Press Release|RMBS

KBRA Upgrades and Affirms Ratings for Primrose Residential 2021-1 DAC

15 May 2024   |   Dublin


KBRA Europe (KBRA) has completed a surveillance review of Primrose 2021-1 resulting in the upgrade of Class C, Class D, Class E, Class F and Class G notes and the affirmation of the Class A and Class B ratings. The rating actions reflect an increase in credit enhancement for all classes weighed against a cumulative loss of 0.4% and the portfolio’s relative performance.

The transaction is a static RMBS securitisation of a mix of seasoned, performing and re-performing mortgage loans to Irish borrowers. As of February 2024, the portfolio current balance aggregated €650.0 million and was originated by three Irish originators, Permanent TSB plc, Irish Nationwide Building Society and Springboard Mortgages Limited. The portfolio is serviced by Start Mortgages DAC (Start; 74.4% of portfolio) and Mars Capital Finance Ireland DAC (Mars; 25.6% of the portfolio) and is currently in the process of the servicing being fully transferred to Mars. The aggregate outstanding balance of the collateralised notes, as of March 2024, was €654.7 million. The transaction closed in May 2021 with a first optional redemption date (FORD) in May 2024 and a final maturity date in March 2061.

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 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.

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