Press Release|RMBS
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KBRA Affirms Ratings for Miravet 2025-1 DAC

28 May 2026   |   Dublin

Contacts

KBRA Europe (KBRA) has completed a surveillance review for Miravet 2025-1 DAC (Miravet 2025-1) which resulted in the affirmation of all outstanding ratings. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the affirmed ratings.

Miravet 2025-1 is a static RMBS securitisation collateralised by an original €308.3 million portfolio of seasoned predominantly first-lien mortgage participations and mortgage transfer certificates secured primarily by residential properties (98.5%), with a small proportion secured by non-residential properties (1.5%) in Spain. The portfolio was originated by CaixaBank S.A. (CaixaBank) and its legacy entities, including former savings banks and other institutions absorbed during sector consolidation in Spain. CaixaBank is the primary servicer, with Anticipa Real Estate, S.L.U. performing the role of special servicer. The weighted average seasoning of the portfolio stands at 14.9 years. The transaction closed in May 2025, has a first optional redemption date in March 2028, a step-up date in March 2029, and a final maturity date in June 2074.

To access ratings and relevant documents, click here.

Click here to view the report.

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.

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 KBRA.com.

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.

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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