Press Release|RMBS, Financial Institutions
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KBRA Affirms All Rated Classes from PMT Issuer Trust - FMSR and PMT Co-Issuer Trust I – FMSR, MSR Collateralized Notes, Series 2017-VF1, Series 2021-FT1, Series 2024-FT1, Series 2024-VF1, Series 2024-VF2 Notes

10 Jan 2025   |   New York

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KBRA affirms its ‘BBB- (sf)’ ratings to the Series 2017-VF1, Series 2021-FT1, Series 2024-FT1, Series 2024-VF1 and Series 2024-VF2 Notes issued by PMT Issuer Trust - FMSR and PMT Co-Issuer Trust I – FMSR.

KBRA’s rating on the Series 2017-VF1, Series 2021-FT1, Series 2024-FT1, Series 2024-VF1 and Series 2024-VF2 Notes is primarily dependent on the credit rating of PennyMac Mortgage Investment Trust (PMT) (KBRA Rating: BB+/Stable) as repurchase guarantor under a repo facility in support of the Issuer’s rights to MSRs granted by Fannie Mae to PennyMac Corp., with certain transaction features described more fully in KBRA’s Surveillance Report providing one notch uplift on the rating of the notes.

KBRA analyzed the transaction using its U.S. Residential Mortgage Company Rating Methodology (November 29, 2022), Corporate Instruments / Corporate-Linked Obligations Notching Global Methodology (September 10, 2024), Global Structured Finance Counterparty Methodology (August 8, 2018) and ESG Global Rating Methodology (June 16, 2021) to the extent deemed applicable.

To access ratings 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.

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) 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.

Doc ID: 1007472

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