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Business Wire
20-05-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Bletchley Park Funding 2025-1 PLC
LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Bletchley Park Funding 2025-1 PLC, a static UK RMBS securitisation backed by a portfolio of first-ranking buy-to-let (BTL) mortgage loans secured on residential properties in England, Wales, and Northern Ireland. The aggregate balance of the provisional portfolio is £274.7 million as of 30 April 2025 (cut-off date). The loans were originated by Quantum Mortgages Limited (QML), a specialist BTL lender established in October 2021 with a loan book of approximately £489 million as of April 2025. This is QML's second public securitisation and the first to be rated by KBRA. BCMGlobal Mortgage Services Limited (BCM) will be the servicer of the portfolio and has over 25 years' of experience of servicing assets across Europe. QML is a relatively new lender in the UK specialist lending sector and targets professional landlords and specialist property types through several products that include single residential units, HMOs, multi-unit blocks, holiday lets, and semi-commercial assets. The transaction features a sequential amortisation structure, a Liquidity Reserve Fund (LRF), interest rate hedging via a fixed-floating swap, and principal deficiency ledgers for each rated class, typical to UK RMBS issuances. To access ratings and relevant documents, click here. Click here to view the report. Related Publication UK RMBS: Growth of Specialist Lenders to Continue? 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 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 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: 1009491
Yahoo
20-05-2025
- Business
- Yahoo
KBRA Assigns Preliminary Ratings to Bletchley Park Funding 2025-1 PLC
LONDON, May 20, 2025--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Bletchley Park Funding 2025-1 PLC, a static UK RMBS securitisation backed by a portfolio of first-ranking buy-to-let (BTL) mortgage loans secured on residential properties in England, Wales, and Northern Ireland. The aggregate balance of the provisional portfolio is £274.7 million as of 30 April 2025 (cut-off date). The loans were originated by Quantum Mortgages Limited (QML), a specialist BTL lender established in October 2021 with a loan book of approximately £489 million as of April 2025. This is QML's second public securitisation and the first to be rated by KBRA. BCMGlobal Mortgage Services Limited (BCM) will be the servicer of the portfolio and has over 25 years' of experience of servicing assets across Europe. QML is a relatively new lender in the UK specialist lending sector and targets professional landlords and specialist property types through several products that include single residential units, HMOs, multi-unit blocks, holiday lets, and semi-commercial assets. The transaction features a sequential amortisation structure, a Liquidity Reserve Fund (LRF), interest rate hedging via a fixed-floating swap, and principal deficiency ledgers for each rated class, typical to UK RMBS issuances. To access ratings and relevant documents, click here. Click here to view the report. Related Publication UK RMBS: Growth of Specialist Lenders to Continue? Methodologies RMBS: European RMBS Rating Methodology RMBS: European RMBS Rating Methodology Country Addendum: United Kingdom 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. 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 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 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: 1009491 View source version on Contacts Analytical Contacts Hrishikesh Oturkar, Director (Lead Analyst)+44 20 8148 Kali Sirugudi, Managing Director+44 20 8148 Karl Cummins, Senior Director+353 1 588 Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS (Rating Committee Chair)+1 Business Development Contacts Miten Amin, Managing Director+44 20 8148 Mauricio Noé, Co-Head of Europe+44 20 8148
New Indian Express
15-05-2025
- Climate
- New Indian Express
Amid heatwave conditions, IMD predicts early onset of Southwest Monsoon in Andhra Pradesh
