DBRS Confirms Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-037

DBRS, Inc. (DBRS) has today confirmed the ratings on the Structured Pass-Through Certificates, Series K-037 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-037 as follows:

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

All trends are Stable.

The SPCs represent a pass-through interest in certificates issued by FREMF 2014-K37 Mortgage Trust, Series 2014-K37. For more information regarding the underlying certificates, please see the rating report for FREMF 2014-K37 Mortgage Trust, Series 2014-K37.

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 that 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. The ratings assigned by DBRS are based exclusively on the credit provided by the transaction structure and underlying assets of the FREMF 2014-K037 Mortgage Trust, Series 2014-K037, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

Notes:
All figures are in U.S dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (January 2015), which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.