---

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

              Sunday, January 19, 2025, Vol. 29, No. 18

                            Headlines

3650R 2022-PF2: Fitch Affirms 'B-sf' Rating on Class J-RR Debt
AMMC CLO XI: S&P Raises Class E-R2 Notes Rating to 'BB (sf)'
ANTARES CLO 2017-1: S&P Assigns BB- (sf) Rating on Cl. E-RR Notes
BALLYROCK CLO 15: S&P Withdraws 'BB- (sf)' Rating on Class D Notes
BENCHMARK 2022-B34: Fitch Cuts Rating on 2 Tranches to CCC

BRIDGECREST 2025-1: S&P Assigns Prelim 'BB' Rating on Cl. E Notes
CEDAR FUNDING IV: S&P Assigns BB- (sf) Rating on Class E-R3 Notes
COLT 2025-1: Fitch Gives 'B(EXP)sf' Rating on Class B2 Certificates
DIAMETER CAPITAL 3: S&P Assigns BB- (sf) Rating on Cl. D-R Notes
ELMWOOD CLO 37: S&P Assigns Prelim B- (sf) Rating on Class F Notes

FORTRESS CREDIT XXI: S&P Assigns BB- (sf) Rating on Cl. E-R Notes
FREDDIE MAC 2023-HQA1: Moody's Hikes Rating on 10 Tranches to Ba1
GALAXY CLO XXI: Moody's Ups Rating on $18MM Class E-R Notes to Ba2
GS MORTGAGE 2021-GR3: Moody's Ups Rating on Cl. B-5 Certs to Ba2
ISLAND FINANCE 2025-1: S&P Assigns Prelim 'BB+' Rating on C Notes

MAGNETITE LTD XXVIII: Moody's Assigns (P)B3 Rating to Cl. F Notes
MAGNETITE XXVIII: Fitch Assigns BB+(EXP)sf Rating on Cl. E-RR Debt
MONROE CAPITAL XIV: Moody's Assigns Ba3 Rating to $32.5MM E-R Notes
MORGAN STANLEY 2016-PSQ: S&P Assigns 'CCC (sf)' Rating on D Certs
NAVIENT STUDENT 2014-1: Moody's Ups Rating on Cl. A-3 Notes to Ba1

NEUBERGER BERMAN 30: S&P Assigns BB-(sf) Rating on Cl. E-R2 Notes
OCP AEGIS 2023-29: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
OCP CLO 2018-15: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
OCP CLO 2021-23: S&P Assigns BB- (sf) Rating on Class E-R Notes
OCTAGON INVESTMENT 47: Fitch Assigns BB-sf Rating on Cl. E-R2 Notes

OHA CREDIT 2: S&P Assigns BB- (sf) Rating on Class E-R2 Debts
OHA CREDIT 8: S&P Assigns BB- (sf) Rating on Class E-R Debt
OZLM XIV: S&P Assigns BB- (sf) Rating on Class D-R3 Debt
PALMER SQUARE 2023-1: S&P Assigns Prelim 'BB-' Rating on E-R Notes
PIXLEY PARK: S&P Assigns BB- (sf) Rating on Class E Notes

POST ROAD 2024-1: Fitch Affirms 'BBsf' Rating on Class E Notes
RCKT MORTGAGE 2021-2: Moody's Raises Rating on Cl. B-5 Certs to B2
RR 36: S&P Assigns BB- (sf) Rating on Class D-R Notes
RR 36: S&P Assigns Prelim BB- (sf) Rating on Class D-R Notes
SLM STUDENT 2010-1: S&P Lowers Class A/B Notes Rating to 'CC (sf)'

[*] Fitch Affirms & Then Withdraws Ratings on 54 Classes on 8 CDOs
[*] Fitch Removes 2 Conn's Receivables Trusts From Negative Watch
[*] Moody's Takes Action on 22 Bonds From 5 US RMBS Deals
[*] Moody's Upgrades Ratings on 15 Bonds From 6 US RMBS Deals
[*] Moody's Upgrades Ratings on 17 Bonds From 5 US RMBS Deals

[*] S&P Places Various Ratings From 8 ABS Deals on Watch Negative

                            *********

3650R 2022-PF2: Fitch Affirms 'B-sf' Rating on Class J-RR Debt
--------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of 3650R 2021-PF1 Commercial
Mortgage Trust and 14 classes of 3650R 2022-PF2 Commercial Mortgage
Trust. The Rating Outlooks for classes E-RR, F-RR, G-RR and J-RR in
3650R 2022-PF2 remain Negative.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
3650R 2021-PF1

   A-1 88581EAA9    LT AAAsf  Affirmed   AAAsf
   A-3 88581EAB7    LT AAAsf  Affirmed   AAAsf
   A-4 88581EAC5    LT AAAsf  Affirmed   AAAsf
   A-5 88581EAD3    LT AAAsf  Affirmed   AAAsf
   A-S 88581EAH4    LT AAAsf  Affirmed   AAAsf
   A-SB 88581EAE1   LT AAAsf  Affirmed   AAAsf
   B 88581EAJ0      LT AA-sf  Affirmed   AA-sf
   C 88581EAK7      LT A-sf   Affirmed   A-sf
   D 88581EAN1      LT BBBsf  Affirmed   BBBsf
   E 88581EAQ4      LT BBB-sf Affirmed   BBB-sf
   F-RR 88581EAS0   LT BBB-sf Affirmed   BBB-sf
   G-RR 88581EAU5   LT BB-sf  Affirmed   BB-sf
   J-RR 88581EAW1   LT B-sf   Affirmed   B-sf
   X-A 88581EAF8    LT AAAsf  Affirmed   AAAsf
   X-B 88581EAG6    LT A-sf   Affirmed   A-sf
   X-D 88581EAL5    LT BBB-sf Affirmed   BBB-sf

3650R 2022-PF2

   A-1 88575JAS7    LT AAAsf  Affirmed   AAAsf
   A-2 88575JAT5    LT AAAsf  Affirmed   AAAsf
   A-3 88575JAU2    LT AAAsf  Affirmed   AAAsf
   A-4 88575JAV0    LT AAAsf  Affirmed   AAAsf
   A-5 88575JAW8    LT AAAsf  Affirmed   AAAsf
   A-S 88575JAZ1    LT AAAsf  Affirmed   AAAsf
   A-SB 88575JAX6   LT AAAsf  Affirmed   AAAsf
   B 88575JBA5      LT AA-sf  Affirmed   AA-sf
   C 88575JAA6      LT A-sf   Affirmed   A-sf
   D 88575JAC2      LT BBBsf  Affirmed   BBBsf
   E-RR 88575JAE8   LT BBB-sf Affirmed   BBB-sf
   F-RR 88575JAG3   LT BBsf   Affirmed   BBsf
   G-RR 88575JAJ7   LT B+sf   Affirmed   B+sf
   J-RR 88575JAL2   LT B-sf   Affirmed   B-sf

KEY RATING DRIVERS

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' ratings
case losses for the 3650R 2022-PF1 and 3650R 2022-PF2 transactions
are 4.2% and 4.7%, respectively. Fitch Loans of Concern (FLOCs)
include seven loans (21.4% of the pool) in 3650R 2021-PF1 and five
loans (14.6%) in 3650R 2022-PF2. There are no loans in special
servicing across the transactions.

Affirmations in 3650R 2021-PF1 and 3650R 2022-PF2 reflect generally
stable performance since Fitch's prior rating actions. The Negative
Outlooks in 3650R 2022-PF2 consider upcoming rollover concerns and
occupancy declines of the Triple Net Portfolio (7.4% of the pool),
500 Delaware (2.8%) and Patewood Corporate Center (3.3% in 3650R
2021-PF1 and 2.4% in 3650R 2022-PF2).

Largest FLOCs: The largest FLOC and largest contributor to loss in
the 3650R 2021-PF1 transaction is the Rox San loan (5.8% of the
pool), which is secured by a 59,392-sf medical office building
located in Beverly Hills, CA. The loan was identified as a FLOC due
to major tenant Radnet Management Inc. (10.6% of the NRA) vacating
at their June 2023 lease expiration, causing occupancy to decline
to 89.2%. Additionally, according to the June 2024 rent roll, 7.0%
of the NRA is set to expire in 2024 and 24.8% of the NRA in 2025,
including larger tenants Dermatology Association (9.4%) and Randal
D. Haworth (5.6%).

Fitch's 'Bsf' rating case of 12.9% (prior to concentration
adjustments) reflects a 9.5% cap rate and a 20% stress to the YE
2023 NOI.

The next largest FLOC in the 3650R 2021-PF1 transaction is the
Huntsville Office Portfolio loan (5.2%), which is secured by the
leasehold interest in six CBD office properties in Huntsville, AL.
The loan was identified as a FLOC due to occupancy declines and
upcoming rollover. Major tenant Dynetics (4.6% of the portfolio
NRA), vacated prior to their November 2025 lease expiration causing
portfolio occupancy to decline to 94.9%.

The loan maintained an NOI DSCR of 2.20x for the TTM June 2024
reporting period. According to the June 2024 rent roll, upcoming
rollover includes 5.8% of the NRA in 2024, 6.1% in 2025, and 49% in
2026. The largest tenant in the portfolio, Northrup Grumman Space
and Missions Systems has staggered lease expirations with 0.9% of
the portfolio NRA which expired in November 2024, 10.6% expiring in
February 2026, 23.8% in March 2026, and 5.8% in June 2027. The
tenant has not given indication of renewal on its near-term lease
expirations.

Fitch's 'Bsf' rating case loss of 4.7% (prior to concentration
adjustments) reflects a 10.5% cap rate and a 20% stress to the TTM
June 2024 NOI to account for the decline in occupancy and upcoming
rollover

The Patewood Corporate Center (3.3% of the pool in 3650R 2021-PF1
and 2.4% in 3650R 2022-PF2) is secured by six suburban office
properties totaling 448,405-sf located in Greenville, SC. Occupancy
declined to 71.6% after the largest tenant RealPage Inc. (10.3% of
the NRA) vacated ahead of their October 2026 lease expiration.
Additionally, Day and Zimmerman (10.6% of the NRA), renewed and
downsized to 4.4% of the total NRA, while the remainder of their
space was partially backfilled by Commercial Foodservice Repair
Inc. (4.8%). Due to the occupancy declines, the NOI DSCR fell to
1.84x as of June 2024 from 2.00x at YE 2023 and 2.08x at YE 2022.

Fitch's 'Bsf' rating case loss of 13.3% (prior to concentration
adjustments) reflects a 10% cap rate and a 15% stress to the YE
2023 NOI.

The largest FLOC in the 3650 2022-PF2 transaction is the Triple Net
Portfolio (7.4%), which is secured by 14 industrial properties
totaling 806,752-sf located in Ohio (2), Oklahoma (2), California
(4), Michigan (1), New York (1), Ohio (1), Utah (1), Texas (1) and
Illinois (1). Occupancy declined to 93.1% after Kuusakoski Glass
Recycling (6.9% of the portfolio NRA) vacated at their June 2024
lease expiration. Additionally, the largest tenant in the
portfolio, Hunter Defense Systems (29.7% of portfolio NRA), has
lease expirations in February 2025. The tenant has five, one-year
renewal options remaining. Fitch has requested updates regarding
renewal; however, none have been received.

Fitch's 'Bsf' rating case loss of 7.5% (prior to concentration
adjustments) reflects a 9.00% cap rate and a 7.5% stress to the YE
2023 NOI.

The next largest FLOC in the 3650R 2022-PF1 transaction is the 500
Delaware loan (2.8%), secured by a 371,222-sf, 15 story CBD office
property located in Wilmington, DE. The loan is identified as a
FLOC due to concentrated near-term rollover. According to the June
2024 rent roll, upcoming rollover includes 24.1% of the NRA in 2025
and 24.9% of the NRA in 2026, which is largely attributable to
lease expirations of major tenants Wilmington Savings Fund Society
(21.9% of the NRA) and Morris James LLP (18.6%), expiring in
December 2025 and May 2026, respectively.

Fitch's 'Bsf' rating case loss of 8.4% (prior to concentration
adjustments) reflects a 10% cap rate and a 15% stress to the TTM
June 2024 NOI.

Credit Opinion Loans: Performance of the CX - 350 & 450 Water
Street (8.6% of the pool) and One SoHo Square (2.8%) in the 3650R
2021-PF1 transaction and Acropolis Garden Cooperative (9.5% of the
pool) and 330 West 34th Street Lease Fee (5.5%) in 3650R 2022-PF2
have remained stable and consistent with their credit opinions from
issuance.

Minimal Changes to Credit Enhancement: As of the December 2024
distribution date, the aggregate balances of 3650R 2021-PF1 and
3650 2022-PF2 have been reduced by 1.7% and 0.6%, respectively.
There are no defeased loans. Interest shortfalls of $4,759 and
$9,980 are impacting the non-rated N-RR classes in 3650R 2021-PF1
and 3650R 2022-PF2, respectively.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades to the 'AAAsf' and 'AAsf' rated classes are not
considered likely due to their position in the capital structure
and continued increases in CE, but may occur should interest
shortfalls occur.

Downgrades to 'Asf' and 'BBBsf' rated classes could occur should
deal-level loss expectations increase and/or the aforementioned
FLOCs, particularly Rox San, Huntsville Office Portfolio, Patewood
Corporate Center and Icon One Daytona in 3650R 2021-PF1 and Triple
Net Portfolio, 500 Delaware and Patewood Corporate Center in 3650R
2022-PF2 experience further performance declines.

Downgrades to 'BBsf' and 'Bsf' rated classes could occur with an
increase in loss expectations caused by further performance
deterioration and/or transfer of FLOCs to special servicing.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrades to 'AAsf' and 'Asf' rated classes would occur with
improvements in CE from paydowns and/or loan amortization coupled
with stable-to improved loss expectations and performance
stabilization of FLOCs.

Upgrades to 'BBBsf' and 'BBsf' rated classes would be limited based
on sensitivity to concentrations or the potential for future
concentration and would only occur with a sustained improved
performance of the FLOCs.

Upgrades to the 'Bsf' rated classes are not likely until later
years in the transactions and would occur with improvements in CE
and performance stabilization of FLOCs.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


AMMC CLO XI: S&P Raises Class E-R2 Notes Rating to 'BB (sf)'
------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R2, C-R2,
D-R2, and E-R2 notes from AMMC CLO XI Ltd. At the same time, S&P
affirmed its ratings on the class A-1-R2, A-2-R3, A-3A-R2, A-3B-R2,
and F notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the Dec. 19, 2024, trustee report.

The transaction has had approximately $207.94 million in collective
paydowns to the class A-1-R2, A-2-R3, A-3A-R2 notes since our
August 2020 rating actions. These paydowns resulted in improved
reported overcollateralization (O/C) ratios since the Aug. 21,
2020, trustee report, which S&P used for its previous rating
actions:

-- The class A/B O/C ratio improved to 175.85% from 129.11%.
-- The class C O/C ratio improved to 139.80% from 118.18%.
-- The class D O/C ratio improved to 120.39% from 110.80%.
-- The class E O/C ratio improved to 109.33% from 105.97%.
-- The class F O/C ratio improved to 105.71% from 104.28%.

All O/C ratios experienced a positive movement due to the lower
balances of the senior notes; consequently, the credit support
increased.

S&P said, "Collateral obligations with ratings in the 'CCC'
category are at $12.42 million as of the December 2024 trustee
report, compared with $37.25 million reported in the August 2020
data that we used for our previous rating actions. Though the
dollar value of the 'CCC' exposure has declined significantly since
our last rating action, the CLO's portfolio has also amortized
significantly during this period. Consequently, the percentage
exposure of the 'CCC' balance improved only slightly since our last
rating action and is just under the concentration limitations. Over
the same period, similarly, the par amount of defaulted collateral
has declined to $.80 million from $9.11 million."

The upgraded classes reflect the improved credit support available
to the notes at the prior rating levels.

