria.

For this transaction, the acquisition criteria includes the
affiliated loan purchaser's standard prime jumbo program. The
mortgage loans acquired under this program do not meet the
eligibility standards for purchase by Fannie Mae or Freddie Mac
primarily due to loan size. This program is designed to target
mortgagors with outstanding credit and reserves that are seeking a
mortgage loan with flexible underwriting guidelines. All mortgage
loans originated under this program are eligible for safe harbor
protection under the ATR rules and a QM designation is in the loan
file.

Oceanview is managed by a seasoned group of mortgage veterans with
industry tenure that averages over two decades. BAM is a fully
integrated investment platform focused on investments in mortgage
and consumer- related credit. Overall, Oceanview's non-agency
originations team benefits from a connection to other parts of the
Bayview organization. For example, along with CLS, Bayview has a
full suite of originations capabilities including sales,
processing, underwriting, closing and post-closing, capital
markets, and outsourcing. Overall, the same functional teams that
drive BAM's investment processes are resources for Oceanview.
Oceanview utilizes its full time employees (FTEs) in concert with
dedicated FTEs from affiliated BAM entities. This operating
leverage is achieved vis-à-vis a fulfillment services agreement.

However, because the non-agency program offered by Oceanview has
been established only recently, there is no available performance
information and more time is needed to assess Oceanview's ability
to consistently produce high-quality mortgage loans.

Servicing Arrangement

Moody's assess the overall servicing arrangement for this pool as
adequate, given the ability, scale and experience of CLS as a
servicer. However, compared to other prime jumbo transactions which
typically have a master servicer, servicer oversight for this
transaction is relatively weaker. While third-party reviews of CLS'
servicing operations will be conducted periodically by the GSEs,
the Consumer Financial Protection Bureau (CFPB) and state
regulators, such oversight may lack the depth and frequency that a
master servicer would ordinarily provide. However, Moody's did not
adjust Moody's expected losses for the weaker servicing arrangement
due to the following: (1) CLS was established in 1999 and is an
experienced primary and special servicer of residential mortgage
loans, (2) CLS is an approved servicer for both Fannie Mae and
Freddie Mac, (3) CLS had no instances of non-compliance for its
2019 Regulation AB or Uniformed Single Audit Program (USAP)
independent servicer reviews, (4) CLS has an experienced management
team and uses Black Knight's MSP servicing platform, the largest
and most highly utilized mortgage servicing system, and (5) the R&W
framework mandates reviews of poorly performing mortgage loans by a
third-party if a threshold event occurs.

Third-Party Review

The transaction benefits from a TPR on 100% of the loans for
regulatory compliance, credit and property valuation. The due
diligence results confirm compliance with the originator's
underwriting guidelines for the vast majority of loans, no material
regulatory compliance issues, and no material property valuation
issues. The loans that had exceptions to the originator's
underwriting guidelines had significant compensating factors that
were documented.

Representations & Warranties

Moody's assessed the R&W framework based on three factors: (a) the
financial strength of the remedy provider; (b) the strength of the
R&Ws (including qualifiers and sunsets) and (c) the effectiveness
of the enforcement mechanisms. Moody's evaluated the impact of
these factors collectively on the ratings in conjunction with the
transaction's specific details and in some cases, the strengths of
some of the factors can mitigate weaknesses in others. Moody's also
considered the R&W framework in conjunction with other transaction
features, such as the independent due diligence, custodial receipt,
and property valuations, as well as any sponsor alignment of
interest, to evaluate the overall exposure to loan defects and
inaccurate information.

The seller makes the loan level R&Ws for the mortgage loans. The
loan-level R&Ws meet or exceed the baseline set of credit-neutral
R&Ws Moody's have identified for US RMBS. R&W breaches are
evaluated by an independent third-party using a set of objective
criteria. The transaction requires mandatory independent reviews of
loans that become 120 days delinquent and those that liquidate at a
loss to determine if any of the R&Ws are breached.

However, Moody's applied an adjustment in its model analysis to
account for the risk that the R&W provider (unrated) may be unable
to repurchase defective loans in a stressed economic environment
(similar to the economic experience in 2008-2009 when a steep
decline in house prices triggered a financial crisis), given that
it is a non-bank entity whose monoline business of mortgage
origination and servicing is highly correlated with the economy.

Transaction Structure

OCMT 2021-3 has one pool with a shifting interest structure that
benefits from a subordination floor. Funds collected, including
principal, are first used to make interest payments and then
principal payments to the senior bonds, and then interest and
principal payments to each subordinate bond. As in all transactions
with shifting interest structures, the senior bonds benefit from a
cash flow waterfall that allocates all prepayments to the senior
bond for a specified period of time, and increasing amounts of
prepayments to the subordinate bonds thereafter, but only if loan
performance satisfies delinquency and loss tests.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
balance declines, senior bonds are exposed to eroding credit
enhancement over time, and increased performance volatility as a
result. To mitigate this risk, the transaction provides for a
senior subordination floor of 1.50% of the cut-off date pool
balance, and as subordination lock-out amount of 1.50% of the
cut-off date pool balance. The floors are consistent with the
credit neutral floors for the assigned ratings according to Moody's
methodology.

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

Down

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

Up

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

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.


OCTAGON INVESTMENT XV: S&P Affirms BB- (sf) Rating on E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-RR, B-RR,
C-RR, and D-RR replacement notes from Octagon Investment Partners
XV Ltd./Octagon Investment Partners XV LLC, a CLO transaction
backed by broadly syndicated loans that was reset in 2017 and is
managed by Octagon Credit Investors LLC. The replacement class
A-1-RR notes will replace the refinanced class A-1A-R and A-1B-RR
(not rated) notes. At the same time, S&P withdrew its ratings on
the class A-1A-R, B-R, C-R, and D-R notes following payment in full
on the July 28, 2021, refinancing date. The class A-2-R (not rated)
and class E-R notes were not affected by this refinancing. S&P
affirmed its ratings on the class E-R notes.

The replacement notes were issued via a supplemental indenture,
which outlined the terms of the replacement notes. According to the
supplemental indenture, the non-call period was be extended to Jan.
28, 2022.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-RR, $296.00 million: Three-month LIBOR + 0.97%
  Class B-RR, $47.00 million: Three-month LIBOR + 1.50%
  Class C-RR, $30.00 million: Three-month LIBOR + 2.00%
  Class D-RR, $29.00 million: Three-month LIBOR + 3.40%

  Refinanced notes

  Class A-1A-R, $277.00 million: Three-month LIBOR + 1.21%
  Class A-1B-RR, $18.00 million: Three-month LIBOR + 1.05%
  Class A-2-R, $35.00 million: Three-month LIBOR + 1.35%
  Class B-R, $47.00 million: Three-month LIBOR + 1.75%
  Class C-R, $30.00 million: Three-month LIBOR + 2.60%
  Class D-R, $29.00 million: Three-month LIBOR + 3.70%
  Class E-R, $16.80 million: Three-month LIBOR + 7.00%
  Subordinated notes, $65.00 million

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  Octagon Investment Partners XV Ltd./Octagon Investment Partners  
XV LLC

  Class A-1-RR, $296.00 million: AAA (sf)
  Class B-RR, $47.00 million: AA (sf)
  Class C-RR, $30.00 million: A (sf)
  Class D-RR, $29.00 million: BBB- (sf)

  Rating Affirmed

  Octagon Investment Partners XV Ltd./Octagon Investment Partners
XV LLC

  Class E-R, $16.80 million: BB- (sf)

  Ratings Withdrawn

  Octagon Investment Partners XV Ltd./Octagon Investment Partners
XV LLC

  Class A-1A-R: to NR from AAA (sf)
  Class B-R: to NR from AA (sf)
  Class C-R: to NR from A (sf)
  Class D-R: to NR from BBB- (sf)

  Other Outstanding Notes

  Octagon Investment Partners XV Ltd./Octagon Investment Partners
XV LLC

  Class A-2-R: NR
  Subordinated notes: NR

  NR--Not rated.



