KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2024-1 and Research-Driven Pagaya Motor Trust 2024-1
KBRA assigns preliminary ratings to four classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2024-1 and Research-Driven Pagaya Motor Trust 2024-1 (collectively “RPM 2024-1”), an auto loan ABS transaction.
- KBRA assigns preliminary ratings to four classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2024-1 and Research-Driven Pagaya Motor Trust 2024-1 (collectively “RPM 2024-1”), an auto loan ABS transaction.
- RPM 2024-1 has initial credit enhancement levels of 39.55% for the Class A notes to 5.00% for the Class D notes.
- This transaction is the 18th publicly rated securitization sponsored by Pagaya Structured Products LLC (collectively with its affiliates, “Pagaya” or the “Company”).
- KBRA considered its operational reviews of, as well as periodic update calls with, Pagaya and the third-party originators and servicers.