KBRA Assigns Preliminary Ratings for RRE 11 Loan Management DAC (Reset) Business Wire KBRA UK (KBRA) assigns preliminary ratings to five classes of refinancing Notes issued by RRE 11 Loan Management DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans. RRE 11 Loan Management DAC is managed by Redding Ridge Asset Management (UK) LLP (“RRAM UK” or the “collateral [...]
KBRA Releases Research – European CLO Manager Style Comparisons: September 2026 Update Business Wire KBRA releases a report comparing European broadly syndicated loan (BSL) collateralised loan obligation (CLO) managers across a KBRA-defined set of standardised portfolio metrics, including credit quality as measured by KBRA Weighted Average Rating Factor (K-WARF), weighted average spread (WAS), equity returns, leverage, and collateral characteristics. The analysis covers 67 managers across 767 BSL transactions, representing [...]
KBRA Assigns Preliminary Ratings to UK Logistics 2026-4 DAC Business Wire KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of UK Logistics 2026-4 DAC, a CMBS single-borrower transaction. Since the assignment of preliminary ratings and publication of our Pre-Sale report on 10 September 2026, the issuer has elected to upsize the loan amount from £613.7 million to £1.0 billion [...]
KBRA Assigns Preliminary Ratings to Harben Finance 2017-1 Plc September 18, 2026 KBRA UK (KBRA) assigns preliminary ratings to nine classes of notes issued by Harben Finance 2017-1 Plc (Harben 2017-1), a static RMBS securitisation collateralised by seasoned buy-to-let (BTL) mortgage loans. The portfolio, aggregating £512.1 million in current balance, consists of BTL loans secured by first lien residential properties located in England and Wales. Harben Finance [...]
KBRA Assigns Preliminary Ratings to UK Logistics 2026-4 DAC September 10, 2026 KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of UK Logistics 2026-4 DAC, a CMBS single-borrower transaction. The collateral for the transaction is a £613.7 million limited recourse, first lien mortgage loan expected to be originated by Barclays Bank PLC in September 2026. The floating-rate loan is expected [...]
KBRA Assigns Preliminary Ratings to BUMPER BE GREEN 2026-1 September 7, 2026 KBRA Europe (KBRA) assigns a preliminary rating to the Class A notes to be issued by Bumper BE NV/SA, acting on behalf of its compartment named “Compartiment No.3” (BUMPER BE GREEN 2026-1), a Belgian operating auto lease ABS transaction. Credit enhancement consists of subordination, excess spread and cash reserves. BUMPER BE GREEN 2026-1 will be [...]
KBRA Assign Preliminary Ratings to London Cards Master Issuer PLC, Series 4 September 1, 2026 KBRA UK (KBRA) assigns preliminary ratings to six classes of notes to be issued under the OnTap Master Trust structure, a UK credit card ABS programme backed by receivables originated and serviced by New Wave Capital Limited trading as Capital on Tap (CoT). The issuance relates to Series 4 (the Series), which will be issued [...]
KBRA Releases Research – UK Buy-to-Let RMBS: Stabilising Credit, Broadening Issuance August 25, 2026 KBRA releases research examining recent trends in the UK buy-to-let (BTL) market, including issuance and credit performance, as well as how tenancy reform and planned energy efficiency requirements could affect the sector over time. The BTL market has benefited from a more favourable interest rate environment, with lower borrowing costs and continued rental growth supporting [...]
KBRA Releases Research – The End of the RRF: Trade Adjustment and Financing Challenge August 19, 2026 KBRA releases research examining how the end of the European Union’s (EU) Recovery and Resilience Facility (RRF) could affect trade balances and investment financing, as the policy challenge shifts from deploying EU funds to sustaining investment beyond the programme. Since 2021, RRF-backed activity has likely increased demand for imported capital goods and specialist inputs, widening [...]
AM Best Upgrades Fortegra Insurance Subsidiaries to A (Excellent) August 6, 2026 Rating actions follow completion of the DB Insurance acquisition