VISAKHAPATNAM: Favourable atmospheric conditions are developing for the further advance of the southwest monsoon over parts of the South Arabian Sea, Maldives, Kanyakumari as well as additional regions of the south and central Bay of Bengal, according to the latest update from the India Meteorological Department (IMD). This indicates the likelihood of an early onset of the southwest monsoon in Andhra Pradesh, possibly four to five days ahead of the usual date of June 4. However, officials clarified that the monsoon's arrival in Andhra Pradesh can only be confirmed after it sets in over Kerala. Typically, the monsoon reaches Kerala around June 1, with a standard deviation of seven days. This year, the IMD forecasts it may arrive as early as May 27. The official onset of the monsoon over the Indian mainland is marked by its arrival in Kerala. 'We are expecting an early onset over Kerala around May 27, with a model margin of plus or minus four days. Based on this, an early onset over Andhra Pradesh is also likely, provided there are no interruptions such as cyclonic circulations or other synoptic developments. We will have a clear confirmation in our upcoming extended range forecast, which will be issued by May 16,' Dr Sagili Karuna Sagar, Scientist at IMD Amaravati, told TNIE. According to the Long Range Forecast (LRF) issued by the India Meteorological Department (IMD) in April, Andhra Pradesh is expected to receive above-normal cumulative rainfall during the upcoming southwest monsoon season. Last year, the monsoon arrived in state on June 2, two days ahead of the normal onset date. The state received a total of 629.2 mm of rainfall, significantly higher than the seasonal average of 521.6 mm. The AP State Disaster Management Authority (APSDMA) has forecast varying weather conditions across the state over the next two days.
Yahoo
15-04-2025
- Automotive
- Yahoo
USMC's Tomahawk Cruise Missile Launching Drone Truck Eyed By Army
The U.S. Army has expressed interest in the U.S. Marine Corps' new uncrewed 4×4 Tomahawk cruise missile launch vehicle as a possible complement to its larger Typhon system, according to Lockheed Martin. The Army said last year that it was looking into ways to shrink down Typhon to help make it easier to deploy and operate based on lessons learned from its first overseas deployment to the Philippines. Typhon currently uses large tractor-trailer launchers to fire Tomahawks and SM-6 multi-purpose missiles. Edward Dobeck, program director of Launching Systems at Lockheed Martin, discussed Typhon and the Marine Corps Tomahawk-slinging Long Range Fires (LRF) launch vehicle in an interview with TWZ's Howard Altman from the floor of last week's Sea Air Space 2025 exhibition put on by the Navy League. Lockheed Martin builds Typhon, also known as the Mid-Range Capability (MRC) and now the Strategic Mid-Range Fires (SMRF) system, and the launcher for the LRF. The launch components of both systems are based on the Mk 41 Vertical Launch System (VLS) used on various U.S. Navy and foreign warships. The trailer-based Typhon launchers have four launch cells, while the LRF has just one. The LRF's launcher is mounted on a Remotely Operated Ground Unit for Expeditionary Fires (ROGUE-Fires) vehicle from Oshkosh Defense, which is based on that company's Joint Light Tactical Vehicle (JLTV). The Marine Corps has also fielded a version of ROGUE-Fires configured to fire Naval Strike Missile (NSM) anti-ship cruise missiles. It's worth noting here that Lockheed Martin has developed a fully containerized four-cell Mk 41-based launcher for the U.S. Navy that is extremely similar in form and function to the Typhon launchers. The Mk 70 Expeditionary Launcher, also known as the Payload Delivery System, can be readily installed on ships, as well as employed in a ground-based mode. 'There have been some discussions about how to maybe make it [Typhon] lighter,' Dobeck said. 'There's some interest from the Army and other services about that single-cell JLTV[-based launcher], as well, because it is a nice complement to the larger four-cell container that's on a heavy truck.' For the Army, Typhon does represent a major increase in long-range ground-based strike capability. The service currently has two Typhon batteries, each with four launchers and supporting assets, and is in the process of establishing a third one. Loaded with Tomahawks, a Typhon battery gives the Army the ability to hold land-based targets at risk anywhere within a bubble extending roughly 1,000 miles in all directions from where it is deployed. Current versions of Tomahawk also have the ability to engage moving ships, and a further anti-ship optimized variant is in development. Originally developed as a surface-to-air interceptor, SM-6 can also be employed against targets on land and at sea when fired in a ballistic mode. The Army has expressed separate interest in potentially employing SM-6 in the air and missile defense role, where they have a latent capability to engage threats moving at hypersonic speeds in the terminal phase of flight, as well. 