KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes issued by Roundstone Securities No.2 DAC (Roundstone 2). The transaction is a static RMBS securitisation backed by seasoned performing and reperforming mortgage loans. The provisional portfolio, aggregating €1.6 billion in current balance, consists of loans secured by owner occupied (78.0%) and buy-to-let (22.0%) properties located in Ireland. All the mortgage loans in the portfolio were originated by Bank of Scotland plc. Roundstone 2 is the refinance of Roundstone Securities No.1 DAC.
The portfolio will be serviced by Pepper Finance Corporation (Ireland) DAC (Pepper).
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- Irish Mortgage and Housing Trends
- Ireland's RMBS Faces Inflation and Rate Headwinds
- Irish Housing: Challenges to a Greener Ireland
- Supportive Environment for Restructured Loans in Ireland
Methodologies
- RMBS: European RMBS Rating Methodology
- RMBS: European RMBS Rating Methodology Country Addendum: Republic of Ireland
- Structured Finance: 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, 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 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.
Doc ID: 1003642
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Contacts:
Analytical Contacts
Gianfranco Di Paolo, Associate Director (Lead Analyst)
+353 1 588 1205
gianfranco.dipaolo@kbra.com
Hrishikesh Oturkar, Director
+44 20 8148 1070
hrishikesh.oturkar@kbra.com
Kali Sirugudi, Managing Director
+44 20 8148 1050
kali.sirugudi@kbra.com
Tomas Cruz, Associate
+353 1 588 1188
tomas.cruz@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com
Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
miten.amin@kbra.com
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
mauricio.noe@kbra.com
