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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, September 12, 2021, Vol. 25, No. 254

                            Headlines

APIDOS CLO XXXVI: S&P Assigns BB- (sf) Rating on Class E Notes
BANK 2019-BNK20: Fitch Affirms B- Rating on Class G Certs
BENEFIT STREET XXI: S&P Assigns Prelim BB-(sf) Rating on E-R Notes
BLUEMOUNTAIN CLO XXXII: S&P Assigns Prelim BB- (sf) on Cl. E Notes
CCUBS COMMERCIAL 2017-C1: Fitch Affirms B- Rating on G-RR Certs

CEDAR FUNDING VIII: S&P Assigns BB- (sf) Rating on Class E-R Notes
CITIGROUP COMMERCIAL 2006-C5: Fitch Affirms D Rating on 11 Tranches
EATON VANCE 2020-1: S&P Assigns Prelim 'BB-' Ratings on E-R Notes
FORT WASHINGTON 2021-2: S&P Assigns Prelim BB- Rating on E Notes
FORTRESS CREDIT XII: S&P Assigns Prelim 'BB-' Rating on E Notes

GLS AUTO 2021-3: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
GOLDENTREE LOAN 8: S&P Assigns B- (sf) Rating on Class F-R Notes
GOLUB CAPITAL 55(B): S&P Assigns BB- (sf) Rating on Class E Notes
GOODLEAP SUSTAINABLE 2021-4: S&P Assigns BB (sf) Rating on C Notes
JP MORGAN 2021-INV4: S&P Assigns B- (sf) Rating on Class B-5 Certs

MERLIN AVIATION: S&P Lowers Rating on Class C Notes to 'CCC+ (sf)'
SATURNS TRUST NO. 2003-7: S&P Raises Class B Units Rating to 'BB-'
TCP WHITNEY: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
UBS-BAMLL TRUST 2012-WRM: Fitch Lowers Rating on 2 Tranches to CCC
VOYA CLO 2020-2: S&P Assigns BB- (sf) Rating on Class E-R Notes

[*] S&P Takes Various Actions on 110 Classes from 25 US RMBS Deals
[*] S&P Takes Various Actions on 12 Ratings from Two US RMBS Deals

                            *********

APIDOS CLO XXXVI: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Apidos CLO XXXVI/Apidos
CLO XXXVI 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 CVC Credit Partners U.S. 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

  Apidos CLO XXXVI/Apidos CLO XXXVI LLC

  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $20.00 million: Not rated
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $18.00 million: BB- (sf)
  Subordinated notes, $49.68 million: Not rated



BANK 2019-BNK20: Fitch Affirms B- Rating on Class G Certs
---------------------------------------------------------
Fitch Ratings has affirmed 14 classes of BANK 2019-BNK20 Commercial
Mortgage Pass-Through Certificates Series 2019-BNK20. In addition,
Fitch has revised the Rating Outlooks on two classes to Negative
from Stable.

   DEBT                 RATING            PRIOR
   ----                 ------            -----
BANK 2019-BNK20

A-1 06540AAA9     LT  AAAsf   Affirmed    AAAsf
A-2 06540AAC5     LT  AAAsf   Affirmed    AAAsf
A-3 06540AAD3     LT  AAAsf   Affirmed    AAAsf
A-S 06540AAG6     LT  AAAsf   Affirmed    AAAsf
A-SB 06540AAB7    LT  AAAsf   Affirmed    AAAsf
B 06540AAH4       LT  AA-sf   Affirmed    AA-sf
C 06540AAJ0       LT  A-sf    Affirmed    A-sf
D 06540AAM3       LT  BBBsf   Affirmed    BBBsf
E 06540AAP6       LT  BBB-sf  Affirmed    BBB-sf
F 06540AAR2       LT  BB-sf   Affirmed    BB-sf
G 06540AAT8       LT  B-sf    Affirmed    B-sf
X-A 06540AAE1     LT  AAAsf   Affirmed    AAAsf
X-B 06540AAF8     LT  A-sf    Affirmed    A-sf
X-D 06540AAK7     LT  BBB-sf  Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: While the overall majority of the pool
continues to perform as expected, losses have increased since
issuance due to the transfer of two loans (3.2%) to special
servicing and higher expected losses on additional Fitch Loans of
Concern (FLOCs). Seven loans (20.6% of the pool) are considered
FLOCs, including the specially serviced loans due to performance
declines related to either the coronavirus pandemic, occupancy
declines, upcoming tenant rollover and/or deferred maintenance
concerns.

Fitch's ratings incorporate a base case loss of 3.8%. The Negative
Outlooks reflect losses that could reach 5.0% when factoring in an
outsized loss on 214-224 West 29th Street and the two hotel loans
not in special servicing.

Fitch Loans of Concern: The largest contributor to expected loss is
the NKX Multifamily Portfolio (5.7%), which is secured by five
multifamily portfolios in the Houston, TX MSA. The loan appeared on
servicer's watchlist in April 2020 due to 23 units at two of the
properties: Buena Vista (four) and Sedona Pointe (19), that were
down due to fires that occurred prior to securitization. Per
servicer updates, the majority of the repairs were scheduled to be
completed by YE 2020. Fitch has requested and is awaiting
confirmation from the servicer that all fire damaged units have
been repaired.

The YE 2020 NOI declined 25% below the issuer's NOI, driven by a
10% decline in total revenues. As of YE 2020, portfolio occupancy
was 79.4% and NOI DSCR was 1.69x, compared to 86.6% and 2.36x at
issuance. Fitch has requested and is awaiting from the servicer
details on the NOI and occupancy declines. The loan has remained
current since issuance. Fitch's analysis was based on the YE 2020
reported NOI and resulted in an approximate loss severity of 13%.

The second largest contributor to expected loss is 214-224 West
29th Street (6%), which is secured by an office property located in
Manhattan's Chelsea neighborhood with 200,454 sf. The ground floor
of the building has retail space (7% of NRA) that was previously
leased by Duane Reade but is currently vacant. The loan was
identified as FLOC due to the decline in occupancy at the property.
Per the July 2021 rent roll, occupancy was 70.3% but according to
media sources WeWork (51% of NRA) has vacated the building which
would bring occupancy down to approximately 20%.

Additionally, the sponsor has filed a lawsuit against WeWork for
defaulting on the lease and allegedly attempting to move the
tenants to different WeWork locations. The NOI DSCR as of YE 2020
was 1.53x with a NOI of $4.9MM compared to the Fitch NOI at
issuance of $7.0MM. Fitch's base case analysis was based on the YE
2020 NOI and resulted in an approximate loss severity of 12%.

Alternative Loss Consideration: Fitch ran an additional sensitivity
scenario which applied a 25% outsized loss on 214-224 West 29th
Street to address concerns with WeWork vacating and occupancy
declining to 20%. In addition, this scenario includes additional
pandemic related stresses applied to the hotel assets not in
special servicing which addresses a potential further value
decline. The Negative Outlooks reflect this scenario.

Minimal Change in Credit Enhancement: As of the August 2021
distribution date, the pool's aggregate principal balance has paid
down by 0.6% to $1.230 billion from $1,237 billion at issuance. No
loans are defeased. 31 loans, representing 61% of the pool, are
full-term interest-only. Thirteen loans, representing 22.4% of the
pool, were structured with a partial interest-only component; 3
loans have begun to amortize. Based on the scheduled balance at
maturity, the pool will pay down by 6.3%.

Coronavirus Exposure: There are four hotel loans (6% of the pool)
and 19 retail loans (27.2% of the pool).

Investment-Grade Credit Opinion Loans: Four loans representing
18.5% of the pool were assigned investment-grade credit opinions at
issuance: Park Tower at Transbay loan (9.7% of the pool), the
Solstice on The Park loan (3.7% of the pool), the Grand Canal
Shoppes loan (3.2% of the pool) and the Residence Inn Seattle loan
(1.8% of the pool).