'Right now, they're [the Marines] acquiring Tomahawks for those [LRF launchers], but it's the same size Mark 41 cell that is in a vertical launch system,' Lockheed Martin's Dobeck said. What additional changes might be necessary to enable the LRF to fire SM-6, or other missiles already available for use with Mk 41 VLSs, is unclear. 'From an MRC [Typhon] standpoint, you can see what that is going on in the Philippines,' Dobeck added. 'MRC provides a very strategic asset for [use from] the Philippines to be able to provide that capability in the region.' Typhon has the ability to reach targets in mainland China from where it is currently positioned in the Philippines, which has drawn the ire of the Chinese government. The Philippine armed forces are also now looking to acquire the system for their own use. 'Then as that gets deployed to other areas across the Pacific, I think you'll see that range and that strike capability that MRC provides come into play,' Dobeck added. The Army currently plans to conduct a live-fire launch from a Typhon system in Australia as part of this year's iteration of the biennial Talisman Sabre exercise. At the same time, as already noted, the Army has made clear that its experiences with Typhon in the Pacific to date have prompted interest in options for shrinking down that system, or at least some degree of the capability that it offers, into a package that is more readily deployable. 'So, the Mid-Range Capability, we fielded it, we have put it into the theater, but we're learning lessons on how we can improve the next evolutions of that,' Army Col. Michael Rose, commander of the service's 3rd Multi-Domain Task Force (MDTF) headquartered at Fort Shafter in Hawaii, said at the Association of the U.S. Army's (AUSA) main annual conference last year. 'How do we make it more mobile? How do we make it smaller? How do we make it more agile? How do we employ it most effectively and how do we sustain it? A lot of those lessons are feeding back into our RDT&E [research, development, test, and evaluations] and acquisitions professionals to improve and enhance that new operational capability.' The Typhon launchers currently require an aircraft at least as big as the U.S. Air Force's C-17 Globemaster III cargo plane to be moved by air. While we don't know the exact air transportability requirements for a full Typhon battery, we do know that it took 73 C-17 loads to move a Patriot surface-to-air missile battalion recently from South Korea to the Middle East. A battalion is a much larger formation than a single battery, but the Army's current Patriot systems do include similarly-sized trailer-based launchers and radars. The Air Force's C-17s are in high demand in general, even in peacetime, and the need for those aircraft would only increase in any future large-scale conflict, especially one against China across the broad expanses of the Pacific. At the same time, while very capable of using more restricted runways and landing zones for an aircraft of its size, C-17s could still face challenges in finding suitable places to touch down in the Pacific. Airstrips of any kind are still few and far between in many parts of the region despite U.S. military efforts to expand the number of available operating locations. Large, established air bases would be prime targets, and there is also the threat of ever-more capable and longer-ranged air defenses. Moving Typhon by sea would be another option, but the process would be much slower and could be heavily dependent on available port facilities to offload the system's large launchers and other components. U.S. military officials have said on multiple occasions in recent years that they expect sea-based supply lines to be heavily contested in any future high-end Pacific fight. As such, supplementing Typhon with something like the Marine Corps' LRF could give the Army additional options for pushing long-range strike capability, albeit with less magazine depth, into more forward areas. Using uncrewed launchers, which the Army is also increasingly eyeing to help bolster its more traditional artillery capabilities, could help further reduce vulnerability to friendly forces. 'Having a JLTV autonomously be able to operate and provide launching capability is very attractive from an expeditionary standpoint,' Lockheed Martin's Dobeck highlighted last week. In the meantime, the Army is still expanding its Typhon force, but there are growing signs that a smaller complement to those systems is on the service's horizon. Contact the author: joe@
