Tricon American Homes is set to issue the first rated single-family rental securitization to include a voluntary property-substitution provision for the life of the transaction. The provision provides the issuer with flexibility to manage its overall portfolio, but rating services cautioned that the feature could have negative implications for investors. The planned Tricon American Homes 2017-SFR1 is collateralized by a $498.60 million fixed-rate loan secured by mortgages on 3,480 single-family rentals. The deal received preliminary AAA ratings from Kroll Bond Rating Agency, Moody’s Investors Service and Morningstar Credit Ratings. KBRA noted...