Press Release|RMBS
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KBRA Assigns Ratings to Miravet 2025-1 DAC

30 May 2025   |   Dublin

Contacts

KBRA Europe (KBRA) assigns ratings to six classes of notes issued by Miravet 2025-1 DAC, a static RMBS transaction backed by mortgage participations and mortgage transfer certificates issued by CaixaBank, S.A. (CaixaBank), representing the economic rights under mortgage loan agreements in Spain. The underlying collateral has been securitised via FT Encina, a Spanish securitisation fund managed by Intermoney Titulización S.G.F.T., S.A., with the Issuer holding the corresponding FT Encina unitranche Spanish bonds.

The €308.3 million underlying portfolio primarily comprises seasoned first-lien residential mortgage loans originated by CaixaBank and its legacy entities, including former savings banks and other institutions absorbed during sector consolidation in Spain. The loans are primarily secured by owner occupied (79.8%) and second or holiday homes (18.2%) located in Spain.

CaixaBank is the lender of record and primary servicer of the mortgage loans, with Anticipa Real Estate, S.L.U. (Anticipa) appointed as special servicer. Caixabank has relevant experience in primary servicing of mortgage loans while Anticipa has a meaningful number of years of experience servicing re-performing loans and loans deep in arrears needing restructure.

The notes’ payment priority is strictly sequential. The notes also benefit from a fully funded reserve account that provides liquidity support.

To access ratings and relevant documents, click here.

Click here to view the report.

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.

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