DUBLIN--(BUSINESS WIRE)--Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2020-1 NL DAC, a CMBS single-borrower securitisation.
The collateral for the transaction consists of a €653.3 million limited recourse, first lien mortgage loan. The floating rate loan has a two-year initial term with three, one-year extension options. The loan is secured by the borrower’s interests in 105 office (73), industrial (29), car park (2), and leased hotel (1) assets across the Netherlands. The largest asset is 5.2% by allocated loan amount, while the 10 largest assets (33.0%) account for approximately one-third of the pool. The properties are leased to approximately 700 individual tenants, of which the largest represents 5.6% of gross rent, and the top 10 represent 21.1%. The tenants comprise a variety of multinational, regional, and local firms.
KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows and the application of our European CMBS Rating Methodology. The results of our analysis yielded a KBRA net cash flow (KNCF) of €49.5 million, individual property capitalisation rates of 6.25% to 15.50%, a KBRA Value of €746.7 million, and a KBRA Loan to Value (KLTV) of 96.5%. In our analysis of the transaction, we also reviewed and considered third party technical due diligence, environmental, and valuation reports; the results of our site inspections; and legal documentation.
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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.
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Related Publications: (available at www.kbra.com)
- Taurus 2020-1 NL DAC Pre-Sale Report
- European CMBS Rating Methodology
- Global Structured Finance Counterparty Methodology
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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.