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.