KBRA Europe (KBRA) assigns preliminary ratings to four classes of notes to be issued by Warrington Residential 2022-1 DAC (Warrington, the Issuer), a static securitisation collateralised by a €403.3 million pool of Irish non-performing residential mortgage loans.
The loans are collateralised by owner-occupied and buy-to-let properties located throughout Ireland. The majority of the loans were originated by Irish Nationwide Building Society (INBS), Springboard Mortgages Limited and Allied Irish Banks plc between 2006 and 2008 with 99.6% of the loans more than three months in arrears as at the cut-off date.
Over three quarters (75.9%) of the loans were originated by INBS and Springboard (the Canal Portfolio), the majority of which have been included in a prior securitisation (Grand Canal Securities 2 DAC), which closed in December 2017 and is now being refinanced. The remainder were originated by AIB (the Bay Portfolio).
Mars Capital Finance Ireland DAC (Mars) is the administrator/servicer within the transaction. Mars is a regulated financial services provider that provides third-party residential mortgage administration services for mortgage loans secured by residential real estate located in Ireland, among other services.
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Related Publications
- European Non-Performing Loan Securitisation Rating Methodology
- 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, andESG 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 UK Limited for use in the UK. 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 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.
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Contacts:
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Killian Walsh, Director (Lead Analyst)
+353 1 588 1184
killian.walsh@kbra.com
Karl Cummins, Director
+353 1 588 1240
karl.cummins@kbra.com
Gianfranco di Paulo, Senior Analyst
+353 1 588 1205
gianfranco.dipaulo@kbra.com
Yee Cent Wong, Co-Head of Europe (Rating Committee Chair)
+353 1 588 1260
yee.cent.wong@kbra.com
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Mauricio Noé, Co-Head of Europe
+44 208 148 1010
mauricio.noe@kbra.com
Miten Amin, Managing Director
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miten.amin@kbra.com
