GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC receives KBRA ratings for Irish RMBS notes
The transaction packages a €459.7 million pool of Irish mortgage and unsecured loans into six rated note classes within a static residential mortgage-backed securities structure. The collateral is dominated by seasoned first lien performing and reperforming mortgages tied mainly to owner-occupied homes, highlighting continued issuance activity in Ireland's structured finance market.
Highlights
- KBRA assigned ratings to six classes of notes issued by GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC, backed by €459.7 million Irish mortgage collateral.
- The loan pool consists of €451.2 million in first lien performing and reperforming mortgages and €8.5 million in unsecured loans, with 92.8% owner-occupied and 7.2% buy-to-let properties.
- Transaction credit enhancements include yield supplement overcollateralisation, funded reserves, and a sequential payment priority structure to support liquidity and investor protection.
Rating action and collateral profile
As reported by Kroll Bond Rating Agency, KBRA assigns ratings to six classes of notes issued by GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC, a static RMBS securitisation backed predominantly by reperforming mortgage loans.The underlying collateral totals €459.7 million, including €451.2 million of seasoned first lien performing and reperforming mortgages and €8.5 million of unsecured loans. The mortgage pool is secured by properties in Ireland, with 92.8% linked to owner-occupied homes and 7.2% tied to buy-to-let properties.
The loan book was originated by, or subsidiaries of, Ulster Bank Ireland DAC, which accounts for 76.7% of the pool, followed by KBC Bank Ireland Public Limited Company at 10.9%, Bank of Scotland plc at 6.6% and The Governor and Company of the Bank of Ireland at 5.8%.
Servicing and credit support structure
Pepper Finance Corporation (Ireland) DAC and Mars Capital Finance Ireland DAC are the current servicers and legal title holders of the portfolio, with shares of 94.2% and 5.8% respectively.The notes follow a sequential payment priority structure. KBRA says the transaction benefits from yield supplement overcollateralisation and funded reserves designed to provide both liquidity support and credit protection for investors.
In our earlier coverage of KBRA’s ratings on New Residential Mortgage Loan Trust 2026-NQM6, we described a $490.1 million U.S. non-prime RMBS backed by 930 seasoned residential mortgages and sponsored by Rithm Capital. We noted that NewRez LLC was the primary originator and the servicer, and highlighted borrower and leverage metrics such as a weighted average original credit score of 755 and a 71.8% weighted average LTV/CLTV, alongside KBRA’s loan-level and cash-flow driven analytical approach.
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