DBRS Morningstar Takes Rating Actions on 20 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 126 classes from 20 U.S. single-family rental transactions. Of the 126 classes reviewed, DBRS Morningstar confirmed 123 ratings and discontinued three because of full repayment of the outstanding bond balances.

STAR 2021-SFR1 Trust
-- Class A confirmed at AAA (sf)
-- Class B confirmed at AAA (sf)
-- Class C confirmed at AA (sf)
-- Class D confirmed at A (low) (sf)
-- Class E confirmed at BBB (low) (sf)
-- Class F confirmed at BB (low) (sf)
-- Class G confirmed at B (low) (sf)

American Homes 4 Rent 2014-SFR2 Trust
-- AH4R 2014-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2014-SFR3 Trust
-- AH4R 2014-SFR3, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2015-SFR1 Trust
-- AH4R 2015-SFR1, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class E confirmed at AA (low) (sf)
-- AH4R 2015-SFR1, Class F confirmed at A (sf)

American Homes 4 Rent 2015-SFR2 Trust
-- AH4R 2015-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)

FirstKey Homes 2021-SFR1 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 BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F1 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F2 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F3 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (high) (sf)

Home Partners of America 2020-2 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 BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)

Invitation Homes 2018-SFR1 Trust
-- IH 2018-SFR1, Class A discontinued
-- IH 2018-SFR1, Class B discontinued
-- IH 2018-SFR1, Class C discontinued

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)

New Residential Mortgage Loan Trust 2022-SFR2
-- NRMLT 2022-SFR2, Class A confirmed at AAA (sf)
-- NRMLT 2022-SFR2, Class B confirmed at AA (high) (sf)
-- NRMLT 2022-SFR2, Class C confirmed at A (high) (sf)
-- NRMLT 2022-SFR2, Class D confirmed at A (low) (sf)
-- NRMLT 2022-SFR2, Class E-1 confirmed at BBB (sf)
-- NRMLT 2022-SFR2, Class E-2 confirmed at BBB (low) (sf)
-- NRMLT 2022-SFR2, Class F confirmed at BB (low) (sf)

PATH 2022-1 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 AA (sf)
-- Single-Family Rental Pass-Through Certificates, Class D confirmed at A (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 (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 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 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (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)

Progress Residential 2021-SFR9 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 (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 (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

Tricon American Homes 2017-SFR2 Trust
-- TAH 2017-SFR2, Class A confirmed at AAA (sf)
-- TAH 2017-SFR2, Class B confirmed at AA (high) (sf)
-- TAH 2017-SFR2, Class C confirmed at A (high) (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)

Tricon American Homes 2020-SFR2 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 BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf)

Tricon Residential 2021-SFR1 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 AA (low) (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 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (high) (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/384482/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.

-- Interest Rate Stresses for U.S. Structured Finance Transactions (August 30, 2022;
https://www.dbrsmorningstar.com/research/402153/interest-rate-stresses-for-us-structured-finance-transactions)
-- Legal Criteria for U.S. Structured Finance (December 7, 2022;
https://www.dbrsmorningstar.com/research/407008/legal-criteria-for-us-structured-finance)
-- Operational Risk Assessment for U.S. RMBS Originators (November 23, 2022;
https://www.dbrsmorningstar.com/research/405664/operational-risk-assessment-for-us-rmbs-originators)
-- Operational Risk Assessment for U.S. RMBS Servicers (November 23, 2022;
https://www.dbrsmorningstar.com/research/405665/operational-risk-assessment-for-us-rmbs-servicers)

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