Class A-1 to
Class A-2 to
Class X1 to
All trends are stable.
SPCs represent a pass-through interest in certificates issued by FREMF 2021-
A description of how DBRS Morningstar views 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.
Class X1 is an interest-only (IO) certificate that refers to a single rated tranche or multiple rated tranches. The IO rating reflects the applicable lowest rated benchmark bond tranche, adjusted up one notch if senior in the cascade.
All ratings are subject to oversight, which may result in ratings being upgraded, downgraded, reviewed, confirmed or discontinued by DBRS Morningstar.
The DBRS Morningstar Viewpoint platform provides additional information about this transaction and the underlying loans, including DBRS Morningstar metrics, commentaries, cash flows reported by service agents, and other performance-related data. .
For free access to this content, please subscribe to the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and server data for most open CMBS trades (including trades unrated by DBRS Morningstar), as well as loan and trade level comments for most trades. rated and monitored by DBRS Morningstar.
All figures are in
The main methodology is the North American CMBS Surveillance Methodology (
The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for more information on the sensitivity of the assumptions used in the rating process.
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Date Issued Debt Rated Action Rating Trend Attributesi
United States = Principal Analyst based in the United States
CA = Lead Analyst based at
EU = Lead Analyst based in the EU
E = EU approved
Unsolicited participation with access
Unsolicited participation without access
07-Oct-21Structured Pass-Through Certificates, Series K-123, Class A-1 Confirmed AAA(sf) Stb US
07-Oct-21Structured Pass-Through Certificates, Series K-123, Class A-2 Confirmed AAA(sf) Stb US
07-Oct-21Structured Pass-Through Certificates, Series K-123, Class X1 Confirmed AAA(sf) Stb US
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