Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to six classes of notes issued by Glenbeigh 2 Issuer 2021-2 DAC (Glenbeigh 2). The transaction a static RMBS securitisation backed by seasoned buy-to-let (BTL) mortgage loans. The underlying provisional collateral consists of a €1.1 billion portfolio of seasoned first lien performing and re-performing mortgages that are secured by buy-to-let (BTL) properties located in Ireland. The loans in the portfolio were originated by Permanent TSB plc and were sold on 13 November 2021 to Citibank, N.A., London Branch (Sponsor) which transferred the beneficial interest of the portfolio to Glenbeigh 2 Seller DAC (Interim Seller under Glenbeigh 2) and in turn to Glenbeigh 2 Seller 2021-2 DAC (Seller under Glenbeigh 2). The servicing of the loans was transferred to Pepper Finance Corporation (Ireland) DAC (Pepper) in March 2021.

The Notes’ payment priority is strictly sequential. The aggregate note issuance is expected to be equal to the collateral balance. Certain Notes also have the benefit of a Liquidity Reserve Fund (LRF) and a General Reserve Fund (GRF). The Class A Notes are rated for timely interest payments and ultimate payment of principal while all other rated notes are rated for ultimate payment of interest and ultimate payment of principal.

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Related Publications

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

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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