KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC
KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes to be issued by GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC, a static RMBS securitisation collateralised by predominantly reperforming mortgage loans. As of 31 March 2026, the underlying collateral is a €459.7 million portfolio consisting of €451.2 million seasoned first lien performing and reperforming mortgages and €8.5 million of unsecured loans. The mortgages are secured by owner-occupied properties (92.8%) and buy-to-let properties (BTL, 7.2%) located in Ireland.
The loans in the portfolio were originated by, or subsidiaries of, Ulster Bank Ireland DAC (76.7%), KBC Bank Ireland Public Limited Company (10.9%), Bank of Scotland plc (6.6%) and The Governor and Company of the Bank of Ireland (5.8%). Pepper Finance Corporation (Ireland) DAC (94.2%) and Mars Capital Finance Ireland DAC (5.8%) are the current servicers and legal title holders of the portfolio.
The payment priority of the notes is sequential, with the notes benefiting from a yield supplement overcollateralisation and funded reserves that provide both liquidity and credit support.
To access ratings and relevant documents, click here.
Click here to view the report.
Methodologies
- RMBS: European RMBS Rating Methodology
- RMBS: European RMBS Rating Methodology Country Addendum: Republic of Ireland
- Structured Finance: Global Structured Finance Counterparty 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.
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 UK Limited for use in the UK. 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 Europe
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.
Doc ID: 1014774
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Contact
Analytical Contacts
Karl Cummins, Senior Director (Lead Analyst)
+353 1 588 1240
[email protected]
Utkarsh Mehta, Senior Analyst
+353 1 5881224
[email protected]
Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS (Rating Committee Chair)
+1 646-731-2486
[email protected]
Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
[email protected]
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
[email protected]
