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KBRA Assigns Preliminary Ratings to Shamrock Residential 2024-1 DAC

14 Nov 2024   |   Dublin

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KBRA Europe (KBRA) assigns preliminary ratings to notes issued by Shamrock Residential 2024-1 DAC (Shamrock 2024-1). The transaction is a static RMBS securitisation collateralised by predominantly reperforming mortgage loans (RPL). As of August 2024, the underlying collateral consists of a €306.9 million mixed portfolio of seasoned first lien performing and re-performing mortgages that are secured by majority owner occupied (78.0%) and buy-to-let (14.2%) properties. About 7.0% of the portfolio is secured by commercial properties. The vast majority (99.9%) of the loans are secured by properties located in Ireland.

The Shamrock 2024-1 portfolio is partially comprised of loans from European Residential Loan Securitisation (2019-NPL1, 2019-NPL2, ERLS), Portman Square 2023-NPL1 (Portman 2023-NPL1) and Warrington Residential 2022-1 DAC (Warrington 2022-1) and the remaining from previously warehouse financed portfolios.

The Shamrock 2024-1 portfolio was originated mainly by Permanent TSB (PTSB, 30.9%), Allied Irish Banks Plc (AIB, 24.6%) and EBS DAC (EBS, 17.9%), while the remaining (26.6%) was originated by multiple originators, the largest of which accounts for 11.8% of the portfolio.

The loans comprising Shamrock 2024-1 are currently serviced by Mars Capital Finance Ireland DAC (Mars Capital, 68.2%), BCMGlobal ASI Limited (BCM, 31.8%). Everyday Finance DAC (Everyday) will be the master servicer for 15.4% of the portfolio where BCM are the primary servicer (together with Mars Capital and BCM, the Servicers).

The Servicers have a meaningful number of years of experience servicing performing and re-performing loans and implementing restructuring solutions to loans deep in arrears, secured by owner-occupied properties, as per the Code of Conduct on Mortgages in Arrears (CCMA) and the Mortgage Arrears Resolution Process (MARP).

To access ratings and relevant documents, click here.

Click here to view the report.

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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) 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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