DBRS Confirms All Classes of Freddie Mac Structured Pass-Through Certificates, Series Q-001

DBRS, Inc. (DBRS) has today confirmed the ratings for all classes of Structured Pass-Through Certificates, Series Q-001 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series Q-001. The ratings are listed below; all trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-FX1 at AAA (sf)

The SPCs represent a pass-through interest in certificates issued by Impact Funding Affordable Multifamily Housing Mortgage Loan Trust 2014-1. For more information regarding the underlying certificates, please see the rating report dated November 20, 2014, and the Press Release dated November 18, 2016, for Impact Funding Affordable Multifamily Housing Mortgage Loan Trust 2014-1.

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, Class A-2 and Class A-3 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, Class A-2 and Class A-3 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 Impact Funding Affordable Multifamily Housing Mortgage Loan Trust 2014-1, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

For more information on this transaction and supporting data, please log into DBRS CMBS IReports, www.ireports.dbrs.com. DBRS continues to monitor this transaction monthly with periodic updates provided in the DBRS CMBS IReports platform.

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 methodologies are North American CMBS Rating Methodology (March 2016) and CMBS North American Surveillance Methodology (October 2016), which can be found on our website under Methodologies.