/raid1/www/Hosts/bankrupt/TCR_Public/210926.mbx          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 26, 2021, Vol. 25, No. 268

                            Headlines

AB BSL 3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
ANTARES CLO 2017-2: S&P Assigns Prelim BB-(sf) Rating on E-R Notes
APIDOS CLO XXXIII: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
ARES LXI: S&P Assigns Preliminary BB-(sf) Rating on Class E Notes
ASHFORD HOSPITALITY 2018-KEYS: DBRS Hikes Class F Rating to B(low)

ATRIUM HOTEL 2018-ATRM: DBRS Confirms B(low) Rating on Cl. F Certs
BANK 2021-BNK36: Fitch Assigns B- Rating on 2 Tranches
BAYVIEW FINANCING 2021-5F: DBRS Gives BB(high) Rating on A3 Notes
BBCMS 2017-DELC: DBRS Confirms B Rating on Class HRR Certs
BLUEMOUNTAIN CLO XXXII: S&P Assigns BB- (sf) Rating on Cl. E Notes

BWAY 2021-1450: DBRS Finalizes B(low) Rating on Class F Certs
CANYON CLO 2021-4: Moody's Gives (P)Ba3 Rating to $20.5MM E Notes
CARLYLE US 2021-7: S&P Assigns Prelim BB- (sf) Rating on D Notes
CARVANA AUTO 2021-P3: S&P Assigns Prelim BB+ Rating on N Notes
CHASE AUTO 2021-3: Moody's Assigns B2 Rating to $17.1MM F Notes

CHC COMMERCIAL 2019-CHC: DBRS Confirms B(high) Rating on F Certs
CITIGROUP MORTGAGE 2021-INV2: DBRS Finalizes B(high) on B5 Certs
CPS AUTO 2019-D: S&P Raises Class F Notes Rating to 'BB (sf)'
CSAIL 2017-CX10: DBRS Confirms B Rating on 2 Classes
CSMC TRUST 2017-CHOP: DBRS Confirms BB(low) Rating on Class E Certs

DEEPHAVEN 2021-3: S&P Assigns Prelim B- (sf) Rating on B-2 Notes
FALCON 2019-1 AEROSPACE: Fitch Affirms CCC Rating on C Notes
FLAGSTAR MORTGAGE 2021-10INV: Moody's Rates Cl. B-5 Certs '(P)B2'
FOUNTAINEBLEAU MIAMI: DBRS Confirms B(low) Rating on Class G Certs
GLS AUTO 2021-3: S&P Assigns BB- (sf) Rating on Class E Notes

GS MORTGAGE 2011-GC5: Moody's Lowers Rating on 2 Tranches to Caa3
GS MORTGAGE 2019-BOCA: DBRS Confirms B(high) Rating on 2 Classes
GS MORTGAGE 2021-PJ9: Moody's Gives (P)B2 Rating to Cl. B-5 Certs
HAWAII HOTEL 2019-MAUI: DBRS Confirms B(low) Rating on Cl. G Certs
INTOWN HOTEL 2018-STAY: DBRS Confirms B Rating on Class G Certs

JP MORGAN 2021-11: DBRS Finalizes B Rating on Class B-5 Certs
JP MORGAN 2021-LTV1: S&P Assigns Prelim 'B-' Rating on B-5 Certs
JPMCC MORTGAGE 2019-BROOK: Fitch Affirms B- Rating on F Certs
KKR CLO 16: S&P Assigns Prelim BB- (sf) Ratings on Class D-R2 Notes
KKR CLO 35: Moody's Assigns Ba3 Rating to $20MM Class E Notes

MARBLE POINT XXI: Moody's Assigns Ba3 Rating to $16MM Cl. E Notes
MARGARITAVILLE BEACH 2019-MARG: DBRS Confirms B(low) on G Certs
MELLO MORTGAGE 2021-INV2: DBRS Finalizes B Rating on B-5 Certs
MORGAN STANLEY 2017-ASHF: DBRS Confirms BB Rating on Class E Certs
NEUBERGER BERMAN XV: S&P Affirms B- (sf) Rating on Class F-R Notes

NEW MOUNTAIN 3: S&P Assigns BB- (sf) Rating on Class E Notes
OAKTREE CLO 2019-1: S&P Raises Class E Notes Rating to BB- (sf)
OZLM LTD VIII: Moody's Ups Rating on Class D-RR Notes to Ba2
PRKCM 2021-AFC1: S&P Assigns Prelim B (sf) Rating on B-2 Notes
PROVIDENT FUNDING 2021-J1: Moody's Gives (P)B2 Rating to B-5 Certs

PSMC 2021-3 TRUST: Fitch to Give B+(EXP) Rating to Class B-5 Debt
RCKT MORTGAGE 2021-4: Moody's Gives (P)B3 Rating to Cl. B-5 Certs
ROMARK CREDIT II: Moody's Assigns Ba3 Rating to $23.25MM E Notes
SOUND POINT XXXI: Moody's Assigns Ba3 Rating to $24.75MM E Notes
SPSS 2021-A LLC: DBRS Assigns BB Rating on Class D Notes

UBSCM 2018-NYCH: DBRS Confirms B(low) Rating on Class G Certs
US COMMERCIAL 2018-USDC: DBRS Confirms BB(high) Rating on F Certs
VENTURE 44 CLO: Moody's Assigns Ba2 Rating to $25MM Class E Notes
[*] DBRS Confirms 3 Ratings from 4 Prestige Auto Trust Transactions
[*] DBRS Confirms 4 Ratings from 7 FREED ABS Trust Transactions

[*] Fitch Puts 102 CLO Ratings and 13 TruPS Rating on Observation
[*] S&P Takes Various Actions on 12 Business and IT Services
[*] S&P Takes Various Actions on 41 Classes from 20 US RMBS Deals
[*] S&P Takes Various Actions on 78 Classes from 35 US RMBS Deals

                            *********

AB BSL 3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to AB BSL CLO 3
Ltd./AB BSL CLO 3 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 preliminary ratings are based on information as of Sept. 22,
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

  AB BSL CLO 3 Ltd./AB BSL CLO 3 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), $30.00 million: BBB- (sf)
  Class E (deferrable), $20.00 million: BB- (sf)
  Subordinated notes, $40.83 million: Not rated



ANTARES CLO 2017-2: S&P Assigns Prelim BB-(sf) 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 Antares CLO
2017-2 Ltd./Antares CLO 2017-2 LLC, a CLO originally issued in
December 2017 that is managed by Antares Capital Advisers LLC.

The preliminary ratings are based on information as of Sept. 20,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 20, 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-R, B-R, C-R, D-R, and E-R notes are
expected to be issued at a higher spread over three-month LIBOR
than the original notes.

-- The stated maturity, reinvestment period, and non-call period
will be extended by 3.75 years.

-- Of the identified underlying collateral obligations, 100.0%
have credit ratings or credit estimates assigned by S&P Global
Ratings.

-- Of the identified underlying collateral obligations, 15.6% 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

  Antares CLO 2017-2 Ltd./Antares CLO 2017-2 LLC

  Class A-R, $789.600 million: AAA (sf)
  Class B-R, $157.900 million: AA (sf)
  Class C-R (deferrable), $103.000 million: A (sf)
  Class D-R (deferrable), $89.262 million: BBB- (sf)
  Class E-R (deferrable), $75.530 million: BB- (sf)
  Subordinated notes, $146.750 million: Not rated



APIDOS CLO XXXIII: S&P Assigns Prelim BB- (sf) 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 Apidos CLO
XXXIII/Apidos CLO XXXIII LLC, a CLO originally issued in July 2020
that is managed by CVC Credit Partners U.S. CLO Management LLC.

The preliminary ratings are based on information as of Sept. 21,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 30, 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-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 stated maturity and reinvestment period will be extended
3.25 years.

-- The non-call period/weighted average life test date will be
extended to September 2023.

-- The weighted average life test date will be extended to 9.0
years from the refinance 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 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

  Apidos CLO XXXIII/Apidos CLO XXXIII LLC

  Class A-R, $284.80 million: AAA (sf)
  Class B-R, $58.80 million: AA (sf)
  Class C-R (deferrable), $27.10 million: A (sf)
  Class D-R (deferrable), $27.10 million: BBB- (sf)
  Class E-R (deferrable), $18.00 million: BB- (sf)
  Subordinated notes, $36.80 million: Not rated



ARES LXI: S&P Assigns Preliminary BB-(sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ares LXI CLO
Ltd./Ares LXI CLO 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
that are governed by collateral quality tests. The transaction is
managed by Ares U.S. CLO Management III LLC, a wholly owned
subsidiary of Ares Management Corp.

The preliminary ratings are based on information as of Sept. 21,
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

  Ares LXI CLO Ltd./Ares LXI CLO LLC

  Class A, $312.50 million: AAA (sf)
  Class B, $67.50 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $18.75 million: BB- (sf)
  Subordinated notes, $50.00 million: Not rated



ASHFORD HOSPITALITY 2018-KEYS: DBRS Hikes Class F Rating to B(low)
------------------------------------------------------------------
DBRS Limited upgraded its ratings on two classes of the Commercial
Mortgage Pass-Through Certificates, Series 2018-KEYS issued by
Ashford Hospitality Trust 2018-KEYS as follows:

-- Class F to B (low) (sf) from CCC (sf)
-- Class X-EXT to B (sf) from B (low) (sf)

DBRS Morningstar also confirmed its ratings on the remaining
classes as follows:

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

All trends are Stable.

The ratings for Classes A, B, C, D, E and X-EXT have been removed
from Under Review with Negative Implications, where they were
placed on October 15, 2020, reflecting concerns with the hotel
market amid the Coronavirus Disease (COVID-19) pandemic. In the
time since the October 2020 rating actions, there have been
significant positive developments for the underlying loans, as
further discussed below.

The rating upgrades and confirmations reflect DBRS Morningstar's
view that the overall credit profile for the transaction has
strengthened considerably in the last year with developments that
include the significant paydown of the arrears on Class F from over
$500,000 at the time of the October 2020 review to a modest $11,215
as of the August 2021 remittance, a product of the agreement
between the special servicer and the sponsor to make the loan
current. The sponsor's willingness to repay outstanding advances
out of pocket and fund operating shortfalls that have been in place
since the start of the pandemic bolster the sponsor's long-term
commitment to the underlying hotel portfolio. In addition,
performance updates provided for the underlying hotel portfolio
show improvements in 2021 that indicate the potential for revenues
to begin to significantly improve over the lows of the pandemic
within the medium term.

The subject transaction is collateralized by six loans, which are
not cross-collateralized. The senior mortgage loan proceeds of
$982.0 million, along with mezzanine debt of $288.2 million,
refinanced existing debt of $1,067.0 million, funded $14.1 million
of upfront reserves and $25.6 million in closing costs, as well as
facilitated a $163.4 million cash-equity distribution. The loans
are interest-only (IO) throughout the 24-month initial terms with
five one-year extension options. The loans are secured by a total
of 34 hotel properties across 16 states, with the largest
concentration by allocated loan balance in California (34.7% of the
allocated loan balance). The hotels are flagged by various brands
owned by Marriott International, Hyatt Hotels Corporation, and
Hilton Hotels & Resorts, with a combined total room count of 7,270
keys, consisting of 19 full-service hotels with 4,767 keys, 10
select-service hotels with 1,160 keys, and five extended-stay
hotels with 893 keys.

All six loans transferred to the special servicer in June 2020 for
balloon payment/maturity default, and at that time all six loans
were delinquent for the April and May 2020 debt service payments.
The borrower was subsequently granted a six-month forbearance
period from April to October 2020, where debt-service payments and
monthly reserve deposits were deferred. The servicer's reporting
confirms all deferred amounts were repaid as agreed as of June 2021
and no loans have been flagged delinquent since the forbearance was
granted and the repayment period began and ended. In addition to
the forbearances, all six loans were also approved to exercise the
first two of five available one-year extension options. With these
extensions, the loans are now scheduled to mature in June 2022. At
issuance, the collateral portfolio was valued at $1.7 billion in
aggregate and $1.6 billion on an individual basis. New appraisals
obtained by the special servicer, dated February and March 2021,
valued the collateral on an individual basis at $1.3 billion, a
decline from the issuance figure but above the $1.2 billion DBRS
Morningstar Value derived in 2020.

As of a July 2021 STR, Inc. report, the properties showed a
trailing three-month occupancy rate ranging from 56.0% to 79.0%,
while average daily rate (ADR) and revenue per available room
(RevPAR) figures ranged from $109 to $192 and $66 to $154,
respectively. Relative to the respective competitive sets for each
collateral set, the subject properties are outperforming with
regard to occupancy and RevPAR, but lag behind in ADR trends. The
trailing 12 months (T-12) ended July 2021 figures in the STR, Inc.
report showed ADR and RevPAR have not yet rebounded to pre-pandemic
levels. However, it is also noteworthy that as of the July 2021
report, 24 of the 34 hotels in the portfolio reported T-3 and T-12
RevPAR penetration figures above 100.0%.

As of year-end (YE) 2019 the subject properties reported occupancy,
ADR, and RevPAR ranges of 76% to 83%, $141 to $217, and $83 to
$182, respectively. When comparing those figures to the DBRS
Morningstar issuance figures of 75.0% to 78.0%, $130 to $187, and
$101 to $146, respectively, the subject properties were
outperforming DBRS Morningstar's expectations prior to the onset of
the pandemic.

The loan sponsor is Ashford Hospitality Trust, Inc., a
well-established owner and operator of approximately 120 hotel
assets across the United States. The sponsor acquired or
constructed the hotels between 1998 and 2015, with most assets
acquired between 2003 and 2007. The sponsor invested approximately
$227.7 million ($29,256 per key) between 2013 and 2017.

The DBRS Morningstar rating assigned to Classes B, C, D, and E had
a variance that was higher than those results implied by the LTV
Sizing Benchmarks from the October 15, 2020, review, when market
value declines were assumed under the Coronavirus Impact Analysis.
The DBRS Morningstar ratings did not have any variances other than
those results implied by LTV Sizing Benchmarks considered with this
year's review, when a baseline valuation scenario was used. For
additional information on these scenarios, please see the DBRS
Morningstar press release dated October 15, 2020, with respect to
the subject transaction. DBRS Morningstar maintains Negative trends
on certain classes as outlined in this press release as a
reflection of its ongoing concerns with the impact of the
coronavirus on the subject transaction.

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


ATRIUM HOTEL 2018-ATRM: DBRS Confirms B(low) Rating on Cl. F Certs
------------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-ATRM issued by Atrium Hotel
Portfolio Trust 2018-ATRM as follows:

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

DBRS Morningstar removed the Under Review with Negative
Implications designations for Classes C, X-NCP, D, E, and F that
were originally added in April 2020 as a result of the negative
impact of the Coronavirus Disease (COVID-19) pandemic on the
underlying collateral.

With these rating actions, all classes now carry Negative trends as
a reflection of DBRS Morningstar's continued concerns regarding the
impact of coronavirus on the hotel portfolio that secures the
underlying loan for this transaction.

The $635.0 million mortgage loan is secured by the fee and
leasehold interests in a portfolio of 24 limited-service,
extended-stay, and full-service hotels, totaling 5,734 keys across
12 different states in the United States. The sponsor, Atrium
Holding Company, acquired the collateral assets as part of a
35-hotel portfolio and with other various assets out of a
bankruptcy reorganization. The subject financing of $635.0 million
and $112.4 million of equity from the sponsor retired approximately
$672.2 million of existing debt and established upfront reserves.
The floating-rate interest-only loan had an initial two-year term,
with five one-year extension options. The borrower has exercised a
second extension option to June 1, 2022. Atrium is a leading hotel
owner and management firm with a portfolio of 75 hotels throughout
the U.S. An affiliate of the sponsor, Atrium Hospitality, is the
property manager for all 24 of the collateral properties.

The subject portfolio of 16 full-service hotels, four extended-stay
hotels, and four limited-service hotels are all
cross-collateralized and cross-defaulted and operate under
franchise agreements with either Hilton Hotels & Resorts or
Marriott International, except for one property that operates
independently. As part of the sponsor's acquisition of the
portfolio, at issuance all franchise agreements were extended
beyond the fully extended loan maturity date, with expirations
ranging from 2028 to 2038. Flags within the portfolio include
Embassy Suites by Hilton, Courtyard by Marriott, Residence Inn by
Marriott, Renaissance, Marriott, and Sheraton Hotels and Resorts.
The portfolio benefits from its granularity as only one property,
the Embassy Suites – Northwest Arkansas, a full-service, 400-key
(7.0% of total portfolio keys) hotel in Rogers, Arkansas,
represents more than 10.0% of the allocated loan amount (ALA). The
largest concentration of collateral properties resides in Texas
(three hotels; 948 keys; 22.3% of the ALA), with no other state
having more than 20.0% of the ALA.

According to STR, Inc. reports for each of the properties as of May
2021, the portfolio reported a trailing three-month (T-3)
weighted-average occupancy, average daily rate, and revenue per
available room (RevPAR) of 50.8%, $120.48, and $60.93,
respectively. In comparison, the portfolio reported year-end (YE)
2019 operating figures of 68.3%, $132, and $91, respectively.
Still, the performance metrics displayed for the T-3 represent an
improvement over the trailing 12 months (T-12) ended May 2021 STR
figures of 35.7%, $113.77, and $40.26. Despite the declines, the
RevPAR penetration rates have remained slightly above 100% over the
past 12 months, indicating that overall the subject properties are
performing in line with their competitive sets. The servicer
reported a YE2020 net cash flow (NCF) and a debt service coverage
ratio (DSCR) of $5.1 million and 0.27 times (x), respectively,
compared with $78.0 million and 2.68x at YE2019, and the DBRS
Morningstar NCF of $72.9 million. The DSCR fell further as of the
T-12 ended March 2021 to -0.48x (reflecting the first 12 full
months of coronavirus), but, as of the T-12 ended June 2021, the
peformance had begun to recover with a DSCR of 0.41x. As of the
August 2021 loan-level reserve report, the servicer reported $21.4
million in total reserves.

The loan was added to the watchlist in March 2020 as a result of
the pandemic and fell delinquent in May and June 2020 before being
returned to the master servicer with the execution of a standstill
agreement. The borrower subsequently requested further
accommodations, and a second standstill agreement was executed in
October 2020. The servicer agreed to defer monthly debt service
payments and reserve deposits from April to October 2020, with
deferred amounts to be repaid over 18 months beginning in September
2021. A cash sweep period was activated, to remain in effect until
the repayment of all payment obligations or a minimum debt yield
test. As a condition of the second standstill agreement, the
borrower was required to deposit $10 million into an excess cash
flow reserve. As of the August 2021 servicer reporting, the loan
remains on the servicer's watchlist for a low DSCR. The servicer's
watchlist codes also suggest the loan continues to be monitored for
the coronavirus relief accommodations made by the servicer.

The DBRS Morningstar rating assigned to Classes C, D, E, and F had
a variance that was higher than those results implied by the LTV
Sizing Benchmarks from the October 14, 2020 review, when market
value declines were assumed under the Coronavirus Impact Analysis.
The DBRS Morningstar ratings did not have any variances than those
results implied by LTV Sizing Benchmarks considered with this
year's review, when a baseline valuation scenario was used. For
additional information on these scenarios, please see the DBRS
Morningstar press release dated October 14, 2020 in respect of the
subject transaction. DBRS Morningstar maintains Negative trends on
certain classes as outlined in this press release as a reflection
of our ongoing concerns with the Coronavirus impact to the subject
transaction.

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



BANK 2021-BNK36: Fitch Assigns B- Rating on 2 Tranches
------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BANK 2021-BNK36, commercial mortgage pass-through certificates,
Series 2021-BNK36 as follows:

-- $27,581,000 class A-1 'AAAsf'; Outlook Stable;

-- $157,181,000 class A-2 'AAAsf'; Outlook Stable;

-- $10,640,000 class A-3 'AAAsf'; Outlook Stable;

-- $27,535,000 class A-SB 'AAAsf'; Outlook Stable;

-- $150,000,000ab 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;

-- $475,638,000ab 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;

-- $848,575,000c class X-A 'AAAsf'; Outlook Stable;

-- $212,144,000c class X-B 'A-sf'; Outlook Stable;

-- $107,588,000b 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;

-- $53,036,000b 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;

-- $51,520,000b 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;

-- $65,159,000cd class X-D 'BBB-sf'; Outlook Stable;

-- $28,791,000cd class X-F 'BB-sf'; Outlook Stable;

-- $12,122,000cd class X-G 'B-sf'; Outlook Stable;

-- $34,853,000d class D 'BBBsf'; Outlook Stable;

-- $30,306,000d class E 'BBB-sf'; Outlook Stable;

-- $28,791,000d class F 'BB-sf'; Outlook Stable;

-- $12,122,000d class G 'B-sf'; Outlook Stable.

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

-- $45,460,314cd class X-H;

-- $45,460,314d class H;

-- $63,802,700.76de RR Interest.

(a) The initial certificate balances of classes A-4 and A-5 are
unknown and expected to be $625,638,000 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 $300,000,000, and the expected
class A-5 balance range is $325,638,000 to $625,638,000. 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 Sept. 20, 2021.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 92 loans secured by 128
commercial properties having an aggregate principal balance of $1.3
billion as of the cut-off date. The loans were contributed to the
trust by Bank of America, National Association, Morgan Stanley
Mortgage Capital Holdings LLC, Wells Fargo Bank, National
Association, and National Cooperative Bank, N.A. The Master
Servicers are expected to be Wells Fargo Bank, National Association
and National Cooperative Bank, N.A. and the Special Servicers are
expected to be Rialto Capital Advisors, LLC and National
Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 31.6% of the loans by
balance, cash flow analyses of 80.9% 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

Lower Leverage than that of Recent Transactions: This transaction's
leverage is lower than other multi-borrower transactions recently
rated by Fitch Ratings. The pool's Fitch debt service coverage
ratio (DSCR) of 1.78x is higher than the 2021 YTD and 2020 averages
of 1.38x and 1.32x, respectively. Additionally, the pool's Fitch
loan-to-value (LTV) of 99.7% is below the 2021 YTD average of
102.5% and in line with the 2020 average of 99.6%. Excluding the
Co-operative (co-op) loans and the credit opinion loan, the pool's
DSCR and LTV are 1.48x and 107.0%, respectively. The YTD 2021 and
2020 averages excluding credit opinions and co-op loans are
1.29x/110.1% and 1.24x/111.3%, respectively.

Above Average Retail Concentration: Loans secured by retail
properties represent 35.9% of the pool by balance including the
second largest loan, Arizona Mills (5.9%), a regional mall. The
total retail concentration is greater than the 2021 YTD average of
18.3%, the 2020 average of 16.3%, and the 2019 average of 23.6%. In
addition, the pool consists of one hotel loan (3.6% of the pool).
Retail and hotel properties have experienced the most severe
near-term revenue declines as a result of the coronavirus
containment efforts. To account for elevated risk to retail and
hotel assets in the pool, Fitch considered higher volatility scores
and vacancy assumptions in its analysis, as well as increasing the
probability of loss on the Arizona Mills property.

Diverse Pool: The pool's 10 largest loans comprise 49.1% of the
pool's cutoff balance, which is a lower concentration than the 2021
YTD or 2020 averages of 51.5% and 56.8%, respectively. The Loan
Concentration Index of 333 is lower than the 2021 YTD and 2020
averages of 384 and 440, respectively. The Sponsor Concentration
Index of 357 is also lower than the 2021 YTD and 2020 averages of
412 and 474, respectively and indicates there is little sponsor
concentration.

Investment-Grade Credit Opinion and Co-op Loans: One loan,
McDonald's Global HQ (1.1% of the pool) received an
investment-grade credit opinion of 'Asf*'. This is below the 2021
YTD average of 14.0% and considerably below the 2020 average 24.5%.
Additionally, the pool contains 31 loans, representing 9.5% of the
pool, that are secured by residential cooperative that exhibit
leverage characteristics significantly lower than typical conduit
loans. The weighted-average Fitch DSCR and LTV for the co-op loans
are 4.63x and 35.9%, respectively.

RATING SENSITIVITIES

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. 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' / 'BB-
    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'.

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'.

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.


BAYVIEW FINANCING 2021-5F: DBRS Gives BB(high) Rating on A3 Notes
-----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the Class
A1 Notes, the Class A2 Notes, and the Class A3 Notes  contemplated
to be issued by Bayview Financing SBC Trust 2021-5F, pursuant to
the Bayview Financing SBC Trust 2021-5F Preliminary Offering
Memorandum (POM) dated as of September 2, 2021, as provided by
Bayview Financing SBC Trust 2021-5F and its affiliates to DBRS
Morningstar:

-- Class A1 Notes at A (low) (sf)
-- Class A2 Notes at BBB (low) (sf)
-- Class A3 Notes at BB (high) (sf)

The provisional ratings on the Notes address the ultimate payment
of interest and the ultimate payment of principal on or before the
Maturity Date (as defined in the POM referenced above).

Bayview Financing SBC Trust 2021-5F is a re-securitization of
previously issued commercial mortgage-backed securities of Silver
Hill Trust 2019-SBC1. Silver Hill Trust 2019-SBC1 is a small
balance commercial (SBC) securitization that, at the time of
closing, was collateralized by 978 first-lien loans secured
primarily by commercial real estate, multifamily, and single-family
rental properties, and, as of the July 2021 remittance report, was
collateralized by 781 loans because of repayment.

The assets backing the Bayview Financing SBC Trust 2021-5F
transaction consist of interest-only (IO) notes, and principal and
interest (P&I) notes, and other subordinated notes issued by Silver
Hill Trust 2019-SBC1. The Issuer will purchase approximately $305.7
million IO notes as well as approximately $123.8 million P&I notes
such that the total principal amounts of P&I notes is equal to the
total initial amount of the Notes.

DBRS Morningstar materially deviated from its RMBS methodology when
determining the ratings assigned to the Notes by applying
additional prepayment stresses in addition to the four prepayment
stresses—5.0%, 10.0%, 15.0%, and 20.0%—applied on Silver Hill
Trust 2019-1. The material deviation is warranted, given the
sensitivity of IO secured notes of Silver Hill Trust 2019-SBC1 to
the prepayment speed of the underlying SBC loans, DBRS Morningstar
considered the additional prepayment stresses applied to be a
conservative approach to stress the cash flows to service the
principal and interest payments of the Notes.

The provisional ratings reflect the following:

(1) The POM dated September 2, 2020.

(2) The integrity of the proposed transaction structure.

(3) DBRS Morningstar's assessment of the portfolio quality. DBRS
Morningstar conducted its analysis on both Bayview Financing SBC
Trust 2021-5F and Silver Hill Trust 2019-SBC1 by applying relevant
methodologies and appropriate stresses.

(4) Adequate credit enhancement to withstand projected collateral
loss rates under various cash flow stress scenarios.

(5) DBRS Morningstar's assessment of the management capabilities of
Bayview Asset Management, LLC and its affiliates as an acceptable
servicer and special servicer for small balance commercial
transactions.

As the Coronavirus Disease (COVID-19) spread around the world,
certain countries imposed quarantines and lockdowns, including the
United States, which accounts for more than one-fourth of confirmed
cases worldwide. The coronavirus pandemic has negatively affected
not only the economies of the nations most afflicted, but also the
overall global economy with diminished demand for goods and
services as well as disrupted supply chains. The effects of the
pandemic may result in deteriorated financial conditions for many
companies and obligors, some of which will experience the effects
of such negative economic trends more than others. At the same
time, governments and central banks in multiple regions, including
the United States and Europe, have taken significant measures to
mitigate the economic fallout from the coronavirus pandemic.

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



BBCMS 2017-DELC: DBRS Confirms B Rating on Class HRR Certs
----------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of the
Commercial Mortgage Pass-Through Certificates, Series 2017-DELC
issued by BBCMS 2017-DELC Mortgage Trust:

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

DBRS Morningstar changed all trends to Stable from Negative as the
sponsor continues to invest in the collateral hotel as part of an
extensive $400.0 million capital expenditure (capex) project and
continues to fund debt service and operating shortfalls out of
pocket during the Coronavirus Disease (COVID-19) pandemic. The
capex project is expected to be completed before the final loan
maturity date in August 2024. Based on the DBRS Morningstar value
of $624.0 million, which is approximately 39.6% below the appraised
value of $1.0 billion at issuance, the trust balance has a
loan-to-value (LTV) ratio of 81.3% and the whole loan has an LTV
ratio of 114.1%. However, the sponsor's $400.0 million capex
project should improve the collateral value upon completion.

The rating confirmations reflect the overall stable outlook for the
collateral, which continues to be affected by the coronavirus
pandemic. The sponsor is using the downtime to complete the massive
capex project, which was planned at issuance and is being delivered
in various phases with a final completion date in 2023. The subject
transaction closed in August 2017, and the trust comprises $507.6
million in senior mortgage debt with a total of $204.4 million held
across three mezzanine loans held outside the trust. The loan is
secured by the Hotel del Coronado, a 757-key luxury beach resort on
Coronado Island in the greater San Diego area. The interest-only
(IO) loan features a two-year initial term with five one-year
extensions. A loan amendment was executed in June 2021 that waived
the debt yield trigger event through March 2022 and modified the
replacement reserve deposit structure. The servicer confirmed the
borrower exercised its third extension option, which extended the
maturity date to August 2022.

The loan is sponsored by Blackstone Real Estate Partners VIII L.P.,
an affiliate of The Blackstone Group Inc., the world's largest
alternative asset manager and real estate advisory firm. The hotel
previously operated as an independent hotel but is now managed by
Hilton Worldwide Holdings, Inc. (Hilton) under the Curio Collection
flag, one of Hilton's upscale brands. The collateral benefits from
Hilton's global brand distribution system, Hilton Honors members,
and Hilton's marketing influence for group bookings. The hotel
management agreement with Hilton began in July 2017 and continues
through July 2027 plus two five-year extension options.

According to the property's website, the renovation project will
increase the total key count to 902 when complete. All guestrooms
throughout the resort will be updated and a new 142-key
residential-style experience will be introduced on the south side
of the resort. The renovated guestrooms at The Cabanas were
completed in summer 2020 while the upscale, contemporary rooms at
The Views were delivered in summer 2021. The residential-style
resort will feature one-, two-, and three-bedroom villas with its
own check-in; an ocean-view pool with cabanas; a poolside bar; and
a casual lounge. Improvements are being developed as
whole-ownership, limited-term condominiums with an estimated
completion date in mid-2022. Other projects include the exclusive,
gated beach community known as Beach Village at The Del that will
be finished in 2022 and the full guestroom and common area
renovation of The Victorian, the property's main building, that
will be completed in 2023.

The subject is an iconic hotel with an irreplaceable and generally
unrivaled oceanfront location for resort hotels in Southern
California. The property's desirable location resulted in stable
historical performance and strong revenue per available room
(RevPAR) growth prior to the pandemic. The 35 condominium units,
totaling 78 keys, housing the North Beach Villas are not
sponsor-owned and the condominium owners are not required to
participate in the rental program managed by the sponsor. Owners
are extremely incentivized to participate in the program as they
are required to pay resort and maintenance fees to the hotel
regardless of participation and the revenue streams have been
historically strong.

