KBRA Assigns Preliminary Ratings to GCAT 2024-INV3 Trust
2024年7月31日 - 12:08AM
ビジネスワイヤ(英語)
KBRA assigns preliminary ratings to 59 classes of
mortgage-backed notes from GCAT 2024-INV3 Trust. The GCAT 2024-INV3
mortgage loans are secured by first liens on non-owner occupied
(NOO) investor properties and second homes. The loans were
underwritten to agency guidelines. The pool comprises 1049,
first-lien, fixed rate residential mortgage loans as of the cut-off
date. The pool is characterized by significant borrower equity in
each mortgaged property, as evidenced by the WA original LTV of
74.1% and the WA original CLTV of 74.1%. The weighted average
original credit score is 773, which is within the prime mortgage
range.
KBRA’s rating approach incorporated loan-level analysis of the
mortgage pool through its KBRA RMBS Credit Model, Residential Asset
Loss Model (REALM), an examination of the results from third-party
loan file due diligence, cash flow modeling analysis of the
transaction’s payment structure, reviews of key transaction parties
and an assessment of the transaction’s legal structure and
documentation. This analysis is further described in our U.S. RMBS
Rating Methodology.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- RMBS KCAT
- GCAT 2024-INV3 Trust Tear Sheet
Methodologies
- Structured Finance: Global Structured Finance Counterparty
Methodology
- RMBS: U.S. RMBS Rating 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.
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
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.
Doc ID: 1005227
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version on businesswire.com: https://www.businesswire.com/news/home/20240730646282/en/
Analytical Contacts
Chris Deasy, Senior Director (Lead Analyst) +1 646-731-1311
chris.deasy@kbra.com
Sabrina Vuong, Analyst +1 646-731-3324
sabrina.vuong@kbra.com
Yanqi Bai, Associate +1 646-731-1330 yanqi.bai@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS
(Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com
Business Development Contact
Daniel Stallone, Managing Director +1 646-731-1308
daniel.stallone@kbra.com