DBRS Releases Report on Towd Point Mortgage Funding 2016-Vantage1 Plc

DBRS Ratings Limited (DBRS) has today released a report on Towd Point Mortgage Funding 2016-Vantage1 (the Issuer) that provides further detail on the recent assignment of the ratings.

DBRS assigned provisional ratings to the Class A1 Notes, Class A2 Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes (the Notes) on 5 December 2016.

The provisional ratings assigned to the Notes assumed an incorrect Net Weighted Average Coupon Cap (Net WAC Cap) for the Class B Notes, Class C Notes and Class D Notes. In addition, the replenishment of the Liquidity Reserve Fund in the revenue waterfall was not in the appropriate place in the revenue priority of payments.

DBRS has updated these features within the cash flow analysis and determined that there is no impact on the provisional ratings.

Today’s report and the 5 December 2016 press release are available at www.dbrs.com or by contacting us at info@dbrs.com.