MF1 2020-FL4, Ltd.: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized provisional ratings on the following classes of notes issued by MF1 2020-FL4, Ltd. (the Issuer):

-- Class A Notes at AAA (sf)
-- Class A-S Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BBB (low) (sf)
-- Class F Notes at BB (low) (sf)
-- Class G Notes at B (low) (sf)

All trends are Stable.