DBRS Confirms Ratings of Freddie Mac Structured Pass-Through Certificates, Series K-026

DBRS Limited (DBRS) has today confirmed the ratings of Freddie Mac Structured Pass-Through Certificates, Series K-026 (the SPCs), 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 2013-K26 Mortgage Trust, Series 2013-K26. For more information regarding the underlying certificates, please see the press release for FREMF 2013-K26 Mortgage Trust, Series 2013-K26.

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. The ratings assigned by DBRS are based exclusively on the credit provided by the transaction structure and underlying assets of the FREMF 2013-K26 Mortgage Trust, Series 2013-K26, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

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

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