REGIONAL MANAGEMENT 2021-2: DBRS Gives Prov. BB Rating on D Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following notes to
be issued by Regional Management Issuance Trust 2021-2:

-- $151,760,000 Class A at AA (sf)
-- $15,040,000 Class B at A (sf)
-- $16,130,000 Class C at BBB (sf)
-- $17,070,000 Class D at BB (sf)

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

-- 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 shock, the DBRS Morningstar-projected cumulative
net loss (CNL) includes an assessment of the expected impact on
consumer behavior. The DBRS Morningstar CNL assumption is 11.50%.

-- The transaction assumptions consider DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
coronavirus, available in its commentary "Global Macroeconomic
Scenarios - June 2021 Update," published on June 18, 2021. DBRS
Morningstar initially published macroeconomic scenarios on April
16, 2020, that have been regularly updated. The scenarios were last
updated on June 18, 2021, 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 continued success in
containment during the second half of 2021, enabling the continued
relaxation of restrictions.

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

-- Credit enhancement is in the form of overcollateralization
(OC), subordination, amounts held in the reserve fund, and excess
spread. Credit enhancement levels are sufficient to support DBRS
Morningstar's stressed projected finance yield, principal payment
rate, and charge-off assumptions 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 this transaction, the ratings address the
timely payment of interest on a monthly basis and principal by the
legal final maturity date.

-- Regional Management Corp.'s capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar has performed an on-site operational review of
Regional and, as a result, considers the entity to be an acceptable
originator and servicer of unsecured personal loans with an
acceptable backup servicer.

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

-- Regional has remained consistently profitable since 2007.

-- In February 2018, Regional completed a system migration to
Nortridge Loan Management System, allowing for the implementation
of custom scorecards for all branches, which led to the ability to
implement a hybrid servicing model.

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

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

-- Credit enhancement in the transaction consists of OC,
subordination, a reserve account, and excess spread. The initial
amount of OC is approximately 4.00% of the Initial Loan Pool. The
subordination in the transaction refers to the Class B Notes, Class
C Notes, and Class D Notes, which are subordinated to the Class A
Notes (collectively, the Notes). The reserve account is 1.00% of
the Initial Loan Pool and is funded at inception and nondeclining.
Initial Class A credit enhancement of 28.16% includes a reserve
account of 1.00%, OC of 4.00%, and subordination of 23.16%. Initial
Class B credit enhancement of 20.94% includes a reserve account of
1.00%, OC of 4.00%, and subordination of 15.94%. Initial Class C
credit enhancement of 13.19% includes a reserve account of 1.00%,
OC of 4.00%, and subordination of 8.19%. Initial Class D credit
enhancement of 5.00% includes a reserve account of 1.00% and OC of
4.00%.

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


REGIONAL MANAGEMENT 2021-2: S&P Assigns 'BB' Rating on Cl. D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Regional Management
Issuance Trust 2021-2's personal consumer loan-backed notes. The
note issuance is an ABS securitization backed by personal consumer
loan receivables.

The ratings reflect the following:

-- The availability of approximately 51.89%, 46.07%, 39.65%, and
31.68% 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 ratings
on the notes based on our stressed cash flow scenarios.

-- S&P said, "Our worst-case weighted average base-case loss
assumption for this transaction is 15.24%. This base-case loss
assumption 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. Our base-case
loss assumption also 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;
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 2020,
began rolling out the option to close loans remotely, as opposed to
within branches, for certain borrowers.

-- 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 affected by the COVID-19 pandemic. While
deferment levels rose and peaked in April 2020, they decreased
through July 2020 to historical trend levels. Transaction documents
dictate that a reinvestment criteria event will occur if loans in
deferment status 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 ratings will be within
the limits specified in the credit stability section of "S&P Global
Ratings Definitions," published Jan. 5, 2021.

-- The timely interest and full principal payments expected to be
made, based on stressed cash flow modeling scenarios appropriate to
the assigned 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.

  Ratings Assigned

  Regional Management Issuance Trust 2021-2

  Class A, $151.760 million, 1.90% IR: AA- (sf)
  Class B, $15.040 million 2.35% IR: A- (sf)
  Class C, $16.130 million 3.23% IR: BBB- (sf)
  Class D, $17.070 million 4.94% IR: BB (sf)

  IR—Interest rate.



SOHO TRUST 2021: DBRS Gives Prov. B Rating on Class HRR Certs
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-SOHO to
be issued by SOHO Trust 2021-SOHO.

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

All trends are Stable.

SOHO Trust 2021-SOHO is a single-asset/single-borrower transaction
collateralized by the borrower's fee-simple interest in a 786,891
sf Class A office/retail property known as One SoHo Square in the
heart of the SoHo/Hudson Square submarket of New York City. DBRS
Morningstar has a generally positive view of the credit
characteristics of the collateral, based on the property's
desirable location and high proportion of investment-grade tenancy.
DBRS Morningstar believes the long-term cash flow is stable and
sustainable, given the majority of the investment-grade tenants at
this property use this location as their corporate headquarters and
have signed long-term leases. These factors are critical as the
cash flow will be less susceptible to revenue swings, making it
more resilient during economic downturns, which is evidenced by the
strong performance at the property throughout the Coronavirus
Disease (COVID-19) pandemic where less than 1% of tenants, based on
total rent, had requested rent relief. DBRS Morningstar also views
the $268 million in capital expenditure over the last few years as
credit positive because capital improvements often play a
significant role in retaining existing tenants and attracting new
tenants, as well as demonstrating a sponsor's commitment to a
property.

DBRS Morningstar has concerns about the subleasing of spaces at the
property. Flatiron Health (Flatiron) has put approximately 18% of
its space up for sublease and JUUL Labs (JUUL) has the entirety of
its space up for sublease. Flatiron originally put up approximately
49% of its leased space for sublease during the pandemic, and has
subsequently pulled back the majority of them from the sublease
market. The fact that Flatiron's sublease spaces have been
earmarked to be occupied as the company grows and that the
subleasing is intentional until the expansion occurs mitigates some
of those concerns. JUUL has been current on all rents throughout
the pandemic. Despite both Flatiron and JUUL being current on rents
and continuing to pay the rents on their respective spaces, DBRS
Morningstar has incorporated a partial lit/dark analysis into the
valuation of the property to account for the spaces marketed for
sublease. The property's slightly-below-market rental rate coupled
with its location in the epicenter of the submarket with easy
access and good amenities also help alleviate some of the concerns
as the property provides an attractive option for a variety of
tenants in the future. In addition, DBRS Morningstar views the
weighted-average remaining lease term of 9.2 years and minimal
lease rollover risk of 22.3% of the net rentable area (NRA) over
the loan term as credit positive because these result in a secure
stream of cash flow as well as shielding the property from any
short- or medium-term dislocations in the Manhattan office market
resulting from the pandemic.

The all-in DBRS Morningstar Loan-to-Value Ratio (LTV), inclusive of
the $120 million mezzanine debt, is high at 109.9%. The high
leverage point could result in an elevated refinance risk and loss
severities in the event of default. Overall, DBRS Morningstar views
the property's location favorably in that it continues to attract
high-quality tenants in the post-pandemic environment because its
recent renovation lifts it to Class A quality with strong submarket
fundamentals.

One SoHo Square is located in a high foot traffic location on the
corner of Sixth Avenue and Spring Street in the heart of Hudson
Square/Meatpacking submarket, amid the desirable neighborhoods of
SoHo, Hudson Square, Greenwich Village, and West Village. The
submarket has seen an increased demand in leasing over the past few
years, most notably from technology companies, with Google,
Facebook, and Amazon taking space in the vicinity.

