DBRS Confirms All Classes of Freddie Mac Structured Pass-Through Certificates, Series K-022

DBRS Limited (DBRS) has today confirmed all classes of Structured Pass-Through Certificates, Series K-022 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-022 (Freddie Mac) as follows:

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

The trends on all classes are Stable.

The SPCs represent a pass-through interest in certificates issued by FREMF 2012-K22 Mortgage Trust, Series 2012-K22. For more information regarding the underlying certificates, please see the FREMF 2012-K22 Mortgage Trust, Series 2012-K22 press release dated September 29, 2016.

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. The ratings assigned by DBRS are based exclusively on the credit provided by the transaction structure and underlying assets of FREMF 2012-K18 Mortgage Trust, Series 2012-K1 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 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.

The applicable methodologies are North American CMBS Rating Methodology (March 2016) and CMBS North American Surveillance (December 2015), which can be found on our website under Methodologies

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