Moody's upgrades Together RMBS, TABS1.

Together Financial Services Limited

24 January 2019

Moody's upgrades Together RMBS, TABS1

Together Financial Services Limited ('Together' or 'the Group'), one of the UK's leading specialist mortgage and loan providers, is pleased to announce that Moody's Investors Service ('Moody's') has upgraded the credit rating of two of the notes within the Group's first public residential mortgage backed security ('RMBS'), Together Asset Backed Securitisation 1 ('TABS1').

Moody's has upgraded the ratings of two notes and affirmed the ratings of three notes within TABS1:

  • Class A notes affirmed at Aaa (sf)
  • Class B notes upgraded to Aa1 (sf) from Aa2 (sf)
  • Class C notes upgraded to A1 (sf) from A2 (sf)
  • Class D notes affirmed at Baa3 (sf)
  • Class E notes affirmed at B2 (sf)

The upgrades to the Class B and Class C notes reflect an increase in credit enhancement following the addition of a sequential and non-amortising additional reserve fund by Together in November 2018. Moody's noted that the upgrading took into account the potential impact on TABS1 of increased UK economic uncertainty over the next few years relating to the ongoing Brexit discussions.

Commenting on today's announcement, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said:

"Together is delighted with this ratings upgrade for our first public RMBS, reflecting the increased level of credit enhancement in TABS1. Moody's upgrade comes shortly after the successful completion of our second RMBS transaction in November."


For further information:
Together Financial Services
Mike Davies, Director of Corporate Affairs 07753 138 185
Mille Winge, Corporate Affairs Executive 07548 709 091
Angeli Everitt, Corporate Affairs Executive 07724 700 095

About Together

Established in 1974, Together has been bringing common sense to the UK specialist secured lending market for over 40 years.

Our expertise in lending means we can look beyond mainstream lending criteria to take an individual view of customers' needs and treat each application on its own merits.

We offer a wide range of specifically designed products, including short-term finance, auction finance, residential, buy-to-let and commercial mortgages and secured loans through our established distribution network.

In the last 12 months to 30 September 2018, our 700+ colleagues advanced £1.69bn, growing our loan book to £3.01bn with new originations remaining at a very conservative loan to value of just 58.1%. Additionally, the Group generated £121.0m underlying profit before tax.

In 2018 we placed 34th in the Sunday Times Top 100 Best Companies to Work for, and received its special award for "Giving something back", placing 9th for charity and 10th for community in the UK. We were also named in the Sunday Times Top Track 250 for the third time this year, placing 82nd in the 2018 league table.

Together is the trading name of Together Financial Services Limited, which has its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8 3GW.

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