Press Release|RMBS

KBRA Upgrades and Affirms Ratings for Together Asset Backed Securitisation 2022-2ND1 PLC

24 May 2024   |   London


KBRA UK (KBRA) has completed a surveillance review of Together Asset Backed Securitisation 2022-2ND1 PLC (TABS 6) which resulted in the upgrade of Class B, Class C, Class D, Class E and Class F notes and the affirmation of the Class A Loan Note ratings. The rating actions reflect an increase in credit enhancement for all rated classes weighed against an increase in the proportion of loans in arrears (one-month plus arrears increased to 7.4% from 2.1% in January 2023).

The transaction is a static RMBS securitisation of second lien U.K. mortgage loans originated to non-prime borrowers that are secured by owner-occupied (OO) and buy-to-let (BTL) properties located in UK. The mortgages were originated between 2014 and 2022 by Together Commercial Finance Limited, Together Personal Finance Limited and Blemain Finance Limited, which are all wholly owned subsidiaries of Together Financial Services Limited (Together). The transaction closed in May 2022 with a first optional redemption date (FORD) in May 2026 and a final maturity date in February 2054.

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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