KBRA Assigns Ratings to Motor Securities 2024-1 DAC
28 Nov 2024 | London
KBRA UK (KBRA) assigns ratings to Motor Securities 2024-1 DAC, a £769.2 million synthetic securitisation of United Kingdom (UK) prime auto secured by conditional sale (CS), secured personal contract purchase (SPCP) and unsecured personal contract purchase (UPCP) agreements (the Reference Obligations) originated by Santander Consumer (UK) PLC. KBRA has assigned ratings to one tranche of the reference portfolio and one class of credit linked notes which reference the corresponding tranche of the reference portfolio.
As of the portfolio pool cut-off date of 31 October 2024, the Reference Obligations consists of 22,546 CS agreements, 53,937 SPCP agreements and 11,065 UPCP agreements extended to obligors in the UK by SCUK. The outstanding balance of the receivables is £769.2 million, of which 32.5% are CS agreements, 54.5% are SPCP agreements and 13.0% are UPCP agreements. The Reference Obligations are secured by both new (56.2%) and used (43.8%) vehicles.
The transaction will initially revolve for 13-months during which period the composition of the Reference Portfolio will be limited by defined portfolio guidelines and eligibility criteria. Following the end of the revolving period, and in the absence of a breach of a subordination event, the transaction will amortise on a pro-rata basis.
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