DUBLIN–(BUSINESS WIRE)–#KBRA–KBRA Europe (KBRA) assigns preliminary ratings to Clavel Residential 3 DAC. The transaction is a static RMBS securitisation, collateralised by restructured, reperforming mortgage loans (RPL). The underlying collateral consists of a €682.6 million portfolio of seasoned predominantly first lien mortgages that are secured by owner occupied (OO, 86.2%) and second homes (SH, 2.1%) properties located in Spain. The majority of the loans in the portfolio were originated by Banco Santander S.A. (Santander, 39.6%), Catalunya Banc, S.A. (20.6%), Banco Español de Crédito, S.A. (Banesto, 19.5%), Banco Popular Español S.A. (16.9%), Caixa d’Estalvis de Tarragona (1.9%) and Caixa d’Estalvis de Manresa (1.5%).
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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
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.
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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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Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
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Miten Amin, Managing Director
+44 20 8148 1002
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