KBRA Assigns Ratings to BERG FINANCE 2021 DAC

LONDON--(BUSINESS WIRE)--Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of ratings to five classes of BERG FINANCE 2021 DAC, a €295.3 million CMBS transaction collateralised by two loans. The loans are not cross-collateralised or cross-defaulted.

The Sirocco Loan is a €150.8 million floating rate loan that has a three-year term with two 12-month extension options. The loan is secured by the borrower’s freehold interest in four office properties. The offices are located in Austria, The Netherlands, Finland and Germany. As of March 2021, the properties were 83.5% leased by area, to approximately 56 tenants.

The Big Mountain Loan is a €148.3 million floating rate loan that has a two-year term with two 12-month extension options. The loan is secured by the borrower’s freehold and leasehold interest in a portfolio of 25 properties: 17 are office properties located in the Netherlands, seven are offices located in France and one is an industrial property located in the Netherlands. As of March 2021, the properties were 84.5% leased by area, to approximately 238 tenants.

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Related Publications

• European CMBS Rating Methodology
• Global Structured Finance Counterparty 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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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 UK

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 pursuant to the Temporary Registration Regime. 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. Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.