Arbor Realty Commercial Real Estate Notes 2020-FL1, Ltd.: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following classes of commercial mortgage-backed notes issued by Arbor Realty Commercial Real Estate Notes 2020-FL1, Ltd. (the Issuer):

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E BBB (low) (sf)
-- Class F at BB (low) (sf)
-- Class G at B (low) (sf)

All trends are Stable.