Morningstar DBRS Takes Credit Rating Actions on 11 U.S. RMBS Transactions

DBRS, Inc. (Morningstar DBRS) reviewed 76 classes from 11 U.S. single-family rental transactions. Of the 76 classes reviewed, Morningstar DBRS confirmed 63 credit ratings and upgraded 13 credit ratings as follows:

AMSR 2019-SFR1 Trust
-- AMSR 2019-SFR1 Trust, Class A confirmed at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class B confirmed at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class C confirmed at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class D confirmed at AA (sf)
-- AMSR 2019-SFR1 Trust, Class E confirmed at BBB (low) (sf)
-- AMSR 2019-SFR1 Trust, Class F confirmed at BB (sf)
-- AMSR 2019-SFR1 Trust, Class G confirmed at B (high) (sf)

AMSR 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 (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 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

AMSR 2022-SFR1 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 AA (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 (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

AMSR 2022-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 (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at B (low) (sf)

FirstKey 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 (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C upgraded to AA (low) (sf) from A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to A (low) (sf) from BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E upgraded to BBB (sf) from BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F1 confirmed at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F2 confirmed at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F3 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G1 confirmed at B (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G2 confirmed at B (high) (sf)

Home Partners of America 2019-1 Trust
-- HPA 2019-1, Class A confirmed at AAA (sf)
-- HPA 2019-1, Class B upgraded to AAA (sf) from AA (high) (sf)
-- HPA 2019-1, Class C upgraded to AA (sf) from AA (low) (sf)
-- HPA 2019-1, Class D upgraded to A (sf) from A (low) (sf)
-- HPA 2019-1, Class E confirmed at BBB (sf)
-- HPA 2019-1, Class F confirmed at BBB (low) (sf)

Home Partners of America 2019-2 Trust
-- HPA 2019-2, Class A confirmed at AAA (sf)
-- HPA 2019-2, Class B confirmed at AAA (sf)
-- HPA 2019-2, Class C upgraded to AA (high) (sf) from AA (sf)
-- HPA 2019-2, Class D upgraded to A (sf) from A (low) (sf)
-- HPA 2019-2, Class E upgraded to BBB (sf) from BBB (low) (sf)
-- HPA 2019-2, Class F confirmed at BB (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 upgraded to AA (high) (sf) from AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C upgraded to A (high) (sf) from A (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to A (low) (sf) from BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E upgraded to BBB (sf) from BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (low) (sf)

Home Partners of America 2021-1 Trust
-- Single-Family Rental Pass-Through Certificate A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B confirmed at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate C confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate D confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate E confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate F confirmed at BB (sf)

Home Partners of America 2021-2 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (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 E1 confirmed at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 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 (sf)

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

The credit rating confirmations reflect asset performance and credit-support levels that are consistent with the current credit ratings.

Morningstar DBRS’ credit 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/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://dbrs.morningstar.com/research/416784 (July 4, 2023).

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

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit ratings were initiated at the request of the rated entities.

The rated entity or its related entities did participate in the credit rating process for these credit rating actions.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with these credit rating actions.

These are solicited credit ratings.

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

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

-- Interest Rate Stresses for U.S. Structured Finance Transactions (June 9, 2023; https://dbrs.morningstar.com/research/415687)
-- Legal Criteria for U.S. Structured Finance (December 7, 2023; https://dbrs.morningstar.com/research/425081)
-- Operational Risk Assessment for U.S. RMBS Originators (August 31, 2023; https://dbrs.morningstar.com/research/420106)
-- Operational Risk Assessment for U.S. RMBS Servicers (August 31, 2023; https://dbrs.morningstar.com/research/420107)

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