DBRS Morningstar Takes Rating Actions on 127 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 1,285 classes from 127 U.S. residential mortgage-backed security (RMBS) transactions. Of the 1,285 classes reviewed, DBRS Morningstar upgraded 191 ratings, confirmed 1,088 ratings, and discontinued six ratings.

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 ratings reflect the transactions exercising their cleanup call option or the full repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of non-Qualified Mortgage, net interest margin, and seasoned collateral.

The ratings assigned to the securities listed below differ from the ratings implied by the quantitative model. DBRS Morningstar considers these differences material deviations; however, in these cases, the ratings on the subject securities may reflect additional seasoning being warranted to substantiate a further upgrade or that the actual deal or tranche performance is not fully reflected in the projected cash flows/model output.

-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class M-2
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2019-1, Mortgage-Backed Certificates, Series 2019-1, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2019-1, Mortgage-Backed Certificates, Series 2019-1, Class B-1
-- Angel Oak Mortgage Trust I 2019-2, Mortgage-Backed Certificates, Series 2019-2, Class M-1
-- Angel Oak Mortgage Trust I 2019-2, Mortgage-Backed Certificates, Series 2019-2, Class B-1
-- Angel Oak Mortgage Trust I 2019-2, Mortgage-Backed Certificates, Series 2019-2, Class B-2
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class A-3
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class M-1
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-1
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-2
-- BRAVO Residential Funding Trust 2019-NQM1, Mortgage-Backed Notes, Series 2019-NQM1, Class M-1
-- BRAVO Residential Funding Trust 2019-NQM2, Mortgage-Backed Notes, Series 2019-NQM2, Class M-1
-- BRAVO Residential Funding Trust 2019-NQM2, Mortgage-Backed Notes, Series 2019-NQM2, Class B-1
-- BRAVO Residential Funding Trust 2019-NQM2, Mortgage-Backed Notes, Series 2019-NQM2, Class B-2
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B3
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class BX3
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B4
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B5
-- Galton Funding Mortgage Trust 2019-H1, Mortgage Pass-Through Certificates, Series 2019-H1, Class M1
-- New Residential Mortgage Loan Trust 2019-NQM4, Mortgage-Backed Notes, Series 2019-NQM4, Class A-3
-- New Residential Mortgage Loan Trust 2019-NQM4, Mortgage-Backed Notes, Series 2019-NQM4, Class M-1
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-2
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B2-IO
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-3
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B3-IO
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-4
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-5
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-2A
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-3A
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class A-3
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class M-1
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class B-1
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class B-2
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-IO
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1B
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1C
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOA
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOB
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOC
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-2
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IO
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1B
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1C
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOA
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOB
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOC
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B5-IOA
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A-1
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A-IO
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A-1A
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A-1B
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A-1C
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A1-IOA
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A1-IOB
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A1-IOC
-- New Residential Mortgage Loan Trust 2017-3, Mortgage-Backed Notes, Series 2017-3, Class A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3C
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOB
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOC
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B4-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B4-IOB
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class A-2
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-1
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B1-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-1A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-1B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-1C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-1D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B1-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B1-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B1-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-2
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-2A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-2B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-2C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-2D
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3D
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5D
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-7
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class A-4
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class IO
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-2
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-2A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-2B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-2C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-2D
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-IO
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5D
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-7
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-2
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-2A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-2B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-2C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-2D
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3D
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5D
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-7
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IO
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3D
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5D
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-7
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-2
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B2-IO
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-2A
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-2B
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-2C
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-2D
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B2-IOA
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B2-IOB
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B2-IOC
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-4
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-4A
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-4B
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-4C
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5A
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5B
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5C
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5D
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-7
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-3
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B3-IO
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-3A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-3B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-3C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-3D
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B3-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B3-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B3-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-4
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-4A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-4B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-4C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5D
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-8
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IO
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3D
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5D
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-7
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2D
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-3
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B3-IO
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-3A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-3B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-3C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-3D
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B3-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B3-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B3-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5D
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOD
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-7

CORONAVIRUS DISEASE (COVID-19) IMPACT
The coronavirus pandemic and the resulting isolation measures have caused an immediate economic contraction, leading to sharp increases in unemployment rates and income reductions for many consumers. DBRS Morningstar saw increases in delinquencies for many RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance, which are generally short-term payment reliefs that may perform very differently from traditional delinquencies. At the onset of coronavirus, because the option to forbear mortgage payments was so widely available, it drove forbearance to a very high level. When the dust settled, coronavirus-induced forbearance in 2020 performed better than expected, thanks to government aid and good underwriting in the mortgage market in general. Across nearly all RMBS asset classes, delinquencies have been gradually trending down in recent months as the forbearance period comes to an end for many borrowers.

In connection with the economic stress assumed under its baseline scenario (“Baseline Macroeconomic Scenarios For Rated Sovereigns,” published on September 8, 2021), DBRS Morningstar may assume higher loss expectations for pools with loans on forbearance plans.

The rating actions are the result of DBRS Morningstar’s application of its “U.S. RMBS Surveillance Methodology,” published on February 21, 2020.

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.

On January 26, 2022, DBRS Morningstar amended the press release that was issued on December 6, 2021, for DSLA Mortgage Loan Trust 2006-AR2 to reflect the rating for DSLA NIM CI-3 Corp. DBRS Morningstar inadvertently referenced DSLA Mortgage Loan Trust 2006-AR2 upon initial publication.

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology (February 21, 2020) and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology (April 1, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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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