DBRS Morningstar Finalizes Provisional Ratings on GAM Re-REMIC Trust 2021-FRR1

DBRS, Inc. (DBRS Morningstar) finalized provisional ratings to the following classes of Multifamily Mortgage Certificate-Backed Certificates, Series 2021-FRR1 (the Certificates) issued by GAM Re-REMIC Trust 2021-FRR1:

-- Class 1A at BBB (low) (sf)
-- Class 1B at BB (low) (sf)
-- Class 1C at B (high) (sf)
-- Class 1D at B (low) (sf)
-- Class 2A at BBB (low) (sf)
-- Class 2B at BB (low) (sf)
-- Class 2C at B (low) (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by the beneficial interests in two commercial mortgage-backed pass-through certificates from two underlying transactions: FREMF 2017-K66 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2017-K66, which was securitized in 2017, and FREMF 2018-K72 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K72, which was securitized in 2018. The ratings are dependent on the performance of the underlying transactions.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Multi-Borrower Rating Methodology (March 26, 2021), which can be found on dbrsmorningstar.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 dbrsmorningstar.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.

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 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. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

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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