Progress Residential 2020-SFR3 Trust: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following Single-Family Rental Pass-Through Certificates (the Certificates) issued by Progress Residential 2020-SFR3 Trust (PROG 2020-SFR3 or the Issuer):

-- $158.2 million Class A at AAA (sf)
-- $42.2 million Class B at AA (sf)
-- $18.8 million Class C at A (sf)
-- $24.6 million Class D at A (low) (sf)
-- $55.1 million Class E at BBB (low) (sf)
-- $55.5 million Class F at BB (low) (sf)
-- $39.4 million Class G at B (low) (sf)