KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Taurus 2025-2 UK DAC, a CMBS securitisation secured by two loans which are not cross-collateralised or cross-defaulted.
The Wildcat Loan is comprised of a £247.8 million senior loan and a £16.2 million pari passu capex facility. The loan is floating rate with an initial three-year term and two, one-year extension options. The loan is secured by the borrowers' freehold and leasehold interests in 21 industrial assets (63.7% of loan balance), 12 office assets (27.7%), and two retail assets (8.6%) located in five regions throughout the UK. As of October 2024, the properties were 98.3% leased to approximately 125 tenants.
The Silverburn Loan is a £111.6 million floating rate loan with an initial three-year term and two, one-year extension options. The loan is secured by the borrowers' freehold interest in Silverburn Shopping Centre, a 951,812-sf regional mall located approximately five miles from the city centre of Glasgow. As of December 2024, the property was 91.4% leased to approximately 100 tenants.
To access ratings and relevant documents, click here.
Click here to view the report.
Methodologies
- CMBS: European CMBS Rating Methodology
- 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 Europe Limited for use in the European Union. 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 UK
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.
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Contacts:
Analytical Contacts
Isha Changde, Associate (Lead Analyst)
+44 20 8148 1014
isha.changde@kbra.com
Patrick McQuinn, Senior Director
+1 646-731-2445
patrick.mcquinn@kbra.com
Nitin Bhasin, Senior Managing Director, Global Head of CMBS (Rating Committee Chair)
+1 646-731-2334
nitin.bhasin@kbra.com
Business Development Contacts
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
mauricio.noe@kbra.com
Miten Amin, Managing Director
+44 20 8148 1002
miten.amin@kbra.com
