• Wed. May 18th, 2022

KBRA Assigns Preliminary Ratings to Shamrock Residential 2022-1 DAC

DUBLIN–(BUSINESS WIRE)–KBRA Europe (KBRA) assigns preliminary ratings to seven categories of notes issued by Shamrock Residential 2022-1 DAC (Shamrock). The transaction is a static RMBS securitization backed primarily by reproductive mortgage loans (RPLs). The underlying collateral consists of a mixed portfolio of €598.6 million of seasoned performing and re-performing first mortgages which are secured by owner-occupied properties (OO, 78.4%) and rental properties (BTL, 21.6%) located in Ireland. The portfolio mainly comprises mortgage loans issued by two Irish originators, Ulster Bank (43.8%) and Allied Irish Bank (31.8%, AIB).

The loans are managed by Cabot Financial (Ireland) Limited and Mars Capital Finance Ireland DAC, both managers have a significant number of years of experience servicing recurring loans and overdue loans.

KBRA’s scoring approach includes review and analysis of loan originator, administrator and other key transaction counterparties, review of agreed procedure report, use of European Mortgage Model KBRA (KEMM) for Irish Mortgages to analyze collateral and borrower attributes, an assessment of the securitization framework from a structural and legal perspective and ongoing monitoring of the operation. This analysis is further described in KBRA’s European RMBS Rating Methodology.

Click here to see the report. To access relevant notes and documents, click here.

Related Publications

Disclosures

Further information on key credit considerations, sensitivity analyzes that consider factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of the main relevant rating assumptions, the where applicable) used to determine credit rating are available in the information disclosure form(s) located here.

Information on the meaning of each rating category can be found here.

This credit rating is approved by Kroll Bond Rating Agency UK Limited for use in the UK. Information about a credit rating’s approval status is available on its rating page on KBRA.com.

Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK which may be or have relationships with shareholders and/or shareholder related companies, as such term is defined in the shareholders and related companies policy. KBRA shareholders for KBRA Europe and KBRA UK. and Procedure. Relevant disclosure information can be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency 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.