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

              Sunday, October 3, 2021, Vol. 25, No. 275

                            Headlines

AB BSL 3: S&P Assigns BB- (sf) Rating on $20MM Class E Notes
AMSR 2021-SFR3: DBRS Assigns Prov. B(low) Rating on Class G Certs
ARBOR REALTY 2021-FL3: DBRS Gives Prov. B(low) Rating on G Notes
AVANT CREDIT 2021-1: DBRS Confirms BB(low) Rating on Class D Notes
B2R MORTGAGE: DBRS Reviews 22 Classes From 3 Rental Transactions

BAIN CAPITAL 2021-4: Moody's Assigns Ba3 Rating to Class E Notes
BALLYROCK CLO 17: Moody's Assigns Ba3 Rating to $20MM Cl. D Notes
BAYVIEW FINANCING 2021-5F: DBRS Finalizes BB(high) on A3 Notes
BBCMS TRUST 2018-BXH: DBRS Confirms BB(low) Rating on Class F Certs
BELLEMEADE RE 2021-3: DBRS Gives Prov. B(high) Rating on B-1 Notes

BX COMMERCIAL 2020-VKNG: DBRS Confirms B Rating on Class G Certs
BX COMMERCIAL 2021-VOLT: DBRS Gives Prov. BB Rating on Cl. G Certs
BX TRUST 2018-EXCL: DBRS Confirms BB(low) Rating on Class D Certs
BX TRUST 2021-SDMF: DBRS Gives Prov. B(low) Rating on Class G Certs
CALIFORNIA STREET IX: S&P Affirms B-(sf) Rating on Class F-R2 Notes

CARLYLE US 2021-7: S&P Assigns BB- (sf) Rating on Class D Notes
CARLYLE US 2021-8: S&P Assigns Prelim BB- (sf) Rating on E Notes
CARVANA AUTO 2021-N3: DBRS Finalizes BB Rating on Class E Notes
CARVANA AUTO 2021-P3: S&P Assigns BB+ (sf) Rating on Class N Notes
CASS COUNTY R-IX: S&P Assigns B (sf) Rating on Class B-2 Notes

CATHEDRAL LAKE 2013: S&P Affirms 'B (sf)' Rating on Class D-R Notes
CIFC FUNDING 2020-II: S&P Assigns Prelim BB-(sf) Rating on E Notes
CITIGROUP COMMERCIAL 2016-C2: DBRS Hikes Class G-1 Rating to B
CITIGROUP COMMERCIAL 2016-P6: Fitch Cuts Class F Certs to 'CCC'
CLNC 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes

CLNY TRUST 2019-IKPR: DBRS Confirms B Rating on Class F Certs
COMM TRUST 2020-CBM: DBRS Confirms BB(low) Rating on Class F Certs
CSMC 2021-NQM6: S&P Assigns Prelim B (sf) Rating on B-2 Certs
CWMBS REPERFORMING 2004-R1: Moody's Cuts 1A-S Certs Rating to Ca
DBWF 2015-LCM: DBRS Confirms BB(low) Rating on 2 Classes

DEEPHAVEN RESIDENTIAL 2021-3: S&P Assigns 'B-' Rating on B-2 Notes
ELMWOOD CLO XI: S&P Assigns BB- (sf) Rating on $18MM Class E Notes
FORTRESS CREDIT XII: S&P Assigns BB- (sf) Rating on Class E Notes
FREDDIE MAC 2021-HQA3: Moody's Assigns (P)B1 Rating to 10 Tranches
GCAT 2021-NQM5: S&P Assigns Prelim B(sf) Rating on Class B-2 Certs

GS MORTGAGE 2018-HULA: DBRS Confirms B(low) Rating on Class G Certs
GS MORTGAGE 2021-PJ9: DBRS Gives Prov. B Rating on Class B-5 Certs
HGI CRE CLO 2021-FL2: DBRS Gives Prov. B(low) Rating on G Notes
HILTON USA 2016-HHV: DBRS Confirms BB Rating on Class E Certs
HILTON USA 2016-SFP: DBRS Confirms B(high) Rating on Class F Certs

JP MORGAN 2011-C5: DBRS Lowers Rating on 2 Classes to C
JP MORGAN 2017-FL10: DBRS Confirms BB Rating on Class E Certs
MARBLE POINT XVIII: S&P Withdraws 'BB- (sf)' Rating on Cl. E Notes
MF1 LTD 2021-FL7: DBRS Gives Prov. B(low) Rating on Class H Notes
NEUBERGER BERMAN 44: S&P Assigns BB- (sf) Rating on Class E Notes

NYACK PARK: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
OAKTREE CLO 2019-3: S&P Assigns Prelim BB- (sf) Rating on ER Notes
OHA CREDIT XVI: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
PEACE PARK: S&P Assigns BB- (sf) Rating on $23.66MM Class E Notes
PFP 2021-8: DBRS Gives Prov. B(low) Rating on Class G Notes

PRKCM 2021-AFC1: S&P Assigns B (sf) Rating on Class B-2 Notes
SHELTER GROWTH 2021-FL3: DBRS Gives Prov. B(low) Rating on H Notes
VERUS SECURITIZATION 2021-5: DBRS Gives Prov. B Rating on B2 Notes
VERUS SECURITIZATION 2021-5: S&P Assigns B- (sf) on Class B-2 Notes
WELLS FARGO 2021-2: DBRS Gives Prov. B Rating on Class B-5 Certs

[*] S&P Discontinues D (sf) Ratings on 14 Classes from 5 CMBS Deals
[*] S&P Takes Various Action on 20 Classes from 18 U.S. RMBS Deals
[*] S&P Takes Various Actions on 103 Classes from 17 US RMBS Deals
[*] S&P Takes Various Actions on 68 Classes from 3 US RMBS Deals

                            *********

AB BSL 3: S&P Assigns BB- (sf) Rating on $20MM Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its 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 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

  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



AMSR 2021-SFR3: DBRS Assigns Prov. B(low) Rating on Class G Certs
-----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates to be issued by AMSR
2021-SFR3 Trust (AMSR 2021-SFR3):

-- $109.4 million Class A at AAA (sf)
-- $44.1 million Class B at AAA (sf)
-- $14.7 million Class C at AAA (sf)
-- $19.3 million Class D at AA (high) (sf)
-- $36.8 million Class E-1 at A (low) (sf)
-- $40.5 million Class E-2 at BBB (low) (sf)
-- $38.6 million Class F at BB (low) (sf)
-- $34.0 million Class G at B (low) (sf)

The AAA (sf) rating on the Class A, B, and C Certificates reflects
69.9%, 57.8%, and 53.8% of credit enhancement provided by
subordinated notes in the pool. The AA (high) (sf), A (low) (sf),
BBB (low) (sf), BB (low) (sf), and B (low) (sf) ratings reflect
48.5%, 38.4%, 27.3%, 16.7%, and 7.3% credit enhancement,
respectively.

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

The AMSR 2021-SFR3 certificates are supported by the income streams
and values from 1,730 rental properties. The properties are
distributed across 14 states and 35 MSAs in the United States. DBRS
Morningstar maps an MSA based on the ZIP code provided in the data
tape, which may result in different MSA stratifications than those
provided in offering documents. As measured by BPO value, 55.8% of
the portfolio is concentrated in three states: Missouri (19.6%),
Georgia (18.7%), and Florida (17.5%). The average value is
$213,728. The average age of the properties is roughly 33 years.
The majority of the properties have three or more bedrooms. The
certificates represent a beneficial ownership in an approximately
five-year, fixed-rate, interest-only loan with an initial aggregate
principal balance of approximately $364.1 million.

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

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



ARBOR REALTY 2021-FL3: DBRS Gives Prov. B(low) Rating on G Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Arbor Realty Commercial Real Estate Notes
2021-FL3 Ltd:

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

All trends are Stable.

The initial collateral consists of 36 floating-rate mortgage loans
and senior participations secured by 50 mostly transitional
properties, with an initial cut-off date balance totaling
approximately $1.19 billion. Each collateral interest is secured by
a mortgage on a multifamily property or a portfolio of multifamily
properties. The transaction is a managed vehicle, which includes a
180-day ramp-up acquisition period and 30-month reinvestment
period. The ramp-up acquisition period will be used to increase the
trust balance by $352.2 million to a total target collateral
principal balance of $1.5 billion. DBRS Morningstar assessed the
$352.2 million ramp component using a conservative pool construct,
and, as a result, the ramp loans have expected losses above the
pool WA loan expected loss. During the reinvestment period, so long
as the note protection tests are satisfied and no EOD has occurred
and is continuing, the collateral manager may direct the
reinvestment of principal proceeds to acquire reinvestment
collateral interest, including funded companion participations,
meeting the eligibility criteria. The eligibility criteria, among
other things, has minimum DSCR, LTV, and loan size limitations. In
addition, mortgages exclusively secured by multifamily properties
are allowed as ramp-up collateral interests, with a small portion
of student housing properties (7.5% of total pool balance) allowed
during the reinvestment period. Lastly, the eligibility criteria
stipulates a rating agency confirmation (RAC) on ramp loans,
reinvestment loans, and pari passu participation acquisitions above
$500,000 if a portion of the underlying loan is already included in
the pool, thereby allowing DBRS Morningstar the ability to review
the new collateral interest and any potential impacts to the
overall ratings.

For the floating-rate loans, DBRS Morningstar used the one-month
Libor index, which is based on the lower of a DBRS Morningstar
stressed rate that corresponded to the remaining fully extended
term of the loans or the strike price of the interest rate cap with
the respective contractual loan spread added to determine a
stressed interest rate over the loan term. When the cut-off
balances were measured against the DBRS Morningstar As-Is NCF, 21
loans, representing 51.9% of the initial pool balance, had a DBRS
Morningstar As-Is DSCR of 1.00x or below, a threshold indicative of
default risk. The properties are often transitioning with potential
upside in cash flow; however, DBRS Morningstar does not give full
credit to the stabilization if there are no holdbacks or if other
loan structural features in place are insufficient to support such
treatment. Furthermore, even with the structure provided, DBRS
Morningstar generally does not assume the assets will stabilize to
above-market levels. The transaction will have a sequential-pay
structure.

The sponsor for the transaction, Arbor Realty SR, Inc., is a
majority-owned subsidiary of Arbor Realty Trust, Inc. (Arbor; NYSE:
ABR) and an experienced commercial real estate (CRE) collateralized
loan obligation (CLO) issuer and collateral manager. The ARCREN
2021-FL3 transaction will be Arbor's 16th post-crisis CRE CLO
securitization, and the firm has six outstanding transactions
representing approximately $4 billion in investment-grade proceeds.
In total, Arbor has been an issuer and manager of 15 CRE CLO
securitizations totaling roughly $7.2 billion. Additionally, Arbor
will purchase and retain 100.0% of the Class F Notes, the Class G
Notes, and the Preferred Shares, which total $262,500,000, or 17.5%
of the transaction total.

The transaction's initial collateral composition consists entirely
of multifamily properties, which benefit from staggered lease
rollover and generally low expense ratios compared with other
property types. While revenue is quick to decline in a downturn
because of the short-term nature of the leases, it is also quick to
respond when the market improves. The subject pool includes
garden-style communities and midrise/high-rise buildings. After
closing, as part of the ramp-up and reinvestment period, the
collateral manager may only acquire loans secured by multifamily
properties. The prior ARCREN 2021-FL2 transaction allowed the
collateral manager to also acquire industrial and office
properties. Compared to the ARCREN 2021-FL2 transaction, the
subject pool has more favorable property type requirements during
the reinvestment period.

Thirty-three loans, representing 88.0% of the pool balance,
represent acquisition financing. Acquisition financing generally
requires the respective sponsor(s) to contribute material cash
equity as a source of funding in conjunction with the mortgage
loan, which results in a higher sponsor cost basis in the
underlying collateral and aligns the financial interests between
the sponsor and lender.

The WA DBRS Morningstar Stabilized LTV is lower than recently rated
Arbor transactions. Eleven loans, representing 25.8% of the total
trust balance, have a DBRS Morningstar Stabilized LTV less than
70.0%, which decreases refinance risk at maturity. Two of these
loans are in the top 10 largest loans in the pool, including Bevel
LIC (#2) and Commons at White Marsh (#8). Additionally, there are
no loans in the pool with a DBRS Morningstar Stabilized LTV of
80.0% or greater.

The initial collateral pool is diversified across 15 states and has
a loan Herfindahl score of approximately 30.1. The loan Herfindahl
score is similar to recent Arbor CRE CLO transactions. Three of the
loans, representing 15.1% of the initial pool balance, are
portfolio loans that benefit from multiple property pooling.
Mortgages backed by cross-collateralized cash flow streams from
multiple properties typically exhibit lower cash flow volatility.

The eligibility criteria has degraded from prior transactions, and
now allows for higher LTV and lower DSCR's when compared to the two
prior ARCREN 2021 transactions. The collateral manager has the
option to acquire multifamily loans with an As-Stabilized LTV of
80.0% and a minimum DSCR of 1.15x. This compares to 75.0% LTV and
1.25x DSCR in ARCREN 2021-FL1 and ACREN 2021-FL2. DBRS Morningstar
modeled the hypothetical ramp-up loans with the maximum LTV of
80.0% and DSCR minimum of 1.15x, which results in higher POD and
LGD adjustments compared to the prior 2021 ARCREN transactions.
Before the collateral manager can acquire new loans, the loans will
be subject to a No Downgrade Confirmation by DBRS Morningstar. The
business plan score is an input into the DBRS Morningstar model and
drives the blended POD used for the loan's expected loss. A riskier
business plan drives a higher POD.

The transaction is managed and includes both a ramp-up and
reinvestment period, which could result in negative credit
migration and/or an increased concentration profile over the life
of the transaction. The deal's initial collateral composition is
100.0% multifamily. During the ramp-up period, only loan secured by
multifamily properties can be added. However, during the
reinvestment period, student housing loans can be added as well, as
long as they do not exceed 7.5% of the total pool balance. Future
loans cannot be secured by office, hospitality, industrial, retail,
or healthcare-type facilities, such as assisted living and memory
care. The risk of negative credit migration is also partially
offset by eligibility criteria that outline DSCR, LTV, property
type, and loan size limitations for ramp and reinvestment assets.
Before ramp loans, reinvestment loans and companion participations
above $500,000 can be acquired by the Collateral manager, a No
Downgrade Confirmation is required from DBRS Morningstar. DBRS
Morningstar accounted for the uncertainty introduced by the 180-day
ramp-up period by running a ramp scenario that simulates the
potential negative credit migration in the transaction based on the
eligibility criteria.

DBRS Morningstar has analyzed the loans to a stabilized cash flow
that is, in some instances, above the in-place cash flow. It is
possible that the sponsors will not successfully execute their
business plans and that the higher stabilized cash flow will not
materialize during the loan term, particularly with the ongoing
coronavirus pandemic and its impact on the overall economy. A
sponsor's failure to execute the business plan could result in a
term default or the inability to refinance the fully funded loan
balance. DBRS Morningstar made relatively conservative
stabilization assumptions and, in each instance, considered the
business plan to be rational and the loan structure to be
sufficient to execute such plans. In addition, DBRS Morningstar
analyzes LGD based on its As-Is LTV, assuming the loan is fully
funded.

All loans in the pool have floating interest rates and are IO
during the initial loan term, as well as during all extension
terms, creating interest rate risk and lack of principal
amortization. DBRS Morningstar stresses interest rates based on the
loan terms and applicable floors or caps. The DBRS Morningstar
adjusted DSCR is a model input and drives loan level POD's and
LGD's. All loans have extension options, and to qualify for these
options, the loans must meet minimum DSCR and LTV requirements. All
loans are short-term and, even with extension options, have a fully
extended loan term of five years maximum.

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



AVANT CREDIT 2021-1: DBRS Confirms BB(low) Rating on Class D Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional rating to the following classes of
Series 2021-1 notes to be issued by Avant Credit Card Master Trust
as follows:

-- $111,970,000 Class A Notes at AA (low) (sf)
-- $10,160,000 Class B Notes at A (sf)
-- $13,320,000 Class C Notes at BBB (low) (sf)
-- $14,550,000 Class D Notes at BB (low) (sf)

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

(1) The analysis incorporating the impact of the coronavirus
pandemic.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns, published on September 8, 2021. These baseline
macroeconomic scenarios replace DBRS Morningstar's moderate and
adverse COVID-19 pandemic scenarios, which were first published in
April 2020. The baseline macroeconomic scenarios reflect the view
that, although COVID-19 remains a risk to the outlook, uncertainty
around the macroeconomic effects of the pandemic has gradually
receded. Current median forecasts considered in the baseline
macroeconomic scenarios incorporate some risks associated with
further outbreaks, but remain fairly positive on recovery prospects
given expectations of continued fiscal and monetary policy support.
The policy response to COVID-19 may nonetheless bring other risks
to the forefront in coming months and years.

-- DBRS Morningstar's projected losses include the assessment of
the impact of the coronavirus. The DBRS Morningstar's expected net
charge off rate is 17.0%.

(2) The transaction's capital structure and sufficiency of
available credit enhancement.

-- Overcollateralization in the form of excess collateral amount,
reserve account requirement, excess spread, and subordination. The
transaction capital structure withstands stressed cash flow
assumptions and repays investors according to the terms under which
they have invest. The rating address the payment of timely interest
and ultimate principal by the Series Maturity Date.

-- The Reserve Account will be funded at closing with an amount
equal to 0.25% of the Initial Series 2021-1 Collateral Amount. The
Required Reserve Account Amount will be at least 0.25% of the
Initial Series 2021-1 Collateral Amount and, on and after the
January 2022 Payment Date, will be funded up to 3.0% of the Series
2021-1 Collateral Amount based on the level of the Three-Month
Average Excess Spread Percentage.

(3) Avant's (the Company) experience as an originator and a
servicer in revolving credit card receivables.

(4) The Company's limited historical performance data and DBRS
Morningstar's expected collateral performance.

-- In order to account for the limited historical in performance
data, DBRS Morningstar applied higher charge-off multiples and
yield and principal payment rate reduction stresses for each rating
level scenario. DBRS Morningstar's base case net loss rate,
principal payment rate, and yield rate are 17.0%, 11.0%, and 35.0%,
respectively.

(5) Future receivables additions.

-- With an absence of concentration limits in the transaction, the
credit quality of the underlying receivables could deteriorate
during the revolving period, if Avant decides to add receivables
from less credit-worthy accounts relative to those of the
Company’s managed portfolio. However, an Early Amortization Event
as well as the Required Reserve Account Amount based on the
Three-Month Average Excess Spread Percentage will help mitigate the
risk of deterioration of the underlying collateral pool
performance.

(6) Bank partnership lending model.

-- Avant has a strategic partnership with WebBank, whereby
WebBank, a Utah chartered industrial bank, originates loans through
the Avant Platform. WebBank as the account owner, retains the right
to change the program guidelines and materials related to Avant
Program or to terminate the Receivables Purchase Agreement under
certain circumstances. Avant is unable to originate credit card
receivables without a partner bank, so such unexpected changes by
WebBank, with no alternative partner bank present, may result in
payment disruptions to noteholders.

(7) Regulatory Environment

-- The interest rates that are charged to the borrowers in the
collateral pool are based on WebBank's ability under federal law to
export the interest rates permitted by Utah law. As an assignee of
credit card receivables originated by WebBank, the Issuer could be
subject to the risks of litigation and regulatory actions.

-- Unlike the facts in issue in Madden, in this transaction,
WebBank, an FDIC-insured state-chartered bank located in Utah, will
continue to own the credit card accounts it originates after the
sale of the transferred credit card receivables.

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

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



B2R MORTGAGE: DBRS Reviews 22 Classes From 3 Rental Transactions
----------------------------------------------------------------
DBRS, Inc. reviewed 22 classes from three U.S. single-family rental
transactions. Of the 22 classes reviewed, DBRS Morningstar upgraded
five ratings, confirmed 14, and discontinued three because of full
repayment of the outstanding bond balances.

B2R Mortgage Trust 2015-1
-- B2R 2015-1, Class A-2 confirmed at AAA (sf)
-- B2R 2015-1, Class B confirmed at AA (high) (sf)
-- B2R 2015-1, Class C confirmed at AA (low) (sf)
-- B2R 2015-1, Class D confirmed at BBB (high) (sf)
-- B2R 2015-1, Class E confirmed at BBB (sf)
-- B2R 2015-1, Class F confirmed at BB (high) (sf)
-- B2R 2015-1, Class G confirmed at B (high) (sf)
-- B2R 2015-1, Class X-A confirmed at AAA (sf)
-- B2R 2015-1, Class X-B confirmed at BBB (sf)

B2R Mortgage Trust 2015-2
-- B2R 2015-2, Class B discontinued due to repayment
-- B2R 2015-2, Class C upgraded to AAA (sf) from A (low) (sf)
-- B2R 2015-2, Class D upgraded to A (high) (sf) from BBB (sf)
-- B2R 2015-2, Class E confirmed at BBB (low) (sf)
-- B2R 2015-2, Class F confirmed at B (high) (sf)
-- B2R 2015-2, Class X-B discontinued due to repayment

B2R Mortgage Trust 2016-1
-- B2R 2016-1, Class B discontinued due to repayment
-- B2R 2016-1, Class C upgraded to AAA (sf) from A (high) (sf)
-- B2R 2016-1, Class D upgraded to A (high) (sf) from BBB (sf)
-- B2R 2016-1, Class E confirmed at BBB (low) (sf)
-- B2R 2016-1, Class F confirmed at BB (low) (sf)
-- B2R 2016-1, Class G confirmed at B (low)
-- B2R 2016-1, Class X-B upgraded to AAA (sf) from A (high) (sf)

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current
ratings.

DBRS Morningstar's rating actions are based on key performance
measures as reflected in month-over-month changes in vacancy and
delinquency, the quarterly analysis of the actual expenses, credit
enhancement increases since deal inception, and bond paydown
factors.

The ratings assigned to the securities listed below differ from the
ratings implied by the single-family rental subordination model.
DBRS Morningstar considers this difference to be a material
deviation; however, in this case, the ratings on the subject
securities may either reflect additional seasoning being warranted
to substantiate a further upgrade or actual deal/tranche
performance that is not fully reflected in the projected cash
flows/model output.

-- B2R Mortgage Trust 2015-1 Single-Family Rental Pass-Through
Certificates Classes C, D, E, and X-B

-- B2R Mortgage Trust 2015-2 Single-Family Rental Pass-Through
Certificates Class D

-- B2R Mortgage Trust 2016-1 Single-Family Rental Pass-Through
Certificates Class D, E, F, and X-B

Notes: The principal methodology is U.S. Single-Family Rental
Securitization Ratings Methodology (May 28, 2020), which can be
found on dbrsmorningstar.com under Methodologies & Criteria.


BAIN CAPITAL 2021-4: Moody's Assigns Ba3 Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to four classes of
notes issued by Bain Capital Credit CLO 2021-4, Limited (the
"Issuer" or "Bain Capital 2021-4").

Moody's rating action is as follows:

US$6,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$378,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

US$12,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

US$24,000,000 Class E 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.

Bain Capital 2021-4 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 and up to 10% of the portfolio
may consist of second lien loans, senior unsecured loans, or
permitted non-loan assets. The portfolio is approximately 80%
ramped as of the closing date.

Bain Capital Credit U.S. CLO Manager, 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 classes of
secured notes and one class of 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: $600,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 9.08 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.


BALLYROCK CLO 17: Moody's Assigns Ba3 Rating to $20MM Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Ballyrock CLO 17 Ltd. (the "Issuer" or "Ballyrock
17").

Moody's rating action is as follows:

US$310,000,000 Class A-1a Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

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

US$60,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

US$30,000,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned A2 (sf)

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

US$20,000,000 Class D 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.

Ballyrock 17 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10.0% of
the portfolio may consist of loans other than senior secured loans
and permitted non-loan assets, provided that up to 5.0% of the
portfolio may consist of permitted non-loan assets. The portfolio
is approximately 78% ramped as of the closing date.

Ballyrock Investment 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 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: 84

Weighted Average Rating Factor (WARF): 2798

Weighted Average Spread (WAS): 3.40%

Weighted Average Recovery Rate (WARR): 46.40%

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.


BAYVIEW FINANCING 2021-5F: DBRS Finalizes BB(high) on A3 Notes
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Class A1 Notes,
the Class A2 Notes, and the Class A3 Notes issued by Bayview
Financing SBC Trust 2021-5F, pursuant to the Bayview Financing SBC
Trust 2021-5F Indenture dated as of September 16, 2021, among
Bayview Financing SBC Trust 2021-5F as Issuer, U.S. Bank National
Association as Indenture Trustee, Calculation Agent, Paying Agent
and Securities Intermediary, and Bayview MSR Opportunity Master
Fund, L.P as Trustor:

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

The final ratings on the Notes address the ultimate payment of
interest and principal on or before the Maturity Date.

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, Class P notes, and Class X 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.

Given the complexity of the structure and granularity of the
underlying SBC loan pool, DBRS Morningstar applied its Rating
Structured Finance CDO Restructurings methodology (the Repack
Methodology), North American CMBS Multi-Borrower Rating Methodology
(the CMBS Methodology) and RMBS Insight 1.3: U.S. Residential
Mortgage-Backed Securities Model and Rating Methodology (the RMBS
Methodology).

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 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 final ratings reflect the following:

(1) The Indenture and other transaction documents dated September
16, 2021.

(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 MSR Asset Selector, 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 TRUST 2018-BXH: DBRS Confirms BB(low) Rating on Class F Certs
-------------------------------------------------------------------
DBRS Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, issued by BBCMS Trust 2018-BXH as
follows:

-- Class A at AAA (sf)
-- Class X-NCP 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 BB (low) (sf)

With this review, DBRS Morningstar changed the trends on Classes A,
X-NCP, B, C, D, and E to Stable from Negative. Class F continues to
carry a Negative trend. The rating confirmations and trend changes
reflect DBRS Morningstar's generally stable outlook for this
transaction, given the sponsor's continued commitment to the
transaction in funding debt service shortfalls and operating
expenses during the last year amid the Coronavirus Disease
(COVID-19) pandemic. The Negative trend on Class F was maintained
as a reflection of the potential lasting residual effects of the
pandemic.