The property features modern infrastructure designed by Gensler and
top-of-the-line amenities, including state-of-the-art roof decks
with panoramic views, 12.5' to 13' ceiling heights, a modern
building management system, and a 24/7 attended lobby. The sponsor
invested approximately $268 million in redevelopment of the
property and the new construction resulted in highly efficient
floor plates and modern open floor layouts. Since the renovations,
cash flow grew almost eightfold from $8 million in 2016 to $62
million in 2021, more than 631,000 sf of lease-up since 2017.

Credit tenants comprise approximately 67% of the total rent (61.9
of the NRA) and Long Term Credit Tenant (LTCT) comprise
approximately 16.7% of the total rent (12.9% of the total NRA) at
the property. Based on the June 2021 rent roll, One SoHo Square is
also home to the U.S. headquarters of these five tenants: Flatiron,
MAC, Warby Parker, Glossier, and Double Verify.

The property has a minimal rollover risk of 22.3% of the NRA over
the loan term and a decent WA remaining lease term of 9.2 years
(more than two years beyond the loan term), which provide a stable
stream of cash flow.

The sponsor will contribute approximately $2.31 million in cash
equity at closing. Based on an appraised value (as-is) of $1.35
billion, there is $445 million of implied equity in the
transaction. DBRS Morningstar views cash-in financings more
favorably than those where the sponsor is withdrawing significant
equity, which can result in less incentive.

Stellar Management is one of New York City's premier owners and
operators of residential and commercial properties focusing on
integrating real estate acquisitions, development, reposition, and
property management. Stellar currently owns and manages over two
million square feet (sf) of office space and 1.3 million sf of
retail space.

The ongoing coronavirus pandemic continues to pose challenges and
risks to virtually all major commercial real estate property types
and has created an element of uncertainty around future demand for
office space, even in gateway markets that have historically been
highly liquid. As more firms spend time exploring remote work and
revisiting their space needs during the pandemic, New York City
office recovery will surely be among the markets to face this
challenge. While some tenant spaces are not completely occupied as
employees have continued to work from home during the pandemic, all
tenants are now open and operating. Additionally, only one retail
tenant, Torch & Crown (representing less than 1% of the total
rent), received rent abatement/deferral during the pandemic. This
tenant has recently caught up with its rents, according to the
sponsor.

JUUL and Flatiron have 100% and about 18% of their spaces marketed
for sublease, respectively. DBRS Morningstar incorporated a partial
lit/dark analysis into the valuation to account for the sublease
spaces. JUUL has been current on rents throughout the pandemic.
Flatiron's subleasing was part of its corporate business plan with
the intention to initially sublet some of the space to short-term
tenants until the company expands and grows into the space. The
expansion plan was delayed because of the pandemic. Flatiron Health
originally put up approximately 49% of its leased space for
sublease during the pandemic, and has subsequently pulled back the
majority of them from the sublease market. Of the 18% sublease
space, Flatiron has recently inked a three-year sublease contract
on a 30,668 sf space in the west building. Flatiron's parent
company, Roche Holdings, has also provided a comfort letter as
support. All Flatiron's sublease spaces are built out and
tenant-ready. JUUL sublease spaces, however, are in white box
form.

The DBRS Morningstar issuance LTV is high at 95.4%, based on the
trust debt. The capital stack also includes $120.0 million of
mezzanine debt. The leverage increases to an all-in DBRS
Morningstar LTV of 109.9% when the mezzanine loan is factored in.
The high leverage point could result in an elevated refinance risk
and loss severities in the event of default. A default on the
mezzanine debt may also potentially complicate workout negotiations
or other remedies for the trust.

The property's Industrial & Commercial Abatement Program (ICAP) tax
abatement schedule is expected to be in full effect for four years
on the west tower and three years on the east tower, then phased
out over 10 years. The property is also subject to a transitional
tax reassessment where the assessed value of the property will be
increased and phased-in over a period of approximately five years.
The increase in real estate taxes because of the tax reassessment
will be passed through and reimbursed by the tenants because the
in-place office leases are predominantly modified gross leases with
base-year stop. As such, the gross rents will increase as the ICAP
abatement burns off and eventually expires.

The debt yield trigger for the cash flow sweep event is low at less
than a 5.0% for two consecutive quarters. There is no debt service
coverage ratio (DSCR) trigger requirement. The low thresholds
increase the term and balloon default risks. Per the loan
agreement, the borrower can partially defease to avoid a debt yield
cash management trigger.

The liability of the carve-out guarantor is capped at 10% of the
then-outstanding loan amount for bankruptcy events and full
recourse is triggered only by such bankruptcy events or if certain
transfer provisions are violated. In addition, the guarantor under
the mortgage loan is required to maintain a minimum net worth of at
least $200 million; however, there is no liquidity requirement.
DBRS Morningstar views these factors as credit negative and
relatively weak in the context of the size of the mortgage and
mezzanine loans.

The guarantor on this loan is Gluck Family Trust. This effectively
limits the recourse to the sponsor for bad act carveouts. "Bad boy"
guarantees and consequent access to the guarantor help mitigate the
risk and increased loss severity of bankruptcy, additional
encumbrances, unapproved transfers, fraud, misappropriation of
rents, and other potential bad acts of the borrower or its
sponsor.

The borrower has a one-time right to incur up to $90.5 million of
future mezzanine debt subject to certain conditions which include,
among other things, (1) a maximum LTV of 67%, (2) a DSCR of no less
than 2.22 times, and (3) a debt yield of no less than 6.82%, with
such LTV, DSCR, and debt service coverage ratio inclusive of the
additional mezzanine debt at the time of closing of the loan.
Rating agency confirmation is required in connection with the
incurrence of a future mezzanine loan.

The borrowing entity is formed by three tenants in common (TICs).
While the loan is structured with customary protections with
respect to the TIC structure, this type of ownership structure
typically adds layers of complexity and the potential for diverging
interests in the event of default.

Ongoing reserves, including replacement, tax and insurance,
rollover and excess cash reserves, will be collected only
subsequent to a cash sweep period being triggered.

Goldman Sachs Bank USA, DBR Investments Co. Limited, and Bank of
Montreal originated the $785 million whole loan, which pays an
assumed fixed-rate interest of 2.725% on an interest-only (IO)
basis through the entire seven-year loan term. Additionally, the
mortgage lenders are expected to provide a $120 million mezzanine
loan for a total debt of $905 million. The transaction represents a
cash-in refinance of the existing debt on the property. The loan
will be used to pay off the existing debt of approximately $900
million and pay closing costs of approximately $7.3 million. The
transaction has an elevated DBRS Morningstar Issuance LTV of 95.4%,
based on the whole loan. The LTV based on the appraised value of
$1.35 billion is 58.1%. Including mezzanine debt, the DBRS
Morningstar issuance all-in LTV is 109.9%, compared with the
appraisal's all-in LTV of 67.0%.

The $785 million whole loan comprises 23 promissory notes: 20
senior A notes totaling $470 million and three junior B notes
totaling $315 million. The SOHO 2012-SOHO transaction will total
$316 million and consist of three senior A notes with an aggregate
principal balance of $1 million and the three junior B notes with
an aggregate principal balance of $315 million. The remaining
companion senior A notes will be held by the originators and may be
included in future securitizations. The senior notes are pari passu
in right of payment with respect to each other. The senior notes
are generally senior in right of payment to the junior notes. The
mezzanine loan has a seven-year term and pays an initial interest
rate per annum of 5.05%.

