KBRA Upgrades Two Ratings and Affirms Five Other Ratings for Primrose Residential 2022-1 DAC
11 Apr 2025 | Dublin
KBRA Europe (KBRA) has completed a surveillance review of Primrose Residential 2022-1 DAC which has resulted in the upgrade of its ratings on two classes of notes and the affirmation of its ratings on five classes of notes. The rating actions reflect an increase in credit enhancement for all classes of rated notes weighed against a cumulative loss of 0.9% 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 2025, the portfolio collateral balance aggregated €271.7 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 2025, was €276.1 million. The loans continue to be serviced by Mars Capital Finance Ireland DAC (Mars, 38.2% of the portfolio) and Pepper Finance Corporation (Ireland) DAC (Pepper, 61.8% 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.
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