KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2024-5 (SEMT 2024-5)
April 30 2024 - 2:18PM
Business Wire
KBRA assigns preliminary ratings to 55 classes of mortgage
pass-through certificates from Sequoia Mortgage Trust 2024-5 (SEMT
2024-5), a $515.7 million prime RMBS transaction. The pool
comprises 443 first-lien, fully amortizing fixed rate mortgages
with predominately 30-year maturity terms (99.8%). The collateral
is characterized by a weighted average (WA) original credit score
of 780 and moderate borrower equity, with a WA original LTV of
72.6% and a WA original CLTV of 72.7%.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publications
- SEMT 2024-5 Tear Sheet
- RMBS KBRA Comparative Analytic Tool (KCAT)
Methodologies
- RMBS: U.S. RMBS Rating Methodology Structured Finance: Global
Structured Finance Counterparty Methodology ESG Global Rating
Methodology
Disclosures
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
Information Disclosure Form(s) 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 Information Disclosure Form(s) referenced above. Additional
information regarding KBRA policies, methodologies, rating scales
and disclosures are available at www.kbra.com.
About KBRA
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. 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.
Doc ID: 1004103
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Analytical Contacts
Chris Deasy, Senior Director (Lead Analyst) +1 646-731-1311
chris.deasy@kbra.com
Jules Brunier, Senior Analyst +1 646-731-1209
jules.brunier@kbra.com
Patrick Gervais, Managing Director (Rating Committee Chair) +1
646-731-2426 patrick.gervais@kbra.com
Business Development Contact
Daniel Stallone, Managing Director +1 646-731-1308
daniel.stallone@kbra.com