RATING SENSITIVITIES

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

-- Downgrades would occur with an increase in expected losses.
    Downgrades to the classes rated 'AAAsf' are less likely due to
    high credit enhancement (CE), but may occur at 'AAAsf' or 'AA
    sf' should interest shortfalls occur. Downgrades to classes C,
    D, X-B, X-D and E are possible should additional loan defaults
    occur and/or loss expectations increase. Classes F and G could
    be downgraded should the specially serviced loans not
    stabilize or the other FLOCs fail to re-stabilize to pre
    pandemic levels.

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

-- Upgrades would occur with stable to improved asset
    performance, coupled with additional paydown and/or
    defeasance. Upgrades to classes B, C, and X-B could occur with
    significant improvement in CE and/or defeasance and/or the
    stabilization to the properties impacted from the coronavirus
    pandemic. Upgrades to classes D, X-D, and E would be limited
    based on sensitivity to concentrations or the potential for
    future concentrations.

-- Classes would not be upgraded above 'Asf' if there were a
    likelihood of interest shortfalls. An upgrade to classes F and
    G is not likely until the later years in the transaction and
    only if the performance of the remaining pool is stable and/or
    properties vulnerable to the pandemic return to pre-pandemic
    levels, and there is sufficient CE to the bonds.

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.


BENEFIT STREET XXI: S&P Assigns Prelim BB-(sf) Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-R, D-R, and E-R replacement notes from Benefit
Street Partners CLO XXI Ltd./Benefit Street Partners CLO XXI LLC, a
CLO originally issued in August 2020 that is managed by Benefit
Street Partners LLC.

The preliminary ratings are based on information as of Sept. 8,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 14, 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 A-1-R, A-2-R, C-R, D-R, and E-R notes are
expected to be issued at a lower spread over three-month LIBOR than
the original notes.

-- The replacement class B-R notes are expected to be issued at a
floating spread, replacing the current class B-1 floating-spread
and class B-2 fixed-coupon notes.

-- The stated maturity and the reinvestment period will be
extended by 3.25 years.

-- The documents will have a number of updates, including adding
the ability to purchase bonds and workout-related assets and the
capacity to account for the replacement of LIBOR.

-- Of the identified underlying collateral obligations, 99.33%
have credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 93.75%
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
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."

  Preliminary Ratings Assigned

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

  Class A-1-R, $279 million: AAA (sf)
  Class A-2-R, $9 million: AAA (sf)
  Class B-R, $54 million: AA (sf)
  Class C-R (deferrable), $27 million: A (sf)
  Class D-R (deferrable), $27 million: BBB- (sf)
  Class E-R (deferrable), $18 million: BB- (sf)



BLUEMOUNTAIN CLO XXXII: S&P Assigns Prelim BB- (sf) on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to BlueMountain
CLO XXXII Ltd./BlueMountain CLO XXXII LLC's floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed by primarily broadly syndicated
speculative-grade (rated 'BB+' and lower) senior secured term
loans. The transaction is managed by Assured Investment Management
LLC, a subsidiary of Assured Guaranty.

The preliminary ratings are based on information as of Sept. 3,
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, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' and
lower) senior secured term loans, and the collateral quality tests
that govern the transaction.

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

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

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

  Preliminary Ratings Assigned

  BlueMountain CLO XXXII Ltd./BlueMountain CLO XXXII LLC

  Class A-1, $310.00 million: AAA (sf)
  Class B, $70.00 million: AA (sf)
  Class C, $30.00 million: A (sf)
  Class D, $30.00 million: BBB- (sf)
  Class E, $18.75 million: BB- (sf)
  Subordinated notes, $50.00 million: Not rated



CCUBS COMMERCIAL 2017-C1: Fitch Affirms B- Rating on G-RR Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of CCUBS Commercial Mortgage
Trust 2017-C1 commercial mortgage pass-through certificates.

    DEBT                 RATING           PRIOR
    ----                 ------           -----
CCUBS 2017-C1

A-1 12508GAQ9     LT  AAAsf   Affirmed    AAAsf
A-2 12508GAR7     LT  AAAsf   Affirmed    AAAsf
A-3 12508GAT3     LT  AAAsf   Affirmed    AAAsf
A-4 12508GAU0     LT  AAAsf   Affirmed    AAAsf
A-S 12508GAX4     LT  AAAsf   Affirmed    AAAsf
A-SB 12508GAS5    LT  AAAsf   Affirmed    AAAsf
B 12508GAY2       LT  AA-sf   Affirmed    AA-sf
C 12508GAZ9       LT  A-sf    Affirmed    A-sf
D 12508GAA4       LT  BBBsf   Affirmed    BBBsf
D-RR 12508GAC0    LT  BBB-sf  Affirmed    BBB-sf
E-RR 12508GAE6    LT  BB+sf   Affirmed    BB+sf
F-RR 12508GAG1    LT  BB-sf   Affirmed    BB-sf
G-RR 12508GAJ5    LT  B-sf    Affirmed    B-sf
X-A 12508GAV8     LT  AAAsf   Affirmed    AAAsf
X-B 12508GAW6     LT  AA-sf   Affirmed    AA-sf

KEY RATING DRIVERS

Stable to Improved Performance: Fitch's loss expectations have
decreased slightly since the last rating action. Fitch's ratings
incorporate a base case loss of 4.6%; Fitch also ran additional
sensitivities that stressed four hotel loans indicating losses
could reach as high as 4.8%. There are eight Fitch Loans of Concern
(FLOC) representing 19.0% of the pool, including three loans in
special servicing (6.0%).

Headquarters Plaza (3.6%) is the largest FLOC and specially
serviced loan. The mixed-use property located in Morristown, NJ
consists of three office towers, restaurants, a 10-screen movie
theater, an upscale health club, and the 256-key Hyatt Regency
Morristown. The loan transferred to special servicing in June 2020
due to payment default. The borrower is nearing completion of a $15
million PIP at the hotel and $4.8 million in capital projects for
the remaining property. A loan modification was executed in May
2021 and the loan is now current and expected to return to the
master servicer. Fitch's analysis is based on a discount to a
recent valuation. Minimal losses are expected due to historically
strong performance and expected eventual stabilization.

The second largest FLOC is Westin Crystal City (3.47%), a 220-room,
15-story full service hotel located in Arlington, VA. Performance
declined significantly as a result of reduced foot traffic due to
the coronavirus pandemic. The YE 2020 NOI debt service coverage
ratio (DSCR) declined to 0.07x compared with 2.40x at YE 2019. The
TTM period ending June 2021 demonstrates signs of improvement with
an increased NOI DSCR of 0.37x and occupancy of 45%. The borrower
requested relief in April 2020. Terms of the loan's forbearance
included a deferment of payments through September 2020, to be
repaid by September 2021. Fitch modeled a base case loss of 6.1%
and 11.0% as a sensitivity.

The third largest FLOC is Marriot Grand Cayman (3.3%). The property
is a 295-room, five-story full service hotel located on Seven Mile
Beach on the Island of Grand Cayman. Performance declined in 2020
due to the pandemic and continues to struggle due to travel
restrictions to the to the Cayman Islands for non-residents. As of
YE 2020, the NOI DSCR was 0.33x compared to 2.95x at YE 2019. The
loan matures in 2022. No losses were modeled in the base case or
with a higher stressed cash flow.

Loans Impacted by Pandemic: Four loans (10.0% of the pool) are
secured by lodging properties, all of which are flagged as FLOCs.
The hotels experienced significant performance challenges in 2020
due to reduced reservations and/or temporary property closures
related to the pandemic. In addition to the base case, these loans
were modeled with stresses to the YE 2019 NOI ranging from 20% to
26%. The Negative Outlooks on classes F-RR and G-RR are partially
attributable to this sensitivity.

