BXMT 2020-FL2, Ltd.: Rating Report

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  19-Feb-20	Class A Senior Secured Floating Rate Notes	AAA (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class A-S Second Priority Secured Floating Rate Notes	AAA (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class B Third Priority Secured Floating Rate Notes	AA (low) (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class C Fourth Priority Secured Floating Rate Notes	A (low) (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class D Fifth Priority Secured Floating Rate Notes	BBB (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class E Sixth Priority Secured Floating Rate Notes	BBB (low) (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class F Seventh Priority Floating Rate Notes	BB (low) (sf)	Stb	Provis.-Final	US
  19-Feb-20	Class G Eighth Priority Floating Rate Notes	B (low) (sf)	Stb	Provis.-Final	US

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