Press Release|RMBS
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KBRA Downgrades Two Ratings and Affirms Four Other Ratings for Fondo De Titulización, RMBS Miravet 2023-1

21 Mar 2025   |   Dublin

Contacts

KBRA Europe (KBRA) has completed a surveillance review of Fondo De Titulización, RMBS Miravet 2023-1 resulting in the affirmation of the securitisation’s outstanding ratings on Class A, Class B, Class C and Class D notes and downgrades ratings for Class E and Class F notes. The rating actions reflect an increase in credit enhancement for all rated classes of notes weighed against meaningful deterioration of the portfolio performance. The transaction is a static RMBS securitisation collateralised by an original €304.1 million portfolio of seasoned, predominantly first lien, performing, reperforming, and non-performing mortgages, that are secured by majority residential and remaining commercial properties located in Spain. As of December 2025, loans secured by residential properties form 93.1% of the portfolio and remaining 6.9% secured by commercial properties.

Abanca Corporacíon Bancaria S.A. (Abanca) is the primary servicer with Pepper Spanish Servicing S.L.U. (Pepper) as the master and special servicer in the transaction. The notes’ payment priority is strictly sequential under a combined collections and payments waterfall.

The transaction closed in March 2023, with the first optional redemption date (FORD) in November 2025 and a final legal maturity in November 2066.

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 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: 1008762

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