A May 2021 Smith Travel Research report detailed the operations
during the coronavirus pandemic. While the occupancy rate
considerably declined in 2020 and 2021, average daily rate (ADR)
growth significantly improved as the collateral continues to be
renovated. ADR increased by 20.8% to $528 as of the trailing
12-months (T-12) ended May 31, 2021, from $437 as of the T-12 ended
October 31, 2019. The competitive set has been outperforming the
subject's occupancy rate; however, the subject's ADR growth
mitigates some of the occupancy losses. The T-3 ended May 31, 2021,
metrics show the property demand was trending upward with an
occupancy rate, ADR, and RevPAR of 37.6%, $575, and $216,
respectively. Although the state of California lifted most
pandemic-related restrictions as of June 2021, DBRS Morningstar is
monitoring the ongoing pandemic risk in the near term as travel
demand may be diminished should coronavirus outbreaks continue.
Additionally, DBRS Morningstar will continue to follow the
scheduled completion dates should there be any delays given the
construction materials and labor shortages widely reported
throughout the pandemic.

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



BLUEMOUNTAIN CLO XXXII: S&P Assigns BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  BlueMountain CLO XXXII Ltd./BlueMountain CLO XXXII LLC

  Class A, $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



BWAY 2021-1450: DBRS Finalizes B(low) Rating on Class F Certs
-------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of BWAY 2021-1450 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates:

-- Class A at AAA (sf)
-- Class X-CP at BBB (sf)
-- Class X-NCP at BBB (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)

All trends are Stable. Class G and Class HRR are not rated by DBRS
Morningstar.

Class X-CP and X-NCP are interest-only (IO) classes whose balance
is notional

The BWAY 2021-1450 Mortgage Trust transaction is secured by the
fee-simple interest in 1450 Broadway, a 42-story,
439,786-square-foot (sf) office tower. The building is located at
the southeast corner of 41st Street and Broadway in the Times
Square South submarket of Manhattan. Built in 1931 and acquired by
the sponsor in 2011, the property has received in excess of $11
million in capital expenditures that have upgraded the lobby,
elevators, restrooms, mechanical systems, HVAC systems, retail
signage, and exterior facade. The property is currently 82.3%
leased to a mix of 36 tenants with a weighted-average (WA)
remaining lease term of approximately 5.8 years. The property's
rent roll is granular, with only one tenant making up more than 10%
of the gross potential rent (GPR). Major tenants include WeWork
(62,087 sf, 14.1% of net rentable area (NRA), 15.6% of GPR),
Studio1 (aka Shazdeh Fashions Inc.; 44,527 sf, 10.1% of NRA, 7.8%
of GPR), and Iconix Brand Group Inc. (35,222 sf, 8.0% of NRA, 9.3%
of GPR). Only 39.1% of the NRA and 46.1% of the base rent rolls
during the fully extended five-year loan term.

In addition to 422,506 sf of office space, the property has 9,229
sf of lower floor retail space and 8,051 sf of storage space. The
retail portion is currently 92.8% leased to popular food vendors
such as Chop't, Sticky Fingers, Oxido, and Paris Baguette on
long-term leases resulting in a 7.8-year retail WA lease term and
$2.2 million in rent (approximately 10% of revenue at the
property). With consumer behavior continuing to evolve because of
the Coronavirus Disease (COVID-19) pandemic, 1450 Broadway's
fast-casual food uses and long-term leases may offer some
protection from the post-pandemic environment. The sponsor is in
discussions with several potential tenants for the office vacant
space and is working with existing tenants on extensions and
expansions within the building. The majority of the vacant office
space is move-in ready, allowing for immediate tenant occupancy.
Furthermore, the 665-sf vacant retail space is street level with
Broadway frontage, offering superior visibility and high foot
traffic.

The property has significant exposure to WeWork as the largest
tenant, comprising 14.1% of the NRA. Although there is a long-term
lease in place through September 2035, the company has shuttered
many of its facilities since the outbreak of the coronavirus
pandemic, which places the company at increased risk in the short
term, with significantly reduced revenue. WeWork uses its space at
the subject primarily for its WeWork Enterprise model. According to
the sponsor, the WeWork space is approximately 2/3 occupied with
letters of intent being negotiated for the remainder of the
available space with two publicly traded Fortune 500 tech
companies, both of which have reportedly accepted their space.
WeWork's lease includes a corporate guarantee from WeWork Companies
Inc. The guarantee is currently at approximately $6.0 million,
which burns off annually but never falls below $3.4 million. DBRS
Morningstar assumed a 50% renewal probability for WeWork, resulting
in higher leasing costs in its net cash flow analysis.

ZG Capital Partners (the Zar Group) is a New York-based real estate
investment firm with extensive ownership and operating experience.
The firm's investment strategy is opportunistic, flexible, and
focused on long-term value creation. The Zar Group's holdings
include the 1450 Broadway asset as well as the Bruckner Building in
Mott Haven, Connecticut, 654 Broadway, and 1410 Lexington Avenue.
The sponsor is partially using proceeds from the mortgage loan to
repatriate approximately $23.8 million of equity. DBRS Morningstar
views cash-out refinancing transactions as less favorable than
acquisition financings because sponsors typically have less
incentive to support a property through times of economic stress if
less of their own cash equity is at risk. Based on the appraiser's
as-is valuation of $345 million, the sponsor will have
approximately $130 million of unencumbered market equity remaining
in the transaction.

The DBRS Morningstar loan-to-value ratio (LTV) for the five-year
fully extended mortgage loan is high at 112.4% based on the $215
million in total mortgage debt. In order to account for the high
leverage, DBRS Morningstar programmatically reduced its LTV
benchmark targets for the transaction by 2.0% across the capital
structure.

The non-recourse carveout guarantors are collectively, jointly, and
severally Babak Zar, Sammy Hakimian, and Solaiman Hakakian, who are
required to maintain a joint net worth of at least $107.5 million
with a $10 million liquidity minimum, effectively limiting the
recourse back 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, physical waste, and other potential bad acts of the
sponsor.

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



CANYON CLO 2021-4: Moody's Gives (P)Ba3 Rating to $20.5MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes and one class of loans incurred by Canyon CLO
2021-4, Ltd. (the "Issuer").

Moody's rating action is as follows:

Up to US$160,000,000 Class A-L Senior Secured Floating Rate Notes
due 2034, Assigned (P)Aaa (sf)

US$160,000,000 Class A-L Loans maturing 2034, Assigned (P)Aaa (sf)

US$155,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

US$65,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

US$29,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

US$30,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

US$20,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Debt." The Class A-L Loans may be exchanged or converted
into notes, subject to certain conditions.

On the closing date, the Class A-L Loans and the Class A-L Notes
have a principal balance of $160,000,000 and $0, respectively. At
any time, the Class A-L Loans may be converted in whole or in part
to Class A-L Notes, thereby decreasing the principal balance of the
Class A-L Loans and increasing, by the corresponding amount, the
principal balance of the Class A-L Notes. The aggregate principal
balance of the Class A-L Loans and Class A-L Notes will not exceed
$160,000,000, less the amount of any principal repayments.

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.

Canyon CLO 2021-4, Ltd. is a managed cash flow CLO. The issued
notes 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, cash, and eligible
investments, and up to 7.5% of the portfolio may consist of not
senior secured loans. Moody's expect the portfolio to be
approximately 85% ramped as of the closing date.

Canyon CLO Advisors 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.

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: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2810

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 46.5%

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 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.


CARLYLE US 2021-7: S&P Assigns Prelim BB- (sf) Rating on D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carlyle US
CLO 2021-7 Ltd./Carlyle US CLO 2021-7 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 preliminary ratings are based on information as of Sept. 16,
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

  Carlyle US CLO 2021-7 Ltd./Carlyle US CLO 2021-7 LLC

  Class A-1, $307.5 million: AAA (sf)
  Class A-2, $72.5 million: AA (sf)
  Class B, $30.0 million: A (sf)
  Class C (deferrable), $30.0 million: BBB- (sf)
  Class D (deferrable), $20.0 million: BB- (sf)
  Subordinated notes, $50.7 million: Not rated



CARVANA AUTO 2021-P3: S&P Assigns Prelim BB+ Rating on N Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carvana Auto
Receivables Trust 2021-P3's asset-backed notes series 2021-P3.

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

The preliminary ratings are based on information as of Sept. 16,
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 following:

-- The availability of approximately 14.5%, 11.7%, 9.0%, 6.2%, and
5.6% credit support for the class A, B, C, D, and N notes,
respectively, based on stressed break-even cash flow scenarios
(including excess spread). These credit support levels provide
approximately 5.00x, 4.00x, 3.00x, 2.00x, and 1.73x coverage of
S&P's expected net loss range of 2.50%-3.00% for the class A, B, C,
D, and N notes, respectively.

-- 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
(2.00x 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 prime pool being
securitized, including a weighted average nonzero FICO score of
approximately 705 and a minimum nonzero FICO score of 584.

-- The loss performance of Carvana LLC's origination static pools
and managed portfolio, its deal-level collateral characteristics,
and a comparison with its prime auto finance company peers.

-- The transaction's credit enhancement in the form of
subordinated notes; a non-amortizing reserve account;
overcollateralization, which builds to a target level of 0.35% of
the initial receivables balance; and excess spread.

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Carvana Auto Receivables Trust 2021-P3(i)(ii)

  Class A-1, $146.20 million: A-1+ (sf)
  Class A-2, $342.31 million: AAA (sf)
  Class A-3, $342.31 million: AAA (sf)
  Class A-4, $125.00 million: AAA (sf)
  Class B, $33.64 million: AA (sf)
  Class C, $30.53 million: A (sf)
  Class D, $15.01 million: BBB (sf)
  Class N(iii), $39.33 million: BB+ (sf)

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

(ii)The transaction will issue class XS notes, which are unrated
and may be retained or sold in one or more private placements.

(iii)The class N notes will be paid to the extent funds are
available after the overcollateralization target is achieved.
Additionally, the class N notes will not provide any enhancement to
the senior classes.



CHASE AUTO 2021-3: Moody's Assigns B2 Rating to $17.1MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Chase Auto Credit Linked Notes, Series 2021-3 (CACLN 2021-3) notes
issued by JPMorgan Chase Bank, N.A. (JPMCB).

CACLN 2021-3 is the third credit linked notes transaction issued by
JPMCB in 2021 to transfer credit risk to noteholders through a
hypothetical tranched credit default swap on a reference pool of
auto loans.

The complete rating actions are as follows:

Chase Auto Credit Linked Notes, Series 2021-3

$409,531,000, 0.760%, Class B Notes, Definitive Rating Assigned Aa2
(sf)

$31,500,000, 0.860%, Class C Notes, Definitive Rating Assigned A2
(sf)

$40,500,000, 1.009%, Class D Notes, Definitive Rating Assigned Baa2
(sf)

$18,000,000, 2.102%, Class E Notes, Definitive Rating Assigned Ba2
(sf)

$17,100,000, 3.694%, Class F Notes, Definitive Rating Assigned B2
(sf)

RATINGS RATIONALE

The notes are fixed-rate and are unsecured obligations of JPMCB.
Unlike principal payment, interest payment to the notes is not
dependent on the performance of the reference pool. This deal is
unique in that the source of payments for the notes will be JPMCB's
own funds, and not the collections on the loans or note proceeds
held in a segregated trust account. As a result, Moody's capped the
ratings of the notes at JPMCB's senior unsecured rating (Aa2).

The credit risk exposure of the notes depends on the actual
realized losses incurred by the reference pool. This transaction
has a pro-rata structure, which is more beneficial to the
subordinate bondholders than the typical sequential-pay structure
for US auto loan transactions. However, the subordinate bondholders
will not receive any principal unless performance tests are
satisfied.

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of JPMorgan Chase Bank,
N.A. as the servicer.

Moody's median cumulative net loss expectation for the 2021-3
reference pool is 0.40%. Moody's based its cumulative net loss
expectation on an analysis of the credit quality of the underlying
collateral; the historical performance of similar collateral,
including securitization performance and managed portfolio
performance; the ability of JPMorgan Chase Bank, N.A. to perform
the servicing functions; and current expectations for the
macroeconomic environment during the life of the transaction.

At closing, the Class B notes, Class C notes, Class D notes, Class
E notes and Class F notes benefit 3.40%, 2.70%, 1.80%, 1.40%, and
1.02% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of subordination.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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

Up

Moody's could upgrade the Class C, Class D, Class E, and Class F
notes if levels of credit enhancement are higher than necessary to
protect investors against current expectations of portfolio losses.
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 vehicles securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US job market and the market for
used vehicles. Other reasons for better-than-expected performance
include changes to servicing practices that enhance collections or
refinancing opportunities that result in prepayments. Moody's could
upgrade Class B if JPMCB's senior unsecured rating is upgraded.

Down

Moody's could downgrade the notes if JPMCB's senior unsecured
rating is downgraded or if, given current expectations of portfolio
losses, levels of credit enhancement are consistent with lower
ratings. Credit enhancement could decline if realized losses reduce
available subordination. Moody's expectation of pool losses could
rise as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market, the market for used vehicles, and poor servicing. Other
reasons for worse-than-expected performance include error on the
part of transaction parties, inadequate transaction governance, and
fraud.


CHC COMMERCIAL 2019-CHC: DBRS Confirms B(high) Rating on F Certs
----------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates issued by CHC
Commercial Mortgage Trust 2019-CHC:

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

The trends on Classes E and F remain Negative because of concerns
associated with the Coronavirus Disease (COVID-19) pandemic and the
significant impact it is having on skilled nursing facilities (SNF)
and healthcare properties. The trends on all other Classes remain
Stable, with the exception of Class HRR, which does not carry a
trend.

The rating confirmations reflect the stable overall performance of
the transaction. At issuance, the subject loan was backed by a
portfolio of 156 healthcare properties. Since issuance, two
properties (Yuma SNF and North Bend & Mt Si SNF) were released from
the collateral, resulting in a collateral reduction of just 0.72%.
The geographically diverse portfolio consists of a variety of
medical and senior-housing-related property types, including
medical office buildings (MOB), independent living facilities
(ILF), assisted living facilities (ALF), SNF, and hospital-related
properties. The properties fall under three operating segments: (1)
MOB, (2) Triple Net (NNN) Leased, and (3) Real Estate Investment
Trust (REIT) Investment Diversification and Empowerment Act (RIDEA)
Facilities.

The majority of the portfolio is backed by the MOB segment, which
comprises 3.0 million square feet across 88 buildings in 18 states.
The NNN Leased segment includes 55 properties that skew toward more
operationally intensive uses and includes 35 SNF, 11 ALF, and nine
hospital/long-term acute-care properties. DBRS Morningstar based
the net cash flows (NCFs) for the NNN Leased portfolio on the
underlying properties' look-through cash flows rather than the NNN
rent.

The RIDEA portfolio consists of 11 properties that provide for a
third-party management agreement and allow the landlord (borrower)
to retain the income from the underlying operation without a lease
in place. The 11 properties contain predominately ILF and ALF beds,
which together comprise approximately 86.3% of the beds in the
RIDEA facilities. ILF and ALF properties are generally private-pay,
limiting the portfolio's exposure to changes in Medicare and
Medicaid reimbursements. SNF revenue accounted for approximately
16.3% of total RIDEA revenue, according to the trailing 12 months
ended March 2019 financials. The RIDEA properties experienced a
considerable decline in SNF Medicare reimbursements and SNF
private-pay revenue in 2017 from the prior year, and only a small
portion of this decline was made up through higher Medicaid
reimbursements. The declining trend continued in 2018 and 2019,
albeit at a lower rate. Memory care revenue has historically been a
minor contributor to the RIDEA portfolio. However, the Lincolnwood
property underwent an $8.1 million renovation in 2018 and early
2019 and is budgeted to contribute more than $2.0 million of
additional revenue to the portfolio. The RIDEA properties benefit
from a higher portion of private-pay sources; however, DBRS
Morningstar did factor in additional conservatism in its
determination of NCFs.

The portfolio's overall occupancy decreased to 75% as of the March
2021 rent rolls, compared with 80% as of year-end 2020, which may
be attributable to the challenges associated with the pandemic.
Furthermore, the year-end 2020 NCF of $118.0 million reflects a
-5.3% decrease compared with the year-end 2019 NCF of $124.5
million. While revenue remained in line compared with 2019, the
decrease in cash flow is because of an increase in payroll and
benefits expenses.

According to published reports, the loan's sponsor, Colony Capital
(Colony), has expressed interest in selling its senior housing
healthcare portfolio by 2021. The portfolio is valued at $3.3
billion and includes 118 senior housing properties and 83 SNF, in
addition to medical office and hospital assets. (It is unclear if
the subject properties are included in this portfolio.) The news
comes on the heels of the investment firm's decision to sell its
remaining 48-hotel portfolio in August 2021. The move is part of
Colony's overall plan to divest its real estate holdings and focus
on digital infrastructure.

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



CITIGROUP MORTGAGE 2021-INV2: DBRS Finalizes B(high) on B5 Certs
----------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage Pass-Through Certificates, Series 2021-INV2 issued by
Citigroup Mortgage Loan Trust 2021-INV2 as follows:

-- $158.8 million Class A-1 at AAA (sf)
-- $158.8 million Class A-1-IO1 at AAA (sf)
-- $158.8 million Class A-1-IO2 at AAA (sf)
-- $158.8 million Class A-1-IOX at AAA (sf)
-- $158.8 million Class A-1A at AAA (sf)
-- $158.8 million Class A-1-IO3 at AAA (sf)
-- $158.8 million Class A-1-IO1W at AAA (sf)
-- $158.8 million Class A-1-IO2W at AAA (sf)
-- $158.8 million Class A-1W at AAA (sf)
-- $66.2 million Class A-2 at AAA (sf)
-- $66.2 million Class A-2-IO1 at AAA (sf)
-- $66.2 million Class A-2-IO2 at AAA (sf)
-- $66.2 million Class A-2-IOX at AAA (sf)
-- $66.2 million Class A-2A at AAA (sf)
-- $52.9 million Class A-2B at AAA (sf)
-- $66.2 million Class A-2-IO3 at AAA (sf)
-- $66.2 million Class A-2-IO1W at AAA (sf)
-- $66.2 million Class A-2-IO2W at AAA (sf)
-- $66.2 million Class A-2W at AAA (sf)
-- $264.6 million Class A-3 at AAA (sf)
-- $264.6 million Class A-3-IO1 at AAA (sf)
-- $264.6 million Class A-3-IO2 at AAA (sf)
-- $264.6 million Class A-3-IOX at AAA (sf)
-- $264.6 million Class A-3A at AAA (sf)
-- $211.7 million Class A-3B at AAA (sf)
-- $264.6 million Class A-3-IO3 at AAA (sf)
-- $264.6 million Class A-3-IO1W at AAA (sf)
-- $264.6 million Class A-3-IO2W at AAA (sf)
-- $264.6 million Class A-3W at AAA (sf)
-- $19.3 million Class A-4 at AAA (sf)
-- $19.3 million Class A-4-IO1 at AAA (sf)
-- $19.3 million Class A-4-IO2 at AAA (sf)
-- $19.3 million Class A-4-IOX at AAA (sf)
-- $19.3 million Class A-4A at AAA (sf)
-- $15.4 million Class A-4B at AAA (sf)
-- $19.3 million Class A-4-IO3 at AAA (sf)
-- $19.3 million Class A-4-IO1W at AAA (sf)
-- $19.3 million Class A-4-IO2W at AAA (sf)
-- $19.3 million Class A-4W at AAA (sf)
-- $283.9 million Class A-5 at AAA (sf)
-- $283.9 million Class A-5-IO1 at AAA (sf)
-- $283.9 million Class A-5-IO2 at AAA (sf)
-- $283.9 million Class A-5-IOX at AAA (sf)
-- $283.9 million Class A-5A at AAA (sf)
-- $283.9 million Class A-5-IO3 at AAA (sf)
-- $283.9 million Class A-5-IO1W at AAA (sf)
-- $283.9 million Class A-5-IO2W at AAA (sf)
-- $283.9 million Class A-5W at AAA (sf)
-- $39.7 million Class A-6 at AAA (sf)
-- $39.7 million Class A-6-IO1 at AAA (sf)
-- $39.7 million Class A-6-IO2 at AAA (sf)
-- $39.7 million Class A-6-IOX at AAA (sf)
-- $39.7 million Class A-6A at AAA (sf)
-- $39.7 million Class A-6-IO3 at AAA (sf)
-- $39.7 million Class A-6-IO1W at AAA (sf)
-- $39.7 million Class A-6-IO2W at AAA (sf)
-- $39.7 million Class A-6W at AAA (sf)
-- $198.5 million Class A-7 at AAA (sf)
-- $198.5 million Class A-7-IO1 at AAA (sf)
-- $198.5 million Class A-7-IO2 at AAA (sf)
-- $198.5 million Class A-7-IOX at AAA (sf)
-- $198.5 million Class A-7A at AAA (sf)
-- $158.8 million Class A-7B at AAA (sf)
-- $198.5 million Class A-7-IO3 at AAA (sf)
-- $198.5 million Class A-7-IO1W at AAA (sf)
-- $198.5 million Class A-7-IO2W at AAA (sf)
-- $198.5 million Class A-7W at AAA (sf)
-- $105.9 million Class A-8 at AAA (sf)
-- $105.9 million Class A-8-IO1 at AAA (sf)
-- $105.9 million Class A-8-IO2 at AAA (sf)
-- $105.9 million Class A-8-IOX at AAA (sf)
-- $105.9 million Class A-8A at AAA (sf)
-- $105.9 million Class A-8-IO3 at AAA (sf)
-- $105.9 million Class A-8-IO1W at AAA (sf)
-- $105.9 million Class A-8-IO2W at AAA (sf)
-- $105.9 million Class A-8W at AAA (sf)
-- $42.3 million Class A-11 at AAA (sf)
-- $42.3 million Class A-11-IO at AAA (sf)
-- $79.4 million Class A-11A at AAA (sf)
-- $79.4 million Class A-11A-IO at AAA (sf)
-- $42.3 million Class A-12 at AAA (sf)
-- $12.0 million Class B-1 at AA (sf)
-- $12.0 million Class B-1-IO at AA (sf)
-- $12.0 million Class B-1-IOX at AA (sf)
-- $12.0 million Class B-1-IOW at AA (sf)
-- $12.0 million Class B-1W at AA (sf)
-- $6.2 million Class B-2 at A (low) (sf)
-- $6.2 million Class B-2-IO at A (low) (sf)
-- $6.2 million Class B-2-IOX at A (low) (sf)
-- $6.2 million Class B-2-IOW at A (low) (sf)
-- $6.2 million Class B-2W at A (low) (sf)
-- $2.2 million Class B-3 at BBB (high) (sf)
-- $2.2 million Class B-3-IO at BBB (high) (sf)
-- $2.2 million Class B-3-IOX at BBB (high) (sf)
-- $2.2 million Class B-3-IOW at BBB (high) (sf)
-- $2.2 million Class B-3W at BBB (high) (sf)
-- $3.4 million Class B-4 at BB (high) (sf)
-- $0.8 million Class B-5 at B (high) (sf)

Classes A-1-IO1, A-1-IO2, A-1-IOX, A-1-IO3, A-1-IO1W, A-1-IO2W,
A-2-IO1, A-2-IO2, A-2-IOX, A- 2-IO3, A-2-IO1W, A-2-IO2W, A-3-IO1,
A-3-IO2, A-3-IOX, A-3-IO3, A-3-IO1W, A-3-IO2W, A-4-IO1, A-4-IO2,
A-4-IOX, A-4-IO3, A-4-IO1W, A-4-IO2W, A-5-IO1, A-5-IO2, A-5-IOX,
A-5-IO3, A-5- IO1W, A-5-IO2W, A-6-IO1, A-6-IO2, A-6-IOX, A-6-IO3,
A-6-IO1W, A-6-IO2W, A-7-IO1, A-7-IO2, A-7-IOX, A-7-IO3, A-7-IO1W,
A-7-IO2W, A-8-IO1, A-8-IO2, A-8-IOX, A-8-IO3, A-8-IO1W, A-8- IO2W,
A-11-IO, A-11A-IO, B-1-IO, B-1-IOX, B-1-IOW, B-2-IO, B-2-IOX,
B-2-IOW, B-3-IO, B-3- IOX, and B-3-IOW are interest-only
certificates. The class balances represent notional amounts.

Classes A-1A, A-1-IO3, A-1-IO1W, A-1-IO2W, A-1W, A-2A, A-2B,
A-2-IO3, A-2-IO1W, A-2-IO2W, A-2W, A-3, A-3-IO1, A-3-IO2, A-3-IOX,
A-3A, A-3B, A-3-IO3, A-3-IO1W, A-3-IO2W, A-3W, A-4A, A-4B, A-4-IO3,
A-4-IO1W, A-4-IO2W, A-4W, A-5, A-5-IO1, A-5-IO2, A-5-IOX, A-5A,
A-5-IO3, A-5-IO1W, A-5-IO2W, A-5W, A-6A, A-6-IO3, A-6-IO1W,
A-6-IO2W, A-6W, A-7, A-7-IO1, A-7-IO2, A-7-IOX, A-7A, A-7B,
A-7-IO3, A-7-IO1W, A-7-IO2W, A-7W, A-8, A-8-IO1, A-8-IO2, A-8-IOX,
A-8A, A-8-IO3, A-8-IO1W, A-8-IO2W, A-8W, A-11, A-11-IO, A-11A,
A-11A-IO, A-12, B-1-IOW, B-1W, B-2-IOW, B-2W, B-3-IOW, and B-3W are
exchangeable certificates. These classes can be exchanged for
combinations of initial exchangeable certificates as specified in
the offering documents.

Classes A-1, A-1A, A-1W, A-2, A-2A, A-2B, A-2W, A-3, A-3A, A-3B,
A-3W, A-4B, A-6, A-6A, A-6W, A-7, A-7A, A-7B, A-7W, A-8, A-8A,
A-8W, A-11, A-11A, and A-12 certificates are super-senior
certificates. These classes benefit from additional protection from
the senior support certificates (Classes A-4, A-4A, A-4B, and A-4W)
with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 8.80% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(low) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
ratings reflect 4.95%, 2.95%, 2.25%, 1.15%, and 0.90% of credit
enhancement, respectively.

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

This deal is a securitization of a portfolio of first-lien,
fixed-rate, prime conventional investment-property residential
mortgages funded by the issuance of the certificates. The
Certificates are backed by 1,037 loans with a total principal
balance of $311,338,321 as of the Cut-Off Date (August 1, 2021).

The portfolio consists of conforming mortgages with original terms
to maturity of primarily 30 years, acquired by PennyMac Corp.
(PennyMac). The loans were underwritten using an automated
underwriting system designated by Fannie Mae or Freddie Mac and
were eligible for purchase by such agencies. In addition, the pool
contains a moderate concentration of loans (24.8%) that were
granted appraisal waivers by the agencies, as well as loans that
had exterior only appraisals at origination (1.5%). In its
analysis, DBRS Morningstar applied property value haircuts to such
loans, which increased the expected losses on the collateral.

PennyMac is the Initial Seller and Servicer of the mortgage loans.
Citigroup Global Markets Realty Corp. is the Mortgage Loan Seller
and Sponsor of the transaction. Citigroup Mortgage Loan Trust Inc.
will act as Depositor of the transaction. U.S. Bank National
Association (rated AA (high) with a Stable trend by DBRS
Morningstar) will act as the Trust Administrator. U.S. Bank Trust
National Association will serve as Trustee, and Deutsche Bank
National Trust Company will serve as Custodian.

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

CORONAVIRUS PANDEMIC IMPACT

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures 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 the pandemic.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term payment reliefs that
may perform very differently from traditional delinquencies. At the
onset of the pandemic, the option to forebear mortgage payments was
widely available and it drove forbearances to a very high level.
When the dust settled, coronavirus-induced forbearances 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 the
forbearance period comes to an end for many borrowers.

As of the Cut-Off Date, no borrower within the pool has been
subject to a coronavirus-related forbearance plan with the
Servicer.

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



CPS AUTO 2019-D: S&P Raises Class F Notes Rating to 'BB (sf)'
-------------------------------------------------------------
S&P Global Ratings raised its ratings on 39 classes of notes from
CPS Auto Receivables Trust's series  2016-C, 2016-D, 2017-A,
2017-B, 2017-C, 2017-D, 2018-A, 2018-B, 2018-C, 2018-D, 2019-A,
2019-B, 2019-C, 2019-D, and 2020-B transactions. At the same time,
S&P affirmed its ratings on four classes from these transactions.

S&P said, "The rating actions reflect the transactions' collateral
performance to date, and our expectations regarding their future
collateral performance, as well as our view of each transaction's
structure and the respective credit enhancement levels.
Additionally, we incorporated secondary credit factors, including
credit stability, payment priorities under various scenarios, and
sector- and issuer-specific analyses. Considering these factors, we
believe the notes' creditworthiness is consistent with the raised
and affirmed ratings.

"While we continue to believe some uncertainty remains due to the
COVID-19 pandemic, our analyses incorporate our view of the latest
developments, including the better-than-expected performance
results, the low extension rate activity of the transactions under
review, and our most recent macroeconomic outlook, which includes a
higher baseline forecast for U.S. GDP growth and lower unemployment
rates. In our view, each transaction is performing better than our
prior revised expectations. As a result, we revised our lifetime
loss expectations."

  Table 1

  Collateral Performance (%)

  As of the August 2021 distribution date

                      Pool   Current   60+ day
  Series       Mo.  factor       CNL   delinq.
  2016-C       61     9.31     19.23      4.99
  2016-D       58    12.12     17.47      5.78
  2017-A       55    13.76     16.61      5.04
  2017-B       52    15.93     15.39      4.79
  2017-C       49    17.01     13.08      3.89
  2017-D       46    20.12     12.53      4.81
  2018-A       43    22.84     11.05      4.12
  2018-B       40    26.21     10.16      4.31
  2018-C       37    25.65      9.56      3.87
  2018-D       34    30.50      8.65      3.86
  2019-A       31    35.33      7.44      3.81
  2019-B       28    40.15      6.67      3.77
  2019-C       25    44.57      6.38      4.44
  2019-D       22    50.39      5.06      3.73
  2020-B       15    62.75      2.65      3.09

  Mo.--Month.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies

  Table 2
  CNL Expectations (%)

                Original            Former          Revised
                lifetime          lifetime         lifetime
  Series        CNL exp.          CNL exp.         CNL exp.
  2016-C     16.75-17.75       20.50-21.00(i)    Up to 20.00
  2016-D     17.00-17.75       20.00-20.50(i)    Up to 18.75
  2017-A     17.00-18.00       19.75-20.25(i)    18.00-18.50
  2017-B     18.00-19.00       19.50-20.00(ii)   17.25-17.75
  2017-C     18.00-19.00       16.75-17.25(ii)   15.25-15.75
  2017-D     18.00-19.00       17.25-18.25(ii)   15.50-16.00
  2018-A     18.00-19.00       17.00-18.00(i)    14.50-15.00
  2018-B     18.00-19.00       18.00-19.00(i)    14.50-15.50
  2018-C     17.00-18.00       16.75-17.75(ii)   14.25-15.25
  2018-D     17.75-18.75       17.50-18.50(ii)   14.25-15.25
  2019-A     17.75-18.75       18.25-19.25(i)    13.75-14.75
  2019-B     18.50-19.50       20.00-21.00(i)    14.25-15.25
  2019-C     18.50-19.50       20.25-21.25(iii)  15.00-16.00
  2019-D     18.50-19.50       20.25-21.25(iii)  15.00-16.00
  2020-B     21.50-22.50               N/A       16.00-17.00

(i)Revised in August 2020.
(ii)Revised in December 2020.
(iii)Revised in November 2020.
CNL exp.--Cumulative net loss expectations.
N/A--Not applicable.

