Press Release|RMBS
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KBRA Affirms Ratings for Cheshire 2025-1 PLC

7 Aug 2026   |   London

Contacts

KBRA UK (KBRA) has completed a surveillance review of Cheshire 2025-1 PLC, which has resulted in the affirmation of the outstanding ratings of the Class A through Class F notes. The rating actions reflect an increase in credit enhancement for all classes of rated notes, a decrease in arrears and a lower indexed loan-to-value (LTV) since closing.

Cheshire 2025-1 is a static RMBS securitisation backed by seasoned non-conforming mortgage loans secured by residential properties located in the United Kingdom. The portfolio has a current balance of £242.8 million portfolio (£273.9 million at closing). The portfolio primarily comprises loans secured by owner-occupied properties (74.0%) and buy-to-let properties (26.0%). The loans were originated by 16 originators, including Kensington Mortgage Company Limited, GMAC Limited and Southern Pacific Mortgage Limited. At closing, the mortgage pool servicing was divided between two servicers: Pepper (UK) Limited and Topaz Finance Limited (previously a subsidiary of Computershare Limited). In February 2026, Pepper (UK) Limited acquired Topaz Finance Limited and consequently became the sole servicer of the transaction.

The portfolio currently has a weighted average seasoning of 19.0 years. The transaction closed in August 2025, with the first optional redemption date in September 2028 and the final legal maturity date in June 2048.

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 1st Floor, Marble Arch House, 66 Seymour Street, London W1H 5BT, England.

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