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

DBRS, Inc. (DBRS Morningstar) reviewed 44 classes from nine U.S. Single-Family Rental transactions. Of the 44 classes reviewed, DBRS Morningstar upgraded nine ratings, confirmed 32, and discontinued three due to full repayment of the outstanding bond balances.

Invitation Homes 2017-SFR2 Trust
-- IH 2017-SFR2, Class A confirmed at AAA (sf)
-- IH 2017-SFR2, Class B confirmed at AAA (sf)
-- IH 2017-SFR2, Class C upgraded to AA (low) (sf) from A (high) (sf)
-- IH 2017-SFR2, Class D discontinued due to repayment

Invitation Homes 2018-SFR1 Trust
-- IH 2018-SFR1, Class A confirmed at AAA (sf)
-- IH 2018-SFR1, Class B confirmed at AA (sf)
-- IH 2018-SFR1, Class C confirmed at A (sf)
-- IH 2018-SFR1, Class D confirmed at BBB (high) (sf)

Invitation Homes 2018-SFR2 Trust
-- IH 2018-SFR2, Class A confirmed at AAA (sf)
-- IH 2018-SFR2, Class B confirmed at AA (high) (sf)
-- IH 2018-SFR2, Class C upgraded to AA (low) (sf) from A (high) (sf)
-- IH 2018-SFR2, Class D confirmed at A (low) (sf)

Invitation Homes 2018-SFR3 Trust
-- IH 2018-SFR3, Class A confirmed at AAA (sf)
-- IH 2018-SFR3, Class B confirmed at AA (high) (sf)
-- IH 2018-SFR3, Class C confirmed at A (high) (sf)
-- IH 2018-SFR3, Class D confirmed at A (low) (sf)
-- IH 2018-SFR3, Class E discontinued due to repayment

Invitation Homes 2018-SFR4 Trust
-- IH 2018-SFR4, Class A confirmed at AAA (sf)
-- IH 2018-SFR4, Class B confirmed at AAA (sf)
-- IH 2018-SFR4, Class C confirmed at AA (low) (sf)
-- IH 2018-SFR4, Class D confirmed at A (low) (sf)
-- IH 2018-SFR4, Class E discontinued due to repayment

Tricon American Homes 2017-SFR1 Trust
-- TAH 2017-SFR1, Class A confirmed at AAA (sf)
-- TAH 2017-SFR1, Class B upgraded to AA (high) (sf) from AA (sf)
-- TAH 2017-SFR1, Class C upgraded to AA (low) (sf) from A (sf)
-- TAH 2017-SFR1, Class D upgraded to A (sf) from BBB (high) (sf)
-- TAH 2017-SFR1, Class E upgraded to BBB (sf) from BBB (low) (sf)
-- TAH 2017-SFR1, Class F upgraded to B (sf) from B (low) (sf)

Tricon American Homes 2017-SFR2 Trust
-- TAH 2017-SFR2, Class A confirmed at AAA (sf)
-- TAH 2017-SFR2, Class B confirmed at AA (sf)
-- TAH 2017-SFR2, Class C confirmed at A (sf)
-- TAH 2017-SFR2, Class D upgraded to A (low) (sf) from BBB (high) (sf)
-- TAH 2017-SFR2, Class E upgraded to BBB (sf) from BBB (low) (sf)

Tricon American Homes 2018-SFR1 Trust
-- TAH 2018-SFR1, Class A confirmed at AAA (sf)
-- TAH 2018-SFR1, Class B confirmed at AA (high) (sf)
-- TAH 2018-SFR1, Class C confirmed at A (high) (sf)
-- TAH 2018-SFR1, Class D confirmed at A (low) (sf)
-- TAH 2018-SFR1, Class E confirmed at BBB (high) (sf)

Tricon American Homes 2019-SFR1 Trust
-- TAH 2019-SFR1, Class A confirmed at AAA (sf)
-- TAH 2019-SFR1, Class B confirmed at AAA (sf)
-- TAH 2019-SFR1, Class C confirmed at AA (high) (sf)
-- TAH 2019-SFR1, Class D confirmed at A (high) (sf)
-- TAH 2019-SFR1, Class E confirmed at BBB (high) (sf)
-- TAH 2019-SFR1, Class F confirmed at BBB (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, and 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].

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