Press Release|CMBS
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KBRA Affirms All Ratings for Taurus 2025-4 UK DAC

22 Jul 2026   |   London

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KBRA UK (KBRA) affirms all its outstanding ratings for Taurus 2025-4 UK DAC, a CMBS single-borrower transaction. The rating actions follow a surveillance review of the transaction, which has exhibited overall stable performance since securitisation.

The collateral for the transaction is a single, limited-recourse, first-lien mortgage loan originated by Bank of America, N.A., London Branch. The loan had an original balance of £227.3 million and is secured by the borrowers’ interests in 36 properties totalling 3.1 million square feet (sf), located across England and Scotland. The portfolio is primarily industrial (68.0% by ALA), with additional exposure to retail (20.9%) and office (11.2%). The portfolio is let to 99 tenants and is 93.6% leased based on the Q1 2026 investor report and additional information provided by the servicer. This compares to 89.8% at closing.

There have been no property sales since closing, and the loan balance remains unchanged at £227.3 million as of the current review.

KBRA utilised information obtained from the servicer to analyse the loan collateral. The analysis produced a KNCF of £19.4 million and KBRA value of £242.9 million (£78 per sf). The resulting in-trust KLTV is 93.6%, compared to 95.6% at securitisation. KBRA assigns a KPO of Perform for 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), 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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