KBRA Announces Preliminary Ratings for Cheshire 2021-1 PLC Securitization
LONDON – November 21, 2023 – KBRA has assigned preliminary ratings to several tranches of notes issued by Cheshire 2021-1 PLC, a securitization of UK auto loan receivables. The ratings, announced today, reflect KBRA’s assessment of the transaction’s underlying credit quality and structural features.
This rating action impacts investors in the asset-backed securities (ABS) market, particularly those focused on UK auto finance. The Cheshire 2021-1 PLC deal provides exposure to a diversified pool of UK consumer auto loans, and the assigned ratings will be crucial in determining investor demand and pricing for the notes. The securitization is designed to provide investors with a return based on the performance of the underlying loan portfolio.
Kali Sirugudi, Managing Director at KBRA, can be reached at +44 20 8148 1050 or kali.sirugudi@kbra.com for further details.Jack Kahan, Senior Managing Director and Global Head of ABS & RMBS, and Rating committee Chair, is available at +1 646-731-2486 or jack.kahan@kbra.com.
For business growth inquiries, Miten Amin, Managing Director, can be contacted at +44 20 8148 1002 (miten.amin@kbra.com), and Mauricio Noé, Co-Head of Europe, is available at +44 20 8148 1010 (mauricio.noe@kbra.com).
KBRA recently published research on the growing European ABS market, specifically focusing on heat pump finance and securitization, available at https://www.cityam.com/kbra-releases-research-heating-up-european-abs-heat-pump-finance-and-securitisation/.