The affirmed ratings reflect adequate credit support at the current
rating levels, though any deterioration in the credit support
available to the notes could result in ratings changes.

S&P said, "Although our cash flow analysis indicated higher ratings
for the class B-R2, C-R2, D-R2, and E-R2 notes, our rating actions
reflect additional sensitivity runs that considered the exposure to
lower-quality assets and distressed prices we noticed in the
portfolio as well as the current credit support available for these
classes.

"We note that the cash flow results indicate a lower rating for the
class F notes. However, we view the overall credit seasoning as an
improvement to the transaction and considered the credit support
available to the class F notes in our decision. The class F notes
have remained current on interest and have a stable pure O/C (O/C
without haircuts). It is our opinion that this class is not
currently dependent upon favorable business, financial, or economic
conditions to meet its contractual obligations of timely interest
and the ultimate repayment of principal by legal final maturity.
Therefore, it does not meet our definition of 'CCC' risk, but
increases in defaults or par losses could lead to negative rating
actions on the class E-R notes in the future.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest 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 all of the rated outstanding
classes have adequate credit enhancement available at the rating
levels associated with these 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 will take rating actions as we deem
necessary."

  Ratings Raised

  AMMC CLO XI Ltd.

  Class B-R2 to 'AAA (sf)' from 'AA (sf)'
  Class C-R2 to 'AAA (sf)' from 'A (sf)'
  Class D-R2 to 'A (sf)' from 'BBB (sf)'
  Class E-R2 to 'BB (sf)' from 'BB- (sf)'

  Ratings Affirmed

  AMMC CLO XI Ltd.

  Class A-1-R2: AAA (sf)
  Class A-2-R3: AAA (sf)
  Class A-3A-R2: AAA (sf)
  Class A-3B-R2: AAA (sf)
  Class F: B- (sf)



ANTARES CLO 2017-1: S&P Assigns BB- (sf) Rating on Cl. E-RR Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-RR,
A-2-RR, B-RR, C-RR, D-RR, and E-RR replacement debt from Antares
CLO 2017-1 Ltd./Antares CLO 2017-1 LLC, a CLO managed by Antares
Capital Advisers LLC, a subsidiary of Antares Capital L.P., that
was originally issued in 2017 and subsequently refinanced in 2021.
At the same time, S&P withdrew its ratings on the class A-R, B-R,
C-R, D-R, and E-R debt following payment in full on the Jan. 15,
2025, refinancing date.

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

-- The weighted average cost of debt of the replacement debt is
lower than the 2021 debt.

-- The original A-R debt is replaced by two classes of
floating-rate debt (classes A-1-RR and A-2-RR). Class A-1-RR is
senior to class A-2-RR.

-- The stated maturity, reinvestment period, and non-call period
were extended 3.75 years.

-- No additional subordinated notes were issued on the refinancing
date.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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

  Antares CLO 2017-1 Ltd./Antares CLO 2017-1 LLC

  Class A-1-RR, $1,344.00 million: AAA (sf)
  Class A-2-RR, $144.00 million: AAA (sf)
  Class B-RR, $180.00 million: AA (sf)
  Class C-RR (deferrable), $156.00 million: A (sf)
  Class D-RR (deferrable), $132.00 million: BBB- (sf)
  Class E-RR (deferrable), $156.00 million: BB- (sf)

  Ratings Withdrawn

  Antares CLO 2017-1 Ltd./Antares CLO 2017-1 LLC

  Class A-R to NR from 'AAA (sf)'
  Class B-R to NR from 'AA (sf)'
  Class C-R (deferrable) to NR from 'A (sf)'
  Class D-R (deferrable) to NR from 'BBB- (sf)'
  Class E-R (deferrable) to NR from 'BB- (sf)'

  Other Debt

  Antares CLO 2017-1 Ltd./Antares CLO 2017-1 LLC

  Subordinated notes, $255.41 million: NR

  NR--Not Rated.



BALLYROCK CLO 15: S&P Withdraws 'BB- (sf)' Rating on Class D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-1-R, and D-2-R debt, and the proposed new class E-R
debt from Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC, a CLO
originally issued in 2021 that is managed by Fidelity Management
and Research Co. LLC. At the same time, S&P withdrew its ratings on
the original class A-1, A-2, B, C, and D debt following payment in
full on the Jan. 15, 2025, refinancing date.

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

-- The class D debt was split into class D-1-R and D-2-R, and a
new class E-R debt was introduced;

-- All classes of replacement debt were issued at a floating
spread; and

-- The stated maturity, non-call date, and reinvestment periods
were extended by 3.75 years.

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

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

  Ratings Assigned

  Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC

  Class A-1-R, $252.00 million: AAA (sf)
  Class A-2-R, $12.00 million: AAA (sf)
  Class B-R, $40.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1-R (deferrable), $24.00 million: BBB- (sf)
  Class D-2-R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Ratings Withdrawn

  Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC

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

  Other Debt

  Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC

  Subordinated notes, $43.94 million: NR

  NR--Not rated.



BENCHMARK 2022-B34: Fitch Cuts Rating on 2 Tranches to CCC
----------------------------------------------------------
Fitch Ratings has downgraded four and affirmed 12 classes of
Benchmark 2022-B34 Mortgage Trust (BMARK 2022-B34). Negative Rating
Outlooks were assigned to classes F and X-F following their
downgrades. The Rating Outlooks for affirmed classes D, E and X-D
have been revised to Negative from Stable.

Fitch has also downgraded eight and affirmed 13 classes of
Benchmark 2022-B35 Mortgage Trust (BMARK 2022-B35). Negative
Outlooks were assigned to classes E, X-D, F and X-F following their
downgrades. The Outlooks for affirmed classes A-S, B, C and D have
been revised to Negative from Stable.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
BMARK 2022-B34

   A-1 08161YBC6    LT AAAsf  Affirmed   AAAsf
   A-2 08161YBD4    LT AAAsf  Affirmed   AAAsf
   A-3 08161YAA1    LT AAAsf  Affirmed   AAAsf
   A-5 08161YBG7    LT AAAsf  Affirmed   AAAsf
   A-M 08161YBJ1    LT AAAsf  Affirmed   AAAsf
   A-SB 08161YBE2   LT AAAsf  Affirmed   AAAsf
   B 08161YBK8      LT AA-sf  Affirmed   AA-sf
   C 08161YBL6      LT A-sf   Affirmed   A-sf
   D 08161YAN3      LT BBBsf  Affirmed   BBBsf
   E 08161YAQ6      LT BBB-sf Affirmed   BBB-sf
   F 08161YAS2      LT B-sf   Downgrade  B+sf
   G 08161YAU7      LT CCCsf  Downgrade  B-sf
   X-A 08161YBH5    LT AAAsf  Affirmed   AAAsf
   X-D 08161YAE3    LT BBB-sf Affirmed   BBB-sf
   X-F 08161YAG8    LT B-sf   Downgrade  B+sf
   X-G 08161YAJ2    LT CCCsf  Downgrade  B-sf

BMARK 2022-B35

   A-1 08163RBL9    LT AAAsf  Affirmed   AAAsf
   A-2 08163RBM7    LT AAAsf  Affirmed   AAAsf
   A-3-1 08163RBN5  LT AAAsf  Affirmed   AAAsf
   A-3-2 08163RAA4  LT AAAsf  Affirmed   AAAsf
   A-4-1 08163RBP0  LT AAAsf  Affirmed   AAAsf
   A-4-2 08163RAC0  LT AAAsf  Affirmed   AAAsf
   A-5 08163RBQ8    LT AAsf   Affirmed   AAAsf
   A-S 08163RBT2    LT AAAsf  Affirmed   AAAsf
   A-SB 08163RBR6   LT AAAsf  Affirmed   AAAsf
   B 08163RBU9      LT AA-sf  Affirmed   AA-sf
   C 08163RBV7      LT A-sf   Affirmed   A-sf
   D 08163RAS5      LT BBBsf  Affirmed   BBBsf
   A-3-1 08163RBN5  LT AAAsf  Affirmed   AAAsf
   A-3-2 08163RAA4  LT AAAsf  Affirmed   AAAsf
   A-4-1 08163RBP0  LT AAAsf  Affirmed   AAAsf
   A-4-2 08163RAC0  LT AAAsf  Affirmed   AAAsf
   A-5 08163RBQ8    LT AAAsf  Affirmed   AAAsf
   A-S 08163RBT2    LT AAAsf  Affirmed   AAAsf
   A-SB 08163RBR6   LT AAAsf  Affirmed   AAAsf
   B 08163RBU9      LT AA-sf  Affirmed   AA-sf
   C 08163RBV7      LT A-sf   Affirmed   A-sf
   D 08163RAS5      LT BBBsf  Affirmed   BBBsf
   E 08163RAU0      LT BB-sf  Downgrade  BBB-sf
   F 08163RAW6      LT Bsf    Downgrade  BBsf
   G 08163RAY2      LT CCCsf  Downgrade  B+sf
   H 08163RBA3      LT CCsf   Downgrade  B-sf
   X-A 08163RBS4    LT AAAsf  Affirmed   AAAsf
   X-D 08163RAG1    LT BB-sf  Downgrade  BBB-sf
   X-F 08163RAJ5    LT Bsf    Downgrade  BBsf
   X-G 08163RAL0    LT CCCsf  Downgrade  B+sf
   X-H 08163RAN6    LT CCsf  Downgrade   B-sf

KEY RATING DRIVERS

Increased 'Bsf' Loss Expectations: Deal-level 'Bsf' rating case
losses are 5.04% in BMARK 2022-B34 and 6.54% in BMARK 2022-B35.
Fitch Loans of Concern (FLOCs) comprise five loans (10.8% of the
pool) in BMARK 2022-B34, including one loan in special servicing
(0.9%), and three loans (10.2%) in BMARK 2022-B35.

BMARK 2022-B34: The downgrades in the BMARK 2022-B34 transaction
reflect the deterioration of pool performance since the prior
rating action, most notably from office FLOCs, Townsgate Office
(1.7%) and the specially serviced Arlington Green Executive Plaza
loan (0.9%), leading to higher expected transaction losses.

The Negative Outlooks in BMARK 2022-B34 reflect a high office
concentration of 54.3% of the pool and the potential for further
downgrades should performance on the aforementioned office FLOCs
continue to deteriorate beyond current expectations and/or workouts
are prolonged for the specially serviced loan.

BMARK 2022-B35: The downgrades in the BMARK 2022-B35 transaction
reflect higher overall pool losses since the prior rating action,
driven by performance deterioration of FLOCs, including Industry
RiNo Station (5.4%) and 200 West Jackson (3.6%).

The Negative Outlooks in BMARK 2022-B35 reflect the concentration
of office loans (47.7%) and the potential for further downgrades
should performance of the aforementioned FLOCs fail to stabilize or
deteriorate further.

Largest Contributors to Loss: The largest increase in loss
expectations since the prior rating action in the BMARK 2022-B34
transaction is the Arlington Green Executive Plaza loan (0.9%),
secured by a 62,835-sf medical office building in Arlington
Heights, IL. The loan transferred to special servicing in June 2023
due to payment default. A receiver was appointed for the asset in
October 2023 and the servicer is pursuing foreclosure.

As of February 2023, the property occupancy was 77%, but no updated
financials have been reported. Fitch's 'Bsf' rating case loss of
52.7% (prior to concentration adjustments) reflects the most recent
appraisal value without an additional stress equating to a recovery
value of $86 psf.

The second-largest increase in loss expectations since the prior
rating action, and the second-largest contributor to overall pool
loss expectations in the BMARK 2022-B34 transaction is the
Townsgate Office loan (1.7%), secured by an 88,334-sf office
complex in Westlake Village, CA.

The largest tenant, Wells Fargo, occupying 40.0% of the NRA,
vacated at lease expiration in December 2024. A cash sweep has been
activated. Occupancy as of June 2024 was 78% and declined to
approximately 38% after the Wells Fargo departure. As of June 2024,
NOI DSCR was 2.91x.

Fitch's 'Bsf' rating case loss of 31.7% (prior to concentration
adjustments) reflects a cap rate of 10% and 30% stress to the YE
2023 NOI to account for the departure of the major tenant.

The largest increase in loss expectations since the prior rating
action in the BMARK 2022-B35 transaction is the 200 West Jackson
loan (3.6%), secured by a 29-story, 481,801-sf office building
located in the central business district of Chicago, IL.

Property performance has declined, with occupancy falling to 86% as
of June 2024 down from 93% at issuance, primarily due to the
departure of the fourth-largest tenant, Redstone Funding (3.6%).
The largest tenant, TNC US Holdings (42.2% of NRA), a Nielsen
Holdings' subsidiary with lease expiration in December 2034, has
listed their space as available for sublease, according to CoStar.

The property has 278,559 sf (57.1% of the NRA) of total available
space, of which 141,204 sf is from the sub-lease space of the
largest tenant, according to CoStar. The West Loop office submarket
has a vacancy rate of 24.4% and an availability rate of 30.6%.

Fitch's 'Bsf' rating case loss of 31.1% (prior to concentration
adjustments) reflects a10.5% cap rate and 40% stress to the YE 2023
NOI, given the high availability at the subject and submarket
concerns.

The second-largest increase in loss expectations since the prior
rating action in the BMARK 2022-B35 transaction is the Industry
RiNo Station loan (5.4%), secured by a 177,697-sf creative office
property located in the RiNo Art District of Denver, CO.

Significant performance deterioration is expected as the largest
tenants, OneTrust (20.9% of the NRA) and Dispatch Health Management
(16.7%), with near-term lease expirations in July 2025 and August
2026, respectively, have made their entire spaces available. Per
the September 2024 rent roll, the property is 75% occupied,
however, available space accounts for 60.6% of the total square
footage. Four new leases accounting for 8.5% of the NRA have been
signed since 4Q24. Additionally, the Platte River office submarket
has a notably high vacancy rate of 29.1%, as reported by CoStar.

Fitch's 'Bsf' rating case loss of 22.2% (prior to concentration
adjustments) reflects a 10% cap rate and 30% stress to the YE 2023
NOI due to the high availability at the subject and submarket
vacancy.

Limited Changes in Credit Enhancement (CE): As of the December 2024
distribution date, the aggregate balances of the BMARK 2022-B34 and
BMARK 2022-B35 transactions have been reduced by 0.8% and 0.3%,
respectively, since issuance.

No loans in either transaction are defeased. Cumulative interest
shortfalls of $59,869 are affecting the non-rated class H in BMARK
2022-B34 and $1,685 are affecting the non-rated class J in BMARK
2022-B35.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades to senior 'AAAsf' rated classes are not expected due to
the position in the capital structure and expected continued
amortization and loan repayments, but may occur if deal-level
losses increase significantly and/or interest shortfalls occur or
are expected to occur.

Downgrades to junior 'AAAsf' rated classes with Negative Outlooks
are possible with continued performance deterioration of the FLOCs,
increased expected losses and limited to no improvement in class
CE, or if interest shortfalls occur.

Downgrades to classes rated in the 'AAsf' and 'Asf' categories
could occur if performance of the FLOCs/specially serviced loans,
most notably Townsgate Office and Arlington Green Executive Plaza
in BMARK 2022-B34, and Industry RiNo Station and 200 West Jackson
in BMARK 2022-B35, deteriorate further or fail to stabilize.

Downgrades for the 'BBBsf', 'BBsf' and 'Bsf' categories are likely
with higher-than-expected losses from continued underperformance of
the FLOCs, particularly the aforementioned office loans with
deteriorating performance and with greater certainty of losses on
the specially serviced loans, or with prolonged workouts of the
loans in special servicing.

Downgrades to distressed 'CCCsf' ratings would occur should
additional loans be transferred to special servicing or default, as
losses are realized or become more certain.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrades to classes rated in the 'AAsf' and 'Asf' category may be
possible with significantly increased CE from paydowns and/or
defeasance, coupled with stable-to-improved pool-level loss
expectations and improved performance on the FLOCs. This includes
Townsgate Office and Arlington Green Executive Plaza in BMARK
2022-B34, and Industry RiNo Station and 200 West Jackson in BMARK
2022-B35.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'AA+sf' if there
is likelihood for interest shortfalls.

