DBRS, Inc. (DBRS Morningstar) confirmed eight classes and discontinued three classes from two U.S. single-family rental transactions as follows.

AMSR 2021-SFR1 Trust

Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf)

Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (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 (low) (sf)

Single-Family Rental Pass-Through Certificate, Class G confirmed at B (low) (sf)

Invitation Homes 2018-SFR3 Trust

IH 2018-SFR3, Class A discontinued

IH 2018-SFR3, Class B discontinued

IH 2018-SFR3, Class C discontinued

The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings. DBRS Morningstar discontinued the ratings on the Invitation Homes 2018-SFR3 notes as they have been paid in full.

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/396929.

Notes:

The principal methodology is U.S. Single-Family Rental Securitization Ratings Methodology (May 28, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.

DBRS, Inc.

140 Broadway, 43rd Floor

New York, NY 10005 USA

Tel. +1 212 806-3277

Ratings

AMSR 2021-SFR1 Trust

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

18-May-22	Single-Family Rental Pass-Through Certificate, Class A	Confirmed	AAA (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class B	Confirmed	AA (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class C	Confirmed	A (high) (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class D	Confirmed	A (low) (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class E-1	Confirmed	BBB (high) (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class E-2	Confirmed	BBB (low) (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class F	Confirmed	BB (low) (sf)	--	US
18-May-22	Single-Family Rental Pass-Through Certificate, Class G	Confirmed	B (low) (sf)	--	US

Invitation Homes 2018-SFR3 Trust

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

18-May-22	IH 2018-SFR3, Class A	Disc.-Repaid	Discontinued	--	US
18-May-22	IH 2018-SFR3, Class B	Disc.-Repaid	Discontinued	--	US
18-May-22	IH 2018-SFR3, Class C	Disc.-Repaid	Discontinued	--	US

(C) 2022 Electronic News Publishing, source ENP Newswire