Press Release|RMBS
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KBRA Affirms Ratings for Clavel Residential 4 DAC

27 Oct 2026   |   Dublin

Contacts

KBRA Europe (KBRA) has completed a surveillance review for Clavel Residential 4 DAC (Clavel 4) which resulted in the affirmation of all outstanding ratings. KBRA’s analysis indicated that the existing credit enhancement is sufficient to support the rating actions.

Clavel 4 is a static RMBS securitisation backed by mortgage participations and mortgage transfer certificates representing the economic rights to receive principal and revenue payments from the underlying Spanish mortgage loans. The portfolio comprises €554.6 million (€606.3 million original balance) of seasoned, predominantly first-lien Spanish mortgage loans, primarily secured by owner-occupied residential properties (92.6%), followed by second homes (2.5%). The lenders of record and master servicers of the mortgage loans are Santander (69.1%), Banco Bilbao Vizcaya Argentaria, S.A. (27.7%), and CaixaBank, S.A. (CaixaBank, 3.2%). Anticipa Real Estate, S.L.U. and Solvia Servicios Inmobiliarios, S.A.U. act as special servicers for the transaction. The portfolio has a weighted average seasoning of 15.8 years and a weighted average remaining term of 19.6 years. The transaction closed in October 2025, has a first optional redemption date and step-up date in October 2028. Its final maturity date is in October 2066.

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.

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