Upgrades to the 'BBsf' and 'Bsf' category rated classes are not
likely until the later years in a transaction and only if the
performance of the remaining pool is stable, recoveries on the
FLOCs are better than expected and there is sufficient CE to the
classes.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


BRIDGECREST 2025-1: S&P Assigns Prelim 'BB' Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bridgecrest
Lending Auto Securitization Trust 2025-1's automobile
receivables-backed notes.

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

The preliminary ratings are based on information as of Jan. 15,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 64.52%, 59.46%, 50.24%,
38.01%, and 34.15% credit support (hard credit enhancement and a
haircut to excess spread) for the class A (A-1, A-2, and A-3,
collectively), B, C, D, and E notes, respectively, based on
stressed breakeven cash flow scenarios. These credit support levels
provide at least 2.37x, 2.12x, 1.72x, 1.38x, and 1.25x coverage of
S&P's expected cumulative net loss of 25.50% for the class A, B, C,
D, and E notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.38x S&P's expected loss level), all else being equal, S&P's
preliminary 'A-1+ (sf)', 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB
(sf)', and 'BB (sf)' ratings on the class A-1, A-2/A-3, B, C, D,
and E notes, respectively, will be within its credit stability
limits.

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

-- The collateral characteristics of the subprime auto loans,
S&P's view of the credit risk of the collateral, and its updated
macroeconomic forecast and forward-looking view of the U.S. auto
finance sector.

-- The series' bank accounts at Wells Fargo Bank N.A.
(A+/Stable/A-1), which do not constrain the preliminary ratings.

-- S&P's operational risk assessment of Bridgecrest Acceptance
Corp. (BAC) as servicer, along with its view of the originator's
underwriting and the backup servicing arrangement with
Computershare Trust Co. N.A. (BBB/Stable/--).

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors that are in
line with our sector benchmark.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Bridgecrest Lending Auto Securitization Trust 2025-1

  Class A-1, $76.70 million ($85.20 million if upsized): A-1+ (sf)
  Class A-2, $106.38 million ($122.88 million if upsized): AAA
(sf)
  Class A-3, $70.92 million ($81.92 million if upsized): AAA (sf)
  Class B, $57.15 million ($65.25 million if upsized): AA (sf)
  Class C, $77.79 million ($88.81 million if upsized): A (sf)
  Class D, $114.30 million ($130.50 million if upsized): BBB (sf)
  Class E, $42.86 million ($48.94 million if upsized): BB (sf)



CEDAR FUNDING IV: S&P Assigns BB- (sf) Rating on Class E-R3 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R3, A-R3,
AL-R3, B-R3, C-R3, D-R3, and E-R3 replacement debt from Cedar
Funding IV CLO Ltd./Cedar Funding IV CLO LLC, a CLO managed by
Aegon USA Investment Management LLC, a subsidiary of Aegon Asset
Management. S&P Global Ratings had rated the original transaction
that was issued in 2014 and the first refinancing in 2017; however,
the second refinanced transaction was not rated by S&P Global
Ratings.

On the Jan. 9, 2025, refinancing date, the proceeds from the
replacement debt were used to redeem the previously refinanced
debt.

The replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement debt. According to the
supplemental indenture the transaction will be collateralized by at
least 90.0% senior secured loans, cash, and eligible investments,
with a minimum of 90.0% of the loan borrowers required to be based
in the U.S., Canada, and the United Kingdom.

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.

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

  Ratings Assigned

  Cedar Funding IV CLO Ltd./Cedar Funding IV CLO LLC

  Class X-R3, $5.70 million: AAA (sf)
  Class A-R3, $299.80 million: AAA (sf)
  Class AL-R3, $65.00 million: AAA (sf)
  Class B-R3, $68.40 million: AA (sf)
  Class C-R3 (deferrable), $34.20 million: A (sf)
  Class D-R3 (deferrable), $34.20 million: BBB- (sf)
  Class E-R3 (deferrable), $21.95 million: BB- (sf)

  Other debt

  Cedar Funding IV CLO Ltd./Cedar Funding IV CLO LLC
  
  Subordinated notes, $77.00 million: Not rated



COLT 2025-1: Fitch Gives 'B(EXP)sf' Rating on Class B2 Certificates
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2025-1 Mortgage Loan Trust (COLT
2025-1). COLT 2025-1 utilizes Fitch's new Interactive RMBS Presale
feature. To access the interactive feature, click the link at the
top of the presale report's first page, log into dv01 and explore
Fitch's loan-level loss expectations.

   Entity/Debt       Rating           
   -----------       ------           
COLT 2025-1

   A1            LT AAA(EXP)sf Expected Rating
   A2            LT AA(EXP)sf  Expected Rating
   A3            LT A(EXP)sf   Expected Rating
   M1            LT BBB(EXP)sf Expected Rating
   B1            LT BB(EXP)sf  Expected Rating
   B2            LT B(EXP)sf   Expected Rating
   B3            LT NR(EXP)sf  Expected Rating
   AIOS          LT NR(EXP)sf  Expected Rating
   X             LT NR(EXP)sf  Expected Rating
   R             LT NR(EXP)sf  Expected Rating

Transaction Summary

The COLT 2025-1 certificates are supported by 517 nonprime loans
with a total balance of approximately $322.3 million as of the
cutoff date.

The data and information provided throughout this report matches
the Term Sheet. The tape is expected to be updated prior to
closing. Fitch will assign final ratings based on the collateral
and structure at that point in time.

Loans in the pool were originated by multiple originators,
including The Loan Store Inc., Foundation Mortgage Corporation and
various others. The loans were aggregated by Hudson Americas L.P.
and are currently being serviced by Fay Servicing LLC (Fay) and
Select Portfolio Servicing, Inc. (SPS).

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch views the home
price values of this pool as 10.6% above a long-term sustainable
level (versus 11.6% on a national level as of 2Q24, up 0.1% qoq,
based on Fitch's updated view on sustainable home prices). Housing
affordability is at its worst levels in decades, driven by both
high interest rates and elevated home prices. Home prices increased
3.9% yoy nationally as of September 2024, notwithstanding modest
regional declines, but are still being supported by limited
inventory.

COLT 2025-1 has a combined original loan-to-value ratio (cLTV) of
71.9%, slightly lower than that of the previous transaction, COLT
2024-7. Based on Fitch's updated view of housing market
overvaluation, this pool's sustainable LTV (sLTV) is 80.4%,
compared with 81.0% for the previous transaction.

Non-QM Credit Quality (Negative): The collateral consists of 517
loans totaling $322.3 million and seasoned at approximately three
months in aggregate, as calculated by Fitch. The borrowers have a
moderate credit profile, consisting of a 739 model FICO, and
moderate leverage, with an 80.4% sLTV and a 71.9% cLTV.

Of the pool, 52.5% of the loans are for a primary residence, while
44.6% comprise an investor property as calculated by Fitch.
Additionally, 53.6% are nonqualified mortgages (non-QMs, or NQMs),
1.5% are safe-harbor qualified mortgages (SHQM) and 0.3% are
rebuttable presumption qualified mortgage loans; the QM rule does
not apply to the remainder.

Fitch's expected loss in the 'AAAsf' stress is 22.00%. This is
mainly driven by the NQM/nonprime collateral and the concentration
of investor cash flow product (debt service coverage ratio [DSCR])
loans.

Loan Documentation and DSCR Loans (Negative): About 96.3% of loans
in the pool were underwritten to less than full documentation and
63.3% were underwritten to a bank statement program for verifying
income, which is not consistent with Fitch's view of a full
documentation program. Its treatment of alternative loan
documentation increased 'AAAsf' expected losses by approximately
93.2%, compared with a transaction comprised of 100% fully
documented loans.

Out of the total loans, 151, or 20.6%, were originated through the
originator's investor cash flow program, which targets real estate
investors qualified on a DSCR basis. These business-purpose loans
are available to real estate investors who are qualified on a cash
flow basis, rather than a debt-to-income (DTI) basis, and borrower
income and employment are not verified. Fitch's average expected
losses for DSCR loans is 29.6% in the 'AAAsf' stress.

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

Advances of delinquent principal and interest (P&I) will be made on
mortgage loans serviced by SPS and Fay for the first 90 days of
delinquency, to the extent such advances are deemed recoverable. If
the P&I advancing party fails to make a required advance, the
master servicer will be obligated to make such advance.

The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. However, the additional stress on the
structure represents downside risk, as there is limited liquidity
in the event of large and extended delinquencies.

COLT 2025-1 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lower of a
100 basis points (bps) increase to the fixed coupon or the net
weighted average coupon (NWAC) rate. Any class B-3 interest
distribution amount will be distributed to class A-1, A-2 and A-3
certificates on and after the step-up date if the cap carryover
amount is greater than zero. This increases the P&I allocation for
the senior classes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.9% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. A 10% additional
decline in home prices would lower all rated classes by one full
category.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Consolidated Analytics, SitusAMC, Evolve, Selene,
Clarifii, Opus, Canopy, Clayton and Maxwell. The third-party due
diligence described in Form 15E focused on credit, compliance and
property valuation review. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment to
its analysis: a 5% credit was given at the loan level for each loan
where satisfactory due diligence was completed. This adjustment
resulted in a 49bps reduction to the 'AAA' expected loss.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


DIAMETER CAPITAL 3: S&P Assigns BB- (sf) Rating on Cl. D-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, and D-R replacement debt from Diameter Capital CLO 3
Ltd./Diameter Capital CLO 3 LLC, a CLO originally issued in March
2022 that is managed by Diameter CLO Advisors LLC. At the same
time, S&P withdrew its ratings on the original class A-1A, A-1B,
A-2, B, C, and D debt following payment in full on the Jan. 10,
2025, refinancing date.

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

-- The non-call period was extended to Jan. 15, 2027.

-- The reinvestment period was extended to Jan. 15, 2030.

-- The legal final maturity date (for the replacement debt and the
existing subordinated notes) was extended to Jan. 15, 2038.

-- Additional assets were purchased on the Jan. 10, 2025,
refinancing date, and the target initial par amount was upsized to
$550 million. There is an additional effective date or ramp-up
period, and the first payment date following the refinancing is
April 15, 2025.

-- The required minimum overcollateralization and interest
coverage ratios were amended.

-- An additional $15.2 million of subordinated notes were issued
on the refinancing date.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Diameter Capital CLO 3 Ltd./Diameter Capital CLO 3 LLC

  Class A-1-R, $341.00 million: AAA (sf)
  Class A-2-R, $77.00 million: AA (sf)
  Class B-R (deferrable), $33.00 million: A (sf)
  Class C-R (deferrable), $30.25 million: BBB- (sf)
  Class D-R (deferrable), $22.00 million: BB- (sf)

  Ratings Withdrawn

  Diameter Capital CLO 3 Ltd./Diameter Capital CLO 3 LLC

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

  Other Debt

  Diameter Capital CLO 3 Ltd./Diameter Capital CLO 3 LLC

  Subordinated notes, $48.45 million: Not rated



ELMWOOD CLO 37: S&P Assigns Prelim B- (sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Elmwood CLO
37 Ltd./Elmwood CLO 37 LLC's floating-rate debt.

The debt 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 preliminary ratings are based on information as of Jan. 10,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The diversification of the collateral pool;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Preliminary Ratings Assigned

  Elmwood CLO 37 Ltd./Elmwood CLO 37 LLC

  Class A-1, $320.00 million: AAA (sf)
  Class A-2, $10.00 million: Not rated
  Class B, $50.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E-1 (deferrable), $15.00 million: BB- (sf)
  Class E-2 (deferrable), $1.00 million: BB- (sf)
  Class F (deferrable), $6.50 million: B- (sf)
  Subordinated notes, $40.00 million: Not rated



FORTRESS CREDIT XXI: S&P Assigns BB- (sf) Rating on Cl. E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1R-R, A-1T-R, B-R, C-R, D-R, and E-R replacement debt and new
class A-2-R debt from Fortress Credit Opportunities XXI CLO LLC, a
CLO originally issued in February 2023 that is managed by FCOD CLO
Management LLC, which is wholly owned by Drawbridge.

The preliminary ratings are based on information as of Jan. 10,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Jan. 21, 2025, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. S&P
said, "At that time, we expect to withdraw our ratings on the
original debt and assign ratings to the replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

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

-- An additional floating notes class A-2-R tranche was added with
a spread over three-month SOFR.

-- The preliminary rating on the class A-1R-R loans addresses only
the full and timely payment of principal and the base interest
amount, which includes the stated interest rate on the funded
amounts and any commitment fee due on the undrawn commitment. It
does not include any capped amounts.

-- The preliminary ratings do not reflect the payment of any class
A-1R-R loan increased costs, which are additional payments based on
changed in law made to the lender. The costs may not be predictable
or quantifiable. Increased cost payments are subordinate to
principal and interest distributions on the rated notes in the
payment waterfall and, therefore, do not affect scheduled
distributions to the rated notes.

-- Class A-1R-R is a variable-funding note that can be drawn on to
fund revolver or delayed draw obligations and to purchase new
collateral obligations during the reinvestment period. It can also
be repaid. S&P said, "If our short-term issuer credit rating on the
holder of the class A-1R-R loans falls below 'A-1', the loan holder
must fully fund its unfunded commitment for the CLO's benefit. We
modeled the revolver as both fully funded and fully unfunded."

-- There is no concentration limit on 'CCC' rated assets, but a
haircut is taken in the overcollateralization test if they exceed
30.0% of the pool. S&P said, "The transaction structure passed our
cash flow analysis, assuming a sensitivity of 92.5% exposure to
'CCC' rated assets. The transaction structure also passed our cash
flow analysis under a sensitivity that assumes all 'CCC' rated
assets in excess of 25.0% of the pool are defaulted with
rating-based tiered recovery assumptions in line with those for
senior-secured loans.

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

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1R-R, $54 million: Three-month CME term SOFR +
1.57%(i)

-- Class A-1T-R, $162 million: Three-month CME term SOFR + 1.57%

-- Class A-2-R, $12 million: Three-month CME term SOFR + 1.70%

-- Class B-R, $20 million: Three-month CME term SOFR + 1.90%

-- Class C-R (deferrable), $32 million: Three-month CME term SOFR
+ 2.35%

-- Class D-R (deferrable), $28 million: Three-month CME term SOFR
+ 3.85%

-- Class E-R (deferrable), $24 million: Three-month CME term SOFR
+ 7.25%

(i)The preliminary rating on the class A-1R-R loans addresses only
the full and timely payment of principal and the base interest
amount, and it does not consider any capped amounts.

Original debt

-- Class A-R, $54 million: Three-month CME term SOFR + 2.65%
-- Class A-T, $162.00 million: Three-month CME term SOFR + 2.65%
-- Class B, $28.00 million: Three-month CME term SOFR + 3.90%
-- Class C, $32.00 million: Three-month CME term SOFR + 4.90%
-- Class D, $32 million: Three-month CME term SOFR + 7.00%
-- Class E, $24 million: Three-month CME term SOFR + 8.12%
-- Subordinated notes, $64 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
recoveries upon default, under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.

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

  Preliminary Ratings Assigned

  Fortress Credit Opportunities XXI CLO LLC

  Class A-1R-R(i), $54.00 million: AAA (sf)
  Class A-1T-R, $162.00 million: AAA (sf)
  Class A-2-R, $12.00 million: AAA (sf)
  Class B-R, $20.00 million: AA (sf)
  Class C-R (deferrable), $32.00 million: A (sf)
  Class D-R (deferrable), $28.00 million: BBB- (sf)
  Class E-R (deferrable), $24.00 million: BB- (sf)

  Other Outstanding Debt

  Fortress Credit Opportunities XXI CLO LLC

  Subordinated notes, $72.72 million: Not rated

(i)Revolving loan tranche.



