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

DBRS, Inc. (DBRS Morningstar) reviewed 57 classes from eight U.S. single-family rental transactions. Of the 57 classes reviewed, DBRS Morningstar upgraded five ratings and confirmed 52 ratings.

AMSR 2019-SFR1 Trust
-- 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 upgraded to AAA (sf) from 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 Trust
-- 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 upgraded to AAA (sf) from 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 Trust
-- AMSR 2020-SFR2 Trust, Class A confirmed at AAA (sf)
-- AMSR 2020-SFR2 Trust, Class B confirmed at AAA (sf)
-- AMSR 2020-SFR2 Trust, Class C confirmed at AA (high) (sf)
-- AMSR 2020-SFR2 Trust, Class D upgraded to AA (sf) from AA (low (sf)
-- AMSR 2020-SFR2 Trust, Class E1 upgraded to A (sf) from A (low) (sf)
-- AMSR 2020-SFR2 Trust, Class E2 confirmed at BBB (low) (sf)
-- AMSR 2020-SFR2 Trust, Class F confirmed at BB (high) (sf)
-- AMSR 2020-SFR2 Trust, Class G confirmed at BB (low) (sf)
-- AMSR 2020-SFR2 Trust, Class H confirmed at B (low) (sf)

AMSR 2020-SFR3 Trust
-- Single-Family Rental Pass-Through Certificates, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class C confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class D upgraded to AA (low) (sf) from A (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-1 confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class G confirmed at B (low) (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)

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)

Progress Residential 2021-SFR7 Trust
-- Single-Family Rental Pass-Through Certificates, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class B confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class C confirmed at A (high) (sf)
-- Single-Family Rental Pass-Through Certificates, Class D confirmed at A (low) (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 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class G confirmed at B (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 (ESG) 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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