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

DBRS, Inc. (DBRS Morningstar) reviewed 53 classes from eight U.S. single-family rental transactions. Of the 53 classes reviewed, DBRS Morningstar upgraded three ratings, confirmed 44, and discontinued six because of 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 upgraded to AA (high) (sf) from 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 upgraded to AA (low) (sf) from A (high) (sf)
-- AH4R 2015-SFR1, Class F upgraded to A (sf) from 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 2021-1 Trust
-- Single-Family Rental Pass-Through Certificate A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B confirmed at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate C confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate D confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate F confirmed at BB (sf)

Progress Residential 2019-SFR2 Trust
-- PRD 2019-SFR2, Class A discontinued because of repayment
-- PRD 2019-SFR2, Class B discontinued because of repayment
-- PRD 2019-SFR2, Class C discontinued because of repayment
-- PRD 2019-SFR2, Class D discontinued because of repayment
-- PRD 2019-SFR2, Class E discontinued because of repayment
-- PRD 2019-SFR2, Class F discontinued because of repayment

AMSR 2021-SFR2 Trust
-- Single-Family Rental Pass-Through Certificates, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class B confirmed at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class C confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class D confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-1 confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class F-1 confirmed at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class F-2 confirmed at BB (low) (sf)

FirstKey Homes 2021-SFR1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F1 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F2 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F3 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (high) (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.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no environmental, social, or governance factors that had a significant or relevant effect on the credit analysis.

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/396929.

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.

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.

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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