FREDDIE MAC 2023-HQA1: Moody's Hikes Rating on 10 Tranches to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 47 bonds from two
credit risk transfer (CRT) deals, which are issued by Freddie Mac
STACR REMIC Trust to share the credit risk on reference pools of
mortgages with the capital markets. These transactions are high-LTV
transactions, which benefit from mortgage insurance. In addition,
the credit risk exposure of the notes depends on the actual
realized losses and modification losses incurred by the reference
pools.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: Freddie Mac STACR REMIC Trust 2023-HQA1

Cl. M-1A, Upgraded to A1 (sf); previously on Mar 21, 2024 Upgraded
to A2 (sf)

Cl. M-1B, Upgraded to Baa1 (sf); previously on May 22, 2023
Definitive Rating Assigned Baa3 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Mar 21, 2024 Upgraded
to Ba2 (sf)

Cl. M-2A, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2AI*, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2AR, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2AS, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2AT, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2AU, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba1 (sf)

Cl. M-2B, Upgraded to Ba1 (sf); previously on Mar 21, 2024 Upgraded
to Ba2 (sf)

Cl. M-2BI*, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2BR, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2BS, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2BT, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2BU, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2I*, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2R, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2RB, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2S, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2SB, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2T, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2TB, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2U, Upgraded to Baa3 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Cl. M-2UB, Upgraded to Ba1 (sf); previously on Mar 21, 2024
Upgraded to Ba2 (sf)

Issuer: Freddie Mac STACR REMIC Trust 2024-HQA1

Cl. M-1, Upgraded to A2 (sf); previously on Mar 19, 2024 Definitive
Rating Assigned A3 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2A, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2AI*, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2AR, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2AS, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2AT, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2AU, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2B, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2BI*, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2BR, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2BS, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2BT, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2BU, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2I*, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2R, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2RB, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2S, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2SB, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2T, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2TB, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

Cl. M-2U, Upgraded to Baa2 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Baa3 (sf)

Cl. M-2UB, Upgraded to Baa3 (sf); previously on Mar 19, 2024
Definitive Rating Assigned Ba1 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pools.

Each of the transactions Moody's reviewed continues to display
strong collateral performance, with cumulative losses under .01%
and a small percentage of loans in delinquency. In addition,
enhancement levels for most tranches have grown, as the pools
amortize relatively quickly. The credit enhancement since closing
has relative growth of 8.6%, on average, for the non-exchangeable
tranches upgraded.  

In addition, while Moody's analysis applied a greater probability
of default stress on loans that have experienced modifications,
Moody's decreased that stress to the extent the modifications were
in the form of temporary payment relief.

No actions was taken on the other rated class because the expected
loss on this bond remains commensurate with its current rating,
after taking into account the updated performance information,
structural features, and credit enhancement.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


GALAXY CLO XXI: Moody's Ups Rating on $18MM Class E-R Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Galaxy XXI CLO, Ltd.:

US$24,000,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to Aaa (sf); previously on May 7, 2024 Upgraded
to Aa2 (sf)

US$22,000,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on May 7, 2024 Upgraded
to Baa1 (sf)

US$18,000,000 Class E-R Deferrable Junior Floating Rate Notes due
2031, Upgraded to Ba2 (sf); previously on March 1, 2018 Assigned
Ba3 (sf)

Galaxy XXI CLO, Ltd. originally issued in December 2015 and
refinanced in March 2018, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2023.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since May 2024.  The Class A-R
notes have been paid down by approximately 30% or $79 million since
then. Based on the trustee's December 2024 report[1], the OC ratios
for the Class C-R, Class D-R, and Class E-R notes are reported at
135.83%, 120.24%, and 109.91%, respectively, versus May 2024[2]
levels of 124.91%, 114.77%, and 107.62%, respectively.  

No actions were taken on the Class A-R, Class B-R and Class F-R
notes because their expected losses remain commensurate with their
current ratings, after taking into account the CLO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

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

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

Performing par and principal proceeds balance: $229,834,800

Defaulted par:  $550,738

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2809

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 2.97%

Weighted Average Recovery Rate (WARR): 47.73%

Weighted Average Life (WAL): 3.4 years

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

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.


GS MORTGAGE 2021-GR3: Moody's Ups Rating on Cl. B-5 Certs to Ba2
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 13 bonds issued by GS
Mortgage-Backed Securities Trust 2021-GR3. The collateral backing
this deal consists of agency eligible mortgage loans.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2021-GR3

Cl. B, Upgraded to A1 (sf); previously on Mar 12, 2024 Upgraded to
A2 (sf)

Cl. B-1, Upgraded to Aa1 (sf); previously on Mar 12, 2024 Upgraded
to Aa2 (sf)

Cl. B-1-A, Upgraded to Aa1 (sf); previously on Mar 12, 2024
Upgraded to Aa2 (sf)

Cl. B-1-X*, Upgraded to Aa1 (sf); previously on Mar 12, 2024
Upgraded to Aa2 (sf)

Cl. B-2, Upgraded to Aa3 (sf); previously on Mar 12, 2024 Upgraded
to A1 (sf)

Cl. B-2-A, Upgraded to Aa3 (sf); previously on Mar 12, 2024
Upgraded to A1 (sf)

Cl. B-2-X*, Upgraded to Aa3 (sf); previously on Mar 12, 2024
Upgraded to A1 (sf)

Cl. B-3, Upgraded to A3 (sf); previously on Mar 12, 2024 Upgraded
to Baa1 (sf)

Cl. B-3-A, Upgraded to A3 (sf); previously on Mar 12, 2024 Upgraded
to Baa1 (sf)

Cl. B-3-X*, Upgraded to A3 (sf); previously on Mar 12, 2024
Upgraded to Baa1 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Mar 12, 2024 Upgraded
to Ba1 (sf)

Cl. B-5, Upgraded to Ba2 (sf); previously on Mar 12, 2024 Upgraded
to Ba3 (sf)

Cl. B-X*, Upgraded to A1 (sf); previously on Mar 12, 2024 Upgraded
to A2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structure, and Moody's updated loss expectations on the
underlying pool.

The transaction Moody's reviewed continue to display strong
collateral performance, with cumulative loss under .01% and a small
number of loans in delinquency. In addition, enhancement levels for
most tranches have grown significantly, as the pool amortized. The
credit enhancement for each tranche upgraded has grown by, on
average, 21.1% since closing.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


ISLAND FINANCE 2025-1: S&P Assigns Prelim 'BB+' Rating on C Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Island
Finance Trust 2025-1's personal consumer loan-backed notes.

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

The preliminary ratings are based on information as of Jan. 13,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of credit support in the form of
subordination, overcollateralization, a reserve account, and excess
spread to absorb net losses of approximately 60.15%, 53.47%, and
47.12%, respectively, in our stressed cash flow scenarios,
commensurate with the preliminary ratings assigned to the notes.

-- S&P's worst-case weighted average base-case loss assumption of
14.61% for this transaction, which is a function of the
transaction-specific reinvestment criteria and historical Island
Finance LLC (Island Finance) loan performance data. S&P's base-case
loss assumption also accounts for historical volatility observed in
Island Finance's annual loan vintages over time.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, the assigned preliminary ratings
will be within the limits specified in the credit stability section
of "S&P Global Ratings Definitions," published Dec. 2, 2024.

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

-- The characteristics of the pool being securitized and
receivables expected to be purchased during the revolving period,
which considers the worst-case pool according to the transaction's
concentration limits.

-- Island Finance's performance history as originator and
servicer.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Island Finance Trust 2025-1

  Class A, $227.50 million: A (sf)
  Class B, $34.93 million: BBB (sf)
  Class C, $30.07 million: BB+ (sf)



MAGNETITE LTD XXVIII: Moody's Assigns (P)B3 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to two classes of
CLO refinancing notes (the Refinancing Notes) to be issued by
Magnetite XXVIII, Limited (the Issuer):

US$288,000,000 Class A-1-RR Senior Secured Floating Rate Notes due
2038, Assigned (P)Aaa (sf)

US$250,000 Class F Deferrable Mezzanine Floating Rate Notes due
2038, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least
90.0% of the portfolio must consist of first lien senior secured
loans and up to 10.0% of the portfolio may consist of second lien
loans, unsecured loans and bonds.

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

In addition to the issuance of the Refinancing Notes and the other
classes of secured notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include:  extension of the reinvestment period; extensions of the
stated maturity and non-call period; changes to certain collateral
quality tests and concentration limits; changes to the
overcollateralization test levels; and changes to the base matrix
and modifiers.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2024.

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

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

Portfolio par: $449,703,412

Diversity Score: 80

Weighted Average Rating Factor (WARF): 3085

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8 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
May 2024.

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

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


MAGNETITE XXVIII: Fitch Assigns BB+(EXP)sf Rating on Cl. E-RR Debt
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Magnetite XXVIII, Limited refinancing transaction.

   Entity/Debt              Rating           
   -----------              ------           
Magnetite XXVIII,
Limited

   A-1-RR               LT NR(EXP)sf   Expected Rating
   A-2-RR               LT AAA(EXP)sf  Expected Rating
   B-RR                 LT AA(EXP)sf   Expected Rating
   C-RR                 LT A(EXP)sf    Expected Rating
   D-1-RR               LT BBB-(EXP)sf Expected Rating
   D-2-RR               LT BBB-(EXP)sf Expected Rating
   E-RR                 LT BB+(EXP)sf  Expected Rating
   F-RR                 LT NR(EXP)sf   Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

Transaction Summary

Magnetite XXVIII, Limited (the issuer), a second refinancing
transaction, is an arbitrage cash flow collateralized loan
obligation (CLO) that will be managed by BlackRock Financial
Management, Inc. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $450 million of primarily first lien senior secured
leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
97.43% first-lien senior secured loans and has a weighted average
recovery assumption of 75.25%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting to the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings.

The WAL used for the transaction stress portfolio is 12 months less
than the WAL covenant to account for structural and reinvestment
conditions after the reinvestment period. In Fitch's opinion, these
conditions would reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-2-RR, between
'BB+sf' and 'A+sf' for class B-RR, between 'B+sf' and 'BBB+sf' for
class C-RR, between less than 'B-sf' and 'BB+sf' for class D-1-RR,
between less than 'B-sf' and 'BB+sf' for class D-2-RR, and between
less than 'B-sf' and 'B+sf' for class E-RR.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrade scenarios are not applicable to the class A-2-RR notes as
these notes are in the highest rating category of 'AAAsf'.

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-RR, 'AAsf' for class C-RR, 'Asf'
for class D-1-RR, 'A-sf' for class D-2-RR, and 'BBB+sf' for class
E-RR.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Magnetite XXVIII,
Limited. In cases where Fitch does not provide ESG relevance scores
in connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


MONROE CAPITAL XIV: Moody's Assigns Ba3 Rating to $32.5MM E-R Notes
-------------------------------------------------------------------
Moody's Ratings has assigned ratings to five classes of CLO
refinancing notes (the Refinancing Notes) issued and two classes of
refinancing loans (the "Refinancing Loans") incurred by Monroe
Capital MML CLO XIV, LLC (the "Issuer").

Moody's rating action is as follows:

US$106,000,000 Class A-1R Senior Floating Rate Loans maturing 2034
(the "Class A-1R Loans"), Assigned Aaa (sf)

US$40,000,000 Class A-2R Senior Floating Rate Loans maturing 2034
(the "Class A-2R Loans"), Assigned Aaa (sf)

US$136,000,000 Class A-R Senior Floating Rate Notes due 2034 (the
"Class A-R Notes"), Assigned Aaa (sf)

US$50,000,000 Class B-R Floating Rate Notes due 2034 (the "Class
B-R Notes"), Assigned Aa2 (sf)

US$41,000,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2034 (the "Class C-R Notes"), Assigned A2 (sf)

US$31,000,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2034 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$32,500,000 Class E-R Deferrable Mezzanine Floating Rate Notes
due 2034 (the "Class E-R Notes"), Assigned Ba3 (sf)

A comprehensive review of all credit ratings for the respective
transactions(s) have been conducted during a rating committee.

RATINGS RATIONALE

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued debt are collateralized primarily by a portfolio
of middle market loans.

Monroe Capital Management Advisors LLC (the "Manager") will
continue to direct the selection, acquisition and disposition of
the assets on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period.

In addition to the issuance of the Refinancing Notes and incurrence
of the Refinancing Loans, other changes include extension of the
non-call period and changes to the base matrix and modifiers.

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

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

Performing par and principal proceeds balance: $495,152,068

Defaulted par:  $1,817,060

Diversity Score: 45

Weighted Average Rating Factor (WARF): 4238

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 5.30%

Weighted Average Recovery Rate (WARR): 45.10%

Weighted Average Life (WAL): 5 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
May 2024.

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

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


MORGAN STANLEY 2016-PSQ: S&P Assigns 'CCC (sf)' Rating on D Certs
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from Morgan Stanley Capital I
Trust 2016-PSQ, a U.S. CMBS transaction. At the same time, S&P
affirmed its ratings on two classes from the transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion ($173.4 million, as of the Dec. 12, 2024, trustee
remittance report) of a 10-year, 3.842% per annum fixed-rate,
interest-only (IO) $310.0 million mortgage whole loan secured by
the borrower's leasehold interest in Penn Square Mall, a
1.06-million-sq.-ft. two-level regional mall (777,281 sq. ft. of
which serves as collateral) in Oklahoma City.

Rating Actions

The downgrades on classes A and B, and the affirmations on classes
C and D primarily reflect:

-- That the collateral property's reported performance has not
materially improved since our last review in March 2024. The
servicer reported net cash flow (NCF) remains unchanged and is
still below the level S&P derived at issuance.

-- S&P's concerns that a new, adjacent competing 20-acre mixed-use
development, known as the OAK, may stress the subject property's
performance further once it is fully completed. S&P said, "Phase I
opened in fall 2024, and we observed that two tenants,
Williams-Sonoma and Pottery Barn, had moved to the new development.
As a result, we do not foresee the property's future operating
performance to exceed our expectations from our last review by the
time the loan matures on Jan. 1, 2026."

-- S&P's expected-case value, while unchanged from its last
review, is 29.2% below the value it derived at issuance.

-- S&P said, "The affirmation of our 'CCC (sf)' rating on class D
further reflects our qualitative consideration that its repayment
remains dependent upon favorable business, financial, and economic
conditions, and that the class remains vulnerable to default.
According to the December 2024 trustee remittance report, class D
had accumulated interest shortfalls totaling $476 that we deemed de
minimis."

-- S&P said, "We will continue to monitor the performance of the
property and loan, as well as the borrower's ability to refinance
the loan by its maturity date in January 2026. If we receive
information that differs materially from our expectations, we may
revisit our analysis and take additional rating actions as we
determine appropriate."

Property-Level Analysis Updates

S&P said, "In our March 2024 review, we noted that the collateral
property's reported performance remained below pre-pandemic levels
and continued to underperform our expectations. We considered the
potential negative effect on the mall's performance and the
borrower's ability to refinance the loan due to a new competitor,
OAK, and collateral anchor Dillard's lease expiring in January
2027. As a result, we derived our sustainable NCF of $26.2 million
by assuming an 89.4% occupancy rate (using the September 2023 rent
roll), $47.56-per-sq.-ft. S&P Global Ratings' gross rent, and 24.4%
operating expense ratio. Using an 8.00% S&P Global Ratings
capitalization rate, we arrived at an S&P Global Ratings'
expected-case value of $327.2 million, or $421 per sq. ft., 50.4%
lower than the issuance appraised value of $660.0 million. This
yielded an S&P Global Ratings' loan-to-value ratio of 94.8% on the
whole loan balance.

"According to the Sept. 30, 2024, rent roll and after adjusting for
known tenant movements, the collateral property was 91.0% leased.
The servicer-reported NCF for year-end 2023 and year-to-date
September 2024 remained relatively unchanged. As a result, we
maintained our S&P Global Ratings' NCF, capitalization rate, and
value that we derived in our last review."