Each transaction has a sequential principal payment structure in
which the notes are paid principal by seniority. Each transaction
also has credit enhancement in the form of a non-amortizing reserve
account, overcollateralization, subordination for the higher-rated
tranches, and excess spread. As of the August 2021 distribution
date, the hard credit enhancement for each transaction except for
series 2016-C and 2016-D, is at the specified target or floor. The
affirmed and raised ratings reflect S&P' view that the total credit
support as a percentage of the amortizing pool balance, compared
with its expected remaining losses, is commensurate with each
raised or affirmed rating.

  Table 3
  
  Hard Credit Support (%)
  As of the August 2021 distribution date

                          Total hard    Current total hard
                      credit support        credit support
  Series      Class   at issuance(i)     (% of current)(i)
  2016-C      E                 3.00                 20.24
  2016-D      D                12.30                104.92
  2016-D      E                 2.75                 26.13
  2017-A      D                12.30                 94.81
  2017-A      E                 2.75                 25.43
  2017-B      E                 3.10                 53.04
  2017-C      D                14.25                 89.03
  2017-C      E                 3.25                 24.38
  2017-D      D                13.20                 69.51
  2017-D      E                 2.85                 23.47
  2018-A      D                13.20                 63.58
  2018-A      E                 2.85                 22.88
  2018-B      D                13.45                 63.90
  2018-B      E                 2.55                 22.32
  2018-C      C                25.60                 99.21
  2018-C      D                14.30                 55.16
  2018-C      E                 5.00                 18.90
  2018-D      C                27.65                 94.22
  2018-D      D                16.30                 57.01
  2018-D      E                 5.60                 21.93
  2019-A      C                26.00                 74.81
  2019-A      D                14.70                 46.14
  2019-A      E                 5.00                 21.53
  2019-B      C                27.60                 82.95
  2019-B      D                15.50                 52.81
  2019-B      E                 4.60                 25.66
  2019-B      F                 1.75                 18.56
  2019-C      C                26.45                 72.24
  2019-C      D                13.65                 43.52
  2019-C      E                 3.55                 20.86
  2019-C      F                 1.25                 15.70
  2019-D      B                40.80                 92.28
  2019-D      C                26.15                 63.21
  2019-D      D                13.70                 38.50
  2019-D      E                 3.15                 17.56
  2019-D      F                 1.25                 13.79
  2020-B      A                58.70                100.23
  2020-B      B                45.25                 78.80
  2020-B      C                29.75                 54.10
  2020-B      D                20.15                 38.80
  2020-B      E                10.05                 22.71

(i)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination.

S&P said, "We analyzed the current hard credit enhancement versus
the remaining expected cumulative net loss expectations for the
classes where hard credit enhancement alone--without credit to the
expected excess spread--was sufficient, in our view, to upgrade or
affirm the ratings at 'AAA (sf)'. For the other classes, we
incorporated a cash flow analysis to assess the loss coverage
levels, giving credit to stressed excess spread. Our various cash
flow scenarios included forward-looking assumptions on recoveries,
the timing of losses, and voluntary absolute prepayment speeds that
we believe are appropriate, given each transaction's performance to
date and our current economic outlook. We also conducted
sensitivity analyses to determine the impact that a moderate
('BBB') stress level scenario would have on our ratings if losses
trended higher than our revised base-case loss expectations. In our
view, the results demonstrated that all of the classes' ratings
meet our credit stability limits at their respective raised and
affirmed rating levels.

"We will continue to monitor the performance of all of the
outstanding transactions to ensure that the credit enhancement
remains sufficient, in our view, to cover our cumulative net loss
expectations under our stress scenarios for each of the rated
classes.
  
  RATINGS RAISED

  CPS Auto Receivables Trust

                               Rating
  Series        Class     To            From
  2016-C        E         BBB (sf)      B- (sf)
  2016-D        D         AAA (sf)      A+ (sf)
  2016-D        E         A (sf)        B (sf)
  2017-A        D         AAA (sf)      A (sf)
  2017-A        E         A- (sf)       B (sf)
  2017-B        E         AAA (sf)      BBB+ (sf)
  2017-C        E         BBB+ (sf)     BB+ (sf)
  2017-D        D         AAA (sf)      AA (sf)
  2017-D        E         BBB (sf)      BB (sf)
  2018-A        D         AAA (sf)      A (sf)
  2018-A        E         BBB (sf)      BB- (sf)
  2018-B        D         AAA (sf)      A- (sf)
  2018-B        E         BB+ (sf)      BB- (sf)
  2018-C        D         AA (sf)       A (sf)
  2018-C        E         BB (sf)       BB- (sf)
  2018-D        D         AA+ (sf)      A (sf)
  2018-D        E         BB+ (sf)      BB (sf)
  2019-A        C         AAA (sf)      A+ (sf)
  2019-A        D         AA (sf)       BBB (sf)
  2019-A        E         BBB- (sf)     BB- (sf)
  2019-B        C         AAA (sf)      A (sf)
  2019-B        D         AA (sf)       BBB (sf)
  2019-B        E         BBB (sf)      BB- (sf)
  2019-B        F         BB+ (sf)      B (sf)
  2019-C        C         AAA (sf)      A (sf)
  2019-C        D         A+ (sf)       BBB (sf)
  2019-C        E         BBB (sf)      BB- (sf)
  2019-C        F         BB (sf)       B (sf)
  2019-D        B         AAA (sf)      AA+ (sf)
  2019-D        C         AAA (sf)      A (sf)
  2019-D        D         A (sf)        BBB (sf)
  2019-D        E         BBB- (sf)     BB- (sf)
  2019-D        F         BB (sf)       B (sf)
  2020-B        B         AAA (sf)      AA (sf)
  2020-B        C         AA (sf)       A (sf)
  2020-B        D         A (sf)        BBB (sf)
  2020-B        E         BBB (sf)      BB- (sf)

  RATINGS AFFIRMED

  CPS Auto Receivables Trust

  Series        Class     Rating
  2017-C        D         AAA (sf)
  2018-C        C         AAA (sf)
  2018-D        C         AAA (sf)
  2020-B        A         AAA (sf)



CSAIL 2017-CX10: DBRS Confirms B Rating on 2 Classes
-----------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2017-CX10
issued by CSAIL 2017-CX10 Commercial Mortgage Trust:

-- Class UES-A at BBB (low) (sf)
-- Class UES-B at BB (low) (sf)
-- Class UES-C at B (sf)
-- Class UES-D at B (low) (sf)
-- Class UES-X at B (high) (sf)
-- Class V1-UESA at BB (low) (sf)
-- Class V1-UESD at B (sf)
-- Class V2-UES at B (low) (sf)
-- Class STN-A at AA (low) (sf)
-- Class STN-B at A (low) (sf)
-- Class STN-C at BBB (low) (sf)
-- Class STN-X at A (sf)
-- Class V1-STNA at A (low) (sf)
-- Class V1-STNC at BBB (low) (sf)
-- Class V2-STN at BBB (low) (sf)

All trends are Stable.

For the subject transaction, DBRS Morningstar rates three rake
bonds secured by three commercial properties in New York. The
certificate groups backed by the loans on the three properties are
known as the Yorkshire and Lexington Towers Loan-Specific
Certificates and the Standard High Line NYC Loan-Specific
Certificates.

The Yorkshire and Lexington Towers Loan-Specific Certificates and
backed by the Yorkshire and Lexington Towers loan (the Yorkshire
loan), and consist of six classes of certificates. The ratings on
these certificates reflect the sustainable cash flow and value for
the Yorkshire loan, including structural features such as
additional debt and lack of amortization, and qualitative factors
such as DBRS Morningstar's opinion of the underlying collateral
quality, the current and expected performance of the real estate
market in which the properties are located, as well as the
macroeconomic environment and its potential impact on the
performance of commercial properties.

The Yorkshire loan refinanced the acquisition of two apartment
buildings with a combined 827 units in Manhattan's Upper East Side
neighborhood. The sponsors (The Chetrit Group, LLC and Stellar
Management, LLC) purchased the assets in 2014 for $485.0 million
from a group associated with Leona Helmsley's estate. At that time,
the buildings were 78.7% occupied and contained 379 rent-stabilized
units. According to issuance appraisals, the buildings generated
$12.2 million of net operating income, implying a capitalization
rate of 2.51%.

In 2017, Natixis Real Estate Capital LLC and UBS Group AG
originated the five-year, interest-only (IO) $550.0 million loan,
of which $400.0 million is held within various mortgage trusts and
$150.0 million is mezzanine debt. The loan facilitated the payoff
of acquisition financing; funded upfront reserves; and returned
more than $124.0 million in equity, which left the sponsors without
any equity remaining in the deal. DBRS Morningstar assigned ratings
for the certificates backing the $200.0 million Yorkshire &
Lexington Rake Promissory B Note.

Between 2014 and 2017, the sponsor invested $16.4 million ($19,800
per unit) in capital improvements for the Yorkshire Towers property
and invested another $3.3 million ($4,000 per unit) for the
Lexington Towers property. At issuance, the sponsor noted plans to
convert to market-rate units, predominantly through tenant buyouts.
Although the rent stabilization limits the upside via rent
appreciation, it allows for stable occupancy.

The Yorkshire loan was added to the servicer's watchlist in June
2021 because of a drop in the debt service coverage ratio (DSCR).
The financial update for the full-year 2020 showed that occupancy
slipped to 87% from 95% a year earlier, while the DSCR fell to 1.21
times (x) from 1.50x in 2019. The occupancy and related cash flow
declines appear to be driven by the effects of the Coronavirus
Disease (COVID-19) pandemic and the related bans on evictions. DBRS
Morningstar notes that there is general uncertainty about the
timeline for a return to pre-pandemic revenues for the subject and
other similarly located multifamily assets; however, the subject
loan remains performing and no delinquencies, defaults, or loan
modifications have been reported during the pandemic.

The Standard High Line NYC Loan-Specific Certificates are backed by
the Standard Hotel loan, which is collateralized by a 10-year,
fixed-rate loan secured by the borrower's (GC SHL, LLC) fee-simple
interest in the high-end Standard, High Line boutique hotel in
Manhattan, which contains 338 rooms. Natixis originated the loan,
which has a maturity date of October 5, 2027. The single mortgage
loan is evidenced by four separate promissory notes with a
principal balance of $170 million, including an A-A note totalling
$45.0 million, a subordinated A-B note totalling $58.4 million, a
B-A note with a principal balance of $36.6 million, and a B-B note
with a principal balance of $30.0 million. The loan has an initial
term of 120 months and bears a fixed rate of 4.73% with IO payments
for the full term. The A-A note is included in the trust and serves
as collateral for the pooled certificates. The $58.4 million
subordinated A-B note serves as collateral for the rake bonds that
DBRS Morningstar rates. The B-A and B-B notes are not included in
the trust.

The total financing, along with the borrower's equity contribution,
facilitated the acquisition of the hotel for a purchase price of
$340.0 million. The borrower also serves as the loan sponsor and is
controlled by Goodwin Gaw, the founder of Gaw Capital Partners, a
Hong Kong-based real estate private equity firm. Gaw Capital
Partners is ranked the 19th-largest real estate private equity fund
in the world, according to Private Equity Real Estate, with more
than $12.8 billion of assets under management as of Q1 2017. The
purchase of the hotel represented the firm's 11th hotel investment.
The sponsor contributed $172.6 million of equity into the purchase
of the property, accounting for more than 50% of the purchase
price.

The hotel has an excellent location on Manhattan's far west side in
the Meatpacking District, an area that boasts an abundance of
amenities and demand drivers. The neighborhood's wide range of
high-end retailers, restaurants, bars, and other attractions are
important draws for the hotel's clientele. The district, which is
bordered by Chelsea to the north and the West Village to the south,
is home to the Whitney Museum of American Art, one of New York's
most famous art institutions. The High Line, a nearly 1.5-mile
elevated park, runs through the district and is a popular local
amenity. A handful of corporations have a presence in the district,
including Google LLC; WeWork; and Samsung Electronics Co., Ltd.

Notwithstanding its high quality, amenities, and location, the
hotel's operating trends have slipped over the past four years and
overall net cash flow has dropped substantially since the initial
securitization. Prior to the pandemic, the asset saw steadily
declining room revenues amplified by massive declines in food and
beverage revenues, which fell by more than 17.4% between YE2017 and
YE2019 after falling in previous years. The hotel's competitive set
also experienced a decline over the same period, but to a lesser
degree, as hotels across the city are suffering from the delivery
of thousands of new hotel rooms over the past few years combined
with weakened tourism.

The Standard Hotel loan transferred to special servicing in June
2020 because of cash flow disruptions caused by the mandatory
shutdown, leaving the property closed from March 2020 to September
2020. According to August 2021 reporting, the loan was last paid in
April 2020 and has $3.2 million in debt service payments
outstanding. According to servicer commentary, the property
reported occupancy and average daily rate figures as of February
20201 of 41% and $246, respectively, compared with the December
2020 figures of 30% and $242, respectively. The borrower has
submitted a request for a workout, which is under review.

The September 2020 appraisal obtained by the special servicer
valued the collateral at $241.0 million ($713,000 per key),
compared with the value at issuance of $340.0 million ($1.0 million
per key), representing a variance of -29.1%. The DBRS Morningstar
value of $159.6 million represents a variance of 53.1% from the
issuance value and is 33.8% lower the September 2020 appraisal
value. Although the September 2020 valuation suggests increased
risks for the underlying loan and corresponding certificates, the
DBRS Morningstar ratings are reflective of the lower DBRS
Morningstar value that was derived in 2020 based on a 5.0% discount
to the issuance appraiser's estimated land value of $168.0 million,
and takes the previous performance declines from issuance into
account.

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



CSMC TRUST 2017-CHOP: DBRS Confirms BB(low) Rating on Class E Certs
-------------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2017-CHOP issued by CSMC
Trust 2017-CHOP as follows:

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

DBRS Morningstar removed the Under Review with Negative
Implications designations for Classes C, D, and E that were
originally added in March 2020 as a result of the negative impact
of the Coronavirus Disease (COVID-19) pandemic on the underlying
collateral.

With these rating actions, all classes now carry Negative trends as
a reflection of DBRS Morningstar's continued concerns regarding the
impact of coronavirus on the hotel portfolio that secures the
underlying loan for this transaction. The rating confirmations are
reflective of the longer-term outlook for the underlying hotel
portfolio, despite the outstanding defaults and specially serviced
status of the trust loan. The portfolio is diversified in location
and flag, showed stable performance metrics prior to the pandemic
and has garnered attention from prospective buyers in recent
months, as further discussed, below.

The subject transaction closed in June 2017, with an original trust
balance of $780 million, with $79.1 million of borrower equity
contributed at issuance. The collateral consists of the fee and
leasehold interests in a portfolio of 48 select-service,
limited-service, and extended-stay hotels, totaling 6,401 keys,
located in 21 different states across the United States. The hotels
operate under eight different flags across three hotel brands that
include Marriott, Hilton, and Hyatt. Sponsorship is provided by a
joint venture between Colony NorthStar, Inc. and Chatham Lodging
Trust. The sponsor acquired the collateral assets in 2014 from
Inland American Real Estate Trust as part of a larger $1.1 billion
hotel portfolio, which included four additional hotel assets that
are not collateral for the subject loan. Since 2009, the portfolio
has received roughly $201.0 million ($31,400 per key) of capital
improvements, of which approximately $109.3 million ($17,084 per
key) was contributed by the sponsor following the 2014 acquisition
of the portfolio.

The assets are managed by Island Hospitality Management (Island)
and Marriott International, Inc. (Marriott). Island manages 34 of
the hotels in the portfolio (4,370 keys; 65.5% of the total loan
amount), and Marriott manages 14 hotels in the portfolio (2,031
keys; 34.5% of the total loan amount). The underlying trust loan is
interest-only (IO) throughout the term, structured with a two-year
initial term with three 12-month extension options. The borrower
previously exercised one of three extension options available,
extending the maturity date to June 2020. The loan was subsequently
modified in May 2020 with the loan term and IO periods increased by
12 months to September 2021.

The loan was transferred to special servicing in April 2020 as a
result of imminent monetary default. The borrower ceased making
debt service payments effective March 2020 and submitted a relief
request to the servicer as a result of the impact to hotel traffic
amid the coronavirus pandemic. According to the August 2021
servicer commentary, the servicer and borrower were previously
unable to agree on modification terms and receivers were
subsequently appointed for 46 of the 48 properties in the
collateral portfolio. The servicer reportedly received multiple
unsolicited offers for the assumption of the modified debt. The
servicer also reports that the borrower has entered into a Purchase
and Sale Agreement with the sales process ongoing, as of August
2021. DBRS Morningstar reached out to the servicer and updated
appraisal values are under review and pending, as of the date of
this press release.

According to the year-end (YE) 2020 consolidated operating
statement analysis report (OSAR), the portfolio reported a
weighted-average (WA) occupancy, average daily rate, and revenue
per available room (RevPAR) of 46.01%, $103.95, and $47.86,
respectively. In comparison, the portfolio reported YE2019
operating figures of 76.04%, $124.73, and $95.06, respectively. In
addition, as of YE2020, the debt service coverage ratio (DSCR) was
reported at 0.10 times (x). Prior to the coronavirus pandemic, the
performance had been stable from origination through YE2019, when
the consolidated OSAR provided by the servicer showed that the WA
DSCR ranged from 1.83x to 1.96x. As of the August 2021 loan level
reserve report, the total reserves balance was reported at
$52,906.

The DBRS Morningstar rating assigned to Classes C, D, and E had a
variance that was higher than those results implied by the LTV
Sizing Benchmarks from the October 16, 2020, review, when market
value declines were assumed under the Coronavirus Impact Analysis.
The DBRS Morningstar ratings did not have any variances than those
results implied by LTV Sizing Benchmarks considered with this
year's review, when a baseline valuation scenario was used. For
additional information on these scenarios, please see the DBRS
Morningstar press release dated October 16, 2020, in respect of the
subject transaction. DBRS Morningstar maintains Negative trends on
certain classes as outlined in this press release as a reflection
of our ongoing concerns with the coronavirus impact to the subject
transaction.

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



DEEPHAVEN 2021-3: S&P Assigns Prelim B- (sf) Rating on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Deephaven
Residential Mortgage Trust 2021-3's mortgage pass-through notes
series 2021-3.

The note issuance is an RMBS transaction backed by seasoned and
unseasoned first-lien, fixed- and adjustable-rate mortgage loans
secured by single-family residences, planned-unit developments,
cooperative, two- to four-family homes, condominiums, and mixed-use
properties. The pool consists of 857 loans backed by 916 properties
that are primarily non-qualified mortgage loans and
ability-to-repay exempt loans; of the 857 loans, 13 are cross
collateralized, which were broken down to their constituents at the
property level (making up 72 properties).

The preliminary ratings are based on information as of Sept. 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 pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The transaction's geographic concentration;
-- The transaction's representation and warranty framework;
-- The mortgage aggregator, Deephaven Mortgage LLC; and
-- The impact the COVID-19 pandemic will likely have on the
performance of the mortgage borrowers in the pool and liquidity
available in the transaction.

  Preliminary Ratings Assigned(i)

  Deephaven Residential Mortgage Trust 2021-3

  Class A-1, $262,853,000: AAA (sf)
  Class A-2, $24,120,000: AA (sf)
  Class A-3, $38,744,000: A+ (sf)
  Class M-1, $24,310,000: BBB (sf)
  Class B-1, $13,295,000: BB (sf)
  Class B-2, $11,205,000: B- (sf)
  Class B-3, $5,318,485: NR
  Class XS, Notional(ii): NR
  Class A-IO-S, Notional(i): NR
  Class R: NR

(i)The preliminary ratings address our view regarding the ultimate
payment of interest and principal.

(ii)The notional amount equals the aggregate stated principal
balance of loans in the pool.
NR--Not rated.



FALCON 2019-1 AEROSPACE: Fitch Affirms CCC Rating on C Notes
------------------------------------------------------------
Fitch Ratings has affirmed the outstanding ratings on Falcon 2019-1
Aerospace Limited (Falcon 2019-1) series A, B and C fixed-rate
secured notes. The Rating Outlooks remain Negative for classes A
and B notes. Fitch has also affirmed Kestrel Aircraft Funding
Limited (Kestrel) series A and B notes. The Rating Outlooks remain
Negative.

  DEBT                     RATING           PRIOR
  ----                     ------           -----
Falcon 2019-1 Aerospace Limited

Series A 30610GAA1    LT  BBBsf  Affirmed   BBBsf
Series B 30610GAB9    LT  BBsf   Affirmed   BBsf
Series C 30610GAC7    LT  CCCsf  Affirmed   CCCsf

Kestrel Aircraft Funding Limited

A 49255PAA1           LT  BBBsf  Affirmed   BBBsf
B 49255PAB9           LT  BBsf   Affirmed   BBsf

TRANSACTION SUMMARY

The rating actions reflect the current state of airline lessee
credits backing the leases in each transaction pool, updated
aircraft values, Fitch's assumptions and stresses, and resulting
modeled cash flows and coverage levels. The prior review was on
Oct. 23, 2020 for both transactions.

Fitch affirmed each tranche of both transactions, and all class A
and B notes have Negative Outlooks, reflecting Fitch's base case
expectation for the structure to withstand immediate and near-term
stresses at the updated assumptions and stressed scenarios
commensurate with their respective ratings.

Fitch updated rating assumptions for both rated and non-rated
airlines, which was largely driven by the current global
environment, ongoing sector stress with a slow recovery to date,
and resulting impact on airline lessees in each pool. Recessionary
timing was assumed to start immediately, consistent with the prior
review. This scenario stresses airline credits, asset values and
lease rates while incurring remarketing and repossession costs and
downtime at each relevant rating stress level.

Cash flow modeling for Falcon 2019-1 was not conducted as
performance has been within expectations to date, no performance
triggers were tripped and the transaction has been modeled within
the past 18 months, all in line with criteria.

Dubai Aerospace Enterprise Ltd. (DAE, 'BBB-'/Stable) and certain
affiliates are the sellers of the assets, and DAE acts as servicer
for both transactions. Fitch deems DAE an adequate servicer to
service the transactions based on their capabilities and prior
experience, including prior experience servicing ABS.

KEY RATING DRIVERS

Airline Lessee Credit: The credit profiles of the airline lessees
in the pools have remained under stress due to the ongoing
coronavirus-related impact on all global airlines since 2020. The
proportion of the pool assumed at a 'CCC' Issuer Default Rate (IDR)
decreased to 65.9% from 72.4% in the prior review (23.4% at
closing) in Falcon 2019-1, and for Kestrel declined to 60.1% from
76.6% in the last review (versus 11.6% at closing).

The assumptions reflect these airlines' ongoing credit profiles and
fleets in the current operating environment, due to the
coronavirus-related impact on the sector. Any publicly rated
airlines in the pool whose ratings have shifted in the prior year
were updated for this review.

Asset Quality and Appraised Pool Value: Both pools feature mostly
liquid narrowbody (NB) aircraft, which is generally viewed
positively with 22.8% widebody (WB) aircraft in Falcon and 23.7% in
Kestrel. Elevated uncertainty around market values, and how the
current environment will impact near-term lease maturities remain.

Fitch believes that there will be downward pressure on values in
the short-to-medium term. The appraisers for Kestrel are Aircraft
Information Services Inc. (AISI), Morten Beyer & Agnew (mba) and BK
Associates, Inc. (BK). The appraisers for Falcon 2019-1 are AISI,
mba and Collateral Verifications (CV). Falcon updated its
appraisals as of June 2021, and Kestrel received updated appraisals
as of December 2020. The transaction document value is $401.2
million for Falcon and $400.4 million for Kestrel.

Fitch utilized conservative asset values for Kestrel, given the age
of the appraisals and Fitch's observation of weaker market values
for certain aircraft variants, particularly WBs and older NBs.
Fitch utilized the average excluding highest (AEH) of the most
current appraised base values (BVs) for NBs less than 15 years old,
and for turboprops, consistent with recent transactions. For NBs
older than 15 years old, Fitch utilized the minimum MABV.

For WBs, Fitch utilized the minimum maintenance adjusted market
values, and an additional 5% haircut thereon was applied. This
resulted in a modeled value of $352.2 million for Kestrel, an
approximately 12% haircut from the transaction value.

Transaction Performance: Lease collections have fluctuated in 2021,
but remained relatively rangebound from the beginning of the year
for both transactions. As of the September report, Kestrel received
$3.1 million in basic rent consistent with the average monthly
receipt of $3.1 million over the last 12 months. Falcon 2019-1
received $3.3 million in basic rent compared to an average monthly
receipt of $3.8 million over the last 12 months.

All notes continue to receive interest payments through September.
However, principal payments were only made to the series A and B
note principal for Falcon 2019-1, and no principal payments were
made for Kestrel. The debt-service coverage ratio (DSCRs) for
Falcon 2019-1 remains above its respective cash trap trigger
(1.30x) and early amortization event trigger sitting currently at
1.53x while Kestrel is currently in breach of both at 0.39x.

Fitch Modeling Assumptions: Nearly all servicer-driven assumptions
are consistent from closing for each transaction. These include
costs and certain downtime assumptions relating to aircraft
repossessions and remarketing, terms of new leases, and extension
terms.

For any leases maturing in the coming year, or whose lessee credit
ratings are 'CC' or 'D', Fitch assumed an additional three-month
downtime for narrowbodies and six-month downtime for widebodies at
lease end on top of lessor-specific remarketing downtime
assumptions to account for potential remarketing challenges in
placing this aircraft with a new lessee in the current distressed
environment.

With the significant reduction in air travel, maintenance revenue
and costs continue to be impacted, and are expected to remain
depressed due to airline lessee credit issues and grounded
aircraft. Maintenance revenues were reduced by 50% over the next
immediate 12 months, and as such, missed payments were assumed to
be recouped in the following 12 months thereafter.

Maintenance costs over the immediate next six months were assumed
to be incurred as reported. Costs in the following month were
reduced by 50% and assumed to increase straight line to 100% over a
12-month period. Any deferred costs were incurred in the following
12 months.

RATING SENSITIVITIES

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

Base Assumptions with Weaker Residual Value Realization

-- The Negative Outlook on all class A and B notes reflects the
    potential for further negative rating actions due to concerns
    over the ultimate impact of the coronavirus pandemic, the
    resulting concerns associated with airline performance and
    aircraft values and other assumptions across the aviation
    industry, due to the decline in travel and grounding of
    airlines. Due to the correlation between global economic
    conditions and the airline industry, the ratings can be
    affected by the strength of the macro-environment over the
    remaining terms of these transactions.

-- The pools contain concentrations of WB aircraft at
    approximately 22.8% and 23.7% for Falcon 2019-1 and Kestrel,
    respectively. Continuing pressure on WB aircraft and the
    impact of the coronavirus pandemic on international as well as
    business travel could further impair aircraft values and lead
    to potential negative rating actions. If the residual value
    (RV) assumption for WB aircraft is further impaired to 25%
    from the current 50% assumption, this would result in a
    category downgrade for both class A and B notes for Kestrel.

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

Base Assumptions with Stronger RV Realization

-- The aircraft ABS sector has a rating cap of 'Asf'. All
    subordinate tranches carry one category of ratings lower than
    the senior tranche and below the ratings at close. However, if
    the assets in this pool experience stronger residual value
    realization than Fitch modeled, or if it experiences a
    stronger lease collection in flow than Fitch's stressed
    scenarios, the transaction could perform better than expected.

-- RV recoveries at time of sale for widebody aircraft are
    assumed to be 85% of their depreciated market values, higher
    than the base case scenario of 50% for most aircraft. Under
    this scenario, Kestrel would experience stronger cash flows,
    but remain at its current 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

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.


FLAGSTAR MORTGAGE 2021-10INV: Moody's Rates Cl. B-5 Certs '(P)B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
thirty-two classes of residential mortgage-backed securities (RMBS)
issued by Flagstar Mortgage Trust 2021-10INV ("FSMT 2021-10INV").
The ratings range from (P)Aaa (sf) to (P)B2 (sf).

Flagstar Mortgage Trust 2021-10INV (FSMT 2021-10INV) is the tenth
issue from Flagstar Mortgage Trust in 2021 and the sixth issue with
investor-property loans in 2021. Flagstar Bank, FSB (Flagstar) is
the sponsor of the transaction. FSMT 2021-10INV is a securitization
of GSE eligible first-lien investment property mortgage loans.
100.0% of the pool by loan balance were originated by Flagstar
Bank, FSB.

All the loans are underwritten in accordance with Freddie Mac or
Fannie Mae guidelines, which take into consideration, among other
factors, the income, assets, employment and credit score of the
borrower as well as loan-to-value (LTV). These loans were run
through one of the government-sponsored enterprises' (GSE)
automated underwriting systems (AUS) and received an "Approve" or
"Accept" recommendation.

All of the personal-use loans are "qualified mortgages" under
Regulation Z as result of the temporary provision allowing
qualified mortgage status for loans eligible for purchase,
guaranty, or insurance by Fannie Mae and Freddie Mac (and certain
other federal agencies). If the Sponsor or the Reviewer determines
a Personal Use Loan is no longer a "qualified mortgage" under the
ATR Rules, the Sponsor may be required to repurchase such Personal
Use Loan. With the exception of personal-use loans, all other
mortgage loans in the pool are not subject to TILA because each
such mortgage loan is an extension of credit primarily for a
business purpose and is not a "covered transaction" as defined in
Section 1026.43(b)(1) of Regulation Z.

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 backed by
investment property loans. Overall, this pool has average credit
risk profile as compared to that of similar recent prime jumbo
transactions. The securitization has a shifting interest structure
with a five-year lockout period that benefits from a senior floor
and a subordinate floor. Moody's coded the cash flow to each of the
certificate classes using Moody's proprietary cash flow tool.

The complete rating action is as follows:

Issuer: Flagstar Mortgage Trust 2021-10INV

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-17, Assigned (P)Aa1 (sf)

Cl. A-18, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

Cl. A-X-15*, Assigned (P)Aaa (sf)

Cl. A-X-18*, Assigned (P)Aa1 (sf)

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

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

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

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-2-A, Assigned (P)A2 (sf)

Cl. B-2-X*, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

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

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario is 1.29%
at the mean, 0.99% at the median, and reaches 7.18% at a stress
level consistent with Moody's Aaa ratings.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of consumer assets 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%
(8.0% for the mean) and Moody's Aaa losses by 2.5% to reflect the
likely performance deterioration resulting from a slowdown in US
economic activity in 2020 due to the coronavirus outbreak. These
adjustments are lower than the 15% median expected loss adjustment
and the 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 third-party due diligence and the
R&W framework of the transaction.

