The GBP 2.9bn underlying portfolio of residential mortgage-backed loans was originated to high-net-worth individuals by Barclays Private Bank & Overseas Services.

The affirmation reflects credit metrics that have remained strong in a challenging market of high inflation and interest rates, as well as the government investment freeze. This is supported by the company’s robust yet concentrated order backlog.

Scope Ratings GmbH (Scope) affirms class A notes and downgrades class B notes on Heta Funding DAC, following the transaction amendments.

Scope Ratings GmbH (Scope) takes no action on class A notes and puts class B notes under review for a possible downgrade on Heta Funding DAC, following the prospective transaction amendments.

Transaction amendments do not negatively affect the credit quality of the rated instruments.

North Dock No.1 is a GBP 2.9bn balance sheet cash securitisation of residential mortgage loans originated by Barclays to predominantly high net worth clients and denominated in sterling. Amendments to the transaction drove the rating action.

SME Initiative Uncapped Guarantee Instruments (SIUGI) Upper Mezzanine Risk Cover issued under the European Investment Bank Group's Spanish SME initiative has been repaid in full.

Transaction amendments drive the rating actions on the balance sheet transaction.

The rating action on the mezzanine notes relates to the performance of the portfolio and the decrease of the remaining life of the transaction.

Scope has reviewed the performance of Red & Black Auto Germany 6 UG, a static cash securitisation of a German auto loans portfolio originated and serviced by Bank Deutsches Kraftfahrzeuggewerbe GmbH.