DBRS Morningstar Assigns Provisional Ratings to GAM RE-REMIC TRUST 2021-FRR2

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following classes of Multifamily Mortgage-Backed Certificates, Series 2021-FRR2 (the Certificates) to be issued by GAM RE-REMIC TRUST 2021-FRR2:

-- Class AK44 at BBB (low) (sf)
-- Class BK44 at BB (low) (sf)
-- Class CK44 at B (low) (sf)
-- Class AK49 at A (low) (sf)
-- Class BK49 at BBB (low) (sf)
-- Class CK49 at BB (low) (sf)
-- Class DK49 at B (low) (sf)
-- Class A730 at A (low) (sf)
-- Class B730 at BBB (low) (sf)
-- Class C730 at BB (low) (sf)
-- Class D730 at B (low) (sf)
-- Class AK74 at BBB (low) (sf)
-- Class BK74 at BB (low) (sf)
-- Class CK74 at B (low) (sf)
-- Class AK78 at BBB (low) (sf)
-- Class BK78 at BB (low) (sf)
-- Class CK78 at B (low) (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by the beneficial interests in five commercial mortgage-backed pass-through certificates from five underlying transactions: FREMF 2015-K44 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K44; FREMF 2015-K49 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K49; FREMF 2018-K730 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K730; FREMF 2018-K74 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K74; and FREMF 2018-K78 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K78. 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.

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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