KBRA Assigns Preliminary Ratings to Taurus 2021-4 UK DAC
Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of Taurus 2021-4 UK DAC, a CMBS single-borrower securitisation secured by two loans which are not cross-collateralised or cross-defaulted.
The Fulham Loan is a £637.5 million floating rate loan that has a five-year term. The loan is secured by the borrower's freehold and leasehold interests in 258 industrial assets, 16 parcels of land, and two office assets located in 10 regions across the UK. As of March 2021, the properties were 90.0% leased to over 2,000 tenants.
The United VI Loan is a £210.9 million floating rate loan that has a five-year term. The loan is secured by the borrower's freehold, leasehold, and combination of freehold and leasehold interests in 49 industrial assets located in five regions across the UK. As of March 2021, the properties were 84.5% leased to approximately 250 tenants.
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.
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.