Collateral for the trust is a $257.0 million first mortgage,
floating-rate loan, which is secured by the fee-simple (16) and
leasehold interests (1) in a portfolio of 17 hotels comprising
2,189 guest rooms in seven states. The borrowers' interests in each
property are cross-collateralized and cross defaulted. The hotels
operate under franchise flags affiliated with three major
brands—Marriott, Hyatt, and Hilton—with franchise agreements
that extend no less than five years beyond the fully extended loan
term. The trust loan proceeds were used to recapitalize the
portfolio, with the sponsor retaining more than $176.0 million of
equity at close. The loan benefits from strong sponsorship through
BREIT Operating Partnership, an affiliate of The Blackstone Group.
The loan is interest-only (IO) throughout the fully extended loan
term and is structured with five one-year extension options.

To date, no relief or assistance has been requested as a result of
the pandemic. However, the loan was added to the servicer's
watchlist in March 2021 and, as of the August 2021 reporting, it
continues to be monitored for a low debt service coverage ratio
(DSCR) below the 1.0 times (x) threshold and for the upcoming
maturity date in October 2021. The borrowers exercised the first
available extension option in October 2020, and the servicer's
August 2021 commentary indicated that discussions have been
initiated with the borrowers regarding plans for the upcoming
extended maturity date. As of August 2021, there has been a
principal reduction in the senior A note of $15.9 million
(unchanged from last review), resulting in the remaining principal
balance of $241.1 million. The August 2021 reporting showed a total
reserve balance of $2.9 million.

The average property age at issuance was 12 years, and nine of the
17 properties are located within the top 25 lodging metropolitan
statistical areas in the U.S., including Orlando, Atlanta, and San
Jose, California. Five hotels (comprising 40.6% of the allocated
loan amount (ALA)) are full service, another five (23.5% of the
ALA) are select-service, five more (22.0% of the ALA) are limited
service, and the remaining two (13.6% of the ALA) are extended
stay. The properties most recently underwent renovations totaling
$13.9 million ($6,350 per key) between 2015 and 2018. The sponsor
plans to invest an additional $14.4 million ($6,578 per key) in
improvements through 2023. Each of the 17 properties can be
released from the mortgage and loan collateral at a release price
of 105% of the allocated loan balance for the first 25% of the
original principal balance of the loan, and at a release price of
110% for releases thereafter. Allocated principal balances for each
hotel range from $21.0 million to $96.4 million.

The portfolio properties have performed well historically. At
issuance, on a consolidated basis, the portfolio was 81.7%
occupied, with an average daily rate (ADR) and revenue per
available room (RevPAR) of $146.14 and $119.42, respectively.
Because of the pandemic, the portfolio faced significant headwinds
as travel restrictions and government-mandated shutdowns were
imposed. The YE2020 consolidated occupancy came in at 47.1%, with
ADR and RevPAR of $110.23 and $51.20, respectively. The loan
reported a YE2019 DSCR of 3.06x compared with the DBRS Morningstar
DSCR derived at issuance of 3.07x. The DSCR fell to -0.1x as of
YE2020 and then to -0.78x as of the trailing 12 months (T-12) ended
March 31, 2021, with the latest T-12 figures showing occupancy,
ADR, and RevPAR remaining similarly depressed compared with the
YE2020 figures. DBRS Morningstar notes that the properties likely
did not capture significant increases in demand until the later
months of 2021.

The top five properties within the portfolio (by percentage of
pool) continue to perform in line with, or slightly better than,
their respective competitive sets. As of the reporting for the
trailing three months (T-3) ended June 30, 2021, four of the top
five properties had a RevPAR penetration rate above 100%.
Weighted-average occupancy, ADR, and RevPAR for the top five
properties were 54.9%, $127.30, and $70.81, respectively, as of the
T-3 ended June 2021 reporting. At YE2019, property occupancy rates
ranged from 72% to 97%, suggesting that a rebound is quite possible
in the near future.

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



BELLEMEADE RE 2021-3: DBRS Gives Prov. B(high) Rating on B-1 Notes
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Insurance-Linked Notes, Series 2021-3 to be issued by
Bellemeade Re 2021-3 Ltd. (BMIR 2021-3):

-- $104.9 million Class M-1A at A (low) (sf)
-- $60.3 million Class M-1B at BBB (high) (sf)
-- $76.1 million Class M-1C at BBB (low) (sf)
-- $97.1 million Class M-2 at BB (low) (sf)
-- $15.7 million Class B-1 at B (high) (sf)

The A (low) (sf), BBB (high) (sf), BBB (low) (sf), BB (low) (sf),
and B (high) (sf) ratings reflect 7.00%, 5.85%, 4.40%, 2.55%, and
2.25% of credit enhancement, respectively.

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

BMIR 2021-3 is Arch Mortgage Insurance Company's (Arch MI's) and
United Guaranty Residential Insurance Company's (UGRIC's;
collectively the ceding insurer) 15th rated MI-linked note
transaction. The Notes are backed by reinsurance premiums, eligible
investments, and related account investment earnings, in each case
relating to a pool of MI policies linked to residential loans. The
Notes are exposed to the risk arising from losses the ceding
insurer pays to settle claims on the underlying MI policies. As of
the cut-off date, the pool of insured mortgage loans consists of
93,138 fully amortizing first-lien fixed- and variable-rate
mortgages. They all have been underwritten to a full documentation
standard, have original loan-to-value ratios (LTVs) less than or
equal to 100%, and have never been reported to the ceding insurer
as 60 or more days delinquent. As of the Cut-Off Date, these loans
have not been reported to be in payment forbearance plan. The
mortgage loans have MI policies effective on or after January 2020
and on or before June 2021.

In this transaction, there could be loans located in counties
designated by the Federal Emergency Management Agency (FEMA) as
having been affected by a non-coronavirus-related natural disaster.
Mortgage insurance policies generally exclude physical damage in
excess of $5,000. None of the mortgage loans are likely to be
dropped from the transaction. Please reference the offering
circular for additional details.

On March 1, 2020, a new master policy was introduced to conform to
government-sponsored enterprises' revised rescission relief
principles under the Private Mortgage Insurer Eligibility
Requirements (PMIERs) guidelines (see the Representations and
Warranties section in the related Presale Report for more details).
Approximately 99.97% of the mortgage loans (by Cut-Off Date) are
insured under the new master policy.

On the Closing Date, the Issuer will enter into the Reinsurance
Agreement with the ceding insurer. As per the agreement, the ceding
insurer will get protection for the funded portion of the MI
losses. In exchange for this protection, the ceding insurer will
make premium payments related to the underlying insured mortgage
loans to the Issuer.

The Issuer is expected to use the proceeds from the sale of the
Notes to purchase certain eligible investments that will be held in
the reinsurance trust account. The eligible investments are
restricted to AAA or equivalent rated U.S. Treasury money-market
funds and securities. Unlike other residential mortgage-backed
security (RMBS) transactions, cash flow from the underlying loans
will not be used to make any payments; rather, in mortgage
insurance-linked Notes (MILN) transactions, a portion of the
eligible investments held in the reinsurance trust account will be
liquidated to make principal payments to the noteholders and to
make loss payments to the ceding insurer when claims are settled
with respect to the MI policy.

The Issuer will use the investment earnings on the eligible
investments, together with the ceding insurer's premium payments,
to pay interest to the noteholders.

Notable Changes

This transaction incorporates below notable changes:

1. Senior Coverage Level A will be split into Coverage Level A-1
and Coverage Level A-2. Class A-2 Notes, corresponding to Coverage
Level A-2, will be offered. Class A-2 Notes will be locked out for
principal payments until certain conditions are met. This may lead
to some erosion of credit support for Class A-2 Notes in certain
scenarios where subordinate Notes receive principal payment while
Class A-2 Notes are locked out.

2. The threshold for the delinquency test (one of the performance
tests), that locks out subordinate Notes from receiving principal
payment, is reduced to 60% of the subordinate percentage, instead
of 75% in prior deals.

The calculation of principal payments to the Notes will be based on
the reduction in aggregate exposed principal balance on the
underlying MI policy that is allocated to the Notes. Class A-2
Notes will be locked out from receiving principal payments until
the following conditions are met:

1. Payment Date is on or after April 2025,
2. A-1 credit enhancement is at least 10.0%, and
3. Three-month average of 60+ days delinquency percentage is below
75% of the subordinate percentage

The subordinate Notes will receive their pro rata share of
available principal funds if the minimum credit enhancement test
and the delinquency test are satisfied. The minimum credit
enhancement test has been set to fail at the Closing Date, thus
locking out the rated classes from initially receiving any
principal payments until the subordinate percentage grows to 10.00%
from 9.00%. The delinquency test will be satisfied if the
three-month average of 60+ days delinquency percentage is below 60%
of the subordinate percentage (see the Cash Flow Structure and
Features section of the related report for more details).

The coupon rates for the Notes are based on the Secured Overnight
Financing Rate (SOFR). There are replacement provisions in place in
the event that SOFR is no longer available, please see the Offering
Circular for more details. DBRS Morningstar did not run interest
rate stresses for this transaction, as the interest is not linked
to the performance of the underlying loans. Instead, interest
payments are funded via (1) premium payments that the ceding
insurer must make under the reinsurance agreement and (2) earnings
on eligible investments.

On the Closing Date, the ceding insurer will establish a cash and
securities account, the premium deposit account. In case of the
ceding insurer's default in paying coverage premium payments to the
Issuer, the amount available in this account will be used to make
interest payments to the noteholders. The premium deposit account
will not be funded at closing. The ceding insurer will make a
deposit into this account up to the applicable target balance only
when one of the Premium Deposit Events occur. Please refer to the
related report and/or offering circular for more details.

The Notes are scheduled to mature on September 25, 2031 but will be
subject to early redemption at the option of the ceding insurer (1)
for a 10% clean-up call or (2) on or following the payment date in
September 2027, among others. The Notes are also subject to
mandatory redemption before the scheduled maturity date upon the
termination of the Reinsurance Agreement.

Arch MI and UGRIC, together, act as the ceding insurers. The Bank
of New York Mellon (rated AA (high) with a Stable trend by DBRS
Morningstar) will act as the Indenture Trustee, Paying Agent, Note
Registrar, and Reinsurance Trustee.

Coronavirus Disease (COVID-19) Impact

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

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



BX COMMERCIAL 2020-VKNG: DBRS Confirms B Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed all ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-VKNG issued by BX Commercial
Mortgage Trust 2020-VKNG as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The loan is secured by a portfolio of 67
industrial and logistics properties totaling approximately 8.2
million square feet (sf) across six states—Minnesota, Colorado,
California, New Jersey, Georgia, and New York. The portfolio
consists of 53 light industrial properties, seven warehouses, one
parking lot, and six flex/office properties. The whole loan of
$645.0 million consists of $600.0 million of senior debt held in
the Trust and $45.0 million of mezzanine debt held outside of the
Trust. The sponsors, Blackstone Real Estate Partners IX and certain
co-investment and managed vehicles under common control, purchased
the property through several transaction from October 2019 to March
2020. The whole-loan proceeds and $212.1 million of sponsor equity
facilitated the acquisition of the portfolio at a purchase price of
$834.5 million, funded upfront reserves of $2.8 million, paid
defeasance costs of $4.2 million, and covered acquisition and
closing costs. The interest-only loan includes an initial two-year
term with three, one-year extension options.

The loan has a partial pro rata/sequential-pay structure, which
allows for pro rata paydowns for the initial 30.0% of the unpaid
principal balance. The loan also has release provisions where the
prepayment premium to release individual assets is 105.0% of the
allocated loan balance until the outstanding principal balance has
been reduced to $420.0 million, at which point, the release premium
will increase to 110.0%.

The portfolio reported a December 2020 occupancy rate of 86.6%,
compared with the issuance occupancy rate of 90.0%. At issuance,
the largest 20 tenants in the portfolio represented 40.2% of net
rentable area. According to the trailing nine months ended December
2020 financials, the loan reported net cash flow (NCF) of $33.7
million, compared with the DBRS Morningstar NCF of $46.3 million.

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



BX COMMERCIAL 2021-VOLT: DBRS Gives Prov. BB Rating on Cl. G Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-VOLT to
be issued by BX Commercial Mortgage Trust 2021-VOLT (BX
2021-VOLT):

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

All trends are Stable.

Classes X-CP and X-NCP are interest-only (IO) classes whose
balances are notional.

The BX 2021-VOLT transaction is collateralized by the borrower's
fee-simple interest in a portfolio of 10 data center properties
across six U.S. states. DBRS Morningstar generally takes a positive
view on the credit profile of the overall transaction based on the
portfolio's favorable market position, affordable power rates,
desirable efficiency metrics, and strong tenancy profile. The
subject transaction also represents the first ever multi-tenant
data center portfolio to be financed in the public commercial
mortgage-backed securities market via a stand-alone securitization.
DBRS Morningstar also takes a favorable view on The Blackstone
Group's (Blackstone) broader take-private acquisition of QTS Realty
Trust, Inc. (QTS) (New York Stock Exchange: QTS), of which the
subject portfolio comprises a subset of stabilized assets. The
acquisition represents a strategic long-term thematic investment in
the data center space for Blackstone, financed via a variety of its
permanent capital private equity vehicles.

Data center operators have historically benefited from high
barriers to entry caused by the complexity of their operations
along with the specialized knowledge required to operate the
facilities to extraordinarily demanding uptime and reliability
standards. Furthermore, the high upfront capital costs and
necessary power infrastructure also make speculative development
more difficult than in other industries.

Data center operators benefit from strong clustering and network
effects attributable to the complex IT environments of their
tenants. The contract renewal rate across QTS' platform is
approximately 88%, and larger tenants strongly prefer to scale
within existing environments rather than add capacity at a facility
with a different provider for numerous reasons. Furthermore,
value-add interconnection revenue from tenant and bandwidth
provider cross-connects tends to grow with increasing facility
scale.

The portfolio benefits from its significant concentration in the
Atlanta market, which has one of the most favorable wholesale power
costs in the country. The portfolio's weighted-average (WA)
wholesale power costs are approximately $0.03/kilowatt hour (kWh),
which compares very favorably with other markets, which can be as
high as $0.25/kWh. Furthermore, the portfolio's WA power
utilization efficiency (PUE) ratio is 1.45, which indicates a very
efficient utilization of power. Typical PUE ratios range from 1.2
to 3.0 depending on the facility.

The portfolio stands to benefit from potential cash flow upside
over time attributable to growth in value-add interconnection
revenue, which is relatively new for QTS. Unlike the build-out of
shell space, this revenue line item requires little additional
capital investment and helps contribute to tenant renewal
probability. Additionally, DBRS Morningstar views QTS' ongoing
expansion into the federal segment to be favorable, given the high
barriers to entry attributable to difficult-to-obtain security
clearances and premium power rates typically paid by these
tenants.

QTS is an experienced data center operator with a footprint of more
than 7 million square feet of owned mega-scale data center space
throughout North America and Europe. The company has established
relationships with significant power users across various
industries and has a corporate net promoter score of 88, which is
significantly in excess of its peers. Additionally, QTS has a
demonstrated commitment to sustainability and environmental,
social, and governance (ESG) and is committed to having 100% of the
portfolio powered by renewable energy sources by 2025.

However, data center properties require specialized operational
knowledge and expertise in order to operate to extremely high
uptime and reliability standards set forth in various service level
agreements with tenants. Therefore, the pool of potential buyers
may be more limited than other asset types such as
warehouse/distribution properties. Furthermore, a substantial
component of the portfolio's value is dependent on QTS' client
roster and extensive industry relationships and technical
expertise.

The portfolio has a WA lease term of approximately 2.6 years, which
is significantly shorter than typical lease terms seen in other
traditional asset types such as warehouse/distribution properties.
Despite impressive renewal rates and significant technical barriers
to switching providers, the portfolio does not benefit from the
same term structure of leasing as other asset types, therefore
highlighting the importance of an experienced operator with
knowledgeable sales and leasing staff.

Despite significant upfront capital requirements and other barriers
to entry, the data center market has experienced significant new
supply over the past few years from experienced operators, which
has contributed to an overall decline in rental rates. According to
CBRE research, there is approximately 457.8 megawatts of new
capacity under construction across the nation's primary data center
markets, with the Northern Virginia market accounting for 61% of
projected new supply. However, CBRE estimates that more than half
of this projected new supply has been pre-leased.

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



BX TRUST 2018-EXCL: DBRS Confirms BB(low) Rating on Class D Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-EXCL issued by BX Trust
2018-EXCL as follows:

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

The ratings of Classes A, B, C, and D have been removed from Under
Review with Negative Implications, where they were placed on
October 9, 2020. All trends are Stable.

The rating confirmations and removal of four classes from Under
Review with negative Implications reflects the overall stable
performance of the transaction, which is secured by a portfolio of
retail properties as further described below. In October 2020, DBRS
Morningstar noted Coronavirus Disease (COVID-19) pandemic-driven
concerns for retail property types as the driver for the Under
Review with Negative Implications rating actions; however, in
general, the underlying properties have shown resilience amid the
effects of the pandemic and the most recently reported occupancy
rates remain in line with DBRS Morningstar's expectations for the
portfolio as a whole.

The transaction's only asset is a single mortgage loan evidenced by
two componentized promissory notes in the original aggregate
principal amount of $576.2 million. The loan is secured by the
first mortgage or deed of trust liens on the borrower's-fee simple
interest in a portfolio of cross-collateralized and cross-defaulted
retail properties in California, Texas, Arizona, and Virginia. The
interest-only mortgage loan bears interest at a floating rate and
had an initial maturity date in September 2020, subject to five
successive one-year extension options. The loan was on the
servicer's watchlist as of the August 2021 remittance period for
the extended maturity date of September 2021; however, the servicer
noted that the borrower planned to exercise its second extension
option to September 2022. With the release of the League City Towne
Center property in May 2021, some outstanding interest shortfalls
resulted in a realized loss to the Class D certificates of $3,403
(not including the portion allocated to the VRR piece), as first
shown in the June 2021 remittance. DBRS Morningstar deems this
relatively miniscule loss to be one-time in nature and not
indicative of the credit quality of the security, and, as such,
DBRS Morningstar did not downgrade the rating with this review.

The transaction is structured with weak release premiums and a pro
rata prepayment structure on the first 30.0% of the initial loan
balance. The release provisions for individual properties within
the portfolio, among other stipulations, are outlined in the
offering documents and are subject to no event of default, a
debt-yield test, and payment of an amount that is 105.0% for the
first 25.0% of the loan balance and 110.0% thereafter. As a result,
there is adverse selection risk that could result in poorer
performing assets remaining in the pool, while the higher-quality
assets are being released. DBRS Morningstar applied negative
adjustments to the final loan-to-value ratio (LTV) sizing
benchmarks to account for these increased risks.

The senior balance of the loan at issuance was $576.2 million, and
the loan was secured by 11 power centers, one community center, one
grocery-anchored center, and one movie theater. Since issuance,
three properties—Stadium Center, League City Towne Center and
Edwards Theater—have been released and the loan amount has been
paid down by $98.9 million. The allocated loan amount (ALA) at
issuance for the Stadium Center, League City Towne Center, and
Edwards Theater properties was $30.2 million, $27.9 million, and
$20.0 million, respectively.

The remaining collateral for the loan is secured by nine power
centers representing 84.5% of the ALA; one grocery-anchored center,
representing 9.2% of the ALA; and one community center,
representing 6.3% of the ALA. The remaining collateral is primarily
concentrated in California with five properties, representing 48.2%
of the ALA. However, these properties, Monte Vista Crossing, Park
West Place, Gilroy Crossing, Highland Reserve, and RiverPoint, are
located across four separate metropolitan statistical areas. There
are three properties, representing 25.4% of the ALA, in Texas; two
properties, representing 20.7% of the ALA, in Arizona; and one
property, representing 6.4% of the ALA, in Virginia. The remaining
properties have a weighted-average DBRS Morningstar Market Rank by
ALA of 3, implying the remaining collateral is generally located in
light-suburban areas.

The sponsor for the transaction is BPP Retail Holdings, LP,
together with certain affiliates of the Blackstone Group, L.P.
(Blackstone), however the guarantor's recourse liability is limited
to 10.0% of the then-outstanding principal balance. The sponsor
acquired the portfolio as part of the acquisition of Excel Trust in
July 2015. The sponsor cashed out $121.5 million of equity with
this refinancing. Blackstone has invested more than $55.0 million
since acquiring the pool in 2015, which increased the occupancy and
operating cash flow from the properties.

At issuance, the portfolio exhibited an occupancy rate of 96.6% per
the rent roll dated August 31, 2018, and the properties were leased
by more than 350 tenants. The remaining collateral reported an
occupancy rate of 87.9% per the June 30, 2021, rent roll. Notable
occupancy rate drops since issuance within the portfolio at a
property-level basis include (1) Southlake Park Village, as the
occupancy rate has declined to 73.2% from 86.8% and (2) West Broad
Village, where the occupancy rate has declined to 92.8% from
100.0%. The largest tenants for the remaining pool include Kohl's
Corporation (7.3% of total net rentable area (NRA)), Lowe's
Companies, Inc. (4.3% of total NRA), Living Spaces Furniture (3.7%
of total NRA), Ross Stores, Inc. (3.5% of total NRA), and JCPenney
(2.9% of total NRA); no other tenant accounts for more than 3.0% of
the total NRA.

The servicer reported a consolidated financial statement for the
portfolio which showed a year-end (YE) 2020 net cash flow (NCF) of
$57.8 million, which included revenue from the League City Towne
Center property, which has since been released as of May 2021. This
remains in line with the Issuer's NCF of $58.5 for the remaining
pool at that time, and in excess of DBRS Morningstar's NCF of $49.6
for the 12 properties at the time. The resulting debt service
coverage ratio (DSCR) for YE2020 was 5.25 times (x) compared with
2.84x at YE2019, with the increase largely the result of the
effects of a favorable interest rate environment on the
floating-rate loan, as debt service decreased by 45.2%.

In its analysis for this review, DBRS Morningstar excluded the
released property League City Town Center from the pool, resulting
in a DBRS Morningstar NCF of $46.9 million. DBRS Morningstar
further applied a blended cap rate of 8.01%, which resulted in a
DBRS Morningstar value of $586.0 million, a variance of -34.8% from
the issuance appraised value of $899.1 million for the remaining
collateral. The DBRS Morningstar value implies an LTV of 81.5%
compared with the LTV of 53.1% on the issuance appraised value for
the remaining collateral.

The cap rate DBRS Morningstar applied is in the middle of the range
of DBRS Morningstar Cap Rate Ranges for retail properties,
reflecting the retail property subtypes of the collateral, the
locations, and market positions of the assets.

DBRS Morningstar made negative qualitative adjustments to the final
LTV sizing benchmarks used for this rating analysis, totaling -1.5%
to account for cash flow volatility, property quality, and market
fundamentals. Also, as previously noted, DBRS Morningstar also made
other negative adjustments to account for certain property release
thresholds and the pro rata structure of the transaction.

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



BX TRUST 2021-SDMF: DBRS Gives Prov. B(low) Rating on Class G Certs
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-SDMF
(the Certificates) to be issued by BX Trust 2021-SDMF (BX
2021-SDMF):

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

All trends are Stable.

Classes X-CP and X-NCP are interest-only (IO) classes whose
balances are notional.

For purposes of calculating the Pass-Through Rates for the Class X
Certificates, each Class of the Class B, Class C and Class D
Certificates will be deemed to be divided into two portions, the
"B-1 Portion" and "B-2 Portion", the "C-1 Portion" and "C-2
Portion" and the "D-1 Portion" and "D-2 Portion", respectively.

The collateral for BX 2021-SDMF includes the borrowers' fee-simple
interest in 32 multifamily properties totaling 4,202 units
throughout various submarkets of the greater San Diego area. The
transaction sponsor is acquiring the properties for a total
purchase price of $1.1 billion ($261,453 per unit). The collateral
is generally characterized as Class B or C product constructed
between 1960 and 1988 with an average vintage of 1975. Despite the
average age of approximately 46 years, DBRS Morningstar generally
considers the properties to be adequately maintained and in average
to good condition. No major renovations have occurred in recent
years, but there was approximately $9.7 million ($2,300 per unit)
of capital expenditures (capex) invested in the properties between
2018 and 2020. While the cost of the recent capex was not
substantial on a per-unit basis, DBRS Morningstar considers it a
sufficient amount to maintain a competitive property quality among
Class B or C assets in the market. The sponsor plans to renovate a
number of the properties following the acquisition, but the capital
improvements will need to be funded out-of-pocket by the sponsor as
there are no reserves in the loan structure. However, DBRS
Morningstar expects there to be no issues funding any renovations
given the sponsor's strong access to capital.

All units in the transaction are market-rate offerings located in
infill, supply-constrained submarkets, providing strong market
fundamentals and enhanced cash flow stability. Specifically, the
San Diego Metro multifamily market has averaged an annual inventory
growth rate of only 1.2% from 2011 to 2020 compared with the
national average of 1.8% according to Reis. As a result, the San
Diego Metro market has maintained tight vacancies as evidenced by
average vacancies of 3.4%, 3.7%, and 3.7% for the 10-year, 20-year,
and 30-year periods ended in 2020. Accordingly, the underlying
collateral has exhibited consistently low vacancies in past years,
including an average vacancy of 2.4% between 2017 and the trailing
12 months (T-12) ended July 31, 2021. Lastly, the strong market
fundamentals have allowed rents to grow organically without
substantial capital improvements. Specifically, the underlying
collateral's average rent increased by nearly 23.0% to $1,590 per
unit as of the August 2021 rent roll from $1,293 per unit in 2017.
DBRS Morningstar has a positive outlook on the collateral going
forward largely because of the strong market fundamentals and
performance in recent years.

