Announcements

    Drinks

      FRIDAY, 08/11/2024 - Scope Ratings UK Ltd
      Download PDF

      Scope has completed a monitoring review for Shelby Real Estate Funding Limited

      The periodic review has resulted in no rating action.

      Scope Ratings UK Limited (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations.

      Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

      Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodology/ies, including key rating assumptions and model(s). Scope publicly announces the completion of each monitoring review on its website.

      Scope completed the monitoring review for Shelby Real Estate Funding Limited on 31 October 2024.

      The credit ratings remain as follows:

      Class A notes (ISIN XS2537092350): GBP 2,450.0m: AAASF

      Class B notes (ISIN XS2537093838): GBP 525.0m: AA-SF

      This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

      Key rating factors

      There were no material changes to the transaction since our previous review. The transaction is still in reinvestment period. Performance has been strong, with no reported defaults of loans in the portfolio; none of the reinvestment covenants has been breached to date; and portfolio stratifications have not changed materially. Scope’s review also factored in our economic outlook on the UK and on the CRE sector, which have slightly improved on a year-on-year basis. Furthermore, we monitored the transaction’s key counterparties and the coverage provided by the liquidity facility. Both counterparty risk and liquidity risk remain sufficiently mitigated, relative to the assigned rating levels.

      The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 6 March 2024; Counterparty Risk Methodology, 10 July 2024; CRE Loan and CMBS Rating Methodology, 3 November2023) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      This monitoring note is issued by Scope Ratings UK Limited at 52 Grosvenor Gardens, London, SW1W 0AU, +44 207 8245180
      Lead analyst Adam Plajner, Associate Director

      © 2024 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

      Related news

      Show all
      Scope affirms Class A and upgrades Class Z and B - Spanish RMBS notes issued by FT RMBS Prado VIII

      2/12/2024 Rating announcement

      Scope affirms Class A and upgrades Class Z and B - Spanish ...

      Scope affirms Class A and upgrades Class B - Spanish RMBS notes issued by FT RMBS Prado VII

      2/12/2024 Rating announcement

      Scope affirms Class A and upgrades Class B - Spanish RMBS ...

      Italian CQS ABS: Marzio Finance performance snapshot

      29/11/2024 Research

      Italian CQS ABS: Marzio Finance performance snapshot

      Scope has completed a monitoring review of ROOF AT S.A., Compartment 2021 - Austrian Auto ABS

      28/11/2024 Monitoring note

      Scope has completed a monitoring review of ROOF AT S.A., ...

      Notes issued by Shamrock Residential 2022-1 DAC have been repaid in full

      26/11/2024 Monitoring note

      Notes issued by Shamrock Residential 2022-1 DAC have been ...

      No impact on Shelby notes after transaction amendments and replenishment - UK CRE Mortgage Loans

      26/11/2024 Monitoring note

      No impact on Shelby notes after transaction amendments and ...