KBRA Comments on Amendments to Harbour No.2 PLC

LONDON--(BUSINESS WIRE)-- Harbour No.2 PLC is a static RMBS securitisation, serving as the refinance of notes previously issued under Harbour No.1 PLC. It is backed by a non-conforming portfolio of predominantly reperforming mortgage loans secured by owner-occupied and buy-to-let properties across the United Kingdom.

On April 10, 2025, Harbour No.2 PLC issued additional Class A2 notes, raising the outstanding balance of these notes from GBP 11,740,549.99 to GBP 234,794,758.48. These funds have been allocated for the full redemption of the Class A1 notes. Additionally, Class A1 noteholders renounced interest accrued from 28 January, 2025 to 10 April, 2025, which will be paid to Class A2 noteholders on April 28, 2025. Updates to the terms and conditions on the Class A1 notes ensure that the renunciation of interest does not constitute a default. Class A1 and Class A2 notes were pari-passu and these amendments, have not led to a change in KBRA's ratings for any classes of rated notes issued by Harbour No.2 PLC.

Recent Publications

• Harbour No.2 PLC New Issue Report
• Harbour No.2 PLC Tear Sheet

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1008777

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Hrishikesh Oturkar, Director
+44 20 8148 1070
[email protected]

Katherine Quirke, Senior Director
+353 1 588 1185
[email protected]

Kali Sirugudi, Managing Director
+44 20 8148 1050
[email protected]

Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS
+1 646-731-2486
[email protected]

Business Development Contacts

Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
[email protected]

Miten Amin, Managing Director
+44 20 8148 1002
[email protected]

Source: Kroll Bond Rating Agency, LLC

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