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Federal Mortgage: DBRS Morningstar Confirms All Ratings on Freddie Mac Structured Transfer Certificates, Series K-123

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DBRS, Inc. (DBRS Morningstar) has confirmed all ratings of the following classes of Structured Pass-Through Certificates, Series K-123 (SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-123.

Class A-1 to AAA (sf)

Class A-2 to AAA (sf)

Class X1 to AAA (sf)

All trends are stable.

SPCs represent a pass-through interest in certificates issued by FREMF 2021-Mortgage trust K123, Series 2021-K123. For more information on the performance of the underlying certificates, please see the DBRS Morningstar press release for FREMF 2021-Mortgage trust K123, Series 2021-K123 dated October 8, 2021.

Freddie mac guarantees (1) timely payment of interest; (2) the payment of the related principal on the distribution date following the maturity date of each mortgage loan to the extent that this principal would have been distributed to the underlying certificates of categories A-1, A-2 and X1; (3) reimbursement of any realized losses and additional trust fund expenses allocated to Class A-1, Class A-2 and Class X1 certificates; and (4) the final principal payment on the deemed final distribution date for the underlying Class A-1, A-2 and X1 certificates. The ratings assigned by DBRS Morningstar to the issue are based exclusively on the credit provided by the transaction structure and the underlying assets of FREMF 2021-K123 Mortgage Trust, Series 2021-K123 without regard to the Freddie Mac warranty. DBRS Morningstar may take the Freddie Mac Guarantee into consideration for future rating stocks.

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.

Remarks:

All figures are in we dollars, unless otherwise specified.

The main methodology is the North American CMBS Surveillance Methodology (March 26, 2021), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that can be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that all of the related methodologies listed in a Core Structured Finance asset class methodology cannot be used to assess or monitor an individual structured finance or debt security.

DBRS Sovereign Morningstar the group publishes benchmark macroeconomic scenarios for rated sovereigns. The DBRS Morningstar analysis took into account the impacts consistent with the baseline scenarios as presented in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application- to-credit-ratings.

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.

For more information on this credit or industry, visit www.dbrsmorningstar.com or contact us at [email protected]

DBRS, Inc.

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Chicago, Illinois 60602 United States

Phone. +1 312 332 3429

Assessments

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

United States = Principal Analyst based in the United States

CA = Lead Analyst based at Canada

EU = Lead Analyst based in the EU

UK = Senior analyst based at UK

E = EU approved

U = UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non-participant

07-Oct-21 	Structured Pass-Through Certificates, Series K-123, Class A-1	Confirmed	AAA (sf)	Stb	US
07-Oct-21 	Structured Pass-Through Certificates, Series K-123, Class A-2	Confirmed	AAA (sf)	Stb	US
07-Oct-21 	Structured Pass-Through Certificates, Series K-123, Class X1	Confirmed	AAA (sf)	Stb	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMER AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AS WELL AS ADDITIONAL INFORMATION ABOUT DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODS.

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