  Table 1

  Servicer-reported collateral performance

                           Nine months ending
                           Sept. 30, 2024(i)  2023(i)  2022(i)

  Occupancy rate (%)              93.9     93.4     93.0
  Net cash flow ($ mil.)             20.1     28.8     28.0
  Debt service coverage (x)(ii)      2.21     2.39     2.32
  Appraisal value ($ mil.)          660.0    660.0    660.0

(i)Reporting period.
(ii)On the whole loan balance of $310.0 million.

  Ratings List

  Ratings Lowered

  Morgan Stanley Capital I Trust 2016-PSQ

  Class A to 'BBB+ (sf)' from 'A+ (sf)'
  Class B to 'BB (sf)' from 'BB+ (sf)'

  Ratings Affirmed

  Morgan Stanley Capital I Trust 2016-PSQ

  Class C: 'B+ (sf)'
  Class D: 'CCC (sf)'



NAVIENT STUDENT 2014-1: Moody's Ups Rating on Cl. A-3 Notes to Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the rating of the Class A-3 notes from
Ba2 to Ba1 for the Navient Student Loan Trust 2014-1
securitization, which is sponsored and administered by Navient
Solutions, LLC (Navient).  The securitization is backed by student
loans originated under the Federal Family Education Loan Program
(FFELP) that are guaranteed by the US government for a minimum of
97% of defaulted principal and accrued interest.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

The complete rating action is as follows:

Issuer: Navient Student Loan Trust 2014-1

Floating Rate Class A-3 Notes, Upgraded to Ba1 (sf); previously on
Mar 15, 2024 Downgraded to Ba2 (sf)

RATINGS RATIONALE

The rating action reflects the updated expected loss on the
tranches across Moody's cashflow scenarios. Moody's quantitative
analysis derives the expected loss for a tranche using 28 cash flow
scenarios with weights accorded to each scenario.

The rating upgrade also considers the recent paydowns on the bonds.
Higher prepayment levels since late 2023 have reduced the risk of
these notes not paying down by their legal final maturity dates.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was "FFELP Student
Loan Securitizations" published in December 2024.

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

Up

Moody's could upgrade the ratings if the paydown speed of the loan
pool increases as a result of declining borrower usage of
deferment, forbearance and IBR, increasing voluntary prepayment
rates, or prepayments with proceeds from sponsor repurchases of
student loan collateral.

Down

Moody's could downgrade the ratings if the paydown speed of the
loan pool declines as a result of low voluntary prepayments, and
high deferment, forbearance and IBR rates, which would threaten
full repayment of the classes by their final maturity dates. In
addition, because the US Department of Education guarantees at
least 97% of principal and accrued interest on defaulted loans,
Moody's could downgrade the ratings of the notes if it were to
downgrade the rating on the United States government.


NEUBERGER BERMAN 30: S&P Assigns BB-(sf) Rating on Cl. E-R2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-L and B-L
loans and the replacement class A1-R2, A-LR2, A2-R2, B-R2, B-LR2,
C-R2, D1-R2, D2-R2, and E-R2 notes from Neuberger Berman Loan
Advisers CLO 30 Ltd./Neuberger Berman Loan Advisers CLO 30 LLC, a
CLO originally issued Jan. 22, 2019, that is managed by Neuberger
Berman Loan Advisers LLC. At the same time, we withdrew our ratings
on the original class A-L and B-L loans and class A-R, A-L, B-R,
B-L, C-R, D-R, and E-R notes following redemption in full on the
Jan. 9, 2025, refinancing date.

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

-- The non-call period was extended to Jan. 20, 2027.

-- The reinvestment period was extended to Jan. 20, 2030.

-- The stated maturity was extended to Jan. 20, 2039; however, the
stated maturity date for the class A and B debt will be Jan. 20,
2037, until the controlling class condition is satisfied.

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

-- Minimal additional assets will be purchased on and after the
Jan. 9, 2025, refinancing date, and the target initial par amount
will be $450.00 million. If required, there will be an additional
effective date and/or ramp-up period, and the first payment date
following the refinancing is April 20, 2025.

-- The required minimum overcollateralization and interest
coverage ratios were amended.

-- The subordinated notes were increased by $9.35 million. In
addition, the stated maturity date of the subordinated notes was
updated to match that of the secured debt.

-- The transaction has made updates to conform to current rating
agency methodology.

Replacement And Original Debt Issuances

Replacement debt

-- Class A1-R2, $71,000,000.00: Three-month CME term SOFR + 1.24%

-- Class A-L loans(i), $217,000,000.00: Three-month CME term SOFR
+ 1.24%

-- Class A-LR2, $0.00(ii): Three-month CME term SOFR + 1.24%

-- Class A2-R2, $9,000,000.00: Three-month CME term SOFR + 1.50%

-- Class B-R2, $10,000,000.00: Three-month CME term SOFR + 1.60%

-- Class B-L loans(i), $35,000,000.00: Three-month CME term SOFR +
1.60%

-- Class B-LR2, $0.00(ii): Three-month CME term SOFR + 1.60%

-- Class C-R2 (deferrable), $27,000,000.00: Three-month CME term
SOFR + 1.75%

-- Class D1-R2 (deferrable), $27,000,000.00: Three-month CME term
SOFR + 2.80%

-- Class D2-R2 (deferrable), $4,500,000.00: 7.74%

-- Class E-R2 (deferrable), $13,500,000.00: Three-month CME term
SOFR + 5.15%

-- Subordinated notes, $54,480,000.00: Not applicable

(i)The class A-L and B-L loans will retain the same legal class
names as the current existing class A-L and class B-L loans
following the Jan. 9, 2025, refinancing date. In addition, on the
Jan. 9, 2025, refinancing date, the class A-L and B-L loan lenders
elected a cashless settlement and entered into amendments on the
terms of their existing commitments of class A-L and B-L loans.
(ii)The class A-LR2 and B-LR2 debt was issued with a zero balance
on the second refinancing date; however, they may be increased upon
a class A-L and B-L loan conversion to class A-LR2 and B-LR2 notes,
respectively.

Original debt

-- Class A-R, $51,379,457.73: Three-month CME term SOFR + 1.01% +
CSA(i)

-- Class A-L loans, $217,157,471.37: Three-month CME term SOFR +
1.01%+ CSA(i)

-- Class A-L, $0.00: Three-month CME term SOFR + 1.01%+ CSA(i)

-- Class B-R, $35,850,000.00: Three-month CME term SOFR + 1.40% +
CSA(i)

-- Class B-L loans, $35,000,000.00: Three-month CME term SOFR +
1.40% + CSA(i)

-- Class B-L, $0.00: Three-month CME term SOFR + 1.40% + CSA(i)

-- Class C-R (deferrable), $32,500,000.00: Three-month CME term
SOFR + 1.75% + CSA(i)

-- Class D-R (deferrable), $27,500,000.00: Three-month CME term
SOFR + 2.85% + CSA(i)

-- Class E-R (deferrable), $20,000,000.00: Three-month CME term
SOFR + 6.20% + CSA(i)

-- Subordinated notes, $45,130,000.00: Not applicable

(i)The CSA is equal to 0.26161%.
CSA--Credit spread adjustment.

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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Neuberger Berman Loan Advisers CLO 30 Ltd./
  Neuberger Berman Loan Advisers CLO 30 LLC

  Class A1-R2, $71.00 million: AAA(sf)
  Class A-L loans, $217.00 million: AAA(sf)
  Class A-LR2, $0: AAA(sf)
  Class A2-R2, $9.00 million: AAA(sf)
  Class B-R2, $10.00 million: AA(sf)
  Class B-L loans, $35.00 million: AA(sf)
  Class B-LR2, $0: AA(sf)
  Class C-R2 (deferrable), $27.00 million: A(sf)
  Class D1-R2 (deferrable), $27.00 million: BBB-(sf)
  Class D2-R2 (deferrable), $4.50 million: BBB-(sf)
  Class E-R2 (deferrable), $13.50 million: BB-(sf)
  Subordinated notes, $54.48 million: Not rated

  Ratings Withdrawn

  Neuberger Berman Loan Advisers CLO 30 Ltd./
  Neuberger Berman Loan Advisers CLO 30 LLC

  Class A-R to not rated from 'AAA (sf)'
  Class A-L loans to not rated from 'AAA (sf)'
  Class A-L to not rated from 'AAA (sf)'
  Class B-R to not rated from 'AA (sf)'
  Class B-L loans to not rated from 'AA (sf)'
  Class B-L to not rated from 'AA (sf)'
  Class C-R (deferrable) to not rated from 'A (sf)'
  Class D-R (deferrable) to not rated from 'BBB- (sf)'
  Class E-R (deferrable) to not rated from 'BB- (sf)'



OCP AEGIS 2023-29: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OCP Aegis
CLO 2023-29 Ltd./OCP Aegis CLO 2023-29 LLC's floating-rate debt.
This is a proposed refinancing of it's December 2023 transaction,
which was not rated by S&P Global Ratings.

The debt 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 Generate Advisors LLC, which serves
as the CLO management division of Kennedy Lewis Investment
Management LLC.

The preliminary ratings are based on information as of Jan. 10,
2025. 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 collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Preliminary Ratings Assigned

  OCP Aegis CLO 2023-29 Ltd./OCP Aegis CLO 2023-29 LLC

  Class A-R loans, $319.5 million: AAA (sf)
  Class B-R, $45.0 million: AA+ (sf)
  Class C-R (deferrable), $22.5 million: A+ (sf)
  Class D-1-R (deferrable), $18.0 million: BBB+ (sf)
  Class D-2-R (deferrable), $4.5 million: BBB- (sf)
  Class E-R (deferrable), $13.5 million: BB- (sf)
  Subordinated notes, $36.2 million: Not rated



OCP CLO 2018-15: S&P Assigns Prelim BB- (sf) Rating on E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1R, D-2R, and E-R replacement debt from OCP CLO
2018-15 Ltd./OCP CLO 2018-15 LLC, a CLO originally in June 2018
that is managed by Onex Credit Partners LLC.

The preliminary ratings are based on information as of Jan. 15,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Jan. 21, 2025, refinancing date, the proceeds from the
replacement debt will be used to redeem the original class A-1,
A-2, A-3, B, C, and D debt. S&P said, "At that time, we expect to
withdraw our ratings on the original debt and assign ratings to the
class A-R, B-R, C-R, D-1R, D-2R, and E-R replacement debt. However,
if the refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The non-call period will be extended to Jan. 20, 2027.

-- The reinvestment period will be extended to Jan. 20, 2030.

-- The legal final maturity dates for the replacement debt and the
existing subordinated notes will be extended to Jan. 20, 2037.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- $8.755 million of additional subordinated notes will be issued
on the refinancing date.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC

  Class A-R, $288.000 million: AAA (sf)
  Class B-R, $54.000 million: AA (sf)
  Class C-R (deferrable), $27.000 million: A (sf)
  Class D-1R (deferrable), $27.000 million: BBB- (sf)
  Class D-2R (deferrable), $4.500 million: BBB- (sf)
  Class E-R (deferrable), $13.500 million: BB- (sf)

  Other Debt

  OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC

  Subordinated notes(i), $72.655 million: Not rated

(i)Includes $8.755 million of additional subordinated notes that
will be issued on the closing date.



OCP CLO 2021-23: S&P Assigns BB- (sf) Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-1R, D-2R, and E-R replacement debt from OCP CLO 2021-23 Ltd./OCP
CLO 2021-23 LLC, a CLO originally issued in December 2021 as OSD
CLO 2021-23 Ltd. that is managed by Onex Credit Partners LLC. The
original debt, which was not rated by S&P Global Ratings, was
redeemed following payment in full on the Jan. 9, 2025, refinancing
date.

The replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement notes. According to the
supplemental indenture, the transaction will be collateralized by
at least 90.0% senior secured loans, cash, and eligible
investments, with a minimum of 87.5% of the loan borrowers required
to be based in the U.S., Canada, and the U.K.

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

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

  Ratings Assigned

  OCP CLO 2021-23 Ltd./OCP CLO 2021-23 LLC

  Class A-R, $268.00 million: AAA (sf)
  Class B-R, $36.00 million: AA+ (sf)
  Class C-R (deferrable), $24.00 million: A+ (sf)
  Class D-1R (deferrable), $24.00 million: BBB- (sf)
  Class D-2R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Other Outstanding Debt

  OCP CLO 2021-23 Ltd./OCP CLO 2021-23 LLC
  
  Subordinated notes, $58.74 million: Not rated



OCTAGON INVESTMENT 47: Fitch Assigns BB-sf Rating on Cl. E-R2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Octagon
Investment Partners 47, Ltd. reset transaction.

   Entity/Debt           Rating               Prior
   -----------           ------               -----
Octagon Investment
Partners 47, Ltd.

   X-R2              LT NRsf   New Rating
   A-1-R2            LT AAAsf  New Rating
   A-2-R2            LT AAAsf  New Rating
   A-R 67576XAL4     LT PIFsf  Paid In Full   AAAsf
   B-R2              LT AAsf   New Rating
   C-1-R2            LT Asf    New Rating
   C-2-R2            LT Asf    New Rating
   D-1-R2            LT BBB-sf New Rating
   D-2-R2            LT BBB-sf New Rating
   E-R2              LT BB-sf  New Rating

Transaction Summary

Octagon Investment Partners 47, Ltd. (the issuer) is an arbitrage
cash flow collateralized loan obligation (CLO) managed by Octagon
Credit Investors, LLC that originally closed in May 2020 and was
reset in June 2021. On Jan. 10, 2025, the existing secured notes
will be redeemed in full with refinancing proceeds. Net proceeds
from the issuance of the secured and subordinated notes will
provide financing on a portfolio of approximately $500 million of
primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.2, versus a maximum covenant, in accordance with
the initial expected matrix point of 26. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
97.46% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.26% versus a
minimum covenant, in accordance with the initial expected matrix
point of 69.2%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 44% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings.

The weighted average life (WAL) used for the transaction stress
portfolio and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period. In Fitch's opinion, these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-1-R2 notes,
between 'BBB+sf' and 'AA+sf' for class A-2-R2 notes, between
'BB+sf' and 'A+sf' for class B-R2 notes, between 'Bsf' and 'BBB+sf'
for class C-1-R2 notes, between 'Bsf' and 'BBB+sf' for class C-2-R2
notes, between less than 'B-sf' and 'BB+sf' for class D-1-R2 notes,
between less than 'B-sf' and 'BB+sf' for class D-2-R2 notes, and
between less than 'B-sf' and 'B+sf' for class E-R2 notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrade scenarios are not applicable to the class A-1-R2 and class
A-2-R2 notes as these notes are in the highest rating category of
'AAAsf'.

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B-R2 notes, 'AAsf' for class C-1-R2
notes, 'AAsf' for class C-2-R2 notes, 'A+sf' for class D-1-R2
notes, 'A-sf' for class D-2-R2 notes, and 'BBB+sf' for class E-R2
notes.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Octagon Investment
Partners 47, Ltd. reset transaction. In cases where Fitch does not
provide ESG relevance scores in connection with the credit rating
of a transaction, programme, instrument or issuer, Fitch will
disclose in the key rating drivers any ESG factor which has a
significant impact on the rating on an individual basis.


OHA CREDIT 2: S&P Assigns BB- (sf) Rating on Class E-R2 Debts
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-R2,
A-L, B-1-R2, B-L, B-2-R2, C-R2, D-1-R2, D-2-R2, and E-R2 notes and
class A-L and B-L loans from OHA Credit Funding 2 Ltd./OHA Credit
Funding 2 LLC, a CLO managed by Oak Hill Advisors L.P. that was
originally issued in July 2019 and underwent a first refinancing in
April 2021. At the same time, S&P withdrew its ratings on the
original class A-R, A-L, B-R, B-L, C-R, D-R and E-R notes and class
A-L and B-L loans following payment on the Jan. 9, 2025,
refinancing date.

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

-- The replacement class A-R2, A-L, B-1-R2, B-L, C-R2, and E-R2
notes and class A-L and B-L loans were issued at a lower spread
over three-month term SOFR than the existing debt.

