Credit rating agency

KBRA Assigns Preliminary Ratings to Carvana Auto Receivables Trust 2019-1

Retrieved on: 
Thursday, March 14, 2019
Professional services, Finance, Insurance, Economy, Carvana, Kroll Bond Rating Agency, DriveTime, Securitization, Finance, KBRA, Credit rating agency

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2019-1 (CRVNA 2019-1) an auto loan ABS Transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2019-1 (CRVNA 2019-1) an auto loan ABS Transaction.
  • CRVNA 2019-1 represents the inaugural term ABS securitization for Carvana LLC (Carvana) or the (Company).
  • In 2012, DriveTime Automotive Group Inc. (DriveTime) launched Carvana an eCommerce platform for buying used vehicles.
  • KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transactions legal structure and transaction documents.

KBRA Assigns Preliminary Ratings to Foundation Finance Trust 2019-1

Retrieved on: 
Wednesday, March 13, 2019
Professional services, Finance, Insurance, Finance, Money, Financial law, Structured finance, Economy, United States housing bubble, Kroll Bond Rating Agency, Asset-backed security, Credit rating agency, Securitization, Pooling, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Foundation Finance Trust 2019-1 (FFIN 2019-1), a consumer loan asset-backed securities transaction that expected to close on April 2, 2019.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Foundation Finance Trust 2019-1 (FFIN 2019-1), a consumer loan asset-backed securities transaction that expected to close on April 2, 2019.
  • This transaction represents the third ABS securitization for Foundation Finance Company LLC (Foundation or the Company) collateralized by a pool of retail installment sale contracts and agreements (Contracts) primarily used for home improvements.
  • Foundation was founded in 2012 through the partnership of an experienced management team and Garrison Investment Group (Garrison).
  • KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

AM Best Revises Outlooks to Positive for Virginia Farm Bureau Mutual Insurance Company and Its Subsidiaries

Retrieved on: 
Wednesday, March 13, 2019
Professional services, Insurance, Finance, Economy, Service industries, American Farm Bureau Federation, AM Best, Tewksbury Township, New Jersey, Insurance, Nationwide Mutual Insurance Company, Credit rating agency, Tokio Millennium Re Ltd., Grinnell Mutual

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- for the members of the Virginia Farm Bureau Group: Virginia Farm Bureau Mutual Insurance Company (Virginia Farm Bureau) and its wholly owned subsidiaries, Virginia Farm Bureau Fire and Casualty Insurance Company, Virginia Farm Bureau Town and Country Insurance, and Countryway Insurance Company (Syracuse, NY).

Key Points: 
  • AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- for the members of the Virginia Farm Bureau Group: Virginia Farm Bureau Mutual Insurance Company (Virginia Farm Bureau) and its wholly owned subsidiaries, Virginia Farm Bureau Fire and Casualty Insurance Company, Virginia Farm Bureau Town and Country Insurance, and Countryway Insurance Company (Syracuse, NY).
  • These Credit Ratings (ratings) reflect Virginia Farm Bureaus balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
  • The revised outlooks reflect the continued favorable trends in the groups balance sheet strength and operating performance metrics in recent years.
  • AM Best is a global rating agency and information provider with a unique focus on the insurance industry.

Best’s Market Segment Report: U.S. Private Mortgage Insurance Industry Stable Amid Positive Operating Environment

Retrieved on: 
Wednesday, March 13, 2019
Professional services, REIT, Banking, Finance, Insurance, Construction & Property, Commercial Building & Real Estate, Residential Building & Real Estate, Economy, Money, Finance, Loans, Insurance, Insurance industry, Mortgage loan, Credit rating agency, Unemployment

The operating environment for U.S. private mortgage insurers (PMI) continues to be favorable due to a low unemployment rate and a core inflation rate still in check despite signs of deteriorating macroeconomic conditions, which in turn support AM Bests stable market segment outlook on the industry.

Key Points: 
  • The operating environment for U.S. private mortgage insurers (PMI) continues to be favorable due to a low unemployment rate and a core inflation rate still in check despite signs of deteriorating macroeconomic conditions, which in turn support AM Bests stable market segment outlook on the industry.
  • The Bests Market Segment Report, titled, Market Segment Outlook: U.S.
  • AM Best anticipates that the PMI industry will continue to cede more risk to capital market participants through the issuance of mortgage insurance-linked securities (MILS).
  • AM Best is a global rating agency and information provider with a unique focus on the insurance industry.

KBRA Releases Report on CRE CLO’s Sizable Prepayment Activity

Retrieved on: 
Wednesday, March 13, 2019
Professional services, Banking, Finance, Finance, Structured finance, Financial markets, Money, Prepayment, Kroll Bond Rating Agency, Bond, Credit rating agency, Mortgage-backed security, Mortgage industry of the United States, Loans, Prepayment of loan

Kroll Bond Rating Agency (KBRA) has observed meaningful prepayment activity in 2017 and early 2018 vintage commercial real estate collateralized loan obligations (CRE CLOs).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) has observed meaningful prepayment activity in 2017 and early 2018 vintage commercial real estate collateralized loan obligations (CRE CLOs).
  • The prepayments led to increases in credit enhancement levels, which had a positive impact on rating activity.
  • As a result of the prepayment activity, we believe it would be helpful to shed light on some of the trends observed in the market.
  • Key observations from the report are as follows:
    Length of the initial loan term is a leading indicator of when prepayment may occur.

