DBRS Confirms Ratings on Series RR 2014-1 Trust

DBRS Limited (DBRS) confirmed the ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series RR issued by Series RR 2014-1 Trust:

-- Class A at A (sf)
-- Class B at BBB (sf)
-- Class AB at BBB (sf)
-- Class C at BBB (low) (sf)
-- Class AC at BBB (low) (sf)
-- Class D at BB (sf)
-- Class E at B (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by the beneficial interest in one commercial mortgage-backed pass-through certificate from the FREMF 2014-K38 Mortgage Trust, Series 2014-K38 (FREMF 2014-K38) transaction (rated by DBRS). The ratings are dependent on the performance of the underlying transaction.

The rating confirmations reflect the stable overall performance of the underlying transaction. As of the March 2018 remittance for the FREMF 2014-K38 transaction, the pool has experienced a collateral reduction of 3.8% since issuance and benefits from defeasance collateral totalling 3.6% of the current pool balance. Please refer to the DBRS press release for the FREMF 2014-K38 transaction published on April 5, 2018, for more information on the DBRS ratings for that transaction.

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

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 in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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