Press Release|RMBS

KBRA Assigns Ratings to Merrion Square Residential 2024-1 DAC

10 Jul 2024   |   Dublin


KBRA Europe (KBRA) assigns ratings to six classes of notes issued by Merrion Square Residential 2024-1 DAC (Merrion Square 2024). The transaction is a static RMBS securitisation collateralised by seasoned performing and reperforming mortgage loans. The portfolio, aggregating €637.5 million in current balance, primarily consists of loans secured by mostly owner-occupied (57.5%) and buy-to-let (42.0%) properties located in Ireland. The portfolio includes mortgages originated by three Irish originators, Permanent TSB plc (74.3%), Springboard Mortgages Limited (13.2%) and Irish Nationwide Building Society (12.5%).

The entire portfolio is currently serviced by Mars Capital Finance Ireland DAC (Mars). About 74.4% of the portfolio was previously serviced by Start Mortgages DAC (Start). As of June 2024, Start has wind-down its operations and has transferred its servicing and the majority of its staff to Mars before the closing of Merrion Square 2024 transaction.

To access rating and relevant documents, click here.

Click here to view the report.

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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

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

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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