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


STWD 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the notes issued by STWD
2019-FL1, Ltd. as follows:

-- Class A Senior Secured Floating Rate Notes at AAA (sf)
-- Class A-S Second Priority Secured Floating Rate Notes at AAA
(sf)
-- Class B Third Priority Secured Floating Rate Notes at AA (low)
(sf)
-- Class C Fourth Priority Secured Floating Rate Notes at A (low)
(sf)
-- Class D Fifth Priority Secured Floating Rate Notes at BBB (sf)
-- Class E Sixth Priority Secured Floating Rate Notes at BBB (low)
(sf)
-- Class F Non Offered Floating Rate Notes at BB (low) (sf)
-- Class G Non Offered Floating Rate Notes at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations. At issuance, the collateral for the transaction
consisted of 20 floating-rate mortgages and one fixed-rate mortgage
secured by 38 mostly transitional commercial real estate
properties, with a total balance of $1.01 billion, excluding
approximately $116.0 million of future funding commitments. The
transaction is structured with an initial 24-month Reinvestment
Period (ending with the August 2021 Payment Date), whereby the
Issuer may acquire new loan collateral as well as additional future
funding participations and funded companion participations for
existing loans with principal repayment proceeds.

As of the June 2021 remittance, the trust consists of 27 loans with
an aggregate principal balance of approximately $1.1 billion. Of
these 27 loans, 20 were structured with future funding components
totaling $256.8 million. Based on an update from the collateral
manager, $164.5 million of cumulative future funding commitments
were outstanding for individual borrowers to aid in property
stabilization as of June 2021. Future funding for three loans,
which were in the transaction at issuance totaling $2.4 million,
has expired and will no longer be available to the individual
borrowers. To date, 14 of the original 21 loans, representing 72.7%
of the current transaction balance, remain in the pool. Two of
these loans, Dune Vegas II (Prospectus ID#13, 1.3% of the current
pool) and Winrock II (Prospectus ID#19, 2.2% of the current pool),
have had collateral releases since issuance as a result of property
sales, resulting in a principal paydown. There have been 11
newly-acquired loans that have been added to the trust since
issuance. One of these loans, Woodbury Portfolio (Prospectus ID#22,
4.7% of the current pool), has sold nine of the Class A and B
office properties, reducing the portfolio's size to 13 properties,
resulting in a principal paydown.

According to the June 2021 remittance, there are no loans in
special servicing, but there are 13 loans (50.6% of the current
pool) on the servicer's watchlist. Certain loans were added to the
servicer's watchlist with multiple triggers listed; however, only
five loans (17.1% of the current pool) were primarily added because
of performance-related disruptions, three loans (16.1% of the
current pool) for increased vacancy or near-term tenant lease
expirations, and three loans (10.3% of the current pool) for
upcoming maturity. The remaining loan (4.1% of the current pool)
was on the list as a result of major water damage at the property;
however, the servicer indicates that the restoration work has been
complete.

Two of the loans on the servicer's watchlist, Brown Palace Hotel &
Holiday Inn Express Denver Downtown (Prospectus ID#8, 5.6% of the
current pool) and The Hyatt Regency Houston (Prospectus ID#9, 5.3%
of the current pool), were each previously granted three-month
forbearances. Other terms included a waiver on furniture, fixtures,
and equipment (FF&E) reserve requirements; the use of outstanding
FF&E funds to cover operating shortfalls; extensions and
terminations of certain capital expenditure projects; and cash
management provisions until the deferred interest is repaid. While
there have been major disruptions to the borrowers' business plans
and property operations, all three of the subject hotels are open
for business and both loans are current on payments.

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



STWD 2021-HTS: S&P Assigns B- (sf) Rating on Class F Certs
----------------------------------------------------------
S&P Global Ratings assigned its ratings to STWD 2021-HTS Mortgage
Trust's commercial mortgage pass-through certificates.

The certificate issuance is a CMBS securitization backed by the
assets of the trust that include one commercial mortgage loan and
one commercial mezzanine loan. The mortgage loan is secured by the
borrowers' fee simple interests and the operating lessee's
leasehold interest in 41 extended-stay HomeTowne Studios by Red
Roof hotels across 18 U.S. states. The mezzanine loan is secured by
the mezzanine borrower's pledge of 100% of its equity interest in
the mortgage borrowers.

The ratings reflect S&P's view of the collateral's historical and
projected performance, the experience of the sponsors and the
manager, the trustee-provided liquidity, the mortgage and mezzanine
loan terms, and the transaction's structure.

  Ratings Assigned

  STWD 2021-HTS Mortgage Trust(i)

  Class A, $67,559,000: AAA (sf)
  Class X, $169,532,000(ii): Not rated
  Class B, $23,857,000: AA- (sf)
  Class C, $17,734,000: A- (sf)
  Class D, $23,435,000: BBB- (sf)
  Class E, $36,947,000: BB- (sf)
  Class F, $32,724,000: B- (sf)
  Class G, $15,994,000: Not rated
  Class HRR(iii), $11,750,000: Not rated

(i)The issuer will issue the certificates (a) to qualified
institutional buyers as defined in Rule 144A of the Securities Act
of 1933; (b) (except with respect to the class R certificates [not
reviewed by S&P Global Ratings]) to institutions that are
accredited investors, within the meaning of Rule 501(a)(1), (2),
(3), or (7) of Regulation D under the Securities Act of 1933, or
any entity, all of the equity owners of which, are such
institutions (collectively, institutional accredited investors); or
(c) (except with respect to the class R certificates) to
institutions that are non-U.S. securities persons in offshore
transactions pursuant to Rule 903 or Rule 904 of Regulation S under
the Securities Act of 1933.

(ii)Notional balance. The notional amount of the class X
certificates will equal the certificate balance of class A, Class
B, Class C, Class D, and Class E certificates.

(iii)Horizontal risk retention interest.



TCW CLO 2021-2: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to TCW CLO 2021-2 Ltd./TCW
CLO 2021-2 LLC's 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 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; and

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

  Ratings Assigned

  TCW CLO 2021-2 Ltd./TCW CLO 2021-2 LLC

  Class X, $4.0 million: AAA (sf)
  Class AS, $244.0 million: AAA (sf)
  Class AJ, $12.0 million: AAA (sf)
  Class B, $48.0 million: AA (sf)
  Class C (deferrable), $24.0 million: A (sf)
  Class D (deferrable), $24.0 million: BBB- (sf)
  Class E (deferrable), $16.0 million: BB- (sf)
  Subordinated notes, $37.5 million: Not rated



TRESTLES CLO IV: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Trestles CLO
IV Ltd./Trestles CLO IV LLC's floating- and fixed-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 July 27,
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; and

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

  Preliminary Ratings Assigned

  Trestles CLO IV Ltd./Trestles CLO IV LLC

  Class A, $244.0 million: AAA (sf)
  Class B-1, $40.0 million: AA (sf)
  Class B-2, $20.0 million: AA (sf)
  Class C (deferrable), $22.0 million: A (sf)
  Class D (deferrable), $26.0 million: BBB- (sf)
  Class E (deferrable), $14.0 million: BB- (sf)
  Subordinated notes, $40.2 million: Not rated



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

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- rate, adjustable-rate, fully amortizing,
interest-only residential mortgage loans secured primarily by
single-family residences, planned unit developments, condominiums,
townhouses, and two- to four-family homes to both prime and
nonprime borrowers. The pool consists of 1,092 business-purpose
rental, non-owner-occupied residential mortgage loans (including 94
cross-collateralized loans) backed by 1,407 properties that are
exempt from qualified mortgage and ability-to-repay rules.

The ratings reflect:

-- 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 that the economic stress brought on by the COVID-19
pandemic will likely have on the performance of the mortgage
borrowers in the pool and the liquidity available in the
transaction.

  Ratings Assigned(i)

  TRK 2021-INV1 Trust

  Class A-1, $147,786,000: AAA (sf)
  Class A-2, $14,128,000: AA (sf)
  Class A-3, $23,884,000: A (sf)
  Class M-1, $12,222,000: BBB (sf)
  Class B-1, $11,325,000: BB (sf)
  Class B-2, $7,849,000: B (sf)
  Class B-3, $7,064,808: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class P, $100: Not rated
  Class R, not applicable: 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.



