KBRA Assigns Preliminary Ratings to Primrose Residential 2021-1 DAC

DUBLIN–(BUSINESS WIRE)–Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven classes of notes to be issued by Primrose Residential 2021-1 DAC. The transaction is a static RMBS securitisation backed by reperforming mortgage loans (RPL). The underlying collateral consists of a €869.8 million mixed portfolio of seasoned first lien performing and re-performing mortgages that are secured by majority owner occupied (OO) and buy-to-let (BTL) properties located in Ireland. The portfolio includes mortgages originated by three Irish originators, Permanent TSB plc (72.5%, PTSB), Irish Nationwide Building Society (15%, INBS) and Springboard Mortgages Limited (12.5%, Springboard). Primrose Residential comprises loans from two portfolios, the first which collateralised European Residential Loan Securitisation 2019-PL1 DAC (ERLS 2019-PL1) (aggregating €630.8 million; 72.5%) and second that collateralised Grand Canal Securities 1 DAC (GCS1) (aggregating €239 million; 27.5%). Primrose Residential is essentially the refinance of the notes currently outstanding under each of the respective transactions. The loans comprising Primrose Residential portfolio will continue to be serviced by Start Mortgage DAC (Start;72.5%) and Mars Capital Finance Ireland DAC (Mars;27.5%).

KBRA’s rating approach incorporates a review and analysis of the loan servicers and other key transaction counterparties, a review of the Agreed Upon Procedure Report, use of the KBRA European Mortgage Model (KEMM) for Irish mortgages to analyse collateral and borrower attributes, an assessment of the securitisation framework from a structural and legal perspective, and ongoing surveillance of the transaction. This analysis is further described in KBRA’s European RMBS Rating Methodology.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


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.

About KBRA Europe

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 Europe is located at 6-8 College Green, Dublin 2, Ireland.


Analytical Contacts

Killian Walsh, Director (Lead Analyst)

+353 1 588 1184


Kali Sirugudi, Senior Director

+44 (0) 7776 664 106


Jack Kahan, Senior Managing Director (Rating Committee Chair)

+1 (646) 731 2486


Business Development Contacts

Mauricio Noé, Co-Head of KBRA Europe & UK

+44 208 148 1010

Miten Amin, Managing Director

+44 208 148 1002


error: Content is protected !!