DBRS Morningstar Finalizes Provisional Ratings on CFMT 2021-FRR1

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following classes of Multifamily Mortgage Certificate-Backed Certificates, Series 2021-FRR1 (the Certificates) issued by CFMT 2021-FRR1:

-- Class A-K45 at A (low) (sf)
-- Class B-K45 at BBB (low) (sf)
-- Class C-K45 at BB (low) (sf)
-- Class D-K45 at B (low) (sf)
-- Class A-K54 at BBB (low) (sf)
-- Class B-K54 at BB (low) (sf)
-- Class C-K54 at B (low) (sf)
-- Class A-K58 at BBB (low) (sf)
-- Class B-K58 at BB (low) (sf)
-- Class C-K58 at B (low) (sf)
-- Class A-KW01 at A (low) (sf)
-- Class B-KW01 at BBB (low) (sf)
-- Class C-KW01 at BB (low) (sf)
-- Class D-KW01 at B (low) (sf)
-- Class A-K98 at BBB (low) (sf)
-- Class B-K98 at BB (low) (sf)
-- Class C-K98 at B (low) (sf)
-- Class A-K99 at BB (low) (sf)
-- Class B-K99 at B (low) (sf)

All trends are Stable.

This transaction is a re-securitization collateralized by the beneficial interests in six commercial mortgage-backed pass-through certificates from six underlying transactions: FREMF 2015-K45 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K45; FREMF 2016-K54 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2016-K54; FREMF 2016-K58 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2016-K58; FREMF 2019-K98 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2019-K98; FREMF 2019-K99 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2019-K99; and FREMF 2016-KW01 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2016-KW01. 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.

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.

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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