UBS COMMERCIAL 2018-C12: Fitch Lowers Class F-RR Debt to B-
-----------------------------------------------------------
Fitch Ratings has downgraded one class, affirmed 16 classes and
maintains Negative Outlooks on nine classes of UBS Commercial
Mortgage Trust, commercial mortgage pass-through certificates,
series 2018-C12 (UBS 2018-C12).

    DEBT               RATING            PRIOR
    ----               ------            -----
UBS 2018-C12

A-1 90353DAU9    LT  AAAsf   Affirmed    AAAsf
A-2 90353DAV7    LT  AAAsf   Affirmed    AAAsf
A-3 90353DAX3    LT  AAAsf   Affirmed    AAAsf
A-4 90353DAY1    LT  AAAsf   Affirmed    AAAsf
A-5 90353DAZ8    LT  AAAsf   Affirmed    AAAsf
A-S 90353DBC8    LT  AAAsf   Affirmed    AAAsf
A-SB 90353DAW5   LT  AAAsf   Affirmed    AAAsf
B 90353DBD6      LT  AA-sf   Affirmed    AA-sf
C 90353DBE4      LT  A-sf    Affirmed    A-sf
D 90353DAC9      LT  BBBsf   Affirmed    BBBsf
D-RR 90353DAE5   LT  BBB-sf  Affirmed    BBB-sf
E-RR 90353DAG0   LT  BB+sf   Affirmed    BB+sf
F-RR 90353DAJ4   LT  B-sf    Downgrade   BB-sf
G-RR 90353DAL9   LT  CCCsf   Affirmed    CCCsf
X-A 90353DBA2    LT  AAAsf   Affirmed    AAAsf
X-B 90353DBB0    LT  AA-sf   Affirmed    AA-sf
X-D 90353DAA3    LT  BBBsf   Affirmed    BBBsf

KEY RATING DRIVERS

Increased Loss Expectations/Specially Serviced Loans: Since Fitch's
last rating action, expected losses have increased due to three
additional loans which have transferred to special servicing,
including three loans (9.0% of the pool) within the top 10 in the
transaction. There are 23 loans (41.1% of the pool) which are
considered Fitch Loans of Concerns (FLOCs) including the specially
serviced loans due to performance declines resulting from
coronavirus pandemic, upcoming rollover, declines in occupancy
and/or deferred maintenance.

Fitch's current ratings reflect deal expected losses of 5.9%.
Additional stresses were applied on loans expected to be impacted
by the coronavirus which resulted in a deal expected loss of 8.3%.
The Negative Outlooks reflect the additional applied stresses.

The largest contributor to loss and FLOC is Riverwalk (5.7% of the
pool), which is secured by a 630,379sf office property located in
Lawrence, MA, built in 1901 and renovated in 2007. The largest
tenants are Savltore's (8.0% of NRA; November, 2025 LXD); 99
Degress Custom Inc (7.0% of NRA; September, 2024 LXD); Partners
Community Healthcare (6.5% of NRA; renewed thru November, 2024);
Solectria (5.9% of NRA; January, 2021); Home Health VNA (5.4% of
NRA; August, 2025); Jaybird & Mais (5.4% of NRA; December 2021);
and Select One Construction (4.9% of NRA; April 2023). The
property's occupancy declined to 85% from 91% the prior year. There
is significant upcoming rollover of 21% in 2021.

Fitch's expected loss of 22% is based on a 25% stress to YE 2020
NOI due to high upcoming rollover.

The second largest contributor to loss and specially serviced loan
is Holiday Inn -- Matteson Holiday (1.6% of the pool), which is
secured by a 202 key full-service hotel located in Matteson, IL.
The loan was transferred to special servicing pre-pandemic in
September 2019 and is currently 90+ days delinquent. GF Hospitality
was appointed as receiver Nov. 13, 2019. Per the special servicer,
immediate repairs and defaults under franchise agreement have been
addressed by receiver, working with IHG to maintain the flag going
forward. Bar Louie was forced to suspend operations at the property
for several months due to state mandate, reopened Feb. 1, 2021.
Property room revenue improved significantly March-May 2021,
despite limited revenue from Bar Louie.

Per the special servicer, disposition strategy is to be determined
upon receipt of updated broker valuations and franchisor QA report.
Fitch's expected loss of 42% is based on a 10% stress to the most
recent appraisal value which reflects a value per key of $49,455.

The third largest contributor to loss and specially serviced loan
is 24 Hour Fitness -- Cedar Hill (0.5% of the pool) was transferred
to special servicing in June 2020 due to imminent default. The
single tenant, 24 Fitness located in Cedar Hill, TX, filed for
bankruptcy in June 2020. The bankruptcy court rejected the lease
and per the company's website the location has permanently closed.
The borrower and special servicer came to an agreement in which the
borrower stipulated to a receiver and consented to foreclosure. A
receiver and property management firm have been placed at the site
and will begin marketing it to backfill the previous tenant.

Fitch's expected loss of 62% is based on a 15% stress to the most
recent appraisal value which reflects a value psf of $58.

The fourth largest contributor to loss and FLOC is 160th St and
Prospect Avenue Portfolio (1.4% of the pool) is secured by two
multifamily properties located in Bronx, NY totaling 53 units. The
consolidated debt service coverage ratio (DSCR) of the two
properties is 1.21x. Per the master servicer, expenses have
increased, primarily driven by repairs and maintenance. Both
properties are above the market rental rate, and have increased yoy
gross revenues. The two properties are both occupied at 100% and
are renting for an average of $1,473/unit compared to submarket
rents of $1,462.

Fitch's expected loss of 23% is based on a 5% stress to the YE 2020
NOI.

The fifth largest contributor to loss and specially serviced loan
is Somerset Financial Center (2.3% of the pool) which is secured by
a 230,000-sf office property located in Bedminster, NJ. The loan
was transferred to special servicing on January 29, 2021 for
imminent monetary default. The tenant, Mallinckrodt (83% of NRA), a
pharmaceutical company, filed for Chapter 11 bankruptcy in October
2020 amid lawsuits alleging it fueled the U.S. opioid epidemic.

The lease was rejected and the property is vacant and there hasn't
been much progress in finding a replacement tenant. Per the special
servicer, a foreclosure complaint was filed May 4, 2021 including a
provision for receivership. The borrower's answer is forthcoming
and the special servicer expects an answer to the motion for
appointment of receiver in mid-August.

Fitch's base case expected loss of 12% is based on the most recent
stabilized appraisal value with no additional stress which reflects
a value psf of $165. This scenario reflects the higher property
quality and location of the asset. In the stress scenario, Fitch's
expected loss of 62% is based on an 'as-is' valuation which assumes
the property remains vacant or nearly vacant.

Minimal Change in Credit Enhancement: As of the July 2021
distribution date, the pool's aggregate balance has been reduced by
1.5% to $792.8 million from $804.9 million at issuance. All
original 65 loans remain in the pool. Two loans (2.4%) have been
defeased since Fitch's last rating action. At issuance, based on
the scheduled balance at maturity, the pool was expected to pay
down by 8.8% prior to maturity, which is slightly better than the
average for transactions of a similar vintage. 27 loans (38.5% of
the pool) are full-term interest only and 17 loans (32%) have
partial interest-only periods.

Coronavirus Exposure: Fourteen loans (19% of the pool) are secured
by hotel loans and 19 loans (22% of the pool) are secured by retail
properties, none of which are classified as regional malls. Fitch's
base case analysis applied additional COVID-19 stresses to hotel
loans which fail DSCR test: Additional stresses of 26% NOI HC were
applied to seven hotel loans due to their vulnerability to the
coronavirus pandemic; these additional stresses contributed to the
downgrade of class F-RR.