The sponsors for the mortgage loan are Blackstone Real Estate
Partners IX L.P. and TruAmerica Multifamily LLC (TruAmerica).
Blackstone Real Estate Partners IX L.P. is an affiliate of The
Blackstone Group, Inc., whose real estate group was founded in 1991
and has approximately $208.0 billion in investor capital under
management. Founded in 2013, TruAmerica is a real estate investment
firm focused on the repositioning of Class B multifamily properties
with a portfolio of 44,780 units valued at approximately $10.6
billion. The sponsors are contributing $230.8 million in cash
equity as a part of the transaction to finance their acquisition of
the properties for a purchase price of $1.1 billion. DBRS
Morningstar generally views acquisition loans with considerable
amounts of cash equity more favorably, given the stronger alignment
of economic incentives when compared with cash-out financings.

The collateral is located within seven strong infill and
supply-constrained submarkets throughout the greater San Diego
area. Specifically, each of the submarkets exhibited an average
vacancy below 5.0% from 2011 to 2020, with average annual growth
rates ranging from 0.1% to 1.9% over the same period. Further, the
four submarkets with the largest concentrations, accounting for 27
properties and 76.7% of total units, had average annual growth
rates below 1.0% from 2011 to 2020, with average vacancies ranging
from 1.7% to 3.6% as of Q2 2021. The collateral demonstrated a very
strong performance with regard to occupancy, averaging 97.6% from
2017 through the T-12 ended July 31, 2021, and was 98.6% occupied
as of the August 2021 rent roll. While maintaining a high
occupancy, the collateral also experienced notable rent growth with
the average rent increasing to $1,590 per unit as of the August
2021 rent roll from $1,293 per unit in 2017. As a result, the
collateral's net operating income increased to $47.9 million over
the T-12 ended July 31, 2021, from $40.3 million in 2017.

The DBRS Morningstar loan-to-value (LTV) ratio on the full debt
load of $890.0 million is substantial at 135.4%. To account for the
high leverage, DBRS Morningstar programmatically reduced its LTV
benchmark targets for the transaction by 2.5% across the capital
structure. DBRS Morningstar also programmatically reduced its LTV
benchmark targets for the transaction by an additional 0.5% to
account for the presence of mezzanine financing. The high leverage
point combined with a lack of scheduled amortization pose
potentially elevated refinance risk at loan maturity. The DBRS
Morningstar LTV ratio of 121.7% on the senior mortgage loan of
$800.0 million is also markedly high, but the DBRS Morningstar LTV
ratio on the last dollar of rated debt is much lower at 99.0%.

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



CALIFORNIA STREET IX: S&P Affirms B-(sf) Rating on Class F-R2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R3, B-R3,
C-R3, and D-R3 replacement notes from California Street CLO IX
L.P./California Street CLO IX LLC, a CLO originally issued in 2012
that is managed by Symphony Asset Management LLC.

S&P said, "At the same time, we withdrew our ratings on the
original class A-R2, B-1-R2, B-2-R2, C-R2, and D-1-R2 notes and
associated MASCOT A-R2, B-1-R2, B-2-R2, C-R2, and D-1-R2 notes
following payment in full on the Sept. 23, 2021, refinancing date.
We also affirmed our ratings on the class X-R2, D-2-R2, E-R2, and
F-R2 notes and the MASCOT notes associated with the D-R2, E-R2, and
F-R 2 notes, which were not refinanced. No new MASCOT notes were
issued in connection to the A-R3, B-R3, C-R3, and D-R3 notes."

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 Sept. 23, 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-R2 notes (which were not refinanced)
than the rating action on the notes reflects. However, we affirmed
our 'B- (sf)' rating on the class F-R2 notes as we believe that
this class does not fit our definition of 'CCC' category risk in
accordance with our guidance criteria. This was based on the margin
of failure (less than 2 basis points), the current
overcollateralization ratio, and the improvement in cash flows
after the refinancing. As a result, we believe the payment of
principal or interest on the class F-R2 notes when due does not
depend on favorable business, financial, or economic conditions."

  Replacement And Original Note Issuances

  Replacement notes

  Class A-R3, $384.0 million: Three-month LIBOR + 1.10%
  Class B-R3, $65.2 million: Three-month LIBOR + 1.75%
  Class C-R3, $37.0 million: Three-month LIBOR + 2.50%
  Class D-R3, $20.0 million: Three-month LIBOR + 3.35%

  Original notes(i)

  Class A-R2, $384.0 million: Three-month LIBOR + 1.32%
  Class B-1-R2, $30.0 million: Three-month LIBOR + 1.90%
  Class B-2-R2, $35.2 million: 4.05%
  Class C-R2, $37.0 million: Three-month LIBOR + 2.80%
  Class D-1-R2, $20.0 million: Three-month LIBOR + 3.70%

  (i)The MASCOT note details are provided in the ratings list
below.

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

  California Street CLO IX L.P./California Street CLO IX LLC

  Class A-R3, $384.0 million: AAA (sf)
  Class B-R3, $65.2 million: AA (sf)
  Class C-R3 (deferrable), $37.0 million: A (sf)
  Class D-R3 (deferrable), $20.0 million: BBB (sf)

  Ratings Affirmed

  California Street CLO IX L.P./California Street CLO IX LLC

  Class X-R2, $2.50 million: AAA (sf)
  Class D-2-R2 (deferrable)(i), $12.5 million: BBB- (sf)
  Class E-R2 (deferrable)(i), $23.0 million: B+ (sf)
  Class F-R2 (deferrable)(i), $4.0 million: B- (sf)

  Exchangeable note combinations(i):

  Combination 18(ii)

  Class D-2-1 (deferrable)(iii), $12.5 million(iv): BBB- (sf)
  Class D-2-1X(deferrable)(v), not applicable: BBB- (sf)

  Combination 19(ii)

  Class D-2-2 (deferrable)(iii), $12.5 million(iv): BBB- (sf)
  Class D-2-2X(deferrable)(v), not applicable: BBB- (sf)

  Combination 20(ii)

  Class D-2-3 (deferrable)(iii), $12.5 million(iv): BBB- (sf)
  Class D-2-3X(deferrable)(v), not applicable: BBB- (sf)

  Combination 21(ii)

  Class D-2-4 (deferrable)(iii), $12.5 million(iv): BBB- (sf)
  Class D-2-4X(deferrable)(v), not applicable: BBB- (sf)

  Combination 22(ii)

  Class E-1 (deferrable)(iii), $23.0 million(iv): B+ (sf)
  Class E-1X (deferrable)(v), not applicable: B+ (sf)

  Combination 23(ii)

  Class E-2 (deferrable)(iii), $23.0 million(iv): B+ (sf)
  Class E-2X (deferrable)(v), not applicable: B+ (sf)

  Combination 24(ii)

  Class E-3 (deferrable)(iii), $23.0 million(iv): B+ (sf)
  Class E-3X (deferrable)(v), not applicable: B+ (sf)

  Combination 25(ii)

  Class E-4 (deferrable)(iii), $23.0 million(iv): B+ (sf)
  Class E-4X (deferrable)(v), not applicable: B+ (sf)

  Combination 26(ii)

  Class F-1 (deferrable)(iii), $4.0 million(iv): B- (sf)
  Class F-1X (deferrable)(v), not applicable: B- (sf)

  Combination 27(ii)

  Class F-2 (deferrable)(iii), $4.0 million(iv): B- (sf)
  Class F-2X (deferrable)(v), not applicable: B- (sf)

  Combination 28(ii)

  Class F-3 (deferrable)(iii), $4.0 million(iv): B- (sf)
  Class F-3X (deferrable)(v), not applicable: B- (sf)

  Combination 29(ii)

  Class F-4 (deferrable)(iii), $4.0 million(iv): B- (sf)
  Class F-4X (deferrable)(v), not applicable: B- (sf)

  Ratings Withdrawn

  California Street CLO IX L.P./California Street CLO IX LLC

  Class A-R2 to not rated from 'AAA (sf)'
  Class B-1-R2 to not rated from 'AA (sf)'
  Class B-2-R2 to not rated from 'AA (sf)'
  Class C-R2 to not rated from 'A (sf)'
  Class D-1-R2 to not rated from 'BBB (sf)'

  Exchangeable note combinations:

  Combination 1

  Class A-1 to not rated from 'AAA (sf)'
  Class A-1X to not rated from 'AAA (sf)'

  Combination 2

  Class A-2 to not rated from 'AAA (sf)'
  Class A-2X to not rated from 'AAA (sf)'

  Combination 3

  Class A-3 to not rated from 'AAA (sf)'
  Class A-3X to not rated from 'AAA (sf)'

  Combination 4

  Class B-1-1 to not rated from 'AA (sf)'
  Class B-1-1X to not rated from 'AA (sf)'

  Combination 5

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

  Combination 6

  Class B-1-3 to not rated from 'AA (sf)'
  Class B-1-3X to not rated from 'AA (sf)'

  Combination 7

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

  Combination 8

  Class B-2-2 to not rated from 'AA (sf)'
  Class B-2-2X to not rated from 'AA (sf)'

  Combination 9

  Class B-2-3 to not rated from 'AA (sf)'
  Class B-2-3X to not rated from 'AA (sf)'
  
  Combination 10

  Class C-1 to not rated from 'A (sf)'
  Class C-1X to not rated from 'A (sf)'

  Combination 11

  Class C-2 to not rated from 'A (sf)'
  Class C-2X to not rated from 'A (sf)'

  Combination 12

  Class C-3 to not rated from 'A (sf)'
  Class C-3X to not rated from 'A (sf)'

  Combination 13

  Class C-4 to not rated from 'A (sf)'
  Class C-4X to not rated from 'A (sf)'

  Combination 14

  Class D-1-1 to not rated from 'BBB (sf)'
  Class D-1-1X to not rated from 'BBB (sf)'

  Combination 15

  Class D-1-2 to not rated from 'BBB (sf)'
  Class D-1-2X to not rated from 'BBB (sf)'

  Combination 16

  Class D-1-3 to not rated from 'BBB (sf)'
  Class D-1-3X to not rated from 'BBB (sf)'

  Combination 17

  Class D-1-4 to not rated from 'BBB (sf)'
  Class D-1-4X to not rated from 'BBB (sf)'

  Other Outstanding Ratings

  California Street CLO IX Limited Partnership/
  California Street CLO IX LLC

  LP certificates: Not rated

(i)The class D-2-R2, E-R2, and F-R2 notes will be exchangeable for
proportionate interest in combinations of principal notes and
interest-only notes of the same class called MASCOT P&I notes. In
aggregate, the cost of debt, outstanding balance, stated maturity,
subordination levels, and payment priority following such an
exchange would remain the same. Reference the exchangeable note
combinations section for combinations.

(ii)Applicable combinations will have an aggregate interest rate
equal to that of the exchanged note.

(iii)MASCOT P&I notes will have the same principal balance as the
class D-2-R2, E-R2, or F-R2 notes, as applicable, surrendered in
such exchange. Any deferred interest included in the principal
amount of any exchangeable notes of a deferrable class exchanged
will be allocated between the corresponding MASCOT P&I notes and
interest-only notes in the relative amounts such deferred interest
would have been allocated if these notes were issued on the closing
date and will be added to its principal amount or notional amount,
as applicable.

(iv)Max principal amount.

(v)Interest-only notes earn a fixed rate of interest on the
notional balance and are not entitled to any principal payments.
The notional balance will equal the principal balance of the
corresponding MASCOT P&I note of such combination.

MASCOT--Modifiable and Splitable/Combinable Tranche.
P&I--Principal and interest.



CARLYLE US 2021-7: S&P Assigns BB- (sf) Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 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 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

  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



CARLYLE US 2021-8: S&P Assigns Prelim BB- (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carlyle US
CLO 2021-8 Ltd./Carlyle US CLO 2021-8 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. 23,
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 2021-8 Ltd./Carlyle US CLO 2021-8 LLC

  Class X, $1.50 million: AAA (sf)
  Class A, $369.00 million: AAA (sf)
  Class B, $87.00 million: AA (sf)
  Class C, $36.00 million: A (sf)
  Class D, $36.00 million: BBB- (sf)
  Class E, $24.00 million: BB- (sf)
  Subordinated notes, $62.06 million: Not rated



CARVANA AUTO 2021-N3: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings to the following
classes of notes issued by Carvana Auto Receivables Trust 2021-N3
(CRVNA 2021-N3):

-- $154,340,000 Class A-1 Notes at AAA (sf)
-- $57,130,000 Class A-2 Notes at AAA (sf)
-- $56,490,000 Class B Notes at AA (sf)
-- $53,340,000 Class C Notes at A (high) (sf)
-- $52,500,000 Class D Notes at BBB (high) (sf)
-- $46,200,000 Class E Notes at BB (sf)
-- $18,900,000 Class N Notes at BB (low) (sf)

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

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

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

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

(3) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar performed an operational review of Carvana,
LLC (Carvana) and Bridgecrest Credit Company, LLC and considers the
entities to be an acceptable originator and servicer, respectively,
of auto loans.

(4) The operational history of Carvana and the strength of the
overall company and its management team.

-- Company management has considerable experience in the consumer
lending business.

-- Carvana's platform is a technology-driven platform that focuses
on providing the customer with high-level experience, selection,
and value. Its website and smartphone app provide the consumer with
vehicle search and discovery (currently showing more than 30,000
vehicles online); the ability to trade or sell vehicles almost
instantaneously; and real-time, personalized financing. Carvana has
developed underwriting policies and procedures for use across the
lending platform that leverages technology where appropriate to
validate customer identity, income, employment, residency,
creditworthiness, and proper insurance coverage.

-- Carvana has developed multiple proprietary risk models to
support various aspects of its vertically integrated automotive
lending business. All proprietary risk models used in Carvana's
lending business are regularly monitored and tested. The risk
models are updated from time to time to adjust for new performance
data, changes in customer and economic trends, and additional
sources of third-party data.

(5) The credit quality of the collateral, which includes
Carvana-originated loans with Deal Scores of 49 or lower.

-- As of August 21, 2021, cut-off date, the collateral pool for
the transaction is primarily composed of receivables due from
nonprime obligors with a weighted-average (WA) FICO score of 579
and WA annual percentage rate of 18.60% and a WA loan-to-value
ratio of 101.10%. Approximately 45.55%, 29.41%, and 25.04% of the
pool include loans with Carvana Deal Scores greater than or equal
to 30, between 10 and 29, and between 0 and 9, respectively.
Additionally, 0.98% of the collateral balance is composed of
obligors with FICO scores greater than 750, 33.44% consists of FICO
scores between 601 to 750, and 65.57% is from obligors with FICO
scores less than or equal to 600 or with no FICO score.

-- DBRS Morningstar analyzed the performance of Carvana's auto
loan and retail installment contract originations and static pool
vintage loss data broken down by Deal Score to determine a
projected CNL expectation for the CRVNA 2021-N3 pool.

(6) The DBRS Morningstar CNL assumption is 15.80% based on the
cut-off date pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios For
Rated Sovereigns," published on September 8, 2021. These baseline
macroeconomic scenarios replace DBRS Morningstar's moderate and
adverse COVID-19 pandemic scenarios, which were first published in
April 2020. The baseline macroeconomic scenarios reflect the view
that, although COVID-19 remains a risk to the outlook, uncertainty
around the macroeconomic effects of the pandemic has gradually
receded. Current median forecasts considered in the baseline
macroeconomic scenarios incorporate some risks associated with
further outbreaks, but remain fairly positive on recovery prospects
given expectations of continued fiscal and monetary policy support.
The policy response to COVID-19 may nonetheless bring other risks
to the forefront in coming months and years.

(7) Carvana's financial condition as reported in its annual report
on Form 10-K filed as of February 25, 2021, and 10-Q filed as of
August 5, 2021.

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

The rating on the Class A Notes reflects 50.90% of initial hard
credit enhancement provided by subordinated notes in the pool
(49.65%) and the reserve account (1.25%). The ratings on the Class
B, C, D, and E Notes reflect 37.45%, 24.75%, 12.25%, and 1.25% of
initial hard credit enhancement, respectively.

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



CARVANA AUTO 2021-P3: S&P Assigns BB+ (sf) Rating on Class N Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 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 our
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 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 nonamortizing 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.

  Ratings Assigned

  Carvana Auto Receivables Trust 2021-P3(i)

  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(ii), $39.33 million: BB+ (sf)

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



CASS COUNTY R-IX: S&P Assigns B (sf) Rating on Class B-2 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to CSMC 2021-NQM6 Trust's
mortgage pass-through notes.

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

S&P said, "Since we assigned our preliminary ratings and published
our presale report on Sept. 24, 2021, we received final bond
coupons and, as a result, an updated structure on the pool. The
sponsor (DLJ Mortgage Capital Inc.) decreased the size of classes
A-2 and A-3 and increased the sizes of class A-3 such that credit
support remained sufficient on all classes for the assignment of
final ratings that are unchanged from the preliminary ratings."

The ratings reflect S&P's view of:

-- The pool's collateral composition;

-- The transaction's credit enhancement;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The transaction's geographic concentration;

-- The mortgage aggregator, DLJ Mortgage Capital Inc. as well as
S&P Global Ratings reviewed originators; and

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

  Ratings Assigned

  CSMC 2021-NQM6 Trust

  Class A-1, $321,328,000: AAA (sf)
  Class A-2, $30,781,000: AA (sf)
  Class A-3, $46,948,000: A (sf)
  Class M-1, $20,153,000: BBB (sf)
  Class B-1, $11,958,000: BB (sf)
  Class B-2, $7,530,000: B (sf)
  Class B-3, $4,207,606: NR
  Class A-IO-S, Notional(i): NR
  Class XS, Notional(ii): NR
  Class PT(iii), $442,905,606: NR
  Class R: NR

(i)The notional amount will equal the aggregate interest-bearing
principal balance of the mortgage loans as of the first day of the
related due period and is initially $442,902,997.

(ii)The notional amount will equal the aggregate principal balance
of the mortgage loans as of the first day of the related due period
and is initially $442,905,606.

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



CATHEDRAL LAKE 2013: S&P Affirms 'B (sf)' Rating on Class D-R Notes
-------------------------------------------------------------------
S&P Global Ratings today assigned its ratings to the class A-2A-R
and A-2B-R replacement notes from Cathedral Lake CLO 2013
Ltd./Cathedral Lake CLO 2013 Corp., a CLO originally issued in 2014
and previously refinanced in 2016 and 2017, which is managed by
Carlson CLO Advisers LLC. At the same time, we withdrew our ratings
on the previously refinanced class A-1RR and A-2-R notes following
payment in full on the Sept. 28, 2021, refinancing date. We also
affirmed our ratings on the class B-R, C-R, and D-R notes, which
were not refinanced.

The new 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 extended to
Oct. 15, 2022.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R3, $282.50 million: Three-month LIBOR + 1.02%
  Class A-2-RR, $51.75 million: Three-month LIBOR + 1.70%

  Original notes

  Class A-1RR, $282.50 million: Three-month LIBOR + 1.20%
  Class A-2-R, $51.75 million: Three-month LIBOR + 1.75%

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.

"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

  Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.

  Class A-1-R3, $282.50 million: AAA (sf)
  Class A-2-RR, $51.75 million: AA (sf)

  Ratings Withdrawn

  Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.

  Class A-1RR: to NR from 'AAA (sf)'
  Class A-2-R: to NR from 'AA (sf)'

  Rating Affirmed

  Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.

  Class B-R: 'A (sf)'
  Class C-R: 'BBB- (sf)'
  Class D-R: 'B (sf)'

  Other Outstanding Ratings

  Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.

  Subordinated notes: NR

  NR--Not rated.



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

The preliminary ratings are based on information as of Sept. 24,
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, D-R, and E-R notes are
expected to be issued at a lower spread over three-month LIBOR than
the original notes.

-- The replacement class A-R, B-R, C-R, D-R, and E-R notes are
expected to be issued at a floating spread, replacing the current
floating spread.

-- The stated maturity and non-call periods will be extended by
approximately two years. The reinvestment period will be extended
by approximately three years.

-- There will be no additional collateral purchased in connection
with this refinancing. The target initial par amount is remaining
at $450.00 million. The first payment date following the first
refinancing date is expected to be Jan. 20, 2022.

-- There will be no additional subordinated notes issued in
connection with this refinancing; however, the stated maturity date
will be amended to match that of the replacement notes.

-- The transaction is amending its ability to purchase
workout-related assets and is also conforming to updated rating
agency methodology. In addition, the transaction is amending the
required minimums on the overcollateralization tests.

-- The transaction is amending its ability to purchase bonds up
with a cap of 5% of the collateral principal amount

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

  CIFC Funding 2020-II Ltd./CIFC Funding 2020-II LLC

  Class A-R, $279.00 million: AAA (sf)
  Class B-R, $63.00 million: AA (sf)
  Class C-R, $27.00 million: A (sf)
  Class D-R, $27.00 million: BBB- (sf)
  Class E-R, $17.70 million: BB- (sf)
  
  Subordinated notes, $37.20 million: Not rated


CITIGROUP COMMERCIAL 2016-C2: DBRS Hikes Class G-1 Rating to B
--------------------------------------------------------------
DBRS Limited upgraded its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C2
issued by Citigroup Commercial Mortgage Trust 2016-C2:

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

DBRS Morningstar also removed the Interest in Arrears designation
for all of the upgraded classes.

In addition, DBRS Morningstar confirmed the following ratings:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class X-A at AAA (sf)
-- Class X-B at A (high) (sf)
-- Class X-D at BBB (sf)

The trends on all classes are Stable.

The rating upgrades reflect the recovery of the interest shortfalls
tied to the Crocker Park Phase I and II (Prospectus ID#3; 10.2% of
the pool) (Crocker Park) loan, which were initially expected to
remain outstanding to the classes in question for an extended
period of time. The shorted interest was the result of a decision
by the master servicer, Midland Loan Services (Midland), to limit
advancing for the Crocker Park loan, which was modified in 2020.
Based on the estimates provided by Midland in March 2021, the
interest shortfalls would remain outstanding for at least 12
months, beyond DBRS Morningstar's interest shortfall tolerance of
six months for the below investment-grade classes, prompting DBRS
Morningstar to downgrade the ratings on 11 classes in May 2021.

However, following DBRS Morningstar's May 2021 rating actions, the
servicer revised its strategy for recovering the shortfalls to a
principal known as the Workout Delayed Reimbursement Amount and has
been clawing back advances from principal collections, resulting in
the shortfalls being recovered for the bonds in question. As such,
Classes E through G were upgraded to reflect the recovery of the
interest shortfalls and the removal of the Interest in Arrears
designation with this review.

As of August 2021, the loan remained current and was performing in
line with expectations. The loan modification, which closed in July
2020, allowed for a 12-month forbearance of debt service payments,
which would be deferred until loan maturity in August 2026. The
loan modification was granted in response to the borrower's request
to use available cash flow to fund the $7.0 million of estimated
leasing costs necessary to backfill current and projected future
vacancy across the collateral property. As of August 2021, the
leasing reserve had a balance of $7.3 million. In addition, as of
June 2021, the occupancy rate had improved to 95.0% compared with
90.0% in October 2020 and 87.0% in July 2020. The Q2 2021 debt
service coverage ratio (DSCR) was reported at 1.24 times (x),
compared with the year-end 2020 DSCR of 1.31x.

As of the August 2021 remittance, all 44 of the original loans
remained in the pool, with a total collateral reduction of 3.6%
since issuance as a result of loan amortization. There are 10
loans, representing 16.9% of the current trust balance, on the
servicer's watchlist, and three loans, representing 9.1% of the
current pool balance, in special servicing. The loans on the
servicer's watchlist are being monitored for a variety of reasons,
including low DSCRs and occupancy issues. All three loans in
special servicing are secured by either hotel or retail properties,
which include Welcome Hospitality Portfolio (Prospectus ID#8; 3.9%
of the pool), Jay Scutti Plaza (Prospectus ID#16; 2.7% of the
pool), and Marriott-Livonia at Laurel Park (Prospectus ID#17; 2.5%
of the pool). Additionally, five loans, representing 8.7% of the
pool, have defeased.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating on the Vertex Pharmaceuticals HQ loan (Prospectus ID#1;
10.2% of the pool). With this review, DBRS Morningstar confirmed
that the performance of this loan remains consistent with
investment-grade loan characteristics.

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



CITIGROUP COMMERCIAL 2016-P6: Fitch Cuts Class F Certs to 'CCC'
---------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed 13 classes of
Citigroup Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2016-P6 (CGCMT 2016-P6). The
Rating Outlook on one class remains Negative.

    DEBT               RATING             PRIOR
    ----               ------             -----
CGCMT 2016-P6

A-2 17291EAT8     LT  AAAsf   Affirmed    AAAsf
A-3 17291EAU5     LT  AAAsf   Affirmed    AAAsf
A-4 17291EAV3     LT  AAAsf   Affirmed    AAAsf
A-5 17291EAW1     LT  AAAsf   Affirmed    AAAsf
A-AB 17291EAX9    LT  AAAsf   Affirmed    AAAsf
A-S 17291EAY7     LT  AAAsf   Affirmed    AAAsf
B 17291EAZ4       LT  AA-sf   Affirmed    AA-sf
C 17291EBA8       LT  A-sf    Affirmed    A-sf
D 17291EAA9       LT  BBB-sf  Affirmed    BBB-sf
E 17291EAC5       LT  BB-sf   Affirmed    BB-sf
F 17291EAE1       LT  CCCsf   Downgrade   B-sf
X-A 17291EBB6     LT  AAAsf   Affirmed    AAAsf
X-B 17291EBC4     LT  AA-sf   Affirmed    AA-sf
X-D 17291EAL5     LT  BBB-sf  Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Loss expectations have increased since
Fitch's last rating action, primarily due to the declining
performance of the ten Fitch Loans of Concern (FLOCs; 33.0% of
pool), which include five loans (26.3%) in the top 15 and one loan
in special servicing (1.2%).

Fitch's current ratings incorporate a base case loss of 6.2%.
Losses could reach 6.6% when factoring a potential outsized loss on
the 681 Fifth Avenue loan.

Fitch Loans of Concern: The largest contributor to losses is the
925 La Brea Avenue loan, which is secured by a 63,331-sf mixed-use
property in West Hollywood, CA. The building was built in 2016 with
two tenants, WeWork (75% of NRA) and Burke Williams (25%) Spa,
occupying the entire space. As of the June 2021 rent roll, WeWork
has vacated the space and is no longer paying rent. Fitch's loss
estimate of 25% assumes a higher cap rate and stress to the NOI
given the high in-place rental rates and elevated submarket
vacancy.