Collateral description

FSMT 2021-10INV is a securitization of GSE eligible first-lien
investment property mortgage loans. 100.0% of the pool by loan
balance were originated by Flagstar Bank, FSB. All the loans are
underwritten in accordance with Freddie Mac or Fannie Mae
guidelines, which take into consideration, among other factors, the
income, assets, employment and credit score of the borrower as well
as loan-to-value (LTV). As of the cut-off date of September 1,
2021, the approximately $667,593,365 pool consisted of 2,559
mortgage loans secured by first liens on residential investment
properties. The average stated principal balance is $260,881 and
the weighted average (WA) current mortgage rate is 3.6%. The
majority of the loans have a 30-year term, with 8 loans with
25-year term. All of the loans have a fixed rate. The WA original
credit score is 768 for the primary borrower only and the WA
combined original LTV (CLTV) is 68.0%. The WA original
debt-to-income (DTI) ratio is 36.6%. Approximately, 10.7% by loan
balance of the borrowers have more than one mortgage loan in the
mortgage pool.

All of the mortgage loans originated by Flagstar were either
directly or indirectly originated through correspondents and
brokers.

A significant percentage of the mortgage loans by loan balance
(33.0%) are backed by properties located in California. The second
and third largest geographic concentration of properties are Texas
and Florida which represent 10.0% and 7.2% by loan balance,
respectively. All other states each represent less than 5% by loan
balance. Approximately 18.2% (by loan balance) of the pool is
backed by properties that are 2-4 unit residential properties
whereas loans backed by single family residential properties
represent 46.1% (by loan balance) of the pool.

Origination Quality

Flagstar Bank, FSB (Flagstar) originated 100% of the loans in the
pool. The loans in the pool are underwritten in conformity with GSE
guidelines. Moody's consider Flagstar conforming and non-conforming
mortgage origination quality to be adequate. As a result, Moody's
did not make any adjustments to Moody's base case and Aaa stress
loss assumptions based on Moody's review of the underwriting, QC,
audit and loan performance.

Servicing arrangement

Moody's consider the overall servicing arrangement for this pool to
be adequate. Flagstar will service the mortgage loans. Servicing
compensation is subject to a step-up incentive fee structure. Wells
Fargo Bank, N.A. (Wells Fargo) will be the master servicer.
Flagstar will be responsible for principal and interest advances as
well as servicing advances. The master servicer will be required to
make principal and interest advances if Flagstar is unable to do
so.

Servicing compensation for loans in this transaction is based on a
fee-for-service incentive structure. The fee-for-service incentive
structure includes an initial monthly base fee of $20.50 for all
performing loans and increases according to certain delinquent and
incentive fee schedules. By establishing a base servicing fee for
performing loans that increases with the delinquency of loans, the
fee-for-service structure aligns monetary incentives to the
servicer with the costs of the servicer. The fee-for-service
compensation is reasonable and adequate for this transaction. It
also better aligns the servicer's costs with the deal's performance
and structure. The Class B-6-C (NR) is first in line to absorb any
increase in servicing costs above the base servicing costs.
Delinquency and incentive fees will be deducted from the Class
B-6-C interest payment amount first and could result in interest
shortfall to the certificates depending on the magnitude of the
delinquency and incentive fees.

Trustee and master servicer

The transaction trustee is Wilmington Savings Fund Society, FSB.
The custodian functions will be performed by Wells Fargo Bank, N.A.
The paying agent and cash management functions will be performed by
Wells Fargo Bank, N.A., rather than the trustee. In addition, Wells
Fargo, as master servicer, is responsible for servicer oversight,
and termination of servicers and for the appointment of successor
servicers. The master servicer will be required to make principal
and interest advances if Flagstar is unable to do so.

Third-party review

Moody's applied an adjustment to its Aaa and expected losses due to
the sample size. The credit, compliance, property valuation, and
data integrity portion of the third party review (TPR) was
conducted on a total of approximately 13.2% of the pool (by loan
count). Canopy Financial Technology Partners (Canopy) conducted due
diligence for a total random sample of 339 loans. The TPR results
indicated compliance with the originators' underwriting guidelines
for most of the loans without any material compliance issues or
appraisal defects. 100% of the loans reviewed received a grade B or
higher with 84.1% of loans receiving an A grade.

While the TPR results indicated compliance with the originators'
underwriting guidelines for most of the loans, no material
compliance issues and no material appraisal defects, the total
sample size of 325 loans reviewed did not meet Moody's credit
neutral criteria. Moody's therefore made an adjustment to loss
levels to account for this risk.

Representations and Warranties Framework

Flagstar Bank, FSB the originator as well as an investment-grade
rated entity, makes the loan-level representation and warranties
(R&Ws) for the mortgage loans. The loan-level R&Ws are strong and,
in general, either meet or exceed the baseline set of credit
neutral R&Ws Moody's have identified for US RMBS. Further, R&W
breaches are evaluated by an independent third party using a set of
objective criteria to determine whether any R&Ws were breached when
(1) the loan becomes 120 days delinquent, (2) the servicer stops
advancing, (3) the loan is liquidated at a loss or (4) the loan
becomes between 30 days and 119 days delinquent and is modified by
the servicer. Similar to other private-label transactions, the
transaction contains a "prescriptive" R&W framework. These reviews
are prescriptive in that the transaction documents set forth
detailed tests for each R&W that the independent reviewer will
perform.

Moody's assessed the R&W framework for this transaction as
adequate. Moody's analyzed the strength of the R&W provider, the
R&Ws themselves and the enforcement mechanisms. The R&W provider is
rated investment grade, the breach reviewer is independent, and the
breach review process is thorough, transparent and objective.
Moody's did not make any additional adjustment to Moody's base case
and Aaa loss expectations for R&Ws.

Transaction structure

The securitization has a shifting interest structure that benefits
from a senior subordination floor and a subordinate floor. Funds
collected, including principal, are first used to make interest
payments and then principal payments on pro rata basis up to the
senior bonds principal distribution amount, and then interest and
principal payments on sequential basis up to each subordinate bond
principal distribution amount. 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.

All certificates (except Class B-6-C) in this transaction are
subject to a net WAC cap. Class B-6-C will accrue interest at the
net WAC minus the aggregate delinquent servicing and aggregate
incentive servicing fee. For any distribution date, the net WAC
will be the greater of (1) zero and (2) the weighted average net
mortgage rates minus the capped trust expense rate.

Realized losses are allocated reverse sequentially among the
subordinate, starting with most junior, and senior support
certificates and on a pro-rata basis among the super senior
certificates.

Tail Risk and 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 0.65% of the cut-off date pool
balance, and as subordination lock-out amount of 0.65% 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.

COVID-19 Impacted Borrowers

As of the cut-off date, no borrower in the pool has entered into a
COVID-19 related forbearance plan with the servicer. Also, if any
borrower enters or requests a COVID-19 related forbearance plan
from the cut-off date to the closing date, then the associated
mortgage loan will be removed from the pool. In the event a
borrower enters or requests a COVID-19 related forbearance plan
after the closing date, such mortgage loan (and the risks
associated with it) will remain in the mortgage pool. Any principal
forbearance amount created in connection with any modification
(whether as a result of a COVID-19 forbearance or otherwise) will
result in the allocation of a realized loss and to the extent any
such amount is later recovered, will result in the allocation of a
subsequent recovery.

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 August 2021.
exceed the baseline set of credit neutral R&Ws Moody's have
identified for US RMBS. Further, R&W breaches are evaluated by an
independent third party using a set of objective criteria to
determine whether any R&Ws were breached when (1) the loan becomes
120 days delinquent, (2) the servicer stops advancing, (3) the loan
is liquidated at a loss or (4) the loan becomes between 30 days and
119 days delinquent and is modified by the servicer. Similar to
other private-label transactions, the transaction contains a
"prescriptive" R&W framework. These reviews are prescriptive in
that the transaction documents set forth detailed tests for each
R&W that the independent reviewer will perform.

Moody's assessed the R&W framework for this transaction as
adequate. Moody's analyzed the strength of the R&W provider, the
R&Ws themselves and the enforcement mechanisms. The R&W provider is
rated investment grade, the breach reviewer is independent, and the
breach review process is thorough, transparent and objective.
Moody's did not make any additional adjustment to Moody's base case
and Aaa loss expectations for R&Ws.

Transaction structure

The securitization has a shifting interest structure that benefits
from a senior subordination floor and a subordinate floor. Funds
collected, including principal, are first used to make interest
payments and then principal payments on pro rata basis up to the
senior bonds principal distribution amount, and then interest and
principal payments on sequential basis up to each subordinate bond
principal distribution amount. 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.

All certificates (except Class B-6-C) in this transaction are
subject to a net WAC cap. Class B-6-C will accrue interest at the
net WAC minus the aggregate delinquent servicing and aggregate
incentive servicing fee. For any distribution date, the net WAC
will be the greater of (1) zero and (2) the weighted average net
mortgage rates minus the capped trust expense rate.

Realized losses are allocated reverse sequentially among the
subordinate, starting with most junior, and senior support
certificates and on a pro-rata basis among the super senior
certificates.

Tail Risk and 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 0.65% of the cut-off date pool
balance, and as subordination lock-out amount of 0.65% 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.

COVID-19 Impacted Borrowers

As of the cut-off date, no borrower in the pool has entered into a
COVID-19 related forbearance plan with the servicer. Also, if any
borrower enters or requests a COVID-19 related forbearance plan
from the cut-off date to the closing date, then the associated
mortgage loan will be removed from the pool. In the event a
borrower enters or requests a COVID-19 related forbearance plan
after the closing date, such mortgage loan (and the risks
associated with it) will remain in the mortgage pool. Any principal
forbearance amount created in connection with any modification
(whether as a result of a COVID-19 forbearance or otherwise) will
result in the allocation of a realized loss and to the extent any
such amount is later recovered, will result in the allocation of a
subsequent recovery.

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 August 2021.


FOUNTAINEBLEAU MIAMI: DBRS Confirms B(low) Rating on Class G Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2019-FBLU issued by
Fountainebleau Miami Beach Trust 2019-FBLU as follows:

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

DBRS Morningstar changed the trends on Classes A, B, X-A, and C to
Stable from Negative. Classes D, E, F, and G continue to carry
Negative trends given the general uncertainty surrounding the
timeline for stabilization for the collateral hotel property amid
the effects of the Coronavirus Disease (COVID-19) pandemic.

The rating confirmations reflect DBRS Morningstar's view that the
subject transaction remains relatively well-positioned despite the
challenges of the pandemic. The trend change to Stable for the four
classes noted above is generally reflective of positive
developments surrounding the recovery of the subject property and a
recent injection of capital to cover capital improvements,
operating costs, and debt service shortfalls throughout the
pandemic.

The loan is secured by a four-diamond, 1,594-key luxury resort on
the mid-beach area of an oceanfront location in Miami Beach,
Florida. At issuance, the whole loan of $1.75 billion, which
consisted of $975.0 million of senior debt held in the trust and
$200.0 million of mezzanine debt held outside the trust, refinanced
existing debt, returned $112.0 million of equity to the borrower,
and funded $10.0 million of upfront reserves. The loan is interest
only (IO) through its five-year term with no extension options.

The loan was transferred to the special servicer in April 2020
following the borrower’s request for pandemic-related relief in
the form of a forbearance agreement. The forbearance request
primarily asked for the deferral of monthly furniture, fixture, and
equipment (FF&E) deposits through 2020 and the exclusion of 2020
financials when calculating debt yield tests. The repayments began
in January 2021 and, to date, all deferred amounts have been fully
repaid. According to the July 2021 loan-level reserve report, the
FF&E reserve showed an ending balance of $10.9 million.

The loan was returned to the master servicer in September 2020 and
will remain on the servicer's watchlist until the debt service
coverage ratio improves. As of the YE2020 financials, the loan
reported a negative net cash flow (NCF) of -$4.9 million, compared
with the trailing 12 months (T-12) ended September 2019 NCF of
$81.4 million and the DBRS Morningstar NCF of $77.2 million. The
depressed performance was expected considering the subject was
closed due to the pandemic and leisure travel remained stunted in
the later months of 2020 while pandemic-related restrictions were
being relaxed.

Amid the hotel's temporary closure, the borrower continued to
inject capital into improvements for the property. These
investments included $5.8 million of capital improvements that were
completed as reported by the servicer's March 2021 site inspection.
Of this amount, $5.0 million was allocated to the renovation of
Bleau Bar, while the remaining amount was used for LED lighting
upgrades and improvements for the deck of La Cote, a restaurant at
the subject. In addition, the site inspection noted that an
additional $5.0 million capital improvement project was in progress
for upgrades to Hakkasan, another restaurant at the hotel.

According to the T-12 ended May 2021 Smith Travel Report (STR), the
subject's revenue per available room (RevPAR) was reported at
$164.16, a figure that was higher than reported RevPAR figures for
two of the three hotels in the competitive set as identified in the
STR report. The property reported a trailing three months (T-3)
ended May 2021 occupancy and average daily rate of 67.0% and
$467.62, respectively, which resulted in a RevPAR of $313.38 for
the T-3 period. In comparison, the competitive set reported T-3
RevPARs of $144.60, $140.53, and $419.64. These figures suggest the
hotel's performance is well on track to return to or beat
historical trends, as the T-3 RevPAR figure cited above is higher
than the historical metrics going back to 2017 as provided to DBRS
Morningstar.

The DBRS Morningstar rating assigned to Class D had a variance that
was higher than those results implied by the LTV Sizing Benchmarks
from the October 9th, 2020 review, when market value declines were
assumed under the Coronavirus Impact Analysis. The DBRS Morningstar
ratings did not have any variances than those results implied by
LTV Sizing Benchmarks considered with this year's review when a
baseline valuation scenario was used. For additional information on
these scenarios, please see the DBRS Morningstar press release
dated October 9th, 2020 in respect of the subject transaction. DBRS
Morningstar maintains Negative trends on certain classes as
outlined in this press release as a reflection of our ongoing
concerns with the Coronavirus impact to the subject transaction.

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



GLS AUTO 2021-3: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect:

-- The availability of approximately 55.7%, 47.6%, 37.7%, 28.6%,
and 23.8% 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%, 76.2%, 62.9%,
47.6%, and 39.7%, respectively.

-- S&P's expectations that under a moderate ('BBB') stress
scenario (1.60x its expected loss level), all else being equal, the
'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 its stressed cash flow modeling scenarios, which S&P believes
are appropriate for the assigned ratings.

  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)



GS MORTGAGE 2011-GC5: Moody's Lowers Rating on 2 Tranches to Caa3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on one class,
confirmed the ratings on two classes and downgraded the ratings on
five classes in GS Mortgage Securities Trust 2011-GC5 ("GSMS
2011-GC5"), Commercial Mortgage Pass-Through Certificates, Series
2011-GC5, as follows

Cl. A-S, Confirmed at Aaa (sf); previously on Apr 23, 2021 Aaa (sf)
Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Ba1 (sf); previously on Apr 23, 2021
Downgraded to Baa1 (sf) and Placed Under Review for Possible
Downgrade

Cl. C, Downgraded to Caa1 (sf); previously on Apr 23, 2021
Downgraded to B1 (sf) and Placed Under Review for Possible
Downgrade

Cl. D, Downgraded to Caa3 (sf); previously on Apr 23, 2021 Caa1
(sf) Placed Under Review for Possible Downgrade

Cl. E, Downgraded to C (sf); previously on Apr 23, 2021 Caa3 (sf)
Placed Under Review for Possible Downgrade

Cl. F, Affirmed C (sf); previously on Dec 22, 2020 Downgraded to C
(sf)

Cl. X-A*, Confirmed at Aaa (sf); previously on Apr 23, 2021 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. X-B*, Downgraded to Caa3 (sf); previously on Apr 23, 2021 Caa2
(sf) Placed Under Review for Possible Downgrade

* Reflects interest-only classes

RATINGS RATIONALE

The rating on one P&I class, Cl. A-S was confirmed due to the
anticipated principal paydowns from the 1551 Broadway Loan. The
loan is currently in a forbearance period as the borrower is
working to pay off the loan's maturity balance and the remaining
balance of this loan exceeds the certificate balance of Cl. A-S.
The rating on Cl. F was affirmed because the ratings are consistent
with Moody's expected loss plus realized losses.

The ratings on four P&I classes, Cl. B, Cl. C, Cl. D and Cl. E,
were downgraded to the anticipated losses and increased risk of
interest shortfalls due to the significant exposure to four
remaining specially serviced loans secured by regional malls. The
four specially serviced loans now represent 62% of the pool and
have a delinquency status classified as either Nonperforming
Maturity Balance or Foreclosure. Three of the four loans have
already received appraisal reductions of 35% or higher as of the
September 2021 remittance report. As a result, Moody's anticipates
interest shortfalls will increase from their current levels due the
performance and updated appraisal value of these loans. While Cl. B
benefits from significant credit support, the exposure to the
delinquent loans in special servicing increases the potential for
interest shortfalls to impact this class. The sole remaining
non-specially serviced loan is the 1551 Broadway loan ($180
million, 38% of the pool) which passed its original maturity date
of July 2021 and is currently in a forbearance period as the
Borrower works to secure refinancing for the loan.

The rating on one IO class, Cl. X-A, was confirmed based on the
credit quality of the referenced classes.

The rating on one IO class, Cl. X-B, was downgraded due to a
decline in the credit quality of the referenced classes. Cl. X-B
references Cl. B through Cl. G, including Cl. G which is not rated
by Moody's.

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.

Moody's rating action reflects a base expected loss of 32.9% of the
current pooled balance, compared to 20.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.4% of the
original pooled balance, compared to 9.3% at the last review.

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

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

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, or a
significant 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 interest
shortfalls and/or an increase in realized and expected losses from
specially serviced and troubled loans.

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 62% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced loans to the most junior classes and the
recovery as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the September 13, 2021 distribution date, the transaction's
aggregate certificate balance has decreased by 73% to $477.8
million from $1.7 billion at securitization. The certificates are
collateralized by five mortgage loans ranging in size from less
than 1% to 38% of the pool. The remaining loans have now all passed
their original scheduled maturity dates and four loans,
representing 62% of the pool, are currently in special servicing.
The one non-specially serviced loan, 38% of the pool, is on the
master servicer's watchlist and a forbearance agreement was
executed as the borrower works to pay off the maturity balance.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $6.6 million (for a loss severity of
47%).

The largest specially serviced loan is the Park Place Mall Loan
($163.9 million -- 34.3% of the pool), which is secured by a
478,000 SF portion of a 1.06 million SF dominant super-regional
mall in Tucson, Arizona. At securitization the non-collateral
anchors were Sears, Dillard's, and Macy's. Sears (221,000 SF)
closed this location in July 2018 and Macy's (160,000 SF) closed in
May 2020. However, Round 1 (44,000 SF), an entertainment venue,
backfilled a portion of the former Sears space in 2019. The largest
collateral tenant is a Century Theaters, an 18-screen movie theatre
with a lease expiration in August 2021 and no updated leasing
information has been received. The property's net operating income
(NOI) has declined over the past three years due to lower occupancy
and rental revenues. The year-end 2020 NOI was 15% lower than in
2019 and 25% lower than in 2011. The loan has amortized nearly 18%
since securitization and the 2020 NOI DSCR was 1.11X compared to
1.30X in 2019. The loan transferred to special servicing in
September 2020 and has passed its original maturity date of May
2021. Special servicer commentary indicated the original borrower,
Brookfield, no longer plans to support the property with additional
equity and the special servicer is currently dual-tracking the
foreclosure process along with potential loan modifications. In
July 2021, the property received an updated appraisal value of
$88.0 million which was 72% below the appraisal value at
securitization and 46% below the outstanding loan balance. As of
the September 2021 remittance date the master servicer has
recognized an appraisal reduction of 54% of the current loan
balance. Moody's analysis factored in concerns of future declines
in performance, co-tenancy risks being triggered by the departure
of Macy's and the overall retail environment.

The second largest specially serviced loan is the Parkdale Mall &
Crossing Loan ($70.5 million -- 14.8% of the pool), which is
secured by a 655,000 SF portion of a 1.31 million SF super-regional
mall, Parkdale Mall, and an adjacent 88,100 SF strip center,
Parkdale Crossing located in Beaumont, Texas. At securitization
non-collateral anchors included Sears, Dillard's, J.C. Penney, and
Macy's. However, Macy's closed its location in 2017 and Sears
subsequently closed its location in February 2020. The former
Macy's location had been reconfigured and Dick's Sporting Goods,
HomeGoods and Five Below took occupancy in 2019, however, the Sears
space remains vacant. Furthermore, a major collateral tenant,
Bealls (40,000 SF; 5% of the NRA) closed its location in May 2020
as a part of the larger Stage Stores Chapter 11 bankruptcy filing.
As of June 2021, the collateral occupancy (including Bealls) was
89%, compared to 79% as of year-end 2020 and 84% as of year-end
2019. As of year-end 2019, the Sponsor, CBL & Associates
Properties, Inc. ("CBL"), reported mall store sales at the Parkdale
Mall of $353 PSF compared to $360 PSF in 2018. The property's net
operating income (NOI) has declined significantly over the past two
years as a result of lower rental revenue. The 2020 NOI declined
28% year-over-year and was 31% lower than the NOI in 2011. The loan
has amortized 25% since securitization. The loan previously
received a modification converting the loan to interest only
payments for the months of July through December 2020, however, the
loan most recently transferred to special servicing in February
2021 due to imminent monetary default and has passed its original
maturity date of March 2021. The special servicer is currently
dual-tracking the foreclosure process along with potential maturity
extensions. In March 2021, the property received an updated
appraisal value of $41.2 million which was 72% below the appraisal
value at securitization and 42% below the outstanding loan balance.
As of the September 2021 remittance date the master servicer has
recognized an appraisal reduction of 48% of the current loan
balance.

The third largest specially serviced loan is the Ashland Town
Center Loan ($34.3 million -- 7.2% of the pool), which is secured
by a 434,131 SF regional mall located in Ashland, KY. The property
is shadow anchored by a non-collateral J.C. Penney (103,390 SF).
Anchor tenants at the property include Belk Women's and Kid, and
Belk Men's and Home Store, Cinemark, and T.J. Maxx. All of the
anchor tenants have been in-place since securitization with current
lease expirations ranging from 2023 to 2025. As of March 2021, the
property occupancy was 99%, compared to 95% as of year-end 2020 and
97% as of year-end 2019. The property's NOI has generally improved
since securitization through 2019. While the 2020 NOI declined 14%
year over year it was still 4% higher than in 2011. The loan has
amortized 18% since securitization and the year-to-date March 2021
NOI DSCR declined to 1.98X from 2.43X in 2019. Washington Prime
Group ("WPG"), which is the sponsor and manages the property,
declared Chapter 11 bankruptcy in June 2021 however, as per the Q2
2021 earnings release, the property is categorized as a Tier 1
asset within their portfolio. The loan transferred to special
servicing after the loan failed to pay off at its maturity date in
July 2021. The special servicer is currently dual-tracking the
foreclosure process along with potential loan modifications.

The fourth largest specially serviced loan is the Champlain Centre
Loan ($29.0 million -- 6.1% of the pool), which is secured by a
484,556 SF portion of a 610,556 SF power retail center located in
Plattsburgh, NY. The property is anchored by a Target
(non-collateral), Hobby Lobby (56,351 SF), Dicks Sporting Goods
(52,000 SF), JC Penney (51,282), Kohl's (43,821 SF) and Ollie's
Bargain Outlet (32,695). As of March 2021, the property was 78%
occupied compared to 80% as of December 2020 and 83% as of December
2019. The property's NOI has generally declined since 2014 and the
year-end 2019 and 2020 NOI was 30% and 54% lower than the 2011 NOI,
respectively. The NOI has recovered partially through the first
quarter of 2021, however, the NOI DSCR remained below
securitization levels. The loan previously received a modification
including a deferral of P&I payments for April through September
2020 with payments commencing back in October 2020. However, the
loan transferred back to special servicing in April 2021 due to
imminent monetary default and has passed its original maturity date
of May 2021. The special servicer is currently dual-tracking the
foreclosure process along with reviewing the borrower's workout
proposal. In June 2021, the property received an updated appraisal
value of $21.0 million which was 65% below the appraisal value at
securitization and 28% below the outstanding loan balance. As of
the September 2021 remittance date the master servicer has
recognized an appraisal reduction of 38% of the current loan
balance. The loan is sponsored by Pyramid Management Group.

Moody's estimates an aggregate $157.4 million loss for the
specially serviced loans (53% expected loss on average).

As of the September 13, 2021 remittance statement cumulative
interest shortfalls were $1.7 million. Moody's anticipates interest
shortfalls will increase due to the exposure to specially serviced
loans. Interest shortfalls are caused by special servicing fees,
including workout and liquidation fees, appraisal entitlement
reductions (ASERs), loan modifications and extraordinary trust
expenses.

The one non-specially serviced loan is the 1551 Broadway Loan
($180.0 million -- 38% of the pool), which is secured by a 26,000
SF single tenant retail property and a 15,000 SF LED sign located
in the "Bow Tie" area of Manhattan's Times Square district. The
property and LED sign are leased to AE Outfitters, Inc. a fully
owned subsidiary of American Eagle Outfitters, Inc. through
February 2024. A significant portion of the property's revenue is
related to the LED signage. While retail properties in Times Square
have been significantly impacted by the coronavirus pandemic, the
loan's performance has remained stable and the loan was last paid
through its September 2021 payment date. The loan passed its
original maturity date of July 2021 and is currently in a
forbearance period as the borrower works to secure refinancing for
the loan. Moody's expects a full payoff on this loan.


GS MORTGAGE 2019-BOCA: DBRS Confirms B(high) Rating on 2 Classes
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-BOCA issued by GS Mortgage
Securities Corporation Trust 2019-BOCA as follows:

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

With this review, DBRS Morningstar removed all classes from Under
Review with Negative Implications, where they were placed on
September 24, 2020. The trends for Classes A, B, C, D, and E are
Stable, and the trends for Classes F, G, and HRR are Negative.

The rating confirmations reflect DBRS Morningstar's view that the
overall credit profile for the transaction has strengthened in the
last year, particularly given the sponsor's long-term commitment to
the underlying hotel portfolio displayed by the raising of
additional capital to fund cash shortfalls throughout the pandemic
and reinvest in the collateral. The Negative trends on the
aforementioned classes reflect DBRS Morningstar's concerns with the
subject, which continues to face performance challenges as it
begins to rebound after the relaxation of travel restrictions
related to the Coronavirus Disease (COVID-19) global pandemic.

Because of the coronavirus pandemic, the lodging sector has
experienced an unprecedented decline in demand across multiple
revenue segments. The subject's reliance on international leisure
demand will continue to put significant stress on the hotel's
performance in the short to medium term. In May 2020, the sponsor
informed the master servicer of a revenue decline caused by the
pandemic; however, the sponsor continues to support the hotel and
still plans to invest $175.0 million in capital expenditures
(capex) that are scheduled to be completed during winter 2021-22.
Phase 1 renovations will include upgrades and expansions to food
and beverage (F&B) offerings; renovations to a 27-story tower that
will create 130 standard suites, 10 executive suites, and a
presidential suite; and a four-acre lakefront oasis featuring
luxury cabanas, four pools, a retail boutique, and new dining
options. The loan continues to be monitored on the servicer's
watchlist for low cash flow, which was reported at $11.0 million as
of year-end (YE) 2020, representing an 80.0% decline from the
previous year.

According to the trailing 28-day period ended July 7, 2021, STR,
Inc. report, the subject reported occupancy, average daily rate
(ADR), and revenue per available room (RevPAR) of 14.4%, $486.54,
and $70.04, respectively. A recent site inspection conducted in
July 2021 reported that occupancy had increased to 48.2%. In
comparison, the competitive set reported occupancy, ADR, and RevPAR
of 47.6%, $425.66, and $202.48, respectively. As of Q1 2021, the
Boca Raton submarket reported an average occupancy, ADR, and RevPAR
of 23.9%, $199.78, and $47.80, respectively.

The Certificates are backed by a $600.0 million, floating-rate,
two-year loan with five one-year extension options originated in
June 2019. The borrower exercised their first extension option in
June 2021, extending the loan's maturity through June 2022; no
concessions were required. The loan to facilitate the purchase of
the Boca Raton Resort & Club, a Waldorf Astoria Resort for $875.0
million, funded a seasonality reserve of $5.5 million, and paid
closing costs of $17.4 million. As part of the acquisition, the
sponsor invested $297.9 million in equity.

The 1,047-key Boca Raton Resort & Club is one of South Florida's
premier resort destinations. The AAA Four Diamond Award-winning
resort is situated on 162 acres, much of which is waterfront
property, and includes resort amenities such as 30 tennis courts,
two 18-hole championship golf courses, seven swimming pools, a
32-slip marina capable of anchoring 170-foot yachts, 16 F&B
outlets, 200,000 square feet of indoor/outdoor event space, fitness
centers, and other attractions. The collateral is located between
Fort Lauderdale and Palm Beach within driving distance of three
international airports serving South Florida. The loan collateral
excludes the Boca Country Club and the Jewel Parcel, an undeveloped
parcel adjacent to the Boca Country Club.

The hotel features five separate main structures, each with a
different guest-targeted price point. In addition to the resort
hotel accommodations, the hotel offers a membership club that
provides revenue through initiation fees, annual dues, dining and
bar revenues, and usage fees for the extensive facilities without
the need to stay at the hotel. This private membership club
generates roughly 30% of total hotel revenue. The sponsor is
permitted to release the bungalow parcel, one of the main
structures that is the lowest-priced tier of hotel rooms at the
facility. The release is subject to debt paydown of 105% of the
allocated loan amount and certain debt yield tests.

The previous sponsor, the Blackstone Group Inc., invested more than
$302.0 million in the resort amenities and facilities from 2005 to
2018. The renovations featured upgrades to certain groups of guest
rooms, restaurants, and the Beach Club facilities. Renovations of a
361-key guest wing resulted in a near doubling of revenue, driven
by improved room rates and a 50% increase in occupancy. The current
sponsor is MSD Partners, L.P., a New York-based development group
owned by billionaire Michael Dell. The facility is managed and
flagged by Hilton Worldwide Holdings Inc. and operates under the
Waldorf Astoria brand, which is a strong brand affiliation
associated with luxury quality.

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



GS MORTGAGE 2021-PJ9: Moody's Gives (P)B2 Rating to Cl. B-5 Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 38
classes of residential mortgage-backed securities (RMBS) issued by
GS Mortgage-Backed Securities Trust 2021-PJ9. The ratings range
from (P)Aaa (sf) to (P)B2 (sf).

