Press Release|RMBS
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KBRA Assigns Preliminary Ratings to Cheshire 2025-1 PLC

11 Aug 2025   |   London

Contacts

KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Cheshire 2025-1 PLC, a static RMBS securitisation backed by a portfolio of seasoned non-conforming mortgage loans. The portfolio, aggregating £276.7 million in current balance as of 30 June 2025, consists of loans secured by owner occupied (73.7%) and buy-to-let (26.3%) properties located in the United Kingdom. The loans were originated by 16 different originators including legacy origination platforms such as Kensington Mortgage Company Limited (Kensington), GMAC Limited and Southern Pacific Mortgage Limited, of which the majority are no longer originating in the UK mortgage market. Kensington remains an active lender and is the sole originator in the portfolio still operating in the UK residential mortgage sector.

The loans in the portfolio were previously securitised under Cheshire 2020-1 PLC (43.2%), which continues to be serviced by Pepper (UK) Limited, and Antigua Mortgages Plc (56.8%), which continues to be serviced by Topaz Finance Limited, a subsidiary of Computershare Limited.

The notes’ payment priority is strictly sequential. The notes also benefit from a fully funded liquidity reserve fund, which provides liquidity support and a general reserve fund, which provides liquidity and credit support.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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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