The second largest contributor to loss is the specially serviced
Fairfield Inn and Suites Milwaukee Downtown (1.2%), a 103-key
limited-service hotel property located in Milwaukee, WI. The
property was built in 1924 and subsequently renovated in 2013. The
special servicer is pursuing foreclosure. The loan transferred to
special servicing in June 2020 for monetary default. The property
closed in April 2020 due to the pandemic and reopened at the end of
May 2021. Performance had already declined since issuance prior to
the pandemic due to renovations and unforseen needed repairs. The
hotel was also in default of the franchise agreement as of February
2019. Per STR, both running 12-month 3/2019 ADR and RevPAR ranking
was 8 of 8 in the comp set.

The largest FLOC, 8 Times Square & 1460 Broadway (8.4%), is secured
by a 214,341-sf mixed-use retail/office property in Times Square,
Manhattan. The collateral is fully occupied by two tenants: WeWork
(83.1% of NRA, 53.1% of GPR; August 2034 lease expiration), which
occupies the entire office portion of the property at below market
rents, and Foot Locker (16.9% of NRA, 46.9% of GPR; August 2032
lease expiration), which occupies the first-floor retail space.
WeWork is facing challenges in the current environment, laying off
nearly 20% of its workforce in late 2019 and closing offices in
numerous locations. As of September 2021, both WeWork and Foot
Locker remain open for business. The servicer-reported NOI debt
service coverage ratio (DSCR) decreased to 1.64x at YE 2020 from
1.93x at YE 2019.

The second-largest FLOC, 681 Fifth Avenue (6.5%), is secured by a
17-story, 82,573-sf mixed-use building located on the southeast
corner of 54th Street and 5th Avenue in Midtown Manhattan. The
largest tenants include Metropole Realty Advisors (9.2% of NRA;
through March 2029), Vera Bradley (7.1%; March 2026), Apex Bulk
Carriers (7.1%; March 2023) and Belstaff USA (7.1%; April 2022).
Physical occupancy has decreased to 58.6% as of the June 2021 rent
roll after Tommy Hilfiger (27.3%) went dark in March 2019. Tommy
Hilfiger is obligated to continue paying its rent through its May
2023 lease expiration. Additionally, Tommy Hilfiger's lease
included a letter of credit security deposit for $6.66 million
($296 psf). The servicer-reported NOI DSCR has increased to 1.64x
as of YE 2020 from 1.44x at YE 2019 primarily due to annual rental
escalations.

Minimal Change in Credit Enhancement: As of the September 2021
distribution date, the pool's aggregate principal balance has been
paid down by 7.1% to $848.7 million from $913.4 million at
issuance. One loan (0.5% of current pool) is fully defeased. Two
loans (4.0% of current pool) have paid off since issuance. There
have been no realized losses since issuance. The transaction is
scheduled to pay down by 8.8% of the original pool balance prior to
maturity. Loan maturities are concentrated in 2026 (81.0%), with
10.5% in 2021, 2.0% in 2023 and 6.5% in 2027. Cumulative interest
shortfalls totaling $247,102 are currently impacting the non-rated
class H.

Alternative Loss Considerations: Fitch performed an additional
sensitivity scenario that assumed a potential outsized loss of 10%
on the current balance of the 681 Fifth Avenue loan, while also
factoring in the expected paydown of the transaction from defeased
loans. This additional sensitivity scenario contributed to the
Negative Rating Outlook on classes E.

Credit Opinion Loans: Two loans (6.6% of the pool) were given
investment-grade credit opinions at issuance; Potomac Mills (4.1%)
received an investment-grade credit opinion of 'BBBsf*' and Easton
Town Center (2.5%) received an investment-grade credit opinion of
'A+sf*'.

Undercollateralization: The transaction is undercollateralized by
approximately $530,607 due to a WODRA on the Sheraton Portland
Airport loan, which was reflected in the August 2021 remittance
report.

RATING SENSITIVITIES

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

-- The Stable Rating Outlooks on classes A-1 through D and the
    interest-only classes X-A, X-B and X-D reflect the increasing
    credit enhancement, continued expected amortization and
    relatively stable performance of the majority of the pool.

-- Upgrades would occur with stable to improved asset performance
    coupled with paydown and/or defeasance. Upgrades of the 'Asf'
    and 'AAsf' categories would likely occur with significant
    improvement in credit enhancement (CE) and/or defeasance;
    however, adverse selection, increased concentrations and
    further underperformance of the FLOCs and/or loans considered
    to be negatively affected by the coronavirus pandemic could
    cause this trend to reverse.

-- An upgrade to the 'BBBsf' category is considered unlikely and
    would be limited based on sensitivity to concentrations or the
    potential for future concentration. Classes would not be
    upgraded above 'Asf' if there is likelihood for interest
    shortfalls. Upgrades to the 'CCCsf' and 'BBsf' categories are
    not likely until the later years in a transaction and only if
    the performance of the remaining pool is stable and there is
    sufficient CE to the classes.

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

-- The Negative Rating Outlook on class E reflects the potential
    for further downgrade reflecting performance concerns
    associated with the FLOCs and specially serviced loan.

-- Downgrades would occur with an increase in pool level losses
    from underperforming or specially serviced loans. Downgrades
    of the 'Asf', 'AAsf' and 'AAAsf' categories are not considered
    likely due to the position in the capital structure and the
    stable performance of the pool, but may occur at 'AAsf' and
    'AAAsf' should interest shortfalls affect these classes.

-- Downgrades of the 'BBBsf' category would likely occur if
    expected losses increase significantly or the performance of
    the FLOCs continue to decline further and/or fail to
    stabilize. Downgrades to the 'CCCsf' and 'BBsf' category would
    occur should loss expectations increase due to performance
    declines or as losses are realized.

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.


CLNC 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of notes issued
by CLNC 2019-FL1, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS Morningstar's
expectations. In conjunction with this press release, DBRS
Morningstar has published a Rating Report with in-depth analysis
and credit metrics for the transaction and business plan updates on
select loans.

The pool's collateral initially consisted of 21 floating-rate loans
secured by cash flowing assets, many of which were in a period of
transition with plans to stabilize and improve asset values. At
issuance, the cut-off balance was $1.0 billion, with an additional
$124.9 million of available future funding commitments held outside
of the trust. During the 24-month reinvestment period, the Issuer
may acquire future funding commitments and additional loans subject
to the relevant eligibility criteria.

As of the August 2021 remittance, there are 24 loans in the pool
with an aggregate principal balance of $1.0 billion. Since
issuance, 10 loans were repaid and 13 loans were added to the pool
during the reinvestment period. As of August 2021, the pool has
$91.2 million of future funding commitments outstanding. The
reinvestment period expires in October 2021, at which point the
transaction will pay sequentially. There are no loans in special
servicing or on the servicer's watchlist. According to the
servicer's report, there are three loans, representing 10.0% of the
pool, that were modified with terms generally ranging from a
temporary forbearance of deposits to tax, insurance and replacement
reserves, maturity extensions and changes to the interest rate
spread. However, based on the updates provided by the collateral
manager, several loans were previously modified and were generally
a direct result of hardships brought about by the Coronavirus
Disease (COVID-19) pandemic, while one loan, Paragon LIC, requested
a modification after leasing momentum stalled following Amazon's
withdrawal of its plans to locate its second headquarters at the
nearby One Court Square property.

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



CLNY TRUST 2019-IKPR: DBRS Confirms B Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-IKPR
issued by CLNY Trust 2019-IKPR:

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

With this review, the ratings on Classes B, C, D, E, and F have
been removed from Under Review with Negative Implications, where
they were placed on September 24, 2020, amid the Coronavirus
Disease (COVID-19) pandemic.

DBRS Morningstar also changed the trend on Class A to Stable from
Negative, and the trends on Classes B, C, and D are Stable. Classes
E and F have Negative trends as a result of sustained underlying
pressures and lasting residual effects of the coronavirus pandemic,
and Class G has a rating that does not carry a trend. DBRS
Morningstar also maintained the Interest in Arrears designation on
Class G.

This transaction is secured by a portfolio of 46 extended-stay,
limited-service, and full-service hotels in 16 states across the
U.S. with a total of 5,948 guest rooms. The properties are
conjoined by cross-defaulted and cross-collateralized mortgages,
deeds of trust, indenture deeds of trust, or similar instruments
applicable in each jurisdiction, plus liens on the furniture,
fixtures, equipment, and leases used in the operations of the
hotels.

The portfolio is diversified in terms of location and hotel type:
three full-service hotels represent 6.5% of total rooms, seven
select-service hotels represent 15.2% of total rooms, and 36
extended-stay hotels represent 78.3% of total rooms. No single
hotel represents more than 3.8% of total rooms. The portfolio spans
16 states and the hotels operate under the Marriott, Hyatt, and
Hilton brands with eight different sub-brands. Four states have
properties with total allocated loan amounts (ALA) in excess of 10%
of the mortgage loan balance (California: 22.1%; New Jersey: 14.5%;
Washington: 11.1%; and Florida: 10.1%).

Loan proceeds were used to refinance existing debt of $830.9
million and to fund a property improvement plan reserve of $26.0
million. The loan is structured with an initial term of two years,
with five one-year extension options. The sponsor invested $20.8
million of cash equity at closing. There was additional financing
in the form of $45.0 million of senior mezzanine debt and $55.0
million of junior mezzanine debt, neither of which was included as
part of this transaction. The servicer has indicated that the
junior mezzanine debt was subsequently extinguished.

According to an article by Business Wire dated March 26, 2021,
Colony Capital (Colony) sold six of its hospitality portfolios,
consisting of 22,676 rooms, to Highgate and an affiliate of
Cerberus Capital Management L.P., a transaction that included its
interest in the collateral portfolio. The article reported that
Colony's plan is to first exit noncore assets and to ultimately
exit the hospitality business to refocus on digital infrastructure
assets. Additionally, other news reports noted that the loan's
other sponsor, Chatham Lodging, L.P., also sold its interest in the
subject portfolio in the first quarter of 2021.

DBRS Morningstar has requested confirmation of these events from
the servicer and notes that the collateral portfolio sale is a
neutral to positive development for the subject transaction,
particularly given Colony's interest in leaving the hospitality
industry altogether. The subject loan was in special servicing
between July 2020 and August 2020 after going delinquent but was
brought current through the use of reserve funds and ultimately
returned to the master servicer, which has reported that the loan
has been current since.

Property releases for individual hotels are permitted subject to a
debt yield test and, in most cases, the payment of a release
premium. For the first 20% of the loan balance, the release premium
is 105% of the ALA. After reaching that point, property releases
are subject to a 110% paydown for the next 15% of the initial loan
balance. Thereafter, a 115% release price is required. Five
specific hotels are permitted to release upon payment of the par
balance, or ALA, with those releases not counting toward the
aforementioned thresholds. As of the August 2021 remittance, no
releases from the portfolio have been reported.

Prior to the effects of the pandemic, the portfolio reported an
occupancy rate of 73.3%, which was slightly below the issuance
occupancy rate of 76.7%. The net cash flow figure for the trailing
12 months ended March 31, 2020, was down 10.2% from issuance. Amid
the pandemic, the YE2020 debt service coverage ratio (DSCR) dropped
to 0.77 times (x), compared with the issuer's DSCR of 1.22x. The
performance declines are not surprising given the unprecedented
decline in demand across multiple revenue segments for the hotel
sector amid the pandemic; however, the portfolio's underperformance
prior to March 2020 does suggest that the road to stabilization
could be longer compared with similar hotel portfolios backing
commercial mortgage-backed securities (CMBS) loans of similar
vintage.

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



COMM TRUST 2020-CBM: DBRS Confirms BB(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-CBM, issued by COMM Trust
2020-CBM Mortgage Trust as follows:

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

DBRS Morningstar changed the trends on all classes to Stable, with
the exception of Classes E and F, which continue to carry Negative
trends as a reflection of the increased risk to the transaction as
a result of the Coronavirus Disease (COVID-19) global pandemic.

The underlying $684.0 million mortgage loan is secured by a
first-priority mortgage on fee and leasehold interests on 52
limited-service hotel properties with 7,677 rooms. The fixed-rate
loan includes a five-year term and is interest only (IO)
throughout. The whole loan is split into several components,
including 10 pari passu notes of different balances totaling $398.0
million as well as one junior promissory note of $286.0 million,
which is the junior trust note. The debt contributed to the
transaction consists of four senior pari passu notes and the junior
trust note for a total trust balance of $484.0 million. The six
nontrust companion notes total $200.0 million for a whole-loan
balance of $684.0 million maturing in February 2025.

The portfolio primarily includes older hotels, with 47 properties,
representing 90.4% of the rooms, built in 1989 or earlier. All the
hotels operate under the Courtyard by Marriott flag, benefiting
from strong brand recognition, as well as brandwide reservation
systems, marketing, and loyalty programs. The properties are in 25
states, with concentrations in California, Florida, Illinois, and
Colorado representing 25.2%, 7.6%, 7.1%, and 6.6% of allocated loan
amount (ALA), respectively. There was a $99.0 million reserve
established at closing to fund capital improvements across the
portfolio, and as of the August 2021 reporting, it appears that the
bulk of those reserves have been released. A second reserve of
approximately $70.0 million will be collected over the next few
years to fund additional improvements.

The sponsor for the transaction is CBM Joint Venture Limited
Partnership, a joint venture between affiliates of Clarion
Partners, LLC and the Michigan Office of Retirement Services (the
majority equity interest holder). The property manager is Courtyard
Management Corporation, a third-party hotel management company and
a wholly-owned subsidiary of Marriott International, Inc.

Seven hotels in various states, representing 11.0% of the ALA, are
subject to ground leases from third-party fee owners. In addition,
39 hotel properties are subject to ground leases between CBM Two
Hotels L.P. Borrower, as the lessee, and C2 Land, L.P. Borrower, as
the lessor, both related entities. Six hotels are fee simple owned.
DBRS Morningstar did not assign an ALA to two hotels with ground
leases terminating in less than 10 years and assumed release prices
equal to 62.5% of the related appraised value at origination.

The portfolio suffered performance issues because of the
coronavirus pandemic, which led to the near-total cessation of
commercial and leisure travel. The loan transferred to special
servicing in April 2020 in conjunction with the borrower's request
for coronavirus-related relief. Although the lender agreed to
modification terms that included forbearance, the borrower
ultimately abandoned the request for relief, and the loan was
returned to the master servicer in May 2020. As of the August 2021
remittance report, the loan was performing and remains on the
servicer's watchlist for low debt service coverage ratio.

On an aggregate basis, the portfolio has previously outperformed
its competitive sets with occupancy, average daily rates (ADRs),
and revenue per available room penetration rates that have been
higher than 100% since 2016. According to the trailing three months
(T-3) ended March 2021 financials, the portfolio was reporting an
occupancy of 42.4% and ADR of $86.97, compared with the T-3 ended
December 2020 figures of 30.4% and $85.82, respectively.

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



CSMC 2021-NQM6: S&P Assigns Prelim B (sf) Rating on B-2 Certs
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CSMC
2021-NQM6 Trust's mortgage pass-through notes.

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

The preliminary ratings are based on information as of Sept. 24,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;
-- The transaction's credit enhancement;
-- The transaction's associated structural mechanics;
-- The transaction's representation and warranty framework;
-- The transaction's geographic concentration;
-- The mortgage aggregator, DLJ Mortgage Capital Inc. as well as
-- S&P Global Ratings reviewed originators; and
-- The impact the COVID-19 pandemic will likely have on the
performance of the mortgage borrowers in the pool and liquidity
available in the transaction.

  Preliminary Ratings Assigned

  CSMC 2021-NQM6 Trust

  Class A-1, $321,549,000: AAA (sf)
  Class A-3, $ 46,726,000: A (sf)
  Class M-1, $ 20,153,000: BBB (sf)
  Class B-1, $ 11,958,000: BB (sf)
  Class B-2, $ 7,530,000: B (sf)
  Class B-3, $ 4,207,606: NR
  Class A-IO-S, Notional(i): NR
  Class XS, Notional(ii): NR
  Class PT(iii), $442,905,606: NR
  Class R: NR

(i)The notional amount will equal the aggregate interest-bearing
principal balance of the mortgage loans as of the first day of the
related due period and is initially $442,902,997.

(ii)The notional amount will equal the aggregate principal balance
of the mortgage loans as of the first day of the related due period
and is initially $442,905,606.

(iii)Certain initial exchangeable notes are exchangeable for the
exchangeable notes and vice versa.

NR--Not rated.



CWMBS REPERFORMING 2004-R1: Moody's Cuts 1A-S Certs Rating to Ca
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class 1A-S,
issued by CWMBS Reperforming Loan REMIC Trust Certificates, Series
2004-R1, backed by FHA and VA mortgage loans.

Complete rating action is as follows:

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series
2004-R1

Cl. 1A-S, Downgraded to Ca (sf); previously on Nov 29, 2017
Downgraded to Caa3 (sf)

RATING RATIONALE

The rating downgrade of Class 1A-S, an interest only bond, is
primarily due to the principal paydown of Class 1A-F, one of its
linked P&I bonds. The rating on an IO bond referencing multiple
bonds is the weighted average of the current ratings of its
referenced bonds based on their current balances, which are grossed
up by their realized losses, if any. The rating action also
reflects the recent performance as well as Moody's updated loss
expectations on the underlying pools.

In light of the current macroeconomic environment, Moody's revised
loss expectations based on the extent of performance deterioration
of the underlying mortgage loans, resulting from a slowdown in
economic activity and increased unemployment due to the coronavirus
outbreak. Specifically, Moody's have observed an increase in
delinquencies since the start of pandemic, which could result in
higher realized losses. In response to the financial dislocations
faced by many borrowers due to COVID-19, servicers have offered
payment holiday programs to the impacted borrowers. In accordance
with the Federal Housing Administration (FHA) and the Department of
Veterans Affairs (VA), borrowers experiencing financial hardship
due to COVID-19 are eligible for a forbearance for up to 180 days.
Also, borrowers may be eligible for additional forbearance
extension for up to a total of 18 months based on FHA and VA
guidelines. In addition, the FHA and VA have loss mitigation
options to assist borrowers at the end of the forbearance period to
help repay the missed payments.

In Moody's analysis, Moody's increased its model-derived expected
losses by approximately 10% to reflect the performance
deterioration resulting from a slowdown in US economic activity due
to the COVID-19 outbreak.

The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of residential mortgage loans as the US
economy continues on the path toward normalization. Economic
activity will continue to strengthen in 2021 because of several
factors, including the rollout of vaccines, growing household
consumption and an accommodative central bank policy. However,
specific sectors and individual businesses will remain weakened by
extended pandemic related restrictions.

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

Principal Methodologies

The methodologies used in this rating were "FHA-VA US RMBS
Surveillance Methodology" published in July 2020.

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

Up

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

Down

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


DBWF 2015-LCM: DBRS Confirms BB(low) Rating on 2 Classes
---------------------------------------------------------
DBRS, Inc. confirmed all ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-LCM issued by DBWF 2015-LCM
Mortgage Trust as follows:

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

DBRS Morningstar also changed the trends on Classes A-1, A-2, B, C,
D, and X-A to Stable from Negative. The trends on Classes on E and
F remain Negative because of the continuing performance challenges
associated with the Coronavirus Disease (COVID-19) global pandemic.
The rating confirmations reflect the generally stable performance
since the last DBRS Morningstar review of this transaction, with no
delinquencies or defaults reported by the servicer.

The collateral for the loan is the fee-simple and leasehold
interests in the 2.1 million-square-foot (sf) Lakewood Center mall
in Lakewood, California, within Los Angeles County. The mall was
originally constructed in 1951 and has been expanded and renovated
many times over the years with the last major expansion in 2009.
The mall is owned and operated by The Macerich Company, which
purchased the remaining 49% ownership interest in the subject in
2014 for a total consideration of approximately $1.8 billion. The
Certificates are backed by a $290.0 million loan consisting of a
$120.0 million senior note and two junior notes each with a
principal balance of $85.0 million. The three notes have 11-year
terms and amortize over 30-year terms with loan maturity in June
2026. As part of the financing, but not part of the trust
collateral for this security, there is also a $120.0 million A-1
companion loan, which ranks pari passu with the senior trust note
and is securitized in the DBRS Morningstar-rated COMM 2015-CCRE24
Mortgage Trust transaction. The whole loan totals $410.0 million,
or $198 per sf. As of the August 2021 remittance, the trust debt
had amortized by 9.0% with a current trust balance of $263.8
million.

The fee-simple collateral interest totals 1.37 million sf, while
the remaining collateral is ground leased to major tenants. Anchor
tenants include Macy's (17.6% of net rentable area (NRA)), Costco
Wholesale (8.1% of NRA), JCPenney (7.9% of NRA), Target (7.7% of
NRA), and The Home Depot (6.4% of NRA). Other major tenants include
Forever 21, Burlington Coat Factory, Nordstrom Rack, Best Buy, and
Albertsons. Lakewood Center's enclosed mall is primarily one story,
but the attached anchors, including Round 1 Bowling, encompass two
stories. In April 2021, the mall's seventh-largest tenant, Pacific
Theatres, representing 4.3% of the NRA, vacated as part of the
company's bankruptcy filing. Other notable large tenants that have
previously filed for bankruptcy include JCPenney and 24 Hour
Fitness (2.2% of NRA), both of which have emerged from bankruptcy
and remain open for business at the subject property. The lease for
JCPenney expires in January 2022, and the lease for 24 Hour Fitness
expires in 2027.

Although the property's performance had been stable with an
occupancy rate above 90% since issuance, occupancy declined to 93%
as of the March 2021 rent roll from a prior high of 99% as of
YE2019. The drop in occupancy has resulted in a decrease in cash
flow as the YE2020 net cash flow (NCF) decreased 19.1% year over
year and was 8.8% lower than the DBRS Morningstar NCF at issuance.
Despite these concerns, the debt service coverage ratio (DSCR) has
remained generally healthy, with a YE2020 DSCR of 1.34 times (x),
compared with the YE2019 DSCR of 1.65x, YE2018 DSCR of 1.65x, and
YE2017 DSCR of 1.62x.

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



DEEPHAVEN RESIDENTIAL 2021-3: S&P Assigns 'B-' Rating on B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 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.

  Ratings Assigned

  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(i): NR
  Class A-IO-S, Notional(i): NR
  Class R: NR

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



ELMWOOD CLO XI: S&P Assigns BB- (sf) Rating on $18MM Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO XI
Ltd./Elmwood CLO XI LLC's floating-rate notes.

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

The ratings reflect:

-- The diversification of the collateral pool.

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

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

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

  Ratings Assigned

  Elmwood CLO XI Ltd./Elmwood CLO XI LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $18.00 million: BB- (sf)
  Subordinated notes, $43.00 million: Not rated



FORTRESS CREDIT XII: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings today assigned its ratings to Fortress Credit
BSL XII Ltd./Fortress Credit BSL XII LLC's fixed- and floating-rate
notes.

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

The 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

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

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



FREDDIE MAC 2021-HQA3: Moody's Assigns (P)B1 Rating to 10 Tranches
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
classes of credit risk transfer notes issued by Freddie Mac STACR
REMIC TRUST 2021-HQA3. The ratings range from (P)Baa3 (sf) to (P)B1
(sf). Freddie Mac STACR REMIC TRUST 2021-HQA3 (STACR 2021-HQA3) is
the third transaction of 2021 in the HQA series issued by the
Federal Home Loan Mortgage Corporation (Freddie Mac) to share the
credit risk on a reference pool of mortgages with the capital
markets. The transaction is structured as a real estate mortgage
investment conduit (REMIC). Class coupons of floating rate notes
are based on secured overnight financing rate (SOFR) and their
respective fixed margin.

The notes in STACR 2021-HQA3 receive principal payments as the
loans in the reference pool amortize or prepay. Principal payments
to the notes are paid from assets in the trust account established
from proceeds of the notes issuance. Interest payments to the notes
are paid from a combination of investment income from trust assets,
an asset of the trust known as the interest-only (IO) Q-REMIC
interest, and Freddie Mac. Freddie Mac is responsible to cover (1)
any interest owed on the notes not covered by the investment income
from the trust assets and the yield on the IO Q-REMIC interest and
(2) to reimburse the trust for any investment losses from sales of
the trust assets.

Investors have no recourse to the underlying reference pool. The
credit risk exposure of the notes depends on the actual realized
losses and modification losses incurred by the reference pool.
Freddie Mac is obligated to pay off the notes in September 2041 if
any balances remain outstanding. Of note, this is the first STACR
REMIC transaction in the 2021 HQA series with 20-year stated bullet
maturity on the offered notes, instead of 12.5-year maturity for
most recent transactions.

In this transaction, the notes' coupon is indexed to SOFR. Based on
the transaction's synthetic structure, the particular choice of
benchmark has minimal credit impact. Interest payments to the notes
are backstopped by the sponsor, which prevents the notes from
incurring interest shortfalls as a result of increases in the
benchmark index. However, the coupon rate on the notes could impact
the amount of interest available to absorb modification losses, if
any, from the reference pool.

