{"id":15667,"date":"2026-06-04T00:14:00","date_gmt":"2026-06-03T22:14:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=3a14798b466e99a5ba574677b257b191"},"modified":"2026-06-04T00:14:00","modified_gmt":"2026-06-03T22:14:00","slug":"kbra-assigns-preliminary-ratings-to-uk-logistics-2026-2-dac","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=15667","title":{"rendered":"KBRA Assigns Preliminary Ratings to UK Logistics 2026-2 DAC"},"content":{"rendered":"<p>LONDON--(BUSINESS WIRE)--<a href=\"https:\/\/twitter.com\/hashtag\/creditratingagency?src=hash\" >#creditratingagency<\/a>--KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of UK Logistics 2026-2 DAC, a CMBS single-borrower transaction.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260603495909\/en\/2823539\/5\/kbra-logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260603495909\/en\/2823539\/22\/kbra-logo.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260603495909\/en\/2823539\/5\/kbra-logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260603495909\/en\/2823539\/21\/kbra-logo.jpg\" \/><\/a><p>\nThe collateral for the transaction is a \u00a3648.8 million limited recourse, first lien mortgage loan originated by Barclays Bank PLC in June 2026. The floating-rate loan has an initial two-year term and three one-year extension options.<\/p><p>\nThe loan is secured by the borrower\u2019s freehold (159 assets) and long leasehold (25 assets) interests in a portfolio of 184 industrial properties located throughout the UK with concentrations in the North, Midlands, and Scotland regions, representing 44.9%, 17.6%, and 16.9% of ALA, respectively. The portfolio comprises approximately 1,960 units, totaling 9.5 million square feet.<\/p><p>\nAs of December 2025, the properties are 91.7% leased to approximately 1,700 unique tenants, comprising a variety of multinational, regional, and local firms.<\/p><p>\nKBRA analysed this transaction primarily using our European CMBS Rating Methodology, which includes our evaluation of the underlying collateral properties' financial and operating performance, to determine KBRA\u2019s estimate of sustainable net cash flow (KNCF) and KBRA value. KBRA capitalisation rates were applied to each asset\u2019s KNCF to derive values that were, on an aggregate basis, 36.5% lower than the third-party aggregate value for the portfolio. The securitised loan has a KLTV of 102.4%.<\/p><p>\nTo access ratings and relevant documents, click <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F69346%2Fratings&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=ad762d22c71533cdb87f52f86225977d\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\nClick <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FVqycZPwk%2Fuk-logistics-2026-2-dac-pre-sale-report%3F&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=here&amp;index=2&amp;md5=1f0b6bd490ceb69834d0e173679d3fe9\" rel=\"nofollow\" shape=\"rect\">here<\/a> to view the report.<\/p><p>\n<strong>Methodologies<\/strong><\/p><ul class=\"bwlistsquare\">\n<li>\n<a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FfWTtHzkR&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=CMBS%3A+European+CMBS+Rating+Methodology&amp;index=3&amp;md5=3c03e8c5399b5dec8a0f3aaf1a8ea8ab\" rel=\"nofollow\" shape=\"rect\">CMBS: European CMBS Rating Methodology<\/a><\/li>\n<li>\n<a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FRjVgkPtk&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=Structured+Finance%3A+Global+Structured+Finance+Counterparty+Methodology&amp;index=4&amp;md5=590b73c8112b81d764eea0e7ee1391ef\" rel=\"nofollow\" shape=\"rect\">Structured Finance: Global Structured Finance Counterparty Methodology<\/a><\/li>\n<\/ul><p>\n<strong>Disclosures<\/strong><\/p><p>\nFurther 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJZRHwTBd%2F&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=ESG+factors&amp;index=5&amp;md5=4ebde0a9228b366ea47b98f218feafd3\" rel=\"nofollow\" shape=\"rect\">ESG factors<\/a> (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.<\/p><p>\nA 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F69346%2Fdisclosures&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=here&amp;index=6&amp;md5=09ea9a9e1fedd2acf83814a5d3eee5b2\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\nInformation on the meaning of each rating category can be located <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=here&amp;index=7&amp;md5=0bb1ebd81b6ce19d9b510661b006c699\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\nThis credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating\u2019s endorsement status is available on its rating page at KBRA.com.<\/p><p>\nFurther 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=www.kbra.com&amp;index=8&amp;md5=6ca92d0fe202e361b66bdd25dee84b36\" rel=\"nofollow\" shape=\"rect\">www.kbra.com<\/a>.<\/p><p>\nThe rated entity is, or has a relationship with, one or more of KBRA Europe\/KBRA UK shareholders that is required to be disclosed under applicable credit rating agency regulation in the EU and\/or the UK. Please review KBRA's <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FnVCWCnXZ%2Fgeneral-shareholder-disclosures%3Fformat%3Dfile&amp;esheet=54547132&amp;newsitemid=20260603495909&amp;lan=en-US&amp;anchor=shareholder+disclosures&amp;index=9&amp;md5=5383079b42e9cda5f8bdb34e27246d6c\" rel=\"nofollow\" shape=\"rect\">shareholder disclosures<\/a>, which are updated periodically.<\/p><p>\n<strong>About KBRA UK<\/strong><\/p><p>\nKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan\u2019s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.<\/p><p>\nDoc ID: 1015289<\/p><br\/> <b>Contacts<\/b> <br\/><p>\n<strong>Analytical Contacts<\/strong><\/p><p>\nDinesh Thapar, Senior Director (Lead Analyst)\n<br\/>+44 20 8148 1067\n<br\/><a  href=\"mailto:dinesh.thapar@kbra.com\" rel=\"nofollow\" shape=\"rect\">dinesh.thapar@kbra.com<\/a><\/p><p>\nRahat Virji Allana, Associate Director\n<br\/>+44 20 8148 1028\n<br\/><a  href=\"mailto:rahat.allana@kbra.com\" rel=\"nofollow\" shape=\"rect\">rahat.allana@kbra.com<\/a><\/p><p>\nNitin Bhasin, Senior Managing Director, Global Head of CMBS (Rating Committee Chair)\n<br\/>+1 646-731-2334\n<br\/><a  href=\"mailto:nitin.bhasin@kbra.com\" rel=\"nofollow\" shape=\"rect\">nitin.bhasin@kbra.com<\/a><\/p><p>\n<strong>Business Development Contacts<\/strong><\/p><p>\nMauricio No\u00e9, Co-Head of Europe\n<br\/>+44 20 8148 1010\n<br\/><a  href=\"mailto:mauricio.noe@kbra.com\" rel=\"nofollow\" shape=\"rect\">mauricio.noe@kbra.com<\/a><\/p><p>\nMiten Amin, Managing Director\n<br\/>+44 20 8148 1002\n<br\/><a  href=\"mailto:miten.amin@kbra.com\" rel=\"nofollow\" shape=\"rect\">miten.amin@kbra.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>LONDON&#8211;(BUSINESS WIRE)&#8211;#creditratingagency&#8211;KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of UK Logistics 2026-2 DAC, a CMBS single-borrower transaction.<br \/>\nThe collateral for the transaction is a \u00a3648.8 mil&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15667","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15667"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15667\/revisions"}],"predecessor-version":[{"id":15668,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15667\/revisions\/15668"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}