-- Class B-2-R2 fixed-rate notes was issued in connection with
this refinancing.
-- The class D-R debt was replaced with sequential class D-1-R2
and D-2-R2 debt, which are floating rate.

-- The stated maturity was be extended to Jan. 21, 2038.

-- The reinvestment period was extended to Jan. 21, 2030, and the
non-call period was extended to Jan. 9, 2027.

-- Class X-R2 notes was issued in connection with this
refinancing. These notes will be paid down using interest proceeds
during the first eight payment dates beginning with the payment
date in April 2025.

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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  OHA Credit Funding 2 Ltd./OHA Credit Funding 2 LLC

  Class X-R2, $1.20 million: AAA (sf)
  Class A-R2, $204.00 million: AAA (sf)
  Class A-L, $0.00 million: AAA (sf)
  Class A-L loans, $168.00 million: AAA (sf)
  Class B-1-R2, $27.00 million: AA (sf)
  Class B-L, $0.00 million: AA (sf)
  Class B-L loans, $42.00 million: AA (sf)
  Class B-2-R2, $15.00 million: AA (sf)
  Class C-R2 (deferrable), $36.00 million: A (sf)
  Class D-1-R2 (deferrable), $36.00 million: BBB- (sf)
  Class D-2-R2 (deferrable), $6.00 million: BBB- (sf)
  Class E-R2 (deferrable), $18.00 million: BB- (sf)

  Ratings Withdrawn

  OHA Credit Funding 2 Ltd./OHA Credit Funding 2 LLC

  Class A-R to NR from 'AAA (sf)'
  Class A-L to NR from 'AAA (sf)'
  Class A-L loans to NR from 'AAA (sf)'
  Class B-R to NR from 'AA (sf)'
  Class B-L to NR from 'AA (sf)'
  Class B-L loans to NR from 'AA (sf)'
  Class C-R (deferrable) to NR from 'A (sf)'
  Class D-R (deferrable) to NR from 'BBB- (sf)'
  Class E-R (deferrable) to NR from 'BB- (sf)'

  Other Debt

  OHA Credit Funding 2 Ltd./OHA Credit Funding 2 LLC

  Subordinated notes, $50.90 million: NR

  NR--Not rated.



OHA CREDIT 8: S&P Assigns BB- (sf) Rating on Class E-R Debt
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-1-R,
B-1-R, B-2-R, C-R, D-1-R, D-2-R, and E-R replacement debt from OHA
Credit Funding 8 Ltd./OHA Credit Funding 8 LLC, a CLO originally
issued in March 2021 that is managed by Oak Hill Advisors L.P. At
the same time, S&P withdrew its ratings on the original class X, A,
B-1, B-2, C, D, and E debt following payment in full on the Jan. 9,
2025, refinancing date.

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

-- The stated maturity was extended to Jan. 20, 2038.

-- The reinvestment period was extended to Jan. 9, 2030, and the
non-call period was extended to Jan. 9, 2027.

-- The class X-R debt will be paid down using interest proceeds
during the seven payment dates beginning with the payment date in
July 2025.

-- No additional subordinated notes were issued on the refinancing
date.

-- The replacement class A-1-R, B-1-R, C-R, D-1-R, and E-R debt
were issued at a lower spread over three-month term SOFR than the
March 2021 debt.

-- The original class A debt was replaced by two new classes:
A-1-R and A-2-R.

-- The original class D debt was replaced by two new classes:
D-1-R and D-2-R.

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 assigned ratings.

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

  Ratings Assigned

  OHA Credit Funding 8 Ltd./OHA Credit Funding 8 LLC

  Class X-R, $1.40 million: AAA (sf)
  Class A-1-R, $369.00 million: AAA (sf)
  Class B-1-R, $30.00 million: AA (sf)
  Class B-2-R, $18.00 million: AA (sf)
  Class C-R (deferrable), $36.00 million: A (sf)
  Class D-1-R (deferrable), $36.00 million: BBB (sf)
  Class D-2-R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $20.00 million: BB- (sf)

  Ratings Withdrawn

  OHA Credit Funding 8 Ltd./OHA Credit Funding 8 LLC

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

  Other Debt

  OHA Credit Funding 8 Ltd./OHA Credit Funding 8 LLC

  Class A-2-R, $39.00 million: NR  
  Subordinated notes, $50.00 million: NR

  NR--Not rated.



OZLM XIV: S&P Assigns BB- (sf) Rating on Class D-R3 Debt
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-2R3, B-1R3,
B-2R3, C-1R3, C-2R3, and D-R3 replacement debt from OZLM XIV
Ltd./OZLM XIV LLC, a CLO originally issued in December 2015 that is
managed by Sculptor Loan Management L.P. and was not rated by S&P
Global Ratings.

The debt 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 Sculptor Loan Management L.P.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Ratings Assigned

  OZLM XIV Ltd./OZLM XIV LLC

  Class X-R, $3.250 million: NR
  Class A-1R3, $201.500 million: NR
  Class A-2R3, $45.500 million: AA (sf)
  Class B-1R3 (deferrable), $19.500 million: A (sf)
  Class B-2R3 (deferrable), $7.450 million: A- (sf)
  Class C-1R3 (deferrable), $8.800 million: BBB (sf)
  Class C-2R3 (deferrable), $5.687 million: BBB- (sf)
  Class D-R3 (deferrable), $10.563 million: BB- (sf)
  Subordinated notes, $52.438 million: NR

  NR--Not rated.



PALMER SQUARE 2023-1: S&P Assigns Prelim 'BB-' Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement debt from Palmer
Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC, a CLO managed
by Palmer Square Capital Management LLC that was originally issued
in March 2023.

The preliminary ratings are based on information as of Jan. 13,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Jan. 21, 2025, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. S&P
said, "At that time, we expect to withdraw our ratings on the
original class A, B, C, D, and E debt and assign ratings to the new
class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt. However, if the
refinancing doesn't occur, we may affirm our ratings on the
original debt and withdraw our preliminary ratings on the
replacement debt."

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

-- The replacement class A-R, B-R, C-R, and E-R debt is expected
to be issued at a lower spread over three-month CME term SOFR than
the original debt.

-- The original class D debt is being replaced by two new classes,
D-1-R and D-2-R, which are sequential in payment.

-- The reinvestment period will be extended to Jan. 20, 2030.

-- The non-call period will be extended to Jan. 20, 2027.

-- The legal final maturity dates (for the replacement debt and
the existing subordinated notes) will be extended to Jan. 20,
2038.

-- The target initial par amount will remain at $400.00 million.
There will be no additional effective date or ramp-up period, and
the first payment date following the refinancing is April 20,
2025.

-- The required minimum overcollateralization ratios will be
amended.

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

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and 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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  Palmer Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC

  Class A-R, $256.0 million: AAA (sf)  
  Class B-R, $48.0 million: AA (sf)
  Class C-R (deferrable), $24.0 million: A (sf)
  Class D-1-R (deferrable), $24.0 million: BBB (sf)
  Class D-2-R (deferrable), $6.0 million: BBB- (sf)
  Class E-R (deferrable), $10.0 million: BB- (sf)

  Other Debt

  Palmer Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC

  Subordinated notes, $34.1 million: Not rated



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

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

-- The diversification of the collateral pool;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Ratings Assigned

  Pixley Park CLO Ltd./Pixley Park CLO LLC

  Class A-1, $369.00 million: AAA (sf)
  Class A-2, $27.00 million: Not rated
  Class B-1, $50.00 million: AA (sf)
  Class B-2, $10.00 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D-1 (deferrable), $36.00 million: BBB- (sf)
  Class D-2 (deferrable), $3.90 million: BBB- (sf)
  Class E (deferrable), $20.10 million: BB- (sf)
  Subordinated notes, $64.20 million: Not rated



POST ROAD 2024-1: Fitch Affirms 'BBsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed all outstanding notes in Post Road
Equipment Finance (PREF) 2024-1, LLC. Fitch has also revised the
Rating Outlook on classes B and C to Positive from Stable.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Post Road Equipment
Finance 2024-1

   A2 737473AB4        LT AAAsf Affirmed   AAAsf
   B 737473AC2         LT AAsf  Affirmed   AAsf
   C 737473AD0         LT Asf   Affirmed   Asf
   D 737473AE8         LT BBBsf Affirmed   BBBsf
   E 737473AF5         LT BBsf  Affirmed   BBsf

KEY RATING DRIVERS

The rating affirmation and positive Outlook revisions reflect the
strong performance of the underlying loan and lease receivables, as
evidenced by zero delinquencies and losses, increasing credit
enhancement (CE) levels and improved growth in loss coverage for
the transaction. As anticipated, obligor and equipment type
concentrations have increased since closing as a result of expected
amortization. The weighted average rating of the obligors
underlying the transaction remain non-investment grade and there
has been adequate build in CE to support the increased
concentration.

Fitch's analysis incorporates the derivation of net loss
expectations utilizing its proprietary Portfolio Credit Model (PCM)
as the collateral pool contains high obligor concentrations and
limited loss experience on PREF's managed portfolio and
securitization portfolio, the results of which continue to support
the current ratings. Fitch's rating approach remains unchanged from
the initial review as the transaction continues to perform well
inside of Fitch's initial expectation. The underlying obligors'
ratings were updated for the current review and Fitch continued to
assume a 'B' Issuer Default Rating for unrated obligors. All other
modeling assumptions remain unchanged.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce loss levels higher than the rating
case and affect available loss coverage and multiple levels for the
transaction. Lower loss coverage could affect ratings and Outlooks,
depending on the extent of the decline in coverage.

In Fitch's initial review, the transaction ratings were found to
have an impact of up to one rating category, by the potential
increase in default rates, if each obligor were to be downgraded by
one-notch from the assumed ratings in Fitch's rating case scenario.
Additionally, recoveries were stressed by applying haircuts of 25%
and 50% to base recovery rates on each contract. These analyses are
intended to provide an indication of the rating sensitivity of
notes to unexpected deterioration of a trust's performance.

To date, the transaction has exhibited strong performance within
Fitch's initial expectations with rising loss coverage and multiple
levels. As such, a material deterioration in performance would have
to occur within the asset collateral to potentially have a negative
impact on the outstanding ratings.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Conversely, stable to improved asset performance driven by low
delinquencies and defaults would lead to rising CE levels and
consideration for potential upgrades. As of the initial rating
exercise, the expected subordinate note ratings were considered to
be potentially upgraded by up to one category, if total loss
expectation were to be 20% less than projected.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


RCKT MORTGAGE 2021-2: Moody's Raises Rating on Cl. B-5 Certs to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 11 bonds from four US
residential mortgage-backed transactions (RMBS) issued by RCKT
Mortgage Trust, backed by prime jumbo mortgage loans.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: RCKT Mortgage Trust 2021-1

Cl. B-3, Upgraded to Baa1 (sf); previously on Mar 14, 2024 Upgraded
to Baa2 (sf)

Issuer: RCKT Mortgage Trust 2021-2

Cl. B-3, Upgraded to Baa1 (sf); previously on Mar 14, 2024 Upgraded
to Baa2 (sf)

Cl. B-5, Upgraded to B2 (sf); previously on Jun 25, 2021 Definitive
Rating Assigned B3 (sf)

Issuer: RCKT Mortgage Trust 2021-3

Cl. B-1, Upgraded to Aaa (sf); previously on Mar 14, 2024 Upgraded
to Aa1 (sf)

Cl. B-1A, Upgraded to Aaa (sf); previously on Mar 14, 2024 Upgraded
to Aa1 (sf)

Cl. B-2, Upgraded to Aa3 (sf); previously on Mar 14, 2024 Upgraded
to A1 (sf)

Cl. B-2A, Upgraded to Aa3 (sf); previously on Mar 14, 2024 Upgraded
to A1 (sf)

Cl. B-X-1*, Upgraded to Aaa (sf); previously on Mar 14, 2024
Upgraded to Aa1 (sf)

Cl. B-X-2*, Upgraded to Aa3 (sf); previously on Mar 14, 2024
Upgraded to A1 (sf)

Issuer: RCKT Mortgage Trust 2021-5

Cl. B-3, Upgraded to Baa1 (sf); previously on Mar 14, 2024 Upgraded
to Baa2 (sf)

Cl. B-5, Upgraded to B2 (sf); previously on Nov 16, 2021 Definitive
Rating Assigned B3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pools.

Each of the transactions Moody's reviewed continues to maintain low
cumulative loss levels under .02%. In addition, enhancement levels
for these tranches have grown, as the pools amortize relatively
quickly. The credit enhancement since closing has relative growth
of 24.4%, on average, for the non-exchangeable tranches upgraded.

In addition, while Moody's analysis applied a greater probability
of default stress on loans that have experienced modifications,
Moody's decreased that stress to the extent the modifications were
in the form of temporary payment relief.

No actions were taken on the other rated classes in these deals
because the expected losses on these bonds remain commensurate with
their current ratings, after taking into account the updated
performance information, structural features, credit enhancement
and other qualitative considerations.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


RR 36: S&P Assigns BB- (sf) Rating on Class D-R Notes
-----------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-1-R, C-2-R, and D-R replacement debt from RR 36 Ltd./RR 36
LLC. At the same time, S&P withdrew its ratings on the original
class A-1, A-2, B, C, and D debt following payment in full on the
Jan. 15, 2025, refinancing date.

RR 36 Ltd./RR 36 LLC is a CLO originally issued under the name Gulf
Stream Meridian 6 Ltd. in November 2021 and then renamed to RRX 6
Ltd. The transaction is managed by Redding Ridge Asset Management
LLC, an affiliate of Apollo Global Management LLC.

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

-- The transaction was renamed RR 36 Ltd.

-- A new non-call period was established, which will expire on but
exclude Jan. 15, 2027.

-- The stated maturity was extended by three years to October
2040, and the reinvestment period was extended by three years to
October 2030.

-- The original class C debt was replaced by the two new classes,
C-1-R and C-2-R.

-- Additional subordinated notes were issued in connection with
this refinancing.

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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  RR 36 Ltd./RR 36 LLC

  Class A-1-R, $279.00 million: AAA (sf)
  Class A-2-R, $56.25 million: AA (sf)
  Class B-R (deferrable), $33.75 million: A (sf)
  Class C-1-R (deferrable), $27.00 million: BBB- (sf)
  Class C-2-R (deferrable), $3.15 million: BBB- (sf)
  Class D-R (deferrable), $14.85 million: BB- (sf)

  Ratings Withdrawn

  RR 36 Ltd./RR 36 LLC

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

  Other Debt

  RR 36 Ltd./RR 36 LLC

  Subordinated notes(i), $66.99 million: NR

(i)Includes $35.75 million of subordinated notes issued on the Nov.
9, 2021, original closing date.

NR--Not rated.



RR 36: S&P Assigns Prelim BB- (sf) Rating on Class D-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R replacement debt from RR
36 Ltd./RR 36 LLC, a CLO originally issued under the name Gulf
Stream Meridian 6 Ltd. in November 2021 and then renamed to RRX 6
Ltd. The transaction is managed by Redding Ridge Asset Management
LLC, an affiliate of Apollo Global Management LLC.

The preliminary ratings are based on information as of Jan. 10,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Jan. 15, 2025, refinancing date, the proceeds from the
replacement debt will be used to redeem the original class A-1,
A-2, B, C, and D debt. S&P said, "At that time, we expect to
withdraw our ratings on the original debt and assign ratings to the
class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R replacement debt.
However, if the refinancing doesn't occur, we may affirm our
ratings on the original debt and withdraw our preliminary ratings
on the replacement debt."

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

-- The transactions will be renamed RR 36 Ltd.

-- The replacement class A-1-R, A-2-R, B-R, C-1-R, and D-R debt is
expected to be issued at a floating spread.

-- The replacement class C-2-R debt is expected to be issued at a
fixed spread.

-- A new non-call period will be established, which will expire on
but exclude Jan. 15, 2027.