Minimal Changes to Credit Enhancement: As of the August 2021
remittance, the pool's aggregate principal balance has been reduced
by 1.1% to $689 million from $697 million at issuance. No loans
have repaid or defeased since issuance and there have been no
realized losses to date. Cumulative interest shortfalls totaling
$125,676 are affecting the non-rated class NR-RR. Twenty-one loans
(72.3%) are interest-only for the full term. An additional six
loans (12.6%) were structured with partial interest-only periods,
two of which (3.4%) have not begun amortizing. Five loans (17.1%)
are scheduled to mature in 2022; the remaining are scheduled to
mature in 2027.

RATING SENSITIVITIES

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

-- Downgrades could be triggered by an increase in pool-level
    losses from underperforming or specially serviced loans.
    Downgrades to the classes rated 'AAAsf' are not considered
    likely due to position in the capital structure, but may occur
    at 'AAAsf' or 'AA-sf' should interest shortfalls occur.
    Downgrades to classes C and D may occur if overall pool
    performance declines or loss expectations increase.

-- Downgrades to classes D-RR and E-RR may occur if loans in
    special servicing remain unresolved, or if performance of the
    FLOCs fails to stabilize. Downgrades to classes F-RR and G-RR
    may occur if additional loans default or transfer to the
    special servicer.

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

-- Upgrades could be triggered by significantly improved
    performance coupled with paydown and/or defeasance. An upgrade
    to classes B and C could occur with stabilization of the
    FLOCs, but would be limited as concentrations increase.
    Classes would not be upgraded above 'Asf' if there is
    likelihood of interest shortfalls.

-- Upgrades of classes D, D-RR and E-RR would only occur with
    significant improvement in credit enhancement and
    stabilization of the FLOCs. An upgrade to classes F-RR and G-
    RR is not likely unless performance of the FLOCs improves, and
    if performance of the remaining pool is stable.

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.


CEDAR FUNDING VIII: S&P Assigns BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A loans and
class A-1-R, A-2-R, B-R, C-R, D-R, and E-R notes from Cedar Funding
VIII CLO Ltd./Cedar Funding VIII CLO LLC, a CLO originally issued
in September 2017 that is managed by Aegon USA Investment
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 Sept. 2, 2021, refinancing date.

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

-- The replacement class A loans and class A-1-R, A-2-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 and reinvestment period/non-call period
were extended four years.

-- There is a two-year non-call period, ending Sept. 2, 2023.

-- The benchmark replacement language has been updated, ESG
considerations added, and language introduced that allow for
acquisition of a limited amount of workout related assets along
with senior secured and high yield bonds.

-- Of the identified underlying collateral obligations, 100% have
credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 98.58%
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

  Cedar Funding VIII CLO Ltd./Cedar Funding VIII CLO LLC

  Class A loans, $62.31 million: AAA (sf)
  Class A-1-R, $237.69 million: AAA (sf)
  Class A-2-R, $20.00 million: AAA (sf)
  Class B-R, $60.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-R (deferrable), $26.25 million: BBB- (sf)
  Class E-R (deferrable), $21.75 million: BB- (sf)
  Subordinated notes, $66.85 million: NR

  Ratings Withdrawn

  Cedar Funding VIII CLO Ltd./Cedar Funding VIII CLO LLC

  Class A-1 to NR from 'AAA (sf)'
  Class B to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'
  Class E to NR from 'B+ (sf)'
  NR--Not rated.



CITIGROUP COMMERCIAL 2006-C5: Fitch Affirms D Rating on 11 Tranches
-------------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 62 in four 1.0
CMBS transactions.

   DEBT              RATING            PRIOR
   ----              ------            -----
Citigroup Commercial Mortgage Trust 2006-C5

A-J 17310MAH3    LT  Csf  Affirmed     Csf
B 17310MAJ9      LT  Csf  Affirmed     Csf
C 17310MAK6      LT  Csf  Affirmed     Csf
D 17310MAL4      LT  Dsf  Affirmed     Dsf
E 17310MAQ3      LT  Dsf  Affirmed     Dsf
F 17310MAS9      LT  Dsf  Affirmed     Dsf
G 17310MAU4      LT  Dsf  Affirmed     Dsf
H 17310MAW0      LT  Dsf  Affirmed     Dsf
J 17310MAY6      LT  Dsf  Affirmed     Dsf
K 17310MBA7      LT  Dsf  Affirmed     Dsf
L 17310MBC3      LT  Dsf  Affirmed     Dsf
M 17310MBE9      LT  Dsf  Affirmed     Dsf
N 17310MBG4      LT  Dsf  Affirmed     Dsf
O 17310MBJ8      LT  Dsf  Affirmed     Dsf

LB-UBS Commercial Mortgage Trust 2006-C1

B 52108MDL4      LT  CCsf  Affirmed    CCsf
C 52108MDM2      LT  Csf   Affirmed    Csf
D 52108MDN0      LT  Csf   Affirmed    Csf
E 52108MDP5      LT  Dsf   Affirmed    Dsf
F 52108MDQ3      LT  Dsf   Affirmed    Dsf
G 52108MDS9      LT  Dsf   Affirmed    Dsf
H 52108MDU4      LT  Dsf   Affirmed    Dsf
IUU-3 52108MEW9  LT  Dsf   Affirmed    Dsf
IUU-4 52108MEY5  LT  Dsf   Affirmed    Dsf
IUU-5 52108MFA6  LT  Dsf   Affirmed    Dsf
IUU-6 52108MFC2  LT  Dsf   Affirmed    Dsf
IUU-7 52108MFE8  LT  Dsf   Affirmed    Dsf
IUU-8 52108MFG3  LT  Dsf   Affirmed    Dsf
IUU-9 52108MFJ7  LT  Dsf   Affirmed    Dsf
J 52108MDW0      LT  Dsf   Affirmed    Dsf
K 52108MDY6      LT  Dsf   Affirmed    Dsf
L 52108MEA7      LT  Dsf   Affirmed    Dsf
M 52108MEC3      LT  Dsf   Affirmed    Dsf
N 52108MEE9      LT  Dsf   Affirmed    Dsf

Credit Suisse Commercial Mortgage Trust 2007-C1

A-J 22545XAG8    LT  Dsf   Affirmed    Dsf
A-M 22545XAF0    LT  Bsf   Affirmed    Bsf
A-MFL 22545XBC6  LT  Bsf   Affirmed    Bsf
A-MFX 22545XBD4  LT  Bsf   Affirmed    Bsf
B 22545XAJ2      LT  Dsf   Affirmed    Dsf
C 22545XAK9      LT  Dsf   Affirmed    Dsf
D 22545XAL7      LT  Dsf   Affirmed    Dsf
E 22545XAM5      LT  Dsf   Affirmed    Dsf
F 22545XAN3      LT  Dsf   Affirmed    Dsf
G 22545XAP8      LT  Dsf   Affirmed    Dsf
H 22545XAQ6      LT  Dsf   Affirmed    Dsf
J 22545XAR4      LT  Dsf   Affirmed    Dsf
K 22545XAS2      LT  Dsf   Affirmed    Dsf
L 22545XAT0      LT  Dsf   Affirmed    Dsf
M 22545XAU7      LT  Dsf   Affirmed    Dsf
N 22545XAV5      LT  Dsf   Affirmed    Dsf
O 22545XAW3      LT  Dsf   Affirmed    Dsf
P 22545XAX1      LT  Dsf   Affirmed    Dsf
Q 22545XAY9      LT  Dsf   Affirmed    Dsf
S 22545XAZ6      LT  Dsf   Affirmed    Dsf

