This document describes KBRA’s rating methodology for the assignment and ongoing surveillance of its ratings on European residential mortgage-backed securities (RMBS). The methodology was developed with the goal of producing and maintaining credit ratings that perform in accordance with KBRA’s published rating definitions.
This publication provides a general framework for rating European RMBS, and as such, it does not address jurisdiction-specific risks. These risks will be considered as part of our rating analysis. In some cases, consideration of the risks may also be performed pursuant to a jurisdiction-specific addendum to this methodology. The analysis of these risks will be described in the related ratings reports, as well as the jurisdiction addendum (where applicable).
The methodology includes both qualitative and quantitative elements that are encompassed within the following components:
(i) Review and analysis of the loan originator, servicer, and/or other key…
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