The complete rating actions are as follows:

Issuer: Freddie Mac STACR REMIC TRUST 2021-HQA3

Cl. M-1, Assigned (P)Baa3 (sf)

Cl. M-2, Assigned (P)Ba3 (sf)

Cl. M-2A, Assigned (P)Ba2 (sf)

Cl. M-2AI*, Assigned (P)Ba2 (sf)

Cl. M-2AR, Assigned (P)Ba2 (sf)

Cl. M-2AS, Assigned (P)Ba2 (sf)

Cl. M-2AT, Assigned (P)Ba2 (sf)

Cl. M-2AU, Assigned (P)Ba2 (sf)

Cl. M-2B, Assigned (P)B1 (sf)

Cl. M-2BI*, Assigned (P)B1 (sf)

Cl. M-2BR, Assigned (P)B1 (sf)

Cl. M-2BS, Assigned (P)B1 (sf)

Cl. M-2BT, Assigned (P)B1 (sf)

Cl. M-2BU, Assigned (P)B1 (sf)

Cl. M-2I*, Assigned (P)Ba3 (sf)

Cl. M-2R, Assigned (P)Ba3 (sf)

Cl. M-2RB, Assigned (P)B1 (sf)

Cl. M-2S, Assigned (P)Ba3 (sf)

Cl. M-2SB, Assigned (P)B1 (sf)

Cl. M-2T, Assigned (P)Ba3 (sf)

Cl. M-2TB, Assigned (P)B1 (sf)

Cl. M-2U, Assigned (P)Ba3 (sf)

Cl. M-2UB, Assigned (P)B1 (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
0.93%, in a baseline scenario-median is 0.71%, and reaches 5.06% at
a stress level consistent with Moody's Aaa ratings.

Moody's calculated losses on the pool using US Moody's Individual
Loan Analysis (MILAN) GSE model based on the loan-level collateral
information as of the cut-off date. Loan-level adjustments to the
model results included, but were not limited to, qualitative
adjustments for origination quality and third-party review (TPR)
scope.
The action reflects the coronavirus pandemic's residual impact on
the ongoing performance of MBS - Other 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% 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 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.

Servicing practices, including tracking coronavirus related loss
mitigation activities, may vary among servicers in the transaction.
These inconsistencies could impact reported collateral performance
and affect the timing of any breach of performance triggers and the
amount of modification losses. Moody's may infer and extrapolate
from the information provided based on this or other transactions
or industry information, or make stressed assumptions.

Collateral Description

The reference pool consists of 123,827 prime, fixed-rate, one- to
four-unit, first-lien conforming mortgage loans acquired by Freddie
Mac. The loans were originated on or after January 1, 2015 with a
weighted average seasoning of seven months. Each of the loans in
the reference pool had a loan-to-value (LTV) ratio at origination
that was greater than 80% and less than or equal to 97%. 8.6% of
the pool are loans underwritten through Home Possible and 98.4% of
loans in the pool are covered by mortgage insurance as of the
cut-off date.

About 20.5% of loans (by balance) in this transaction were
underwritten through Freddie Mac's Automated Collateral Evaluation
(ACE) program. Under ACE program, Freddie Mac assesses whether the
estimate of value or sales price of a mortgaged property, as
submitted by the seller, is acceptable as the basis for the
underwriting of the mortgage loan. If a loan is assessed as
eligible for appraisal waiver, the seller will not be required to
obtain an appraisal and will be relieved from R&Ws related to
value, condition and marketability of the property. A loan
originated without a full appraisal will lack details about the
property's condition. Moody's consider ACE loans weaker than loans
with full appraisal. Specifically, for refinance loans, seller
estimated value, which is the basis for calculating LTV, may be
biased where there is no arms-length transaction information.
Although such value is validated against Freddie Mac's in-house HVE
model, there's still possibility for over valuations subject to
Freddie Mac's tolerance levels. All ACE loans in this transaction
are either rate or term refinance loans where Moody's made haircuts
to property values to account for overvaluation risk.

Aggregation/Origination Quality

Moody's consider Freddie Mac's overall seller management and
aggregation practices to be adequate and Moody's did not apply a
separate loss-level adjustment for aggregation quality.

Underwriting

Freddie Mac uses a delegated underwriting process to purchase
loans. Sellers are required to represent and warrant that loans are
made in accordance with negotiated terms or Freddie Mac's guide.
Numerous checks in the selling system ensures that loans with the
correct characteristics are delivered to Freddie Mac. Sellers are
required to cure, make an indemnification payment or repurchase the
loans if a material underwriting defect is discovered subject to
certain limits. In certain cases, Freddie Mac may elect to waive
the enforcements of the repurchase if an alternative such as an
indemnification payment is provided.

Quality Control

Freddie Mac monitors each seller's risk exposure both on an
aggregated basis as well as by product lines. A surveillance team
reviews sellers' financials at least on an annual basis, monitors
exposure limits, risk ratings, lenders QC reports and internal
audit results and may adjust credit limits, require additional
loan/operational reviews or put the seller on a watch list, as
needed.

Home Possible Program

Approximately 8.6% of the loans by cut-off date balance were
originated under the Home Possible program. The program is designed
to make responsible homeownership accessible to low- to
moderate-income homebuyers, by requiring low down payments, lower
risk-adjusted pricing, flexibility in sources of income, and, in
certain circumstances, lower than standard mortgage insurance
coverage.

Home Possible loans in STACR 2021-HQA3's reference pool,
collectively, have a WA FICO of 749 and WA LTV of 92.8%, versus a
WA FICO of 754 and a WA LTV of 90.1% for the rest of the loans in
the pool. While Moody's MILAN model takes into account
characteristics listed on the loan tape, such as lower FICOs and
higher LTVs, there may be risks not captured by Moody's model due
to less stringent underwriting, including allowing more flexible
sources of funds for down payment and lower risk-adjusted pricing.
Moody's applied an adjustment to the loss levels to address the
additional risks that Home Possible loans may add to the reference
pool.

Enhanced Relief Refinance (ERR)

The ERR program is designed to provide refinance opportunities to
borrowers with existing Freddie Mac's mortgage loans who are
current on their mortgage payments but whose LTV ratios exceed the
maximum permitted for standard refinance products. The program is
intended to offer refinance opportunities to borrowers so they can
reduce their monthly payment. STACR 2021-HQA3's reference pool does
not include ERR loans at closing, however, transaction documents
allow for the replacement of loans in the reference pool with ERR
loans in the future. The replacement will not constitute a
prepayment on the replaced loan, credit event or a modification
event.

At closing, Moody's did not make any adjustment to Moody's
collateral losses due to the existence of the ERR program. Moody's
believe the programs are beneficial for loans in the pool,
especially during an economic downturn when limited refinancing
opportunities would be available to borrowers with low or negative
equity in their properties. However, since such refinanced loans
are likely to have later maturities and slower prepayment rates
than the rest of the loans, the reference pool is at risk of having
a high concentration of high LTV loans at the tail of the
transaction's life. Moody's will monitor ERR loans in the reference
pool and may make an adjustment in the future if the percentage of
them becomes significant after closing.

Mortgage insurance

99.9% (by balance) of the loans in the pool were originated with
mortgage insurance. 98.2% of the loans benefit from BPMI which is
usually terminated when LTV falls below 78% under scheduled
amortization, and 1.7% of the loans benefit from LPMI or IPMI which
lasts through the life of the loan.

Freddie Mac will cover the amount that is reported as payable under
any effective mortgage insurance policy, but not received due to a
mortgage insurer insolvency or due to a settlement between the
mortgage insurer and Freddie Mac. The servicer is required to
reimburse Freddie Mac for claim curtailments rejections due to the
servicer's violation of the mortgage insurance policy.

The MILAN model output accounts for the presence of mortgage
insurance backed by Freddie Mac. Moody's rejection rate assumption
is 0% under base case and 1% under Aaa scenario.

Servicing arrangement

As master servicer, Freddie Mac has strong servicer oversight and
monitoring processes. Generally, Freddie Mac does not itself
conduct servicing activities. When a mortgage loan is sold to
Freddie Mac, the seller enters into an agreement to service the
mortgage loan for Freddie Mac in accordance with a comprehensive
servicing guide for servicers to follow. Freddie Mac monitors
primary servicer performance and compliance through its Servicer
Success Program, scorecard and servicing quality assurance group.
Freddie Mac also reviews individual loan files to identify
servicing performance gaps and trends.

Moody's consider the servicing arrangement to be adequate and
Moody's did not make any adjustments to Moody's loss levels based
on Freddie Mac's servicer management.

Third-party Review

Moody's consider the scope of the TPR based on Freddie Mac's
acquisition and QC framework to be adequate. Moody's assessed an
adjustment to loss at a Aaa stress level due to lack of compliance
review on TILA-RESPA Integrated Disclosure (TRID) violations.

The results and scope of the pre-securitization third-party,
loan-level review (due diligence) suggest a heavier reliance on
sellers' representations and warranties (R&Ws) compared with
private label securitizations. The scope of the TPR, for example,
is weaker because the sample size is small (only 0.37% of the loans
in reference pool are included in the sample). To the extent that
the TPR firm classifies certain credit or valuation discrepancies
as 'findings', Freddie Mac will review and may provide rebuttals to
those findings, which could result in the change of event grades by
the review firm.

The third-party due diligence scope focuses on the following:

Compliance: The diligence firm reviewed 332 loans for compliance
with federal, state and local high cost Home Ownership and Equity
Protection Act (HOEPA) regulations (304 loans were reviewed for
compliance plus 28 loans were reviewed for both credit/valuation
and compliance). None were determined to be noncompliant.

Appraisals: The third-party diligence provider also reviewed
property valuation on 1,108 loans in the sample pool (1,080 loans
were reviewed for credit/valuation plus 28 loans were reviewed for
both credit/valuation and compliance). 22 loans received final
valuation grades of "C". 20 of the 22 loans are ACE loans and had
Appraisal Desktop with Inspections (ADI) which did not support the
original appraised value within the 10% tolerance. The valuation
result is in line with the prior STACR transaction in terms of
percentage of TPR sample. Moody's didn't make additional adjustment
based on this result given Moody's have already made property value
haircuts to all ACE loans in the reference pool.

Credit: The third-party diligence provider reviewed credit on 1,108
loans in the sample pool. Within these 1,108 loans, the diligence
provider reviewed 1,080 loans for credit only, and 28 loans were
reviewed for both credit/valuation and compliance. 4 loans had
final grades of "C" and 2 loans had final grades of "D" due to
underwriting defects. These loans were removed from the
transaction. The results were better than prior STACR transactions
Moody's rated.

Data integrity: The third-party review firm analyzed the sample
pool for data calculation and comparison to the imaged file
documents. The review revealed 84 data discrepancies on 79 loans.

Unlike private label RMBS transactions, a review of TRID violation
was not part of Freddie Mac's due diligence scope. A lack of
transparency regarding how many loans in the transaction contain
material violations of the TRID rule is a credit negative. However,
since Moody's expect overall losses on STACR transactions owing to
TRID violations to be fairly minimal, Moody's only made a slight
qualitative adjustment to losses under a Aaa scenario. Furthermore,
lender R&Ws and the GSEs' ability to remove defective loans from
the transactions will likely mitigate some of aforementioned
concerns.

Reps & Warranties Framework

Freddie Mac is not providing loan level R&Ws for this transaction
because the notes are a direct obligation of Freddie Mac. The
reference obligations are subject to R&Ws made by the sellers. As
such, Freddie Mac commands robust R&Ws from its seller/servicers
pertaining to all facets of the loan, including but not limited to
compliance with laws, compliance with all underwriting guidelines,
enforceability, good property condition and appraisal procedures.
Freddie Mac will be responsible for enforcing the R&Ws made by the
sellers/lenders in the reference pool. To the extent that Freddie
Mac discovers a confirmed underwriting defect or a major servicing
defect, the respective loan will be removed from the reference
pool. Since Freddie Mac retains a significant portion of the risk
in the transaction, it will likely take necessary steps to address
any breaches of R&Ws. For example, Freddie Mac undertakes quality
control reviews and servicing quality assurance reviews of small
samples of the mortgage loans that sellers deliver to Freddie Mac.
These processes are intended to determine, among other things, the
accuracy of the R&Ws made by the sellers in respect of the mortgage
loans that are sold to Freddie Mac. Moody's made no adjustments to
the transaction regarding the R&W framework.

The notes

Moody's refer to the M-1, M-2A, M-2B, B-1A, B-1B, B-2A and B-2B
notes as the original notes, and the M-2, M-2R, M-2S, M-2T, M-2U,
M-2I, M-2AR, M-2AS, M-2AT, M-2AU, M-2AI, M-2BR, M-2BS, M-2BT,
M-2BU, M-2BI, M-2RB, M-2SB, M-2TB, M-2UB, B-1, B-2, B-1AR, B-1AI,
B-2AR and B-2AI notes as the Modifiable and Combinable REMICs
(MACR) notes; together Moody's refer to them as the notes.

The M-2 notes can be exchanged for M-2A and M-2B notes, M-2R and
M-2I notes, M-2S and M-2I, M-2T and M-2I, and M-2U and M-2I notes.

The M-2A notes can be exchanged for M-2AR and M-2AI notes, M-2AS
and M-2AI notes, M-2AT and M-2AI, and M-2AU and M-2AI notes.

The M-2B notes can be exchanged for M-2BR and M-2BI notes, M-2BS
and M-2BI notes, M-2BT and M-2BI notes, and M-2BU and M-2BI notes.

Classes M-2I, M-2AI, M-2BI, B-1AI and B-2AI are interest only notes
referencing to the balances of Classes M-2, M-2A, M-2B, B-1A and
B-2A, respectively.

Classes M-2RB, M-2SB, M-2TB and M-2UB are each an exchangeable for
two classes that are initially offered at closing. Moody's ratings
of M-2RB, M-2SB, M-2TB and M-2UB reference the rating of Class M-2B
only, disregarding the rating of M-2AI. This is the case because
Class M-2AI's cash flow represents an insignificant portion of the
overall promise. In the event Class M-2B gets written down through
losses and Class M-2AI is still outstanding, Moody's would continue
to rate Classes M-2RB, M-2SB, M-2TB and M-2UB consistent with Class
M-2B's last outstanding rating so long as Classes M-2RB, M-2SB,
M-2TB and M-2UB are still outstanding.

Transaction Structure

Credit enhancement in this transaction is comprised of
subordination provided by mezzanine and junior tranches. Realized
losses are allocated in a reverse sequential order starting with
the Class B-3H reference tranche.

Interest due on the notes is determined by the outstanding
principal balance and the interest rate of the notes. The interest
payment amount is the interest accrual amount of a class of notes
minus any modification loss amount allocated to such class on each
payment date, or plus any modification gain amount. The
modification loss and gain amounts are calculated by taking the
respective positive and negative difference between the original
accrual rate of the loans, multiplied by the unpaid balance of the
loans, and the current accrual rate of the loans, multiplied by the
interest-bearing unpaid balance.

So long as the senior reference tranche is outstanding, and no
performance trigger event occurs, the transaction structure
allocates principal payments on a pro-rata basis between the senior
and non-senior reference tranches. Principal is then allocated
sequentially amongst the non-senior tranches.

The STACR 2021-HQA3 transaction allows for principal distribution
to subordinate notes by the supplemental subordinate reduction
amount even if performance triggers fail. The supplemental
subordinate reduction amount equals the excess of the offered
reference tranche percentage over 5.5%. The distribution of the
supplemental subordinated reduction amount would reduce principal
balances of the offered reference tranche and correspondingly limit
the credit enhancement of class A-H reference tranche to be always
below 5.5% plus the note balance of B-3H. This feature is
beneficial to the offered certificates.

Credit Events and Modification Events

Reference tranche write-downs occur as a result of loan level
credit events. A credit event with respect to any loan means any of
the following events: (i) a short sale with respect to the related
mortgaged property is settled, (ii) a related seriously delinquent
mortgage note is sold prior to foreclosure, (iii) the mortgaged
property that secured the related mortgage note is sold to a third
party at a foreclosure sale, (iv) an REO disposition occurs, or (v)
the related mortgage note is charged-off. As a result, the
frequency of credit events will be the same as actual loan default
frequency, and losses will impact the notes similar to that of a
typical RMBS deal.

Loans that experience credit events that are subsequently found to
have an underwriting defect, a major servicing defect or are deemed
ineligible will be subject to a reverse credit event. Reference
tranche balances will be written up for all reverse credit events
in sequential order, beginning with the most senior tranche that
has been subject to a previous write-down. In addition, the amount
of the tranche write-up will be treated as an additional principal
recovery, and will be paid to noteholders in accordance with the
cash flow waterfall.

If a loan experiences a forbearance or mortgage rate modification,
the difference between the original mortgage rate and the current
mortgage rate will be allocated to the reference tranches as a
modification loss. The Class B-3H reference tranche, which
represents 0.25% of the pool, will absorb modification losses
first. The final coupons on the notes will have an impact on the
amount of interest available to absorb modification losses from the
reference pool.

Tail Risk

Similar to prior STACR transactions, the initial subordination
level of 3.25% is lower than the deal's minimum credit enhancement
trigger level of 3.5%. The transaction begins by failing the
minimum credit enhancement test, leaving the subordinate tranches
locked out of unscheduled principal payments until the deal builds
an additional 0.25% subordination. STACR 2021-HQA3 does not have a
subordination floor. This is mitigated by the sequential principal
payment structure of the deal, which ensures that the credit
enhancement of the subordinate tranches is not eroded early in the
life of the transaction.

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

Down

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

Up

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

Methodology

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in August 2021.


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

The certificate issuance is an RMBS transaction backed first-lien,
fixed- and adjustable-rate, fully amortizing, and interest-only
residential mortgage loans primarily secured by single-family
residential properties, planned-unit developments, condominiums,
condotels, two- to four-family residential properties, townhouses,
cooperatives, and manufactured housing properties to both prime and
nonprime borrowers. The pool has 610 loans, which are either
nonqualified or ATR-exempt mortgage loans.

The preliminary ratings are based on information as of Sept. 23,
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, associated structural
mechanics, geographic concentration, and representation and
warranty framework;

-- The mortgage aggregator, Blue River Mortgage II LLC; and

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

  Preliminary Ratings Assigned(i)

  GCAT 2021-NQM5 Trust

  Class A-1, $252,837,000: AAA (sf)
  Class A-1X, $252,837,000(ii): AAA (sf)
  Class A-2, $25,423,000: AA (sf)
  Class A-3, $32,911,000: A (sf)
  Class M-1, $16,368,000: BBB (sf)
  Class B-1, $9,403,000; BB (sf)
  Class B-2, $6,617,000: B (sf)
  Class B-3, $4,702,064: Not rated
  Class A-IO-S, Notional(iii): Not rated
  Class X, Notional(iii): Not rated
  Class R, N/A: Not rated

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

(ii)Class A-1X will have a notional amount equal to the lesser of
(a) the balance of class A-1 immediately prior to such distribution
date and (b) the notional amount set forth on a schedule for the
related accrual period. After the 28th distribution date, the
notional amount of the A-1X certificates will be zero.

(iii)The notional amount equals the aggregate principal balance of
the loans.



GS MORTGAGE 2018-HULA: DBRS Confirms B(low) Rating on Class G Certs
-------------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-HULA issued by GS Mortgage
Securities Corporation Trust 2018-HULA as follows:

-- 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 (low) (sf)

DBRS Morningstar removed all classes from Under Review with
Negative Implications, where they were placed on March 27, 2020.
All trends are Stable. The rating confirmations and Stable trends
reflect DBRS Morningstar's current outlook on the medium- to
longer-term prospects for the return to stability for the
collateral for this loan, the Four Seasons Resort Hualalai.
Although performance metrics for the resort hotel continue to lag
historical figures amid the effects of the Coronavirus Disease
(COVID-19) pandemic, DBRS Morningstar notes that the loan has
remained current and a relief request has not been processed by the
servicer since the start of the pandemic. In addition, the sponsor
has recently invested significantly in a major renovation for the
property, suggesting a long-term commitment to the asset, which
should be well positioned to capture increased demand as leisure
travel continues to increase around the globe.

The subject transaction closed in July 2018, with an original trust
balance of $350 million. The collateral resort is an ultra-luxury
hotel and resort located on the Big Island of Hawaii and consists
of (1) a 243-key resort spread across 39 acres, (2) a private
membership club, and (3) at issuance, 250 acres of residential
master-planned community. With the exception of the residential
lots, the collateral is subject to a ground lease. The underlying
land is owned by the Trustees of the Estate of Bernice Pauahi
Bishop. The ground lease expires in December 2061, with no renewal
options. The borrower pays a minimum rent of $4.2 million and a
percentage of revenue through December 2026.

The collateral property is currently undergoing a large scale
renovation, which began in mid-2020 at a reported cost of $100
million. An October 7, 2020, press release issued by Four Seasons
announced the project and confirmed renovations for all rooms would
be completed to upgrade finishes and furniture, with a new bungalow
building to be constructed that would add six new rooms along the
property's oceanfront. Amenities were to be upgraded, as well, with
significant work to be completed at King’s Pond, the property's
swimmable aquarium, and to other pools at the property. Finally,
the property's golf course was to be upgraded with new features and
a new turf. In March 2021, the borrower advised that approximately
85% of total rooms were available for guest use and that
construction was expected to be complete in September 2021.

Loan proceeds of $450.0 million were used to retire outstanding
debt of $373.3 million (including the $300.0 million commercial
mortgage-backed security (CMBS) mortgage loan securitized in GSCCRE
2015-HULA), return $62.2 million of equity to the sponsor, and
cover reserves as well as closing and origination costs. Total
financing includes an additional $100 million B note held outside
the trust. The borrower has exercised two one-year extension
options since issuance, with the maturity date most recently
extended to July 9, 2022. The borrower has three additional
one-year extension options remaining. The borrower has not
requested, or received any financial relief since the onset of the
coronavirus pandemic. Since issuance, there has been a principal
reduction in the Senior A note of $22.6 million, primarily as a
result of land being sold for residential development. As of August
2021, the unpaid principal balance is $327.4 million.

DBRS Morningstar was previously monitoring performance declines for
the property that were attributed to the eruption of the Kilauea
volcano in 2018, which caused a disruption in tourism on the
island. Most recently, the coronavirus pandemic and a large
property-wide renovation have caused additional disruptions to
property performance throughout 2020 and into the first half of
2021. Net cash flow (NCF) declined by 148.5% between year-end (YE)
2019 and YE2020, a direct product of the drastic revenue decline
for the resort during that time period.

It is noteworthy that, even with pandemic-driven challenges, the
subject property continues to drastically outperform its
competitive set in terms of average daily rate (ADR) and revenue
per available room (RevPAR). According to the trailing 12-month
period (T-12) ended June 2021 STR, Inc. report, the property's
occupancy, ADR, and RevPAR were 50.7%, $1,434, and $894,
respectively, compared with the competitive set averages of 41.2%,
$523, and $215, respectively. The subject’s occupancy was
reported at 64.9% as of the T-3 ended June 2021 STR report,
suggesting recent bookings have ticked up, likely as a result of
increased vaccination rates, demand for leisure travel, and border
re-openings. As such, DBRS Morningstar expects performance metrics
will likely improve in the coming financial reporting periods,
assuming disruptions caused by recent surges in the Delta and other
coronavirus variants do not significantly affect the property’s
recent progress.

According to the YE2020 financials, the NCF and debt service
coverage ratio (DSCR) were -$11.7 million and -0.78 times (x),
respectively, compared with $24.1 million and 1.07x at YE2019.
Revenue fell 78.2% between YE2019 and YE2020, fueled primarily by a
decrease in room and food revenue. Operating expenses during the
same period declined 64.5%.

The DBRS Morningstar ratings assigned to Classes B, C, D, E and F
were higher than the results implied by the LTV Sizing Benchmarks
from the October 2020 review. The variances were the result of
conservative assumptions applied given the in-place cash flow
declines prior to the onset of the coronavirus pandemic and the
likelihood of continued disruption amid the pandemic.

This year's analysis made no new adjustments to the DBRS
Morningstar value derived at last year's review, but gave credit to
the $22.6 million principal repayment previously outlined. The DBRS
Morningstar ratings assigned to Classes B and C with this year's
review were higher than the results implied by the LTV Sizing
Benchmarks when accounting for the paydown. These variances are
also generally the result of conservative assumptions made in light
of the performance challenges, but as DBRS Morningstar expects the
collateral will be well-positioned to capture increased demand as
the effects of the pandemic lessen, the variances are warranted.

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


GS MORTGAGE 2021-PJ9: DBRS Gives Prov. B Rating on Class B-5 Certs
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2021-PJ9 to be issued by
GS Mortgage-Backed Securities Trust 2021-PJ9:

-- $705.0 million Class A-1 at AAA (sf)
-- $705.0 million Class A-2 at AAA (sf)
-- $88.2 million Class A-3 at AAA (sf)
-- $88.2 million Class A-4 at AAA (sf)
-- $423.0 million Class A-5 at AAA (sf)
-- $423.0 million Class A-6 at AAA (sf)
-- $528.7 million Class A-7 at AAA (sf)
-- $528.7 million Class A-7-X at AAA (sf)
-- $528.7 million Class A-8 at AAA (sf)
-- $105.7 million Class A-9 at AAA (sf)
-- $105.7 million Class A-10 at AAA (sf)
-- $282.0 million Class A-11 at AAA (sf)
-- $282.0 million Class A-11-X at AAA (sf)
-- $282.0 million Class A-12 at AAA (sf)
-- $176.2 million Class A-13 at AAA (sf)
-- $176.2 million Class A-14 at AAA (sf)
-- $45.0 million Class A-15 at AAA (sf)
-- $45.0 million Class A-15-X at AAA (sf)
-- $45.0 million Class A-16 at AAA (sf)
-- $45.0 million Class A-17 at AAA (sf)
-- $45.0 million Class A-17-X at AAA (sf)
-- $45.0 million Class A-18 at AAA (sf)
-- $45.0 million Class A-18-X at AAA (sf)
-- $750.0 million Class A-19 at AAA (sf)
-- $750.0 million Class A-20 at AAA (sf)
-- $88.2 million Class A-21 at AAA (sf)
-- $838.2 million Class A-X-1 at AAA (sf)
-- $705.0 million Class A-X-2 at AAA (sf)
-- $88.2 million Class A-X-3 at AAA (sf)
-- $88.2 million Class A-X-4 at AAA (sf)
-- $423.0 million Class A-X-5 at AAA (sf)
-- $105.7 million Class A-X-9 at AAA (sf)
-- $176.2 million Class A-X-13 at AAA (sf)
-- $12.4 million Class B-1 at AA (sf)
-- $12.8 million Class B-2 at A (sf)
-- $8.4 million Class B-3 at BBB (sf)
-- $3.5 million Class B-4 at BB (sf)
-- $1.3 million Class B-5 at B (sf)

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

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

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

The AAA (sf) ratings on the Certificates reflect 5.00% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 3.60%, 2.15%,
1.20%, 0.80%, and 0.65% 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 885 loans with a total principal
balance of $882,310,690 as of the Cut-Off Date (September 1,
2021).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years and a weighted-average loan
age of two months. Approximately 98.9% of the pool are traditional,
nonagency, prime jumbo mortgage loans. The remaining 1.1% of the
pool are conforming, high-balance mortgage loans that were
underwritten using an automated underwriting system designated by
Fannie Mae or Freddie Mac and were eligible for purchase by such
agencies. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section of the
related presale report.

