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KBRA Assigns Preliminary Ratings to PSMC 2018-4 Trust (PSMC 2018-4)

October 4, 2018

NEW YORK--(BUSINESS WIRE)--Oct 4, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-4 Trust (PSMC 2018-4), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

The PSMC 2018-4 pool comprises 614 first-lien, prime residential mortgage loans with an aggregate principal balance of $395,703,685 as of the cut-off date. The collateral consists entirely of fully-amortizing, 30-year fixed rate mortgages (FRMs). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 73.7% and WA original CLTV of 73.7%. The weighted average original credit score is 776, which is well within the prime mortgage range.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Mortgage Default and Loss Model, an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our .

For complete details on the analysis, please see our pre-sale report, , which was published on October 4, 2018 on .

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled, .

Related Publications: (available at )

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181004005762/en/

CONTACT: KBRA

Analytical:

Kristymarie Cariello, Director

(646) 731-2494

kcariello@kbra.com

or

Ryon Aguirre, Associate Director

(646) 731-2382

raguirre@kbra.com

or

Jack Kahan, Managing Director

(646) 731-2486

jkahan@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: KBRA

Copyright Business Wire 2018.

PUB: 10/04/2018 03:16 PM/DISC: 10/04/2018 03:16 PM

http://www.businesswire.com/news/home/20181004005762/en

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