DBRS Morningstar Assigns Provisional Ratings to TPI RE-REMIC TRUST 2022-FRR1

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following classes of Multifamily Mortgage-Backed Certificates, Series 2022-FRR1 to be issued by TPI RE-REMIC TRUST 2022-FRR1:

-- Class AK33 at AAA (sf)
-- Class BK33 at AA (sf)
-- Class CK33 at A (sf)
-- Class DK33 at BBB (sf)
-- Class AK34 at AAA (sf)
-- Class BK34 at AA (sf)
-- Class CK34 at A (sf)
-- Class DK34 at BBB (sf)
-- Class AK35 at AAA (sf)
-- Class BK35 at AA (sf)
-- Class CK35 at A (sf)
-- Class DK35 at BBB (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by the beneficial interests in the commercial mortgage-backed pass-through certificates from three underlying transactions: FREMF 2013-K33 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K33; FREMF 2013-K34 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K34; and FREMF 2013-K35 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K35. 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 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.

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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