Press Release|CMBS

KBRA Resolves Watches and Upgrades Three Ratings and Affirms Remaining Rating of Taurus 2021-4 UK DAC

21 May 2024   |   London


KBRA upgrades the ratings of three classes of notes and affirms the remaining rating of Taurus 2021-4 UK DAC, a CMBS transaction. The ratings of Class C and D are simultaneously removed from Watch Upgrade (UP), where they were placed on 28 February 2024 due to the deleveraging of the transaction after the prepayment of the Fulham Loan. The rating actions follow a surveillance review of the transaction, which has deleveraged and exhibited an improvement in performance since securitisation, resulting in a decrease in KLTV.

At closing, the transaction consisted of two non-crossed, limited recourse, first-lien mortgage loans: Fulham and United VI. The £633.2 million Fulham Loan was secured by the borrowers’ freehold (249 properties) and leasehold (26) interests in 257 industrial assets, 16 parcels of land, and two office assets located in the United Kingdom (UK). The loan was repaid in full and the related proceeds were applied against the outstanding notes’ balance at the February 2024 NPD, resulting in the pay-off in full of the Class A and B notes. The remaining £210.9 million United VI Loan is secured by the borrowers' freehold (37), leasehold (10), and combination of freehold and leasehold (two) interests in 49 industrial assets located in the UK. There have been no property sales since closing and the United VI Loan balance remains at £210.9 million as of the current review.

KBRA analysed the cash flow for the properties utilising information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of £15.4 million and KBRA value of £237.8 million (£81 per sf). The resulting in-trust KLTV is 88.7%, slightly higher than 88.1% at last review and lower than 97.1% at securitisation. KBRA maintains a KPO of Perform on the loan.

To access rating and relevant documents, click here.

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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 Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

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

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.


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 UK is located at 1 Connaught Place, 2nd Floor London, England.

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