The originators for the mortgage pool are United Wholesale
Mortgage, LLC (UWM; 37.9%); Movement Mortgage, LLC (16.5%);
Guaranteed Rate, Inc., Guaranteed Rate Affinity, LLC, and Proper
Rate, LLC, together as Guaranteed Rate Parties (11.1%); and various
other originators, each comprising less than 10.0% of the mortgage
loans. Goldman Sachs Mortgage Company (GSMC) is the Sponsor and
MTGLQ Investors, L.P.; MCLP Asset Company, Inc.; and GSMC are the
Mortgage Loan Sellers of the transaction. For certain originators,
the related loans were sold to MAXEX Clearing LLC (3.2%) and were
subsequently acquired by the Mortgage Loan Seller.

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

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

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

Coronavirus Impact

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

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

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



HGI CRE CLO 2021-FL2: DBRS Gives Prov. B(low) Rating on G Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by HGI CRE CLO 2021-FL2, Ltd:

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

All trends are Stable.

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

The initial collateral includes 20 mortgage loans or senior notes,
consisting of seven whole loans and 13 fully funded senior, senior
pari passu, or pari passu participations secured by multifamily
real estate properties with an initial cut-off date balance
totaling $514.5 million. All 20 mortgages have floating interest
rates tied to the Libor index. The transaction is a managed
vehicle, which includes a ramp-up acquisition period and subsequent
24-month reinvestment period. The ramp-up acquisition period will
be used to increase the trust balance by $65.0 million to an
aggregate deal balance of $549.4 million. DBRS Morningstar assessed
the $65.0 million ramp component using a conservative pool
construct, and, as a result, the ramp loans have expected losses
(E/Ls) above the weighted-average pool E/L. During the reinvestment
period, so long as the note protection tests are satisfied and no
event of default has occurred and is continuing, the collateral
manager may direct the reinvestment of principal proceeds to
acquire reinvestment collateral interest, including funded
companion participations that meet the eligibility criteria. The
eligibility criteria has, among other things, minimum debt service
coverage ratio (DSCR), loan-to-value (LTV) ratio, and loan size
limitations. Lastly, the eligibility criteria stipulates that a No
Downgrade Confirmation (Rating Agency Confirmation (RAC)) must be
received from DBRS Morningstar before acquiring new ramp loans,
reinvestment loans, and participations on loans already owned by
the Issuer in excess of $1.0 million. The No Downgrade Confirmation
requirement allows DBRS Morningstar to review the new collateral
interest and assess potential impacts on ratings.

For the floating-rate loans, DBRS Morningstar used the one-month
Libor index, which is based on the lower of a DBRS Morningstar
stressed rate that corresponded to the remaining fully extended
term of the loans or the strike price of the interest rate cap with
the respective contractual loan spread added to determine a
stressed interest rate over the loan term. When the cut-off
balances were measured against the DBRS Morningstar As-Is Net Cash
Flow (NCF), 18 loans, representing 80.9% of the initial pool
balance, had a DBRS Morningstar As-Is DSCR of 1.00 times (x) or
below, a threshold indicative of default risk. On the other hand,
only three loans, representing 15.8% of the initial pool balance,
had a DBRS Morningstar Stabilized DSCR of 1.00x or below, which is
indicative of elevated refinance risk. Most properties are
transitioning with potential upside in cash flow; however, DBRS
Morningstar does not give full credit to the stabilization if there
are no holdbacks or if the other loan structural features are
insufficient to support such treatment. Furthermore, even with the
structure provided, DBRS Morningstar generally does not assume the
assets to stabilize above current market levels.

The transaction will have a sequential-pay structure.

All loans in the pool are secured by multifamily properties across
13 states including Illinois, Texas, Florida, and New York.
Multifamily properties have historically seen lower probabilities
of default (PODs) and typically see lower E/Ls within the DBRS
Morningstar model. Multifamily properties benefit from staggered
lease rollover and generally low expense ratios compared with other
property types. While revenue is quick to decline in a downturn
because of the short-term nature of the leases, it is also quick to
respond when the market improves. Additionally, most loans in the
pool are secured by traditional multifamily properties, such as
garden-style communities or mid-rise/high-rise buildings, with no
independent living/assisted living/memory care facilities or
student housing properties included in this pool. Furthermore,
during the transaction's reinvestment period, only multifamily
properties (excluding senior housing and student housing
properties) are eligible to be brought into the trust.

Eleven loans, composing 66.0% of the initial trust balance,
represent acquisition financing wherein sponsors contributed
significant cash equity as a source of initial funding in
conjunction with the mortgage loan, resulting in a moderately high
sponsor cost basis in the underlying collateral.

All loans were originated in 2021, with the earliest loan having a
note date of April 2021. The loan files are recent, including
third-party reports that consider impacts from the coronavirus
pandemic.

The DBRS Morningstar Business Plan Score (BPS) for loans DBRS
Morningstar analyzed was between 1.5 and 2.8, with an average of
2.16. On a scale of 1 to 5, a higher DBRS Morningstar BPS indicates
more risk in the sponsor’s business plan. DBRS Morningstar
considers the anticipated lift at the property from current
performance, planned property improvements, sponsor experience,
projected time horizon, and overall complexity. Compared with
similar transactions, this pool has a lower average DBRS
Morningstar BPS, which is indicative of lower risk.

The ongoing coronavirus pandemic continues to pose challenges and
risks to the commercial real estate (CRE) sector, and while DBRS
Morningstar expects multifamily (100.0% of the pool) to fare better
than most other property types, the long-term effects on the
general economy and consumer sentiment are still unclear. All loans
in the pool have been originated after March 2020, or the beginning
of the pandemic in the U.S. Loans originated after the pandemic
include timely property performance reports and recently completed
third-party reports, including appraisals.

The sponsor for the transaction, HGI CFI REIT, is a newer CRE
collateralized loan obligation (CLO) issuer and collateral manager,
and the subject transaction is its second securitization. HGI CFI
REIT will purchase and retain the most subordinate portion of the
capital structure totaling 20.125%, including Notes F and G, in
addition to the Preferred Shares. This provides protection to the
Offered Notes, as the Issuer will incur first losses up to 20.125%.
DBRS Morningstar met with the sponsor to better understand its
investment strategy, organization structure, and origination
practices. Based on this meeting, DBRS Morningstar found that HGI
CFI REIT met its issuer standards. Furthermore, as of June 30,
2021, Harbor Group International, LLC had $14.5 billion of assets
under management, including direct equity, debt investments, and
real estate securities.

The transaction is managed and includes four delayed-close loans, a
ramp-up component, a reinvestment period, and a replenishment
period, which could result in negative credit migration and/or an
increased concentration profile over the life of the transaction.
Eligibility criteria for ramp and reinvestment assets partially
offsets the risk of negative credit migration. The criteria
outlines DSCR, LTV, Herfindahl, and property type limitations. A No
Downgrade Confirmation (RAC) is required from DBRS Morningstar for
ramp loans, reinvestment loans, and companion participations above
$1.0 million. Before loans are acquired and brought into the pool,
DBRS Morningstar will analyze them for any potential ratings
impact. DBRS Morningstar accounted for the uncertainty introduced
by the ramp-up period by running a ramp scenario that simulates the
potential negative credit migration in the transaction based on the
eligibility criteria.

DBRS Morningstar has analyzed the loans to a stabilized cash flow
that is, in some instances, above the as-is cash flow. It is
possible that the sponsors will not successfully execute their
business plans and that the higher stabilized cash flow will not
materialize during the loan term, particularly with the ongoing
coronavirus pandemic and its impact on the overall economy. A
sponsor’s failure to execute the business plan could result in a
term default or the inability to refinance the fully funded loan
balance. DBRS Morningstar made relatively conservative
stabilization assumptions and, in each instance, considered the
business plan to be rational and the loan structure to be
sufficient to execute such plans. In addition, DBRS Morningstar
analyzed loss severity given default (LGD) based on the as-is
credit metrics, assuming the loan was fully funded with no NCF or
value upside.

Because of the ongoing coronavirus pandemic, DBRS Morningstar was
able to perform site inspections on only two loans in the pool, The
Astor LIC and One Arlington. As a result, DBRS Morningstar relied
more heavily on third-party reports, online data sources, and
information from the Issuer to determine the overall DBRS
Morningstar property quality score for each loan. DBRS Morningstar
made relatively conservative property quality adjustments with five
loans, comprising 25.2% of the pool, having Average – or Below
Average property quality.

All 20 loans in the pool have floating interest rates and are
interest-only during the initial loan term, creating interest rate
risk and a lack of principal amortization. DBRS Morningstar
stresses interest rates based on the loan terms and applicable
floors or caps. The DBRS Morningstar Adjusted DSCR is a model input
and drives loan level PODs and LGDs. All loans have extension
options, and, to qualify for these options, the loans must meet
minimum DSCR and LTV requirements. All loans are short term and,
even with extension options, have a fully extended loan term of
five years maximum, which, based on historical data, the DBRS
Morningstar model treats more punitively. The borrowers for nine
loans, totaling 42.5% of the trust balance, have purchased Libor
rate caps that range between 1.00% and 2.50% to protect against
rising interest rates over the term of the loan.

Three loans, representing 17.4% of the initial cut-off pool
balance, have a sponsor with negative credit history and/or limited
financial wherewithal, including Congressional Village, Marbella
Apartments, and Prosper Fairways. DBRS Morningstar deemed two loans
to have Weak sponsorship strength, effectively increasing the POD
for each loan.

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



HILTON USA 2016-HHV: DBRS Confirms BB Rating on Class E Certs
-------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-HHV issued by
Hilton USA Trust 2016-HHV as follows:

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

With this review, DBRS Morningstar removed all classes from Under
Review with Negative Implications, where they were placed on
September 24, 2020, as a reflection of the increased risks
surrounding the Coronavirus Disease (COVID-19) pandemic. With this
review, all classes now carry Stable trends, including Classes A,
B, X-A, and A-B, which previously carried Negative trends. These
rating actions reflect DBRS Morningstar's view that, despite a
significant interruption of operations and cash flow in 2020
related to the pandemic, the underlying hotel property is generally
well-positioned to rebound from the effects of declines in travel
and the assigned ratings adequately reflect the risk of residual
effects stemming from the coronavirus pandemic. The loan has
performed as agreed since the 2016 close, and, to date, there have
been no relief or loan modification requests submitted by the
borrower during the pandemic.

The collateral for the Certificates is a $750 million pari passu
participation interest in a $1.3 billion whole loan on the Hilton
Hawaiian Village, a full-service, luxury, beachfront resort in
Waikiki, Hawaii. The hotel consists of five guest towers comprising
2,860 rooms, plus conference space for up to 2,600 attendees. The
resort has the longest stretch of beach along Waikiki and the
largest amount of meeting space among its competitors. The
collateral also includes 138,000 square feet (sf) of leased
commercial space on the property.

The collateral is predominantly structured as fee-simple ownership
with the only leased parcel used for staff housing. The amenities
include three restaurants, four lounges, and several other food and
beverage (F&B) outlets, five outdoor pools, fitness centers, a
full-service spa, a boat dock, a lagoon, and a 1,978-space parking
garage. According to management, the hotel attracts 75% of its
guests from North America and 25% from Japan.

The hotel was renovated and updated almost continuously from 2008
to 2016, with a total of $232.2 million, or $81,188 per room, spent
over that eight-year span on capital improvements to guest rooms,
public spaces and lobby areas, F&B outlets, meeting spaces,
back-of-house facilities, and other discretionary improvements.

The coronavirus pandemic caused economic strain on the hotel for
most of 2020, when the property was closed from April to December.
The lag in travel demand, particularly for international travelers,
will continue to put significant stress on the hotel's performance
in the short to medium term. The lag in demand could extend longer
than previously anticipated, as well, as new strains of coronavirus
have caused surges in cases and the need for the reimplementation
of social distancing measures. In August 2021, the governor of
Hawaii issued a statement urging tourists to limit travel to the
island to essential purposes only, but formal travel restrictions
have not been implemented by the state or local governments to
date.

As of August 2021, the loan remains on the servicer's watchlist as
the hotel's 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 funded any debt
service and operating shortfalls without disruption. Furthermore,
the hotel has maintained its strong historical performance among
its competitors with penetration rates in for occupancy and revenue
per available room (RevPAR) above 100% for the trailing 12 months
(T-12) ended December in each of the previous three years.
According to data for the T-12 ended September 30, 2019, reporting,
the hotel achieved a penetration rate of 114.0% for occupancy and
113.6% for RevPAR. The strong historical performance metrics in
comparison to similarly positioned hotels suggests the subject has
an above-average outlook for recapturing demand as travel patterns
stabilize.

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



HILTON USA 2016-SFP: DBRS Confirms B(high) Rating on Class F Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-SFP issued by
Hilton USA Trust 2016-SFP as follows:

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

DBRS Morningstar also changed the trends on Classes A, B, C, D, and
X-NCP to Stable from Negative. The trends on Classes E, F, and X-E
remain Negative as the underlying collateral continues to face
performance challenges associated with the Coronavirus Disease
(COVID-19) pandemic. DBRS Morningstar also maintained its Interest
in Arrears designation on Class F. The rating confirmations are
reflective of the generally stable performance since the last DBRS
Morningstar rating actions for this transaction, with no
delinquencies or defaults reported by the servicer.

The $725 million transaction is secured by the borrower's fee and
leasehold interest and the operating lessees' leasehold interest in
two full-service hotels within San Francisco's Union
Square—Hilton San Francisco Union Square and Hilton Parc 55 San
Francisco. The hotels are well located in San Francisco's
Tenderloin District, just off Market Street and less than 0.5 miles
from the Moscone Convention Center. The Hilton Union Square
property is a 1,919-room, convention-oriented hotel that includes
130,000 square feet (sf) of meeting space. The hotel is the largest
in San Francisco and derives about 40% of its demand from the
meetings and group segment.

The 32-story Parc 55 property is the fourth-largest full-service
hotel in San Francisco, with 1,024 guest rooms and 28,000 sf of
meeting space. After acquiring the property in 2015, the sponsor
invested $5.5 million in upgrades to meet Hilton standards.
According to the appraisal, the guest rooms, lobby, and meeting
space were renovated for $30 million between 2008 and 2009.

The coronavirus pandemic caused economic strain on both hotels for
most of 2020, with bookings likely still quite low compared with
historical trends given the reliance on business and corporate
travel and the continued depressed demand in that sector. While
leisure travel has experienced a slight recovery in recent months,
corporate and business travel will likely continue to remain
stagnant in the near term given the likelihood that event bookings
for the nearby Moscone Convention Center will continue to be
minimal until the coronavirus pandemic has been largely controlled.
The facility previously served as a vaccination site for the city,
but that site was closed in July 2021.

As of August 2021, the loan was on the servicer's watchlist for
coronavirus-related issues. A loan modification was granted in
September 2020, allowing for the deferral of monthly furniture,
fixture, and equipment reserve collections for a period of six
months and a waiver of the debt yield test through June 2021. As
expected, the loan produced negative cash flow in 2020 given that
both hotels were closed for most of 2020 and during the first
quarter of 2021 before reopening in May 2021 and June 2021. The
loan has remained current during the pandemic. Historically, the
loan maintained strong performance with a debt service coverage
ratio of 3.10 times as of year-end 2019.

According to STR, Inc. reports on file with DBRS Morningstar, both
hotels lagged behind competitors in term of average daily rate
(ADR) and revenue per available room (RevPAR) during 2019 and 2020.
According to an April 2021 STR, Inc. report, during 2020 the Union
Square hotel had penetration rates of 91.0% for ADR and 93.2% for
RevPAR, while the 55 Parc hotel had penetration rates of 93.2% for
ADR and 91.9% for RevPAR. The lags in performance as compared with
the competitive set prior to the pandemic could suggest a longer
runway for stabilization as travel picks back up to pre-pandemic
levels, further supporting the Negative trends on the lowest-rated
classes as of this review.

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



JP MORGAN 2011-C5: DBRS Lowers Rating on 2 Classes to C
-------------------------------------------------------
DBRS, Inc. downgraded its ratings on three classes of Commercial
Mortgage Pass-Through Certificates, Series 2011-C5 issued by JP
Morgan Chase Commercial Mortgage Securities Trust 2011-C5 as
follows:

-- Class E to CCC (sf) from B (sf)
-- Class F to C (sf) from B (low) (sf)
-- Class G to C (sf) from CCC (sf)

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

-- Class D at BB (sf)

DBRS Morningstar withdrew its rating for Class X-B as the
interest-only (IO) certificate references classes that are
projected to realize principal losses. The ratings for Classes B
and C were also discontinued as those classes were repaid as of the
August 2021 remittance report.

The trend for Class D remains Negative, while Classes E, F, and G
have ratings that do not carry trends. The Negative trend for Class
D reflects the increasing projected losses related to the Asheville
Mall loan (Prospectus ID#3 – 69.5% of the trust balance).

The downgrades consider the increased risk of principal losses
across various classes as the remaining loans in the pool are in
special servicing. At issuance, the trust comprised 44 loans
secured by 209 commercial properties with a trust balance of $1.03
billion. As of the August 2021 remittance report, two loans secured
by four properties remain in the trust with a trust balance of
$86.6 million, representing a 91.6% collateral reduction since
issuance. The Asheville Mall loan is secured by a regional mall in
Asheville, North Carolina that is sponsored by CBL & Associates
Properties, Inc. (CBL or the Sponsor). The Sponsor filed for
Chapter 11 bankruptcy in November 2020 following the impacts of the
Coronavirus Disease (COVID-19) pandemic and the special servicer
plans to liquidate the loan from the trust. In addition, the second
remaining loan, LaSalle Select Portfolio (Prospectus ID#9 - 30.5%
of the trust balance), is secured by three suburban office
properties in the Atlanta area and remains real estate owned (REO)
by the trust.

The Asheville Mall loan transferred to special servicing in June
2020 at CBL's request, as CBL wanted to negotiate a potential loan
restructure. Loan payments were last made in February 2021 as of
the August 2021 reporting date. Most recently, the servicer has
confirmed that a receiver has been installed in Jones Lang LaSalle,
and the borrower has withdrawn the request for a loan modification
and is instead cooperating with a sale of the property out of
receivership. CBL's reorganization plan was approved by the U.S.
Bankruptcy Court in August 2021 and is scheduled to go into effect
on November 1, 2020.

The collateral was reappraised in July 2020 for a value of $42.0
million, down 65.9% from the $123.0 million appraised value at
issuance. This figure implies a 151.0% loan-to-value ratio based on
the trust's exposure of $63.4 million as of the August 2021
remittance. The mall is anchored by a noncollateral Belk,
Dillard's, and JCPenney. A former Sears anchor was closed in 2018
and that space remains vacant. As of the July 2021 rent roll, the
mall was 94.9% occupied, slightly down from the March 2020
occupancy rate of 96.3%. The largest collateral tenants include
Barnes & Noble (11.1% of collateral net rentable area (NRA); lease
expiration of January 2024), H&M (6.8% of collateral NRA; lease
expiration of January 2025), and Old Navy (5.4% of collateral NRA;
lease expiration of January 2022). Upcoming lease expiration
consists of 12 tenants (6.8% of NRA) with lease expirations in 2021
and an additional 17 tenants (20.3% of NRA) with lease expirations
in 2022. An accounts receivable aging report dated July 2021 showed
$1.1 million of rent and common area maintenance reimbursements
that were 120-plus days past due. With this review, DBRS
Morningstar applied a haircut to the July 2020 value for a
liquidation scenario that resulted in a loss severity in excess of
65.0%.

The LaSalle Select Portfolio loan is secured by 5707 Peachtree
Parkway (35.2% of NRA), 3585 Engineering Drive (34.2% of NRA), and
6625 The Corners Parkway (30.6% of NRA). The loan transferred to
special servicing in December 2017 for imminent default and has
been REO since August 2018. The servicer has advised that the
collateral is under contract for sale, with the due-diligence phase
ongoing as of the date of this press release. The sales price
cannot be disclosed, but DBRS Morningstar notes the portfolio was
appraised in December 2020 at a value of $46.2 million.

A July 2021 rent roll showed an occupancy rate of 49.0% with an
average gross rent of $19.56 per square foot (psf). The largest
tenants are Carmax Auto Superstores (25.1% of NRA; lease expiration
of February 2030), Fleetcor Technologies Operating Company (8.4% of
NRA; lease expiration of August 2025), and Market Force Information
(7.4% of NRA; lease expiration of January 2031). Upcoming lease
rollover is minimal with only one tenant, totaling 0.7% of NRA,
having a lease expiration through 2022. As of the Q2 2021 Reis
data, the Peachtree Corners submarket had an average asking rent of
$18.53 psf and an average vacancy rate of 29.8%. Reis projects the
average asking rent to decrease to $18.44 psf and for the average
vacancy rate to increase to 31.2% by Q4 2022. No new inventory is
scheduled to be delivered to the submarket through 2022. DBRS
Mornigstar considered a liquidation scenario for this loan based on
a haircut to the most recent appraised value, which suggested
minimal losses when the loan is disposed.

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



JP MORGAN 2017-FL10: DBRS Confirms BB Rating on Class E Certs
-------------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2017-FL10 issued by J.P.
Morgan Chase Commercial Mortgage Securities Trust 2017-FL10 as
follows:

-- Class D at BBB (sf)
-- Class E at BB (sf)
-- Class X-EXT at BBB (high) (sf)

DBRS Morningstar changed the trends on Classes D and X-EXT to
Stable from Negative. The trend on Class E remains Negative as the
underlying collateral continues to face performance challenges
associated with the Coronavirus Disease (COVID-19) pandemic.

At issuance, the transaction consisted of payment streams from six
mortgage loans originally backed by 14 commercial real estate
properties. The transaction currently has one loan remaining in the
pool, The Park Hyatt Beaver Creek Resort, with a current trust
balance of $45.0 million and a subordinate B note of $22.5 million.
The interest-only loan had an initial maturity date in April 2019
followed by three 12-month extension options. The borrower has
exercised all three of its extension options extending the loan to
its final maturity date of April 2022. Funds from issuance, coupled
with the borrower's equity contribution of $83.4 million, or 57.3%
of total acquisition cost, were used to fund the purchase of the
collateral for $145.5 million.

The collateral is a six-story, upscale, full-service hotel in the
center of Beaver Creek Village, approximately 100 miles west of the
Denver central business district. The hotel originally opened in
1989 and was renovated between 2013 and 2016. The surrounding area
includes various commercial outlets, restaurants, entertainment,
and various other services available to guests. The hotel has 190
guest rooms with more than 20,000 square feet (sf) of meeting space
spread among 15 meeting rooms, a 30,000-sf spa, and 18,000 sf of
retail across eight tenants.

Loan collateral encompasses two condominium associations: Hotel A
and Village Hall. The Hotel A association consists of guest rooms,
a spa, a restaurant, a bar, and leased retail space. This
association also includes the third-party-owned private residences
on the fifth and sixth floors and the third-party-owned vacation
club. The sponsor owns 77.1% of the Hotel A condominium. The
Village Hall association contains most of the hotel's function
space, seasonal Powder 8 Kitchen and Tap, and banquet kitchens. The
sponsor has 33.6% ownership in this association but has certain
blocking rights on certain major decisions. Two companies manage
the collateral; Hyatt Hotels Corporation oversees the hotel
operations and East West Destination Hospitality manages the spa
and retail outlets.

The loan transferred to special servicing in April 2020 as a result
of coronavirus-related hardships. The loan returned to master
servicing unchanged in August 2020. Given its strong dependence on
leisure travel, the hotel's performance experienced a sharp decline
in 2020 as a result of the pandemic. Occupancy decreased to 41% as
of year-end (YE) 2020 compared with 59% in 2019 and 63% at
issuance. The YE2020 net cash flow (NCF) was down 46.7%
year-over-year and down 40.0% compared with issuance. Despite its
recent performance, the loan continues to produce positive cash
flow as the debt service coverage ratio (DSCR) for the trailing
12-month period (T-12) ended June 2021 was 1.99 times (x) while the
YE2020 DSCR was 1.78x.

According to STR, Inc. (STR) reports on file with DBRS Morningstar,
the hotel lagged competitors in term of average daily rate (ADR)
and revenue per available room (RevPAR) between 2019 and 2021.
According to a July 2021 STR report, the hotel had penetration
rates of 89.4% for ADR and 76.6% for RevPAR. The lags in
performance as compared with the competitive set prior to the
pandemic could suggest a longer runway for stabilization as travel
picks back up to pre-pandemic levels, further supporting the
Negative trend on the lowest-rated class as of this review.

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



MARBLE POINT XVIII: S&P Withdraws 'BB- (sf)' Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, and D-R replacement notes from Marble Point CLO XVIII
Ltd./Marble Point CLO XVIII LLC, a CLO originally issued in
September 2020 that is managed by Marble Point CLO Management LLC.
The class A-2-R and E-R replacement notes are not rated by S&P
Global Ratings.

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 until October 2023.

