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

DBRS, Inc. (DBRS Morningstar) reviewed 22 classes from five U.S. single-family rental transactions. Of the 22 classes reviewed, DBRS Morningstar upgraded two ratings and confirmed 20 ratings.

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)

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)

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

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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