Press Release|RMBS
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KBRA Affirms Ratings for Aran Funding 2025-1 DAC

27 Oct 2026   |   Dublin

Contacts

KBRA Europe (KBRA) has completed a surveillance review for Aran Funding 2025-1 DAC (Aran 2025-1), which resulted in the affirmation of all outstanding ratings. KBRA’s analysis indicated that the existing credit enhancement is sufficient to support the rating actions.

Aran 2025-1 is a static RMBS securitisation collateralised by a portfolio of seasoned performing and reperforming mortgage loans. The original underlying collateral consisted of a €405.9 million portfolio of first-lien mortgage loans, with a current balance of €361.4 million. The loans are primarily secured by owner-occupied properties (95.4%) and buy-to-let properties (4.3%) located in Ireland. The loans were originated by Exicon DAC (formerly known as KBC Bank Ireland Public Limited Company or KBC Bank), which exited the Irish market following the transfer of its operations to Bank of Ireland in 2023. Pepper Finance Corporation (Ireland) DAC acts as both the servicer and legal title holder of the portfolio. The portfolio has a weighted average seasoning of 19.5 years and a weighted average remaining term of 12.2 years. The transaction closed in October 2025, with the first optional redemption date in October 2028 and the final legal maturity date in December 2065.

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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