KBRA assigns preliminary marks to Jamestown Residential DAC 2021-1

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DUBLIN – (COMMERCIAL THREAD) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven ticket categories issued by Jamestown Residential 2021 – 1 DAC (Jamestown Residential). The transaction is a static RMBS securitization backed by predominantly reproductive mortgages (RPLs). The underlying guarantee consists of a mixed portfolio of € 554.6 million of seasoned first mortgage loans guaranteed by majority occupied (OO) and rental (BTL) owners located in Ireland. The portfolio includes mortgages issued by three Irish originators Bank of Scotland (Ireland) Limited (67.1%, BoSI), Start Mortgages DAC (29.3%, Start) and Nua Mortgages Limited (3.7%, Nua) . Jamestown Residential includes loans that secured Jepson Residential 2019-1 DAC (Jepson 2019-1) who is the seller in the transaction. Jamestown Residential is essentially a refinancing of the notes currently in circulation as part of the Jepson 2019-1 transaction. The loans comprising Jamestown’s residential portfolio will initially be managed by Start and after the end of an interim period the entire portfolio will be taken over by Pepper Finance Corporation (Ireland) DAC. Lone Star Funds acquired the mortgages issued by Start and Nua in December 2014. The mortgages issued by BoSI were acquired in February 2015.

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Disclosures

Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an improvement or a downgrade, and ESG factors (when they are a factor). key to the change in credit rating or rating outlook) can be found in the full assessment report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the method (s) (including models and sensitivity analyzes of relevant key rating assumptions, if any) used to determine the Credit Ratings are available in the Information Disclosure Form (s) located here.

Here you will find information about the meaning of each rating category.

This credit rating is approved by Kroll Bond Rating Agency UK Limited for use in the UK. Information about a credit rating’s approval status is available on its rating page on KBRA.com.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA’s policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a 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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