GS Mortgage-Backed Securities Trust 2021-PJ9 (GSMBS 2021-PJ9) is
the ninth prime jumbo transaction in 2021 issued by Goldman Sachs
Mortgage Company (GSMC), the sponsor and the primary mortgage loan
seller. The certificates are backed by 854 (98.9% by UPB) prime
jumbo (non-conforming) and 31 (1.1% by UPB) conforming,
predominantly 30-year, fully-amortizing fixed-rate mortgage loans
with an aggregate stated principal balance (UPB) $882,310,690 as of
the September 1, 2021 cut-off date. Overall, pool strengths include
the high credit quality of the underlying borrowers, indicated by
high FICO scores, strong reserves for prime jumbo borrowers,
mortgage loans with fixed interest rates and no interest-only
loans. As of the cut-off date, none of the mortgage loans are
subject to a COVID-19 related forbearance plan. GSMC is a wholly
owned subsidiary of Goldman Sachs Bank USA and Goldman Sachs. The
mortgage loans for this transaction were acquired by GSMC, the
sponsor and the primary mortgage loan seller (94.8% by UPB), MTGLQ
Investors, L.P. (MTGLQ) (0.4% by UPB), and MCLP Asset Company, Inc.
(MCLP) (4.8% by UPB), the mortgage loan sellers, from certain of
the originators or the aggregator, MAXEX Clearing LLC (which
aggregated 3.2% of the mortgage loans by UPB).

NewRez LLC (formerly known as New Penn Financial, LLC) d/b/a
Shellpoint Mortgage Servicing (Shellpoint) will service 77.2% and
United Wholesale Mortgage, LLC will service 22.8% of the pool.
Wells Fargo Bank, N.A. (Wells Fargo, long term deposit, Aa1; long
term debt Aa2) will be the master servicer and securities
administrator. U.S. Bank Trust National Association will be the
trustee. Pentalpha Surveillance LLC will be the representations and
warranties (R&W) breach reviewer.

Moody's analyzed the underlying mortgage loans using Moody's
Individual Loan Analysis (MILAN) model. In addition, Moody's
adjusted its losses based on qualitative attributes, including
origination quality, the strength of the R&W framework and
third-party review (TPR) results.

Distributions of principal and interest and loss allocations are
based on a typical shifting interest structure with a five-year
lockout period that benefits from a senior and subordination floor.
Moody's Moody's coded the cash flow to each of the certificate
classes using Moody's proprietary cash flow tool.

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2021-PJ9

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

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

Cl. A-3, Assigned (P)Aa1 (sf)

Cl. A-4, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-15-X*, Assigned (P)Aaa (sf)

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

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

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

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-18-X*, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aaa (sf)

Cl. A-20, Assigned (P)Aaa (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

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

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

Cl. A-X-3*, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario-mean is
0.47%, in a baseline scenario-median is 0.28%, and reaches 4.11% at
stress level consistent with Moody's Aaa rating.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of US 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 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%
(6.98% for the mean) and Moody's 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 mortgage loans to borrowers who are not currently
making payments. For newly originated mortgage loans, post-COVID
underwriting takes into account the impact of the pandemic on a
borrower's ability to repay the mortgage. For seasoned mortgage
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, strength of the TPR and the R&W framework of the
transaction.

Collateral Description

The aggregate collateral pool comprises 854 (98.9% by UPB) prime
jumbo (non-conforming) and 31 (1.1% by UPB) conforming, 30-year,
fully-amortizing fixed-rate mortgage loans, none of which have the
benefit of primary mortgage guaranty insurance, with an aggregate
stated principal balance (UPB) $882,310,690 and a weighted average
(WA) mortgage rate of 3.1%. The WA current FICO score of the
borrowers in the pool is 774. The WA Original LTV ratio of the
mortgage pool is 71.3%, which is in line with GSMBS 2021-PJ8 and
also with other prime jumbo transactions. All the mortgage loans in
the aggregate pool are QM, with the prime jumbo non-conforming
mortgage loans meeting the requirements of the QM-Safe Harbor rule
(Appendix Q) or the new General QM rule (see bullet point below),
and the GSE eligible mortgage loans meeting the temporary QM
criteria applicable to loans underwritten in accordance with GSE
guidelines. The other characteristics of the mortgage loans in the
pool are generally comparable to that of GSMBS 2021-PJ8 and recent
prime jumbo transactions.

A portion of the loans purchased from various sellers into the pool
were originated pursuant to the new general QM rule (70.4% of the
pool by loan balance). The majority of these loans are Movement
Mortgage and UWM loans underwritten to GS AUS underwriting
guidelines. For avoidance of doubt, Movement Mortgage originated
both new-QM and QM-Safe Harbor loans into the pool. The third-party
reviewer verified that the loans' APRs met the QM rule's
thresholds. Furthermore, these loans were underwritten and
documented pursuant to the QM rule's verification safe harbor via a
mix of the Fannie Mae Single Family Selling Guide, the Freddie Mac
Single-Family Seller/Servicer Guide, and applicable program
overlays. As part of the origination quality review and in
consideration of the detailed loan-level third-party diligence
reports, which included supplemental information with the specific
documentation received for each loan, Moody's concluded that these
loans were fully documented loans, and that the underwriting of the
loans is acceptable. Therefore, Moody's ran these loans as "full
documentation" loans in Moody's MILAN model, but increased Moody's
Aaa and expected loss assumptions due to the lack of performance,
track records and overlays of the AUS-underwritten loans.

The mortgage loans in the pool were originated mostly in California
(50.3%) and in high cost metropolitan statistical areas (MSAs) of
Los Angeles (20.9%), San Francisco (10.6%), San Diego (7.2%),
Seattle (3.5%) and others (17.5%), by UPB, respectively. The high
geographic concentration in high cost MSAs is reflected in the high
average balance of the pool ($996,961). Moody's made adjustments to
Moody's losses to account for this geographic concentration risk.
Top 10 MSAs comprise 59.7% of the pool, by UPB.

Aggregator/Origination Quality

GSMC is the loan aggregator and the primary mortgage seller for the
transaction. GSMC's general partner is Goldman Sachs Real Estate
Funding Corp. and its limited partner is Goldman Sachs Bank USA.
Goldman Sachs Real Estate Funding Corp. is a wholly owned
subsidiary of Goldman Sachs Bank USA. GSMC is an affiliate of
Goldman Sachs & Co. LLC. GSMC is overseen by the mortgage capital
markets group within Goldman Sachs. Senior management averages 16
years of mortgage experience and 15 years of Goldman Sachs tenure.


The mortgage loans for this transaction were acquired by GSMC, the
sponsor and the primary mortgage loan seller (94.8% by UPB), MTGLQ
Investors, L.P. (MTGLQ) (0.4% by UPB), and MCLP Asset Company, Inc.
(MCLP) (4.8% by UPB), the mortgage loan sellers, from certain of
the originators or the aggregator, MAXEX Clearing LLC (which
aggregated 7.3% of the mortgage loans by UPB). The mortgage loans
in the pool are underwritten to either GSMC's underwriting
guidelines, or seller's applicable guidelines. The mortgage loan
sellers do not originate any mortgage loans, including the mortgage
loans included in the mortgage pool. Instead, the mortgage loan
sellers acquired the mortgage loans pursuant to contracts with the
originators or the aggregator.

Overall, Moody's consider GSMC's aggregation platform to be
comparable to that of peer aggregators and therefore did not apply
a separate loss-level adjustment for aggregation quality. In
addition to reviewing GSMC's aggregation quality, Moody's have also
reviewed the origination quality of each of the originators which
contributed at least approximately 10% of the mortgage loans (by
UPB) to the transaction. For these originators, Moody's reviewed
their underwriting guidelines, performance history, and quality
control and audit processes and procedures (to the extent
available, respectively). Approximately 37.9%,16.5% and 11.1% of
the mortgage loans, by a UPB as of the cut-off date (approximately
65.5% by UPB), were originated by United Wholesale Mortgage, LLC
(UWM), Movement Mortgage, LLC (Movement Mortgage) and Guaranteed
Rate affiliates (including Guaranteed Rate, Inc. (GRI), Guaranteed
Rate Affinity, LLC (GRA) and Proper Rate, LLC) respectively. No
other originator or group of affiliated originators originated more
than approximately 10% of the mortgage loans in the aggregate.
Moody's consider Guaranteed Rate affiliates to have adequate
residential prime jumbo loan origination practices that are in line
with peers due to: (1) adequate underwriting policies and
procedures, (2) consistent performance with low delinquency and
repurchase and (3) adequate quality control, Moody's did not make
any adjustments to Moody's loss levels for mortgage loans
originated by these parties. However, Moody's made an adjustment to
Moody's losses for loans originated by Better Mortgage primarily
due to limited insight into originators' prime jumbo performance
and risk management practices. Moody's also made an adjustment to
Moody's losses for loans originated by UWM primarily due to the
fact that underwriting prime jumbo loans mainly through DU is
fairly new and no performance history has been provided to Moody's
on these types of loans. More time is needed to assess UWM's
ability to consistently produce high-quality prime jumbo
residential mortgage loans under this program.

Servicing Arrangement

Moody's consider the overall servicing arrangement for this pool to
be adequate, and as a result Moody's did not make any adjustments
to Moody's base case and Aaa stress loss assumptions based on the
servicing arrangement.

Shellpoint will service 77.2% of the pool and United Wholesale
Mortgage, LLC will service 22.8% (by loan balance). Shellpoint is
an approved servicer in good standing with Ginnie Mae, Fannie Mae
and Freddie Mac. Shellpoint's primary servicing location is in
Greenville, South Carolina. Shellpoint services residential
mortgage assets for investors that include banks, financial
services companies, GSEs and government agencies. Wells Fargo will
act as master. Wells Fargo is a national banking association and a
wholly-owned subsidiary of Wells Fargo & Company. Moody's consider
the presence of an experienced master servicer such as Wells Fargo
to be a mitigant for any servicing disruptions. Wells Fargo is
committed to act as successor servicer if no other successor
servicer can be engaged.

Third-party Review

The transaction benefits from TPR on 100% of the mortgage loans for
regulatory compliance, credit and property valuation. Overall,
Moody's believe that the TPR results are weaker due to the
relatively high number of exceptions compared to those in prime
transactions Moody's recently rated. The majority of these credit
exceptions are related to hazard and title insurance. While many of
these may be rectified in the future by the servicer or by
subsequent documentation, Moody's made an adjustment to the Aaa
loss and EL to reflect the additional risk that these exceptions
could impair the deal's insurance coverage if not rectified and
because the R&Ws specifically exclude these exceptions.

Representations & Warranties

GSMBS 2021-PJ9's R&W framework is in line with that of prior GSMBS
transactions Moody's have rated where an independent reviewer is
named at closing, and costs and manner of review are clearly
outlined at issuance. Moody's review of the R&W framework takes
into account the financial strength of the R&W providers, scope of
R&Ws (including qualifiers and sunsets) and the R&W enforcement
mechanism. 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 mortgage loans that become 120 days delinquent and those
that liquidate at a loss to determine if any of the R&Ws are
breached. There is a provision for binding arbitration in the event
of a dispute between the trust and the R&W provider concerning R&W
breaches.

The creditworthiness of the R&W provider determines the probability
that the R&W provider will be available and have the financial
strength to repurchase defective loans upon identifying a breach.
An investment-grade rated R&W provider lends substantial strength
to its R&Ws. Moody's analyze the impact of less creditworthy R&W
providers case by case, in conjunction with other aspects of the
transaction. Here, because most of the R&W providers are unrated
and/or exhibit limited financial flexibility, Moody's applied an
adjustment to the mortgage loans for which these entities provided
R&Ws. In addition, a R&W breach will be deemed not to have occurred
if it arose as a result of a TPR exception disclosed in Appendix I
of the Private Placement Memorandum. There were a relatively high
number of B-grade exceptions in the TPR review, the disclosure of
which weakens the R&W framework.

Tail Risk and Locked Out Percentage

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 0.70% of the cut-off date pool
balance, and as subordination lock-out amount of 0.70% 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.

COVID-19 Impacted Borrowers

As of the cut-off date, none of the mortgage loans are subject to a
COVID-19 related forbearance plan. Also, any mortgage loan, with
respect to which the related borrower requests or enters into a
COVID-19 related forbearance plan after the cut-off date, will
remain in the pool.

In the event the servicer enters into a forbearance plan with a
COVID-19 impacted borrower, the servicer will report such mortgage
loan as delinquent (to the extent payments are not actually
received from the borrower) and the servicer will be required to
make advances in respect of delinquent interest and principal (as
well as servicing advances) on such loan during the forbearance
period (unless the servicer determines any such advances would be a
nonrecoverable advance). At the end of the forbearance period, if
the borrower is able to make the current payment on such mortgage
loan but is unable to make the previously forborne payments as a
lump sum payment or as part of a repayment plan, then such
principal forbearance amount will be recognized as a realized loss.
At the end of the forbearance period, if the borrower repays the
forborne payments via a lump sum or repayment plan, advances will
be recovered via the borrower payment(s). In an event of
modification, Shellpoint will recover advances made during the
period of COVID-19 related forbearance from pool level
collections.

Any principal forbearance amount created in connection with any
modification (whether as a result of a COVID-19 forbearance or
otherwise) will result in the allocation of a realized loss and to
the extent any such amount is later recovered, will result in the
allocation of a subsequent recovery.

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 August 2021.


HAWAII HOTEL 2019-MAUI: DBRS Confirms B(low) Rating on Cl. G Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-MAUI issued by
Hawaii Hotel Trust 2019-MAUI as follows:

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (low) (sf)
-- Class D at A (sf)
-- Class E at BBB (low) (sf)
-- Class F at B (high) (sf)
-- Class G at B (low) (sf)
-- Class HRR at CCC (sf)

With this review, DBRS Morningstar removed all classes from Under
Review with Negative Implications where they were placed on
September 24, 2020. The trends on all classes are Stable, with the
exception of Classes F and G, which carry a Negative trend because
of sustained underlying pressures and lasting residual effects of
the Coronavirus Disease (COVID-19) global pandemic. The rating
confirmations reflect DBRS Morningstar's view that, despite a
significant interruption of operations and cash flow in 2020
related to the pandemic, the property is likely well-positioned to
rebound and the assigned ratings adequately reflect the remaining
risk resulting from the pandemic. The loan has performed during the
pandemic, with no delinquencies or defaults reported to date.

The collateral for the Certificates is a $650.0 million mortgage
loan on a Four Seasons-branded luxury, five-star resort hotel in
Wailea, Hawaii. The hotel features 383 guest rooms, four food and
beverage offerings, specialty retail shops, and 38,000 square feet
of meeting space. The wide range of amenities includes a spa, three
outdoor pools, tennis courts, a games room and fitness center, and
preferred access to the 54-hole Wailea Golf Club directly across
Wailea Alanui Drive from the hotel. The hotel offers direct access
to Wailea Beach as well as stunning views of the island's volcanic
mountains and westward to the bay and Pacific Ocean.

Wailea has one of the highest barriers to entry of any resort
market in the world. Available sites are extremely rare or
nonexistent, and zoning is complex and protective. The hotel is
owned fee simple, which is highly unusual for any site on the
island. Since 2006, the sponsor has invested approximately $161.0
million, or $420,400 per room, including more than $56.0 million in
renovations and upgrades in 2016.

The coronavirus pandemic caused economic strain on the hotel for
most of 2020. The subject's reliance on leisure demand will
continue to put significant stress on the hotel's performance in
the short to medium term. While hotel operations resumed in
December 2020 after having been closed for several months, the
hotel is facing increased pressure as the country experiences an
uptick in coronavirus cases that led to the Governor of Hawaii
urging tourists not to visit the island and to limit to travel for
essential purposes.

As of August 2021, the loan remains on the servicer's watchlist as
performance remains distressed as a result of the pandemic.

Although the hotel produced negative cash flow in 2020, the sponsor
continues to support the loan and has not requested any
coronavirus-related forbearance to date. Furthermore, the hotel has
maintained its strong historical performance among its competitors,
ranking first in penetration rates for average daily rate (ADR) and
revenue per available room (RevPar) for the trailing 12 months
(T-12) in each of the previous three years. According to a Smith
Travel Research report, the subject ranked first in penetration
rates for average daily rate (ADR) and revenue per available
(RevPar) in each of the previous three years. According to data for
the T-12 ended March 31, 2021, the hotel achieved the penetration
rate of 187.5% for ADR and 179.8% for RevPar.

The DBRS Morningstar ratings assigned to Classes F, G, and HRR had
a variance that was higher than those results implied by the
loan-to-value sizing benchmarks from the September 24, 2020, review
when market value declines were assumed under the Coronavirus
Impact Analysis. The DBRS Morningstar ratings also had variances
than those results implied by LTV Sizing Benchmarks considered with
this year's review, when a baseline valuation scenario was used.
For additional information on these scenarios, please see the DBRS
Morningstar press release dated September 24, 2020 in respect of
the subject transaction. Classes F and G carry a Negative trend as
DBRS Morningstar continues to monitor the evolving economic impact
of coronavirus-induced baseline stress on the transaction. Class
HRR does not carry a trend as the class is rated CCC.

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



INTOWN HOTEL 2018-STAY: DBRS Confirms B Rating on Class G Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-STAY
issued by InTown Hotel Portfolio Trust 2018-STAY:

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

DBRS Morningstar also changed the trends on Classes A, B, C, X-NCP,
and D to Stable from Negative. In addition, the ratings on Classes
E, F, and G have been removed from Under Review with Negative
Implications, where they were placed on March 27, 2020, because of
the negative impact of the coronavirus pandemic. The trend on Class
E is Stable, and Classes F and G have Negative trends as a result
of sustained underlying pressures and lasting residual effects of
the Coronavirus Disease (COVID-19) pandemic.

The $471.0 million mortgage loan is secured by the fee interest in
a portfolio of 85 economy, extended-stay hotels, totaling 10,764
keys. All of the hotels in the portfolio operate under the InTown
Suites flag. The brand is owned by the loan sponsor, Starwood
Capital Group Global LP (Starwood), which has substantial
experience in the hotel sector and maintains considerable financial
wherewithal. Starwood acquired the collateral assets in 2013 when
it purchased the InTown Suites platform for $770.0 million from
Kimco Realty Corporation and in 2015 when it acquired the remaining
50 extended-stay properties from Mount Kellett Capital Management.
Today, Starwood owns all 196 InTown Suites.

As of the August 2021 remittance, all properties remain within the
loan for an aggregate principal balance of $471.0 million. The loan
was originally structured as a three-year, floating-rate
interest-only (IO) mortgage loan with two one-year extension
options. As per the servicer, the loan matured in January 2021, but
a one-year loan extension was approved, which extends the maturity
to January 2022. The loan is structured with ongoing furniture,
fixtures, and equipment (FF&E) reserves that are to be collected at
5.0% of gross revenue on a monthly basis, which are available for
planned maintenance throughout the term. The FF&E reserve balance
as of August 2021 is $1.1 million.

Although somewhat concentrated in the southeastern U.S., the
portfolio is geographically diverse and relatively granular—the
85 hotel assets are located across 18 states. Texas has the highest
concentration by allocated loan balance and number of hotels at
30.3% and 27, respectively. The next-largest state concentration is
Florida, with eight hotels, which represents 12.7% of the total
loan amount by allocated balance. Given the diverse nature of the
portfolio, no single hotel represents greater than 2.1% of the
allocated loan balance.

Since acquiring the portfolio in 2013 and 2015, Starwood has
invested roughly $75.5 million ($7,010 per key) of capital
expenditures across the collateral portfolio; of that, Starwood
spent $41.8 million ($3,883 per key) in 2015 and 2016 across 42
properties. The remaining assets have only received light updates
as needed. The portfolio has an average age of 20 years and many of
the properties DBRS Morningstar inspected at issuance were
generally dated, with some exhibiting deferred maintenance,
resulting in low curb appeal.

At issuance, the portfolio had a long historical background of high
occupancy, with a 10-year average of 83.7% and a 10-year average
revenue per available room (RevPAR) of $26.78. The weighted-average
occupancy, average daily rate, and RevPAR for these properties at
issuance was 80.9%, $48.53, and $39.03, respectively, compared with
the trailing 12 months ended September 2018 figures of 82.2%,
$50.58, and $41.42, respectively. The subject portfolio fared well
throughout the pandemic with YE2020 occupancy at 83% and Q1 2021
occupancy at 84%. DBRS Morningstar also notes that the borrower did
not request any Paycheck Protection Program loans or
coronavirus-related relief throughout the pandemic.

The DBRS Morningstar ratings assigned to Classes E and F had
variances that were higher than those results implied by the
loan-to-value (LTV) Sizing Benchmarks from the October 14, 2020,
review, when market value declines were assumed under the
Coronavirus Impact Analysis. The DBRS Morningstar ratings assigned
to Classes E and F had variances that were higher than those
results implied by LTV Sizing Benchmarks considered with this
year's review, when a baseline valuation scenario was used. For
additional information on these scenarios, please see the DBRS
Morningstar press release dated October 14, 2020, in respect of the
subject transaction. DBRS Morningstar maintains Negative trends on
certain classes as outlined in this press release as a reflection
of its ongoing concerns with the coronavirus impact to the subject
transaction.

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



JP MORGAN 2021-11: DBRS Finalizes B Rating on Class B-5 Certs
-------------------------------------------------------------
DBRS, Inc. finalized the provisional ratings on the Mortgage
Pass-Through Certificates, Series 2021-11 issued by J.P. Morgan
Mortgage Trust 2021-11 as follows:

-- $1516.1 million Class A-1 at AAA (sf)
-- $1419.4 million Class A-2 at AAA (sf)
-- $1249.0 million Class A-3 at AAA (sf)
-- $1249.0 million Class A-3-A at AAA (sf)
-- $1249.0 million Class A-3-X at AAA (sf)
-- $936.8 million Class A-4 at AAA (sf)
-- $936.8 million Class A-4-A at AAA (sf)
-- $936.8 million Class A-4-X at AAA (sf)
-- $312.3 million Class A-5 at AAA (sf)
-- $312.3 million Class A-5-A at AAA (sf)
-- $312.3 million Class A-5-B at AAA (sf)
-- $312.3 million Class A-5-X at AAA (sf)
-- $751.6 million Class A-6 at AAA (sf)
-- $751.6 million Class A-6-A at AAA (sf)
-- $751.6 million Class A-6-X at AAA (sf)
-- $497.5 million Class A-7 at AAA (sf)
-- $497.5 million Class A-7-A at AAA (sf)
-- $497.5 million Class A-7-B at AAA (sf)
-- $497.5 million Class A-7-X at AAA (sf)
-- $185.2 million Class A-8 at AAA (sf)
-- $185.2 million Class A-8-A at AAA (sf)
-- $185.2 million Class A-8-X at AAA (sf)
-- $80.1 million Class A-9 at AAA (sf)
-- $80.1 million Class A-9-A at AAA (sf)
-- $80.1 million Class A-9-X at AAA (sf)
-- $232.1 million Class A-10 at AAA (sf)
-- $232.1 million Class A-10-A at AAA (sf)
-- $232.1 million Class A-10-X at AAA (sf)
-- $170.3 million Class A-11 at AAA (sf)
-- $170.3 million Class A-11-X at AAA (sf)
-- $170.3 million Class A-11-A at AAA (sf)
-- $170.3 million Class A-11-AI at AAA (sf)
-- $170.3 million Class A-11-B at AAA (sf)
-- $170.3 million Class A-11-BI at AAA (sf)
-- $170.3 million Class A-12 at AAA (sf)
-- $170.3 million Class A-13 at AAA (sf)
-- $96.8 million Class A-14 at AAA (sf)
-- $96.8 million Class A-15 at AAA (sf)
-- $96.8 million Class A-15-A at AAA (sf)
-- $96.8 million Class A-15-X at AAA (sf)
-- $1334.2 million Class A-16 at AAA (sf)
-- $181.9 million Class A-17 at AAA (sf)
-- $1516.1 million Class A-X-1 at AAA (sf)
-- $1516.1 million Class A-X-2 at AAA (sf)
-- $170.3 million Class A-X-3 at AAA (sf)
-- $96.8 million Class A-X-4 at AAA (sf)
-- $45.2 million Class B-1 at AA (sf)
-- $45.2 million Class B-1-A at AA (sf)
-- $45.2 million Class B-1-X at AA (sf)
-- $13.7 million Class B-2 at A (sf)
-- $13.7 million Class B-2-A at A (sf)
-- $13.7 million Class B-2-X at A (sf)
-- $17.7 million Class B-3 at BBB (sf)
-- $4.0 million Class B-4 at BB (sf)
-- $7.3 million Class B-5 at B (sf)

Class A-3-X, A-4-X, A-5-X, A-6-X, A-7-X, A-8-X, A-9-X, A-10-X,
A-11-X, A-11-AI, A-11-BI, A-15-X, A-X-1, A-X-2, A-X-3, A-X-4,
B-1-X, and B-2-X certificates are interest-only certificates. The
class balances represent notional amounts.

Class A-1, A-2, A-3, A-3-A, A-3-X, A-4, A-4-A, A-4-X, A-5, A-5-A,
A-5-B, A-5-X, A-6, A-7, A-7-A, A-7-B, A-7-X, A-8, A-9, A-10,
A-11-A, A-11-AI, A-11-B, A-11-BI, A-12, A-13, A-14, A-15, A-16,
A-17, A-X-2, A-X-3, B-1, and B-2 are exchangeable certificates.
These classes can be exchanged for combinations of exchange
certificates as specified in the offering documents.

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

The AAA (sf) ratings on the Certificates reflect 6.00% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 3.20%, 2.35%,
1.25%, 1.00%, and 0.55% 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 1,722 loans with a total principal
balance of $1,612,922,608 as of the Cut-Off Date (August 1, 2021).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years. Approximately 5.8% of the
loans in the pool are conforming mortgage loans predominantly
originated by loanDepot.com, LLC, which were eligible for purchase
by Fannie Mae or Freddie Mac. Details on the underwriting of
conforming loans can be found in the Key Probability of Default
Drivers section of the presale report.

The originators for the aggregate mortgage pool are United
Wholesale Mortgage, LLC (UWM) (65.3%), loanDepot.com, LLC (16.8%)
(loanDepot), and various other originators, each comprising less
than 10% of the pool. Also, approximately 1.1% of the loans by
balance were acquired by the Seller from MAXEX Clearing LLC
(MAXEX). The mortgage loans will be serviced by UWM (65.3%),
JPMorgan Chase Bank, N.A. (JPMCB; rated AA with a Stable trend by
DBRS Morningstar) (17.8%), and loanDepot.com, LLC (16.8%), and
various other servicers and subservices each comprising less than
1.0% of the pool. For UWM and loanDepot-serviced loans, the
subservicer is Cenlar FSB (Cenlar). For JPMCB serviced loans, the
subservicer is Shellpoint Mortgage Servicing (SMS).

Servicing will be transferred from SMS to JPMCB on the servicing
transfer date (October 1, 2021, or a later date) as determined by
the Issuer and JPMCB. For this transaction, the servicing fee
payable for mortgage loans serviced by JPMCB, loanDepot, SMS, and
UWM is composed of three separate components: the aggregate base
servicing fee, the aggregate delinquent servicing fee, and the
aggregate additional servicing fee. These fees vary, based on the
delinquency status of the related loan, and will be paid from
interest collections before distribution to the securities.

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

As of the Cut-Off Date, none of the loans are currently subject to
a coronavirus-related forbearance plan. In the event a borrower
requests or enters into a coronavirus-related forbearance plan
after the Cut-Off Date but prior to the Closing Date, the Mortgage
Loan Seller will remove such loan from the mortgage pool and remit
the related Closing Date substitution amount. Loans that enter a
coronavirus-related forbearance plan after the Closing Date will
remain in the pool.

Coronavirus Pandemic Impact

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures 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 the pandemic.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term payment reliefs that
may perform very differently from traditional delinquencies. At the
onset of the pandemic, the option to forebear mortgage payments was
widely available and it drove forbearances to a very high level.
When the dust settled, coronavirus-induced forbearances 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 the
forbearance period comes to an end for many borrowers.

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



JP MORGAN 2021-LTV1: S&P Assigns Prelim 'B-' Rating on B-5 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Mortgage Trust 2021-LTV1's mortgage pass-through certificates.

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

The preliminary ratings are based on information as of Sept. 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,
representation and warranty framework, and geographic
concentration;

-- The experienced aggregator; and

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

  Preliminary Ratings Assigned

  J.P. Morgan Mortgage Trust 2021-LTV1

  Class A-1, $293,922,000: AAA (sf)
  Class A-2, $293,922,000: AAA (sf)
  Class A-2-A, $293,922,000: AAA (sf)
  Class A-2-X, $293,922,000(i): AAA (sf)
  Class A-3, $259,955,000: AAA (sf)
  Class A-3-A, $259,955,000: AAA (sf)
  Class A-3-X, $259,955,000(i): AAA (sf)
  Class A-4, $194,966,000: AAA (sf)
  Class A-4-A, $194,966,000: AAA (sf)
  Class A-4-X, $194,966,000(i): AAA (sf)
  Class A-5, $64,989,000: AAA (sf)
  Class A-5-A, $64,989,000: AAA (sf)
  Class A-5-X, $64,989,000(i): AAA (sf)
  Class A-6, $170,255,000: AAA (sf)
  Class A-6-A, $170,255,000: AAA (sf)
  Class A-6-X, $170,255,000(i): AAA (sf)
  Class A-7, $89,700,000: AAA (sf)
  Class A-7-A, $89,700,000: AAA (sf)
  Class A-7-X, $89,700,000(i): AAA (sf)
  Class A-8, $24,711,000: AAA (sf)
  Class A-8-A, $24,711,000: AAA (sf)
  Class A-8-X, $24,711,000(i): AAA (sf)
  Class A-9, $32,494,000: AAA (sf)
  Class A-9-A, $32,494,000: AAA (sf)
  Class A-9-X, $32,494,000(i): AAA (sf)
  Class A-10, $32,495,000: AAA (sf)
  Class A-10-A, $32,495,000: AAA (sf)
  Class A-10-X, $32,495,000(i): AAA (sf)
  Class A-M, $33,967,000: AAA (sf)
  Class A-M-A, $33,967,000: AAA (sf)
  Class A-M-X, $33,967,000(i): AAA (sf)
  Class A-X-1, $293,922,000(i): AAA (sf)
  Class B-1, $13,865,000: AA- (sf)
  Class B-2, $10,225,000: A- (sf)
  Class B-3, $10,744,000: BBB- (sf)
  Class B-4, $7,626,000: BB- (sf)
  Class B-5, $5,892,000: B- (sf)
  Class B-6, $4,333,083: Not rated
  Class A-R, N/A: Not rated

  (i)Notional balance.
  N/A--Not applicable.



JPMCC MORTGAGE 2019-BROOK: Fitch Affirms B- Rating on F Certs
-------------------------------------------------------------
Fitch Ratings has affirmed eight classes of JPMCC Mortgage
Securities Trust 2019-BROOK Commercial Mortgage Pass-Through
Certificates.

