DBRS and Morningstar Credit Ratings Confirm U.S. Single-Family Rental Asset Class Coverage

On July 11, 2019, Morningstar Credit Ratings, LLC (MCR) and DBRS, Inc. (DBRS; together, DBRS Morningstar) published their first announcement regarding the integration of the analytical teams focused on the U.S. Structured Finance market. Today’s press release is the thirtieth in a series to keep the market updated on analytical integration decisions and is focused on the U.S. residential mortgage-backed securities (RMBS) sector.

<a href="https://www.dbrsmorningstar.com/research/347875/" target="_blank">“DBRS and Morningstar Credit Ratings Announce Analytical Integration Process and Ratings Overlap.”</a>

SINGLE-FAMILY RENTAL ASSET CLASS
Following an analysis of the U.S. Single-Family Rental asset class, DBRS Morningstar concluded that, effective today, any new rating engagements in this asset class will be rated and monitored by DBRS Morningstar using MCR’s “U.S. Single-Family Rental Securitization Ratings Methodology.” This methodology is now available on www.dbrsmoringstar.com:

<a href="https://www.dbrsmorningstar.com/research/361288" target="_blank">“U.S. Single-Family Rental Securitization Ratings Methodology”</a>

SINGLE-FAMILY RENTAL ASSET CLASS TRANSACTIONS PLACED UNDER REVIEW
As a result of DBRS Morningstar’s selection of MCR’s “U.S. Single-Family Rental Securitization Ratings Methodology,” MCR has placed all of its outstanding transactions in this asset class Under Review – Analytical Integration Review. The rating actions on such ratings were taken in relation to the ongoing consolidation of MCR and DBRS. DBRS Morningstar expects to assign new ratings to the outstanding MCR Single-Family Rental asset class transactions.

For more information related to the rating actions taken on the Single-Family Rental asset class, please see the following rating announcement:

<a href="https://ratingagency.morningstar.com/PublicDocDisplay.aspx?i=n6iy0HUZegE%3d&m=&s=LviRtUKXqs8kml5dHt7FTeE2SZmY0Fvqd4iX49Mk%2f9UapyiFTEO6TA%3d%3d" target="_blank">“Morningstar Credit Ratings Places Ratings on Single-Family Rental Asset Class Under Review”</a>

DBRS Morningstar methodologies, including any MCR methodology selected for use by DBRS Morningstar as part of the analytical integration process, are publicly available on www.dbrsmorningstar.com under Methodologies & Criteria.

For analytical inquiries regarding this press release, please contact Quincy Tang, Managing Director, U.S. RMBS.

DBRS
Quincy Tang
quincy.tang@dbrsmorningstar.com
+1 212 806 3256

For rating engagement inquiries regarding the U.S. RMBS asset class coverage or any asset classes not listed, please contact Sean O’Connor, Managing Director, Head of Global Business Development.

DBRS
Sean O’Connor
sean.oconnor@dbrsmorningstar.com
+1 212 806 3252

For more information on the transactions rated by DBRS, please visit http://www.dbrs.com or contact DBRS at info@dbrs.com. For transactions rated by MCR, please visit http://www.morningstarcreditratings.com or contact ratingagency@morningstar.com.

DBRS
Stephen Bernard
stephen.bernard@dbrsmorningstar.com
+1 212 806 3240