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

DBRS, Inc. (DBRS Morningstar) reviewed 32 classes from four U.S. single-family rental transactions. Of the 32 classes reviewed, DBRS Morningstar upgraded seven ratings and confirmed 25 ratings.

AMSR 2021-SFR3 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

AMSR 2020-SFR4 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F upgraded to BB (sf) from BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G-1 upgraded to BB (low) (sf) from B (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G-2 upgraded to B (sf) from B (low) (sf)

AMSR 2020-SFR5 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F upgraded to BB (sf) from BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G upgraded to B (sf) from B (low) (sf)

Progress Residential 2020-SFR3 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 A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F upgraded to BB (sf) from BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G upgraded to B (sf) from B (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) factor(s) 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 (May 17, 2022).

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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