   DEBT                  RATING            PRIOR
   ----                  ------            -----
JPMCC 2019-BROOK

A 46591JAA4        LT  AAAsf   Affirmed    AAAsf
B 46591JAG1        LT  AA-sf   Affirmed    AA-sf
C 46591JAJ5        LT  A-sf    Affirmed    A-sf
D 46591JAL0        LT  BBB-sf  Affirmed    BBB-sf
E 46591JAN6        LT  BB-sf   Affirmed    BB-sf
F 46591JAQ9        LT  B-sf    Affirmed    B-sf
X-CP 46591JAC0     LT  BBB-sf  Affirmed    BBB-sf
X-EXT 46591JAE6    LT  BBB-sf  Affirmed    BBB-sf

KEY RATING DRIVERS

Slight Decline in Cash Flow and Occupancy: As of June 30, 2021, the
portfolio's occupancy declined to 78.4% from 81.3% at issuance. As
a result, the Fitch NCF declined by 3% to $30.2 million from $31.2
million at issuance. Fitch's cash flow is based on leases in place
as of the June 2021 rent roll. Given the granularity of the rent
roll, the decline in occupancy is not attributed to a single
tenant, but from several expiring leases. Performance is expected
to be stable.

Diverse Portfolio: The loan is secured by 25 office properties and
two industrial properties located in six states. The three states
with the largest concentrations are Pennsylvania (13 properties;
29.3% of the total appraised value), Texas (five properties; 26.5%)
and Florida (three properties; 15.4%). The portfolio consists of
more than 400 unique tenants. The largest tenant within the
portfolio is 2.2% of NRA and the top 10 tenants are approximately
12.6% of NRA.

Suburban Office Locations: The portfolio properties are generally
located in suburban office markets in major metro areas. The
properties are located outside of the following major markets:
Philadelphia, San Diego, Boston, Providence, Dallas, San Antonio
and Fort Lauderdale.

Fitch Leverage: The Fitch DSCR declined slightly to 0.83x from
0.86x at issuance and the Fitch loan-to-value (LTV) ratio increased
to 107.3% from 104.1%. The sponsor acquired the portfolio through
multiple acquisitions between 2007 and 2016 for a total purchase
price of $430.0 million.

Additional Debt: The deal is structured with $46.5 million in
mezzanine debt. The total debt Fitch DSCR declined to 0.74x from
0.77x at issuance and the Fitch LTV increased to 120.4% from
116.8%.

Sponsor Investment: Since acquisition, the sponsor has invested
approximately $34.9 million, exclusive of leasing costs, which has
helped to boost occupancy from 71.6% in 2015.

RATING SENSITIVITIES

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

-- A significant and sustained decline in asset performance
    and/or market occupancy;

-- A significant and sustained deterioration in property cash
    flow.

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

-- A significant increase in asset occupancy and property cash
    flow.

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.


KKR CLO 16: S&P Assigns Prelim BB- (sf) Ratings on Class D-R2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 replacement notes and proposed
new class X notes from KKR CLO 16 Ltd./KKR CLO 16 LLC, a CLO that
is managed by KKR Financial Advisors II LLC. This is a proposed
second refinancing of KKR Financial's Dec. 15, 2016, transaction,
which was not rated by S&P Global Ratings and will be issued
through an anticipated amended and restated indenture.

The preliminary ratings are based on information as of Sept. 21,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 5, 2021, second refinancing date, the proceeds from the
replacement notes will be used to redeem the original notes. At
that time, S&P expects to assign ratings to the replacement notes.
However, if the refinancing doesn't occur, we may 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 3.33
years to Oct. 5, 2023.

-- The reinvestment period will be by extended approximately 5.75
years to Oct. 20, 2026.

-- The legal final maturity date (for the replacement notes and
the existing subordinated notes) will be extended by approximately
5.75 years to Oct. 20, 2034.

-- The weighted average life test will be extended to 9.00 years
from the second refinancing date.

-- There will be additional assets purchased on and after the Oct.
5, 2021, second refinancing date, using the additional par amount
available after payment of the refinanced notes. This will ramp the
pool back up to the target initial par amount (which will remain at
$700.00 million). There will be no additional effective date or
ramp-up period, and the first payment date following the
refinancing is Oct. 20, 2021.

-- The class X notes will be issued on the refinancing date and
are expected to be paid down using interest proceeds during the
first eight payment dates in equal installments of $ 875,000.

-- The required minimum overcollateralization ratios and the
required minimum interest diversion threshold will be amended, and
the class D interest coverage ratio will be removed.

-- Additional subordinated notes will be issued on the second
refinancing date, increasing their par amount to $71.05 million
from $67.00 million.

  Replacement And Original Note Issuances

  Replacement notes

  Class X, $7.00 million: Three-month LIBOR + 0.75%
  Class A-1-R2, $441.00 million: Three-month LIBOR + 1.21%
  Class A-2-R2, $91.00 million: Three-month LIBOR + 1.75%
  Class B-R2 (deferrable), $38.90 million: Three-month LIBOR +
2.25%
  Class C-R2 (deferrable), $41.60 million: Three-month LIBOR +
3.30%
  Class D-R2 (deferrable), $29.75 million: Three-month LIBOR +
7.11%
  Subordinated notes, $71.05 million: Not applicable

  Notes to be redeemed on the second refinancing date

  Class A-1-R, $342.46 million (paid down from $455.00 million):
  Three-month LIBOR + 1.25%
  Class A-2-R, $76.00 million: Three-month LIBOR + 1.80%
  Class B-R (deferrable), $36.60 million: Three-month LIBOR +
2.50%
  Class C-R (deferrable), $47.10 million: Three-month LIBOR +
3.50%
  Class D-R (deferrable), $29.60 million: Three-month LIBOR +
6.75%
  Subordinated notes, $67.00 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."

  Preliminary Ratings Assigned

  KKR CLO 16 Ltd./KKR CLO 16 LLC

  Class X, $7.000 million: AAA (sf)
  Class A-1-R2, $441.000 million: AAA (sf)
  Class A-2-R2, $91.000 million: AA (sf)
  Class B-R2 (deferrable), $38.900 million: A (sf)
  Class C-R2 (deferrable), $41.600 million: BBB- (sf)
  Class D-R2 (deferrable), $29.750 million: BB- (sf)
  Subordinated notes, $71.050 million: Not rated



KKR CLO 35: Moody's Assigns Ba3 Rating to $20MM Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by KKR CLO 35 Ltd. (the "Issuer" or "KKR 35").

Moody's rating action is as follows:

US$320,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$20,000,000 Class E Senior Secured 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.

KKR 35 is a managed cash flow CLO. The issued notes 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, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans,
unsecured loans, senior secured bonds, senior secured notes and
high-yield bonds, however not more than 5% of the portfolio may be
invested in senior secured bonds, senior secured notes and
high-yield bonds. The portfolio is expected to be approximately 90%
ramped as of the closing date.

KKR Financial Advisors II, 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 three other
classes of notes and one class of variable dividend 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: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3068

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 47.0%

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.


MARBLE POINT XXI: Moody's Assigns Ba3 Rating to $16MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Marble Point CLO XXI Ltd. (the "Issuer" or "Marble
Point XXI").

Moody's rating action is as follows:

US$240,000,000 Class A-1 Senior Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$20,000,000 Class A-2 Senior Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$44,000,000 Class B Senior Floating Rate Notes due 2034, Assigned
Aa2 (sf)

US$22,000,000 Class C Mezzanine Deferrable Floating Rate Notes due
2034, Assigned A2 (sf)

US$18,000,000 Class D-1 Mezzanine Deferrable Floating Rate Notes
due 2034, Assigned Baa3 (sf)

US$8,000,000 Class D-2 Mezzanine Deferrable Floating Rate Notes due
2034, Assigned Ba1 (sf)

US$16,000,000 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 XXI is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
senior secured loans, and eligible investments, and up to 7.5% of
the portfolio may consist of second lien loans, senior unsecured
loans and bonds. The portfolio is approximately 80% 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): 2783

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9.1 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.


MARGARITAVILLE BEACH 2019-MARG: DBRS Confirms B(low) on G Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, 2019-MARG issued by
Margaritaville Beach Resort Trust 2019-MARG:

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

In addition, DBRS Morningstar changed the trends on all classes to
Stable from Negative.

The subject transaction closed in May 2019 with an original trust
balance of $161.5 million, with an $18.5 million mezzanine loan
held outside the trust. Earlier this year, the borrower executed
the first of three available one-year extension options for the
loan, with the loan now scheduled to mature in May 2022. According
to The Real Deal, Pebblebrook Hotel Trust will acquire the property
for $270.0 million. Pebblebrook Hotel Trust's Q2 2021 reporting
stated that the contract to acquire the property has been executed.
DBRS Morningstar has reached out to the servicer for confirmation
of the pending sale and for the new owner’s plans for the subject
loan and as of the date of this press release, the response is
pending. The reported sales price of $270.0 million is above the
issuance appraised value of $248.0 million and well above the
current loan balance of $161.5 million. These factors suggest the
sale is a credit positive event that brings new equity into the
transaction and a sales price that indicates the leverage remains
healthy, supporting the rating confirmations and Stable trends for
all classes with this review.

The transaction is backed by the leasehold interest in a AAA Four
Diamond-rated luxury resort in Hollywood, Florida, situated on 6.2
acres of beachfront property between the Atlantic Ocean and the
intracoastal Stranahan River. The collateral is subject to a
99-year term ground lease between the City of Hollywood and the
borrower. The ground lease, which commenced in July 2013 and will
expire in July 2112, calls for a minimum guaranteed annual rent of
$1,000,000, with rent increases of 15.0% on every fifth anniversary
of the commencement date.

The resort offers 349 guest rooms, each featuring a private terrace
with an ocean/intracoastal view; 30,000 square feet (sf) of
indoor/outdoor event space; an adult-only pool; two family-friendly
pools; a surf simulator; an 11,000-sf spa; eight branded food and
beverage outlets; and 465 parking spaces. The property benefits
from its proximity to two major airports: Fort Lauderdale-Hollywood
International Airport located 7.5 miles north and Miami
International Airport located 23.4 miles south.

The current loan sponsor, KSL Capital Partners, LLC, purchased the
resort for $194.0 million in April 2018 from the developer,
Starwood Capital Group, which built the property and opened
Margaritaville Hollywood Beach Resort for business in 2015. Loan
proceeds of $180.0 million were used to retire outstanding debt of
$123.6 million and return $49.3 million of equity to the sponsor
($78.8 million of implied sponsor equity remains in the deal). At
issuance, the loan was structured with $1.98 million of upfront
reserves to cover a room configuration project that the sponsor
completed in 2019.

Prior to the pandemic, the property's performance was generally
stable amid the ongoing renovations that were completed in 2019.
According to the year end (YE) 2019 financials, the trust loan
reported a debt service coverage ratio (DSCR) of 1.74 times (x),
down slightly from the Issuer's DSCR of 1.81x. According to the
YE2020 financials, the loan reported a DSCR of -0.07x, driven by
the forced shutdown amid the Coronavirus Disease (COVID-19)
pandemic and related steep decline in travel across the country and
around the world.

The March 2020 STR, Inc. report is the most recent on file with
DBRS Morningstar. That report showed a trailing 12 month (T-12)
occupancy, average daily rate (ADR), and revenue per available room
(RevPAR) of 78.2%, $276.60, and $216.21, respectively, compared
with the competitive set's averages of 72.2%, $256.55, and $185.25,
respectively. The property's occupancy rate reported for YE2020 was
32.1% and the loan remains on the servicer's watchlist for the low
occupancy rate and low DSCR, the latter of which caused a cash trap
to be triggered. According to the August 2021 reporting, the
servicer reported approximately $10.9 million in a reserve
account.

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



MELLO MORTGAGE 2021-INV2: DBRS Finalizes B Rating on B-5 Certs
--------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage Pass-Through Certificates, Series 2021-INV2 issued by
Mello Mortgage Capital Acceptance 2021-INV2 (MELLO 2021-INV2):

-- $379.8 million Class A-1 at AAA (sf)
-- $353.8 million Class A-2 at AAA (sf)
-- $254.7 million Class A-3 at AAA (sf)
-- $254.7 million Class A-3-A at AAA (sf)
-- $254.7 million Class A-3-X at AAA (sf)
-- $191.0 million Class A-4 at AAA (sf)
-- $191.0 million Class A-4-A at AAA (sf)
-- $191.0 million Class A-4-X at AAA (sf)
-- $63.7 million Class A-5 at AAA (sf)
-- $63.7 million Class A-5-A at AAA (sf)
-- $63.7 million Class A-5-X at AAA (sf)
-- $156.4 million Class A-6 at AAA (sf)
-- $156.4 million Class A-6-A at AAA (sf)
-- $156.4 million Class A-6-X at AAA (sf)
-- $98.3 million Class A-7 at AAA (sf)
-- $98.3 million Class A-7-A at AAA (sf)
-- $98.3 million Class A-7-X at AAA (sf)
-- $34.6 million Class A-8 at AAA (sf)
-- $34.6 million Class A-8-A at AAA (sf)
-- $34.6 million Class A-8-X at AAA (sf)
-- $16.5 million Class A-9 at AAA (sf)
-- $16.5 million Class A-9-A at AAA (sf)
-- $16.5 million Class A-9-X at AAA (sf)
-- $47.2 million Class A-10 at AAA (sf)
-- $47.2 million Class A-10-A at AAA (sf)
-- $47.2 million Class A-10-X at AAA (sf)
-- $99.1 million Class A-11 at AAA (sf)
-- $99.1 million Class A-11-X at AAA (sf)
-- $99.1 million Class A-11-A at AAA (sf)
-- $99.1 million Class A-11-AI at AAA (sf)
-- $99.1 million Class A-11-B at AAA (sf)
-- $99.1 million Class A-11-BI at AAA (sf)
-- $99.1 million Class A-12 at AAA (sf)
-- $99.1 million Class A-13 at AAA (sf)
-- $26.0 million Class A-14 at AAA (sf)
-- $26.0 million Class A-15 at AAA (sf)
-- $273.4 million Class A-16 at AAA (sf)
-- $106.3 million Class A-17 at AAA (sf)
-- $379.8 million Class A-X-1 at AAA (sf)
-- $379.8 million Class A-X-2 at AAA (sf)
-- $99.1 million Class A-X-3 at AAA (sf)
-- $26.0 million Class A-X-4 at AAA (sf)
-- $8.3 million Class B-1 at AA (low) (sf)
-- $11.0 million Class B-2 at A (low) (sf)
-- $6.7 million Class B-3 at BBB (low) (sf)
-- $4.4 million Class B-4 at BB (low) (sf)
-- $1.0 million Class B-5 at B (sf)

Classes A-3-X, A-4-X, A-5-X, A-6-X, A-7-X, A-8-X, A-9-X, A-10-X,
A-11-X, A-11-AI, A-11-BI, A-X-1 A-X-2, A-X-3, and A-X-4 are
interest-only (IO) certificates. The class balances represent
notional amounts.

Classes A-1, A-2, A-3, A-3-A, A-3-X, A-4, A-4-A, A-4-X, A-5, A-5-A,
A-5-X, A-6, A-7, A-7-A, A-7-X, A-8, A-9, A-10, A-11-A, A-11-AI,
A-11-B, A-11-BI, A-12, A-13, A-14, A-16, A-17, A-X-2, and A-X-3 are
exchangeable certificates. These classes can be exchanged for
combinations of exchange certificates.

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

The AAA (sf) ratings on the Certificates reflect 8.75% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (sf)
ratings reflect 6.75%, 4.10%, 2.50%, 1.45%, and 1.20% of credit
enhancement, respectively.

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

This is a securitization of a portfolio of first-lien, fixed-rate
prime conventional investment-property residential mortgages funded
by the issuance of the Certificates. The Certificates are backed by
1,164 loans with a total principal balance of $416,188,820 as of
the Cut-Off Date (August 1, 2021).

In contrast to loanDepot.com, LLC's (loanDepot) prime MELLO MTG
series, MELLO 2021-INV2 is its second prime securitization composed
of fully amortizing fixed-rate mortgages on non-owner-occupied
residential investment properties. The portfolio consists of
conforming mortgages with original terms to maturity of primarily
30 years, which were underwritten by loanDepot using an automated
underwriting system designated by Fannie Mae or Freddie Mac and
were eligible for purchase by such agencies. In its analysis, DBRS
Morningstar applied property value haircuts to such loans, which
increased the expected losses on the collateral. Details on the
underwriting of conforming loans can be found in the Key
Probability of Default Drivers section.

loanDepot is the Originator, Seller, and Servicing Administrator of
the mortgage loans. Mello Credit Strategies LLC is the Sponsor of
the transaction. LD Holdings Group LLC will serve as Guarantor with
respect to the remedy obligations of the Seller. Mello
Securitization Depositor LLC, a subsidiary of the Sponsor and an
affiliate of the Seller, will act as Depositor of the transaction.

Cenlar FSB will act as the Servicer. Wells Fargo Bank, N.A. (Wells
Fargo; rated AA with a Negative trend by DBRS Morningstar) will act
as the Master Servicer and Securities Administrator. Wilmington
Savings Fund Society, FSB will serve as Trustee, and Deutsche Bank
National Trust Company will serve as Custodian.

For this transaction, the servicing fee is composed of three
separate components: the aggregate base servicing fee, the
aggregate delinquent servicing fee, and the aggregate additional
servicing fee. These fees vary, based on the delinquency status of
the related loan, and will be paid from interest collections before
distribution to the securities.

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

Coronavirus Pandemic Impact

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures 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 the pandemic.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term payment reliefs that
may perform very differently from traditional delinquencies. At the
onset of the pandemic, the option to forebear mortgage payments was
widely available and it drove forbearances to a very high level.
When the dust settled, coronavirus-induced forbearances 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 the
forbearance period comes to an end for many borrowers.

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



MORGAN STANLEY 2017-ASHF: DBRS Confirms BB Rating on Class E Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-ASHF issued by Morgan
Stanley Capital I Trust 2017-ASHF as follows:

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

DBRS Morningstar removed the Under Review with Negative
Implications designations that, given the negative impact of the
Coronavirus Disease (COVID-19) pandemic on the underlying
collateral, had been placed on Classes C, D, and E in September
2020. The trends for Classes A, B, and XEXT were changed to Stable
from Negative. Class C has a Stable trend while Classes D and E
have Negative trends. The Negative trends reflect the ongoing
pandemic risk for the collateral, which may affect occupancy rates
in the near term and delay the full recovery of the portfolio to
pre-pandemic performance.

The rating confirmations reflect DBRS Morningstar's view that the
overall credit profile for the transaction has strengthened in the
last year, particularly given the sponsor's long-term commitment to
the underlying hotel portfolio displayed in raising additional
capital and funding cash shortfalls throughout the pandemic. The
trust is secured by a 17-property portfolio comprising
full-service, limited-service, and extended-stay hotels with 3,128
keys across seven U.S. states. The collateral was greatly affected
by the coronavirus pandemic, which led to operating and debt
service shortfalls since March 2020. The trust comprises 17
individual loans with a total trust balance of $419.0 million. Each
loan features a two-year term with five one-year extension options
and is cross-collateralized and cross-defaulted. The loans have an
upcoming loan maturity in November 2021 and the borrower has until
October 2021 to exercise the next extension option, which will
likely occur. The loan is sponsored by Ashford Hospitality Trust,
Inc., an experienced hotel investment company and publicly traded
real estate investment trust. Marriott International, Inc. manages
five of the hotels while Remington Lodging and Hospitality, LLC
manages the remaining 12 hotels.

The portfolio is geographically diverse as the properties are
located across seven states and 13 metropolitan statistical areas,
and most assets are in primary markets. The brand affiliations are
desirable as all hotels operate under the Marriott and Hilton
brands, which provide extensive reservation systems and brand-loyal
customers. Three hotels have franchise agreements that expire
before the fully extended loan maturity and one of these has a
two-year extension option available. Two of these hotels have
outperformed their respective competitive sets and the franchise
agreements are likely to be renewed. Hampton Inn Evansville had a
franchise agreement expiration in 2021 and has been an
underperformer relative to its competitive set; however, there have
been no reports of its flag being changed. The portfolio's revenue
per available room (RevPAR) has historically been greater than the
respective competitive set, even throughout the pandemic. Per the
sponsor's Q2 2021 earnings call, the sponsor raised a considerable
amount of capital in 2021 totaling $478 million year-to-date to
increase its liquid position to over $520 million to fund operating
shortfalls in the near term. The sponsor is committed to the
collateral while keeping loan payments current, despite the
considerable cash shortfalls.

The loan was in special servicing between April 2020 and April 2021
as the borrower was delinquent for debt service payments and
reserve deposits. A loan modification agreement was executed in
February 2021 and the loan was returned to the master servicer in
April 2021. All loan and required reserve payments were current as
of the August 2021 remittance report. In consideration for the
borrower bringing the loan current, the special servicer approved
the second 12-month extension option and the borrower was required
to purchase an interest protection policy. In addition, the special
servicer modified the minimum required debt yield for the fifth
extension option to 8.0%. A cash sweep reserve period commenced in
April 2020 and will remain in effect until the 8.0% debt yield is
achieved. Finally, no property improvement plan (PIP) reserve
deposits shall be required unless any PIPs are reimposed or
recommenced under a management agreement or franchise agreement.
Per the borrower, there are no PIPs through YE2021. The loan
modification also acknowledged the $450.0 million of loans provided
to the sponsor by Oaktree Capital Management and noted an
intercreditor agreement was not executed.

The loan reported a trailing 12-month (T-12) ended June 30, 2021,
net cash flow (NCF) of $3.0 million, compared with a YE2020 NCF of
$400,839, YE2019 NCF of $42.6 million, and YE2018 NCF of $44.4
million. The loan also reported $1.10 million in fixtures,
furniture, and equipment reserves as of August 2021. STR, Inc.
reports were provided for each property, which showed the portfolio
beginning to rebound in performance in Q2 2021 after various
pandemic-related restrictions were lifted. The occupancy rate
considerably declined by 40.7% and the average daily rate dropped
14.9% across the portfolio in 2020. RevPAR has been trending upward
primarily because of greater occupancy rates and the portfolio
continues to outperform relative to its competitive set.

There are eight properties, representing 56.0% of the allocated
loan amount (ALA), that are full-service hotels, which were
considerably affected by the pandemic. The largest hotel by ALA is
the Sheraton City Center Indianapolis, which reported the lowest
T-12 June 2021 occupancy rate within the portfolio at 25.0%. In
general, properties in Indiana had the largest occupancy rate
declines with the exception of the Residence Inn Evansville, which
is an extended-stay hotel. Overall, 11 properties had RevPAR
penetrations greater than 100%, which is comparable to historical
trends. Three properties had RevPAR penetrations less than 90%:
Courtyard Crystal City Arlington (10.2% of the ALA), Embassy Suites
Las Vegas Airport (7.2% of the ALA), and Hampton Inn Evansville
(2.7% of the ALA).

The DBRS Morningstar ratings assigned to Classes C, D and E had a
variance that was higher than those results implied by the LTV
Sizing Benchmarks from the September 24, 2020 review, when market
value declines were assumed under the Coronavirus Impact Analysis.
The DBRS Morningstar ratings did not have any variances than those
results implied by LTV Sizing Benchmarks considered with this
year's review when a baseline valuation scenario was used. For
additional information on these scenarios, please see the DBRS
Morningstar press release dated September 24, 2020 in respect of
the subject transaction.

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



NEUBERGER BERMAN XV: S&P Affirms B- (sf) Rating on Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R2, B-R2,
C-R2, and D-R2 replacement notes from Neuberger Berman CLO XV
Ltd./Neuberger Berman CLO XV LLC, a CLO originally issued in 2013
that is managed by Neuberger Berman Investment Advisers LLC. At the
same time, S&P withdrew its ratings on the original class A-1-R,
B-R, C-R, and D-R notes following payment in full on the Sept. 21,
2021, refinancing date. S&P also affirmed its ratings on the class
E-R and F-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 extended to March 21, 2022.

-- The transaction has adopted benchmark replacement language and
made updates to conform to current rating agency methodology.

-- S&P said, "On a standalone basis, our cash flow analysis
indicated a lower rating on the class F-R notes (which were not
refinanced) than its rating action on the notes reflects. However,
we affirmed our 'B- (sf)' rating on this class after considering
the margin of failure, the relatively stable overcollateralization
ratio since our last rating action on the transaction, and the
decreasing levels of 'CCC' rated assets and defaulted assets in the
portfolio. We expect the credit support available to all rated
classes to increase as a benefit from the refinancing of the senior
notes. In addition, we believe the payment of principal or interest
on the class F-R notes when due does not depend on favorable
business, financial, or economic conditions. Therefore, this class
does not fit our definition of 'CCC' risk in accordance with our
guidance criteria."

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R2, $237.20 million: Three-month LIBOR + 0.92%
  Class B-R2, $42.60 million: Three-month LIBOR + 1.35%
  Class C-R2, $28.80 million: Three-month LIBOR + 1.85%
  Class D-R2, $23.80 million: Three-month LIBOR + 3.00%

  Original notes

  Class A-1-R, $237.20 million: Three-month LIBOR + 1.18%
  Class B-R, $42.60 million: Three-month LIBOR + 1.65%
  Class C-R, $28.80 million: Three-month LIBOR + 2.05%
  Class D-R, $23.80 million: Three-month LIBOR + 3.05%

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

  Neuberger Berman CLO XV Ltd./ Neuberger Berman CLO XV LLC

  Class A-1-R2, $237.20 million: AAA (sf)
  Class B-R2, $42.60 million: AA (sf)
  Class C-R2, $28.80 million: A (sf)
  Class D-R2, $23.80 million: BBB- (sf)

  Ratings Affirmed

  Neuberger Berman CLO XV Ltd./ Neuberger Berman CLO XV LLC

  Class E-R: BB- (sf)
  Class F-R: B- (sf)

  Ratings Withdrawn

  Neuberger Berman CLO XV Ltd./ Neuberger Berman CLO XV LLC

  Class A-1-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 Ratings

  Neuberger Berman CLO XV Ltd./ Neuberger Berman CLO XV LLC

  Class A-2-R: NR
  Subordinated Notes: NR

  NR--Not rated.



NEW MOUNTAIN 3: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to New Mountain CLO 3
Ltd./New Mountain CLO 3 LLC's floating- and fixed-rate notes and
loans.

The debt 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

  New Mountain CLO 3 Ltd./New Mountain CLO 3 LLC

  Class A notes, $230.000 million: AAA (sf)
  Class A loans, $80.000 million: AAA (sf)
  Class B-1, $49.000 million: AA (sf)
  Class B-2, $21.000 million: AA (sf)
  Class C (deferrable), $30.000 million: A (sf)
  Class D (deferrable), $30.000 million: BBB- (sf)
  Class E (deferrable), $17.500 million: BB- (sf)
  Subordinated notes, $49.875 million: Not rated



OAKTREE CLO 2019-1: S&P Raises Class E Notes Rating to BB- (sf)
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, and C-R replacement notes from Oaktree CLO 2019-1 Ltd./Oaktree
CLO 2019-1, LLC, a CLO originally issued in 2019 that is managed by
Oaktree Capital Management L.P. At the same time, S&P withdrew its
ratings on the original class A-1, A-2, B, and C notes following
payment in full on the Sept. 20, 2021, refinancing date. S&P
affirmed its rating on the class D notes and raised our rating on
the E notes while removing it from CreditWatch, where it was placed
with positive implications on Aug. 20, 2021 (these classes of notes
were not refinanced).

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 will be Sept. 20,
2022.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R, $436.68 million: Three-month LIBOR + 1.11%
  Class A-2-R, $37.50 million: Three-month LIBOR + 1.35%
  Class B-R, $86.25 million: Three-month LIBOR + 1.75%
  Class C-R, $48.75 million: Three-month LIBOR + 2.35%

  Original notes

  Class A-1, $436.68 million: Three-month LIBOR + 1.33%
  Class A-2, $37.50 million: Three-month LIBOR + 1.70%
  Class B, $86.25 million: Three-month LIBOR + 1.85%
  Class C, $48.75 million: Three-month LIBOR + 2.75%

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.

"On Aug. 20, 2021, the rating on the class E notes was placed on
CreditWatch with positive implications. We last took rating action
on the class E tranche on Sept. 3, 2020, when we lowered our rating
on this class to 'B+ (sf)' from 'BB- (sf)', reflecting the failing
class E overcollateralization (OC) tests and the weaker portfolio
credit distribution at the time. Since then, the class E OC test
has come back into compliance and the 'CCC' bucket of this
transaction has declined below the 7.5% threshold. The reduction in
the transaction's overall cost of funding as a result of the
refinancing has also improved the cash flow results for the class E
notes. We raised our rating on the class E note back to its
original rating of 'BB- (sf)' to reflect the improvement in the
credit quality of the portfolio and the coverage test cushions
since our last rating action on this tranche.  "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 will take further rating actions as we deem necessary."

  Ratings Assigned

  Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC

  Class A-1-R, $436.68 million: AAA (sf)
  Class A-2-R, $37.50 million: AAA (sf)
  Class B-R, $86.25 million: AA (sf)
  Class C-R, $48.75 million: A (sf)

  Ratings Withdrawn

  Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC

  Class A-1 to NR from AAA (sf)
  Class A-2 to NR from AAA (sf)
  Class B to NR from AA (sf)
  Class C to NR from A (sf)

  Rating Affirmed

  Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC

  Class D: BBB- (sf)

  Ratings Raised

  Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC

  Class E to BB- (sf) from B+ (sf)/Watch Positive

  Other Outstanding Notes

  Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1, LLC

  Subordinated notes: NR

  NR--Not rated.



OZLM LTD VIII: Moody's Ups Rating on Class D-RR Notes to Ba2
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by OZLM VIII, LTD. (the "CLO" or "Issuer"):

US$69,000,000 Class A-2-RR Senior Secured Floating Rate Notes due
2029 (the "Class A-2-RR Notes"), Upgraded to Aa1 (sf); previously
on November 15, 2018 Assigned Aa2 (sf)

US$29,100,000 Class B-RR Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B-RR Notes"), Upgraded to A1 (sf);
previously on November 15, 2018 Assigned A2 (sf)

US$36,900,000 Class C-RR Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-RR Notes"), Upgraded to Baa1 (sf);
previously on August 14, 2020 Confirmed at Baa3 (sf)

US$31,500,000 Class D-RR Secured Deferrable Floating Rate Notes due
2029 (the "Class D-RR Notes"), Upgraded to Ba2 (sf); previously on
August 14, 2020 Confirmed at Ba3 (sf)

The CLO, originally issued in September 2014, partially refinanced
in May 2017, and refinanced in November 2018, is a managed cashflow
CLO. The notes are collateralized primarily by a portfolio of
broadly syndicated senior secured corporate loans. The
transaction's reinvestment period will end in October 2021.

RATINGS RATIONALE

These rating actions are primarily a result of an increase in the
transaction's over-collateralization (OC) ratios, the short time
remaining until the end of the deal's reinvestment period, and an
improvement of the credit quality of the portfolio since July,
2020.

Based on the trustee's August 2021 report, the OC ratios for the
Class A, Class B, Class C and Class D notes are reported at
129.35%, 121.49%, 112.81% and 106.32%, respectively[1], versus July
2020 levels of 126.97%, 119.28% , 110.77% and 104.41%,
respectively[2].

Additionally, the deal has benefited from the short time remaining
until the end of the reinvestment period and an improvement in the
credit quality of the portfolio. Considering the reinvestment
restrictions during the amortization period, Moody's modeled the
current weighted average rating factor of 2526 (versus the covenant
level of 2955), compared to 3281 in July 2020.

