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.
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