KBRA Europe Assigns Preliminary Ratings to Towd Point Mortgage Funding 2020 – Auburn 14 Plc (TPMF 2020-AU14)

DUBLIN--(BUSINESS WIRE)--Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to five classes of notes from Towd Point Mortgage Funding 2020 - Auburn 14 Plc (TPMF 2020-AU14), a static RMBS securitisation. The underlying collateral consists of £855.5 million seasoned first lien mortgages that are predominantly secured by buy-to-let (BTL) properties located in the UK. The mortgages were originated by Capital Home Loans Limited (CHL) between 1994 and 2014. The issuance of TPMF 2020-AU14 is expected to be the refinance of the existing Towd Point Mortgage Funding Auburn 11 transaction.

KBRA’s rating approach incorporates a review and analysis of the loan originator, servicer and other key transaction counterparties, a review of the Agreed Upon Procedure Report, use of the KBRA European Mortgage Model (KEMM) for UK 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.

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Disclosures

Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

• TPMF 2020-AU14 Pre-Sale Report
• TPMF 2020-AU14 Tear Sheet
• European RMBS Rating Methodology
• European RMBS Rating Methodology Country Addendum: United Kingdom
• Global Structured Finance Counterparty Methodology

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.