DBRS Morningstar Confirms Three John Hancock First Mortgage Loans

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on three first mortgage loans at A (high) (sf) on three properties, reflecting the transactions’ overall stable performances. All trends are Stable. All loans were made by John Hancock Life Insurance Company, a subsidiary of Manulife Financial Corporation.

The loans are secured by first mortgages on three manufactured housing Communities (MHCs) in Florida and Arizona. The A (high) (sf) ratings reflect (1) the expected stability of debt payments, given strong operating histories and sponsorship; (2) moderate loan-to-value ratios; (3) the properties’ strong locations in well-established communities with demand for highly amenitized MHCs; and (4) the expected amortization that will take place over the remaining terms of the loans.

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 the North American CMBS Surveillance 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 www.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.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.

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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