KBRA assigns provisional mortgage finance ratings to Towd Point 2021 – Hastings 1 PLC


LONDON – () – Kroll Bond UK Limited (KBRA) ratings agency assigns provisional ratings to four bond classes to be issued by Towd Point Mortgage Funding 2021 – Hastings 1 PLC (TPMF 2021-Hastings 1), a RMBS securitization of old mortgage bonds (ERM) created by Northern Rock plc and Legal and General Group plc, mainly between 2000 and 2010 and no later than 2018. The portfolio was acquired by Cerberus Capital Management in 2018. – the balance at the end of February 2021 in the amount of £ 221.7 million. As already noted, the assets have an average weighted term of the loan portfolio of 191 months. To the knowledge of KBRA, this transaction is the first public securitization of the UK ERM since the global financial crisis.

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Additional information on key creditworthiness considerations, sensitivity analyzes that consider what factors might affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (where they are a key driver of credit rating or rating forecast changes) can be found in the full rating report mentioned above.

A description of all material sources that were used to prepare the credit rating and information on the methodology (s) (including any significant models and sensitivity analysis of the related key rating assumptions, if applicable) used in determining the credit rating is available. in the Disclosure Forms located here

Information on the meaning of each rating category can be found here

Additional information disclosed in connection with this rating action is available in the disclosure form (s) referred to above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures is available at www.kbra.com


Kroll Bond Rating Agency, LLC (KBRA) is a full service rating agency registered with the US Securities and Exchange Commission as the 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 under the Temporary Registration Regime. In addition, KBRA has been designated by the Ontario Securities Commission as a rating organization for issuers of asset-backed securities to file a short prospectus or finished prospectus. KBRA is also recognized as a credit rating provider by the National Insurance Commissioners Association. The Kroll Bond UK rating agency is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.

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