KBRA Assigns Preliminary Ratings to GCAT 2024-NQM2 Trust
15 Mayo 2024 - 1:30PM
Business Wire
KBRA assigns preliminary ratings to six classes of mortgage
pass-through notes from GCAT 2024-NQM2 Trust, a $330.7 million
non-prime RMBS transaction. The underlying collateral, comprising
671 residential mortgages, is characterized by a significant
concentration of loans underwritten using alternative income
documentation. Borrowers in the subject pool possess a non-zero WA
original credit score of 746 and exhibit modest equity in each
mortgaged property, with WA LTV and combined LTV (CLTV) ratios of
71.4% and 71.4%, respectively.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- GCAT 2024-NQM2 Trust Tear Sheet
- RMBS KBRA Comparative Analytic Tool (KCAT)
Methodologies
- RMBS: U.S. RMBS Rating Methodology
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating 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.
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
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. 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.
Doc ID: 1004269
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240515165927/en/
Analytical Contacts
Minxi Qiu, Director (Lead Analyst) +1 646-731-1263
minxi.qiu@kbra.com
Yanqi Bai, Senior Analyst +1 646-731-1330 yanqi.bai@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS
(Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com
Business Development Contact
Daniel Stallone, Managing Director +1 646-731-1308
daniel.stallone@kbra.com