KBRA Assigns Preliminary Ratings to Pembroke Property Finance 2 DAC

LONDON–(BUSINESS WIRE)–KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of Pembroke Property Finance 2 DAC, a CMBS multi-borrower securitisation.

The collateral for the transaction consists of 151 first lien mortgage loans in 84 risks groups with an aggregate balance of €316.5 million. The loans are predominantly floating rate (99.4%) with a WA remaining loan term of 2.5 years. The loans are secured by a portfolio of 257 properties, which encompass multifamily, retail, industrial, office, hotel and other asset types including land, and are located throughout Ireland with a concentration in the Dublin area.

KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows and the application of our European CMBS Rating Methodology. The results of our analysis yielded an aggregate KBRA net cash Flow (KNCF) of €28.3 million, and individual property capitalisation rates which had a WA of 8.13%, a KBRA Value of €356.1 million, and a WA KBRA Loan to Value (KLTV) of 100.6%. In our analysis of the transaction, we also reviewed and considered valuation reports and legal documentation.

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 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.


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.


Analytical Contacts

Stephen Hughes, Director (Lead Analyst)

+44 208 148 1004


Yee Cent Wong, Co-Head of Europe

+353 1 588 1260


Katherine Quirke, Director

+353 1 588 1185


Nitin Bhasin, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2334


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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