DBRS Morningstar Discontinues Ratings on Notes Issued by FirstKey Master Funding 2017-R1 Ltd.

DBRS, Inc. (DBRS Morningstar) discontinued the ratings on the Class A3 Notes and Class A4 Notes (collectively, the Senior Securities) as well as on the Class M1 Notes, Class M2 Notes, Class M3 Notes, Class A6 US Combination Notes, Class A7 US Combination Notes, and Class M4 Combination Certificates (collectively, the Mezzanine Securities) of FirstKey Master Funding 2017-R1 Ltd. (the Issuer). These discontinuations reflect the payment in full of the Senior Securities and the Mezzanine Securities.

The Senior Securities and Mezzanine Securities were issued according to the Indenture, Deed of Covenant, and Fiscal Agency and Collateral Security Agreement dated as of March 31, 2017, among FirstKey Master Funding 2017-R1 Ltd. as Issuer; FirstKey Master Funding, LLC as Depositor; and U.S. Bank National Association (rated AA (high) with a Stable trend by DBRS Morningstar) as Indenture Trustee, Fiscal and Paying Agent, Collateral Agent, and Securities Intermediary.

The ratings on the Senior Securities, Class M1 Notes, Class M2 Notes, Class A6 US Combination Notes, and Class A7 US Combination Notes addressed the timely payment of interest and the ultimate payment of principal on or before the Legal Maturity Date (as defined in the Indenture and the Fiscal Agency and Collateral Security Agreement). The ratings on the Class M3 Notes and Class M4 Combination Certificates addressed the ultimate payment of interest and the ultimate payment of principal on or before the Legal Maturity Date (as defined in the Indenture and the Fiscal Agency and Collateral Security Agreement).

The Issuer’s securities were collateralized by Classes A-1b and A-1v of West Coast Funding I, Ltd., which was itself collateralized by a pool of prime and Alt-A residential mortgage-backed securities.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating Structured Finance CDO Restructurings, which can be found on dbrs.com under Methodologies & Criteria.

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.

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