KBRA Comments on Amendments to Harbour No.2 PLC
10 Apr 2025 | London
Harbour No.2 PLC is a static RMBS securitisation, serving as the refinance of notes previously issued under Harbour No.1 PLC. It is backed by a non-conforming portfolio of predominantly reperforming mortgage loans secured by owner-occupied and buy-to-let properties across the United Kingdom.
On April 10, 2025, Harbour No.2 PLC issued additional Class A2 notes, raising the outstanding balance of these notes from GBP 11,740,549.99 to GBP 234,794,758.48. These funds have been allocated for the full redemption of the Class A1 notes. Additionally, Class A1 noteholders renounced interest accrued from 28 January, 2025 to 10 April, 2025, which will be paid to Class A2 noteholders on April 28, 2025. Updates to the terms and conditions on the Class A1 notes ensure that the renunciation of interest does not constitute a default. Class A1 and Class A2 notes were pari-passu and these amendments, have not led to a change in KBRA's ratings for any classes of rated notes issued by Harbour No.2 PLC.