Press Release|RMBS
View PDF

KBRA Affirms and Upgrades Ratings for Glen Securities Finance DAC

12 Oct 2026   |   Dublin

Contacts

KBRA Europe (KBRA) has completed a surveillance review for Glen Securities Finance DAC (Glen Securities), resulting in the affirmation of the Class A Credit Linked Notes (CLNs) and the upgrade of the Class B and Class C CLNs. KBRA’s analysis indicated that the existing credit enhancement is sufficient to support the rating actions.

Glen Securities is a partially funded synthetic securitisation of Irish residential mortgages, with an initial portfolio balance of €1.4 billion, which has since amortised to €692.6 million. The Credit Linked Notes (CLNs) represent the funded portion of the tranches referencing a notional portfolio of seasoned, first-lien performing and re-performing mortgage loans secured by owner-occupied and buy-to-let (BTL) properties located in Ireland. The loans in the portfolio were originated by The Governor and Company of the Bank of Ireland (BOI or the Protection Buyer), Bank of Ireland Mortgage Bank, and ICS Building Society, all of which are part of the BOI Group. The transaction closed in October 2021 with a legal final maturity date of 28 October 2038.

To access ratings and relevant documents, click here.

Click here to view the report.

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 UK Limited for use in the UK. 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 Europe

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 Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

Doc ID: 1017424