KBRA Assigns Preliminary Ratings to Kinbane 2024-RPL 1 DAC
29 March 2024 - 2:38AM
Business Wire
KBRA Europe (KBRA) assigns preliminary ratings to six classes of
notes issued by Kinbane 2024-RPL 1 DAC. The transaction is a static
RMBS securitisation predominantly collateralised by reperforming
mortgage loans. The provisional portfolio, aggregating €330.5
million in current balance, consists primarity of loans secured by
1st lien, seasoned, performing, and re-performing mortgages,
secured by owner-occupied (83.3%), and buy-to-let (14.0%)
residential properties located in Ireland. The mortgage loans were
predominantly originated pre-2012 (91.2%) by Bank of Ireland
(77.8%), KBC Ireland (11.7%) and ACC Bank (7.7%). The portfolio
includes €12.1 million of unsecured loans (3.7%), which was not
assigned any value in KBRA’s analysis.
The majority of portfolio will be serviced by Mars Capital
Finance Ireland DAC (80.6%) and a smaller portion by Pepper Finance
Corporation (Ireland) DAC (19.4%).
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- Irish Mortgage and Housing Trends
- Ireland’s RMBS Faces Inflation and Rate Headwinds
- Irish Housing: Challenges to a Greener Ireland
- Supportive Environment for Restructured Loans in Ireland
Methodologies
- RMBS: European RMBS Rating Methodology
- RMBS: European RMBS Rating Methodology Country Addendum:
Republic of Ireland
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity
analyses that consider what factors can affect these credit ratings
and how they could lead to an upgrade or a downgrade, and ESG
factors (where they are a key driver behind the change to the
credit rating or rating outlook) can be found in the full rating
report referenced above.
A description of all substantially material sources that were
used to prepare the credit rating and information on the
methodology(ies) (inclusive of any material models and sensitivity
analyses of the relevant key rating assumptions, as applicable)
used in determining the credit rating is available in the
Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be
located here.
This credit rating is endorsed by Kroll Bond Rating Agency UK
Limited for use in the UK. Information on a credit rating’s
endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available
in the Information Disclosure Form(s) referenced above. Additional
information regarding KBRA policies, methodologies, rating scales
and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by
KBRA Europe or KBRA UK that may be or have relationships with
Shareholders and/or Shareholder-Related Companies, as that term is
defined in KBRA’s Shareholder and Shareholder Related Companies for
KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure
information may be found here.
About KBRA Europe
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit
rating agency registered with the U.S. Securities and Exchange
Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is
registered as a CRA with the European Securities and Markets
Authority. Kroll Bond Rating Agency UK Limited is registered as a
CRA with the UK Financial Conduct Authority. In addition, KBRA is
designated as a designated rating organization by the Ontario
Securities Commission for issuers of asset-backed securities to
file a short form prospectus or shelf prospectus. KBRA is also
recognized by the National Association of Insurance Commissioners
as a Credit Rating Provider. Kroll Bond Rating Agency Europe is
located at 6-8 College Green, Dublin 2, Ireland.
Doc ID: 1003673
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Analytical
Gianfranco Di Paolo, Associate Director (Lead Analyst) +353 1
588 1205 gianfranco.dipaolo@kbra.com
Hrishikesh Oturkar, Director +44 20 8148 1070
hrishikesh.oturkar@kbra.com
Kali Sirugudi, Managing Director +44 20 8148 1050
kali.sirugudi@kbra.com
Tomas Cruz, Associate +353 1 588 1188 tomas.cruz@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS
(Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com
Business Development
Miten Amin, Managing Director +44 20 8148 1002
miten.amin@kbra.com
Mauricio Noé, Co-Head of Europe +44 20 8148 1010
mauricio.noe@kbra.com