DBRS Confirms Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-038

DBRS Limited (DBRS) has today confirmed all classes of Structured Pass-Through Certificates, Series K-038 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-038 as follows:

-- 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 2014-K38 Mortgage Trust, Series 2014-K38. Please see the presale report for FREMF 2014-K38 Mortgage Trust, Series 2014-K38, for more information regarding the underlying certificates.

Freddie Mac guarantees the (1) timely payment of interest; (2) 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; (3) reimbursement of any realized losses and additional trust fund expenses allocated to the Underlying Guaranteed Certificates; and (4) 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 FREMF 2014-K38 Mortgage Trust, Series 2014-K38 without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

Notes:
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.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are 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.