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KBRA Assigns Preliminary Ratings to Morgan Stanley Residential Mortgage Loan Trust 2020-1 (MSRM 2020-1)Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-eight classes of mortgage pass-through certificates from Morgan Stanley Residential Mortgage Loan Trust 2020-1 (MSRM 2020-1), the third post-GFC prime RMBS issuance sponsored by Morgan Stanley and the second in the past five years. The underlying collateral includes prime jumbo non-conforming (99.8%) and conforming (0.2%) loans, all of which have been designated as Qualified Mortgages (QM). MSRM 2020-1 comprises 345 residential mortgages with an aggregate principal balance of $308.5 million as of the November 1, 2020 statistical cut-off date. KBRA notes that this transaction is being marketed during the global Coronavirus (COVID-19) pandemic and none of the loans are in active forbearance plans as of the closing date. Click here to view the report. To access ratings and relevant documents, click here. Related Publications
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 U.S. Information Disclosure Form 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 U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com. About KBRA KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.
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