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, weighted average spread, 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: $582,061,764.79

Defaulted par: 1,897,880

Diversity Score: 76

Weighted Average Rating Factor (WARF): 2526

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
3.20%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 4.9 years

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. These
additional scenarios include, among others, decrease in overall WAS
and lower recoveries on defaulted assets.

Methodology Used for 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.


PRKCM 2021-AFC1: S&P Assigns Prelim B (sf) Rating on B-2 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to PRKCM
2021-AFC1's mortgage pass-through notes.

The note issuance is an RMBS transaction backed by first-lien,
fixed- and adjustable-rate, fully amortizing, and some
interest-only residential mortgage loans, primarily secured by
single-family residential properties, planned-unit developments,
condominiums, and two- to four-family residential properties. The
pool has 640 loans, which are nonqualified (ability-to-repay [ATR]
compliant) or ATR-exempt mortgage loans.

The preliminary ratings are based on information as of Sept. 20,
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 asset pool's collateral composition;
-- The transaction's credit enhancement;
-- The transaction's associated structural mechanics;
-- The transaction's geographic concentration;
-- The transaction's representation and warranty framework;
-- The mortgage originator, AmWest Funding Corp.; 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

  PRKCM 2021-AFC1(i)

  Class A-1, $249,686,000: AAA (sf)
  Class A-2, $16,718,000: AA (sf)
  Class A-3, $15,479,000: A+ (sf)
  Class M-1, $14,087,000: BBB+ (sf)
  Class B-1, $7,585,000; BB (sf)
  Class B-2, $4,179,000: B (sf)
  Class B-3, $1,858,520: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The preliminary ratings address the ultimate payment of interest
and principal.

(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period, which initially is $309,592,520.

N/A--Not applicable.



PROVIDENT FUNDING 2021-J1: Moody's Gives (P)B2 Rating to B-5 Certs
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 27
classes of residential mortgage-backed securities (RMBS) issued by
Provident Funding Mortgage Trust (PFMT) 2021-J1. The ratings range
from (P)Aaa (sf)to (P)B2 (sf).

PFMT 2021-J1 will be the first jumbo transaction originated and
sponsored by Provident Funding Associates, L.P. (Provident Funding)
and Colorado Federal Savings Bank (Colorado FSB) and the seventh
overall for which Provident Funding is the originator and servicer.
As of the cut-off date of September 1, 2021, the pool contains of
629 performing mortgage loans with an aggregate principal balance
of $461,698,976. There are 369 GSE-eligible high balance (46.9% by
balance) and 260 non-agency jumbo loans (53.1% by loan balance)
mortgage loans in the pool.

Borrowers of the mortgage loans backing this transaction have
strong credit profiles demonstrated by strong credit scores, high
percentage of equity and significant liquid reserves. As of the
cut-off date, no borrower under any mortgage loan is in a COVID-19
related forbearance plan with the servicer.

Approximately 14.04% of the pool (by balance) is made up of
"Appraisal Waiver" (AW) loans, whereby the sponsors obtained an
appraisal waiver for each such mortgage loan from Fannie Mae. In
each case, Fannie Mae did not require an appraisal of the related
mortgaged property as a condition of approving the related mortgage
loan for purchase.

Provident Funding will act as the servicer of the mortgage loans.
Wells Fargo Bank, N.A. (Wells Fargo, rated Aa1) will be the master
servicer, securities administrator, paying agent and certificate
registrar and the trustee will be Wilmington Savings Fund Society,
FSB.

PFMT 2021-J1 has a shifting interest structure with a five-year
lockout period that benefits from a senior subordination floor and
a subordinate floor.

The complete rating actions are as follows:

Issuer: Provident Funding Mortgage Trust 2021-J1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario is 0.24%
at the mean (0.11% at the median) and reaches 2.98% at a stress
level consistent with Moody's Aaa ratings.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of consumer assets 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 10.0%
and Moody's Aaa losses by 2.5% to reflect the likely performance
deterioration resulting from a slowdown in US economic activity in
2020 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 third-party due diligence (TPR),
and the representations & warranties (R&W) framework of the
transaction.

Collateral Description

As of the cut-off date of September 1, 2021, the pool contains 629
mortgage loans with an aggregate principal balance of $461,698,976
secured by first liens on single family residential properties,
planned unit developments, condominiums and multi-family
residential properties. The loans are fully amortizing, and are
fixed-rate Qualified Mortgages (QM) loans, each with an original
term to maturity of up to 30 years. Of the 629 mortgage loans, 329
or 46.9% (by UPB) mortgage loans have principal balances which meet
the requirements for purchase by Fannie Mae or Freddie Mac, Mae'and
were underwritten pursuant to the guidelines of Fannie Mae or
Freddie Mac (collectively, GSEs), using Fannie's Desktop
Underwriter Program (DU) or Freddie Mac's Loan Product Advisor
(LPA) (collectively, GSE-eligible loans), as applicable. The rest
of the pool is composed of prime jumbo loans. The jumbo non-agency
loans were originated in accordance with the sponsor's underwriting
guidelines in effect at the time the related non-agency loan was
originated. None of the mortgage loans will be insured or
guaranteed by any government agency. None of the mortgage loans
have been 30 days or more delinquent since origination.

Borrowers of the mortgage loans backing this transaction have
strong credit profiles demonstrated by strong credit scores, high
percentage of equity and significant liquid reserves. The average
stated principal balance is $734,021 and the weighted average (WA)
current mortgage rate is 2.92%. The mortgage pool has a WA original
term of 357 months. The mortgage pool has a WA seasoning of 2.90
months. The borrowers have a WA credit score of 782, a WA combined
loan-to-value ratio (CLTV) of 63.03% and WA debt-to-income ratio
(DTI) of 33.79%. Approximately 52.77% (by balance) of the
properties are located in California.

Third-Party Review

One TPR firm verified the accuracy of the loan level information.
The TPR firm conducted detailed credit, property valuation, data
accuracy and compliance reviews on a random sample of 201 (32% by
loan count) of the mortgage loans in the collateral pool. With
sampling, there is a risk that loan defects may not be discovered
and such loans would remain in the pool. Moreover, vulnerabilities
of the R&W framework, such as the lack of an automatic review of
R&Ws by independent reviewer and the weaker financial strength of
the R&W provider, reduce the likelihood that such defects would be
discovered and cured during the transaction's life. Moody's made an
adjustment to loss levels to account for this risk.

The due diligence results confirm compliance with the originator's
underwriting guidelines for the vast majority of loans and no
material regulatory compliance issues. The TPR assigned a
regulatory compliance "C" grade to two reviewed mortgage loans for
failure to adhere to the interpretive rule that the CFPB issued on
August 5, 2021 relating to the effect of the new Juneteenth
National Independence Day on the TRID and rescission disclosure
waiting period timeframes under Regulation Z. However, Moody's did
not make an adjustment to Moody's Aaa loss and EL for these two
loans after considering all of the facts and circumstances related
to these findings.

Representations & Warranties

Moody's assessed Provident Funding Mortgage Trust 2021-J1's R&W
framework as adequate, consistent with that of other prime RMBS
transactions. An effective R&W framework protects a transaction
against the risk of loss from fraudulent or defective loans.
Moody's assessed the R&W framework based on three factors: (a) the
financial strength of the R&W provider; (b) the strength of the
R&Ws (including qualifiers and sunsets) and (c) the effectiveness
of the enforcement mechanisms. Moody's 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.

However, Moody's applied an adjustment to Moody's losses to account
for the following two risks. First, Moody's accounted for the risk
that the R&W providers, may be unable to repurchase defective
mortgage loans in a stressed economic environment. Moody's tempered
this adjustment by taking into account the strong TPR results which
suggest a lower probability that poorly performing mortgage loans
will be found defective following review by the independent
reviewer.

Second, Moody's accounted for the risk that while the sponsors have
provided R&Ws that are generally consistent with a set of credit
neutral R&Ws that Moody's identified in Moody's methodology, the
R&W framework in this transaction differs from that of some other
prime RMBS transactions Moody's have rated because there is a risk
that some loans with R&W defects may not be reviewed because an
independent reviewer is not named at closing and there is a
possibility that an independent reviewer will not be appointed
altogether. Instead, reviews are performed at the option and
expense of the controlling holder, or if there is no controlling
holder (which is the case at closing, because an affiliate of
sponsor will hold the subordinate classes and thus there will be no
controlling holder initially), a senior holder group.

Origination quality

Moody's consider Provident Funding and Colorado FSB an adequate
originators of agency-eligible and prime jumbo non-agency mortgage
loans based on the company's staff and processes for underwriting,
quality control, risk management and performance. Similar to prior
PFMT transactions, the GSE-eligible loans were originated in
accordance with the underwriting guidelines of Fannie Mae or
Freddie Mac, as applicable, while the non-agency jumbo loans were
originated in accordance with the sponsor's underwriting
guidelines. The company's non-agency jumbo underwriting guidelines
are comparable with those of other prime jumbo originators and
generally adhere to the UW guidelines established by Fannie Mae and
QM Appendix Q, with overlays for various factors such as loan
amount, certain underwriting ratios, certain documentation
requirements, etc. Each borrower is required to complete an
application which includes detailed information about the
borrower's assets, liabilities, income, credit history, employment
history among other related items.

Servicing arrangement

Provident Funding will service the mortgage loans pursuant to the
pooling and servicing agreement. Moody's consider the overall
servicing arrangement for this pool to be adequate given the
servicing abilities of the Provident Funding as primary servicer.
Moody's also consider the presence of a strong master servicer to
be a mitigant against the risk of any servicing disruptions.
Moody's did not make any adjustments to Moody's base case and Aaa
stress loss assumptions based on the servicing arrangement.

Other Considerations

The servicer has the option to purchase any mortgage loan which is
90 days or more delinquent, which may result in the step-down test
used in the calculation of the senior prepayment percentage to be
satisfied when otherwise it would not have been. Moreover, because
the purchase may occur prior to the breach review trigger of 120
days delinquency, the loan may not be reviewed for breaches of
representations and warranties and thus, systemic defects may
remain undetected. In Moody's analysis, Moody's considered that the
loans will be purchased by the servicer at par and a TPR firm
having performed a review on a random sample of approximately 32%
(by loan count) of the mortgage loans. Moreover, the reporting for
this transaction will list the mortgage loans purchased by the
servicer.

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 1.00% of the closing pool balance,
and a subordination lock-out amount of 1.00% of the closing pool
balance. The floors are consistent with the credit neutral floors
for the assigned ratings according to Moody's methodology.

Transaction Structure

The transaction is structured as a one pool shifting interest
structure in which the senior bonds benefit from a senior floor and
a subordination floor. Funds collected, including principal, are
first used to make interest payments to the senior bonds. Next
principal payments are made to the senior bonds and then interest
and principal payments are paid to the subordinate bonds in
sequential order, subject to the subordinate class percentage of
the subordinate principal distribution amounts.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balances of the
subordinate bonds are written off, losses from the pool begin to
write off the principal balances of the senior support bonds until
their principal balances are reduced to zero. Next realized losses
are allocated to the super senior bonds until their principal
balances are written off. As in all transactions with
shifting-interest structures, the senior bonds benefit from a cash
flow waterfall that allocates all prepayments to the senior bonds
for a specified period of time, and allocates increasing amounts of
prepayments to the subordinate bonds thereafter only if loan
performance satisfies both delinquency and loss tests.

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 August 2021.


PSMC 2021-3 TRUST: Fitch to Give B+(EXP) Rating to Class B-5 Debt
-----------------------------------------------------------------
Fitch Ratings expects to rate American International Group, Inc.'s
(AIG) PSMC 2021-3 Trust (PSMC 2021-3).

DEBT                 RATING
----                 ------
PSMC 2021-3

A-1       LT AAA(EXP)sf  Expected Rating
A-2       LT AAA(EXP)sf  Expected Rating
A-3       LT AAA(EXP)sf  Expected Rating
A-4       LT AAA(EXP)sf  Expected Rating
A-5       LT AAA(EXP)sf  Expected Rating
A-6       LT AAA(EXP)sf  Expected Rating
A-7       LT AAA(EXP)sf  Expected Rating
A-8       LT AAA(EXP)sf  Expected Rating
A-9       LT AAA(EXP)sf  Expected Rating
A-10      LT AAA(EXP)sf  Expected Rating
A-11      LT AAA(EXP)sf  Expected Rating
A-12      LT AAA(EXP)sf  Expected Rating
A-13      LT AAA(EXP)sf  Expected Rating
A-14      LT AAA(EXP)sf  Expected Rating
A-15      LT AAA(EXP)sf  Expected Rating
A-16      LT AAA(EXP)sf  Expected Rating
A-17      LT AAA(EXP)sf  Expected Rating
A-18      LT AAA(EXP)sf  Expected Rating
A-19      LT AAA(EXP)sf  Expected Rating
A-20      LT AAA(EXP)sf  Expected Rating
A-21      LT AAA(EXP)sf  Expected Rating
A-22      LT AAA(EXP)sf  Expected Rating
A-23      LT AAA(EXP)sf  Expected Rating
A-24      LT AAA(EXP)sf  Expected Rating
A-25      LT AAA(EXP)sf  Expected Rating
A-26      LT AAA(EXP)sf  Expected Rating
A-X-1     LT AAA(EXP)sf  Expected Rating
A-X-2     LT AAA(EXP)sf  Expected Rating
A-X-3     LT AAA(EXP)sf  Expected Rating
A-X-4     LT AAA(EXP)sf  Expected Rating
A-X-5     LT AAA(EXP)sf  Expected Rating
A-X-6     LT AAA(EXP)sf  Expected Rating
A-X-7     LT AAA(EXP)sf  Expected Rating
A-X-8     LT AAA(EXP)sf  Expected Rating
A-X-9     LT AAA(EXP)sf  Expected Rating
A-X-10    LT AAA(EXP)sf  Expected Rating
A-X-11    LT AAA(EXP)sf  Expected Rating
B-1       LT AA-(EXP)sf  Expected Rating
B-2       LT A(EXP)sf    Expected Rating
B-3       LT BBB(EXP)sf  Expected Rating
B-4       LT BB(EXP)sf   Expected Rating
B-5       LT B+(EXP)sf   Expected Rating
B-6       LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The certificates are supported by 469 loans with a total balance of
approximately $428.67 million as of the cutoff date. The pool
consists of prime fixed-rate mortgages (FRMs) acquired by
subsidiaries of American International Group, Inc. (AIG) from
various mortgage originators. Distributions of principal and
interest and loss allocations are based on a traditional
senior-subordinate, shifting-interest structure.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of very
high-quality 30-year fixed-rate fully amortizing Safe Harbor
Qualified Mortgage (SHQM) loans to borrowers with strong credit
profiles, relatively low leverage, and large liquid reserves. The
loans are seasoned an average of six months, as calculated by
Fitch. The pool has a weighted average (WA) original FICO score of
777, which is indicative of very high credit-quality borrowers.
Approximately 87.1% of the loans have a borrower with an original
FICO score equal to or above 750. In addition, the original WA CLTV
ratio of 67.2% represents substantial borrower equity in the
property and reduced default risk. Agency eligible loans comprise
0.9% of the pool.

Geographic Concentration (Neutral): The pool is geographically
diverse, and as a result, no geographic concentration penalty was
applied. Approximately 33% of the pool is located in California,
which is in line with other recent Fitch-rated transactions. The
top three metropolitan statistical areas (MSAs) account for 36.4%
of the pool. The largest MSA concentration is in the Washington,
D.C. MSA (16.5%), followed by the San Francisco, CA MSA (10.7%) and
the Los Angeles, CA MSA (9.3%).

Shifting Interest Structure (Mixed): The mortgage cash flow and
loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

Full Servicer Advancing (Mixed): The servicer is required to make
monthly advances of delinquent principal and interest payments to
the bondholders to the extent that it is deemed recoverable. While
this feature provides liquidity to the bonds, it results in higher
loss severities as these amounts need to be recouped out of
liquidation proceeds. In the event the servicer is unable to make
the advances, they will be funded by Wells Fargo as Master
Servicer.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 1.05% of the original balance will be maintained for the
certificates. Additionally, the stepdown tests do not allow
principal prepayments to subordinate bondholders in the first five
years following deal closing.

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 September 2021 "Global Economic Outlook" and related
baseline economic scenario forecasts have been revised to a 6.2%
U.S. GDP growth for 2021 and 3.9% for 2022 following a 3.4% GDP
decline in 2020. Additionally, Fitch's U.S. unemployment forecasts
for 2021 and 2022 are 5.6% and 4.4%, respectively, 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."

PSMC 2021-3 has an ESG Relevance Score of '4[+]' for Transaction
Parties & Operational Risk due to well-controlled operational risk
that includes strong R&W framework, transaction due diligence
results, an 'Above Average' aggregator, and an 'Above Average'
master servicer, all of which resulted in a reduction in the
expected losses. This has a positive impact on the credit profile
and is relevant to the ratings in conjunction with other factors.

RATING SENSITIVITIES

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

-- The 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 42.1% at 'AAA'. 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.

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

-- The 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'.

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 Recovco, AMC and EdgeMac. The third-party due diligence
described in Form 15E focused on credit, compliance, and property
valuation for each loan and is consistent with Fitch's criteria.
The due diligence companies performed a review on 100% of the
loans. The results indicate high quality loan origination practices
that are consistent with non-agency prime RMBS. Fitch considered
this information in its analysis and, as a result, loans with due
diligence received a credit in the loss model. This adjustment
reduced the 'AAAsf' expected losses by 19 bps.

ESG CONSIDERATIONS

PSMC 2021-3 has an ESG Relevance Score of '4[+]' for Transaction
Parties & Operational Risk due to well-controlled operational risk
that includes strong R&W framework, transaction due diligence
results, an 'Above Average' aggregator, and an 'Above Average'
master servicer, all of which resulted in a reduction in the
expected losses. This has a positive 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.


RCKT MORTGAGE 2021-4: Moody's Gives (P)B3 Rating to Cl. B-5 Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 46
classes of residential mortgage-backed securities (RMBS) issued by
RCKT Mortgage Trust 2021-4 (RCKT 2021-4). The ratings range from
(P)Aaa (sf) to (P)B3 (sf). RCKT 2021-4 is a securitization of prime
jumbo mortgage loans originated and serviced by Rocket Mortgage,
LLC (Rocket Mortgage, f/k/a Quicken Loans, LLC, rated Ba1 (CFR)
with Positive outlook). The transaction is backed by 1,002
first-lien, fully amortizing, 30-year fixed-rate qualified mortgage
(QM) loans, with an aggregate unpaid principal balance (UPB) of
$968,368,411. The average stated principal balance is $966,436.

100% of the collateral pool comprises prime jumbo mortgage loans
underwritten to Rocket Mortgage's Jumbo Smart prime jumbo
underwriting standards. The underwriting incorporates the new QM
rule that replaces the strict 43% debt-to-income (DTI) ratio basis
for the general QM with an annual percentage rate (APR) limit,
while still requiring the consideration of the DTI ratio or
residual income (the new general QM rule).

The transaction is sponsored by Woodward Capital Management LLC, a
wholly owned subsidiary of RKT Holdings, LLC (RKT Holdings). Rocket
Companies, Inc. (NYSE: RKT), is the sole managing member and an
owner of equity interests in RKT Holdings. This will be the fourth
issuance from RCKT Mortgage Trust in 2021 and the sixth transaction
for which Rocket Mortgage (wholly owned subsidiary of RKT Holdings)
is the sole originator and servicer. There is no master servicer in
this transaction. Citibank, N.A. (Citibank, rated Aa3) will be the
securities administrator and Wilmington Savings Fund Society, FSB
will be the trustee.

Transaction credit strengths include the high credit quality of the
collateral pool, the strong third-party review (TPR) results for
credit and compliance, and the prescriptive and unambiguous
representations & warranties (R&W) framework. Transaction credit
weaknesses include weaker property valuation review and 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.

RCKT 2021-4 has a shifting interest structure with a five-year
lockout period that benefits from a senior subordination floor and
a subordinate floor. Moody's coded the cash flow to each of the
certificate classes using Moody's proprietary cash flow tool.

The complete rating actions are as follows:

Issuer: RCKT Mortgage Trust 2021-4

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aaa (sf)

Cl. A-20, Assigned (P)Aaa (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aa1 (sf)

Cl. A-23, Assigned (P)Aa1 (sf)

Cl. A-24, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

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

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

Cl. A-X-12*, Assigned (P)Aa1 (sf)

Cl. A-X-13*, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

Cl. B-5, Assigned (P)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 is 0.77%
at the mean (0.52% at the median) and reaches 5.76% at a stress
level consistent with Moody's Aaa ratings.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of US 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%
(7.45%% for the mean) and Moody's 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 mortgage loans, post-COVID
underwriting takes into account the impact of the pandemic on a
borrower's ability to repay the mortgage. For seasoned mortgage
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

RCKT 2021-4 is a securitization of 1,002 first lien prime jumbo
mortgage loans with an unpaid principal balance of $968,368,411.
100% of the mortgage loans in the pool are underwritten to Rocket
Mortgage's prime jumbo guidelines. The average stated principal
balance is $966,436 and the weighted average (WA) current mortgage
rate is 3.29%. The loans in this transaction have strong borrower
characteristics with a weighted average primary borrower FICO score
of 764 and a weighted-average original loan-to-value ratio (LTV) of
73.6%. The WA original debt-to-income (DTI) ratio is 35.0%. The
average borrower total monthly income is $27,494 with an average
$143,854 of reserves.

Approximately 47.0% of the mortgages are backed by properties in
California. The next largest states by geographic concentration in
the pool are Florida (6.7% by UPB). All other states each represent
5% or less by UPB. Approximately 60.1% of the pool is backed by
single family residential properties and 36.7% is backed by PUDs.
Approximately 36.4% of the mortgages (by UPB) were originated
through the retail channel, 59.6% of the mortgages (by UPB) were
originated through the broker channel and the remaining 4.0% were
originated through the correspondent channel. Loans originated
through different origination channels often perform differently.
Typically, loans originated through a broker or correspondent
channel do not perform as well as loans originated through a retail
channel, although performance will vary by originator.

As of the cut-off date, none of the borrowers of the mortgage loans
are currently subject to a COVID-19 forbearance plan or have
contacted the servicer regarding the same. In the event a borrower
enters into a COVID-19 related forbearance plan after the cut-off
date, such mortgage loan will remain in the pool.

Origination Quality

In this transaction, the loans originated by Rocket Mortgage are
originated pursuant to the new general QM rule. To satisfy the new
rule, Rocket Mortgage implemented its non-agency Jumbo Smart
program for applications on or after March 1, 2021. Under the
program, the APR on all loans will not exceed the average prime
offer rate (APOR) +1.5%, and income and asset documentation will be
governed by the following, designed to meet the verification safe
harbor provisions of the new QM Rule via a mix of the Fannie Mae
Single Family Selling Guide, the Freddie Mac Single-Family
Seller/Servicer Guide, and the applicable program overlays.
Applicable program overlays are in place for FICO, LTV, DTI, and
reserves, among others in its underwriting.

Servicing Arrangement

Moody's assess the overall servicing arrangement for this pool as
adequate, given the ability, scale and experience of Rocket
Mortgage as a servicer. However, compared to other prime jumbo
transactions which typically have a master servicer, servicer
oversight for this transaction is weaker. While third-party review
of Rocket Mortgage's servicing operations, performance and
regulatory compliance will be conducted at least annually by an
independent accounting firm, the government-sponsored entities
(GSEs), the Consumer Financial Protection Bureau (CFPB) and state
regulators, such oversight lacks the depth and frequency that a
master servicer would typically provide.

However, Moody's did not adjust its expected losses for the weaker
servicing arrangement due to the following reasons: (1) Rocket
Mortgage's relative financial strength, scale, franchise value,
experience and demonstrated ability as a servicer, (2) Citibank as
the securities administrator will be responsible for making
advances of delinquent interest and principal if Rocket Mortgage is
unable to do so and for reconciling monthly remittances of cash by
Rocket Mortgage, (3) the R&W framework is strong and includes
triggers for delinquency and modification, which ensures that
poorly performing mortgage loans will be reviewed by a third-party,
and (4) the mortgage pool is of high credit quality.

Servicer compensation will be a monthly fee based on the
outstanding principal amount of the mortgage loans serviced, of a
per annum rate equal to 25 basis points (0.25%).

Third-Party Review

An independent TPR firm, AMC Diligence, LLC (AMC), was engaged to
conduct due diligence for the credit, regulatory compliance,
property valuation, and data accuracy for approximately 73.9% of
the loans in the transaction.

The due diligence results confirm compliance with the originator's
UW guidelines for the vast majority of mortgage loans, no material
regulatory compliance issues, and no material property valuation
exceptions. However, weaknesses exist in the property valuation
review, where 467 non-conforming loans originated under Rocket
Mortgage's Jumbo Smart prime jumbo guidelines had a property
valuation review consisting of Fannie Mae's Collateral Underwriter
score or AVM and no other third-party valuation product such as a
Collateral Desktop Analysis (CDA) and field review or second full
appraisal. Also, there are 262 loans in the pool that were not
reviewed by the due-diligence firm. As a result, Moody's applied an
adjustment to the collateral loss to these 729 loans since the
sample size of loans in the pool that were reviewed using a
third-party valuation product such as a CDA was insufficient.

Representations & Warranties

Moody's assessed RCKT 2021-4's R&W framework for this transaction
as adequate, consistent with that of other prime jumbo transactions
for which an independent reviewer is named at closing, the breach
review process is thorough, transparent and objective, and the
costs and manner of review are clearly outlined at issuance.
However, Moody's applied an adjustment to Moody's losses to account
for the risk that Rocket Mortgage may be unable to repurchase
defective mortgage loans in a stressed economic environment, given
that it is a non-bank entity with a monoline business (mortgage
origination and servicing) that is highly correlated with the
economy. However, Moody's tempered this adjustment by taking into
account Rocket Mortgage's relative financial strength and strong
TPR results which suggest a lower probability that poorly
performing mortgage loans will be found defective following review
by the independent reviewer.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
balance declines, senior bonds are exposed to eroding credit
enhancement over time, and increased performance volatility as a
result. To mitigate this risk, the transaction provides for a
senior subordination floor and a subordination lock-out amount of
1.25% and 1.10% of the cut-off date pool balance, respectively. The
floors are consistent with the credit neutral floors for the
assigned ratings according to Moody's methodology.

Transaction Structure

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

Furthermore, similar to RCKT 2021-3, this transaction contains a
structural deal mechanism in which the servicer and the securities
administrator will not advance principal and interest (P&I) to
mortgage loans that are 120 days or more delinquent. Although this
feature lowers the risk of high advances that may negatively affect
the recoveries on liquidated loans, the reduction in interest
distribution amount is credit negative to the subordinate
certificates, because interest shortfalls resulting from
delinquencies from "Stop Advance Mortgage Loans" (SAML) is
allocated to the subordinate certificates (in reverse order of
distribution priority), then to the senior support certificates and
finally to the super-senior certificates. Once a SAML is
liquidated, the net recovery from that loan's liquidation is
included in available funds and thus follows the transaction's
priority of payment. In Moody's analysis, Moody's have considered
the additional interest shortfall that the certificates may incur
due to the transaction's stop-advance feature.

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 August 2021.


ROMARK CREDIT II: Moody's Assigns Ba3 Rating to $23.25MM E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Romark Credit Funding II, Ltd. (the "Issuer").

Moody's rating action is as follows:

US$170,000,000 Class A Senior Secured Fixed Rate Notes due 2039,
Assigned Aaa (sf)

US$51,000,000 Class B Senior Secured Fixed Rate Notes due 2039,
Assigned Aa3 (sf)

US$17,000,000 Class C Mezzanine Secured Deferrable Fixed Rate Notes
due 2039, Assigned A3 (sf)

US$17,000,000 Class D Mezzanine Secured Deferrable Fixed Rate Notes
due 2039, Assigned Baa3 (sf)

US$23,250,000 Class E Junior Secured Deferrable Fixed Rate Notes
due 2039, 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 CDO's portfolio and structure.

Romark Credit Funding II, Ltd. is a managed cash flow CDO. The
issued notes will be collateralized primarily by corporate bonds
and loans. At least 30% of the portfolio must consist of first lien
senior secured loans, senior secured notes, and eligible
investments, up to 17.5% of the portfolio may consist of second
lien loans and up to 5% of the portfolio may consist of letters of
credit. The portfolio is 0% ramped as of the closing date.

Romark Credit Advisors LP (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 approximately five
year reinvestment period. Thereafter, subject to certain
restrictions, the Manager may reinvest up to 50% of 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: $340,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2729

Weighted Average Coupon (WAC): 5.70%

Weighted Average Recovery Rate (WARR): 27.5%

Weighted Average Life (WAL): 11 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.


SOUND POINT XXXI: Moody's Assigns Ba3 Rating to $24.75MM E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Sound Point CLO XXXI, Ltd. (the "Issuer" or "Sound
Point CLO XXXI").

Moody's rating action is as follows:

US$346,500,000 Class A Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

US$71,500,000 Class B Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

US$33,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

US$30,250,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

US$24,750,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating 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.

Sound Point CLO XXXI is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90% of the portfolio must consist
of first lien senior secured loans (assuming eligible investments
are senior secured loans), and up to 10% of the portfolio may
consist of second lien loans, senior unsecured loans and bonds. The
portfolio is approximately 85% ramped as of the closing date.

Sound Point Capital Management, LP (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: $550,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2865

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 47.0%

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.


SPSS 2021-A LLC: DBRS Assigns BB Rating on Class D Notes
--------------------------------------------------------
DBRS, Inc. assigned ratings to the following classes of notes to be
issued by SPSS 2021-A LLC:

-- $164,500,000 Class A Notes at AAA (sf)
-- $322,000,000 Class B Notes at A (sf)
-- $11,750,000 Class C Notes at BBB (sf)
-- $6,500,000 Class D Notes at BB (sf)

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

-- The transaction assumptions consider DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
Coronavirus Disease (COVID-19) 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, 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.

-- The generally high credit quality of annuity providers and
their improved capitalization positions and risk management
frameworks, which have been enhanced since the global financial
crisis of 2008–09. DBRS Morningstar does not expect the
performance of the structured settlements asset-backed securities
(ABS) transactions to be materially affected in the near term as a
result of those factors. Furthermore, given the relatively
"light-touch" servicing requirements, structured settlements ABS
transactions have not experienced any servicing challenges related
to the coronavirus pandemic. As a result, DBRS Morningstar did not
adjust any assumptions in its analysis of the structured
settlements ABS for any impact from the coronavirus pandemic.

-- The collateral exclusively comprises guaranteed structured
settlements receivables; no lottery receivables are included.
Furthermore, the transaction does not have a prefunding period.

-- The transaction's capital structure and form and sufficiency of
available credit enhancement, as well as 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 timely payment of
interest on a monthly basis and repayment of principal by the Legal
Final Payment Date in September 2075 for the Class A Notes and the
ultimate payment of interest and principal by the Legal Final
Payment Date for all other classes of Secured Notes.

