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KBRA Assigns Preliminary Ratings to Together Asset Backed Securitisation 2022-2ND1 PLC

·3-min read

LONDON, May 19, 2022--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to Together Asset Backed Securitisation 2022-2ND1 PLC (TABS 6) a static non-conforming RMBS securitisation. The provisional portfolio consists of £349.8 million second lien mortgage loans originated to non-prime borrowers that are secured by owner-occupied (OO) and buy-to-let (BTL) properties located in UK. The mortgages were originated between 2014 and 2022 by Together Commercial Finance Limited (46.4% of the portfolio), Together Personal Finance Limited (42.9% of the portfolio) and Blemain Finance Limited (10.9% of the portfolio) which are all wholly owned subsidiaries of Together Financial Services Limited (Together). Each of the three lenders are also the named servicers for their respective loans in the transaction. BCMGlobal Mortgage Services Limited will act as a backup servicer. TABS 6, is the seventh in the series of public securitisations, backed by residential mortgage loans, originated by Together and is the second issuance to be rated by KBRA.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


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

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

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.

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Analytical Contacts

Hrishikesh Oturkar, Associate Director (Lead Analyst)
+44 208 1481 070

Gianfranco Di Paolo, Associate
+353 1 588 1205

Katherine Quirke, Director
+353 1 588 1185

Jack Kahan, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2486

Business Development Contacts

Mauricio Noé, Senior Managing Director
+44 208 148 1010

Miten Amin, Managing Director
+44 208 148 1002

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