Morningstar DBRS Assigns Credit Ratings to BMD2 RE-REMIC Trust 2019-FRR1

DBRS Limited (Morningstar DBRS) assigned credit ratings to the following classes of Multifamily Mortgage Certificate-Backed Certificates, Series 2019-FRR1 (the Certificates) to be issued by BMD2 RE-REMIC Trust 2019-FRR1 as follows:

-- Class 2A5 at A (sf)
-- Class 2B10 at BBB (sf)
-- Class 2C at BB (sf)
-- Class 3A at BBB (low) (sf)
-- Class 3B at BB (low) (sf)
-- Class 3AB at BB (low) (sf)
-- Class 3C at B (high) (sf)
-- Class 5A1 at A (low) (sf)
-- Class 5B13 at BBB (low) (sf)
-- Class 5C at BB (sf)
-- Class 6A5 at BBB (low) (sf)
-- Class 6B10 at BB (sf)
-- Class 6C at B (high) (sf)

All trends are Stable.

This transaction is a securitization collateralized by the beneficial interests in four commercial mortgage-backed pass-through certificates from four underlying transactions: FREMF 2018-K731 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K731 (not rated by Morningstar DBRS), FREMF 2018-K79 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2018-K79 (rated by Morningstar DBRS), FREMF 2019-K90 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2019-K90 (rated by Morningstar DBRS), and FREMF 2019-K93 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2019-K93 (rated by Morningstar DBRS). The credit ratings of the subject transaction are dependent on the performance of the underlying transactions.

Morningstar DBRS' credit ratings on the Certificates address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the related Principal Distribution Amounts and Interest Distribution Amounts for the rated classes.

Morningstar DBRS' credit ratings do not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. For example, Underlying Prepayment Premiums.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or 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 Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024; https://dbrs.morningstar.com/research/437781)

All credit ratings are subject to surveillance, which could result in credit ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by Morningstar DBRS.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 1, 2024); https://dbrs.morningstar.com/research/428798)

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

With regard to due diligence services, Morningstar DBRS was not provided with the Form ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While due diligence services outlined in Form-15E do not constitute part of Morningstar DBRS' methodology, Morningstar DBRS used the data file outlined in the independent accountant's report in its analysis to determine the credit ratings referenced herein.

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 info-DBRS@morningstar.com.

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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
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 (March 1, 2024)/North American CMBS Insight Model v 1.2.0.0 (https://dbrs.morningstar.com/research/428797)
-- Morningstar DBRS Commercial Real Estate Property Analysis Criteria (September 19, 2024), https://dbrs.morningstar.com/research/439702
-- North American Commercial Mortgage Servicer Rankings (August 23, 2024), https://dbrs.morningstar.com/research/438283
-- Legal Criteria for U.S. Structured Finance (April 15, 2024), https://dbrs.morningstar.com/research/431205

A description of how Morningstar DBRS analyzes 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 https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.