Merrill Lynch Mortgage Trust 2008-C1

G 59025WAV8      LT  Csf   Downgrade   CCsf
H 59025WAW6      LT  Dsf   Affirmed    Dsf
J 59025WAX4      LT  Dsf   Affirmed    Dsf
K 59025WAY2      LT  Dsf   Affirmed    Dsf
L 59025WAZ9      LT  Dsf   Affirmed    Dsf
M 59025WBA3      LT  Dsf   Affirmed    Dsf
N 59025WBB1      LT  Dsf   Affirmed    Dsf
P 59025WBC9      LT  Dsf   Affirmed    Dsf
Q 59025WBD7      LT  Dsf   Affirmed    Dsf
S 59025WBE5      LT  Dsf   Affirmed    Dsf

TRANSACTION SUMMARY

Fitch has affirmed all classes of Citigroup Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series
2006-C5. The distressed ratings reflect the continued high
certainty of losses on the remaining REO assets, which comprise 99%
of the pool. The largest asset, IRET Portfolio (79.5% of pool),
which became REO in January 2016, was initially comprised of a
portfolio of nine suburban office properties of which two remain.
Seven have been sold at auction between March 2017 and September
2018. The two remaining REO properties include the Flagship
Corporate Center in Eden Prairie, MN and the Farnam Executive
Center in Omaha, NE. Losses from these assets are expected to
impact all remaining classes.

Fitch has affirmed all classes of Credit Suisse Commercial Mortgage
Trust 2007-C1 based on limited change to loss expectations since
Fitch's prior review. The remaining asset is REO and significant
losses are expected. Given the small size of the senior classes,
losses are not expected to be incurred by classes A-M, A-MFL and
A-MFX; however, any proceeds would come from the disposition of the
REO asset by the special servicer as the master servicer is not
advancing principal and interest.

Fitch has affirmed all classes of LB-UBS Commercial Mortgage Trust
2006-C1 based continued high expected losses. The ratings remain
distressed as all are expected to incur losses from the specially
serviced asset, Triangle Town Center, an REO mall property located
in Raleigh, NC.

Fitch has downgraded one class of Merrill Lynch Mortgage Trust
2008-C1 based on higher certainty of loss. The largest remaining
asset is REO (86.7% of the pool) and significant losses are
expected. The REO asset is a 212,959 sf office space located in 20
stories of a 25-story building and 300+ parking spaces in an
adjacent seven-level parking structure located in downtown St.
Paul, MN. The remaining five stories of the building consist of
non-collateral luxury residential condominium units. The property
is part of the skyway system, providing indoor access to buildings
located throughout the CBD. Property occupancy as of YE 2020 was
21%.

KEY RATING DRIVERS

High Expected Losses: All of the transactions have high expected
losses, as most of the remaining assets are in special servicing.
Each transaction has four or fewer assets remaining and losses are
expected to impact most of the remaining classes.

Low Credit Enhancement: Each of the remaining classes has low
credit enhancement. The distressed ratings on the bonds reflect
insufficient credit enhancement to absorb the expected losses;
classes rated 'Bsf' may receive recovery, but are reliant on
disposition proceeds to pay in full.

The ratings of all classes of LB-UBS Commercial Mortgage Trust
2006-C1 are reliant on the one remaining REO asset, Triangle Town
Center, a mall property located in Raleigh, NC.

RATING SENSITIVITIES

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

-- Ratings will be downgrade to distressed if losses are
    expected; downgrades of distressed ratings to 'Dsf' as losses
    are incurred.

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

-- Upgrades are not expected, but are possible with significantly
    improved values on the specially serviced assets.

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

LB-UBS Commercial Mortgage Trust 2006-C1 has an ESG Relevance Score
of '5' for Exposure to Social Impacts due to the transaction's
exposure to sustained structural shift in secular preferences
affecting consumer trends, occupancy trends, etc. which has a
negative impact on the credit profile and is highly relevant to the
rating, resulting in lower ratings. The last remaining asset is an
REO mall.

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.


EATON VANCE 2020-1: S&P Assigns Prelim 'BB-' Ratings on E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-R, B-R, C-R, D-R, and E-R notes of Eaton Vance
CLO 2020-1 Ltd./Eaton Vance CLO 2020-1 LLC, a CLO originally issued
in August 2020. The CLO is managed by Eaton Vance Management, a
wholly owned subsidiary of Eaton Vance Corp., which was acquired by
Morgan Stanley in March 2021 and will be integrated with Morgan
Stanley Investment Management.

The preliminary ratings are based on information as of Sept. 3,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 9, 2021, refinancing date, proceeds from the
replacement notes will be used to redeem the original notes. At
that time, S&P expects to withdraw our ratings on the original
notes and assign ratings to the replacement notes. However, if the
refinancing doesn't occur, S&P may affirm its ratings on the
original notes and withdraw its 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 A-R, B-R, C-R, D-R, and E-R notes are
expected to be issued at a lower spread over three-month LIBOR than
the original notes.

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

-- The documents had some updates, including the added ability to
purchase workout-related assets and bonds, as well as the capacity
to add contributions to the transaction to be applied for certain
permitted uses.

-- Of the identified underlying collateral obligations, 99.62%
have credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 96.65%
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
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."

  Preliminary Ratings Assigned

  Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1 LLC

  Class A-R, $279.00 mil.: AAA (sf)
  Class B-R, $63.00 mil.: AA (sf)
  Class C-R (deferrable), $24.75 mil.: A (sf)
  Class D-R (deferrable), $27.00 mil.: BBB- (sf)
  Class E-R (deferrable), $20.25 mil.: BB- (sf)
  Subordinated notes, $44.675 mil.: Not rated



FORT WASHINGTON 2021-2: S&P Assigns Prelim BB- Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fort
Washington CLO 2021-2 Ltd./Fort Washington CLO 2021-2 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 Fort Washington Investment Advisors
Inc.

The preliminary ratings are based on information as of Sept. 8,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Preliminary Ratings Assigned

  Fort Washington CLO 2021-2 Ltd./Fort Washington CLO 2021-2 LLC

  Class A, $315.00 million: AAA (sf)
  Class B, $65.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $25.00 million: BBB (sf)
  Class E (deferrable), $22.50 million: BB- (sf)
  Subordinated notes, $46.03 million: Not rated



FORTRESS CREDIT XII: S&P Assigns Prelim 'BB-' Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit BSL XII Ltd./Fortress Credit BSL XII 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 Fortress Investment Group.

The preliminary ratings are based on information as of Sept. 8,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Preliminary Ratings Assigned

  Fortress Credit BSL XII Ltd./Fortress Credit BSL XII LLC

  Class A, $360.000 million: AAA (sf)
  Class B-1, $57.000 million: AA (sf)
  Class B-2, $30.000 million: AA (sf)
  Class C (deferrable), $39.000 million: A (sf)
  Class D (deferrable), $36.000 million: BBB- (sf)
  Class E (deferrable), $24.000 million: BB- (sf)
  Subordinated notes, $56.095 million: Not rated



GLS AUTO 2021-3: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GLS Auto
Receivables Issuer Trust 2021-3's automobile receivables-backed
notes series 2021-3.

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

The preliminary ratings are based on information as of Sept. 8,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 55.7%, 47.5%, 37.5%, 28.4%,
and 23.7% 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 3.20x, 2.70x, 2.10x, 1.55x, and 1.27x S&P's
16.75%-17.75% expected cumulative net loss for the class A, B, C,
D, and E notes, respectively. These break-even scenarios withstand
cumulative gross losses of approximately 89.1%, 76.1%, 62.7%,
47.3%, and 39.5%, respectively.

-- S&P's expectations that under a moderate ('BBB') stress
scenario (1.60x S&P's expected loss level), all else being equal,
the preliminary '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 Rating
Definitions.

-- S&P's analysis of more than seven years of origination static
pool and securitization performance data on Global Lending Services
LLC's 16 Rule 144A securitizations.

