DBRS Confirms All Classes of Freddie Mac Structured Pass-Through Certificates, Series K-017

DBRS, Inc. (DBRS) has today confirmed all classes of Structured Pass-Through Certificates, Series K-017 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-017 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-K17 Mortgage Trust, Series 2012-K17. For more information regarding the underlying certificates, please see the rating report for FREMF 2012-K17 Mortgage Trust, Series 2012-K17.

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 the FREMF 2012-K17 Mortgage Trust, Series 2012-K17, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

DBRS has provided updated loan level commentary and analysis for larger and/or pivotal watchlisted loans, as well as for the largest 15 loans in the pool, in the DBRS CMBS IReports platform. To view these and future loan level updates provided as part of DBRS’s ongoing surveillance for this transaction, please log into DBRS CMBS IReports at www.ireports.dbrs.com.

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 2016) and CMBS North American Surveillance (December 2016), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit ww.dbrs.com or contact us at info@dbrs.com.