BSPDF 2021-FL1 Issuer, Ltd.: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized provisional ratings on the following classes of notes issued by BSPDF 2021-FL1 Issuer, Ltd. (BSPDF 2021-FL1 or the Trust):

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (low) (sf)
-- Class H at B (low) (sf)

All trends are Stable.