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction, including the representation in
the transaction documents that all contracts in the pool have made
a least one payment.

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

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

  Preliminary Ratings Assigned

  GLS Auto Receivables Issuer Trust 2021-3

  Class A, $289.33 million: AAA (sf)
  Class B, $80.69 million: AA (sf)
  Class C, $83.92 million: A (sf)
  Class D, $74.48 million: BBB- (sf)
  Class E, $40.49 million: BB- (sf)



GOLDENTREE LOAN 8: S&P Assigns B- (sf) Rating on Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-R, B-R,
C-R, D-R, E-R, and F-R replacement notes from GoldenTree Loan
Management U.S. CLO 8 Ltd./GoldenTree Loan Management U.S. CLO 8
LLC, a CLO originally issued in August 2020 that is managed by
GoldenTree Loan Management II GP LLC.

On the Sept. 3, 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 X-R, A-R, C-R, and D-R notes were issued
at a lower spread over three-month LIBOR than the original notes.

-- The replacement class E-R and F-R notes were issued at a higher
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 spread and class
B-2 fixed-coupon notes.

-- The stated maturity and reinvestment periods were extended by
3.25 years.

-- The EU risk retention language and benchmark replacement
language related to the workout assets was amended.

-- A cap of 2.5% on the senior unsecured bonds was added.

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

  GoldenTree Loan Management U.S. CLO 8 Ltd./
  GoldenTree Loan Management U.S. CLO 8 LLC

  Class X-R, $3.20 million: AAA (sf)
  Class A-R, $330.00 million: AAA (sf)
  Class B-R, $68.10 million: AA (sf)
  Class C-R (deferrable), $31.40 million: A (sf)
  Class D-R (deferrable), $31.40 million: BBB- (sf)
  Class E-R (deferrable), $19.70 million: BB- (sf)
  Class F-R (deferrable), $10.50 million: B- (sf)
  Subordinated notes, $21.35 million: Not rated

  Ratings Withdrawn
  
  GoldenTree Loan Management U.S. CLO 8 Ltd./
  GoldenTree Loan Management U.S. CLO 8 LLC

  Class X to not rated from 'AAA (sf)'
  Class A to not rated from 'AAA (sf)'
  Class B-1 to not rated from 'AA (sf)'
  Class B-2 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)'
  Class F to not rated from 'B- (sf)'



GOLUB CAPITAL 55(B): S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to Golub Capital Partners CLO
55(B) Ltd./Golub Capital Partners CLO 55(B) LLC's floating-rate
notes.

The note issuance is a CLO securitization backed primarily by
broadly syndicated speculative-grade senior secured term loans and
governed by investment criteria and collateral quality tests. The
transaction is managed by OPAL BSL LLC, a subsidiary of Golub
Capital 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

  Golub Capital Partners CLO 55(B) Ltd./
  Golub Capital Partners CLO 55(B) LLC

  Class A, $338.25 million: AAA (sf)
  Class B, $79.75 million: AA (sf)
  Class C (deferrable), $30.50 million: A (sf)
  Class D (deferrable), $32.30 million: BBB- (sf)
  Class E (deferrable), $19.70 million: BB- (sf)
  Subordinated notes, $58.60 million: Not rated


GOODLEAP SUSTAINABLE 2021-4: S&P Assigns BB (sf) Rating on C Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to GoodLeap Sustainable
Home Solutions Trust 2021-4's solar loan-backed notes series
2021-4.

The note issuance is an ABS transaction backed by 95% of the cash
flows produced by a trust estate of $369.319 million consisting
primarily of all rights, title, and interest of the issuer in a
portfolio of solar loans and other related sustainable assets,
obligor note, and security agreements, including the right to
receive all payments, security interests, liens, and assignments
securing the payment agreement. The remaining 5% of the deal is
held as retained interest by a third party, an affiliate of the
sponsor of the transaction.

The ratings reflect S&P's view of:

-- The credit enhancement available in the form of
overcollateralization, a yield supplement overcollateralization
amount, subordination for classes A and B, and a fully-funded cash
reserve account;

-- The servicer's operational, management, and servicing
abilities;

-- The customer base's initial credit quality underlying the
portfolio;

-- The projected cash flows supporting the notes; and

-- The transaction's structure.

  Ratings Assigned

  GoodLeap Sustainable Home Solutions Trust 2021-4

  Class A, $253.722 million: A (sf)
  Class B, $26.037 million: BBB (sf)
  Class C, $24.744 million: BB (sf)



JP MORGAN 2021-INV4: S&P Assigns B- (sf) Rating on Class B-5 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to J.P. Morgan Mortgage
Trust 2021-INV4's mortgage pass-through certificates.

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

-- The high-quality collateral in the pool;

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

-- The experienced aggregator; and

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

  Ratings Assigned

  J.P. Morgan Mortgage Trust 2021-INV4

  Class A-1, $509,771,000: AAA (sf)
  Class A-1-A, $509,771,000: AAA (sf)
  Class A-1-X, 509,771,000(i): AAA (sf)
  Class A-2, $481,451,000: AAA (sf)
  Class A-2-A, $481,451,000: AAA (sf)
  Class A-2-X, 481,451,000(i): AAA (sf)
  Class A-3, $361,088,000: AAA (sf)
  Class A-3-A, $361,088,000: AAA (sf)
  Class A-3-X, 361,088,000(i): AAA (sf)
  Class A-4, $120,363,000: AAA (sf)
  Class A-4-A, $120,363,000: AAA (sf)
  Class A-4-X, 120,363,000(i): AAA (sf)
  Class A-5, $28,320,000: AAA (sf)
  Class A-5-A, $28,320,000: AAA (sf)
  Class A-5-X, $28,320,000(i): AAA (sf)
  Class A-X-1, $509,771,000(i): AAA (sf)
  Class B-1, $22,090,000: AA- (sf)
  Class B-2, $9,913,000: A- (sf)
  Class B-3, $10,478,000: BBB- (sf)
  Class B-4, $6,797,000: BB- (sf)
  Class B-5, $4,531,000: B- (sf)
  Class B-6, $2,832,986: Not rated
  Class A-R, not applicable: Not rated

  (i)Notional balance.



MERLIN AVIATION: S&P Lowers Rating on Class C Notes to 'CCC+ (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Merlin Aviation Holdings
DAC's class A, B, and C notes to 'BB+ (sf)', 'B+ (sf)', and 'CCC+
(sf)', respectively. At the same time, S&P removed all the ratings
from CreditWatch, where they were placed with negative implications
on June 9, 2021.

Rationale

The downgrades primarily reflect the notes' insufficient credit
enhancement at their respective previous rating levels. Although
S&P's cash flow analysis indicated higher ratings for all the
notes, it considered the continued deterioration in performance and
the following factors since its last full review in September 2020,
as well as the results of our sensitivity analysis:

-- Declining credit quality of the lessees;

-- The prolonged negative impact of the COVID-19 pandemic on world
travel and the resulting stress on airlines' liquidity and ability
to make timely lease payments;

-- Declining debt service coverage ratio due to lower collections
and the resulting delay in repayment of scheduled principal payment
amounts;

-- Minimal principal repayments (approximately $365,000 in
aggregate) on the notes since our last review in September 2020;

-- Accumulation of unpaid scheduled principal payment amounts on
all the notes and the accrued and unpaid interest on the class B
and C notes;

-- The uncertainty regarding maintenance costs projections and
sizing of the maintenance reserves, because the top-up of the
maintenance reserve account has priority over the scheduled
principal payment amount on the class A notes;

-- The provision in the transaction documents to defer interest on
the class B and C notes if funds are insufficient;

-- Exposure to two aircraft, which are currently off-lease and an
additional four aircraft with lease expirations in the next 12
months; and

-- The potential challenges to re-market or re-lease the aircraft
given the portfolio's age (weighted average age is approximately 18
years), which may result in the need to sell/part-out multiple
aircrafts in the near term when values are under significant
pressure from the impact of the COVID-19 pandemic.

