DBRS Finalizes Provisional Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-051

DBRS, Inc. (DBRS) has today finalized the provisional ratings on the following classes of Structured Pass-Through Certificates, Series K-051 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-051. 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 2015-K51 Mortgage Trust, Series 2015-K51. Please see the rating report for FREMF 2015-K51 Mortgage Trust, Series 2015-K51, for more information regarding the underlying certificates.

Freddie Mac guarantees: (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 the FREMF 2015-K51 Mortgage Trust, Series 2015-K51, 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.

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

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

With regard to due diligence services, DBRS was provided with the Form ABS Due Diligence-15E (Form-15E), which contains the description of the information that the third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While DBRS did not require due diligence services outlined in Form-15E, DBRS did use the Data File outlined in the Independent Accountant’s Report in its analysis to determine the ratings.