KBRA Assigns Preliminary Ratings to Together Asset Backed Securitisation 2023-1ST2 PLC
KBRA UK (KBRA) assigns preliminary ratings to Together Asset Backed Securitisation 2023-1ST2 PLC (TABS 9) a static non-conforming RMBS securitisation. The mortgages were originated between 2017 and 2023, by Together Commercial Finance Limited (50.7% of the portfolio) and Together Personal Finance Limited (49.3% of the portfolio) which are all wholly owned subsidiaries of Together Financial Services Limited (Together). Each of the two lenders are also the named servicers for their respective loans in the transaction. BCMGlobal Mortgage Services Limited will act as a backup servicer. TABS 9 is the twelfth in the series of public securitisations backed by residential mortgage loans originated by Together and is the fourth issuance to be rated by KBRA.
To access ratings and relevant documents, click here.
Click here to view the report.
Related Publications
- European RMBS Rating Methodology
- European RMBS Rating Methodology Country Addendum: United Kingdom
- Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
- UK Buy-to-Let: A Brewing Remortgage Storm?
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.
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) 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 UK is located at 1 Connaught Place, 2nd Floor London, England.
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