KBRA Assigns Preliminary Ratings to Trinity Square 2021-1 PLC

KBRA UK (KBRA) assigns preliminary ratings to Trinity Square 2021-1 PLC (TSQ), a static RMBS securitisation collateralised by seasoned non-conforming mortgage loans. The portfolio, aggregating £666.3 million in current balance, consists of loans secured by owner occupied (95.2%) and buy-to-let (4.8%) properties located in England and Wales. All the mortgage loans in the portfolio were originated by GE Money Home Lending Limited and GE Money Mortgages Limited.

The portfolio was first acquired by Kensington Mortgages Company Limited (the Mortgage Administrator, Legal Title Holder) in August 2015 and subsequently acquired by Citibank, N.A., London in March 2021. TSQ is a refinancing of the notes currently outstanding under the same special purpose vehicle Trinity Square 2021-1 PLC, which closed in March 2021, which in turn was the refinancing of the Trinity Square 2015-1 PLC and Trinity Square 2016-1 PLC transactions, which closed in December 2015 and February 2016 respectively.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publications

• UK Mortgage and Housing Market Trends
• Equity Release Mortgages: Supportive Environment for UK Expansion … and Beyond?
• UK Buy-to-Let: A Brewing Remortgage Storm?

Methodologies

• RMBS: European RMBS Rating Methodology Country Addendum: United Kingdom
• RMBS: European RMBS 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) 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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