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

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

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

All trends 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 27, 2017.

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 principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies.

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

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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