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KBRA Commentary on Fire Near Starz Mortgage Securities 2021-1 DAC Brixton Loan Collateral

According to news sources monitored by KBRA UK (KBRA), there was a large fire in close proximity to Brixton Market, which serves as collateral for one of the London assets in Starz Mortgage Securities 2021-1 DAC. The fire occurred on the evening of Saturday 16 July, and it engulfed a warehouse located on Electric Lane, which is proximate to the Brixton loan collateral properties. According to both the asset manager and servicer, Starz Mortgage Capital Ltd. and Situs Asset Management Limited, the collateral properties were not damaged. The Brixton loan is the second largest loan in the pool, representing approximately 20.3% of the total pool balance as of the May 2022 interest payment date. The collateral comprises two irregular shaped sites, arranged as indoor markets, Brixton Village and Market Row. The markets are arranged as covered arcades featuring a mix of coffee shops, restaurants, grocery traders, local independent retailers, and a small residential element (Granville Court – forming part of Brixton Village).

KBRA visited the property on Wednesday, 20 July 2021 at 10:00 am. Brixton Village and Market Row were both open, with no impediment to accessways or entrances. Most of the grocery traders, coffee shops, and independent retailers were open, while many of the restaurants and bars have opening hours later in the day. Both markets had a steady amount of foot traffic. There was no evidence of the fire as all roads, and the adjacent tube station were open and functioning. Overall, the fire did not appear to affect Brixton Village and Market Row operations.

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Disclosures

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 Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. 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. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England W2 2ET.

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