DBRS Confirms Freddie Mac Structured Pass-Through Certificates, Series K-037

DBRS Limited (DBRS) confirmed the ratings on the following classes of Structured Pass-Through Certificates, Series K-037 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-037:

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

All trends are Stable.

The SPCs represent a pass-through interest in certificates issued by FREMF 2014-K37 Mortgage Trust, Series 2014-K37. For more information regarding the underlying certificates, please see the DBRS press release dated November 30, 2017, for FREMF 2014-K37 Mortgage Trust, Series 2014-K37.

Freddie Mac guarantees: (1) the timely payment of interest; (2) the 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) the reimbursement of any realized losses and additional trust fund expenses allocated to the Underlying Guaranteed Certificates; and (4) the 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 2014-K37 Mortgage Trust, Series 2014-K37, without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

Class X-1 is an interest-only (IO) certificate that references multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall.

All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

DBRS has provided updated loan-level commentary and analysis for larger and/or pivotal watchlisted loans in the FREMF 2014-K37 transaction, as well as the Top 15 loans, in the DBRS Viewpoint platform. Registration is free. To view these and future loan-level updates provided as part of DBRS’s ongoing surveillance for this transaction, please register or log into DBRS Viewpoint at viewpoint.dbrs.com.

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

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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 under Related Documents or by contacting us at info@dbrs.com.

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

The rated entity or its related entities did participate initially, 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.