Press Release|CMBS
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KBRA Affirms All Ratings for Stark Financing 2023-1 DAC

30 Oct 2024   |   London

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KBRA UK (KBRA) affirms all of its outstanding ratings for Stark Financing 2023-1 DAC, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decrease in the KLTV from securitisation. However, the magnitude of the change does not warrant rating changes at this time.

The collateral for the transaction is a £289.5 million component of a £339.5 million limited recourse, first lien mortgage loan secured by the borrowers’ freehold (86 properties), leasehold (16), and freehold and leasehold (one) interests in 103 industrial assets. Together, the properties comprise 7.1 million square feet (sf) and are located across 10 regions throughout the United Kingdom (UK), with the largest being the North West (24.0% of loan balance).

There have been no property sales since securitisation and the loan balance remains at £339.5 million.

KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of £35.1 million and KBRA value of £470.1 million (£66 per sf). The resulting KLTV is 72.2%, down from 75.3% at securitisation. KBRA assigns a KPO of Perform to the loan.

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) 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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