Press Release|RMBS
View PDF

KBRA Affirms Two Ratings and Downgrades One Rating on RMF Proprietary Issuance Trust 2019-1 Asset-Backed Notes, Series 2019-1 (RPIT 2019-1)

28 Feb 2025   |   New York

Contacts

KBRA has conducted its annual surveillance review of RPIT 2019-1 and affirms its AAA (sf) rating on the Class A notes and its AA (sf) rating on the Class M-1 notes. KBRA downgrades its rating on the Class M-2 notes from A+ (sf) to A- (sf). The rating actions consider the weighing of the collateral performance metrics to date against the availability of current and expected credit enhancement. With respect to the Class A and M-1 notes, the rating actions reflect the sufficient level of credit enhancement. With respect to the Class M-2 notes, the rating action is driven by, among other things, (i) the elevated prepayment levels observed from early 2021 to early 2023 which curtailed the accrual of interest on the collateral and restrained the growth of credit enhancement for this class and (ii) updated AVM property valuations that were generally lower than our estimates of current home values using indexing. These impacts are discussed further within the report.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

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), 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.

Doc ID: 1008368