NEW YORK--(BUSINESS WIRE)--KBRA releases research on potential single-family rental (SFR) exposure in our rated universe to Hurricane Ian, which made landfall along Florida’s southwestern coast on September 28 before making landfall a second time near Georgetown, South Carolina. Initial news reports indicate massive storm damage, some of the worst in Florida’s history.
The Federal Emergency Management Agency (FEMA) on September 30 issued a disaster declaration for all of Florida’s and South Carolina’s counties, authorizing them for public assistance. As of October 3, FEMA has identified 19 of Florida’s counties as greatly impacted and eligible for individual assistance and public assistance (the IA counties). KBRA has identified loans within our rated universe of SFR securitizations that are collateralized by properties in the greatly impacted areas. Based on our analysis, 47 KBRA-rated transactions have underlying loan collateral within the impacted counties, 35 of which are in the single-borrower SFR universe, while the remaining 12 are multi-borrower transactions.
KBRA will continue to monitor the situation and work with loan servicers to determine the extent of the damage and any potential ratings impact. As events continue to unfold, our thoughts are with the individuals and families affected by the hurricane.
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KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