Additionally, the class C notes did not show passing results at any
rating level under our sensitivity runs. Given the deferability of
interest and the calculated loan-to-value being below 100%, S&P
believe that the class C notes are currently vulnerable but a
default is unlikely in the near term. S&P applied its "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct.
1, 2012, to arrive at the 'CCC+ (sf)' rating for the class C
notes.

Assumptions For The Review

Similar to S&P's last review in September 2020, its analysis
included additional stresses on aircraft values, time to re-lease,
and retirement age due to the impact of the COVID-19 pandemic.

In addition, due to the prolonged effects of the COVID-19 pandemic
on the sector and the transaction's current performance, S&P also
considered the results of its sensitivity analysis, which included
additional stress on the aircraft values, useful life of certain
end-of-life aircraft with leases maturing in the next 12 months,
and principal payments on the notes.

Collateral value

S&P said, "We typically use the lower of the mean and median value
(LMM value) of the three appraised values as the starting point in
our analysis. For this review, we received appraised half-life base
values as of December 2020. The LMM of base values from the three
appraisers declined approximately 6.6% from 2019 values. Consistent
with our approach for the last review in September 2020, we applied
50.0% of our 'B' lease rate decline stress, in addition to our
aircraft-specific depreciation assumptions from the date of the
appraisal to the first payment date, to arrive at the starting
portfolio value for our analysis. The application of our 'B' lease
rate decline stress to values is intended to address market
volatility and the older age of the aircraft.In aggregate, this
resulted in an approximately 13% haircut to the LMM value from
December 2020."

Aircraft-on-ground (AOG) times

S&P made a criteria exception, extending the AOG downtime during
the first modeled recession and differentiating the downtime for
wide-bodies and narrow-bodies because we believe that wide-bodies
will be more vulnerable to lower demand.

Table 1

  Aircraft On Ground

  IN MONTHS

     BEFORE APPLICATION            AFTER APPLICATION  
   OF CRITERIA EXCEPTIO          OF CRITERIA EXCEPTION

    STRESS   ALL AOG         RECESSION   RECESSION   RECESSIONS
                             1 NB AOG    1 WB AOG    2 & 3 ALL AOG

    'A'        10               12          15          10
    'BBB'       9               11          14           9
    'BB'        8               10          13           8
    'B'         7                9          12           7

  AOG--Aircraft on ground.
  NB--Narrow-body.
  WB--Wide-body.

Default pattern

S&P said, "During our prior review in September 2020, we applied a
front-loaded default pattern (55%/45%) for our first modeled
recession. For this review, we applied defaults evenly over a
four-year period during the first recession in recognition of the
financial support many governments provided to airlines and efforts
to rollout the vaccine, which have helped stem airline defaults. In
the second recession, we assume defaults to occur over a
30%/40%/20%/10% pattern."

Useful life

S&P assumed a 22-year useful life for most aircraft in the
portfolio given the continued uncertainty around fleet plans. For
some of the older aircraft, it assumed they will be sold at the end
of their current contractual lease.

Sensitivity analysis

S&P said, "In addition, our analysis includes incremental
sensitivity runs, which we applied due to the ongoing effects of
the COVID-19 pandemic in the sector and to simulate the
transaction's actual performance since our last review in September
2020. Specifically, we assume that three aircraft in the portfolio,
which are more than 20 years old and are subject to leases expiring
in the next 12 months, are sold at the end of the lease term after
a nine-month lag. The lag in the sale of the aircraft after the
current lease is meant to address the lingering uncertainties in
the sector, the pause in recovery in passenger air travel in many
parts of the world, the introduction of new, more fuel-efficient
aircraft, the Federal Aviation Administration's clearing of the 737
Max model, and the resulting challenges in the market for the sale
and parting out of aircraft. The lag is equivalent to our base case
('B') aircraft on-the-ground time under our criteria exception
framework.

"Our sensitivity analysis also included shutting off the payment of
any scheduled principal on the notes for 12 months in
acknowledgement of the minimal amount of principal paid on the
notes over the past year. In our rating runs, principal is paid on
the notes based on projected sales and lease rates without any
additional lag on aircraft sale and scheduled principal payments.

"Finally, we assumed an additional stress to the starting values by
applying 100% of our 'B' lease rate decline stress, to account for
any further volatility in market values given the portfolio is
backed by older, current-generation aircraft models. The aggregate
LMM value after this adjustment declined to $144.481 million."

Portfolio

As of the determination date for the Aug. 16, 2021, payment date,
the transaction was backed by a portfolio of 12 narrow-body
aircraft with a weighted average age and remaining lease term of
approximately 18 years and two years, respectively. The aircraft in
the portfolio are manufactured between 1999 and 2007. Two of the
aircraft are currently off-lease and an additional four aircraft
(one of which is currently on lease to an airline in default) are
scheduled to end their contractual lease in the next 12 months.

As of December 2020, the LMM of the half-life base value was
$184.283 million. After applying the aircraft-specific depreciation
and 50.0% of the 'B' lease rate decline haircut, the adjusted
starting LMM value for this analysis was $160.264 million.

Table 2

  Portfolio

                                              AUG-21      SEP-20
  No. of aircraft                                  12          12
  LMM of appraised value (mil. $)             184.283     197.376
  S&P Global Ratings adjusted
     starting LMM value (mil. $)              160.264     171.165
  Off lease                                         2           1
  Leases expiring in 12 months                      4           2

  Weighted avg. age (yrs)                       17.8        16.8
  Weighted avg. remaining term (yrs)             2.4         3.2
  DSCR (x)                                      0.22        1.06

  LMM--Lesser of the mean and median.
  DSCR--Debt service coverage ratio.

Liabilities

As of the determination date for the Aug. 16, 2021, payment date,
available amounts were insufficient to pay scheduled principal on
the class A notes, as well as interest and scheduled principal on
the class B and C notes. In addition, the combined principal
payment on the class A and B notes is approximately $17 million
behind schedule. Additionally, the B and C notes continue to defer
interest.

Table 3

Liabilities
                                                A      B       C
Original balance (mil. $)                      209   25.1    16.7
August 2021 balance (mil. $)               102.609  8.672   5.928
September 2020 balance (mil. $)            102.974  8.672   5.928
August 2021 LTV (%)(i)                       64.25  69.66   73.36
September 2020 LTV(%)(ii)                    60.16  65.23   68.69
Unpaid scheduled principal (mil. $) 13.133  13.133  3.446   2.699
Unpaid interest amount (mil. $)              --     0.467   0.708

(i)LTV is calculated as the current note balance divided by the
adjusted starting LMM value of $144.114 million.
(ii)LTV is calculated as the note balance and adjusted LMM value as
of the Sep. 2020 review.
LTV--loan-to-value.
LMM--Lesser of the mean and median.

Debt service coverage ratio (DSCR)

Dwindling rental collections and the failure to pay scheduled
principal, among other things, continue to put negative pressure on
the DSCR. The current DSCR, as of the August 2021 payment date, is
0.22x. It has been below 0.4x for all the payment dates so far in
2021.

The transaction structure includes a revolving credit facility that
may be drawn upon to pay certain expenses and interest on the class
A notes. The facility covers 18 months' interest on the class A
notes. There have been no drawings under this facility thus far.
Interest on the class B and C notes is deferrable. The class B
interest reserve account has already been depleted. Nonpayment of
the class A scheduled principal payment amount, as well as the
class B and C interest and scheduled principal payment amount prior
to the legal final maturity date do not constitute an event of
default under the transaction documents.