Credit Builders Alliance appoints Experian's Abigail Lovell to Board of Directors

Retrieved on: 
Tuesday, March 12, 2019
Economy, Finance, Money, Credit, Personal finance, Data brokers, Banking, Experian, Credit score, Credit rating agency, Credit history, Financial inclusion

Additionally, Lovell chairs the company's Consumer Advisory Board, which connects consumer advocacy groups to Experian's social impact initiatives.

Key Points: 
  • Additionally, Lovell chairs the company's Consumer Advisory Board, which connects consumer advocacy groups to Experian's social impact initiatives.
  • "I'm especially pleased and honored to join the Credit Builders Alliance board at such a pivotal point in time," said Lovell.
  • Credit Builders Alliance and Experian have a fundamental and shared mission to serve the greater community and bring financial inclusion to everyone."
  • Credit Builders Alliance (CBA) serves as a unique and vital bridge between our nonprofit members and the major credit reporting agencies (CRAs).

KBRA Releases Marketplace Consumer Loan Indices for February

Retrieved on: 
Friday, March 8, 2019
Professional services, Banking, Finance, Kroll Bond Rating Agency, Kroll, Credit rating agency, Index, Bond, Economy

Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for February.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for February.
  • Marketplace consumer loan performance was mixed last month.
  • KBRAs Tier 1 Index continued to underperform, with annualized net losses rising to 5.92%.
  • Meanwhile, performance in KBRAs Tier 2 Index improved in February, with net losses falling to 12.72%.

KBRA Assigns Preliminary Ratings to OneMain Direct Auto Receivables Trust 2019-1

Retrieved on: 
Thursday, March 7, 2019
Automotive, Professional services, Banking, Finance, General Automotive, Economy, Finance, Money, Structured finance, United States housing bubble, Kroll Bond Rating Agency, OneMain Financial, Securitization, Credit enhancement, KBRA, Credit rating agency, Accounts receivable

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2019-1 (ODART 2019-1) an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2019-1 (ODART 2019-1) an auto loan ABS transaction.
  • The preliminary ratings reflect the initial credit enhancement levels ranging from 29.40% for the Class A notes to 2.25% for the Class D notes, which build over time.
  • This transaction represents the fifth auto loan ABS securitization that KBRA has rated for OneMain Financial Holdings, LLC (collectively, with OneMain Financial Group, LLC and its subsidiaries and affiliates, OneMain or the Company) and fourth auto loan ABS securitization sponsored by Springleaf Finance Corporation (SFC).
  • KBRA applied its Global Auto Loan ABS methodology as part of its analysis of the transactions underlying collateral pool, the proposed capital structure and OneMains historical static pool data.

AM Best Revises Outlooks to Negative for Members of Philadelphia Contributionship Group

Retrieved on: 
Wednesday, March 6, 2019
Professional services, Insurance, Economy, Service industries, Finance, Philadelphia Contributionship, Society Hill, Philadelphia, Insurance, Credit rating agency, AM Best, Enterprise risk management

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a of Germantown Insurance Company, Philadelphia Contributionship Insurance Company and The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, Inc., which are members of the Philadelphia Contributionship Group (the Contributionship).

Key Points: 
  • AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a of Germantown Insurance Company, Philadelphia Contributionship Insurance Company and The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, Inc., which are members of the Philadelphia Contributionship Group (the Contributionship).
  • The ratings of the Contributionship reflect the groups balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
  • The revised outlooks to negative reflect the increased volatility in operating performance over the past five years, which has placed pressure on AM Bests current assessment of adequate.
  • AM Best is a global rating agency and information provider with a unique focus on the insurance industry.

KBRA Assigns Preliminary Ratings to Driven Brands Funding, LLC – Series 2019-1 Senior Secured Notes

Retrieved on: 
Monday, March 4, 2019
Professional services, Banking, Finance, Insurance, Finance, Money, Economy, United States housing bubble, Structured finance, Debt, Securitization, Bond market, Kroll Bond Rating Agency, Credit rating agency, Bond credit rating, KBRA

Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to a note class of Driven Brands Funding, LLC, a whole business securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to a note class of Driven Brands Funding, LLC, a whole business securitization.
  • Driven Brands, Inc. (Driven Brands or the Company) completed its first whole business securitization in July 2015.
  • Driven Brands Funding, LLC (the Issuer) is expected to issue $300 million of Class A-2 Notes (pari passu with the Series 2015-1 A-2 Notes, Series 2016-1 A-2 Notes and Series 2018-1 A-2 notes).
  • Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.