DBRS Morningstar Finalizes Provisional Ratings to GAM RE-REMIC TRUST 2022-FRR3
CMBSDBRS, Inc. (DBRS Morningstar) finalized its provisional ratings to the following classes of Multifamily Mortgage-Backed Certificates, Series 2022-FRR3 issued by GAM RE-REMIC TRUST 2022-FRR3:
-- Class AK27 at AA (low) (sf)
-- Class BK27 at A (low) (sf)
-- Class CK27 at BBB (low) (sf)
-- Class DK27 at BB (low) (sf)
-- Class EK27 at B (low) (sf)
-- Class AK61 at BBB (low) (sf)
-- Class BK61 at BB (low) (sf)
-- Class CK61 at B (low) (sf)
-- Class AK41 at AA (low) (sf)
-- Class BK41 at A (low) (sf)
-- Class CK41 at BBB (low) (sf)
-- Class DK41 at BB (low) (sf)
-- Class EK41 at B (low) (sf)
-- Class AK47 at A (low) (sf)
-- Class BK47 at BBB (low) (sf)
-- Class CK47 at BB (low) (sf)
-- Class DK47 at B (low) (sf)
-- Class AK71 at BBB (low) (sf)
-- Class BK71 at BB (low) (sf)
-- Class CK71 at B (low) (sf)
-- Class AK89 at BBB (low) (sf)
-- Class BK89 at BB (low) (sf)
-- Class CK89 at B (low) (sf)
-- Class A728 at A (low) (sf)
-- Class B728 at BBB (low) (sf)
-- Class C728 at BB (low) (sf)
-- Class D728 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 seven underlying transactions: FREMF 2013-K27 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K27; FREMF 2017-K61 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2017-K61; FREMF 2014-K41 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2014-K41; FREMF 2015-K47 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K47; FREMF 2017-K71 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2017-K71; FREMF 2019-K89 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2019-K89; and FREMF 2017-K728 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2017-K728. 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.
DBRS Morningstar materially deviated from its North American CMBS Insight Model when determining the rating assigned to Class EK41 as the quantitative results suggested a higher rating. The material deviation is warranted, given the uncertain loan-level risk, because of the more conservative Estimated Loss/Credit Enhancement deemed necessary on the underlying loans/transaction as DBRS Morningstar did not initially rate that transaction and did not have access to the originator for collateral-specific credit-related questions.
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 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.
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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