Investment-Grade Credit Opinion Loans: Two loans comprising 9.4% of
the transaction received an investment-grade credit opinion at
issuance. The largest loan, Wyvernwood Apartments (6.3% of the
pool), received a credit opinion of 'BBB-sf' on a stand-alone
basis. The sixth largest loan, 20 Times Square (3.1% of the pool),
received a standalone credit opinion of 'Asf'.

Pari Passu Loans: 11 loans (34.3% of the pool), are pari passu, of
which, six are within the top 15.

Pool Concentration: The top 10 loans comprise 40.2% of the pool.
Loan maturities are concentrated in 2028 (87.8%). Three loans
(10.8%) mature in 2023 and two loans (1.3%) in 2025. Based on
property type, the largest concentrations are office at 26%, retail
at 22% and hotel at 19%.

RATING SENSITIVITIES

The downgrade on class F-RR and negative outlooks on classes A-S,
B, C, D, D-RR, E-RR, F-RR, X-B and X-D reflect the increased
expected losses associated with the specially serviced loans and
performance concerns associated with the FLOCs.

The Stable Outlooks on classes A-1 through A-SB and X-A reflect the
overall stable performance of the pool and expected continued
amortization.

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

-- Stable to improved asset performance coupled with paydown
    and/or defeasance. Upgrades of classes A-S, B and C would
    likely occur with significant improvement in CE and/or
    defeasance; however increased concentrations, further
    underperformance of FLOCs and decline in performance of loans
    expected to be impacted by the coronavirus pandemic could
    cause this trend to reverse.

-- An upgrade of class D is considered unlikely and would be
    limited based on sensitivity to concentrations or the
    potential for future concentration. Classes would not be
    upgraded above 'Asf' if there is a likelihood for interest
    shortfalls.

-- Upgrades of classes D-RR, E-RR, F-RR, and G-RR are not likely
    due to performance concerns with loans expected to be impacted
    by the coronavirus pandemic in the near-term but could occur
    if performance of the FLOCs improves and/or if there is
    sufficient CE, which would likely occur if the non-rated class
    is not eroded and the senior classes pay-off.

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

-- An increase in pool level losses from underperforming or
    specially serviced loans. Downgrades of classes A-1 through A
    SB are not likely due to the position in the capital structure
    and continued amortization.

-- Downgrades of classes A-S through G-RR could occur if
    additional loans become FLOCs, with further underperformance
    of the FLOCs and decline in performance and lack of recovery
    of loans expected to be impacted by the coronavirus pandemic
    in the near-term.

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.


VERUS 2021-4: S&P Assigns Prelim B- (sf) Rating on Class B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2021-4's mortgage-backed notes.

The note issuance is an RMBS securitization backed by primarily
first-lien, fixed-rate, 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 residences, planned unit developments, two- to
four-family residential properties, condominiums, co-operatives,
mixed-use properties, and manufactured housing residential
properties to both prime and nonprime borrowers. The pool has 751
loans backed by 778 properties, which are primarily non-qualified
mortgage/ability -to-repay (ATR) compliant and ATR-exempt loans.

The preliminary ratings are based on information as of July 22,
2021. The collateral and structural information reflect the term
sheet dated July 19, 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.

  Preliminary Ratings Assigned(i)

  Verus Securitization Trust 2021-4

  Class A-1, $334,315,000: AAA (sf)
  Class A-2, $30,117,000: AA (sf)
  Class A-3, $47,392,000: A (sf)
  Class M-1, $22,412,000: BBB (sf)
  Class B-1, $14,942,000: BB (sf)
  Class B-2, $10,739,000: B- (sf)
  Class B-3, $7,004,391: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class DA: Not rated
  Class R: Not rated

(i)The collateral and structural information reflect the term sheet
dated July 19, 2021; the preliminary ratings address the ultimate
payment of interest and principal.

(ii)The notional amount equals the aggregate stated principal
balance of loans in the pool.



VOYA CLO 2020-1: S&P Assigns BB- (sf) Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from Voya CLO 2020-1 Ltd./Voya CLO
2020-1 LLC, a CLO originally issued in June 2020 that is managed by
Voya Alternative Asset Management LLC.

On the July 27, 2021, refinancing date, the proceeds from the
replacement notes were used to redeem the original notes. At that
time, S&P withdrew its ratings on the original notes and assigned
ratings to the replacement notes.

The replacement notes will be issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class A-R, C-R, D-R, and E-R notes were issued
at a lower spread over three-month LIBOR than the original notes.

-- The replacement class B-R notes were issued at a floating
spread, replacing the current class B-1 floating rate notes and the
class B-2 fixed rate notes.

-- The stated maturity and reinvestment period were extended three
years.

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  Voya CLO 2020-1 Ltd./Voya CLO 2020-1 Ltd.

  Class A-R, $186.00 million: AAA (sf)
  Class B-R, $42.00 million: AA (sf)
  Class C-R (deferrable), $18.00 million: A (sf)
  Class D-R (deferrable), $18.00 million: BBB- (sf)
  Class E-R (deferrable), $11.25 million: BB- (sf)
  Subordinated notes, $28.80 million: NR

  Ratings Withdrawn

  Voya CLO 2020-1 Ltd./Voya CLO 2020-1 Ltd.

  Class A: to NR from AAA (sf)
  Class B-1: to NR from AA (sf)
  Class B-2: to NR from AA (sf)
  Class C (deferrable): to NR from A (sf)
  Class D (deferrable): to NR from BBB- (sf)
  Class E (deferrable): to NR from BB- (sf)

  NR--Not rated.



VOYA CLO 2021-1: Moody's Gives (P)Ba3 Rating to $17MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of debt to be issued by Voya CLO 2021-1, Ltd. (the "Issuer"
or "Voya 2021-1").

Moody's rating action is as follows:

US$2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

US$160,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

US$100,000,000 Class A Senior Secured Floating Rate Loans maturing
2034, Assigned (P)Aaa (sf)

US$44,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

US$24,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

US$23,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

US$17,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

The notes and loans listed are referred to herein, collectively, as
the "Rated Debt."

RATINGS RATIONALE

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

Voya 2021-1 is a managed cash flow CLO. The issued debt will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
7.5% of the portfolio may consist of second lien loans, first lien
last out loans, senior secured bonds, senior unsecured bonds,
senior secured notes, and unsecured loans. Moody's expect the
portfolio to be approximately 95% ramped as of the closing date.

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

In addition to the Rated Debt, the Issuer will issue subordinated
notes and income notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

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

Par amount: $400,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2820

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 47.35%

Weighted Average Life (WAL): 9.17 years

Methodology Underlying the Rating Action:

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

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

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


WELLS FARGO 2021-C60: DBRS Gives Prov. B(low) Rating on L-RR Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-C60 to
be issued by Wells Fargo Commercial Mortgage Trust 2021-C60:

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

All trends are Stable.

The collateral consists of 61 fixed-rate loans secured by 107
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. One loan, representing 6.7%
of the pool, is shadow-rated investment grade by DBRS Morningstar.
The conduit pool was analyzed to determine the provisional ratings,
reflecting the long-term probability of loan default within the
term and its liquidity at maturity. When the cut-off balances were
measured against the DBRS Morningstar net cash flow and their
respective actual constants, the initial DBRS Morningstar
Weighted-Average (WA) Debt Service Coverage Ratio (DSCR) of the
pool was 2.05 times (x). Sixteen loans, accounting for 17.8% of the
pool balance, had a DBRS Morningstar DSCR below 1.32x, a threshold
indicative of a higher likelihood of term default. The pool
additionally includes 17 loans, representing 31.3% of the allocated
pool balance, that exhibit a DBRS Morningstar loan-to-value (LTV)
ratio in excess of 67.1%, a threshold generally indicative of
above-average default frequency. The WA DBRS Morningstar LTV of the
pool at issuance was 61.3% and the pool is scheduled to amortize to
a DBRS Morningstar WA LTV of 57.4% at maturity. These credit
metrics are based on the A-note balances.

