KBRA withdraws ratings on Together Asset Backed Securitisation 2022-1ST1 notes after balances reach zero
The withdrawal affects all rated note classes of Together Asset Backed Securitisation 2022-1ST1 PLC after their outstanding principal balances fall to zero. The May 2026 investor report also shows no accumulated interest shortfalls or principal writedowns on the notes.
Highlights
- KBRA withdrew ratings on Together Asset Backed Securitisation 2022-1ST1 PLC's Class A-E notes after all principal balances reached zero.
- Class A and B were downgraded from 'AAA (sf)', Class C from 'AA- (sf)', Class D from 'BBB+ (sf)', and Class E from 'BB+ (sf)' to 'WR (sf)'.
- The May 2026 investor report confirmed no interest shortfalls or writedowns, signaling an orderly wind-down and ratings cycle completion for the transaction.
Rating action on fully repaid notes
As reported by Kroll Bond Rating Agency, KBRA withdraws its ratings on the Class A through Class E notes of Together Asset Backed Securitisation 2022-1ST1 PLC following the reduction of each class's principal balance to zero.The rating action changes Class A and Class B from 'AAA (sf)' to 'WR (sf)', Class C from 'AA- (sf)' to 'WR (sf)', Class D from 'BBB+ (sf)' to 'WR (sf)', and Class E from 'BB+ (sf)' to 'WR (sf)'.
Implications for the securitisation market
The withdrawal indicates that the rated notes no longer carry outstanding principal exposure, ending KBRA's active ratings coverage on those classes. The May 2026 investor report indicates there are no accumulated interest shortfalls or principal writedowns, pointing to an orderly wind-down of the rated liabilities.In the structured finance market, rating withdrawals of this type typically follow the repayment of obligations rather than a deterioration in credit performance. For investors tracking UK asset-backed securities, the update marks the completion of the ratings cycle for this 2022 transaction.
Our earlier article on Bavarian Sky UK 8 Plc’s expected ratings outlined how the planned UK residential mortgage-backed notes were assessed as having stable underlying collateral and transaction features. We also noted that the deal was expected to see broad institutional interest, supported by a market backdrop shaped by interest rates and housing-sector resilience.
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