Press Release
Morningstar DBRS Discontinues Credit Ratings on 11 U.S. RMBS Transactions
RMBSDBRS, Inc. (Morningstar DBRS) reviewed its credit ratings on 28 classes from 11 U.S. residential mortgage-backed securities (RMBS) transactions. Out of the 11 transactions, one is classified as Agency Credit transaction, two are classified as Mortgage Insurance-Linked Notes, one is classified as Non-Qualified Mortgage, one is classified as Reperforming, one is classified as ReREMIC of legacy RMBS, two are classified as legacy RMBS, one is classified as RMBS backed by seasoned mortgages, and two are classified as Single-Family Rental. Morningstar DBRS discontinued its credit ratings on all 28 classes that it reviewed.
The discontinued credit ratings reflect the full repayment of principal to the bondholders.
The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary "Baseline Macroeconomic Scenarios for Rated Sovereigns December 2024 Update" published on December 19, 2024 (https://dbrs.morningstar.com/research/444924).
These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse coronavirus pandemic scenarios, which were first published in April 2020.
The credit rating actions are the result of Morningstar DBRS' application of its "U.S. RMBS Surveillance Methodology," published on June 28, 2024.
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), https://dbrs.morningstar.com/research/437781.
Notes:
The principal methodologies applicable to the credit ratings are U.S. RMBS Surveillance Methodology (June 28, 2024) https://dbrs.morningstar.com/research/435291.
Other methodologies referenced in these transactions are listed at the end of this press release.
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, Inc.
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New York, NY 10005 USA
Tel. +1 212 806-3277
The credit rating methodologies used in the analysis of these transactions can be found at: https://www.dbrsmorningstar.com/about/methodologies.
--RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology (January 02, 2025), https://dbrs.morningstar.com/research/445477
-- 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
For more information on these credits or on this industry, visit http://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.
Ratings
BRAVO Residential Funding Trust 2019-1
CSMC Series 2014-2R
Fannie Mae
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3
Fremont Home Loan Trust 2005-D
Home Re 2022-1 Ltd.
Invitation Homes 2018-SFR4 Trust
Oaktown Re V Ltd.
PATH 2022-1 Trust
Residential Mortgage Loan Trust 2020-2
Securitized Asset-Backed Receivables LLC Trust 2005-EC1
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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Related Documents
Methodology Used:
Contacts
Cathlene H. Hyun
Senior Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3247
cathlene.hyun@morningstar.com- Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com - Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com