LONDON–(BUSINESS WIRE)–Kroll Bond Rating Agency UK Limited (KBRA) assigns preliminary ratings to five classes of notes to be issued by Canada Square Funding 2021-1 Plc (Canada Square 2021-1), a static RMBS securitisation of recently originated BTL loans. The provisional portfolio aggregates £244.6 million and were originated by four UK specialist lenders – Fleet Mortgages Ltd (53.4%), Landbay Partners Ltd (34.2%), Topaz Finance Ltd (9.5%) and Hey Habito Ltd (2.9%). Canada Square 2021-1, is the fourth in the series of issuances by Citibank, N.A., London Branch with the first issuance in October 2019 (Canada Square Funding 2019-1 Plc) and most recent priori one in July 2020 (Canada Square Funding 2020-2 Plc).
Each of the four lenders are also the named servicers for their respective loans in the transaction. Pepper UK Limited would be delegate servicer for the loans originated by Habito and likewise Computershare Loan Services, the delegate servicer for the loans originated by Topaz and Link Mortgage Services, the delegate servicer for Landbay.
- European RMBS Rating Methodology
- European RMBS Rating Methodology Country Addendum: United Kingdom
- Global Structured Finance Counterparty 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.
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.
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.
Kali Sirugudi, Senior Director (Lead Analyst)
+44 (0) 7776 664 106
John Hogan, Senior Director
+44 (0) 7502 951632
Gianfranco Di Paolo, Analyst
+353 1 588 1205
Jack Kahan, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2486
Business Development Contact
Mauricio Noé, Senior Managing Director
+353 (1) 588 1220