KBRA Upgrades and Affirms Ratings on Mulcair Securities No. 3 DAC
19 Apr 2024 | Dublin
KBRA has completed a surveillance review of Mulcair Securities No. 3 DAC which resulted in the upgrade of Class C, Class D, Class E, and Class F ratings, and the affirmation of Class A, and Class B ratings. The rating actions reflect an increase in credit enhancement for all classes of rated notes since closing while considering the deterioration of the portfolio’s performance.
The transaction is a static securitisation collateralised by first lien seasoned performing and re-performing mortgage loans (RPL). As of December 2023, the underlying mortgage loans have a total current loan balance of €257.6 million and are secured by owner occupied (23.9%) and buy-to-let (76.1%) properties located in Ireland.
The mortgage loans were originated by The Governor and Company of the Bank of Ireland and its subsidiaries: Bank of Ireland Mortgage Bank Unlimited Company and ICS Building Society. The loans continue to be serviced by Bank of Ireland.
The transaction closed in April 2022, with a First Optional Redemption Date in April 2025, and a final maturity date in April 2065.
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