Fourteen loans, representing 36.1% of the pool balance, are backed
by collateral located in Metropolitan Statistical Area (MSA) Group
3, which represents the best-performing group in terms of
historical commercial mortgage-backed securities (CMBS) default
rates among the top 25 MSAs. MSA Group 3 has a historical default
rate of 17.2%, which is nearly 40.0% lower than the overall CMBS
historical default rate of 28.0%. The pool features a relatively
high concentration of loans secured by properties located in less
favorable suburban, tertiary, and rural market areas. Forty-seven
loans, representing 67.9% of the pool balance, are secured by
properties predominately located in areas with a DBRS Morningstar
Market Rank of 1 through 4.

One of the loans—The Grace Building—exhibits credit
characteristics consistent with investment-grade shadow ratings.
This loan represents 6.7% of the pool and has credit
characteristics consistent with an “A” shadow rating.

Twenty-two loans, representing a combined 45.8% of the pool by
allocated loan balance, exhibit issuance LTVs of less than 59.3%, a
threshold historically indicative of relatively low-leverage
financing and generally associated with below-average default
frequency. Twenty-nine loans, representing 59.5% of the pool
balance, are structured with full-term interest-only (IO) periods.
An additional 16 loans, representing 21.9% of the pool balance, are
structured with partial IO terms ranging from six months to 60
months. While expected amortization for the pool is only 6.1%,
which is less than recent conduit securitizations, none of the
partial IO loans will have a balloon LTV greater than 65.1%, which
DBRS Morningstar views as favorable.

Six loans, representing 21.5% of the pool balance, received a
property quality grade of Average + or better, including two loans,
representing 9.4%, deemed to have Above Average quality. Four
loans, representing 19.3% of the pool, have Strong sponsorship.
Furthermore, DBRS Morningstar identified only two loans,
representing just 4.6% of the pool, as having a sponsorship and/or
loan collateral that results in DBRS Morningstar classifying the
sponsor strength as Weak.

Four loans, representing 19.3% of the pool, have Strong
sponsorship. Furthermore, DBRS Morningstar identified only two
loans, representing just 4.6% of the pool, as having a sponsorship
and/or loan collateral that results in DBRS Morningstar classifying
the sponsor strength as Weak.

Term default risk is low, as indicated by a relatively healthy WA
DBRS Morningstar DSCR of 2.05x. Even with the exclusion of the
shadow-rated loan, representing 6.7% of the pool, the deal exhibits
a favorable WA DBRS Morningstar DSCR of 1.94x.

The pool features a relatively high concentration of loans secured
by properties located in less favorable suburban, tertiary, and
rural market areas. Forty-seven loans, representing 67.9% of the
pool balance, are secured by properties predominately located in
areas with a DBRS Morningstar Market Rank of 1 through 4. Loans in
markets with a DBRS Morningstar Market Rank of 1 through 4
historically have had higher probability of default, and on
average, produce higher expected losses than similar loans.

The pool has a relatively high concentration of loans secured by
retail properties with 19 loans, representing 29.5% of the pool
balance. The ongoing Coronavirus Disease (COVID-19) pandemic
continues to pose challenges globally and the future demand for
retail space is uncertain, with many store closures and companies
filing for bankruptcy or downsizing. Thirteen of the 19 retail
properties, representing 74.3% of the overall retail concentration,
are secured by anchored or shadow-anchored properties. One loan,
The Westchester (2.7% of the total pool balance), is secured by a
regional mall. The retail properties in the pool exhibit favorable
WA DBRS Morningstar DSCRs of 1.90x. Three of the loans secured by
retail properties, representing 42.9% of the retail concentration,
have sponsors that were deemed to be Strong.

The pool includes five loans, representing 13.6% of the overall
pool balance, that are secured by office properties. As a result of
the coronavirus pandemic, future demand for office space is
uncertain, with corporate downsizings and more companies extending
their remote-working strategy. One of the five office loans, The
Grace Building, representing 49.1% of the office concentration, is
shadow-rated investment grade by DBRS Morningstar. Furthermore,
90.4% of the office loans are located in MSA Group 3, which
represents the lowest historical CMBS default rates. The office
properties in the pool exhibit a favorable DBRS Morningstar WA DSCR
of 2.99x and a DBRS Morningstar WA LTV of 51.7%, which mitigate
some of DBRS Morningstar's concerns about this property type.

Twenty-nine loans, representing 59.5% of the pool balance, are
structured with full-term IO periods. An additional 16 loans,
representing 21.9% of the pool balance, are structured with partial
IO terms ranging from six months to 60 months. While expected
amortization for the pool is only 6.1%, which is less than recent
conduit securitizations, none of the partial IO loans will have a
balloon LTV greater than 65.1%, which DBRS Morningstar views as
favorable.

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


WIND RIVER 2013-2: S&P Affirms B- (sf) Rating on Class E-2-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R2 and B-R2
replacement notes from Wind River 2013-2 CLO Ltd./Wind River 2013-2
CLO LLC, a CLO originally issued in 2013 that is managed by First
Eagle Alternative Credit, LLC. At the same time, S&P withdrew its
ratings on the original class A-R and B-R notes following payment
in full on the July 23, 2021, refinancing date. S&P also affirmed
its ratings on the class C-R, D-R, E-1-R, E-2-R notes, which were
not refinanced.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The non-call period will be extend to Jan. 18, 2022.

-- The A-R2 and B-R2 replacement notes were issued at a lower
spread.

Replacement And Original Note Issuances

Replacement notes

-- Class A-R2, $310.35 million: Three-month LIBOR + 1.00%

-- Class B-R2, $53.75 million: 1.57%

Original notes

-- Class A-R, $310.35 million: Three-month LIBOR + 1.23%

-- Class B-R, $53.75 million: Three-month LIBOR + 1.57%

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

"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 take rating actions as we deem
necessary."

  Ratings Assigned

  Wind River 2013-2 CLO Ltd./Wind River 2013-2 CLO LLC

  Class A-R2, $310.35 million: AAA (sf)
  Class B-R2, $53.75 million: AA (sf)
  Subordinated notes, $63.20 million: Not rated

  Ratings Affirmed

  Wind River 2013-2 CLO Ltd./Wind River 2013-2 CLO LLC

  Class C-R: A (sf)
  Class D-R: BB+ (sf)
  Class E-1-R: B+ (sf)
  Class E-2-R: B- (sf)

  Ratings Withdrawn

  Wind River 2013-2 CLO Ltd./Wind River 2013-2 CLO LLC

  Class A-R to not rated from 'AAA (sf)'
  Class B-R to not ratedfrom 'AA (sf)'



[*] Moody's Hikes 33 Tranches From 4 RMBS Deals Issued 2017 & 2020
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 33 tranches
from four RMBS transactions. The transactions are backed by prime
quality, first-lien residential mortgage loans.

Flagstar Mortgage Trust 2020-1INV and J.P. Morgan Mortgage Trust
2019-INV3 are securitizations of GSE eligible investment property
mortgage loans. The loans in Flagstar Mortgage Trust 2020-1INV were
originated by Flagstar Bank, FSB and loanDepot.com, LLC.
FlagstarBank FSB services the pool while Wells Fargo Bank, N.A. is
the master servicer. The loans in J.P. Morgan Mortgage Trust
2019-INV3 were originated and are serviced primarily by JPMorgan
Chase Bank, N.A. and United Shore Financial Services d/b/a United
Wholesale Mortgage and Shore Mortgage. Galton Funding Mortgage
Trust 2017-1, issued by GMRF Mortgage Acquisition Company LLC
(Galton), is backed by 30-year residential mortgages loans serviced
by Shellpoint Mortgage Servicing. Wells Fargo Mortgage Backed
Securities 2020-RR1 Trust consists of primarily non-qualified
mortgage loans which were originated by and are currently serviced
by Wells Fargo Bank, N.A.

