Credit rating agency

KBRA Releases Research – Freddie Mac K-Series Loan Default and Loss Study

Friday, July 30, 2021 - 5:30pm

Kroll Bond Rating Agency (KBRA) releases a loan default and loss study on the Freddie Mac K-Series.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a loan default and loss study on the Freddie Mac K-Series.
  • In the report, KBRA reviewed the performance of 17,037 loans from 300 transactions securitized from June 2009 to December 2020.
  • The study population exhibited a cumulative default rate of 0.35% (59 loans).
  • The study examined default rates by its property, loan, and financial characteristics.

KBRA Assigns A+ Rating to Allegheny County Airport Authority (Pittsburgh International Airport); Outlook is Stable

Friday, July 30, 2021 - 12:04am

Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ with a Stable Outlook to the Airport Revenue Bonds, Series 2021A (AMT) and Airport Revenue Bonds, Series 2021B (Non-AMT) issued by Allegheny County Airport Authority (Pittsburgh International Airport).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ with a Stable Outlook to the Airport Revenue Bonds, Series 2021A (AMT) and Airport Revenue Bonds, Series 2021B (Non-AMT) issued by Allegheny County Airport Authority (Pittsburgh International Airport).
  • The Allegheny County Airport Authority manages Pittsburgh International Airport (PIT), a commercial, international airport and Allegheny County Airport (AGC), a general aviation reliever airport to PIT.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Analytics Releases 12 Things in Credit: July 2021

Thursday, July 29, 2021 - 9:28pm

KBRA Analytics releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.

Key Points: 
  • KBRA Analytics releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.
  • The pandemic has dramatically reset the global economic and markets landscape as massive government intervention and fluid developments on the scientific front meet extreme valuations in markets.
  • Each week, we dig into and provide perspective on issues credit-market participants care about.
  • KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada.

KBRA Assigns Preliminary Ratings to U.S. Auto Funding Trust 2021-1

Thursday, July 29, 2021 - 7:10pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by U.S. Auto Funding Trust 2021-1 (USAUT 2021-1), a subprime auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by U.S. Auto Funding Trust 2021-1 (USAUT 2021-1), a subprime auto loan ABS transaction.
  • Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class E Notes) and a reserve account funded at closing.
  • USAUT 2021-1 represents the first ABS securitization in 2021 for U.S. Auto Finance, Inc. (U.S. Auto or the Company) and their third rated term ABS securitization since inception.
  • KBRA considered its operational review of U.S. Auto, as well as periodic update calls with the Company.

KBRA Altman Launches New Portal

Wednesday, July 28, 2021 - 12:38pm

KBRA Analytics, Kroll Bond Rating Agencys product platform for data and analytics, today introduced the KBRA Altman Portal.

Key Points: 
  • KBRA Analytics, Kroll Bond Rating Agencys product platform for data and analytics, today introduced the KBRA Altman Portal.
  • KBRA Altmans suite of products provides valuable context on the leveraged finance, corporate bond, and loan markets.
  • The new portal offers free access to KBRA Altman Insights.
  • Users can click here to launch their KBRA Altman experience.

AM Best to Host Briefing on How Market Forces Are Driving Interest in Captive Insurance

Tuesday, July 27, 2021 - 5:00pm

A panel of AM Best analysts and industry leaders will discuss the state of the captive insurance market and the regulatory and risk issues affecting the captive sector at AM Bests Captive Market Briefing, which will take place on Aug. 4 at 2:00 p.m. (EDT).

Key Points: 
  • A panel of AM Best analysts and industry leaders will discuss the state of the captive insurance market and the regulatory and risk issues affecting the captive sector at AM Bests Captive Market Briefing, which will take place on Aug. 4 at 2:00 p.m. (EDT).
  • They also will discuss market trends affecting the sector, including the impacts from COVID-19 and hard market conditions in the commercial lines insurance sector on uses and formations, as well as opportunities to grow into new lines of business.
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

KBRA Assigns Preliminary Ratings to CSMC 2021-NQM5 Trust (CSMC 2021-NQM5)

Tuesday, July 27, 2021 - 4:24pm

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Assigns Preliminary Ratings to UWM Mortgage Trust 2021-INV1 (UWM 2021-INV1)

Tuesday, July 27, 2021 - 3:18pm

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Assigns Preliminary Ratings to Sonic Capital LLC Series 2021-1 Senior Secured Notes

Monday, July 26, 2021 - 10:01pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes from Sonic Capital LLC Series 2021-1, a whole business securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes from Sonic Capital LLC Series 2021-1, a whole business securitization.
  • KBRA also anticipates affirming the ratings on the Series 2020-1 A-1 and A-2 Notes.
  • The transaction is a master trust, and the Series 2021-1 Class A-2 Notes (the Series 2021-1 Notes) represent the Master Issuers sixth securitization within the trust, which was created in May 2011.
  • Sonic Industries LLC, a wholly owned subsidiary of the Master Issuer, is the franchisor and operator of restaurants under the Sonic brand.

KBRA Assigns Preliminary Ratings to VCP RRL ABS I, Ltd.

Friday, July 23, 2021 - 3:38pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by VCP RRL ABS I, Ltd. (VCP RRL I), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by VCP RRL ABS I, Ltd. (VCP RRL I), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
  • The ratings reflect initial credit enhancement levels, excess spread, and structural features.
  • The portfolio presented to KBRA contains exposures to 43 obligors with 65.3% of the par exposure to the RRLs.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.