KBRA Assigns Preliminary Ratings to Canada Square Funding 6 PLC

LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to five classes of notes to be issued by Canada Square Funding 6 PLC (Canada Square 6), a static RMBS securitisation of recently originated loans secured by buy-to-let (BTL) properties across UK. The provisional portfolio aggregates £364.0 million and were originated by four UK specialist lenders – Fleet Mortgages Ltd (50.0%), Landbay Partners Ltd (26.7%), Topaz Finance Ltd (18.6%) and Hey Habito Limited (4.7%). Canada Square 6, is the sixth in the series of issuances by Citibank, N.A., London Branch with the first issuance in October 2019 (Canada Square Funding 2019-1 Plc) and most recent in July 2021 (Canada Square Funding 2021-2 Plc).

Each of the four lenders are also the named servicers for their respective loans in the transaction. Pepper UK Limited (Pepper UK) is the delegated servicer for the loans originated by Habito, Computershare Loan Services (Computershare), is the delegated servicer for the loans originated by Topaz, and Link Mortgage Services is the delegated servicer for Landbay originated loans. Fleet do not delegate servicing on the loans it originated in this portfolio.

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Related Publications

• European RMBS Rating Methodology
• European RMBS Rating Methodology Country Addendum: United Kingdom
• 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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

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.