The horse is by Mohaather, a stallion who has proved capable of passing on genuine racing ability to his offspring, out of a mare by Rail Link. That pedigree at least suggests some decent bloodlines are in the mix, though breeding is never a guarantee of racecourse success.
Henry Candy's yard at Kingston Warren in Oxfordshire has been firing on all cylinders this season with eight winners already, so Chain Letter is entering a stable that knows how to get 2-year-olds ready and competitive. That counts for something. Whether this particular horse has what it takes will become clear soon enough.