LONDON–(BUSINESS WIRE)–Kroll Bond Rating Agency UK Limited (KBRA) assigns preliminary ratings to four classes of notes to be issued by Towd Point Mortgage Funding 2021 – Hastings 1 PLC (TPMF 2021-Hastings 1), a RMBS securitisation of seasoned Equity Release Mortgages (ERMs) originated by Northern Rock plc, and Legal and General Group plc, primarily between 2000 and 2010, and as recently as 2018. The portfolio was acquired by Cerberus Capital Management in 2018. The pool contains 1,349 loan parts to 1,458 ERM borrowers with month-end February 2021 balance of £221.7 million. As noted, the assets are seasoned with a weighted average portfolio loan age of 191 months. To KBRA’s knowledge, the transaction is the first public securitisation of UK ERMs since the global financial crisis
- Reverse Mortgage Securitization Global Rating Methodology
- Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
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.
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.
About KBRA UK
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 pursuant to the Temporary Registration Regime. 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 UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.
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