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KBRA Assigns Preliminary Ratings to Shamrock Residential 2022-1 DAC

KBRA Europe (KBRA) assigns preliminary ratings to seven classes of notes issued by Shamrock Residential 2022-1 DAC (Shamrock). The transaction is a static RMBS securitisation backed by predominantly reperforming mortgage loans (RPL). The underlying collateral consists of a €598.6 million mixed portfolio of seasoned first lien performing and re-performing mortgages that are secured by owner occupied (OO, 78.4%) and buy-to-let (BTL, 21.6%) properties located in Ireland. The portfolio predominantly includes mortgages originated by two Irish originators, Ulster Bank (43.8%) and Allied Irish Bank (31.8%, AIB).

The loans are serviced by Cabot Financial (Ireland) Limited and Mars Capital Finance Ireland DAC, both servicers have meaningful number of years of experience servicing re-performing loans and loans deep in arrears.

KBRA’s rating approach incorporates a review and analysis of the loan originator, servicer and other key transaction counterparties, a review of the Agreed Upon Procedure Report, use of the KBRA European Mortgage Model (KEMM) for Irish mortgages to analyse collateral and borrower attributes, an assessment of the securitisation framework from a structural and legal perspective, and ongoing surveillance of the transaction. This analysis is further described in KBRA’s European RMBS Rating Methodology.

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

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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

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

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.


Analytical Contacts

Karl Cummins, Director, Lead Analyst

+353 1 588 1240

Hrishikesh Oturkar, Associate Director

+44 208 148 1070

Kali Sirugudi, Senior Director

+44 208 148 1050

Jack Kahan, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2486

Business Development Contacts

Mauricio Noé, Co-Head of Europe

+44 208 148 1010

Miten Amin, Managing Director

+44 208 148 1002

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