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

-- Class AK55 at BBB (low) (sf)
-- Class BK55 at BB (low) (sf)
-- Class AB55 at BB (low) (sf)
-- Class CK55 at B (low) (sf)
-- Class AK60 at BBB (low) (sf)
-- Class BK60 at BB (low) (sf)
-- Class AB60 at BB (low) (sf)
-- Class CK60 at B (low) (sf)
-- Class AK64 at BBB (low) (sf)
-- Class BK64 at BB (low) (sf)
-- Class AB64 at BB (low) (sf)
-- Class CK64 at B (low) (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by the beneficial interests in seven commercial mortgage-backed pass-through certificates from three underlying transactions: FREMF 2016-K55 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2016-K55; FREMF 2016-K60 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2016-K60; and FREMF 2017-K64 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2017-K64. The ratings are dependent on the performance of the underlying transactions.

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

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.

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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