Press Release|CMBS

KBRA Affirms All Ratings for Vita Scientia 2022-1 DAC

25 Apr 2024   |   London


KBRA affirms all of its outstanding ratings for Vita Scientia 2022-1 DAC, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance since securitisation.

The collateral for the transaction is a single, first-lien mortgage loan secured by a portfolio of eight assets, consisting of seven life science properties (78.6% by ALA) and one office property (21.4%). Five life science assets and one office asset are located in Leiden in the Netherlands, and an additional two life science properties are in Munich, Germany. The portfolio has a combined lettable area of 82,828 sqm, is let to 25 tenants and is currently 95.6% leased, up from 79.2% at last review and down from 96.2% at closing.

Since the transaction closing date in April 2022, there was a principal distribution of €22,500 at the August 2022 IPD due to an initial over issuance at closing. This resulted in a pro-rata reduction of the Notes balance. There have been no property sales since closing and the loan balance remains at €188.8 million as of the current review. The transaction includes €76.2 million of mezzanine debt that is held outside of the trust.

KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €13.3 million and KBRA value of €218.7 million (€2,641 per sqm). The resulting in-trust KLTV is 86.3%, up from 78.0% at last review and from 82.3% at securitisation. KBRA maintains a KPO of Perform for the loan.

To access rating and relevant documents, click here.

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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.

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

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.


Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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