Fitch and DBRS have rated the first subprime mortgage-backed securitisation since the financial crash, according to the Financial Times.

The $161.7m bond is backed by mortgages from US lender Caliber Home Loans and is marketed by Credit Suisse.

Hedge fund Lone Star bought the bond.

Fitch says the deal will be a “trailblazer” and that similar deals are likely to follow in the third quarter.

The rating agency says many investors demand ratings, and that the move reopens a potential market.

Lone Star will keep the $24m bottom two slices of the 30-year bond. The bottom tranche is unrated and the other is BB.