Press Release|RMBS

KBRA Upgrades Ratings on Portman Square 2023-NPL1 DAC

24 Jul 2024   |   Dublin

Contacts

KBRA has completed a surveillance review of Portman Square 2023-1 DAC which resulted in the upgrade of the Class A and Class B ratings. The rating actions reflect an increase in credit enhancement for all classes of rated notes since closing while considering the development of the portfolio in the context of the originally presented business plan and the current economic environment.

The transaction is a static securitisation collateralised by a portfolio of primarily non-performing Irish residential mortgage loans. The majority of the loans (99.7%) in the portfolio were originated prior to 2011 by different entities and are in long term mortgage arrears (1+ years in arrears). The portfolio is administered and serviced by Mars Capital Finance Ireland DAC. The transaction closed in July 2023, with a first optional redemption date of July 2026 and a final legal maturity of July 2063. As of March 2024, the Class A note factor is 0.33 and the Class B note factor is 0.78.

To access rating and relevant documents, click here.

Click here to view the report.

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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.

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: 1005215

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