KBRA Assigns Preliminary Ratings to Dilosk RMBS No.10 DAC
2 Sep 2024 | Dublin
KBRA Europe (KBRA) assigns preliminary ratings to notes issued by Dilosk RMBS No.10 DAC (Dilosk RMBS 10). The transaction is a static RMBS securitisation collateralised by seasoned prime performing loans. The provisional portfolio, aggregating €343.2 million in current balance, consists of Owner Occupied (99.6%), first lien mortgage loans originated by First Active plc (First Active) between the years 2003 and 2008.
First Active was an Irish bank, and former building society established in 1861. In 2004, it was acquired by the Royal Bank of Scotland Group (later renamed NatWest Group) but continued to operate as a separate brand. In 2009, First Active was fully merged with Ulster Bank (which was operating separately and is also part of the NatWest Group). The merger led to subsequent transfer of all its customers to Ulster Bank.
In 2021, Ulster Bank (owned by the Natwest Group) announced its intention of a phased withdrawal from the Irish market. Pursuant to it, Ulster Bank decided to sell the beneficial interest in the Dilosk RMBS 10 portfolio to Dilosk Funding No. 10 DAC and the legal title of the portfolio to Dilosk DAC (Dilosk, seller) who in turn will fund the portfolio purchase through securitisation of the portfolio on the closing date.
The portfolio will be serviced entirely by Dilosk who in turn will delegate servicing to BCMGlobal ASI Limited (BCMGlobal).
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