NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) withdrew its ratings for six classes of Invitation Homes 2013-SFR1 (IH 2013-SFR1) single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $462.0 million. The transaction was the first US securitization collateralized by a loan secured by SFR homes managed by a large-scale institutional sponsor. It effectively launched the sector, and to date 29 KBRA-rated single-borrower deals totaling $16.6 billion have been issued that were initially collateralized by 115,680 homes.
The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s February 2017 remittance report. The repayment of the certificates results in this deal being the fourth single-borrower SFR securitization to pay-off in full.
Representations & Warranties Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms set forth in the offering documents that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found here.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).