DBRS Morningstar Confirms Ratings on Laurel Road Servicing Master Trust’s Series 2018-SA and Series 2018-SB

DBRS, Inc. (DBRS Morningstar) confirmed its ratings on the certificates issued by Laurel Road Servicing Master Trust, Series 2018-SA and Laurel Road Servicing Master Trust, Series 2018-SB (the Certificates) at A (sf).

The ratings assigned to the Certificates consider the quality of KeyBank N.A. (rated A (high) with a Stable trend by DBRS Morningstar) and its ability to meet its obligations under the related servicing agreements.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodologies are Rating U.S. Structured Finance Transactions (November 6, 2019), North American Structured Finance Flow-Through Ratings (January 2, 2020), and DBRS Morningstar Master U.S. ABS Surveillance (May 27, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

The rated entity or its related entities did not 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.

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

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