The complete rating actions are as follows:

Issuer: Flagstar Mortgage Trust 2020-1INV

Cl. B-1, Upgraded to Aa2 (sf); previously on Feb 28, 2020
Definitive Rating Assigned Aa3 (sf)

Cl. B-1A, Upgraded to Aa2 (sf); previously on Feb 28, 2020
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to Aa3 (sf); previously on Feb 28, 2020
Definitive Rating Assigned A2 (sf)

Cl. B-2A, Upgraded to Aa3 (sf); previously on Feb 28, 2020
Definitive Rating Assigned A2 (sf)

Cl. B-3, Upgraded to A3 (sf); previously on Feb 28, 2020 Definitive
Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Feb 28, 2020
Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Feb 28, 2020
Definitive Rating Assigned B2 (sf)

Issuer: Galton Funding Mortgage Trust 2017-1

Cl. B1, Upgraded to Aaa (sf); previously on Jun 22, 2018 Upgraded
to Aa1 (sf)

Cl. BX1*, Upgraded to Aaa (sf); previously on Jun 22, 2018 Upgraded
to Aa1 (sf)

Cl. B2, Upgraded to Aaa (sf); previously on Apr 18, 2019 Upgraded
to Aa1 (sf)

Cl. BX2*, Upgraded to Aaa (sf); previously on Apr 18, 2019 Upgraded
to Aa1 (sf)

Cl. B3, Upgraded to Aa1 (sf); previously on Apr 18, 2019 Upgraded
to Aa3 (sf)

Cl. BX3*, Upgraded to Aa1 (sf); previously on Apr 18, 2019 Upgraded
to Aa3 (sf)

Cl. B4, Upgraded to A1 (sf); previously on Apr 18, 2019 Upgraded to
A3 (sf)

Cl. B5, Upgraded to Baa3 (sf); previously on Apr 18, 2019 Upgraded
to Ba1 (sf)

Issuer: J.P. Morgan Mortgage Trust 2019-INV3

Cl. A-14, Upgraded to Aaa (sf); previously on Dec 30, 2019
Definitive Rating Assigned Aa1 (sf)

Cl. A-15, Upgraded to Aaa (sf); previously on Dec 30, 2019
Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Upgraded to Aa1 (sf); previously on Dec 30, 2019
Definitive Rating Assigned Aa3 (sf)

Cl. B-1-A, Upgraded to Aa1 (sf); previously on Dec 30, 2019
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to Aa3 (sf); previously on Dec 30, 2019
Definitive Rating Assigned A2 (sf)

Cl. B-2-A, Upgraded to Aa3 (sf); previously on Dec 30, 2019
Definitive Rating Assigned A2 (sf)

Cl. B-3, Upgraded to A3 (sf); previously on Dec 30, 2019 Definitive
Rating Assigned Baa2 (sf)

Cl. B-3-A, Upgraded to A3 (sf); previously on Dec 30, 2019
Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Dec 30, 2019
Definitive Rating Assigned Ba3 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Dec 30, 2019 Definitive
Rating Assigned B3 (sf)

Cl. B-5-Y, Upgraded to B1 (sf); previously on Dec 30, 2019
Definitive Rating Assigned B3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2020-RR1 Trust

Cl. A-17, Upgraded to Aaa (sf); previously on Sep 28, 2020
Definitive Rating Assigned Aa1 (sf)

Cl. A-18, Upgraded to Aaa (sf); previously on Sep 28, 2020
Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Upgraded to Aa1 (sf); previously on Sep 28, 2020
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to A1 (sf); previously on Sep 28, 2020 Definitive
Rating Assigned A3 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Sep 28, 2020
Definitive Rating Assigned Baa3 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Sep 28, 2020
Definitive Rating Assigned Ba1 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Sep 28, 2020
Definitive Rating Assigned B1 (sf)

*Reflects Interest-Only Classes

A List of Affected Credit Ratings is available at
https://bit.ly/3l3CVO6

RATINGS RATIONALE

The upgrade actions are primarily due to the increased levels of
credit enhancement available to these bonds. Driven by the low
interest rate environment, these transactions have experienced high
prepayment rates over the last several months. The six-month
average CPR was approximately 38% in Flagstar Mortgage Trust
2020-1INV, 30% in Galton Funding Mortgage Trust 2017-1, 62% in J.P.
Morgan Mortgage Trust 2019-INV3 and 65% in Wells Fargo Mortgage
Backed Securities 2020-RR1 Trust. High prepayments have benefited
the bonds by increasing the paydown speed and building up the
credit enhancement.

In Moody's analysis Moody's considered the additional risk posed by
borrowers enrolled in payment relief programs. Moody's increased
its MILAN model-derived median expected losses by 15% and Moody's
Aaa losses by 5% to reflect the performance deterioration resulting
from a slowdown in US economic activity due to the COVID-19
outbreak. This loss increase was based on Moody's assessment of the
additional losses if 50% of such loans incur a deferral of the
missed payments or a modification to the loan terms.

Moody's identified loans granted payment relief based on a review
of loan level cashflows over the last few months. In Moody's
analysis, Moody's considered loans that: (1) were not liquidated
but took a loss in the reporting period (to capture loans with
monthly deferrals that were reported as current) or (2) have actual
balances that increased or were unchanged in the reporting period,
excluding interest-only loans and pay ahead loans, to be loans
under a payment relief program. Based on Moody's analysis, the
proportion of borrowers that have enrolled in payment relief plans
as of May 2021 was around 4% in Flagstar Mortgage Trust 2020-1INV,
8% in Galton Funding Mortgage Trust 2017-1 and 3% in J.P. Morgan
Mortgage Trust 2019-INV3 as compared to the peak of 5% in September
2020, 11% in December 2020 and 8% in July 2020 respectively. Based
on Moody's analysis of Wells Fargo Mortgage Backed Securities
2020-RR1, the proportion of borrowers that have enrolled in payment
relief plans peaked to around 3% as of May 2021, the highest level
since closing for this transaction.

Moody's updated loss expectation on the pool incorporates, amongst
other factors, Moody's assessment of the representations and
warranties frameworks of the transactions, the due diligence
findings of the third-party reviews received at the time of
issuance, and the strength of the transaction's originators and
servicers.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of residential mortgage loans as the US
economy continues on the path toward normalization. Economic
activity will continue to strengthen in 2021 because of several
factors, including the rollout of vaccines, growing household
consumption and an accommodative central bank policy. However,
specific sectors and individual businesses will remain weakened by
extended pandemic related restrictions.

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

Principal Methodologies

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.

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

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

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 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.


[*] S&P Discontinues Ratings on Classes from 138 U.S. RMBS Deals
----------------------------------------------------------------
S&P Global Ratings discontinued its 'D (sf)' ratings on 312 classes
from 138 U.S. RMBS transactions, including four U.S. RMBS
re-securitized real estate mortgage investment conduits (re-REMIC)
transactions, issued between 1997 and 2010.

A list of Affected Ratings can be viewed at:

              https://bit.ly/3zz00vZ

The discontinuances relate to the impact of reductions in interest
payments to security holders that have been realized ("realized
CIRA") due to loan modifications and other credit-related events.
S&P said, "To determine the maximum potential rating (MPR) for
these securities, we consider the amount of interest the security
has received to date versus how much it would have received absent
such credit-related events, as well as interest reduction amounts
that we expect over the remaining term of the security ("expected
CIRA"). However, when the realized CIRA exceeds 4.5% of the
original security balance, we consider the MPR to be 'D'
irrespective of the expected CIRA. The classes within this review
have a realized CIRA that exceeds 4.5%, which thus corresponds to
an MPR of 'D'. In accordance with our policies and procedures, we
are discontinuing the ratings because we view a subsequent upgrade
to a rating higher than 'D (sf)' to be unlikely ."





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