Press Release|RMBS

KBRA Assigns Preliminary Ratings to Stratton Mortgage Funding 2024-3 PLC

28 May 2024   |   London


KBRA UK (KBRA) assigns preliminary ratings to Stratton Mortgage Funding 2024-3 PLC (SMF243), a static RMBS securitisation collateralised by seasoned non-conforming mortgage loans. The portfolio, aggregating £357.3 million in current balance, consists of loans secured by owner occupied (OO, 79.0%), buy-to-let (BTL, 18.5%) and mixed use (Mixed, 2.5%) properties located in the United Kingdom.

The portfolio includes loans originated by six different originators, which have either closed for business or have stopped lending operations in the UK. The top three originators are GMAC-RFC Ltd. (GMAC, 49.5%), Mortgages PLC (18.9%) and Edeus Mortgage Creators Ltd. (18.5%). The portfolio is currently serviced by three servicers BCMGlobal Mortgage Services Ltd. (previously Link Mortgage Services Ltd., BCMGlobal, 48.4%), Pepper (UK) Limited (PepperUK, 45.6%) and Arrow Global Massey Limited (Bergen, 6.0%).

The portfolio was previously securitised under Stratton Mortgage Funding 2020-1 plc (SMF201, 45.6%) and Stratton Mortgage Funding 2021-3 Plc (SMF213, 48.4%). Loans under SMF201 were previously securitised under Alba 2015-1 PLC and Alba 2006-1 PLC. Loans under SMF213 were previously securitised under Oncilla Mortgage Funding 2016- PLC and other Stratton Mortgage Funding transactions.

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 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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