Press Release|RMBS
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KBRA Affirms Ratings for Together Asset Backed Securitisation Transactions

12 Sep 2025   |   London

Contacts

KBRA UK (KBRA) has completed a surveillance review of Together Asset Backed Securitisation 2021-1ST1 PLC (TABS 5) and Together Asset Backed Securitisation 2023-1ST2 PLC (TABS 9), which has resulted in the following rating actions:

1) For TABS 5, affirmation of Class A, Class B and Class C ratings.

2) For TABS 9, affirmation of Class A, Loan Note, Class B, Class C, Class D, Class E and Class F ratings.

The rating actions reflect an increase in credit enhancement for all rated classes weighed against an increase in the three-month plus arrears proportion. The notes are collateralised by first lien U.K. mortgages that are secured by owner-occupied and buy-to-let properties. The mortgages for both transactions were originated by Together Personal Finance Limited, Together Commercial Finance Limited, and in the case of TABS 5, additionally by Blemain Finance Limited and Harpmanor Finance Limited. Each of these entities is a wholly owned subsidiary of Together Financial Services Limited. TABS 5 closed in September 2021 with a FORD in October 2025 and a final maturity date in July 2063. TABS 9 closed in September 2023 with a FORD in September 2027 and a final maturity date in April 2065.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

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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 Europe Limited for use in the European Union. 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 UK

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 UK is located at 1 Connaught Place, 2nd Floor London, England.

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