Environmental, social, and governance (ESG) considerations
ESG factor relevant to the rating action:

-- Health and safety

In S&P's view, the transaction has material exposure to
environmental and social credit factors.

Under the environmental credit factors, S&P considers the
additional costs airlines who lease the aircraft may face, or
reduced aircraft values and lease rates, due to increasing
regulation of greenhouse gas emissions. Although aviation produces
a small portion (less than 3% currently) of global transport
emissions, they are increasing and are difficult to reduce.

S&P said, "Under the social credit factors, we believe that planes
are a high profile target for terrorism and international routes
can be disrupted by war. Health concerns, such as the COVID-19
pandemic, has dramatically reduced air traffic, revenue, and
earnings. Airlines carry insurance for potential liabilities,
though particularly catastrophic attacks may exhaust their coverage
and require a government backstop. Human capital management
represents another exposure because many airlines are heavily
unionized and strikes can be very costly and disruptive. Safety is
also a risk because airplane accidents are highly visible and
deadly (albeit rare statistically, and aircraft value is typically
covered by insurance).

"We have generally accounted for this risk by applying stresses to
the re-lease rates and residual values upon sale of the aircraft.
We assign aircraft-specific depreciation rates along with
aircraft-specific technological and liquidity scores that determine
the stress to re-lease rates and residual values. Our modeled
recessionary periods and the default rates applied during such
periods generally capture the impact on an airline's credit
quality."

The structural features such as the deleveraging of notes under
events of stress determined through trigger events, and the
availability of a liquidity facility covering 18 months' interest
on the class A notes, could generally protect the notes from an
unexpected reduction in lease income and liquidation value due to
the environmental and social credit factors.

S&P will continue to review whether the ratings assigned are
consistent with the credit enhancement available to support the
notes.

  Ratings Lowered And Off CreditWatch

  Merlin Aviation Holdings DAC

  Class A: to 'BB+ (sf)' from 'BBB+ (sf)'/Watch Neg
  Class B: to 'B+ (sf)' from 'BB+ (sf)'/Watch Neg
  Class C: to 'CCC+ (sf)' from 'B+ (sf)'/Watch Neg



SATURNS TRUST NO. 2003-7: S&P Raises Class B Units Rating to 'BB-'
------------------------------------------------------------------
S&P Global Ratings raised its rating on Structured Asset Trust Unit
Repackagings (SATURNS) Trust No. 2003-7's $25 million callable
class B units due Jan. 15, 2032, to 'BB-' from 'B'.

S&P said, "Our rating on the class B units is dependent on our
rating on the underlying security, Macy's Retail Holdings Inc.'s
6.90% debentures due Jan. 15, 2032 ('BB-').

"The rating action reflects the Sept. 2, 2021, raising of our
rating on the underlying security to 'BB-' from 'B'."

As noted in the Macy's analysis, "the upgrade reflects the ongoing
progress Macy's is achieving in reducing leverage and strengthening
operating results, supported by a favorable macroeconomic backdrop.
Macy's reported strong results for the fiscal second quarter ended
July 31, 2021, with both sales comps and gross margin up a healthy
amount relative to 2019. The company also raised its full year 2021
outlook, reflecting expected continued momentum for the remainder
of the year. Continued vaccination progress, greater mobility,
pent-up demand, and improving consumer confidence fueled higher
spending at Macy's and other apparel retailers. Moreover, the
company's reported EBITDA margin for the first half of the year
rose sharply to 11.7% from 7.7% in 2019, reflecting the benefits of
the Polaris strategy, including inventory optimization and a $900
million cost reduction in selling, general, and administrative
costs. S&P said, "Although we expect performance improvement to
slow somewhat in the second half, considering ongoing supply chain
and labor challenges, as well as the potential impact of the Delta
or other emerging variants, we forecast that a healthy sales
recovery and margin expansion will support full year EBITDA
returning to the 2019 level"."

S&P may take subsequent rating actions on this transaction if its
rating on the underlying security changes.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety



TCP WHITNEY: S&P Assigns Prelim BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-R, B-R, C-R, D-R, and E-R notes and class A-RL
loans from TCP Whitney CLO Ltd./TCP Whitney CLO LLC, a CLO
originally issued in August 2017 that is managed by BlackRock
Capital Investment Advisors LLC.

The preliminary ratings are based on information as of Sept. 2,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

S&P said, "On the Sept. 14, 2021, refinancing date, the proceeds
from the replacement notes will be used to redeem the original
notes. 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 A-R, B-R, C-R, and D-R notes are expected
to be issued at a lower spread over three-month LIBOR than the
original notes.

-- The replacement class E-R notes are expected to be issued at a
higher spread over three-month LIBOR than the original notes.

-- The transaction is expected to issue a loan class, A-RL. The
A-RL loans are convertible into class A-R notes, but the class A-R
notes may not be converted to A-RL loans. In addition, the
conversion from loans to notes may only occur once whereby the
outstanding amount of the A-RL loans will be reduced to zero with a
commensurate increase in the amount of class A-R notes.

-- The stated maturity, reinvestment period and non-call period
will be extended by four years.

-- The transaction will amend its ability to purchase
workout-related assets, conform to updated rating agency
methodology, and amend the required minimums on the
overcollateralization tests.

-- The transaction will upsize to a target par of $400 million
from $342 million.

-- Additional subordinated notes will be issued in connection with
this refinancing and the stated maturity date will be amended to
match the stated maturity of the other notes.

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

-- Of the identified underlying collateral obligations, 27.08%
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
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."

  Preliminary Ratings Assigned

  TCP Whitney CLO Ltd./TCP Whitney CLO LLC

  Class A-R, $200.00 million: AAA (sf)
  Class A-RL loans, $30.00 million: AAA (sf)
  Class B-R, $42.00 million: AA (sf)
  Class C-R (deferrable), $32.00 million: A (sf)
  Class D-R (deferrable), $24.00 million: BBB- (sf)
  Class E-R (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $59.41 million: Not rated



UBS-BAMLL TRUST 2012-WRM: Fitch Lowers Rating on 2 Tranches to CCC
------------------------------------------------------------------
Fitch Ratings has affirmed two classes, downgraded five classes and
placed three classes on Rating Watch Negative of UBS-BAMLL Trust
2012-WRM commercial mortgage pass-through certificates, series
2012-WRM.

   DEBT                RATING             PRIOR
   ----                ------             -----
UBS-BAMLL Trust 2012-WRM

A 90269PAA9      LT  AAAsf   Affirmed     AAAsf
B 90269PAG6      LT  BBB-sf  Downgrade    Asf
C 90269PAJ0      LT  Bsf     Downgrade    BBBsf
D 90269PAL5      LT  CCCsf   Downgrade    BBsf
E 90269PAN1      LT  CCCsf   Downgrade    Bsf
X-A 90269PAC5    LT  AAAsf   Affirmed     AAAsf
X-B 90269PAE1    LT  BBB-sf  Downgrade    Asf

Classes X-A and X-B are interest-only.

KEY RATING DRIVERS

Upcoming Maturity/Refinance Risk: The loans mature in June 2022 and
while both are performing, Fitch anticipates challenges in
refinancing, particularly with the MainPlace Mall loan. Fitch
anticipates that the Westfield Galleria at Roseville loan is likely
to refinance at maturity. The Rating Watch Negative placements will
be resolved within six months and once more information on
performance stabilization, the MainPlace Mall redevelopment and
refinance prospects for both malls is known.

Cash Flow Decline: The extended closures followed by limited hours
and capacity restrictions due to the coronavirus pandemic resulted
in drops in occupancy and sales at both malls. The servicer
reported net cash flow (NCF) for the Westfield Galleria at
Roseville declined 16% from 2019 to 2020, while the servicer
reported NCF for the MainPlace Mall declined 32% from 2019 to
2020.

