Morningstar DBRS withdraws ratings on Together Asset Backed Securitisation notes after full repayment
Together Asset Backed Securitisation 2022-2ND1 plc’s rated notes are fully redeemed on the 12 May 2026 payment date, ending the transaction’s outstanding rated debt. The move leads to the discontinuation of ratings across six note classes, covering securities previously graded from AAA (sf) to B (sf).
Highlights
- Morningstar DBRS withdraws all ratings on Together Asset Backed Securitisation 2022-2ND1 plc notes after full repayment at the 12 May 2026 payment date.
- Class A Loan Note had GBP 39,825,406.17 outstanding at AAA (sf), Class B GBP 13,993,000.00 at AA (sf), and Class C GBP 21,863,000.00 at A (high) (sf) before redemption.
- Discontinuation removes Morningstar DBRS coverage from the UK structured finance deal after the issuer fully redeemed all tranches, including Class D, E, and F notes.
Redemption triggers ratings withdrawal
As reported by Morningstar DBRS, DBRS Ratings Limited discontinues its credit ratings on the Class A Loan Note, Class B, Class C, Class D, Class E and Class F notes issued by Together Asset Backed Securitisation 2022-2ND1 plc.The rating withdrawal reflects the full repayment of the rated notes following the mandatory redemption of the debt in full on the 12 May 2026 payment date. Morningstar DBRS says that, in its opinion, a Discontinued-Repaid credit rating action does not warrant the application of the entire principal methodology.
Outstanding balances and structured finance context
Before repayment, the Class A Loan Note carries a AAA (sf) rating with an outstanding principal balance of GBP 39,825,406.17, while the Class B notes are rated AA (sf) with GBP 13,993,000.00 outstanding. The Class C notes are rated A (high) (sf) with GBP 21,863,000.00 outstanding, and the Class D notes are rated A (sf) with GBP 20,989,000.00 outstanding.The lower-rated tranches include the Class E notes at BB (sf) with GBP 18,365,000.00 outstanding and the Class F notes at B (sf) with GBP 5,247,000.00 outstanding. The discontinuation closes out Morningstar DBRS coverage of the UK structured finance transaction after the issuer repays all rated debt in full.
Our earlier report on KBRA’s ratings for GS Mortgage-Backed Securities Trust 2026-IRRP1 DAC outlined a static Irish RMBS deal that securitised a €459.7 million pool of seasoned first-lien performing and reperforming mortgages, plus a small unsecured loan component. We also highlighted how the structure relied on sequential principal payments, yield supplement overcollateralisation and funded reserves to support liquidity and credit protection across six rated note classes.
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