Press Release|RMBS, Financial Institutions
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KBRA Affirms Ratings for PNMAC GMSR Issuer Trust

11 Jun 2026   |   New York

Contacts

KBRA affirms ratings of ‘BBB’ for PNMAC GMSR Issuer Trust, Series 2016-MSRVF1 Variable Funding Notes, Series 2020-SPIADVF1 Variable Funding Notes, Series 2023-MSRVF1 Variable Funding Notes, Series 2023-MSRVF2 Variable Funding Notes, Series 2024-GT1 Term Notes, Series 2025-GT1 Term Notes and Series 2026-GT1 Term Notes issued by PNMAC GMSR Issuer Trust.

KBRA’s ratings on the Notes are are primarily driven by the credit rating of Private National Mortgage Acceptance Company, LLC (“PNMAC”) (KBRA Rating: ‘BBB-’/Stable) as repurchase guarantor under a repo facility in support of the Issuer’s rights to master servicing rights (“MSRs”) and servicer advance receivables granted by Ginnie Mae to PNMAC’s affiliate, PennyMac Loan Services, LLC (“PLS”), with certain transaction features described more fully in KBRA’s Surveillance Report providing slight uplift on the rating of the notes.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

Methodologies

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.

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.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015499