DBRS Morningstar Confirms Ratings on AMSR 2021-SFR4 Trust

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on the following classes from AMSR 2021-SFR4 Trust:

-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F-1 at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F-2 at BB (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 (May 17, 2022).

Notes:
The methodology is Rating and Monitoring U.S. Single-Family Rental Securitizations Methodology (November 23, 2022), 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 this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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