Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Two Freddie Mac-Issued CMBS Transactions

DBRS Limited (Morningstar DBRS) discontinued its credit ratings on Classes A-2, B, C, X1, and X2-A of the Multifamily Mortgage Pass-Through Certificates, Series 2014-K37 issued by FREMF 2014-K37 Mortgage Trust, Series 2014-K37, as well as the credit ratings on Classes A-2 and X1 of the Structured Pass-Through Certificates, Series K-037 issued by Freddie Mac Structured Pass-Through Certificates, Series K-037. These classes were repaid with the January 25, 2024, remittance. Since the lowest-rated obligation for Class X2-B of the Multifamily Mortgage Pass-Through Certificates, Series 2014-K37 has been repaid, the credit rating on Class X-2B was discontinued and withdrawn. This concludes Morningstar DBRS’ surveillance of these transactions.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) 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 Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (January 23, 2024), https://dbrs.morningstar.com/research/427030)

Notes:
The principal methodology is North American CMBS Surveillance Methodology (March 16, 2023; https://dbrs.morningstar.com/research/410912)

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The credit rating was initiated at the request of the rated entity.

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

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

This is a solicited credit rating.

DBRS Limited
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

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

-- North American CMBS Multi-Borrower Rating Methodology (November 3, 2023)/North American CMBS Insight Model v 1.2.0.0, https://dbrs.morningstar.com/research/422859
-- Rating North American CMBS Interest-Only Certificates (December 13, 2023), https://dbrs.morningstar.com/research/425261
-- Legal Criteria for U.S. Structured Finance (December 7, 2023), https://dbrs.morningstar.com/research/425081
-- DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria (September 22, 2023),
https://dbrs.morningstar.com/research/420982
-- North American Commercial Mortgage Servicer Rankings (August 23, 2023),
https://dbrs.morningstar.com/research/419592

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/417279 (July 17, 2023)

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