AMERICAN HOMES 4 RENT Of the 102 classes reviewed, Morningstar DBRS confirmed 101 credit ratings and discontinued one credit rating because of full repayment of the outstanding bond balance.
AH4R 2014-SFR2, Class A confirmed at
AH4R 2014-SFR2, Class B confirmed at
AH4R 2014-SFR2, Class C confirmed at
AH4R 2014-SFR2, Class D confirmed at
AH4R 2014-SFR2, Class E confirmed at AA (high) (sf)
AH4R 2014-SFR3, Class A confirmed at
AH4R 2014-SFR3, Class B confirmed at
AH4R 2014-SFR3, Class C confirmed at
AH4R 2014-SFR3, Class D confirmed at
AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)
AH4R 2015-SFR1, Class A confirmed at
AH4R 2015-SFR1, Class B confirmed at
AH4R 2015-SFR1, Class C confirmed at
AH4R 2015-SFR1, Class D confirmed at
AH4R 2015-SFR1, Class E confirmed at AA (low) (sf)
AH4R 2015-SFR1, Class F confirmed at A (sf)
AH4R 2015-SFR2, Class A confirmed at
AH4R 2015-SFR2, Class B confirmed at
AH4R 2015-SFR2, Class C confirmed at
AH4R 2015-SFR2, Class D confirmed at
AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
AMSR 2020-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at
Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at AA (sf)
Single-Family Rental Pass-Through Certificate, Class E1 confirmed at A (sf)
Single-Family Rental Pass-Through Certificate, Class E2 confirmed at BBB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class F confirmed at BB (high) (sf)
Single-Family Rental Pass-Through Certificate, Class G confirmed at BB (low) (sf)
Single-Family Rental Pass-Through Certificate, Class H confirmed at B (low) (sf)
AMSR 2020-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at
Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at AA (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at 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-
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 A (low) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at 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-
Single-Family Rental Pass-Through Certificate, Class A confirmed at
Single-Family Rental Pass-Through Certificate, Class B confirmed at
Single-Family Rental Pass-Through Certificate, Class C confirmed at AA (high) (sf)
Single-Family Rental Pass-Through Certificate, Class D confirmed at A (high) (sf)
Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at 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 confirmed at B (sf)
AMSR 2021-
Single Family Rental Pass Through Certificates, Class A confirmed at
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-
Single-Family Rental Pass-Through Certificate A confirmed at
Single-Family Rental Pass-Through Certificate B confirmed at
Single-Family Rental Pass-Through Certificate C confirmed at
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-
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 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)
Single-Family Rental Pass-Through Certificate, Class E discontinued
Single-Family Rental Pass-Through Certificates, Class A confirmed at
Single-Family Rental Pass-Through Certificates, Class B confirmed at
Single-Family Rental Pass-Through Certificates, Class C confirmed at
Single-Family Rental Pass-Through Certificates, Class D confirmed at
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-
Class A confirmed at
Class B confirmed at
Class C confirmed at AA (sf)
Class D confirmed at 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.
Morningstar DBRS' credit 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.
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 Risk Factors in Credit Ratings at (
Notes:
The principal methodology applicable to the credit ratings is Rating and Monitoring
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.
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
Legal Criteria for
Operational Risk Assessment for
Operational Risk Assessment for
For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.
(C) 2024 Electronic News Publishing, source
