Of the 51 classes reviewed, DBRS Morningstar upgraded 11 ratings, confirmed 37 ratings, and discontinued three ratings as a result of full repayment of the outstanding bond balances.
Colony
Class A discontinued as a result of full repayment
Class B upgraded to
Class C upgraded to
Class D upgraded to A (high) (sf) from BBB (high) (sf)
Class E upgraded to BBB (sf) from BBB (low) (sf)
Class F upgraded to BB (high) (sf) from BB (sf)
Class G upgraded to B (high) (sf) from B (sf)
CoreVest American Finance 2017-1 Trust
Class A discontinued as a result of full repayment
Class B upgraded to
Class C upgraded to AA (sf) from A (sf)
Class D upgraded to A (low) (sf) from BBB (sf)
Class E upgraded to BBB (sf) from BBB (low) (sf)
Class F confirmed at BB (sf)
Class G confirmed at B (sf)
Class X-A discontinued as a result of full repayment
Class X-B upgraded to A (low) (sf) from BBB (sf)
CoreVest American Finance 2018-1 Trust
Class A confirmed at
Class B confirmed at AA (low) (sf)
Class C confirmed at A (sf)
Class D confirmed at BBB (sf)
Class E confirmed at BB (high) (sf)
Class F confirmed at BB (sf)
Class G confirmed at B (sf)
Class X-A confirmed at
Class X-B confirmed at BBB (sf)
CoreVest American Finance 2018-2 Trust
Class A confirmed at
Class B confirmed at AA (low) (sf)
Class C confirmed at A (low) (sf)
Class D confirmed at BBB (low) (sf)
Class E confirmed at BB (high) (sf)
Class F confirmed at BB (sf)
Class G confirmed at B (sf)
Class X-A confirmed at
Class X-B confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class A confirmed at
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 BBB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E confirmed at 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)
Progress Residential 2020-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at A (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E 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)
The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings.
DBRS Morningstar's 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.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
The principal methodology is
The DBRS
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
For more information on these credits or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 212 806-3277
Ratings
Colony
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 CAF 2016-2, Class B UpgradedAAA (sf) -- US
08-Oct-21 CAF 2016-2, ClassC Upgraded AA A (sf) -- US
08-Oct-21 CAF 2016-2, ClassD Upgraded A (high) (sf) -- US
08-Oct-21 CAF 2016-2, Class E Upgraded BBB (sf) -- US
08-Oct-21 CAF 2016-2, Class F Upgraded BB (high) (sf) -- US
08-Oct-21 CAF 2016-2, ClassG Upgraded B (high) (sf) -- US
08-Oct-21 CAF 2016-2, Class A Disc.-Repaid Discontinued -- US
CoreVest American Finance 2017-1 Trust
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 CAF 2017-1, Class B UpgradedAAA (sf) -- US
08-Oct-21 CAF 2017-1, ClassC Upgraded A A (sf) -- US
08-Oct-21 CAF 2017-1, ClassD Upgraded A (low) (sf) -- US
08-Oct-21 CAF 2017-1, Class X-B Upgraded A (low) (sf) -- US
08-Oct-21 CAF 2017-1, Class E Upgraded BBB (sf) -- US
08-Oct-21 CAF 2017-1, Class F Confirmed BB (sf) -- US
08-Oct-21 CAF 2017-1, ClassG Confirmed B (sf) -- US
08-Oct-21 CAF 2017-1, Class A Disc.-Repaid Discontinued -- US
08-Oct-21 CAF 2017-1, Class X-A Disc.-Repaid Discontinued -- US
CoreVest American Finance 2018-1 Trust
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 CAF 2018-1, Class A ConfirmedAAA (sf) -- US
08-Oct-21 CAF 2018-1, Class X-A ConfirmedAAA (sf) -- US
08-Oct-21 CAF 2018-1, Class B Confirmed AA (low) (sf) -- US
08-Oct-21 CAF 2018-1, ClassC Confirmed A (sf) -- US
08-Oct-21 CAF 2018-1, Class D Confirmed BBB (sf) -- US
08-Oct-21 CAF 2018-1, Class X-B Confirmed BBB (sf) -- US
08-Oct-21 CAF 2018-1, Class E Confirmed BB (high) (sf) -- US
08-Oct-21 CAF 2018-1, Class F Confirmed BB (sf) -- US
08-Oct-21 CAF 2018-1, ClassG Confirmed B (sf) -- US
CoreVest American Finance 2018-2 Trust
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 CAF 2018-2, Class A ConfirmedAAA (sf) -- US
08-Oct-21 CAF 2018-2, Class X-A ConfirmedAAA (sf) -- US
08-Oct-21 CAF 2018-2, Class B Confirmed AA (low) (sf) -- US
08-Oct-21 CAF 2018-2, ClassC Confirmed A (low) (sf) -- US
08-Oct-21 CAF 2018-2, Class D Confirmed BBB (low) (sf) -- US
08-Oct-21 CAF 2018-2, Class X-B Confirmed BBB (low) (sf) -- US
08-Oct-21 CAF 2018-2, Class E Confirmed BB (high) (sf) -- US
08-Oct-21 CAF 2018-2, Class F Confirmed BB (sf) -- US
08-Oct-21 CAF 2018-2, ClassG Confirmed B (sf) -- US
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class A ConfirmedAAA (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class B Confirmed AA (high) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, ClassC Confirmed A (high) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class D Confirmed BBB (high) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class E Confirmed BBB (low) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class F1 Confirmed BB (high) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class F2 Confirmed BB (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class F3 Confirmed BB (low) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class G1 Confirmed B (high) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class G2 Confirmed B (high) (sf) -- US
Progress Residential 2020-
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class A ConfirmedAAA (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class B Confirmed AA (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, ClassC Confirmed A (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, ClassD Confirmed A (low) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class E Confirmed BBB (low) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, Class F Confirmed BB (low) (sf) -- US
08-Oct-21 Single-Family Rental Pass-Through Certificate, ClassG Confirmed B (low) (sf) -- US
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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