Of the 126 classes reviewed, DBRS Morningstar confirmed 123 ratings and discontinued three because of full repayment of the outstanding bond balances.
STAR 2021-
Class A confirmed at
Class B confirmed at
Class C confirmed at AA (sf)
Class D confirmed at A (low) (sf)
Class E confirmed at BBB (low) (sf)
Class F confirmed at BB (low) (sf)
Class G confirmed at B (low) (sf)
AH4R 2014-SFR2, Class A confirmed at
AH4R 2014-SFR2, Class B confirmed at
AH4R 2014-SFR2, Class C confirmed at
AH4R 2014-SFR2, Class D confirmed at
AH4R 2014-SFR2, Class E confirmed at AA (high) (sf)
AH4R 2014-SFR3, Class A confirmed at
AH4R 2014-SFR3, Class B confirmed at
AH4R 2014-SFR3, Class C confirmed at
AH4R 2014-SFR3, Class D confirmed at
AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)
AH4R 2015-SFR1, Class A confirmed at
AH4R 2015-SFR1, Class B confirmed at
AH4R 2015-SFR1, Class C confirmed at
AH4R 2015-SFR1, Class D confirmed at
AH4R 2015-SFR1, Class E confirmed at AA (low) (sf)
AH4R 2015-SFR1, Class F confirmed at A (sf)
AH4R 2015-SFR2, Class A confirmed at
AH4R 2015-SFR2, Class B confirmed at
AH4R 2015-SFR2, Class C confirmed at
AH4R 2015-SFR2, Class D confirmed at
AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E1 confirmed at BBB (sf)
Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F1 confirmed at BB (sf)
Single-Family Rental Pass-Through Certificate, Class F2 confirmed at BB (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F3 confirmed at BB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class G confirmed at B (high) (sf)
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
IH 2018-SFR1, Class A discontinued
IH 2018-SFR1, Class B discontinued
IH 2018-SFR1, Class C discontinued
IH 2018-SFR4, Class A confirmed at
IH 2018-SFR4, Class B confirmed at
IH 2018-SFR4, Class C confirmed at AA (low) (sf)
NRMLT 2022-SFR2, Class A confirmed at
NRMLT 2022-SFR2, Class B confirmed at AA (high) (sf)
NRMLT 2022-SFR2, Class C confirmed at A (high) (sf)
NRMLT 2022-SFR2, Class D confirmed at A (low) (sf)
NRMLT 2022-SFR2, Class E-1 confirmed at BBB (sf)
NRMLT 2022-SFR2, Class E-2 confirmed at BBB (low) (sf)
NRMLT 2022-SFR2, Class F confirmed at BB (low) (sf)
PATH 2022-1 Trust
Single-Family Rental Pass-Through Certificates, Class A confirmed at
Single-Family Rental Pass-Through Certificates, Class B confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificates, Class C confirmed at AA (sf)
Single-Family Rental Pass-Through Certificates, Class D confirmed at A (sf)
Single-Family Rental Pass-Through Certificates, Class E-1 confirmed at BBB (high) (sf)
Single-Family Rental Pass-Through Certificates, Class E-2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificates, Class F confirmed at BB (low) (sf)
Single-Family Rental Pass-Through Certificates, Class G confirmed at B (sf)
Progress Residential 2019-
PRD 2019-SFR3, Class A confirmed at
PRD 2019-SFR3, Class B confirmed at
PRD 2019-SFR3, Class C confirmed at AA (high) (sf)
PRD 2019-SFR3, Class D confirmed at A (high) (sf)
PRD 2019-SFR3, Class E confirmed at BBB (low) (sf)
PRD 2019-SFR3, Class F confirmed at BB (sf)
Progress Residential 2020-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at A (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (sf)
Single-Family Rental Pass-Through Certificate, Class G confirmed at B (sf)
Progress Residential 2021-
Single-Family Rental Pass-Through Certificates, Class A confirmed at
Single-Family Rental Pass-Through Certificates, Class B confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificates, Class C confirmed at A (high) (sf)
Single-Family Rental Pass-Through Certificates, Class D confirmed at A (low) (sf)
Single-Family Rental Pass-Through Certificates, Class E-1 confirmed at BBB (sf)
Single-Family Rental Pass-Through Certificates, Class E-2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificates, Class F confirmed at BB (low) (sf)
Single-Family Rental Pass-Through Certificates, Class G confirmed at B (sf)
Progress Residential 2021-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (high) (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at A (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (sf)
Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (sf)
Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)
TAH 2017-SFR2, Class A confirmed at
TAH 2017-SFR2, Class B confirmed at AA (high) (sf)
TAH 2017-SFR2, Class C confirmed at A (high) (sf)
TAH 2017-SFR2, Class D confirmed at A (low) (sf)
TAH 2017-SFR2, Class E confirmed at BBB (sf)
TAH 2018-SFR1, Class A confirmed at
TAH 2018-SFR1, Class B confirmed at AA (high) (sf)
TAH 2018-SFR1, Class C confirmed at A (high) (sf)
TAH 2018-SFR1, Class D confirmed at A (low) (sf)
TAH 2018-SFR1, Class E confirmed at BBB (high) (sf)
TAH 2019-SFR1, Class A confirmed at
TAH 2019-SFR1, Class B confirmed at
TAH 2019-SFR1, Class C confirmed at AA (high) (sf)
TAH 2019-SFR1, Class D confirmed at A (high) (sf)
TAH 2019-SFR1, Class E confirmed at BBB (high) (sf)
TAH 2019-SFR1, Class F confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (sf)
Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (low) (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at A (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (sf)
Single-Family Rental Pass-Through Certificate, Class G confirmed at B (high) (sf)
The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings.
DBRS Morningstar's rating actions are based on the following analytical consideration:
Key performance measures as reflected in month-over-month changes in vacancy and delinquency, quarterly analysis of the actual expenses, credit enhancement increases since deal inception, and bond paydown factors.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929> (
Notes:
The principal methodology applicable to the ratings is Rating and Monitoring
Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at: https://www.dbrsmorningstar.com/about/methodologies>.
The DBRS
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Tel. +1 212 806-3277
The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies>.
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