DBRS Morningstar Assigns Provisional Ratings to Freddie Mac Structured Pass-Through Certificates, Series K-101

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following classes of Structured Pass-Through Certificates, Series 2019-K101 to be issued by Freddie Mac Structured Pass-Through Certificates, Series K-101:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-M at AA (high) (sf)
-- Class X1 at AAA (sf)
-- Class XAM at AAA (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-K101 Mortgage Trust, Series 2019-K101 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 (IO) 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 analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:

-- Ocean Club (6.7% of pool)
-- Home at the Battery (6.2% of pool)
-- LC Middletown (5.9% of pool)
-- Park Place III (4.6% of pool)
-- Beacon 430 (3.9% of pool)
-- Alvista Long Beach (3.2% of pool)
-- Junction at Galatyn Park (3.2% of pool)
-- Radius at the Domain (3.0% of pool)
-- 10x Living at Panama City Beach (2.9% of pool)
-- Elan 99 West (2.8% of pool)
-- Park Rowe Village (2.7% of pool)
-- Tempo Evergreen Walk Apartments (2.7% of pool)
-- Waterstone at Kiley Ranch (2.5% of pool)
-- The Kenley (2.4% of the pool)
-- Preserve at Riverwalk (2.4% of the pool)

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 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 Morningstar 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.

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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