Press Release|RMBS
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KBRA Assigns Ratings to Setanta Finance 2024 DAC, Series 2

18 Dec 2025   |   Dublin

Contacts

KBRA Europe (KBRA) assigns ratings to Series 2 of Setanta Finance 2024 Designated Activity Company (Setanta Finance 2024 DAC), a €1.97 billion partially funded synthetic securitisation of prime Irish residential mortgages originated by one or more group companies within the AIB group plc.

Setanta Finance 2024 DAC has issued the Series 2 Class C Portfolio Credit Linked Notes (the Class C Notes or the Rated Notes) and the Series 2 Class F Portfolio Credit Linked Notes (the Class F Notes and, together with the Class C Notes, the Notes). Each class of Notes references the corresponding protected tranche of the Reference Portfolio (i.e., the Class C Notes reference Tranche C, and the Class F Notes reference Tranche F). Although Tranche A through Tranche F are defined under the financial guarantee (Financial Guarantee), no Notes are issued for the Senior Tranche and Tranches A, B, D, or E.

KBRA has assigned ratings to the Class C Notes and to the related Class C Tranche. Preliminary ratings are applicable to Tranche A, Tranche B, Tranche D and Tranche E of the reference portfolio. The Class F Notes, Tranche F and the Senior Tranche are not rated. The credit analysis supporting the rated credit linked notes is based on loss estimates for the underlying residential mortgage portfolio and incorporates linkage to the credit profile of the Protection Buyer, which funds interest due on the Notes through periodic protection fee payments under a Financial Guarantee.

As of the pool cut-off date of 30 September 2025, the reference portfolio consists of 10,576 prime, first lien performing loans secured primarily by owner occupied (87.7%) and Buy-to-Let (12.3%, BTL, including 0.9% Holiday Lets) properties in Ireland.

To access ratings and relevant documents, click here.

Click here to view the report.

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 UK Limited for use in the UK. 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 Europe

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 Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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