KBRA Europe (KBRA) assigns preliminary ratings to Mulcair Securities No. 3 DAC. The transaction is a static RMBS securitisation, collateralised by seasoned first lien performing and reperforming mortgage loans (RPL). The provisional portfolio, aggregating €361.2 million in current balance, consists of loans secured by buy-to-let (78.2%) and owner-occupied (OO, 21.8%) properties located in Ireland. The mortgage loans in the portfolio were originated by members of the Bank of Ireland Group.

About 74.3% of the loans in the portfolio were previously securitised under Mulcair Securities DAC, while the remaining 25.7% are additional mortgage loans that are legally and beneficially owned by Bank of Ireland (BOI), or Bank of Ireland Mortgage Bank Unlimited Company (BOIMB) and the beneficial interest will be sold to the Issuer on the closing date. Both segments of the portfolio will continue to be serviced by Bank of Ireland.

Click here to view the pre-sale report. To access ratings and relevant documents, click here.

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.

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 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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