DBRS Finalizes Provisional Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-064

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes of Structured Pass-Through Certificates, Series K-064 (the SPCs), issued by Freddie Mac Structured Pass-Through Certificates, Series K-064:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X1 at AAA (sf)
-- Class XAM at AA (high) (sf)
-- Class A-M at AA (sf)

All trends are Stable.

Classes A-1, A-2, A-M, X1 and XAM are rated without giving effect to the Freddie Mac guarantee.

The Class X-1 and X-AM balances are notional. DBRS ratings on interest-only (IO) certificates address the likelihood of receiving interest based on the notional amount outstanding. DBRS considers the IO certificate’s position within the transaction payment waterfall when determining the appropriate rating.

The SPCs represent a pass-through interest in certificates issued by FREMF 2017-K64 Mortgage Trust, Series 2017-K64. Please see the presale report for FREMF 2017-K64 Mortgage Trust, Series 2017-K64, 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 that such principal would have been distributed to the underlying Class A-1, Class A-2 and Class A-M 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-M 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 2017-K64 Mortgage Trust, Series 2017-K64, 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 www.ireports.dbrs.com. DBRS will continue to monitor this transaction with periodic updates provided in the DBRS CMBS IReports platform.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are North American CMBS Multi-borrower Rating Methodology, Rating North American CMBS Interest-Only Certificates and DBRS Commercial Real Estate Property Analysis Criteria, which can be found on dbrs.com under Methodologies.

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

With regard to due diligence services, DBRS was provided with the Form ABS Due Diligence-15E (Form 15-E) 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 rely on the due diligence services outlined in Form 15-E, DBRS did use the Data File outlined in the Independent Accountant’s Report in its analysis to determine the ratings.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

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