KBRA Assigns Preliminary Ratings to Portman Square 2023-NPL1 DAC
KBRA Europe (KBRA) assigns preliminary ratings to two classes of notes issued by Portman Square 2023-NPL1 DAC (Portman 2023, the Issuer), a static securitisation collateralised by a €576.3 million portfolio of primarily non-performing Irish residential mortgage loans.
- KBRA Europe (KBRA) assigns preliminary ratings to two classes of notes issued by Portman Square 2023-NPL1 DAC (Portman 2023, the Issuer), a static securitisation collateralised by a €576.3 million portfolio of primarily non-performing Irish residential mortgage loans.
- At the time of sale, servicing of the loans and legal title of the mortgage assets was transferred from AIB to Mars Capital Finance Ireland DAC (Mars, the Servicer).
- In November 2021, the assets were sold to and securitised through Portman Square 2021-NPL1 (Portman 2021) and Lapithus Management DAC (Lapithus, the Servicer Consultant) was additionally appointed to provide certain monitoring services in relation to the mortgage portfolio.
- As a result, the arranger is amending and restating the existing securitisation, redeeming the existing outstanding notes and issuing new notes backed by the remaining collateral, while the Issuer has been renamed Portman Square 2023-NPL1 DAC.