KBRA Assigns Preliminary Ratings to Jamestown Residential 2024-1 DAC
2024年7月19日 - 11:55PM
ビジネスワイヤ(英語)
KBRA Europe (KBRA) assigns preliminary ratings to seven classes
of notes issued by Jamestown Residential 2024-1 DAC (Jamestown
2024-1). The transaction is a static RMBS securitisation
collateralised by seasoned performing and reperforming mortgage
loans. The provisional portfolio, aggregating 702.1 million mixed
portfolio of seasoned first lien performing and re-performing
mortgages that are secured by majority owner occupied (91.4%) and
buy-to-let (8.6%) properties located in Ireland.
Jamestown 2024-1 is essentially a refinancing of the notes
currently outstanding under Jamestown Residential 2021-1 (Jamestown
2021-1) and Mulcair Securities No. 2 DAC (Mulcair 2) and comprises
of the loans which previously collateralised the transactions to be
refinanced. The Jamestown 2024-1 portfolio is thus comprised of a
refinancing of the Jamestown 2021-1 portfolio (64.5%) and the
Mulcair 2 portfolio (35.5%). The Jamestown 2021-1 mortgage loans
were originated by Bank of Scotland (Ireland) Limited , Start
Mortgages DAC and Nua Homeloans Limited. The Mulcair 2 mortgage
loans were originated by The Governor and Company of the Bank of
Ireland , Bank of Ireland Mortgage Bank Unlimited Company and ICS
Building Society.
The loans comprising Jamestown 2024-1 are currently serviced by
Pepper Finance Corporation (Ireland) DAC and The Governor and
Company of the Bank of Ireland.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- Irish Mortgage and Housing Trends
- Ireland’s RMBS Faces Inflation and Rate Headwinds
- ESG: Irish Housing: Challenges to a Greener Ireland
- Supportive Environment for Restructured Loans in Ireland
Methodologies
- RMBS: European RMBS Rating Methodology
- RMBS: European RMBS Rating Methodology Country Addendum:
Republic of Ireland
- Structured Finance: 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 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) 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. 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.
Doc ID: 1005178
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Analytical Contacts
Gianfranco Di Paolo, Associate Director (Lead Analyst) +353 1
588 1205 gianfranco.dipaolo@kbra.com
Hrishikesh Oturkar, Director +44 20 8148 1070
hrishikesh.oturkar@kbra.com
Tomas Cruz, Associate +353 1 588 1188 tomas.cruz@kbra.com
Kali Sirugudi, Managing Director +44 20 8148 1050
kali.sirugudi@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS
(Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com
Business Development Contacts
Mauricio Noé, Co-Head of Europe +44 20 8148 1010
mauricio.noe@kbra.com
Miten Amin, Managing Director +44 20 8148 1002
miten.amin@kbra.com