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KBRA Affirms All Ratings for Taurus 2025-2 UK DAC

26 Mar 2026   |   London

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KBRA UK (KBRA) affirms all outstanding ratings for Taurus 2025-2 UK DAC. The rating actions follow a surveillance review of the transaction, which has exhibited a reduction in KLTV since securitisation, primarily driven by the disposal of nine assets within the Wildcat loan. However, the magnitude of this change does not warrant rating actions at this time.

The transaction collateral comprises two limited recourse, first-lien mortgage loans originated by Bank of America Europe DAC. The Wildcat Loan, originated in November 2024, has a current balance of £209.0 million (£264.1 million at closing) and is secured by the borrower’s freehold interest in 24 properties and one leasehold interest. The portfolio includes 15 industrial assets (64.9% of the loan balance), nine office assets (26.7%), and one retail asset (8.4%). At closing, the loan was backed by 35 properties (21 industrial, 12 office, and two retail assets). In aggregate, the properties comprise approximately 4.2 million square feet (sf) (5.0 million sf at closing) and are located across the United Kingdom, primarily in the East Midlands (77.1%), followed by London (17.2%), the South East (3.2%), and the North West (2.4%). Unless otherwise indicated, all percentages in this report are based on allocated loan amounts (ALA).

The Silverburn Loan, originated in February 2025, has a current balance of £111.6 million (unchanged from closing) and is secured by Silverburn Shopping Centre a 812,148 sf shopping centre located approximately five miles south of Glasgow city centre.

The loans are not cross-collateralised or cross-defaulted and pay the securitisation structure on a pro rata basis.

KBRA utilised information obtained from the servicer to analyse the loan collateral. The analysis resulted in an aggregate KBRA Net Cash Flow (KNCF) of £35.7 million and a KBRA value of £438.8 million (£87.2 per sf), resulting in an in-trust KLTV of 73.1%, down from 79.9% at securitisation.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

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 KBRA.com.

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 www.kbra.com.

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 UK

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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