Kroll Bond Rating Agency, LLC: KBRA Assigns Preliminary Ratings to Fondo De Titulización, RMBS Miravet 2023-1

KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes issued by Fondo De Titulización, RMBS Miravet 2023-1 (Miravet 2023-1). The transaction is a static RMBS securitisation collateralised by restructured, reperforming and non-performing mortgage loans (RPL/NPL). The underlying collateral consists of a €307.6 million portfolio of seasoned predominantly first lien performing, re-performing and non-performing mortgages that are secured by residential (92.0%) and commercial (8.0%) properties located in Spain. The loans in the portfolio were originated by Abanca Corporacíon Bancaria S.A. (Abanca, 17.3%), Caixa de Ahorros de Vigo, Ourense y Pontevedra (Caixanova, 20.7%), Caja de Ahorros de Galicia (Caixa Galicia, 56.7%), Banco Caixa Geral, S.A. (1.9%), Bankoa, S.A. (2.1%), CXG Crédito Familiar Corporación Caixagalicia, E.F.C., S.A. (Caixagalicia, 0.8%), and Banco Echeverría (0.5%). Caixanova and Caixagalicia were merged into Novacaixagalicia (NCG Bank) in November 2010 and are now part of Abanca; Abanca was renamed from NCG Bank in December 2014.

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Related Publications

• European RMBS Rating Methodology
• European RMBS Rating Methodology Country Addendum: Spain
• European CMBS Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

• Spain's Housing and Mortgage Markets Better Positioned for Challenges

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. 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:

Analytical Contacts

Gianfranco Di Paolo, Associate (Lead Analyst)
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Hrishikesh Oturkar, Associate Director
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Kali Sirugudi, Managing Director
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Jack Kahan, Senior Managing Director (Rating Committee Chair)
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Business Development Contacts

Mauricio Noé, Co-Head of Europe
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Miten Amin, Managing Director
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