Press Release|RMBS, CMBS

KBRA Affirms Ratings on Fondo de Titulización RMBS Miravet 2023-1

22 Mar 2024   |   Dublin


KBRA has completed a surveillance review of Fondo de Titulización RMBS Miravet 2023-1 which resulted in the affirmation of outstanding ratings. The rating actions reflect an increase in credit enhancement for all rated classes of notes weighed against increased arrears. The transaction is a static RMBS securitisation collateralised by an original €304.1 million portfolio of seasoned, predominantly first lien, performing, reperforming, and non-performing mortgages, that are secured by residential (91.9%) and commercial properties (8.1%) located in Spain.

Abanca Corporacíon Bancaria S.A. is the primary servicer with Pepper Spanish Servicing S.L.U. as the master and special servicer in the transaction. The notes’ payment priority is strictly sequential under a combined collections and payments waterfall.

The transaction closed in March 2023, with a first optional redemption date in November 2025 and a final legal maturity in November 2066. As of February 2024, the Class A note factor is 0.86 and credit enhancement has increased across all rated notes given the sequential principal payment structure.

To access rating and relevant documents, click here.

Click here to view the report.

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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 UK Limited for use in the UK. 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.

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.

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