Wednesday 15 April 2026 8:03 pm
| Updated:
Wednesday 15 April 2026 8:04 pm
KBRA UK (KBRA) assigns preliminary ratings to seven classes of notes issued by Harvest Funding PLC, a static RMBS securitisation backed by a seasoned non-conforming portfolio of United Kingdom (UK) residential mortgage loans, comprising performing, in-arrears and past-term exposures. The portfolio aggregates to £2.0 billion of first lien loans which are secured by owner occupied (85.8%), buy-to-let (14.1%) and second or holiday homes (0.1%). The seasoning of the portfolio is approximately 18.5 years.
The loans were originated under the Birmingham Midshires (BirmMid, 70.3%) and the Bank of Scotland (BOS Platform , 29.7%) brands. Both BirmMid and BOS Platform originate from legacy UK mortgage banking platforms that were brought together under the HBOS group and now operate within Bank of Scotland plc (BOS), which is owned by Lloyds Banking Group. BOS is the servicer for the portfolio.
The Notes’ payment priority is strictly sequential. The notes also benefit from a fully funded liquidity reserve fund that provides liquidity support.
To access ratings and relevant documents, click here.
Click here to view the report.
Methodologies
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.
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), 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’s 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.
Doc ID: 1013775
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Contact
Analytical Contacts
Hrishikesh Oturkar, Director (Lead Analyst)
+44 20 8148 1070
hrishikesh.oturkar@kbra.com
Karl Cummins, Senior Director
+353 1 588 1240
karl.cummins@kbra.com
Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com
Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
miten.amin@kbra.com
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
mauricio.noe@kbra.com
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