In-Line Occupancy and Sales: Galleria at Roseville's FY 2020
in-line sales excluding Apple were $477 psf, compared with $661 psf
(2019) and $454 at issuance. The property was 89% occupied as of
March 2021, compared with 94% as of YE 2019 and 95% at issuance. As
of FY 2020, MainPlace Mall in-line sales were $126 psf, down from
$245 psf in 2019 and $360 psf at issuance. Reported March 2021
occupancy at the MainPlace Mall was 81%, down from 100% at YE 2019
and 91% at issuance.

Vacant Non-Collateral Anchors: Prior to the pandemic, both
properties lost non-collateral anchors and the pandemic delayed the
opening of some of the replacement tenants. Sears, in a space owned
by Seritage, vacated the Galleria at Roseville in August 2018. The
redevelopment plans, which were delayed due to the coronavirus,
include Round One Bowling & Entertainment and Cinemark Theatres.
The theater is now scheduled to open in the fall of 2021. Nordstrom
vacated the MainPlace Mall in 2017, which triggered several
co-tenancy clauses. The Nordstrom space is currently leased to Open
Market, an indoor boutique market, with a lease that expires in
September 2021. Fitch has requested an update on this tenant, but
none has been received to date.

Delayed MainPlace Mall Redevelopment Plan: A $300 million
redevelopment plan, as approved in 2019 and delayed due to the
coronavirus, includes 1.5 million sf of commercial retail space,
1.5 million sf of office space and a 400-room hotel. Construction
was expected to begin in August 2021 with a 309-unit multi-family
apartment complex project on the west side of the mall. Fitch has
requested further updates.

Experienced Sponsorship and Management: The loan sponsor for
Galleria at Roseville is Westfield America, Inc. Westfield has
announced its intention to sell all of its US based malls starting
in 2022; no specific plans have been announced for the Galleria at
Roseville. At issuance, Westfield was also the sponsor for
MainPlace Mall. However, in 2015, the mall was sold as part of a
$1.1 billion deal that included four other Westfield Corp. retail
centers to a partnership composed of Centennial Real Estate
Company, USAA Real Estate Company and Montgomery Street Partners.

Ongoing Vulnerability to Coronavirus: The downgrades and Rating
Watch Negatives reflect Fitch's concerns with a potential sustained
and further decline to NCF, exposure to anchors with declining
performance, and the ongoing stabilization and proposed
redevelopment of MainPlace Mall without a detailed update on
progress. The combination of these factors is likely to negatively
affect the ability of the malls to refinance at maturity.

RATING SENSITIVITIES

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

-- Downgrades to class A are possible if the Galleria at
    Roseville mall fails to refinance at maturity and/or if
    interest shortfalls are considered likely. Further downgrades
    to classes B through E are possible should the value of
    MainPlace Mall continue to erode or should the loan transfer
    to special servicing and begin to accrue significant fees and
    expenses. Future performance deterioration at one or both
    malls could also drive further downgrades.

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

-- While considered unlikely, if the MainPlace Mall loan is
    extended and demonstrates significant performance
    improvements, future upgrades to classes B through E 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

UBS-BAMLL Trust 2012-WRM has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to the MainPlace Mall, which has
been underperforming as a result of changing consumer preference to
shopping, which has a negative impact on the credit profile, and is
relevant to the rating[s] 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.


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

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, B-R, C-R, D-R, and E-R notes were
issued at lower spreads over three-month LIBOR than the original
notes.

-- The replacement class A-2-R notes were issued at a floating
spread with a payment priority that is subordinate to the class
A-1-R notes, replacing the original fixed coupon tranche that is
pari passu with the original class A-1 notes.

-- The stated maturity and reinvestment period were extended by
three years, and the non-call period was extended by two years.

-- The collateral portfolio was upsized to $700 million,
representing a 75% increase from the pre-reset portfolio.

-- The ability to purchase middle-market assets up to 10.00% of
the total portfolio amount has been added.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R, $420.00 million: Three-month LIBOR + 1.16%
  Class A-2-R, $21.00 million: Three-month LIBOR + 1.40%
  Class B-R, $91.00 million: Three-month LIBOR + 1.70%
  Class C-R (deferrable), $42.00 million: Three-month LIBOR +
2.00%
  Class D-R (deferrable), $42.00 million: Three-month LIBOR +
3.10%
  Class E-R (deferrable), $28.00 million: Three-month LIBOR +
6.40%

  Subordinated notes, $20.10 million: Not applicable

  Original notes
  Class A-1, $231.00 million: Three-month LIBOR + 1.60%
  Class A-2, $17.00 million: 1.77%
  Class B, $56.00 million: Three-month LIBOR + 2.00%
  Class C (deferrable), $24.00 million: Three-month LIBOR + 2.70%
  Class D (deferrable), $22.00 million: Three-month LIBOR + 4.25%
  Class E (deferrable), $12.00 million: Three-month LIBOR + 7.85%
  Subordinated notes, $33.90 million: Not applicable

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 2020-2 Ltd./Voya CLO 2020-2 LLC

  Class A-1-R, $420.00 million: AAA (sf)
  Class A-2-R, $21.00 million: AAA (sf)
  Class B-R, $91.00 million: AA (sf)
  Class C-R (deferrable), $42.00 million: A (sf)
  Class D-R (deferrable), $42.00 million: BBB- (sf)
  Class E-R (deferrable), $28.00 million: BB- (sf)
  Subordinated notes, $54.00 million: Not rated



[*] S&P Takes Various Actions on 110 Classes from 25 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 110 ratings from 25 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
15 upgrades, 7 downgrades, 83 affirmations, one discontinuance, and
four withdrawals.

A list of Affected Ratings can be viewed at:

             https://bit.ly/3zV3AkG

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics, and their potential effects on certain classes."
Some of these considerations may include:

-- Factors related to the COVID-19 pandemic;
-- Historical missed interest payments;
-- Collateral performance or delinquency trends;
-- An increase or decrease in available credit support;
-- Reduced interest payments due to loan modifications;
-- A small loan count; and
-- S&P's principal-only criteria.

Rating Actions

S&P said, "The rating changes reflect our opinion regarding the
associated transaction-specific collateral performance and/or
structural characteristics, and/or reflect the application of
specific criteria applicable to these classes. See the ratings list
for the specific rationales associated with each of the classes
with rating transitions.

"The ratings affirmations reflect our opinion that our projected
credit support and collateral performance on these classes has
remained relatively consistent with our prior projections.

"We withdrew our ratings on four classes from one transaction due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level."



[*] S&P Takes Various Actions on 12 Ratings from Two US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 12 classes from two U.S.
RMBS non-qualified mortgage (non-QM) transactions. Of the two
transactions reviewed, one was issued by Homeward Opportunities
Fund I L.P. and the other was issued by Starwood Non-Agency Lending
LLC. The review yielded six upgrades and six affirmations.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3DSDGAK

S&P said, "For all transactions, we performed credit analysis using
updated loan-level information from which we determined foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. In addition, we used the same mortgage
operational assessment, representation and warranty, and due
diligence factors that were applied at issuance. Our geographic
concentration and prior-credit-event adjustment factors were based
on the transactions' current pool composition."

The upgrades primarily reflect deleveraging, as each respective
transaction benefits from high prepayment speeds, senior-sequential
payment priority, and a growing percentage of credit support to the
rated classes. Although the transactions' delinquency percentages
remain elevated compared with pre-COVID-19 levels due to extended
forbearances and declining pool balances, the delinquency
percentages have generally been declining in the reviewed
transactions.

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

Analytical Considerations

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

-- Factors related to the COVID-19 pandemic;
-- Collateral performance or delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Expected short duration; and
-- Available subordination and potential excess spread.



                            *********

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

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

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

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

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

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

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

                            *********

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

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

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

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

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

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