Press Release

DBRS Takes Rating Actions on 33 U.S. RMBS Transactions

RMBS
May 16, 2019

DBRS, Inc. (DBRS) reviewed 636 classes from 33 U.S. residential mortgage-backed security (RMBS) transactions. Of the 636 classes reviewed, DBRS upgraded 23 ratings, confirmed 612 ratings and discontinued one rating.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. The rating confirmations reflect asset performance and credit support levels that are consistent with the current ratings. The discontinued rating is the result of the full repayment of principal to bondholders.

The rating actions are the result of DBRS’s application of “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” published on September 27, 2018.

The pools backing these U.S. RMBS transactions consist of prime and resecuritization of real estate mortgage investment conduit collateral.

The ratings assigned to the securities listed below differ from the ratings implied by the quantitative model. DBRS considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect certain structural features that are not fully reflected in the quantitative model output or additional seasoning is required to substantiate further upgrades.

-- APS Resecuritization Trust 2016-3, REMIC Certificates, Series 2016-3, Class 1-A
-- APS Resecuritization Trust 2016-3, REMIC Certificates, Series 2016-3, Class 2-A
-- Banc of America Funding 2015-R7 Trust, Resecuritization Trust Securities, Class 1A1
-- Banc of America Funding 2015-R8 Trust, Resecuritization Trust Securities, Class 1A1
-- Morgan Stanley Resecuritization Trust 2015-R6, Resecuritization Pass-Through Securities, Series 2015-R6, Class 1-A2
-- Citigroup Mortgage Loan Trust 2014-J1, Mortgage Pass Through Certificates, Series 2014-J1, Class B-4
-- Citigroup Mortgage Loan Trust 2014-J2, Mortgage Pass Through Certificates, Series 2014-J2, Class B-4
-- CSMC Trust 2014-WIN1, Mortgage Pass-Through Certificates, Series 2014-WIN1, Class B-4
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class IO-S-1
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class IO-S-2
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class A-IO-S
-- CSMC 2017-HL1 Trust, Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-2
-- Flagstar Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B-4
-- Flagstar Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B-5
-- J.P. Morgan Mortgage Trust 2014-OAK4, Mortgage Pass-Through Certificates, Series 2014-OAK4, Class B-4
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-5
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- WinWater Mortgage Loan Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-4
-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-4
-- WinWater Mortgage Loan Trust 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B-4

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS did not have 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.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA

Ratings

  • APS Resecuritization Trust 2015-4

  • APS Resecuritization Trust 2016-3

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19REMIC Certificates, Series 2016-3, Class 1-AA (sf)--Confirmed
    US
    16-May-19REMIC Certificates, Series 2016-3, Class 2-ABBB (high) (sf)--Confirmed
    US
    More
    Less
  • Banc of America Funding 2015-R7 Trust

  • Banc of America Funding 2015-R8 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Resecuritization Trust Securities, Class 2A1AA (high) (sf)--Upgraded
    US
    16-May-19Resecuritization Trust Securities, Class 1A1A (high) (sf)--Confirmed
    US
    More
    Less
  • CSMC 2017-HL1 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-10AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-11AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-12AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-13AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-14AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-7AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-8AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-9AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class A-IO6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-1AA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-2A (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-3BBB (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-4BB (sf)--Confirmed
    US
    More
    Less
  • CSMC Series 2015-10R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19CSMC Series 2015-10R, Class 3-A-1AAA (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-3AAA (sf)--Confirmed
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-8AAA (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-6AA (high) (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-9AA (high) (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-10AA (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-2AA (sf)--Upgraded
    US
    16-May-19CSMC Series 2015-10R, Class 3-A-4AA (sf)--Upgraded
    US
    More
    Less
  • CSMC Series 2015-12R

  • CSMC Series 2015-7R

  • CSMC Trust 2014-WIN1

  • Citigroup Mortgage Loan Trust 2014-J1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-1-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-1WAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-2-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-2WAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class A-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class AWAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class B-1AAA (sf)--Upgraded
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class B-2AA (high) (sf)--Upgraded
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class B-3AA (sf)--Upgraded
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J1, Class B-4A (sf)--Upgraded
    US
    More
    Less
  • Citigroup Mortgage Loan Trust 2014-J2

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-1-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-1AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-1BAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-1WAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-2-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-2WAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class A-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class AWAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class B-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class B-2AAA (sf)--Upgraded
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class B-3AA (high) (sf)--Upgraded
    US
    16-May-19Mortgage Pass Through Certificates, Series 2014-J2, Class B-4A (high) (sf)--Confirmed
    US
    More
    Less
  • Citigroup Mortgage Loan Trust 2015-11

  • Citigroup Mortgage Loan Trust 2015-9

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Resecuritization Trust Securities, Series 2015-9, Class 1A1AAA (sf)--Confirmed
    US
    16-May-19Resecuritization Trust Securities, Series 2015-9, Class 2A1AAA (sf)--Confirmed
    US
    More
    Less
  • Flagstar Mortgage Trust 2017-1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-10AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-7AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-8AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-9AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 1-A-X-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 2-A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 2-A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 2-A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class 2-A-X-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class B-1AA (high) (sf)--Upgraded
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class B-2A (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class B-3BBB (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class B-4BB (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2017-1, Class B-5B (sf)--Confirmed
    US
    More
    Less
  • Flagstar Mortgage Trust 2018-3INV

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-10AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-7AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-8AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-9AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class A-X-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-3INV, Class RR-AAAA (sf)--Confirmed
    US
    More
    Less
  • Flagstar Mortgage Trust 2018-4

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-10AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-4AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-5AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-6AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-7AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-8AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-9AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class A-X-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class B-1AA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class B-2A (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class B-3BBB (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-4, Class B-4BB (sf)--Confirmed
    US
    More
    Less
  • GSMSC Resecuritization Trust 2015-6R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Resecuritization Trust Securities, Series 2015-6R, Class AAAA (sf)--Upgraded
    US
    16-May-19Resecuritization Trust Securities, Series 2015-6R, Class BAA (high) (sf)--Upgraded
    US
    More
    Less
  • J.P. Morgan Mortgage Trust 2014-OAK4

  • J.P. Morgan Mortgage Trust 2017-3

  • J.P. Morgan Mortgage Trust 2018-7FRB

    Date IssuedDebt RatedRatingTrendActionAttributesi
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-1AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-1AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-2AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-2AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-3AAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A-3AAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A1-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A2-IOAAA (sf)--Confirmed
    US
    16-May-19Mortgage Pass-Through Certificates, Series 2018-7FRB, Class A3-IOAAA (sf)--Confirmed
    US
    More
    Less
  • Show More Issuers
APS Resecuritization Trust 2015-4
APS Resecuritization Trust 2016-3
Banc of America Funding 2015-R7 Trust
Banc of America Funding 2015-R8 Trust
CSMC 2017-HL1 Trust
CSMC Series 2015-10R
CSMC Series 2015-12R
CSMC Series 2015-7R
CSMC Trust 2014-WIN1
Citigroup Mortgage Loan Trust 2014-J1
Citigroup Mortgage Loan Trust 2014-J2
Citigroup Mortgage Loan Trust 2015-11
Citigroup Mortgage Loan Trust 2015-9
Flagstar Mortgage Trust 2017-1
Flagstar Mortgage Trust 2018-3INV
Flagstar Mortgage Trust 2018-4
GSMSC Resecuritization Trust 2015-6R
J.P. Morgan Mortgage Trust 2014-OAK4
J.P. Morgan Mortgage Trust 2017-3
J.P. Morgan Mortgage Trust 2018-7FRB
Show More Issuers
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.