-- The stated maturity will be extended three years to January
2040, and the reinvestment period will be extended three years to
January 2030.

-- Additional subordinated notes are expected to be issued in
connection with this refinancing.

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 debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Preliminary Ratings Assigned

  RR 36 Ltd./RR 36 LLC

  Class A-1-R, $279.00 million: AAA (sf)
  Class A-2-R, $56.25 million: AA (sf)
  Class B-R (deferrable), $33.75 million: A (sf)
  Class C-1-R (deferrable), $27.00 million: BBB- (sf)
  Class C-2-R (deferrable), $3.15 million: BBB- (sf)
  Class D-R (deferrable), $14.85 million: BB- (sf)

  Other Debt

  RR 36 Ltd./RR 36 LLC

  Subordinated notes(i), $66.99 million: Not rated

(i)Includes $35.75 million of subordinated notes issued on the
November 9, 2021, original closing date.



SLM STUDENT 2010-1: S&P Lowers Class A/B Notes Rating to 'CC (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class A and B notes
from SLM Student Loan Trust 2010-1 to 'CC (sf)' from 'CCC (sf)'. At
the same time, S&P placed the class A notes on CreditWatch with
negative implications and the class B notes on CreditWatch with
developing implications. The transaction is a student loan ABS
transaction backed by a pool of student loans originated through
the U.S. Department of Education's (ED) Federal Family Education
Loan Program (FFELP).

S&P said, "In determining the ratings, we considered our criteria
article for assigning 'CCC' and 'CC' ratings, which states that an
obligation is rated 'CC' when it is currently highly vulnerable to
nonpayment and when we expect default even under the most
optimistic collateral performance.

"We place a rating on CreditWatch when we believe that there is at
least a 50% likelihood of a rating change in the short term.
CreditWatch with negative implications indicates that the rating on
the class A notes may be lowered. CreditWatch with developing
implications indicates that the rating on the class B notes may be
raised, lowered, or affirmed. CreditWatch developing is used for
situations where potential future events are unpredictable and
differ so significantly that the rating could be raised, lowered,
or affirmed.

"Our review considered the transaction's collateral performance and
liquidity position, credit enhancement, and capital and payment
structures. We also considered secondary credit factors, such as
credit stability, peer comparisons, issuer-specific analyses, and
the current macroeconomic environment."

RATIONALE

S&P said, "We believe the current pace of collateral amortization
is not adequate to repay the senior notes by the legal final
maturity date. The transaction has an optional call feature in
which the collateral could be purchased at an amount that would
allow for the redemption of the bonds in full (the "clean-up
call"). Given the current macroeconomic and regulatory environment,
we do not believe that the clean-up call will be exercised. As
such, we believe it is a virtual certainty that the senior notes
will not be repaid on their legal final maturity date in March
2025."

If the senior class is not repaid on the legal final maturity date,
an event of default (EOD), as defined in the transaction documents,
will occur. An EOD allows noteholders and/or the trustee to take
actions that could negatively affect the repayment of the class A
or class B notes. As such, the likelihood that the class B notes
might be affected is tied to the likelihood that the senior notes
might not be repaid by their legal final maturity date.

The table below sets out the current senior class bond balance, the
remaining number of payment dates, and the transaction's average
monthly paydown over the last year.

  Table 1

  Transaction information(i)

              Senior class      No. of remaining   Avg. monthly    
               
              balance (mil. $)  monthly payments   payment
                                                   amount (mil. $)
  Transaction                                        
  SLM 2010-1        73.47            3                 2.19

(i)As of the December 2024 distribution date.
SLM--SLM Student Loan Trust.

Once a course of action is determined by the trustee and/or
noteholders subsequent to the legal final maturity date of the
senior class, we will determine whether the class B rating will be
raised, lowered, or affirmed.



[*] Fitch Affirms & Then Withdraws Ratings on 54 Classes on 8 CDOs
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 54 classes and upgraded
one class from eight collateralized debt obligations (CDOs).
Subsequently, Fitch has withdrawn all of the ratings. At the time
of the withdrawal the Rating Outlooks for 29 of the classes were
Stable.

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
MMCapS Funding
XVIII, Ltd./Corp

   A-1 60688HAA3              LT AAAsf  Affirmed   AAAsf
   A-1 60688HAA3              LT WDsf   Withdrawn
   A-2 60688HAB1              LT AAAsf  Affirmed   AAAsf
   A-2 60688HAB1              LT WDsf   Withdrawn
   B 60688HAC9                LT AA-sf  Affirmed   AA-sf
   B 60688HAC9                LT WDsf   Withdrawn
   C-1 60688HAD7              LT BBsf   Affirmed   BBsf
   C-1 60688HAD7              LT WDsf   Withdrawn
   C-2 60688HAE5              LT BBsf   Affirmed   BBsf
   C-2 60688HAE5              LT WDsf   Withdrawn
   C-3 60688HAF2              LT BBsf   Affirmed   BBsf
   C-3 60688HAF2              LT WDsf   Withdrawn
   D 60688HAG0                LT Csf    Affirmed   Csf
   D 60688HAG0                LT WDsf   Withdrawn

ALESCO Preferred
Funding VI, Ltd./Inc.

   Class A-1 Floating
   Rate Notes 01448XAA3       LT AA-sf  Affirmed   AA-sf

   Class A-1 Floating
   Rate Notes 01448XAA3       LT WDsf   Withdrawn

   Class A-2 Floating
   Rate Notes 01448XAB1       LT A+sf   Affirmed   A+sf

   Class A-2 Floating
   Rate Notes 01448XAB1       LT WDsf   Withdrawn

   Class A-3 Fixed/Floating
   Note 01448XAG0             LT A+sf   Affirmed   A+sf

   Class A-3 Fixed/Floating
   Note 01448XAG0             LT WDsf   Withdrawn

   Class B-1 Deferrable
   Notes 01448XAC9            LT BBB+sf Affirmed   BBB+sf

   Class B-1 Deferrable
   Notes 01448XAC9            LT WDsf   Withdrawn

   Class B-2 Deferrable
   Notes 01448XAH8            LT BBB+sf Affirmed   BBB+sf

   Class B-2 Deferrable
   Notes 01448XAH8            LT WDsf   Withdrawn

   Class C-1 Deferrable
   Notes 01448XAD7            LT Csf    Affirmed   Csf

   Class C-1 Deferrable
   Notes 01448XAD7            LT WDsf   Withdrawn

   Class C-2 Deferrable
   Notes 01448XAE5            LT Csf    Affirmed   Csf

   Class C-2 Deferrable
   Notes 01448XAE5            LT WDsf   Withdrawn

   Class C-3 Deferrable
   Notes 01448XAJ4            LT Csf    Affirmed   Csf

   Class C-3 Deferrable
   Notes 01448XAJ4            LT WDsf   Withdrawn

   Class C-4 Deferrable
   Notes 01448XAL9            LT Csf    Affirmed   Csf

   Class C-4 Deferrable
   Notes 01448XAL9            LT WDsf   Withdrawn

   Class D-1 Deferrable
   Notes 01448XAF2            LT Csf    Affirmed   Csf

   Class D-1 Deferrable
   Notes 01448XAF2            LT WDsf   Withdrawn

   Class D-2 Deferrable
   Notes 01448XAK1            LT Csf    Affirmed   Csf

   Class D-2 Deferrable
   Notes 01448XAK1            LT WDsf   Withdrawn

U.S. Capital
Funding V Ltd./Corp.

   A-1 90342WAA5              LT AAsf   Affirmed   AAsf
   A-1 90342WAA5              LT WDsf   Withdrawn
   A-2 90342WAC1              LT A+sf   Affirmed   A+sf
   A-2 90342WAC1              LT WDsf   Withdrawn
   A-3 90342WAE7              LT BBsf   Affirmed   BBsf
   A-3 90342WAE7              LT WDsf   Withdrawn
   B-1 90342WAG2              LT Csf    Affirmed   Csf
   B-1 90342WAG2              LT WDsf   Withdrawn
   B-2 90342WAJ6              LT Csf    Affirmed   Csf
   B-2 90342WAJ6              LT WDsf   Withdrawn
   C 90342WAL1                LT Csf    Affirmed   Csf
   C 90342WAL1                LT WDsf   Withdrawn

U.S. Capital Funding
VI, Ltd./Corp.

   Class A-1 903428AA8        LT Asf    Upgrade    A-sf
   Class A-1 903428AA8        LT WDsf   Withdrawn
   Class A-2 903428AB6        LT BB-sf  Affirmed   BB-sf
   Class A-2 903428AB6        LT WDsf   Withdrawn
   Class B-1 903428AD2        LT Csf    Affirmed   Csf
   Class B-1 903428AD2        LT WDsf   Withdrawn
   Class B-2 903428AE0        LT Csf    Affirmed   Csf
   Class B-2 903428AE0        LT WDsf   Withdrawn
   Class C-1 903428AF7        LT Csf    Affirmed   Csf
   Class C-1 903428AF7        LT WDsf   Withdrawn
   Class C-2 903428AC4        LT Csf    Affirmed   Csf
   Class C-2 903428AC4        LT WDsf   Withdrawn

Preferred Term Securities
XVIII, Ltd./Inc.

   Class A 1 Senior
   Notes 74042WAA2            LT AAsf   Affirmed   AAsf

   Class A 1 Senior
   Notes 74042WAA2            LT WDsf   Withdrawn

   Class A 2 Senior
   Notes 74042WAB0            LT AAsf   Affirmed   AAsf

   Class A 2 Senior
   Notes 74042WAB0            LT WDsf   Withdrawn

   Class B Mezz
   Notes 74042WAC8            LT Asf    Affirmed   Asf

   Class B Mezz
   Notes 74042WAC8            LT WDsf   Withdrawn

   Class C Mezz
   Notes 74042WAD6            LT CCCsf  Affirmed   CCCsf

   Class C Mezz
   Notes 74042WAD6            LT WDsf   Withdrawn

   Class D Mezz
   Notes 74042WAE4            LT Csf    Affirmed   Csf

   Class D Mezz
   Notes 74042WAE4            LT WDsf   Withdrawn

Tropic CDO V Ltd.

   A-1L1 89708BAA1            LT A+sf   Affirmed   A+sf
   A-1L1 89708BAA1            LT WDsf   Withdrawn
   A-1L2 89708BAB9            LT A+sf   Affirmed   A+sf
   A-1L2 89708BAB9            LT WDsf   Withdrawn
   A-1LB 89708BAC7            LT BBB-sf Affirmed   BBB-sf
   A-1LB 89708BAC7            LT WDsf   Withdrawn
   A-2L 89708BAD5             LT B+sf   Affirmed   B+sf
   A-2L 89708BAD5             LT WDsf   Withdrawn
   A-3F 89708BAF0             LT Csf    Affirmed   Csf
   A-3F 89708BAF0             LT WDsf   Withdrawn
   A-3L 89708BAE3             LT Csf    Affirmed   Csf
   A-3L 89708BAE3             LT WDsf   Withdrawn
   B-1L 89708BAG8             LT Csf    Affirmed   Csf
   B-1L 89708BAG8             LT WDsf   Withdrawn
   B-2L 89708CAA9             LT Csf    Affirmed   Csf
   B-2L 89708CAA9             LT WDsf   Withdrawn

ALESCO Preferred
Funding IV, Ltd./Inc.

   A-1 01448QAA8              LT AAsf   Affirmed   AAsf
   A-1 01448QAA8              LT WDsf   Withdrawn
   A-2 01448QAB6              LT AAsf   Affirmed   AAsf
   A-2 01448QAB6              LT WDsf   Withdrawn
   A-3 01448QAC4              LT AAsf   Affirmed   AAsf
   A-3 01448QAC4              LT WDsf   Withdrawn
   B-1 01448QAD2              LT Csf    Affirmed   Csf
   B-1 01448QAD2              LT WDsf   Withdrawn
   B-2 01448QAE0              LT Csf    Affirmed   Csf
   B-2 01448QAE0              LT WDsf   Withdrawn
   B-3 01448QAF7              LT Csf    Affirmed   Csf
   B-3 01448QAF7              LT WDsf   Withdrawn

Soloso CDO 2007-1
Ltd./Corp.

   A-1LA 83438JAA4            LT A+sf   Affirmed   A+sf
   A-1LA 83438JAA4            LT WDsf   Withdrawn
   A-1LB 83438JAC0            LT A-sf   Affirmed   A-sf
   A-1LB 83438JAC0            LT WDsf   Withdrawn
   A-2L 83438JAE6             LT B+sf   Affirmed   B+sf
   A-2L 83438JAE6             LT WDsf   Withdrawn
   A-3F 83438JAJ5             LT Csf    Affirmed   Csf
   A-3F 83438JAJ5             LT WDsf   Withdrawn
   A-3L 83438JAG1             LT Csf    Affirmed   Csf
   A-3L 83438JAG1             LT WDsf   Withdrawn
   B-1L 83438JAL0             LT Csf    Affirmed   Csf
   B-1L 83438JAL0             LT WDsf   Withdrawn

Transaction Summary

The CDOs are collateralized primarily by trust preferred securities
issued by banks and insurance companies.

Fitch has withdrawn the ratings as they are no longer considered
relevant to the agency's coverage.

KEY RATING DRIVERS

All of the transactions deleveraged from collateral redemptions
and/or excess spread, which led to the senior classes of notes
receiving paydowns ranging from 0.5% to 59% of their last review
note balances.

For six transactions, the credit quality of the collateral
portfolios, as measured by a combination of Fitch's bank scores and
public ratings, deteriorated, while the remaining transactions
exhibited positive credit migration. Since last review, one bank
held in one CDO cured after deferring interest for five years. One
bank held in two CDOs re-deferred after previously deferring in
2009 and curing in 2014. No new defaults have been reported during
this review period.

The ratings for the class C-1, C-2 and C-3 notes in MMCapS Funding
XVIII, Ltd./Corp, the class A-3 notes in U.S. Capital Funding V,
Ltd./Corp. (US Cap V), the class A-1 and A-2 notes in U.S. Capital
Funding VI, Ltd./Corp., the class A-1LB notes in Soloso 2007-1
Ltd./Corp. (Soloso 2007-1), and the class A-1LB and A-2L notes in
Tropic V CLO Ltd. are one notch lower than their model-implied
rating (MIR) and the class A-2L notes in Soloso 2007-1 are two
notches lower than their MIR due to the modest cushions at their
MIRs.

The Stable Outlooks on 29 tranches in this review reflect Fitch's
expectation that the classes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolios in stress scenarios commensurate with the
classes' ratings.

The transaction document for Alesco Preferred Funding VI, Ltd./Inc.
does not have requirements for the hedge counterparty that conform
to Fitch's "Structured Finance and Covered Bonds Counterparty
Rating Criteria". As a result, the rating for the class A-1 notes
is capped at the same rating as that of the interest rate swap
counterparty. The swap does not expire until December 2033.

Fitch considered the rating of the issuer account bank in the
ratings for the class A-1 and A-2 notes in Preferred Term
Securities XVIII, Ltd./Inc., the class A-1 notes in US Cap V, and
the class A-1, A-2 and A-3 notes in Alesco Preferred Funding IV,
Ltd./Inc., due to the transaction documents not conforming to
Fitch's Counterparty Criteria. These transactions are allowed to
hold cash, and their transaction account bank (TAB) does not
collateralize cash. Therefore, these classes of notes are capped at
the same rating as that of its TAB.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Not applicable as the ratings have been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Not applicable as the ratings have been withdrawn.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for ALESCO Preferred
Funding IV, Ltd./Inc.,ALESCO Preferred Funding VI, Ltd./Inc.,MMCapS
Funding XVIII, Ltd./Corp,Preferred Term Securities XVIII,
Ltd./Inc.,Soloso CDO 2007-1 Ltd./Corp.,Tropic CDO V Ltd.,U.S.
Capital Funding V Ltd./Corp.,U.S. Capital Funding VI, Ltd./Corp.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


[*] Fitch Removes 2 Conn's Receivables Trusts From Negative Watch
-----------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Negative (RWN) and
affirmed all outstanding notes of Conn's Receivables Funding,
2023-A and Conn's Receivables Funding 2024-A. The Rating Outlook is
Stable for all of the notes.

