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

DBRS, Inc. (Morningstar DBRS) reviewed 84 classes from 11 U.S. single-family rental transactions. Of the 84 classes reviewed, Morningstar DBRS confirmed 59 credit ratings and upgraded 25 credit ratings as follows:

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 upgraded to AA (high) (sf) from AA (low) (sf)
-- AH4R 2015-SFR1, Class F upgraded to AA (low) (sf) from 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 upgraded to AA (sf) from AA (low) (sf)

AMSR 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 AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C upgraded to AAA (sf) from AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to AAA (sf) from AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 upgraded to AA (high) (sf) from A (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 upgraded to A (high) (sf) from BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F upgraded to BBB (high) (sf) from BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G upgraded to BBB (low) (sf) from BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class H upgraded to BB (low) (sf) from B (low) (sf)

AMSR 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 AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C upgraded to AAA (sf) from AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to AA (sf) from AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 upgraded to A (low) (sf) from 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 2020-SFR4 Trust
-- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B upgraded to AAA (sf) from AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C upgraded to AA (high) (sf) from A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to A (high) (sf) from A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 upgraded to A (low) (sf) from 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-1 confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G-2 confirmed at B (sf)

AMSR 2020-SFR5 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 upgraded to AAA (sf) from AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D upgraded to AA (high) (sf) from A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 upgraded to A (high) (sf) from BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 upgraded to A (low) (sf) from BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F upgraded to BBB (low) (sf) from BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G upgraded to BB (low) (sf) from B (sf)

AMSR 2021-SFR2 Trust
-- Single Family Rental Pass Through Certificates, Class A confirmed at AAA (sf)
-- Single Family Rental Pass Through Certificates, Class B confirmed at AA (low) (sf)
-- Single Family Rental Pass Through Certificates, Class C confirmed at A (low) (sf)
-- Single Family Rental Pass Through Certificates, Class D confirmed at BBB (high) (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-1 confirmed at BB (high) (sf)
-- Single Family Rental Pass Through Certificates, Class F-2 confirmed at BB (low) (sf)

AMSR 2021-SFR3 Trust
-- Single-Family Rental Pass-Through Certificate A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate C confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificate D confirmed at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate E-1 confirmed at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate E-2 confirmed at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate F confirmed at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate G confirmed at B (low) (sf)

AMSR 2021-SFR4 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-1 confirmed at BB (high) (sf)
-- Single Family Rental Pass Through Certificate, Class F-2 confirmed at BB (low) (sf)

New Residential Mortgage Loan Trust 2022-SFR1
-- Single-Family Rental Pass-Through Certificates, Class A confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class B confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class C confirmed at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class D confirmed at AAA (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 (low) (sf)

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

The credit rating confirmations reflect asset performance and credit-support levels that are consistent with the current credit ratings. The credit rating upgrades reflect a positive performance trend and an increase in credit support sufficient to withstand stresses at the new credit rating level.

Morningstar DBRS' credit rating actions are based on the following analytical considerations:

-- 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.

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

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/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) at https://dbrs.morningstar.com/research/437781.

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

The principal methodology applicable to the credit ratings is Rating and Monitoring U.S. Single-Family Rental Securitizations (September 30, 2024), https://dbrs.morningstar.com/research/440087.

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 (February 26, 2024), https://dbrs.morningstar.com/research/428623
-- Legal Criteria for U.S. Structured Finance (December 3, 2024), https://dbrs.morningstar.com/research/444064
-- Operational Risk Assessment for U.S. RMBS Originators and Servicers (September 30, 2024), https://dbrs.morningstar.com/research/440086

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.