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

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

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

-- The replacement class B-R notes are expected to replace the
current floating-spread class B-1 notes and the fixed-rate class
B-2 notes.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-1-R, $300.00 million: Three-month LIBOR + 1.21%
  Class A-2-R, $15.90 million: Three-month LIBOR + 1.55%
  Class B-R, $64.10 million: Three-month LIBOR + 1.75%
  Class C-R, $30.00 million: Three-month LIBOR + 2.40%
  Class D-R, $30.00 million: Three-month LIBOR + 3.94%
  Class E-R, $20.00 million: Three-month LIBOR + 7.70%
  Subordinated notes, $44.50 million: Residual

  Original notes

  Class A, $300.00 million: Three-month LIBOR + 1.90%
  Class B-1, $43.00 million: Three-month LIBOR + 2.60%
  Class B-2, $33.00 million: 3.02%
  Class C, $29.00 million: Three-month LIBOR + 2.96%
  Class D-1, $13.75 million: Three-month LIBOR + 3.78%
  Class D-2, $13.75 million: Three-month LIBOR + 5.41%
  Class E, $17.50 million: Three-month LIBOR + 7.97%
  Subordinated notes, $44.50 million: Residual

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

  Marble Point CLO XVIII Ltd./Marble Point CLO XVIII LLC

  Class A-1-R, $300.00 million: AAA (sf)
  Class A-2-R, $5.90 million: NR
  Class B-R, $64.10 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-R (deferrable), $30.00 million: BBB- (sf)
  Class E-R (deferrable), $20.00 million: NR
  Subordinated notes, $44.50 million: NR

  Ratings Withdrawn

  Marble Point CLO XVIII Ltd./Marble Point CLO XVIII LLC

  Class A to NR from 'AAA (sf)'
  Class B-1 to NR from 'AA (sf)'
  Class B-2 to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D-1 to NR from 'BBB+ (sf)'
  Class D-2 to NR from 'BBB- (sf)'
  Class E to NR from 'BB- (sf)'

  NR--Not rated.



MF1 LTD 2021-FL7: DBRS Gives Prov. B(low) Rating on Class H Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by MF1 2021-FL7 Ltd. (MF1 or the Issuer):

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

All trends are Stable.

Coronavirus Overview

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

The initial collateral consists of 49 floating-rate mortgage loans
secured by 67 transitional multifamily properties and six senior
housing properties. The pool totals $1.9 billion (70.6% of the
fully funded balance), excluding $159.5 million of remaining future
funding commitments and $626.4 million of pari passu debt. SF
Multifamily Portfolio III, representing 1.2% of the trust balance,
allows the borrower to acquire and bring properties into the trust
post closing through future funding up to a maximum whole-loan
balance of $100.0 million, which is accounted for in figures and
metrics throughout the report. Of the 49 loans, two are unclosed,
delayed-close loans as of September 7, 2021: Crane Chinatown (#15)
and 90th Avenue (#31), together representing 3.4% of the total
initial pool balance. The Issuer has 45 days post closing to
acquire the delayed-close assets, otherwise, the delayed-close
loans may be acquired through the ramp-up period.

In addition, the transaction is structured with a 120-day ramp-up
acquisition period, whereby the Issuer plans to acquire up to
$360.4 million of additional collateral, as well as a 24-month
reinvestment period. After the 120-day ramp-up acquisition period
and the 24-month reinvestment period, the Issuer projects a target
pool balance of $2.3 billion. DBRS Morningstar assessed the ramp
loans using a conservative pool construct and, as a result, the
ramp loans have expected losses above the pool weighted average
(WA) loan expected losses. Reinvestment of principal proceeds
during the reinvestment period is subject to Eligibility Criteria
which, among other criteria, include a no-downgrade rating agency
confirmation (RAC) by DBRS Morningstar for all new mortgage assets
and the acquisition of companion participations exceeding $500,000.
If a delayed-close loan is not expected to close or fund prior to
the purchase termination date, the expected purchase price will be
credited to the unused proceeds amount to be used by the Issuer to
acquire ramp-up mortgage assets during the ramp-up acquisition
period. Any funds in excess of $5.0 million after the ramp-up
completion date will be transferred to the payment account and
applied as principal proceeds in accordance with the priority of
payments. The Eligibility Criteria indicate that all loans acquired
within the ramp-up period must be secured by either multifamily,
student, or senior housing properties. Furthermore, certain events
within the transaction require the Issuer to obtain RAC. DBRS
Morningstar will confirm that a proposed action or failure to act
or other specified event will not, in and of itself, result in the
downgrade or withdrawal of the current rating. The Issuer is not
required to obtain RAC for acquisitions of companion participations
less than $500,000.

The loans are mostly secured by cash-flowing assets, many of which
are in a period of transition with plans to stabilize and improve
the asset value. In total, 38 loans, representing 77.9% of the
pool, have remaining future funding participations totaling $159.5
million, which the Issuer may acquire in the future. Please see the
chart below for the participations that the Issuer will be allowed
to acquire.

For the floating-rate loans, DBRS Morningstar used the one-month
Libor index, which is based on the lower of a DBRS Morningstar
stressed rate that corresponded to the remaining fully extended
term of the loans or the strike price of the interest rate cap with
the respective contractual loan spread added to determine a
stressed interest rate over the loan term. When the debt service
payments were measured against the DBRS Morningstar As-Is Net Cash
Flow (NCF), 32 loans, comprising 64.8% of the pool, had a DBRS
Morningstar As-Is Debt Service Credit Ratio (DSCR) below 1.00 times
(x), a threshold indicative of elevated default risk. However, the
DBRS Morningstar Stabilized DSCR for only one loan, representing
1.2% of the initial pool balance, is below 1.00x. The properties
are often transitioning, with potential upside in cash flow;
however, DBRS Morningstar does not give full credit to the
stabilization if there are no holdbacks or if other structural
features in place are insufficient to support such treatment.
Furthermore, even with the structure provided, DBRS Morningstar
generally does not assume the assets will stabilize above market
levels.

MF1 has issued six securitizations of more than $4.0 billion and
the lending platform is led by seasoned multifamily professionals
from Berkshire Residential Investments and Limekiln Real Estate.
MF1 has originated more than $8.3 billion of loans since Q3 2018
and has strong origination practices that include comprehensive
credit memorandums. The Issuer will retain the most subordinate
portion of the capital structure totaling 15.0%, including Notes F,
G, and H in addition to the Preferred Shares. This provides
protection to the Offered Notes as the Issuer will incur first
losses up to 15.0%.

The pool contains a relatively high number of properties in primary
markets, which have historically demonstrated a lower probability
of default (POD) and loss severity given default (LGD)
characteristics. Ten loans, representing 32.9% of the pool, are in
areas identified as DBRS Morningstar Market Ranks of 6, 7, or 8,
which are generally characterized as highly dense urbanized areas.
These areas benefit more from increased liquidity driven by
consistently strong investor demand and lower default frequencies
than do less dense suburban, tertiary, and rural markets. Urban
markets represented in the deal include New York City, San
Francisco, Seattle, Washington, D.C., and Brooklyn, New York.
Seventeen loans, representing 47.6% of the pool balance, have
collateral in metropolitan statistical area (MSA) Group 3, which is
the best-performing group in terms of historical commercial
mortgage-backed security (CMBS) default rates among the top 25
MSAs. MSA Group 3 has a historical default rate of 17.2%, which is
nearly 11 percentage points lower than the overall CMBS historical
default rate of 28.0%.

The pool exhibits a diversity Herfindahl score of 31.2, which is
favorable for a commercial real estate collateralized loan
obligation (CRE CLO) and notably higher than those of the Issuer's
previous transactions that DBRS Morningstar rated, including MF1
2021-FL6 with a Herfindahl score of 27.4, MF1 2021-FL5 with a
Herfindahl score of 26.9, MF1 2020-FL4 with a Herfindahl score of
13.9, and MF1 2021-FL3 with a Herfindahl score of 23.1. Per the
transaction's Eligibility Criteria, the Herfindahl score is
permitted to be as low as 16.0 at the conclusion of the ramp-up
acquisition period, though a no-downgrade confirmation must be
obtained from DBRS Morningstar in order to add new loans during
this period. The 16.0 Herfindahl score minimum is slightly higher
than recent CRE CLO transactions, which typically have a 14.0
Herfindahl score minimum. Given the subject pool's high initial
Herfindahl score of 31.2, raising the minimum appears appropriate
and is viewed as credit neutral overall.

The loans are secured by properties that are generally in very good
physical condition as evidenced by six loans, representing 21.4% of
the initial pool balance, being secured by properties that DBRS
Morningstar deemed to be Above Average in quality. An additional
nine loans, representing 21.3% of the initial pool balance, are
secured by properties of Average + quality. Furthermore, only one
loan, representing 1.9% of the initial pool balance, is backed by a
property that DBRS Morningstar considered to be of Average –
quality.

The #4 loan, Civitas Portfolio (4.8% of pool), is a
767-unit/801-bed Senior Housing portfolio. The portfolio's
performance has suffered as a result of coronavirus restrictions
imposed by the State of Texas, including bans on visitors and tours
for potential new residents. Occupancy was most recently reported
to be 54.3% across the portfolio. (See page 43 of the related
presale report for additional information.) DBRS Morningstar took a
conservative approach in estimating NCF, including lower rent and
occupancy projections than the Issuer's. In addition, because of
the operationally intense nature of the property, the loan was
modeled similar to a hotel, with higher PODs and LGDs. The loan's
expected loss is elevated and the highest in the pool. The loan is
structured with an interest reserve equal to approximately 12
months of debt service. However, the properties in the portfolio
are licensed by the State of Texas and the Centers for Disease
Control to administer vaccinations. Coronavirus vaccines were
administered across the portfolio in early 2021, and leasing has
recently averaged 21.9 leases per month.

DBRS Morningstar analyzed the loans to a stabilized cash flow that
is, in some instances, above the in-place cash flow. It is possible
that the sponsors will not successfully execute their business
plans and that the higher stabilized cash flow will not materialize
during the loan term, particularly with the ongoing coronavirus
pandemic and its impact on the overall economy. A sponsor's failure
to execute its business plan could result in a term default or the
inability to refinance the fully funded loan balance. DBRS
Morningstar made relatively conservative stabilization assumptions
and, in each instance, considered the business plan to be rational
and the future funding amounts to be sufficient to execute such
plans. In addition, DBRS Morningstar analyzed LGD based on the
as-is loan-to-value ratio (LTV), assuming the loan is fully
funded.

The ongoing coronavirus pandemic continues to pose challenges and
risks to the CRE sector and, while DBRS Morningstar expects
multifamily to fare better than most other property types, its
long-term effects on the general economy and consumer sentiment are
still unclear. Furthermore, the pandemic has nearly halted leasing
activity for senior housing properties in the short term and will
continue to hamper this sector. All loans were originated after the
beginning of the pandemic in March 2020. All loans include timely
property performance reports and recently completed third-party
reports, including appraisals. Twenty-three loans, representing
51.3% of the initial pool balance, are secured by newly built or
recently renovated properties with relatively simple business plans
that primarily involve the completion of an initial lease-up phase.
The sponsors behind these assets are using the loans as traditional
bridge financing, enabling them to secure more permanent financing
once the properties reach stabilized operations. Given the
uncertainty and elevated execution risk stemming from the
coronavirus pandemic, nine loans, representing 26.8% of the initial
pool balance, are structured with substantial upfront interest
reserves, some of which are expected to cover one year or more of
interest shortfalls. The two loans securitized by six
assisted-living properties, representing 5.3% of the initial pool
balance, were modeled with increased POD and LGD.

Based on the initial pool balances (excluding future funding), the
overall WA DBRS Morningstar As-Is DSCR of 0.95x and WA As-Is LTV of
75.0% generally reflect high-leverage financing. Most of the assets
are generally well positioned to stabilize, and any realized cash
flow growth would help offset a rise in interest rates and improve
the overall debt yield of the loans. DBRS Morningstar associates
its LGD based on the assets' as-is LTV, which does not assume that
the stabilization plan and cash flow growth will ever materialize.
The DBRS Morningstar As-Is DSCR at issuance does not consider the
sponsor's business plan, as the DBRS Morningstar As-Is NCF was
generally based on the most recent annualized period. The sponsor's
business plan could have an immediate impact on the underlying
asset performance that the DBRS Morningstar As-Is NCF does not
account for. When measured against the DBRS Morningstar Stabilized
NCF, the WA DBRS Morningstar DSCR is estimated to improve to 1.31x,
suggesting that the properties are likely to have improved NCFs
once the sponsor's business plan has been implemented. While
leverage is considered high compared with stabilized conduit and
Freddie Mac securitized multifamily loans, it is actually fairly
modest by CRE CLO multifamily loan standards.

All loans have floating interest rates and are interest-only (IO)
during their initial terms, which range from 24 months to 36
months, creating interest rate risk. The borrowers of all 49 loans
have purchased Libor rate caps, ranging between 0.1% and 3.0%, to
protect against rising interest rates over the terms of the loans.
All loans are short term and, even with extension options, have a
fully extended loan term of five years maximum. Additionally, all
loans have extension options and, in order to qualify for these
options, the loans must meet minimum DSCR and LTV requirements.
Thirty loans, representing 62.9% of the initial trust balance,
amortize on 30-year schedules during all or a portion of their
extension options.

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


NEUBERGER BERMAN 44: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Neuberger Berman Loan
Advisers CLO 44 Ltd./Neuberger Berman Loan Advisers CLO 44 LLC's
floating-rate notes.

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

The ratings reflect:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Neuberger Berman Loan Advisers CLO 44 Ltd./
  Neuberger Berman Loan Advisers CLO 44 LLC

  Class A, $378 million: AAA (sf)
  Class B, $78 million: AA (sf)
  Class C (deferrable), $36 million: A (sf)
  Class D (deferrable), $36 million: BBB- (sf)
  Class E (deferrable), $24 million: BB- (sf)
  Subordinated notes, $59 million: Not rated



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

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Blackstone Liquid Credit Strategies
LLC.
The preliminary ratings are based on information as of Sept. 28,
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

  Nyack Park CLO Ltd./Nyack Park CLO LLC

  Class X(i), $4.00 million: AAA (sf)
  Class A, $307.50 million: AAA (sf)
  Class B-1, $55.00 million: AA (sf)
  Class B-2, $17.50 million: AA (sf)
  Class C (deferrable) $30.00 million: A (sf)
  Class D (deferrable) $30.00 million: BBB- (sf)
  Class E (deferrable), $18.50 million: BB- (sf)
  Subordinated notes, $45.50 million: Not rated

(i)Class X notes are expected to be paid down using interest
proceeds during the first 19 payment dates in equal installments of
$500,000.00, beginning on the April 2022 payment date and ending on
the April 2023 payment date, and thereafter, in maximum
installments of $107,142.86 beginning on the July 2023 payment date
and ending on the October 2026 payment date, or until paid in
full.



OAKTREE CLO 2019-3: S&P Assigns Prelim BB- (sf) Rating on ER 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 Oaktree CLO
2019-3 Ltd./Oaktree CLO 2019-3 LLC, a CLO originally issued in July
2020 that is managed by Oaktree Capital Management L.P.

The preliminary ratings are based on information as of Oct. 1,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 1, 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 A1R, A2R, BR, CR, and ER notes are
expected to be issued at a lower spread than the original notes.

-- The replacement class D1R, D2F, and D2L notes will replace the
original class D notes.

-- The stated maturity and reinvestment period will be extended
three and two years, respectively.

&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

  Oaktree CLO 2019-3 Ltd./Oaktree CLO 2019-3 LLC

  Class A1R, $461.200 million: AAA (sf)
  Class A2R, $22.300 million: AAA (sf)
  Class BR, $81.875 million: AA (sf)
  Class CR (deferrable), $44.625 million: A (sf)
  Class D1R (deferrable), $31.000 million: BBB+ (sf)
  Class D2F (deferrable), $7.625 million: BBB- (sf)
  Class D2L (deferrable), $6.000 million: BBB- (sf)
  Class ER (deferrable), $29.750 million: BB- (sf)
  Subordinated notes, $84.225 million: Not rated



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

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

The preliminary ratings are based on information as of Sept. 27,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  OHA Credit Partners XVI Ltd./OHA Credit Partners XVI LLC

  Class A, $372.00 million: AAA (sf)
  Class B, $84.00 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D (deferrable), $36.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $56.52 million: Not rated


PEACE PARK: S&P Assigns BB- (sf) Rating on $23.66MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Peace Park CLO
Ltd./Peace Park CLO LLC's floating- and fixed-rate notes.

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

The 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

  Peace Park CLO Ltd./Peace Park CLO LLC

  Class X, $1.625 million: AAA (sf)
  Class A, $388.05 million: AAA (sf)
  Class B-1, $86.45 million: AA (sf)
  Class B-2, $19.50 million: AA (sf)
  Class C (deferrable), $39.00 million: A (sf)
  Class D (deferrable), $39.00 million: BBB- (sf)
  Class E (deferrable), $23.66 million: BB- (sf)
  Subordinated notes, $64.18 million: Not rated



PFP 2021-8: DBRS Gives Prov. B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by PFP 2021-8, Ltd:

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

All trends are Stable.

Coronavirus Overview

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

The initial collateral consists of 46 short-term, floating-rate
mortgage assets with an aggregate cutoff date balance of $1.1
billion secured by 55 properties. The aggregate unfunded future
funding commitment of the future funding participations as of the
cutoff date is approximately $125.9 million. The holder of the
related future funding companion participations, an affiliate of
Prime Group, has full responsibility to fund the future funding
companion participations. The collateral pool for the transaction
is static with no ramp-up period or reinvestment period; however,
the Issuer has the right to use principal proceeds to acquire
related fully funded future funding participations, subject to
stated criteria, during the replenishment period, which ends on or
about the payment date in September 2024, and among other criteria,
includes a no-downgrade rating agency confirmation (RAC) by DBRS
Morningstar for the acquisition of related companion participations
exceeding $1.0 million. As of September 14, 2021, five loans (#16,
330 S Wells; #31, Addison Springs; #32, Gateway Marketplace; #40,
Rockhill Industrial Portfolio; and #44, Billings Retail),
representing 6.6% of the initial pool balance, have not closed.
Interest can be deferred for Class C, Class D, Class E, Class F,
and Class G Notes, and interest deferral will not result in an
event of default. The transaction will have a sequential-pay
structure.

Of the 55 properties, 36 are multifamily assets (57.8% of the
mortgage asset cutoff date balance) and 11 are office assets (18.6%
of the mortgage asset cutoff date balance). No other property type
exceeds 10.2% of the mortgage asset cutoff date balance. The loans
are mostly secured by cash-flowing assets, most of which are in a
period of transition with plans to stabilize and improve the asset
value. Sixteen loans are whole loans and the other 30 are
participations with companion participations that have remaining
future funding commitments totaling $125.9 million. The future
funding for each loan is generally to be used for capital
expenditures to renovate the property or build out space for new
tenants. All of the loans in the pool have floating interest rates
initially indexed to Libor. Nine loans, representing 19.1% of the
mortgage asset cutoff date balance, amortize on a fixed schedule,
with an additional 31 mortgage assets, representing 70.4% of the
mortgage asset cutoff date balance, that amortize on a fixed
schedule during their respective extension periods. To determine a
stressed interest rate over the loan term, DBRS Morningstar used
the one-month Libor index, which was the lower of DBRS
Morningstar's stressed rates that corresponded to the remaining
fully extended terms of the loans and the strike price of the
interest rate cap with the respective contractual loan spread
added. The properties are often transitioning with potential upside
in cash flow; however, DBRS Morningstar does not give full credit
to the stabilization if there are no holdbacks or if the other loan
structural features are insufficient to support such treatment.
Furthermore, even if the structure is acceptable, DBRS Morningstar
generally does not assume that the assets will stabilize above
market levels.

The transaction is sponsored by Prime Finance Short Duration
Holding Company VII, LLC (Prime Holding), which has strong
origination practices and substantial experience in originating
loans and managing commercial real estate properties. Prime Finance
was formed in June 2008 and has more than $6.0 billion of
short-duration assets and callable capital as of June 30, 2021.

Five loans, comprising 16.6% of the total pool balance, are secured
by properties that DBRS Morningstar deems to be Above Average in
quality, with an additional loan, Matter Park, totaling 3.7% of the
total pool balance, secured by a property identified as Average +
in quality. Equally important, only one loan, representing 1.5% of
the total pool balance, is secured by a property that DBRS
Morningstar deems to be Below Average and only four loans,
comprising 6.5% of the total pool balance, are secured by
properties that DBRS Morningstar deems to be Average –.

As no loans in the pool were originated prior to the onset of the
coronavirus pandemic, the weighted average remaining fully extended
term is 57 months, which gives the Sponsor enough time to execute
its business plans without risk of imminent maturity. In addition,
the appraisal and financial data provided are reflective of
conditions after the onset of the pandemic.

Forty-nine loans, representing 95.7% of the pool balance, represent
acquisition financing. Acquisition financing generally requires the
respective sponsor(s) to contribute material cash equity as a
source of funding in conjunction with the mortgage loan, resulting
in a higher sponsor cost basis in the underlying collateral and
aligning the financial interests of the sponsor and lender.

The DBRS Morningstar Business Plan Scores (BPS) for loans that DBRS
Morningstar analyzed range between 1.20 and 3.58, with an average
of 2.20. Higher DBRS Morningstar BPS indicate more risk in the
sponsor's business plan. DBRS Morningstar considers the anticipated
lift to the properties from current performance, planned property
improvements, sponsor experience, projected time horizon, and
overall complexity of the business plan. Compared with similar
mixed property type transactions, the subject has a low average
BPS, which is indicative of lower risk.

DBRS Morningstar has analyzed the loans to a stabilized cash flow
that is, in some instances, above the in-place cash flow. It is
possible that the Sponsor will not successfully execute its
business plans and that the higher stabilized cash flow will not
materialize during the loan term, particularly with the ongoing
coronavirus pandemic and its impact on the overall economy. The
Sponsor’s failure to execute the business plans could result in a
term default or the inability to refinance the fully funded loan
balance. DBRS Morningstar sampled a large portion of the loans,
representing 72.3% of the pool cutoff date balance. DBRS
Morningstar made relatively conservative stabilization assumptions
and, in each instance, considered the business plans to be rational
and the loan structure to be sufficient to execute such plans. In
addition, DBRS Morningstar analyzes loss given default based on the
as-is credit metrics, assuming the loan is fully funded with no net
cash flow (NCF) or value upside.

The deal is concentrated by property type, with 21 loans,
representing 57.8% of the mortgage loan cutoff date balance,
secured by multifamily properties. Three of these loans, comprising
7.2% of the trust balance, are backed by student housing
properties. Additionally, 11 loans, representing 18.6% of the
mortgage loan cutoff balance, are secured by office properties.
Multifamily properties benefit from staggered lease rollover and
generally have low expense ratios compared with other property
types. While revenue is quick to decline in a downturn because of
the short-term nature of the leases, it is also quick to respond
when the market improves. Furthermore, the average expected loss of
the loans secured by multifamily properties is roughly 30% lower
than the average expected loss of the overall pool. DBRS
Morningstar sampled 72.3% of the pool, representing 58.6% of the
total multifamily loan cutoff balance and 51% of the total office
loan cutoff balance, thereby providing comfort for the DBRS
Morningstar NCF.

All loans have floating interest rates, and 37 loans, representing
80.9% of the initial pool balance, are interest only during the
initial loan terms, which range from 24 months to 48 months,
creating interest rate risk. The borrowers of all 37 loans have
purchased Libor rate caps that have ranges of 0.25% to 3.00% to
protect against a rise in interest rates over the terms of the
loans. All loans are short term and, even with extension options,
have fully extended maximum loan terms of six years. Additionally,
all loans have extension options, and, in order to qualify for
these options, the loans must meet the minimum debt service
coverage ratio (DSCR) and loan-to-value ratio (LTV) requirements.
Twenty-six of the loans, representing 89.5% of the total pool,
amortize on fixed schedules during all or a portion of their
extension periods.

DBRS Morningstar conducted management tours on only seven
properties, representing 16.0% of the initial pool, because of
health and safety constraints associated with the ongoing
coronavirus pandemic. As a result, DBRS Morningstar relied more
heavily on third-party reports, online data sources, and
information provided by the Issuer to determine the overall DBRS
Morningstar property quality assigned to each loan. Recent
third-party reports were provided for all loans and contained
property quality commentary and photos.

The underlying mortgages for the transaction will pay the floating
rate, which presents potential benchmark transition risks as the
deadline approaches for the elimination of Libor. The transaction
documents provide an alternative benchmark rate for the transition,
which is primarily contemplated to be either Term Secured Overnight
Financing Rate (SOFR) plus the applicable Alternative Rate Spread
Adjustment or Compounded SOFR plus the Alternative Rate Spread
Adjustment.

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



PRKCM 2021-AFC1: S&P Assigns B (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 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.

S&P said, "Since we assigned preliminary ratings on Sept. 20, 2021,
the sponsor, Park Capital Management Sponsor LLC, updated the
transaction structure with re-sized note amounts for classes A-1,
A-2, A-3, M-1, and B-1 and increased credit enhancement levels for
classes A-1, A-2, and M-1. Our loss coverage levels for the pool
remained the same. The assigned ratings remain the same as our
preliminary ratings."

The 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.

  Ratings Assigned

  PRKCM 2021-AFC1(i)

  Class A-1, $248,602,000: AAA (sf)
  Class A-2, $17,028,000: AA (sf)
  Class A-3, $16,253,000: A+ (sf)
  Class M-1, $13,932,000: BBB+ (sf)
  Class B-1, $7,740,000; 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 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.



SHELTER GROWTH 2021-FL3: DBRS Gives Prov. B(low) Rating on H Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Shelter Growth CRE 2021-FL3 Issuer Ltd:

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

All trends are Stable.

The collateral pool consists of 20 short-term, floating-rate
mortgage assets with an aggregate cutoff date balance of $453.9
million secured by 26 properties. The aggregate unfunded future
funding commitment of the future funding participations as of the
cutoff date is approximately $32.3 million. The holder of the
future funding companion participations, Shelter Growth Master Term
Fund B III LP, has reinvestment period. However, the Issuer has the
right to use principal proceeds to acquire fully funded future
funding participations, subject to stated criteria, during the
Permitted Funded Companion Participation Acquisition period, which
ends on the payment date in September 2023. Acquisition of future
funding participations of $1.0 million or greater will require
rating agency confirmation (RAC).

Of the 26 properties, 24 are predominantly multifamily assets
(94.7% of the mortgage asset cutoff date balance). One of the
remaining loans (Russell Commerce Center) is secured by an
industrial asset (3.1% of the mortgage asset cutoff date balance)
and the other remaining loan (31-75 23rd Street) is secured by an
office asset (2.2% of the mortgage asset cutoff date balance).