Fitch placed the notes on RWN in July 2024 in anticipation of a
bankruptcy filing by Conn's, Inc. (Conn's). The affirmations and
Stable Outlooks are driven by adequate loss coverage at the current
level despite Fitch's expectation that defaults will remain
elevated.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Conn's Receivables
Funding 2024-A

   Class B 20824DAB9   LT BBsf  Affirmed   BBsf
   Class C 20824DAC7   LT B+sf  Affirmed   B+sf

Conn's Receivables
Funding 2023-A, LLC

   Class B 20824CAB1   LT BBsf  Affirmed   BBsf
   Class C 20824CAC9   LT B+sf  Affirmed   B+sf

Transaction Summary

Fitch placed all Fitch-rated Conn's ABS notes on RWN on July 18,
2024 when it became clear that a bankruptcy filing by Conn's was
likely. The company filed for bankruptcy on July 23, 2024. Fitch
monitored the bankruptcy process closely, especially after the
announcement that Conn's would be wound down and all stores closed.
Fitch also monitored the underlying ABS pool credit performance for
signs of unexpected performance changes.

In October 2024 Jefferson Capital Holdings, LLC (Jefferson)
announced that it would be acquiring select portfolios of Conn's
and part of the servicing operations. Fitch has removed the RWN due
to the available credit enhancement of the rated notes, the current
loan performance, and Jefferson's solid track record in servicing
across different consumer asset classes.

KEY RATING DRIVERS

Conn's Bankruptcy Impact: After the initiation of orderly wind-down
process following Conn's bankruptcy announcement, Jefferson has
taken over select consumer portfolios of Conn's Inc. and assumed
part of its servicing platform. Fitch rates Jefferson 'BB-'/Stable,
and the company has a solid track record in servicing across
different consumer asset classes. Fitch believes Jefferson is an
adequate servicer for the trusts' collateral pools. Fitch continues
to monitor the trusts' performance and the servicer's servicing
capabilities after the resumption of business following the
bankruptcy proceedings.

Growing Credit Enhancement: Both transactions continue to build
credit enhancement (CE). For Conn's 2023-A, the current hard CE
totals 59.77% and 34.92% for class B and C notes, respectively,
significantly improved from 33.87% and 25.50%, respectively, at
closing. For Conn's 2024-A, the current hard CE totals 51.74% and
37.45% for class B and C notes, respectively, up from 46.20% and
35.45% at closing. Conn's 2023-A has tripped its cumulative net
loss (CNL) trigger of 21.91% as of the December payment date with
an actual loss as of the December payment date of 23.17% and is
therefore no longer releasing cash. The 2024-A net losses continue
to remain within its CNL trigger threshold. The increase in
available hard CE has increased the transactions' ability to absorb
continued losses.

Trust Performance: Fitch revised its lifetime base case default
assumptions for 2023-A at the time of the last event-driven review
in July 2024. For this review, Fitch is increasing the default
assumptions to 36.00% from 33.00% for Conn's 2023-A and to 33.0%
from 28.00% at closing for Conn's 2024-A. The higher base case
default assumptions account for the substantial increase in
delinquency and defaults in 2023-A, and early defaults and expected
deterioration in performance for 2024-A. Weakness already observed
in the collateral pools could be exacerbated by a reduction in
robust servicing. The transactions have a high percentage of
non-prime obligors, which require a higher touch servicing model.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Any reduction in Jefferson's servicing abilities or a further
decline in asset performance resulting in elevated defaults outside
of Fitch's expectation could result in negative rating actions.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Continued robustness in servicing trusts' loans and better than
expected asset performance on a sustained basis, along with
continued CE build, may result in positive rating actions.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


[*] Moody's Takes Action on 22 Bonds From 5 US RMBS Deals
---------------------------------------------------------
Moody's Ratings has upgraded the ratings of 21 bonds and downgraded
the rating of one bond from five US residential mortgage-backed
transactions (RMBS), backed by Alt-A and subprime mortgages issued
by multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series
2007-ASAP2

Cl. A-1, Upgraded to Caa1 (sf); previously on Mar 19, 2024
Downgraded to Ca (sf)

Cl. A-2B, Upgraded to A1 (sf); previously on Mar 19, 2024 Upgraded
to Baa3 (sf)

Cl. A-2C, Upgraded to A1 (sf); previously on Mar 19, 2024 Upgraded
to Baa3 (sf)

Cl. A-2D, Upgraded to A1 (sf); previously on Mar 19, 2024 Upgraded
to Baa3 (sf)

Issuer: Aegis Asset Backed Securities Trust 2004-4

Cl. B1, Upgraded to Baa2 (sf); previously on May 16, 2024 Upgraded
to Ba3 (sf)

Cl. B2, Upgraded to B2 (sf); previously on Mar 13, 2011 Downgraded
to C (sf)

Cl. B3, Upgraded to Caa1 (sf); previously on Mar 13, 2011
Downgraded to C (sf)

Cl. M2, Upgraded to Aaa (sf); previously on May 16, 2024 Upgraded
to Aa2 (sf)

Cl. M3, Upgraded to A1 (sf); previously on May 16, 2024 Upgraded to
Baa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF8

Cl. II-A-4, Upgraded to Aaa (sf); previously on Mar 19, 2024
Upgraded to Aa1 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: Impac CMB Trust Series 2005-2 Collateralized Asset-Backed
Bonds, Series 2005-2

Cl. 1-B, Upgraded to Caa1 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Cl. 1-M-1, Upgraded to Ba2 (sf); previously on May 23, 2023
Upgraded to B1 (sf)

Cl. 1-M-2, Upgraded to Ba2 (sf); previously on May 23, 2023
Upgraded to Caa2 (sf)

Cl. 1-M-3, Upgraded to Ba3 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Cl. 1-M-4, Upgraded to Caa1 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Cl. 1-M-5, Upgraded to Caa1 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Cl. 1-M-6, Upgraded to Caa1 (sf); previously on Feb 20, 2009
Downgraded to C (sf)

Issuer: Option One Mortgage Loan Trust 2004-2

Cl. M-1, Downgraded to Caa1 (sf); previously on Dec 19, 2018
Downgraded to B1 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Apr 23, 2012
Downgraded to C (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Apr 23, 2012
Downgraded to C (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Apr 23, 2012
Downgraded to C (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools.

The rating upgrades are a result of the improving performance of
the related pools, and an increase in credit enhancement available
to the bonds. All but two of the bonds have seen significant growth
in credit enhancement over the past year, which is the key driver
for these upgrades. The credit enhancement has grown, on average,
by 15% for these upgraded tranches over the last 12 months. Moody's
analysis also reflects the potential for collateral volatility
given the number of deal-level and macro factors that can impact
collateral performance, and the potential impact of any collateral
volatility on the model output.

The rating downgrade of Class M-1 issued by Option One Mortgage
Loan Trust 2004-2 is due to outstanding interest shortfalls on the
bond that are not expected to be recouped. This bond has weak
interest recoupment mechanism where missed interest payments will
likely result in a permanent interest loss. Unpaid interest owed to
bonds with weak interest recoupment mechanisms are reimbursed
sequentially based on bond priority, from excess interest, if
available, and often only after the overcollateralization has built
to a pre-specified target amount. In transactions where
overcollateralization has already been reduced or depleted due to
poor performance, any such missed interest payments to these bonds
is unlikely to be repaid.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

Principal Methodologies

The principal methodology used in these ratings was "US Residential
Mortgage-backed Securitizations: Surveillance" published in
December 2024.

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

Up

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

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.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


[*] Moody's Upgrades Ratings on 15 Bonds From 6 US RMBS Deals
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 15 bonds from six US
residential mortgage-backed transactions (RMBS), backed by subprime
and option ARM mortgages issued by multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: Bear Stearns Mortgage Funding Trust 2007-AR2, Mortgage
Pass-Through Certificates, Series 2007-AR2

Cl. A-1, Upgraded to Baa1 (sf); previously on Jun 5, 2023 Upgraded
to Ba1 (sf)

Cl. A-2, Upgraded to Caa3 (sf); previously on Dec 7, 2010
Downgraded to C (sf)

Issuer: BNC Mortgage Loan Trust 2007-2

Cl. A1, Upgraded to B3 (sf); previously on Sep 1, 2015 Upgraded to
Caa3 (sf)

Cl. A3, Upgraded to Aaa (sf); previously on Jun 5, 2023 Upgraded to
Baa1 (sf)

Cl. A4, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded
to C (sf)

Cl. A5, Upgraded to B3 (sf); previously on Sep 1, 2015 Upgraded to
Caa3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-BC2

Cl. 1-A, Upgraded to Caa2 (sf); previously on Oct 17, 2016 Upgraded
to Caa3 (sf)

Cl. 2-A-4, Upgraded to A1 (sf); previously on Oct 24, 2019 Upgraded
to Ba3 (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. 2003-WMC3

Cl. M-3, Upgraded to Aaa (sf); previously on Jun 5, 2023 Upgraded
to Aa3 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Mar 21, 2011
Downgraded to Ca (sf)

Issuer: RASC Series 2003-KS11 Trust

Cl. M-II-2, Upgraded to Ba3 (sf); previously on Dec 1, 2017
Upgraded to B2 (sf)

Cl. M-II-3, Upgraded to Caa2 (sf); previously on Apr 5, 2011
Downgraded to C (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2007-AR1

Cl. I-A-1, Upgraded to Baa1 (sf); previously on Mar 19, 2024
Upgraded to Ba1 (sf)

Cl. I-A-2, Upgraded to Ca (sf); previously on Dec 14, 2010
Downgraded to C (sf)

Cl. II-A-2, Upgraded to Caa3 (sf); previously on Dec 14, 2010
Downgraded to C (sf)

RATINGS RATIONALE

The rating actions reflect the current levels of credit enhancement
available to the bonds, the recent performance, analysis of the
transaction structures, and Moody's updated loss expectations on
the underlying pools.

The rating upgrades are a result of the improving performance of
the related pools, and/or an increase in credit enhancement
available to the bonds. Most of the upgraded bonds have seen strong
growth in credit enhancement since Moody's last review, which is
the key driver for these upgrades. The credit enhancement since 12
months ago has grown on average by 6% for the tranches upgraded.
Moody's analysis also considered the existence of historical
interest shortfalls for the bonds. In addition, Moody's analysis
also reflects the potential for collateral volatility given the
number of deal-level and macro factors that can impact collateral
performance, and the potential impact of any collateral volatility
on the model output.

Certain bonds in this review are currently impaired or expected to
become impaired. Moody's ratings on those bonds reflect any losses
to date as well as Moody's expected future loss.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations.

Principal Methodology

The principal methodology used in these ratings was "US Residential
Mortgage-backed Securitizations: Surveillance" published in
December 2024.

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

Up

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

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.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


[*] Moody's Upgrades Ratings on 17 Bonds From 5 US RMBS Deals
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 17 bonds from five US
residential mortgage-backed transactions (RMBS). The collateral
backing these deals consists of prime jumbo and agency eligible
mortgage loans issued by CIM Trust.

A comprehensive review of all credit ratings for the respective
transactions has been conducted during a rating committee.

The complete rating actions are as follows:

Issuer: CIM Trust 2020-J2

Cl. B-4, Upgraded to Baa1 (sf); previously on Mar 26, 2024 Upgraded
to Baa2 (sf)

Issuer: CIM Trust 2021-INV1

Cl. B-2, Upgraded to Aa2 (sf); previously on Mar 26, 2024 Upgraded
to Aa3 (sf)

Cl. B-2A, Upgraded to Aa2 (sf); previously on Mar 26, 2024 Upgraded
to Aa3 (sf)

Cl. B-3, Upgraded to A2 (sf); previously on Mar 26, 2024 Upgraded
to A3 (sf)

Cl. B-4, Upgraded to Baa2 (sf); previously on Mar 26, 2024 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Mar 26, 2024 Upgraded
to Ba2 (sf)

Cl. B-X-2*, Upgraded to Aa2 (sf); previously on Mar 26, 2024
Upgraded to Aa3 (sf)

Issuer: CIM Trust 2021-J1

Cl. B-3, Upgraded to A2 (sf); previously on Mar 26, 2024 Upgraded
to A3 (sf)

Cl. B-4, Upgraded to Baa2 (sf); previously on Mar 26, 2024 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Mar 26, 2024 Upgraded
to Ba2 (sf)

Issuer: CIM Trust 2021-J2

Cl. B-5, Upgraded to Ba1 (sf); previously on Mar 26, 2024 Upgraded
to Ba2 (sf)

Issuer: CIM Trust 2021-J3

Cl. B-2, Upgraded to Aa3 (sf); previously on Mar 26, 2024 Upgraded
to A1 (sf)

Cl. B-2A, Upgraded to Aa3 (sf); previously on Mar 26, 2024 Upgraded
to A1 (sf)

Cl. B-3, Upgraded to A3 (sf); previously on Mar 26, 2024 Upgraded
to Baa1 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Mar 26, 2024 Upgraded
to Ba1 (sf)

Cl. B-5, Upgraded to Ba2 (sf); previously on Mar 26, 2024 Upgraded
to Ba3 (sf)

Cl. B-X-2*, Upgraded to Aa3 (sf); previously on Mar 26, 2024
Upgraded to A1 (sf)

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, recent performance, and Moody's
updated loss expectations on the underlying pools.

Each of the transactions Moody's reviewed continues to display
strong collateral performance, with cumulative loss for each
transaction under 0.01% and a small number of loans in delinquency.
In addition, enhancement levels for the tranches have grown
significantly as the pools amortized. The credit enhancement since
closing has grown, on average, by 29% for the tranches upgraded.

No actions were taken on the remaining rated classes in these deals
because their expected losses on the bonds remain commensurate with
their current ratings, after taking into account the updated
performance information, structural features and credit
enhancement.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2024.

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

Up

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

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


[*] S&P Places Various Ratings From 8 ABS Deals on Watch Negative
-----------------------------------------------------------------
S&P Global Ratings placed its ratings on 119 classes from eight
tobacco settlement-backed ABS transactions on CreditWatch with
negative implications.

A list of Affected Ratings can be viewed at:

           https://tinyurl.com/ysfrwy2x

S&P performed cash flow analysis for all rated tobacco settlement
transactions and identified eight issuers' series that appear to
exhibit model-implied rating movements for some classes.

S&P said, "These rating actions follow the recent updates made to
our criteria, "U.S. Tobacco Settlement Securitization: Ratings
Methodology And Assumptions," originally published on March 24,
2016, to reflect the updated assumptions for total annual cigarette
volume declines. The assumptions updates were announced in the
press release, "Sector And Industry Variables Introduced And
Assumptions Updated For U.S. Tobacco Settlement Securitizations
Criteria," published Jan. 9, 2025.

"In the updated criteria, we reclassified our appendix containing
total annual cigarette volume decline assumptions as sector and
industry variables, while also updating the values to reflect a
continued secular shift in tobacco consumption. The updated volume
decline values were based on recent consumption trends, as evident
in the National Association of Attorneys General data, as well as,
among other factors, continued health concerns, utilization of
alternative products such as vape/e-cigarettes, and an aging
population that is reducing consumption or quitting. Recently there
has also been increased competition from low-price, illegal e-vapor
products."

S&P will resolve the CreditWatch negative placements following the
completion of a further comprehensive review of each transaction.




                            *********

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

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

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

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

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

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

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

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9474.

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

The single-user TCR subscription rate is $1,400 for six months
or $2,350 for twelve months, delivered via e-mail.  Additional
e-mail subscriptions for members of the same firm for the term
of the initial subscription or balance thereof are $25 each per
half-year or $50 annually.  For subscription information, contact
Peter A. Chapman at 215-945-7000.

                   *** End of Transmission ***