DBRS Morningstar Finalizes Provisional Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-098

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following classes of Multifamily Mortgage Pass-Through Certificates, Series 2019-K98 (the Certificates) issued by FREMF 2019-K98 Mortgage Trust, Series 2019-K98 (FREMF 2019-K98 or the Issuer):

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X1 at AAA (sf)
-- Class XAM at AA (high) (sf)
-- Class A-M at AA (sf)

All trends are Stable.

Freddie Mac guarantees the (1) timely payment of interest; (2) payment of related principal on the distribution date following the maturity date of each mortgage loan to the extent that such principal would have been distributed to the underlying Class A-1, Class A-2 and Class A-M certificates; (3) reimbursement of any realized losses and additional trust fund expenses allocated to the Class A-1, Class A-2 and Class A-M certificates; and (4) ultimate payment of principal by the assumed final distribution date for the underlying Class A-1, Class A-2 and Class A-M certificates. All classes will be subject to ongoing surveillance by DBRS Morningstar after the date of issuance. The ratings assigned by DBRS Morningstar at issuance are based exclusively on the credit provided by the transaction structure and underlying assets of FREMF 2019-K98 Mortgage Trust, Series 2019-K098 without regard to the Freddie Mac Guarantee. DBRS Morningstar may take the Freddie Mac Guarantee into consideration for future rating actions.

Classes X1 and XAM are interest-only certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS Morningstar.

For supporting data and more information on this transaction, please log into www.viewpoint.dbrs.com.

DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:

-- The Orsini II
-- Leeward Apartments
-- Acclaim At Carriage Hill
-- Peachtree Of Mclean Apartments
-- Gateway Park
-- 1111 Wilshire
-- Waterfront Phase I
--- Deer Crest Apartment Homes
-- The Bentley At Maitland
-- The M At Lakeline
-- The Logan
-- Piedmont At Ivy Meadow
-- The Ironwood
-- The Regent
-- Meridian At Fondren
-- The Regent
-- Meridian at Fondren
-- Promenade At The District
-- Capella Apartment Homes
-- Plantation Oaks Apartments
-- Axio Apartments
-- Summit Ridge Apartment Homes
-- York Place Apartments
-- VNP
-- Phenix At Infinity Park II
-- The Oaks Apartments
-- Laredo House Apartments
-- Keystone Apartments
-- Sheridan Beach Terrace
-- Pacifica Senior Living Vacaville
-- Phenix At Infinity Park I

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrs.com. The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
Notes:
All figures are in U.S. dollars unless otherwise noted.

With regard to due diligence services, DBRS Morningstar was provided with the Form ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While due diligence services outlined in Form-15E do not constitute part of DBRS Morningstar’s methodology, DBRS Morningstar used the data file outlined in the independent accountant’s report in its analysis to determine the ratings referenced herein.

The principal methodology is the North American CMBS Multi-Borrower Rating Methodology, which can be found on dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.
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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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