Press Release|RMBS

KBRA Affirms Ratings for Primrose Residential 2022-1 DAC

12 Apr 2024   |   Dublin


KBRA Europe (KBRA) affirms all rated classes of Primrose Residential 2022-1 DAC (Primrose 2022-1). The rating actions reflect an increase in credit enhancement for all classes weighed against a cumulative loss of 0.6% and the portfolio’s relative performance. The transaction is a static RMBS securitisation comprising a mix of seasoned performing and re-performing mortgage loans originated to Irish borrowers. As of February 2024, the portfolio collateral balance aggregated €301.4 million and was originated by Permanent TSB P.L.C., Springboard Mortgages Limited and Irish Nationwide Building Society. The aggregate outstanding balance of the issued notes, as of March 2023, was €312.6 million. The loans continue to be serviced by Mars Capital Finance Ireland DAC (Mars, 36.9% of the portfolio) and Pepper Finance Corporation (Ireland) DAC (Pepper, 63.1% of the portfolio). The transaction closed in April 2022 with a first optional redemption date (FORD) in April 2025 and a final maturity date in October 2061.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publications



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.

Doc ID: 1003881

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.