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KBRA Takes Rating Actions on Canada Square Funding Transactions

31 Jan 2025   |   London

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KBRA UK (KBRA) has completed surveillance reviews on Canada Square Funding 2021-1 Plc (CSF 21-1), Canada Square Funding 2021-2 Plc (CSF 21-2) and Canada Square Funding 6 PLC (CSF 6) transactions (collectively CSF) which resulted in the following rating actions:

1) for CSF 21-1, affirmation of Class A and Class B ratings and the upgrade of Class C, Class D and Class E ratings;

2) for CSF 21-2, affirmation of Class A, Class D and Class E ratings and the upgrade of Class B and Class C ratings; and

3) for CSF 6, affirmation of Class A ratings and the upgrade of Class B, Class C, Class D and Class E ratings.

The rating actions generally reflect an increase in credit enhancement for all rated classes and a decrease in arrears as of the December 2024 (for CSF 21-1 and CSF 21-2), and a slight increase in arrears for CSF 6 as of October 2024 payment dates. The notes are collateralised by first lien U.K. mortgages that are secured by buy-to-let (BTL) properties. The mortgages were originated by Fleet Mortgages Limited, Landbay Partners Limited, Topaz Finance Limited and Hey Habito Limited. CSF 21-1, CSF 21-2 and CSF 6 transactions closed in March 2021, July 2021 and February 2022 respectively. The first optional redemption date (FORD) will fall in December 2025, November 2025 and January 2027 respectively.

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 1 Connaught Place, 2nd Floor London, England.

Doc ID: 1007807

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