DUBLIN--(BUSINESS WIRE)--Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven classes of notes issued by Jamestown Residential 2021-1 DAC (Jamestown Residential). The transaction is a static RMBS securitisation backed by predominantly reperforming mortgage loans (RPL). The underlying collateral consists of a €554.6 million mixed portfolio of seasoned first lien performing and re-performing mortgages that are secured by majority owner occupied (OO) and buy-to-let (BTL) properties located in Ireland. The portfolio includes mortgages originated by three Irish originators Bank of Scotland (Ireland) Limited (67.1%, BoSI), Start Mortgages DAC (29.3%, Start) and Nua Mortgages Limited (3.7%, Nua). Jamestown Residential comprises loans which collateralised Jepson Residential 2019-1 DAC (Jepson 2019-1) which is the seller in the transaction. Jamestown Residential is essentially a refinancing of the notes currently outstanding under Jepson 2019-1 transaction. The loans comprising Jamestown Residential portfolio will be initially serviced by Start and following the end of an interim period the entire portfolio will be taken over by Pepper Finance Corporation (Ireland) DAC. Lone Star Funds acquired the mortgage loans originated by Start and Nua in December 2014. The mortgage loans originated by BoSI were acquired in February 2015.
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Related Publications
- European RMBS Rating Methodology
- European RMBS Rating Methodology Country Addendum: United Kingdom
- Global Structured Finance Counterparty Methodology
- ESG Global Rating 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.
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About KBRA Europe
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 Europe is located at 6-8 College Green, Dublin 2, Ireland.
