KBRA Europe Assigns Preliminary Ratings to Taurus 2020-1 NL DAC

DUBLIN--()--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.

To access the full report, click here.

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)

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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.

Contacts

Analytical Contacts:
Matthew Horner, Director, CMBS (Lead Analyst)
Dublin
+353 1 588 1240
mhorner@kbra.com

John Hogan, Senior Director, Ratings Legal
London
+44 20 8148 1040
jhogan@kbra.com

Yee Cent Wong, Senior Managing Director, CMBS
New York
+1 (646) 731-2374
ywong@kbra.com

Nitin Bhasin, Senior Managing Director, CMBS
(Rating Committee Chair)
New York
+1 (646) 731-2334
nbhasin@kbra.com

Business Development Contact:
Mauricio Noé, Senior Managing Director, Head of Europe
+353 1 588 1220
mnoe@kbra.com

Contacts

Analytical Contacts:
Matthew Horner, Director, CMBS (Lead Analyst)
Dublin
+353 1 588 1240
mhorner@kbra.com

John Hogan, Senior Director, Ratings Legal
London
+44 20 8148 1040
jhogan@kbra.com

Yee Cent Wong, Senior Managing Director, CMBS
New York
+1 (646) 731-2374
ywong@kbra.com

Nitin Bhasin, Senior Managing Director, CMBS
(Rating Committee Chair)
New York
+1 (646) 731-2334
nbhasin@kbra.com

Business Development Contact:
Mauricio Noé, Senior Managing Director, Head of Europe
+353 1 588 1220
mnoe@kbra.com