-- DBRS Morningstar's assumed stressed cumulative net loss (CNL)
hurdle rates of 18.27%, 4.70%, 3.24%, and 1.01% in the cash flow
scenarios are commensurate with the AAA (sf), A (sf), BBB (sf), and
BB (sf) ratings, respectively. The CNL hurdle rates reflect the
pool's diverse and relatively highly rated insurance carrier group,
with 93.1% of the present value of the collateral pool represented
by insurance carriers that have an equivalent of at least an "A"
financial strength rating (FSR). The collateral pool is relatively
diverse, with 77 individual insurance carriers and the five largest
and 10 largest obligors accounting for approximately 55.9% and
72.7%, respectively, of the initial Aggregate Discounted Balance
(ADB) as of the Cut-Off Date.

-- DBRS Morningstar assessed the CNL hurdle rates at each rating
level by reviewing the collateral pool's ADB by carrier and the
associated scheduled monthly payment streams. The ADB was derived
for each individual carrier using the weighted-average life (WAL)
of payments and the transaction-specific discount rate (2.860%).
DBRS Morningstar's stressed CNL hurdle rate for the collateral pool
at each rating level is the higher of the hurdle rates assessed
using the largest obligor analysis and the DBRS CLO Asset Model
analysis.

-- DBRS Morningstar's cash flow analysis tested the ability of the
transaction to generate cash flows sufficient to service the
interest and principal payments under four different default timing
scenarios.

-- SuttonPark Capital LLC (SuttonPark) is an established
originator and servicer of structured settlements and annuity
contract receivables. Over the years, the company has sponsored and
supported several ABS transactions secured by such collateral. DBRS
Morningstar deems SuttonPark an acceptable originator and servicer
of structured settlements and annuity receivables.

-- Vervent Inc. is a backup servicer and, if needed, could assume
primary servicing. In addition, Wells Fargo will act as Indenture
Trustee under the Indenture and Sale and Servicing Agreement. On
March 23, 2021, Wells Fargo announced it had entered into a
definitive agreement to sell its corporate trust business to
Computershare, Ltd., with an expected closing in the second half of
2021.

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

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



UBSCM 2018-NYCH: DBRS Confirms B(low) Rating on Class G Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-NYCH, issued by UBSCM
2018-NYCH Mortgage Trust as follows:

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

DBRS Morningstar changed the trends on all classes to Stable, with
the exception of Classes F and G, whose trends remain Negative to
reflect the increased risk to the loan evidenced by the steep
appraisal value decline and the residual effects of the Coronavirus
Disease (COVID-19) global pandemic.

The transaction is collateralized by a $300.0 million,
floating-rate, interest-only (IO) mortgage loan that is secured by
the fee-simple interests on seven recently renovated
limited-service and extended-stay hotels in New York City totaling
1,087 rooms. The loan had an initial term of three years with two
one-year extension options with an initial maturity date of
February 2021. Individual properties from the portfolio may be
released subject to certain provisions including a paydown in
principal on the loan equal to 115% of the allocated loan amount
for the released hotel(s). As of the August 2021 remittance, no
properties have been released.

As a result of the coronavirus pandemic and forced shutdown of the
economy, the loan was transferred to special servicing in April
2020. The loan payments for April and May 2020, and subsequent
months, were made by the mezzanine lender and the borrower
requested a forbearance and an extension of the maturity date.
Although the loan was structured with two conditional one-year
extension options remaining, the collateral did not meet the
required debt yield requirements to extend the maturity date.

The mezzanine lender ultimately foreclosed on the portfolio in
early 2021. The mezzanine lender brought the senior loan payments
current and received a modification in June 2021, extending the
maturity date to February 2024. The modification required a paydown
of $10.0 million and partial payment of default interest. Because
of the low debt yield, the note is trapping cash, with $1.4 million
set aside in a reserve account and an additional $6.0 million in a
capital improvement reserve. According to servicer commentary, the
note will return to the master servicer in September 2021 after
three months of seasoning.

The seven hotels are in Manhattan submarkets that typically have
very active lodging demand: Times Square (three hotels), the
Financial District (two hotels), and one hotel in each Chelsea and
Herald Square. The midmarket hotels are flagged with well-known
brands: Hampton Inn (three hotels), Holiday Inn Express (two
hotels), Holiday Inn, and Candlewood Suites. At issuance,
occupancies at the properties ranged from 90% to 95% with average
daily rates ranging from $198 to $229 per room, averaging $212 per
room night. The sponsor invested $15.2 million, or $13,983 per
room, for a portfolio-wide property improvement plan renovation
that took place from 2016 to 2017.

Although the portfolio has shown steady occupancy rates, the
portfolio's 2019 year-end (YE) net cash flow (NCF) declined 13%
from the Issuer's assumed NCF at issuance. During this time the
portfolio's weighted-average occupancy also declined to 91% from
95% as of YE2019. This resulted in a YE2019 debt service coverage
ratio (DSCR) of 1.63x, compared with the DSCR at issuance of
2.18x.

The June 2021 appraisal reported a value of $357.5 million,
representing a decline of 38.4% compared with the $580.7 million
value at issuance. Even with this significant decline, the new
value remains above the allocated loan balance, providing some
insulation for the bottom-rated classes. Additionally, DBRS
Morningstar finds comfort in the mezzanine lender's commitment to
the property.

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



US COMMERCIAL 2018-USDC: DBRS Confirms BB(high) Rating on F Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed all ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2018-USDC issued by US Commercial
Mortgage Trust 2018-USDC as follows:

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

DBRS Morningstar removed the Under Review with Negative
Implications designation assigned to Classes X, C, D, E, and F,
where they were placed on October 9, 2020, given the negative
impact of the Coronavirus Disease (COVID-19) global pandemic on the
underlying collateral. The trends for Classes A and B were changed
to Stable from Negative, while Stable trends were placed on Classes
X, C, and D. Classes E and F carry Negative trends.

The rating confirmations and Stable trends for the five classes as
listed above reflect the low leverage of the trust debt relative to
the November 2020 appraised value of $830.0 million that was
obtained by the servicer, equating to a loan-to-value ratio (LTV)
of 39.8%. The updated appraised value is down 33.1% from the
issuance appraised value of $1.2 billion and is reflective of the
stress on the collateral's performance during the coronavirus
pandemic. It is noteworthy, however, that various government
agencies are finalizing plans for a multibillion-dollar renovation
and expansion of the property, which is scheduled to occur during
the subject loan term and will increase passenger traffic and
likely raise the collateral value.

The 10-year interest-only (IO) loan features a $330.0 million loan
amount securitized in the trust and $100 million of mezzanine debt
held outside of the trust that is co-terminus with the mortgage
loan. The trust debt is secured by the sub-leasehold interest in
Union Station, a landmarked transit-oriented retail destination
near Capitol Hill in Washington, D.C. The property is composed of
200,550 square feet (sf) of retail space (48% of net rentable area
(NRA)), 135,652 sf of office space (32% of NRA), 63,770 sf of
Amtrak train space (15% of NRA), and 20,825 sf of event space (5%
of NRA). The fee interest is owned by the United States, acting
through the Federal Railroad Administration (FRA) and was ground
leased to the United States Railroad Corporation (USRC) as part of
the restoration of the property in 1985. USRC then subleased the
property to Union Station Venture, Ltd., which was later assumed by
the sponsor in 2007. Both the prime lease and the ground lease
expire in October 2084. Sponsorship is provided by Ashkenazy
Acquisitions Corporation, a private real estate investment firm
headquartered in New York City. According to the sponsor's website,
its portfolio encompasses more than 100 properties valued at $12
billion and primarily focuses on premier retail properties in the
Northeast United States.

The loan has been with the special servicer since May 2020 after
the borrower requested coronavirus-relief as the pandemic has
affected collateral operations since Q1 2020. A forbearance
agreement was executed in October 2020, which granted deferral of
monthly debt service payments and reserves through December 2020.
No payments for the mezzanine loan were to be made until the
subject deferred interest were repaid in full. The deferral period
was granted an extension through February 2021; however, the
borrower failed to repay the deferred amounts beginning in March
2021 and a default notice was issued by the servicer. According to
the special servicer commentary dated May 2021, the sponsor is in
discussions with a sovereign wealth fund to invest $100 million to
recapitalize the project. The special servicer noted the loan must
be brought current in order for the servicer to initiate a review
of the borrower's related request for approval. As of August 2021,
discussions between the borrower and servicer continue, with
approximately $15.4 million of outstanding servicer advances as of
the August 2021 remittance.

At issuance, it was noted Amtrak was in the beginning stages of a
three-year, $50 million modernization of its concourse space that
would triple passenger capacity and significantly increase foot
traffic throughout the property. Construction was originally
anticipated to begin in 2019 with completion in 2021. According to
Amtrak's website, the planning and environmental review phases have
been completed and the project remains in the design phase. The
planned improvements will complement the introduction of a new
Acela fleet, which is accompanied by more frequent service. The
project is also being coordinated with the Washington Union Station
Expansion Project, which would expand and modernize the entire
Union Station. According to FRA's website, the project would take
approximately 11 to 14 years to complete with costs ranging from
$5.8 billion to $7.5 billion. Benefits would include long-term
ridership growth, improved train operation efficiency, and more
space for passenger circulation. A Washington Post article dated
February 2021 noted that the project has been delayed as the FRA is
revising key components of the plan, specifically a controversial
planned parking garage. The same article notes that a final
recommendation is likely expected in 2022.

The May 2021 rent roll showed the property was 48.8% occupied with
an average rent of $15.22 per sf. The retail space is 64.0%
occupied, down from September 2020 retail occupancy rate of 74.7%,
a trend driven by the losses of H&M and Le Pain Quotidian during
that time. The office portion of the property has been vacant since
Amtrak vacated upon its lease expiration in November 2017. Amtrak
still leases the terminal while only paying common area maintenance
reimbursements. The three largest property tenants include
Walgreens (3.5% of NRA; lease expiration of February 2031), Thunder
Grill (2.9% of NRA; MTM lease), and Uno Chicago Grill (2.2% of NRA;
lease expiration of March 2030). Upcoming lease rollover includes
eight tenants (2.6% of NRA) with lease expirations in 2021 and
seven tenants (7.3% of NRA) with lease expirations in 2022. A
tenant status report dated July 2021 for the collateral noted
several lease amendments had been executed, including Walgreens and
Uno Chicago Grill. The borrower is in litigation with four smaller
retail tenants to collect past-due rents and it appears the
borrower is willing to reach settlements in order to maintain
occupancy.

The loan reported a year-end (YE) 2020 net cash flow (NCF) of $20.4
million, compared with the YE2019 NCF of $22.1 million, YE2018 NCF
of $23.1 million and DBRS Morningstar NCF of $25.1 million. The
loan had $884,274 in-ground rent reserves as of August 2021, which
covers approximately three months of annual ground rent. DBRS
Morningstar is closely monitoring the loan modification discussions
as the collateral has incurred significant operating cost and debt
service shortfalls since Q1 2020, with significant servicer
advances still outstanding as of the August 2021 remittance. It
appears the borrower is willing to accept an additional partner
that will inject considerable capital into the project in order to
bring the loan to good standing. Given the stressed value obtained
by the special servicer as of November 2020 shows the leverage on
the trust debt remains very low, DBRS Morningstar does not
anticipate any losses to the bondholders; however, there are many
unknowns with regard to the timing for the borrower and servicer to
come to an agreement regarding the outstanding defaults and plans
for the property going forward, supporting the Negative trends
carried by the two lowest-rated classes as outlined above.

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



VENTURE 44 CLO: Moody's Assigns Ba2 Rating to $25MM Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to nine classes of
notes issued by Venture 44 CLO, Limited (the "Issuer" or "Venture
44").

Moody's rating action is as follows:

US$5,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$295,000,000 Class A-1N Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

US$20,000,000 Class A-1F Senior Secured Fixed Rate Notes due 2034,
Assigned Aaa (sf)

US$10,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

US$55,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned Aa2 (sf)

US$25,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)

US$20,000,000 Class D-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa2 (sf)

US$10,000,000 Class D-2 Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba1 (sf)

US$25,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2034, Assigned Ba2 (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.

Venture 44 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to 10%
of the portfolio may consist of second lien loans, unsecured loans
and permitted debt securities; provided that no more than 5% of the
portfolio may consist of permitted debt securities. The portfolio
is close to 100% ramped as of the closing date.

MJX 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 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: $500,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2753

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 46.0%

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.


[*] DBRS Confirms 3 Ratings from 4 Prestige Auto Trust Transactions
-------------------------------------------------------------------
DBRS, Inc. confirmed three ratings, upgraded 13 ratings, and
discontinued four ratings due to repayment from four Prestige Auto
Receivables Trust Transactions.

The Affected Rating is available at https://bit.ly/3zLNc62

The rating actions are based on the following analytical
considerations:

-- The transaction analysis considers DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
Coronavirus Disease (COVID-19), available in its commentary "Global
Macroeconomic Scenarios - 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.

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

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

-- The transactions' capital structure and form and sufficiency of
available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining CNL (including an
adjustment for the moderate scenario) assumption at a multiple of
coverage commensurate with the ratings.

Notes: The principal methodology is the DBRS Morningstar Master
U.S. ABS Surveillance (May 26, 2021), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.


[*] DBRS Confirms 4 Ratings from 7 FREED ABS Trust Transactions
---------------------------------------------------------------
DBRS, Inc. (DBRS Morningstar) confirmed four ratings, upgraded 12
ratings, and discontinued four ratings due to repayment from seven
FREED ABS Trust Transactions.

The Affected Ratings are available at https://bit.ly/3jP5D4o

The rating actions are based on the following analytical
considerations:

-- The transaction analysis considers DBRS Morningstar's set of
macroeconomic scenarios for select economies related to the
Coronavirus Disease (COVID-19), available in its commentary "Global
Macroeconomic Scenarios - 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.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance, including upward revisions to the
expected cumulative net loss (CNL) assumptions.

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

-- The transactions' capital structures and form and sufficiency
of available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining CNL (including an
adjustment for the moderate scenario) assumption at a multiple of
coverage commensurate with the ratings.

Notes: The principal methodology is the DBRS Morningstar Master
U.S. ABS Surveillance (May 26, 2021), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.


[*] Fitch Puts 102 CLO Ratings and 13 TruPS Rating on Observation
-----------------------------------------------------------------
Fitch Ratings, on Sept. 21, 2021, placed 102 tranches issued by 43
U.S. collateralized loan obligation (CLO) transactions and 13
tranches issued by seven Trust Preferred Securities (TruPS)
collateralized debt obligations (CDOs) Under Criteria Observation
(UCO), following the publication of Fitch's CLO and Corporate CDO
Rating Criteria on Sept. 17, 2021.

    DEBT                     RATING                         PRIOR
    ----                     ------                         -----
Attentus CDO III, Ltd./LLC

A-2 04973PAC3        LT Bsf     Under Criteria Observation  Bsf

Apres Static CLO 1, Ltd.

B-R 03835JBE2        LT A+sf    Under Criteria Observation  A+sf
C-R 03835JBG7        LT BBB+sf  Under Criteria Observation  BBB+sf

D-R 03835KAL4        LT BB+sf   Under Criteria Observation  BB+sf
E-R 03835KAN0        LT B+sf    Under Criteria Observation  B+sf

NXT Capital CLO 2020-1, LLC

B 62960NAC1          LT AAsf    Under Criteria Observation  AAsf
C 62960NAE7          LT Asf     Under Criteria Observation  Asf
D 62960NAG2          LT BBB-sf  Under Criteria Observation  BBB-sf


CBAM 2018-8, Ltd.

B-1 12478CAE1        LT AAsf    Under Criteria Observation  AAsf
B-2 12478CAG6        LT AAsf    Under Criteria Observation  AAsf

LCM XXV Ltd.

Combination Notes    LT A-sf    Under Criteria Observation  A-sf
50189PAW2

Magnetite XIV-R, Limited

B 55954LAE3          LT AAsf    Under Criteria Observation  AAsf

Ivy Hill Middle Market Credit Fund IX, Ltd.

B-R 46603BAQ2        LT AAsf    Under Criteria Observation  AAsf
C-R 46603BAS8        LT BBB+sf  Under Criteria Observation  BBB+sf

D-R 46603BAU3        LT BB+sf   Under Criteria Observation  BB+sf
E-R 46603GAE8        LT B+sf    Under Criteria Observation  B+sf

TICP CLO XI, Ltd.

B 87249QAC4          LT AAsf    Under Criteria Observation  AAsf

Monroe Capital MML CLO VI, Ltd.

Combination Notes    LT BBBsf   Under Criteria Observation  BBBsf
61034LAE5

Dryden 65 CLO, Ltd.

Combination
Securities 26252AAE7 LT A-sf    Under Criteria Observation  A-sf

Palmer Square Loan Funding 2019-3, Ltd.

B 69689LAE6          LT A+sf    Under Criteria Observation  A+sf
C 69689LAG1          LT Asf     Under Criteria Observation  Asf
D 69689NAA0          LT BB+sf   Under Criteria Observation  BB+sf
E 69689NAC6          LT BB+sf   Under Criteria Observation  BB+sf

OZLM VII, Ltd.

A-2-R 67108WBG3      LT AAsf    Under Criteria Observation  AAsf

Canyon Capital CLO 2012-1 R, Ltd.

B 13876JAE2          LT AA+sf   Under Criteria Observation  AA+sf

Guggenheim Private Debt Fund Note Issuer 2.0, LLC

B Notes, Series B-1  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAH1
B Notes, Series B-2  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAJ7
B Notes, Series B-3  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAK4
B Notes, Series B-4  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAL2
B Notes, Series B-5  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAM0
B Notes, Series B-6  LT BBB-sf  Under Criteria Observation  BBB-sf
40168PAN8
C Notes, Series C-1  LT BBsf    Under Criteria Observation  BBsf
40168PAQ1
C Notes, Series C-2  LT BBsf    Under Criteria Observation  BBsf
40168PAR9
C Notes, Series C-3  LT BBsf    Under Criteria Observation  BBsf
40168PAS7
C Notes, Series C-4  LT BBsf    Under Criteria Observation  BBsf
40168PAT5
C Notes, Series C-5  LT BBsf    Under Criteria Observation  BBsf
40168PAU2
C Notes, Series C-6  LT BBsf    Under Criteria Observation  BBsf
40168PAV0
D Notes, Series D-1  LT Bsf     Under Criteria Observation  Bsf
40168PAX6
D Notes, Series D-2  LT Bsf     Under Criteria Observation  Bsf
40168PAY4
D Notes, Series D-3  LT Bsf     Under Criteria Observation  Bsf
40168PAZ1
D Notes, Series D-4  LT Bsf     Under Criteria Observation  Bsf
40168PBA5
D Notes, Series D-5  LT Bsf     Under Criteria Observation  Bsf
40168PBB3
D Notes, Series D-6  LT Bsf     Under Criteria Observation  Bsf
40168PBC1

Monroe Capital MML CLO 2016-1, Ltd.

C-R 610337AS6        LT A+sf    Under Criteria Observation  A+sf
D-R 610337AU1        LT BBB+sf  Under Criteria Observation  BBB+sf


Dryden 40 Senior Loan Fund

B-R 26244GAG0        LT AAsf    Under Criteria Observation  AAsf

Trapeza CDO III, LLC

C-1 89412MAG1        LT CCsf    Under Criteria Observation  CCsf
C-2 89412MAJ5        LT CCsf    Under Criteria Observation  CCsf

Golub Capital Partners CLO 54(M), L.P.

B 381743AC7          LT AAsf    Under Criteria Observation  AAsf
C 381743AE3          LT Asf     Under Criteria Observation  Asf
D 381743AG8          LT BBB-sf  Under Criteria Observation  BBB-sf


Palmer Square Loan Funding 2019-2

B 69689PAE7          LT AAsf    Under Criteria Observation  AAsf
C 69689PAG2          LT A+sf    Under Criteria Observation  A+sf
D 69689MAA2          LT BBB-sf  Under Criteria Observation  BBB-sf

E 69689MAE4          LT BB+sf   Under Criteria Observation  BB+sf

Vibrant CLO IX, Ltd.

A-2 92558VAC8        LT AAsf    Under Criteria Observation  AAsf

Allegro CLO II-S Ltd.

A-2 01751EAE8        LT AA+sf   Under Criteria Observation  AA+sf

Palmer Square Loan Funding 2020-2, Ltd.

B 69701FAE3          LT A+sf    Under Criteria Observation  A+sf
C 69701FAG8          LT Asf     Under Criteria Observation  Asf
D 69701GAA9          LT BB+sf   Under Criteria Observation  BB+sf

Parallel 2017-1 Ltd.

B-R 69915XAQ9        LT AAsf    Under Criteria Observation  AAsf

Palmer Square Loan Funding 2018-4, Ltd

B 69700KAE3          LT AA+sf   Under Criteria Observation  AA+sf
C 69700KAG8          LT A+sf    Under Criteria Observation  A+sf
D 69700NAA5          LT BBB-sf  Under Criteria Observation  BBB-sf

E 69700NAC1          LT BB+sf   Under Criteria Observation  BB+sf

CIFC Funding 2018-V, Ltd.

A-2 12550GAC7        LT AAsf    Under Criteria Observation  AAsf

Palmer Square Loan Funding 2020-1, Ltd.

B 69701EAE6          LT A+sf    Under Criteria Observation  A+sf
C 69701EAG1          LT BBB+sf  Under Criteria Observation  BBB+sf

D 69701DAA6          LT BB+sf   Under Criteria Observation  BB+sf

PPM CLO 2018-1 Ltd.

B-1 69355DAC1        LT AAsf    Under Criteria Observation  AAsf
B-2 69355DAL1        LT AAsf    Under Criteria Observation  AAsf

AIG CLO 2018-1, LLC

Exchangeable Secured LT BB-sf   Under Criteria Observation  BB-sf
00141UAQ6

Taberna Preferred Funding III, Ltd./Inc.

A-1A 87330WAA5       LT CCCsf   Under Criteria Observation  CCCsf
A-1C 87330WAC1       LT CCCsf   Under Criteria Observation  CCCsf

Dryden 38 Senior Loan Fund

B-R 26249QAU2        LT AAsf    Under Criteria Observation  AAsf

MP CLO VII, Ltd. (f/k/a ACAS CLO 2015-1, Ltd.)

F-RR 55320TAD5       LT B-sf    Under Criteria Observation  B-sf

Preferred Term Securities XXI, Ltd./Inc.

C-1 74042JAE3        LT CCsf    Under Criteria Observation  CCsf
C-2 74042JAK9        LT CCsf    Under Criteria Observation  CCsf

Apidos CLO XVIII-R

B 03767NAG1          LT AAsf    Under Criteria Observation  AAsf

LCM XVII Limited Partnership

B-RR 50190AAR3       LT AAsf    Under Criteria Observation  AAsf

Buttermilk Park CLO, Ltd.

B-1 124166AE9        LT AA+sf   Under Criteria Observation  AA+sf

Golub Capital Partners CLO 33(M)-R2, L.P.

A-R2 38174TAE6       LT A-sf    Under Criteria Observation  A-sf

Palmer Square Loan Funding 2018-5, Ltd.

B 69700PAE2          LT AA+sf   Under Criteria Observation  AA+sf
C 69700PAG7          LT A+sf    Under Criteria Observation  A+sf
D 69700QAA8          LT BBB+sf  Under Criteria Observation  BBB+sf


Preferred Term Securities XV, Ltd./Inc.


B-1 74041CAE9        LT CCsf    Under Criteria Observation  CCsf
B-2 74041CAF6        LT CCsf    Under Criteria Observation  CCsf
B-3 74041CAG4        LT CCsf    Under Criteria Observation  CCsf

Kodiak CDO II, Ltd./Corp.

A-3 50011RAC6        LT Bsf     Under Criteria Observation  Bsf

Palmer Square Loan Funding 2020-4, Ltd.

B 69701PAE1          LT A+sf    Under Criteria Observation  A+sf
C 69701PAG6          LT Asf     Under Criteria Observation  Asf
D 69701QAA7          LT BB+sf   Under Criteria Observation  BB+sf
E 69701QAC3          LT BB+sf   Under Criteria Observation  BB+sf

Palmer Square Loan Funding 2019-1

B 69700VAE9          LT A+sf    Under Criteria Observation  A+sf
C 69700VAG4          LT A+sf    Under Criteria Observation  A+sf
D 69700RAA6          LT BBB-sf  Under Criteria Observation  BBB-sf


Symphony CLO XVI, Ltd.

B-1R 87165VAH2       LT AAsf    Under Criteria Observation  AAsf

Dryden 41 Senior Loan Fund

B-R 26244KAQ9        LT AAsf    Under Criteria Observation  AAsf

Newstar Fairfield Fund CLO, Ltd. (F/K/A Fifth Street SLF II, Ltd.)

A-2-N 65252BAC7      LT AAsf    Under Criteria Observation  AAsf
B-1-N 65252BAE3      LT A-sf    Under Criteria Observation  A-sf
B-2-N 65252BAJ2      LT A-sf    Under Criteria Observation  A-sf
C-N 65252BAG8        LT BBB-sf  Under Criteria Observation  BBB-sf

D-N 65252CAA9        LT BB-sf   Under Criteria Observation  BB-sf

Palmer Square Loan Funding 2019-4, Ltd.

B 69689HAE5          LT A+sf    Under Criteria Observation  A+sf
C 69689HAG0          LT A-sf    Under Criteria Observation  A-sf
D 69689JAA9          LT BB+sf   Under Criteria Observation  BB+sf

Taberna Preferred Funding I, Ltd./Inc.

A-1A 87330PAA0       LT Bsf     Under Criteria Observation  Bsf
A-1B 87330PAB8       LT Bsf     Under Criteria Observation  Bsf

Voya CLO 2018-3, Ltd.

B 92917KAC8          LT AAsf    Under Criteria Observation  AAsf

Regatta XV Funding Ltd.

A-2 75888RAE9        LT AA-sf   Under Criteria Observation  AA-sf

Vibrant CLO III, Ltd

A-2-RR 92557UAY3     LT AAsf    Under Criteria Observation  AAsf

Palmer Square Loan Funding 2018-3 Ltd.

B 69700LAE1          LT AA+sf   Under Criteria Observation  AA+sf
C 69700LAG6          LT A+sf    Under Criteria Observation  A+sf
D 69700MAA7          LT BBB+sf  Under Criteria Observation  BBB+sf

E 69700MAC3          LT BB+sf   Under Criteria Observation  BB+sf

KEY RATING DRIVERS

This rating action includes notes that could incur rating changes
as a result of the application of the updated criteria. It does not
indicate a change in the underlying credit profile, nor does it
affect existing Outlooks or Rating Watch status of the notes.

Fitch will resolve the UCO status by applying the updated criteria
to each transaction within six months. The resolutions would be
based on the then current performance metrics of each transactions
and therefore include the combined impact of the criteria update
and change in performance and paydowns, if any. The impact from the
criteria update, in and of itself, is expected to range from none
to a modestly positive impact on ratings. Accordingly, Fitch has
not placed 'AAAsf'-rated tranches on UCO.

RATING SENSITIVITIES

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

-- The key rating sensitivity for the resolution of the UCO
    status will be Fitch's completion of its analytical work
    reviewing the ratings under its new criteria.

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

-- Please see above.

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.

DATA ADEQUACY

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


[*] S&P Takes Various Actions on 12 Business and IT Services
------------------------------------------------------------
S&P Global Ratings took various rating actions on 12 business and
information technology (IT) services.

S&P said, "The outlook for the U.S. business and information
technology (IT) services sector has improved materially because
many of the issuers we rate are benefiting from the reopening of
businesses, robust economic growth, and increased demand as the
coronavirus pandemic subsides. While there are substantial
variations in the pace of recovery in diverse industry segments,
positive rating actions sharply outpace downgrades. Despite ongoing
concerns around tight U.S. labor markets, wage inflation,
supply-chain disruptions, and the spread of COVID-19 variants, the
issuers we rate are increasingly confident that these issues are
transitory." In addition, many issuers are using their improving
cash flows or access to capital to fund capital spending,
acquisitions, or shareholder distributions.

The U.S. business and IT services sector benefits from the ongoing
trend toward the outsourcing of non-core functions to improve
speed, agility, quality, productivity, decision making, and profit.
S&P said, "In our opinion, the COVID-19 pandemic has accelerated
this trend because companies are increasingly adopting digital
transformation solutions. We believe this will likely provide a
steady tailwind and support industry expansion at or above our
forecast for U.S. GDP growth of 6.7% in 2021 and 3.7% in 2022."

S&P said, "We took rating actions on 10 issuers that generally
reflect their improving trends and credit measures. We also
downgraded one issuer to reflect its near-term liquidity pressure
because the operating conditions in the lubricant distribution
industry remain challenged. We expect to publish our rationales for
each of the affected issuers shortly following this release."

  List Of Rating Actions

  ISSUER                     TO              FROM

  CDK Global Inc.        BB+/Stable/--     BB+/Negative/--
  SIRVA Inc.             CCC+/Negative/--  CCC+/Negative/--
  Genuine Financial
    Holdings LLC         B-/Stable/--      B-/Negative/--
  RGIS Holdings LLC      B-/Stable/--      B-/Negative/--
  DTI Holdco Inc.        CCC+/Positive/--  CCC+/Negative/--
  The Brink's Co.        BB/Positive/--    BB/Stable/--
  S&S Holdings LLC       B-/Positive/--    B-/Stable/--
  Newport Group
    Holdings II Inc.     B/Stable/--       B/Negative/--
  Nexus Buyer LLC        B-/Positive/--    B-/Stable/--
  PetroChoice
    Holdings Inc.        CCC/Negative/--   CCC+/Watch Neg/--
  The Knot WorldWide Inc. B/Stable/--      B/Negative/--
  Brightstar Corp.       B-/Positive/--    B-/Stable/--



[*] S&P Takes Various Actions on 41 Classes from 20 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 41 ratings from 20 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
15 upgrades, two downgrades, 23 affirmations, and one
discontinuance.

A list of Affected Ratings can be viewed at:

           https://bit.ly/3EJC10u

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its 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;
-- Collateral performance or delinquency trends;
-- Historical and/or outstanding missed interest payments; and
-- Erosion of or increases in credit support.

Rating Actions

S&P said, "The rating changes reflect our opinion regarding the
associated transaction-specific collateral performance and/or
structural characteristics, as well as the application of specific
criteria applicable to these classes.

"The rating affirmations reflect our opinion that our projected
credit support, collateral performance, and credit-related
reductions in interest on these classes has remained relatively
consistent with our prior projections."


[*] S&P Takes Various Actions on 78 Classes from 35 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 78 classes from 35 U.S.
RMBS transactions, including 32 U.S. RMBS re-securitized real
estate mortgage investment conduits (re-REMIC), issued between 2003
and 2010. The review yielded two upgrades, seven downgrades, 48
affirmations, 15 withdrawals, and six discontinuance.

A list of Affected Ratings can be viewed at:

           https://bit.ly/3Al3h2S

Analytical Considerations

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

-- Underlying collateral performance or delinquency trends;

-- Available subordination and/or overcollateralization;

-- A small loan count;

-- Payment priority; and

-- Reduced interest payments due to loan modifications.

Rating Actions

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

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



                            *********

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