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Surveillance Review of 29 Freddie Mac CMBS Transactions - Press Release Appendix

CMBS

Summary

DBRS, Inc. (DBRS Morningstar) conducted its surveillance review of 80 classes from 14 Freddie Mac commercial mortgage-backed security (CMBS) transactions, 35 classes from 13 Freddie Mac Structured Pass-Through Certificate transactions, and nine classes from two ReREMIC transactions collateralized by underlying Freddie Mac CMBS transactions. DBRS Morningstar confirmed its ratings on 109 classes across all of the transactions; upgraded its ratings on 14 classes across seven transactions; and discontinued its rating for the Multifamily Mortgage Pass-Through Certificates, Series 2014-K717, Class B as it was repaid per the September 2021 remittance report. The rating confirmations reflect the transactions’ overall stable performance, which has generally remained in line with DBRS Morningstar’s expectations at issuance. The rating upgrades were primarily the result of increased defeasance, loan payoffs, and amortization since issuance. As a result of this review, 119 classes have Stable trends and four classes have Positive trends.

Ratings

BAMLL Re-REMIC Trust 2016-FRR13
FREMF 2011-K16 Mortgage Trust, Series 2011-K16
FREMF 2012-K18 Mortgage Trust, Series 2012-K18
FREMF 2012-K21 Mortgage Trust, Series 2012-K21
FREMF 2012-K22 Mortgage Trust, Series 2012-K22
FREMF 2013-K24 Mortgage Trust, Series 2013-K24
FREMF 2013-K26 Mortgage Trust, Series 2013-K26
FREMF 2013-K28 Mortgage Trust, Series 2013-K28
FREMF 2013-K29 Mortgage Trust, Series 2013-K29
FREMF 2013-K31 Mortgage Trust, Series 2013-K31
FREMF 2013-K33 Mortgage Trust, Series 2013-K33
FREMF 2013-K34 Mortgage Trust, Series 2013-K34
FREMF 2014-K37 Mortgage Trust, Series 2014-K37
FREMF 2014-K38 Mortgage Trust, Series 2014-K38
FREMF 2014-K717 Mortgage Trust, Series 2014-K717
Freddie Mac Structured Pass-Through Certificates, Series K-016
Freddie Mac Structured Pass-Through Certificates, Series K-018
Freddie Mac Structured Pass-Through Certificates, Series K-021
Freddie Mac Structured Pass-Through Certificates, Series K-022
Freddie Mac Structured Pass-Through Certificates, Series K-024
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  • 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

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