DBRS Morningstar Takes Rating Actions on 17 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 103 classes from 17 U.S. Single-Family Rental transactions. Of the 103 classes reviewed, DBRS Morningstar upgraded two ratings, confirmed 90, and discontinued 11 due to full repayment of the outstanding bond balances.

American Homes 4 Rent 2014-SFR2 Trust
-- AH4R 2014-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class E confirmed at AA (sf)

American Homes 4 Rent 2014-SFR3 Trust
-- AH4R 2014-SFR3, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2015-SFR1 Trust
-- AH4R 2015-SFR1, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class E confirmed at A (high) (sf)
-- AH4R 2015-SFR1, Class F confirmed at A (low) (sf)

American Homes 4 Rent 2015-SFR2 Trust
-- AH4R 2015-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)

Home Partners of America 2017-1 Trust
-- HPA 2017-1, Class A confirmed at AAA (sf)
-- HPA 2017-1, Class B confirmed at AAA (sf)
-- HPA 2017-1, Class C upgraded to AA (sf) from AA (low) (sf)
-- HPA 2017-1, Class D confirmed at BBB (high) (sf)
-- HPA 2017-1, Class E confirmed at BBB (low) (sf)

Home Partners of America 2018-1 Trust
-- HPA 2018-1, Class A confirmed at AAA (sf)
-- HPA 2018-1, Class B confirmed at AAA (sf)
-- HPA 2018-1, Class C confirmed at AA (high) (sf)
-- HPA 2018-1, Class D confirmed at AA (low) (sf)
-- HPA 2018-1, Class E confirmed at BBB (sf)

Home Partners of America 2019-1 Trust
-- HPA 2019-1, Class A confirmed at AAA (sf)
-- HPA 2019-1, Class B confirmed at AA (high) (sf)
-- HPA 2019-1, Class C confirmed at AA (low) (sf)
-- HPA 2019-1, Class D confirmed at A (low) (sf)
-- HPA 2019-1, Class E confirmed at BBB (sf)
-- HPA 2019-1, Class F confirmed at BBB (low) (sf)

Home Partners of America 2019-2 Trust
-- HPA 2019-2, Class A confirmed at AAA (sf)
-- HPA 2019-2, Class B confirmed at AAA (sf)
-- HPA 2019-2, Class C confirmed at AA (sf)
-- HPA 2019-2, Class D confirmed at A (low) (sf)
-- HPA 2019-2, Class E confirmed at BBB (low) (sf)
-- HPA 2019-2, Class F confirmed at BB (sf)

Home Partners of America 2020-1 Trust
-- HPA 2020-1, Class A confirmed at AAA (sf)
-- HPA 2020-1, Class B confirmed at AA (high) (sf)
-- HPA 2020-1, Class C confirmed at A (high) (sf)
-- HPA 2020-1, Class D confirmed at A (low) (sf)
-- HPA 2020-1, Class E confirmed at BBB (sf)
-- HPA 2020-1, Class F confirmed at B (high) (sf)

Progress Residential 2017-SFR1 Trust
-- PRD 2017-SFR1, Class A discontinued due to repayment
-- PRD 2017-SFR1, Class B discontinued due to repayment
-- PRD 2017-SFR1, Class C discontinued due to repayment
-- PRD 2017-SFR1, Class D discontinued due to repayment
-- PRD 2017-SFR1, Class E discontinued due to repayment

Progress Residential 2018-SFR2 Trust
-- PRD 2018-SFR2, Class A discontinued due to repayment
-- PRD 2018-SFR2, Class B discontinued due to repayment
-- PRD 2018-SFR2, Class C discontinued due to repayment
-- PRD 2018-SFR2, Class D discontinued due to repayment
-- PRD 2018-SFR2, Class E discontinued due to repayment
-- PRD 2018-SFR2, Class F discontinued due to repayment

Progress Residential 2019-SFR2 Trust
-- PRD 2019-SFR2, Class A confirmed at AAA (sf)
-- PRD 2019-SFR2, Class B confirmed at AAA (sf)
-- PRD 2019-SFR2, Class C confirmed at AA (sf)
-- PRD 2019-SFR2, Class D upgraded to A (sf) from A (low) (sf)
-- PRD 2019-SFR2, Class E confirmed at BBB (low) (sf)
-- PRD 2019-SFR2, Class F confirmed at BB (low) (sf)

Progress Residential 2019-SFR3 Trust
-- PRD 2019-SFR3, Class A confirmed at AAA (sf)
-- PRD 2019-SFR3, Class B confirmed at AAA (sf)
-- PRD 2019-SFR3, Class C confirmed at AA (high) (sf)
-- PRD 2019-SFR3, Class D confirmed at A (high) (sf)
-- PRD 2019-SFR3, Class E confirmed at BBB (low) (sf)
-- PRD 2019-SFR3, Class F confirmed at BB (sf)

AMSR 2019-SFR1
-- AMSR 2019-SFR1 Trust, Class A confirmed at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class B confirmed at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class C confirmed at AA (high) (sf)
-- AMSR 2019-SFR1 Trust, Class D confirmed at AA (sf)
-- AMSR 2019-SFR1 Trust, Class E confirmed at BBB (low) (sf)
-- AMSR 2019-SFR1 Trust, Class F confirmed at BB (sf)
-- AMSR 2019-SFR1 Trust, Class G confirmed at B (high) (sf)

AMSR 2020-SFR1
-- AMSR 2020-SFR1 Trust, Class A confirmed at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class B confirmed at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class C confirmed at AA (high) (sf)
-- AMSR 2020-SFR1 Trust, Class D confirmed at AA (high) (sf)
-- AMSR 2020-SFR1 Trust, Class E confirmed at BBB (low) (sf)
-- AMSR 2020-SFR1 Trust, Class F confirmed at BB (sf)
-- AMSR 2020-SFR1 Trust, Class G confirmed at B (sf)

AMSR 2020-SFR2
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class H confirmed at B (low) (sf)

AMSR 2020-SFR3
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings.

DBRS Morningstar’s rating actions are based on the following analytical consideration:

-- Key performance measures as reflected in month-over-month changes in vacancy and delinquency, quarterly analysis of the actual expenses, credit enhancement increases since deal inception, bond paydown factors.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodology is U.S. Single-Family Rental Securitization Ratings Methodology (May 28, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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 these credits or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277