The loans are mostly secured by cash-flowing assets, most of which
are in a period of transition with plans to stabilize and improve
the assets' values. Five loans are whole loans (32.4% of the
mortgage asset cutoff date balance), while the other 14 loans
(67.6% of the mortgage asset cutoff date balance) are
participations with companion participations that have remaining
future funding commitments totaling $32.3 million. The future
funding for each loan is generally to be used for capital
expenditures to renovate the property or build out space for new
tenants.

All of the loans in the pool have floating interest rates initially
indexed to Libor. All 20 loans are interest only (IO) through their
initial terms; 17 loans are IO through all extension options (88.6%
of the mortgage asset cutoff date balance) while the remaining
three loans (11.4% of the mortgage asset cutoff date balance)
exhibit some form of amortization during an extension option. As
such, to determine a stressed interest rate over the loan term,
DBRS Morningstar used the one-month Libor index, which was the
lower of DBRS Morningstar's stressed rates that corresponded to the
remaining fully extended term of the loans and the strike price of
the interest rate cap with the respective contractual loan spread
added. The properties are often transitioning with potential upside
in cash flow; however, DBRS Morningstar does not give full credit
to the stabilization if there are no holdbacks or if the other loan
structural features are insufficient to support such treatment.
Furthermore, even if the structure is acceptable, DBRS Morningstar
generally does not assume the assets will stabilize above market
levels.

The pool is mostly composed of multifamily assets (94.7% of the
mortgage asset cutoff date balance). Historically, multifamily
properties have defaulted at much lower rates than other property
types in the overall commercial mortgage-back security (CMBS)
universe.

Only one loan in the pool (Cantebria Crossing; Prospectus ID#20)
was originated prior to the onset of the coronavirus pandemic,
resulting in the pool's weighted average (WA) remaining fully
extended term of 49 months, which gives the sponsors enough time to
execute their respective business plans without risk of imminent
maturity. In addition, the appraisal and financial data provided
are reflective of conditions after the onset of the pandemic.

The pool exhibits a relatively high WA DBRS Morningstar Market Rank
of 4.8. Additionally, 55.77% of the mortgage asset cutoff date
balance is in a DBRS Morningstar Market Rank between 5 and 8, which
are generally indicative of a lower probability of default (POD)
and loss severity given default (LGD).

Five loans, comprising approximately 39.2% of the mortgage asset
cutoff date balance, are in DBRS Morningstar metropolitan
statistical area (MSA) Group 3. Additionally, only three loans,
comprising approximately 9.1% of the mortgage asset cutoff date
balance, are in DBRS Morningstar MSA Group 1, which is the most
punitive group, exhibiting the highest POD and LGD of all the DBRS
Morningstar MSA Groups.

Nine properties, comprising 54.9% of the mortgage asset cutoff date
balance, were built after 2016 and five properties, comprising
36.3% of the mortgage asset cutoff date balance, were built in
2021. Because many of the loans are backed by recently built
collateral, approximately 46.9% of the pool received a property
quality score of either Above Average or Average +.

DBRS Morningstar has analyzed the loans to a stabilized cash flow
that is, in some instances, above the in-place cash flow. It is
possible that a related loan sponsor will not successfully execute
its business plan and that the higher stabilized cash flow will not
materialize during the loan term, particularly with the ongoing
coronavirus pandemic and its impact on the overall economy. The
loan sponsor's failure to execute the business plan could result in
a term default or the inability to refinance the fully funded loan
balance. DBRS Morningstar sampled a large portion of the loans,
representing 82.4% of the mortgage asset cutoff date balance. DBRS
Morningstar made relatively conservative stabilization assumptions
and, in each instance, considered the business plans to be rational
and the loan structure to be sufficient to substantially implement
such plans. In addition, DBRS Morningstar analyzes LGD based on the
as-is credit metrics, assuming the loan is fully funded with no net
cash flow or value upside. Future funding companion participations
will be held by affiliates of Shelter Growth Master Term Fund B III
LP and have the obligation to make future advances. Shelter Growth
Master Term Fund B III LP agrees to indemnify the Issuer against
losses arising out of the failure to make future advances when
required under the related participated loan. Furthermore, Shelter
Growth Master Term Fund B III LP will be required to meet certain
liquidity requirements on a quarterly basis.

The top 10 largest loans in the pool make up a significant portion
of the entire pool at approximately 71.6% of the mortgage asset.
Additionally, the loan has a relatively low Herfindahl score of
13.9. The two largest loans in the pool, 45-57 Davis Street and
Fulton & Ralph, make up approximately 27.1% of the mortgage asset
cutoff date balance and exhibit two of the lowest expected loss
levels in the pool. Additionally, the properties securing both
loans are in New York City and exhibit DBRS Morningstar Market
Ranks of 6 and 7, respectively.

All 20 loans have floating interest rates, and all loans are IO
during the original term with remaining initial terms ranging from
14 months to 47 months. All loans are short-term loans and, even
with extension options, they have a fully extended maximum loan
term of five years. For the floating-rate loans, DBRS Morningstar
used the one-month Libor index, which is based on the lower of a
DBRS Morningstar stressed rate that corresponded to the remaining
fully extended term of the loans or the strike price of the
interest rate cap with the respective contractual loan spread added
to determine a stressed interest rate over the loan term. The
borrowers of all 20 floating-rate loans have purchased Libor rate
caps that result in mortgage rate caps ranging from 4.30% to 8.75%
to protect against rising interest rates through the duration of
the loan term. In addition to the fulfillment of certain minimum
performance requirements, exercise of any extension options would
also require the repurchase of interest rate cap protection through
the duration of the respectively exercised option.

DBRS Morningstar conducted minimal management tours because of
health and safety constraints associated with the ongoing
coronavirus pandemic. As a result, DBRS Morningstar relied heavily
on third-party reports, online data sources, and information
provided by the Issuer to determine the overall DBRS Morningstar
property quality assigned to each loan. Recent third-party reports
were provided for all loans and contained property quality
commentary and photos. DBRS Morningstar did conduct site
inspections on several loans in the broader New York City and
Philadelphia markets, totaling 39.8% of the mortgage asset cutoff
date balance.

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



VERUS SECURITIZATION 2021-5: DBRS Gives Prov. B Rating on B2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgaged-Backed Notes, Series 2021-5 to be issued by Verus
Securitization Trust 2021-5:

-- $472.6 million Class A-1 at AAA (sf)
-- $38.3 million Class A-2 at AA (sf)
-- $68.5 million Class A-3 at A (sf)
-- $38.3 million Class M-1 at BBB (sf)
-- $25.1 million Class B-1 at BB (sf)
-- $18.7 million Class B-2 at B (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 30.35% of
credit enhancement provided by subordinate notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 24.70%, 14.60%,
8.95%, 5.25%, and 2.50% of credit enhancement, respectively.

This securitization is a portfolio of primarily fixed- and
adjustable-rate, expanded prime and nonprime, first-lien
residential mortgages funded by the issuance of the Notes. The
Notes are backed by 1,141 mortgage loans with a total principal
balance of $678,634,824 as of the Cut-Off Date (September 1,
2021).

The top originator for the mortgage pool is Calculated Risk
Analytics, LLC doing business as Excelerate Capital (11.7%). The
remaining originators each comprise less than 10.0% of the mortgage
loans. The Servicers of the loans are Shellpoint Mortgage Servicing
(85.5%); Specialized Loan Servicing (4.9%); Fay Servicing, LLC
(6.3%); and Lima One Capital, LLC (0.7%).

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's Ability-to-Repay (ATR) rules, they
were made to borrowers who generally do not qualify for agency,
government, or private-label non-agency prime jumbo products for
various reasons. In accordance with the Qualified Mortgage (QM)/ATR
rules, 49.1% of the loans are designated as non-QM, 0.1% are
designated as QM Safe Harbor, and 0.1% are designated as QM
Rebuttable Presumption. Approximately 50.7% of the loans are made
to investors for business purposes and, hence, are not subject to
the QM/ATR rules.

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain an eligible vertical interest, representing
at least 5% of the Notes to satisfy the credit risk-retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder.

On or after the earlier of (1) the Payment Date occurring in
September 2024 or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Administrator, at the Issuer's option, may redeem all
of the outstanding Notes at a price equal to the greater of (A) the
class balances of the related Notes plus accrued and unpaid
interest, including any cap carryover amounts and (B) the class
balances of the related Notes less than 90 days delinquent with
accrued unpaid interest plus fair market value of the loans 90 days
or more delinquent and real estate-owned properties. After such
purchase, the Depositor must complete a qualified liquidation,
which requires (1) a complete liquidation of assets within the
Trust and (2) proceeds to be distributed to the appropriate holders
of regular or residual interests.

The Principal and Interest (P&I) Advancing Party or Servicer (for
loans serviced by SLS) will fund advances of delinquent (P&I) on
any mortgage until such loan becomes 90 days delinquent. The P&I
Advancing Party or Servicer has no obligation to advance P&I on a
mortgage approved for a forbearance plan during its related
forbearance period. The Servicers, however, are obligated to make
advances in respect of taxes, insurance premiums, and reasonable
costs incurred in the course of servicing and disposing
properties.

This transaction incorporates a sequential-pay cash flow structure
with a pro rata feature among the senior tranches. Principal
proceeds can be used to cover interest shortfalls on the Class A-1
and A-2 Notes sequentially (IIPP) after a Trigger Event. For more
subordinated Notes, principal proceeds can be used to cover
interest shortfalls as the more senior Notes are paid in full.
Furthermore, excess spread can be used to cover realized losses and
prior period bond writedown amounts first before being allocated to
unpaid cap carryover amounts to Class A-1 down to Class B-2.

Approximately 36.8% of the loans were originated under a Property
Focused Investor Loan Debt Service Coverage Ratio program and 5.1%
were originated under a Property Focused Investor Loan program.
Both programs allow for property cash flow/rental income to qualify
borrowers for income.

Coronavirus 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. Shortly after the onset of the
pandemic, DBRS Morningstar saw an increase in delinquencies for
many residential mortgage-backed securities (RMBS) asset classes.

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

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



VERUS SECURITIZATION 2021-5: S&P Assigns B- (sf) on Class B-2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2021-5's mortgage-backed notes.

The note issuance is an RMBS securitization backed by primarily
first-lien, fixed-rate, and adjustable-rate residential mortgage
loans, including mortgage loans with initial interest-only periods
and/or balloon terms. The loans are secured primarily by
single-family residences, planned unit developments, two- to
four-family residential properties, condominiums, multifamily
homes, and mixed-use properties to prime and nonprime borrowers.
The pool has 1,136 loans backed by 1,227 properties, which are
primarily non-qualified mortgage/ability-to-repay (ATR) compliant
and ATR-exempt loans.

S&P said, "Since we assigned the preliminary ratings and published
our presale report on Sept. 14, 2021, the sponsor (VMC Asset Pooler
LLC) removed five mortgage loan from the collateral pool and
decreased the sizes of the class A-1, A-2, A-3, M-1, B-1, B-2, and
B-3 notes proportionately, so that the credit enhancement from
subordination for each class remained the same as was when the
preliminary ratings were assigned."

The ratings are based on collateral and structural information
available as of Sept. 22, 2021.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners; and

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

  Ratings Assigned(i)

  Verus Securitization Trust 2021-5

  Class A-1, $471,582,000: AAA (sf)
  Class A-2, $38,255,000: AA (sf)
  Class A-3, $68,385,000: A (sf)
  Class M-1, $38,255,000: BBB- (sf)
  Class B-1, $25,051,000: BB- (sf)
  Class B-2, $18,620,000: B- (sf)
  Class B-3, $16,927,323: NR
  Class A-IO-S, notional(ii): NR
  Class XS, notional(ii): NR
  Class DA: $237,337(iii): NR
  Class R: NR

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

(ii)The notional amount equals the aggregate stated principal
balance of loans in the pool as of the cut-off date.

(iii)Class DA represents the aggregate pre-closing deferred amounts
as of the cutoff date and bears no interest.

NR--Not rated.



WELLS FARGO 2021-2: DBRS Gives Prov. B Rating on Class B-5 Certs
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2021-2 to be issued by
Wells Fargo Mortgage Backed Securities 2021-2 Trust (WFMBS
2021-2):

-- $547.8 million Class A-1 at AAA (sf)
-- $547.8 million Class A-2 at AAA (sf)
-- $410.8 million Class A-3 at AAA (sf)
-- $410.8 million Class A-4 at AAA (sf)
-- $136.9 million Class A-5 at AAA (sf)
-- $136.9 million Class A-6 at AAA (sf)
-- $328.7 million Class A-7 at AAA (sf)
-- $328.7 million Class A-8 at AAA (sf)
-- $219.1 million Class A-9 at AAA (sf)
-- $219.1 million Class A-10 at AAA (sf)
-- $82.2 million Class A-11 at AAA (sf)
-- $82.2 million Class A-12 at AAA (sf)
-- $89.0 million Class A-13 at AAA (sf)
-- $89.0 million Class A-14 at AAA (sf)
-- $47.9 million Class A-15 at AAA (sf)
-- $47.9 million Class A-16 at AAA (sf)
-- $64.5 million Class A-17 at AAA (sf)
-- $64.5 million Class A-18 at AAA (sf)
-- $612.3 million Class A-19 at AAA (sf)
-- $612.3 million Class A-20 at AAA (sf)
-- $612.3 million Class A-IO1 at AAA (sf)
-- $547.8 million Class A-IO2 at AAA (sf)
-- $410.8 million Class A-IO3 at AAA (sf)
-- $136.9 million Class A-IO4 at AAA (sf)
-- $328.7 million Class A-IO5 at AAA (sf)
-- $219.1 million Class A-IO6 at AAA (sf)
-- $82.2 million Class A-IO7 at AAA (sf)
-- $89.0 million Class A-IO8 at AAA (sf)
-- $47.9 million Class A-IO9 at AAA (sf)
-- $64.5 million Class A-IO10 at AAA (sf)
-- $612.3 million Class A-IO11 at AAA (sf)
-- $13.9 million Class B-1 at AA (sf)
-- $7.7 million Class B-2 at A (sf)
-- $4.2 million Class B-3 at BBB (sf)
-- $2.6 million Class B-4 at BB (low) (sf)
-- $967.0 thousand Class B-5 at B (sf)

Classes A-IO1, A-IO2, A-IO3, A-IO4, A-IO5, A-IO6, A-IO7, A-IO8,
A-IO9, A-IO10, and A-IO11 are interest-only certificates. The class
balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-9, A-10, A-11, A-13,
A-15, A-17, A-19, A-20, A-IO2, A-IO3, A-IO4, A-IO6, and A-IO11 are
exchangeable certificates. These classes can be exchanged for
combinations of initial exchangeable certificates as specified in
the offering documents.

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

The AAA (sf) ratings on the Certificates reflect 5.00% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (low) (sf), and B (sf) ratings reflect 2.85%,
1.65%, 1.00%, 0.60%, and 0.45% of credit enhancement,
respectively.

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

The Trust is a securitization of a portfolio of first-lien
fixed-rate prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 955 loans with a
total principal balance of $644,485,820 as of the Cut-Off Date
(September 1, 2021).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years and a weighted-average loan
age of five months. In contrast to prior DBRS Morningstar-rated
WFMBS prime transactions, WFMBS 2021-2 mostly comprises conforming
mortgages (99.2% of the pool), which were underwritten using an
automated underwriting system designated by Fannie Mae or Freddie
Mac and were eligible for purchase by such agencies. Details on the
underwriting of conforming loans can be found in the Key
Probability of Default Drivers section of the presale.

Another difference from prior DBRS Morningstar-rated WFMBS prime
transactions is the sample size is lower than 100% for third-party
due-diligence reviews. Details on the scope of third-party
due-diligence reviews can be found in the Third-Party Due Diligence
section of the presale.

In addition, the pool contains a moderate concentration of loans
that were granted appraisal waivers by the agencies (6.5%) or used
desktop appraisals (17.2%). In its analysis, DBRS Morningstar
applied property value haircuts to such loans, which increased the
expected losses on the collateral.

All of the mortgage loans were either (1) originated by Wells Fargo
Bank, N.A. (Wells Fargo) or (2) acquired by Wells Fargo from a
qualified correspondent. Wells Fargo is also the Servicer, Mortgage
Loan Seller, and Sponsor of the transaction. In addition, Wells
Fargo will act as the Master Servicer, Securities Administrator,
and Custodian. DBRS Morningstar has Wells Fargo's Long-Term Issuer
Rating and Long-Term Senior Debt rating at AA with Negative trends
and rates its Short-Term Instruments at R-1 (high) with a Negative
trend.

Wilmington Savings Fund Society, FSB will serve as the Trustee.
Opus Capital Markets Consultants, LLC will act as the
representation and warranty (R&W) Independent Reviewer.

For this transaction, unlike prior DBRS Morningstar-rated WFMBS
prime securitizations, the servicing fee payable to the Servicer
comprises three separate components: the base servicing fee, the
delinquent servicing fee, and the 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 base servicing fee will reduce the Net
weighted-average coupon (WAC) payable to certificateholders as part
of the aggregate expense calculation. However, except for the Class
B-6 Net WAC, the delinquent and additional servicing fees will not
be included in the reduction of Net WAC and will thus reduce
available funds entitled to the certificateholders. To capture the
impact of such potential fees, DBRS Morningstar ran additional cash
flow stresses based on its 60+-day delinquency and default curves,
as detailed in the Cash Flow Analysis section of the presale.

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

For this transaction, 44 loans (4.3% of the pool by balance) are in
counties designated by the Federal Emergency Management Agency
(FEMA) as having been affected by a natural disaster, not related
to the Coronavirus Disease (COVID-19), as of September 6, 2021. The
Sponsor has elected to obtain third-party property disaster
inspection (PDI) reports for such FEMA zone loans, and for any FEMA
zone loan where the PDI indicates material damage, the Mortgage
Loan Seller will declare a discretionary breach of the damage R&W
and will repurchase the affected loan at the applicable Repurchase
Price.

Coronavirus Pandemic Impact

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

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

As of the Cut-Off Date, there are no loans that are subject to an
active coronavirus-related forbearance plan with the Servicer. Any
loan that enters into a coronavirus-related forbearance plan after
the Cut-Off Date and prior to or on the Closing Date will be
repurchased within 30 days of the Closing Date. Loans that enter
into a coronavirus-related forbearance plan after the Closing Date
will remain in the pool.

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



[*] S&P Discontinues D (sf) Ratings on 14 Classes from 5 CMBS Deals
-------------------------------------------------------------------
S&P Global Ratings discontinued its 'D (sf)' ratings on 14 classes
of commercial mortgage pass-through certificates from five U.S.
CMBS transactions.

S&P said, "We discontinued these ratings according to our
surveillance and withdrawal policies. We previously lowered the
ratings on these classes to 'D (sf)' because of principal losses
and/or accumulated interest shortfalls that we believed would
remain outstanding for an extended period of time. We view a
subsequent upgrade to a rating higher than 'D (sf)' to be unlikely
under the relevant criteria for the classes within this review."

  RATINGS WITHDRAWN

  Credit Suisse First Boston Mortgage Securities Corp. series
2005-C5
  Class G: to NR from D (sf)

  Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

  Class B: to NR from D (sf)

  Morgan Stanley Capital I Trust 2011-C1

  Class G: to NR from D (sf)
  Class H: to NR from D (sf)
  Class J: to NR from D (sf)
  Class K: to NR from D (sf)
  Class L: to NR from D (sf)

  COMM 2013-LC13 Mortgage Trust

  Class F: to NR from D (sf)

  Starwood Retail Property Trust 2014-STAR

  Class A: to NR from D (sf)
  Class B: to NR from D (sf)
  Class C: to NR from D (sf)
  Class D: to NR from D (sf)
  Class E: to NR from D (sf)
  Class F: to NR from D (sf)



[*] S&P Takes Various Action on 20 Classes from 18 U.S. RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 20 classes from 18 U.S.
RMBS transactions. The review yielded seven downgrades due to
observed principal write-downs and 10 downgrades due to observed
interest shortfalls/missed interest payments. In addition, S&P
discontinued the ratings on two classes that were repurchased in
full and withdrew one rating.

A list of Affected Ratings can be viewed at:

            https://bit.ly/2Y0njC1

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes.

Some of these considerations may include:

-- Factors related to the COVID-19 pandemic;

-- Historical and/or outstanding interest shortfalls/missed
interest payments;

-- Available and/or insufficient subordination and/or
overcollateralization; and

-- Small loan count.

Rating Actions

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

"The lowered ratings due to interest shortfalls are consistent with
our "S&P Global Ratings Definitions," published Jan. 5, 2021, which
imposes a maximum rating threshold on classes that have incurred
missed interest payments resulting from credit or liquidity
erosion. In applying our ratings definitions, we looked to see if
the applicable class received additional compensation beyond the
imputed interest due as direct economic compensation for the delay
in interest payments (e.g., interest on interest) and if the missed
interest payments will be repaid by the maturity date.

"In instances where the class does receive additional compensation
for outstanding interest shortfalls, our analysis considers the
likelihood that the missed interest payments, including the
capitalized interest, would be reimbursed under our various rating
scenarios. Nine classes from nine transactions were impacted in
this review.

"In instances where the class does not receive additional
compensation for outstanding interest shortfalls, our analysis
focuses on our expectations regarding the length of the interest
payment interruptions to assign the rating on the class. One class
from one transaction was impacted in this review.

"The lowered ratings due to outstanding principal write-downs
reflect our assessment of the principal write-downs' impact on the
affected classes during recent remittance periods. All of these
classes were rated 'CCC (sf)' before the rating actions.

"We withdrew our rating on one class from one transaction due to
the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, their future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level. Furthermore, we discontinued two ratings from two
transactions as the remaining outstanding classes were repurchased
in full and the transactions are no longer outstanding."



[*] S&P Takes Various Actions on 103 Classes from 17 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 103 ratings from 17 U.S.
RMBS transactions issued between 2003 and 2006. The review yielded
nine upgrades, 13 downgrades, 68 affirmations, and 13 withdrawals.

A list of Affected Ratings can be viewed at:

     https://bit.ly/3o9yV01

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;
-- Available subordination and/or overcollateralization; and
-- Erosion of, or increases in, credit support.

Rating Actions

The rating changes reflect our opinion regarding the associated
transaction-specific collateral performance and/or structural
characteristics, and/or reflect the application of specific
criteria applicable to these classes.

S&P raised two ratings from two transactions by five notches, due
to increased credit support, as stated below:

-- Class A-5 from MASTR Alternative Loan Trust series 2004-9 was
raised to 'A (sf)' from 'BB+ (sf)' due to credit support increasing
to 89.85% in July 2021 from 76.95% a year ago.

-- Class M-1 from Merrill Lynch Mortgage Investors Trust series
2005-A8 was raised to 'BB+ (sf)' from 'B- (sf)' due to credit
support increasing to 27.88% in July 2021 from 21.83% a year ago.

S&P lowered two ratings from two transactions by six notches, as
stated below:

-- S&P lowered its rating on class 1-A-1 from MASTR Alternative
Loan Trust series 2004-4 to 'BBB+ (sf)' from 'AA+ (sf)' due to an
increase in delinquent collateral. Recently, loans delinquent 60 or
more days increased to 35.41% in July 2021 from 26.36% a year ago.

-- S&P lowered its rating on class A-6 from Nomura Asset
Acceptance Corp. Alternative Loan Trust series 2004-AP2 to 'CC
(sf)' from 'BB (sf)' due to a decrease in available collateral to
pay outstanding structural bond balance. In June 2021, remaining
subordination in the structure was depleted. The transaction
documents do not allow for senior securities to incur realized
losses. However, class A-6 is unlikely to receive all entitled
principal and interest, as the class began receiving unrealized
principal write-downs.

S&P said, "The ratings affirmations reflect our opinion that our
projected credit support and collateral performance on these
classes have remained relatively consistent with our prior
projections.

"We withdrew our ratings on 12 classes from five transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, their future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level.

"We applied our interest-only criteria, "Global Methodology For
Rating Interest-Only Securities," published April 15, 2010, on
class 30-AX issued from MASTR Alternative Loan Trust series 2003-5,
which resulted in the rating being withdrawn, as all principal- and
interest-paying classes rated 'AA-' or higher have been retired or
downgraded below that rating level."



[*] S&P Takes Various Actions on 68 Classes from 3 US RMBS Deals
----------------------------------------------------------------
S&P Global Ratings completed its review of 68 classes from three
U.S. RMBS transactions backed by seasoned collateral. All of the
transactions reviewed were issued by New Residential Mortgage Loan
Trust. The review yielded six downgrades and 62 affirmations.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3kHulUH

Analytical Considerations

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

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

S&P said, "For all transactions, we performed credit analysis using
updated loan-level information from which we determined foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. In addition, we used the same mortgage
operational assessment, representation and warranty, and due
diligence factors that were applied at issuance. In addition, we
applied a 1.05 loss coverage adjustment to series 2016-1 and 2017-2
due to performance and seasoning of pre-COVID 19 pandemic loan
modifications in the mortgage pools of these transactions.

"For series 2016-1 and 2017-2, we maintained a 100% loss severity
assumption for outstanding loans that were determined to have a
grade D regulatory compliance exception at transaction origination.
For these transactions, only a sample of the loans in the pool had
a due diligence review at closing; therefore, we extrapolated the
percentage of loans graded D in the sample to the remainder of the
pool. We also adjusted loss coverage levels accordingly, based on
our increase in loss severity.

"We assumed 25% of each pool were loans to borrowers who were
self-employed, for which there is a 1.10 foreclosure frequency
adjustment. We also assumed 50% of the mortgage pools contain loans
with multiple borrowers, for which there is a 0.75 foreclosure
frequency adjustment."

Rating Actions

The six downgrades, all from New Residential Mortgage Loan Trust
2017-2, reflect an increase of accumulated net losses and
subsequent deterioration of credit support, as well as an elevated
level of delinquencies as compared to the class' current credit
support.

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



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
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public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
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                            *********

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