KBRA UK (KBRA) assigns preliminary ratings to Together Asset Backed Securitisation 2022-1ST1 PLC (TABS 7) a static non-conforming RMBS securitisation. The provisional portfolio consists of £517.3 million first lien mortgage loans originated to non-prime borrowers that are secured by owner-occupied and buy-to-let (BTL) properties located in UK. The mortgages were originated between 2019 and 2022, by Together Commercial Finance Limited (70.6% of the portfolio, TCFL) and Together Personal Finance Limited (29.4% of the portfolio; TPFL) which are all wholly owned subsidiaries of Together Financial Services Limited (Together). Each of the two lenders are also the named servicers for their respective loans in the transaction. BCMGlobal Mortgage Services Limited will act as a backup servicer. TABS 7 is the ninth in the series of public securitisations backed by residential mortgage loans originated by Together and is the third issuance to be rated by KBRA.

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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.

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Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. 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 UK

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 UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.

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