KBRA Europe (KBRA) assigns preliminary ratings to Primrose Residential 2022-1 DAC (Primrose 2022-1). The transaction is a static RMBS securitisation, collateralised by seasoned performing and reperforming mortgage loans (RPL). The provisional portfolio, aggregating €372.6 million in current balance, consists of loans secured by owner occupied (78.4%) and buy-to-let (BTL, 21.6%) properties located in Ireland. The mortgage loans in the portfolio were originated by Permanent TSB P.L.C. (PTSB, 62.6%), Springboard Mortgages Limited (Springboard, 20.9%) and Irish Nationwide Building Society (INBS, 16.5%).

Primrose 2022-1 is the second in the series of Primrose issuances backed predominantly by Irish reperforming mortgage loans. The previous issuance was called Primrose Residential 2021-1 DAC.

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Related Publications

• European RMBS Rating Methodology
• European RMBS Rating Methodology Country Addendum: Republic of Ireland
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology
• Supportive Environment for Restructured Loans in Ireland

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.

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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 pursuant to the Temporary Registration Regime. 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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