Press Release

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

RMBS
January 10, 2023

DBRS, Inc. (DBRS Morningstar) reviewed 44 classes from six U.S. single-family rental transactions. Of the 44 classes reviewed, DBRS Morningstar confirmed all 44 ratings as follows.

AMSR 2021-SFR1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (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 (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (low) (sf)

AMSR 2022-SFR1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (low) (sf)

Home Partners of America 2022-1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E at BBB (low) (sf)

Progress Residential 2021-SFR1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (low) (sf)

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

Progress Residential 2021-SFR4 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at BBB (high) (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 at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at 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, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/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 (May 17, 2022).

Notes:
The principal methodology applicable to the ratings is Rating and Monitoring U.S. Single-Family Rental Securitizations (https://www.dbrsmorningstar.com/research/405662; November 23, 2022).

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at: https://www.dbrsmorningstar.com/about/methodologies.

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/407678/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.