KBRA Assigns Preliminary Ratings to Parkmore Point RMBS 2022-1 plc
LONDON–(BUSINESS WIRE)–#KBRA–KBRA UK (KBRA) assigns preliminary ratings to six classes of notes to be issued by Parkmore Point RMBS 2022-1 plc (Parkmore), a static RMBS securitisation backed by a non-conforming portfolio of reperforming mortgage loans (RPL) and a minority of non-performing (NPL) mortgage loans. These loans are secured by owner occupied (OO, 86.4%) and buy-to-let (BTL, 13.6%) properties located in the United Kingdom (UK).
The portfolio includes loans originated by 16 different originators which, with the exception of Kensington Mortgages Limited (Kensington), have either closed for business or have stopped lending operations in the UK. The top three originators are Kensington (36.5%), Money Partners Limited (27.3%) and Preferred Mortgages Limited (12.7%). The legal title of the loans was held by Kensington and transferred to Pepper (UK) Limited (Pepper) recently under a sale agreement where Parkmore Point Limited (Seller) acquired the beneficial interest of the loans. Pepper have recently taken over the servicing of the portfolio from Kensington and have a meaningful number of years of experience servicing RPLs/NPLs and loans deep in arrears which have been restructured in the past.
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Related Publications
- European RMBS Rating Methodology
- European RMBS Rating Methodology Country Addendum: United Kingdom
- Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
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 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.
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 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 1 Connaught Place, 2nd Floor London, England W2 2ET.
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Jack Kahan, Senior Managing Director (Rating Committee Chair)
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