DBRS Assigns Provisional Ratings to Freddie Mac Structured Pass-Through Certificates, Series K-022

DBRS has today assigned provisional ratings to the following classes of Structured Pass-Through Certificates, Series K-022 (the SPCs), issued by Freddie Mac Structured Pass-Through Certificates, Series K-022. The trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X1 at AAA (sf)

The SPCs represent a pass-through interest in certificates issued by FREMF 2012-K22 Mortgage Trust, Series 2012-K22. Please see the presale report for FREMF 2012-K22 Mortgage Trust, Series 2012-K19, for more information regarding the underlying certificates.

Freddie Mac guarantees: (i) timely payment of interest; (ii) payment of related principal on the distribution date following the maturity date of each mortgage loan, to the extent such principal would have been distributed to the underlying Class A-1 and Class A-2 certificates; (iii) reimbursement of any realized losses and additional trust fund expenses allocated to the Underlying Guaranteed Certificates; and (iv) ultimate payment of principal by the assumed final distribution date for the underlying Class A-1 and Class A-2 certificates. All classes will be subject to ongoing surveillance, upgrades or downgrades by DBRS after the date of issuance. The ratings assigned by DBRS at issuance are based exclusively on the credit provided by the transaction structure and underlying assets of the FREMF 2012-K22 Mortgage Trust, Series 2012-K22, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

Notes:
The applicable methodology is CMBS Rating Methodology, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.