Kroll Bond Rating Agency

KBRA Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2020-A

Retrieved on: 
Monday, July 27, 2020
Banking, Professional services, Finance, Finance, Money, Structured finance, United States housing bubble, Kroll Bond Rating Agency, Financial law, Fixed-income securities, Securitization, Asset-backed security, Credit rating agency, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Mariner Finance Issuance Trust 2020-A (MFIT 2020-A), a personal loan asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Mariner Finance Issuance Trust 2020-A (MFIT 2020-A), a personal loan asset-backed securities transaction.
  • A review conducted in April 2020 resulted in six ratings from two MFIT securitizations being placed on Watch Status.
  • This transaction is the first consumer loan, term ABS securitization issued by Mariner Finance, LLC (Mariner or the Company) in 2020.
  • KBRA also conducted an operational assessment of Mariner, as well as a review of the transactions legal structure and transaction documents.

KBRA Releases Research – Coronavirus (COVID-19): EU Ratings Resiliency in Face of the Pandemic

Retrieved on: 
Monday, July 27, 2020
Banking, Professional services, Finance, Kroll Bond Rating Agency, Occupational safety and health, Coronavirus, Films, Creative works

Kroll Bond Rating Agency (KBRA) releases a report on the impact of the coronavirus (COVID-19) pandemic on European Union (EU) sovereigns.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on the impact of the coronavirus (COVID-19) pandemic on European Union (EU) sovereigns.
  • KBRA continues to examine the widespread impact of the pandemic on credit.
  • And while negative implications are considerable, there have been ameliorating circumstances in many cases.
  • KBRAs consideration of such factors and our sensitivity to politics and public policy underpin our analytical focus to distinguish between credit risk and headline risk against the backdrop of COVID-19.

KBRA Assigns AA Rating With Stable Outlook to Municipal Improvement Corporation of Los Angeles Lease Revenue Bonds, Series 2020 A, B, and C

Retrieved on: 
Friday, July 24, 2020
Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Credit rating, Bond market, Kroll Bond Rating Agency, Financial law, Nationally recognized statistical rating organization, Bond credit rating, Revenue bond, Debt

Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA with a Stable Outlook to the Municipal Improvement Corporation of Los Angeles (MICLA): Lease Revenue Bonds, Series 2020-A (Capital Equipment); Lease Revenue Bonds, Series 2020-B (Real Property); and Lease Revenue Refunding Bonds Series 2020-C (Real Property) (Federally Taxable).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA with a Stable Outlook to the Municipal Improvement Corporation of Los Angeles (MICLA): Lease Revenue Bonds, Series 2020-A (Capital Equipment); Lease Revenue Bonds, Series 2020-B (Real Property); and Lease Revenue Refunding Bonds Series 2020-C (Real Property) (Federally Taxable).
  • KBRA additionally affirms the long-term rating of AA+ and Stable Outlook on the City of Los Angeles, CA General Obligation Bonds.
  • Manageable debt burden with minimal exposure to variable rate debt and no exposure to interest rate swaps.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

KBRA Assigns Preliminary Ratings to FirstKey Homes 2020-SFR1 Trust

Retrieved on: 
Friday, July 24, 2020
Other Professional Services, Professional services, Finance, Finance, Money, United States housing bubble, Economy, Loans, Credit risk, Debt, Securitization, Kroll Bond Rating Agency, Credit rating agency, Mortgage loan

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to nine classes of FirstKey Homes 2020-SFR1 Trust (FKH 2020-SFR1) single-family rental pass-through certificates.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to nine classes of FirstKey Homes 2020-SFR1 Trust (FKH 2020-SFR1) single-family rental pass-through certificates.
  • FKH 2020-SFR1 is a single-borrower, single-family rental (SFR) securitization that will be collateralized by a $826.2 million loan secured by first priority mortgages on 3,847 income-producing single-family homes.
  • FKH 2020-SFR1 will be the first SFR securitization issued by FirstKey Homes.
  • To determine loss given default, KBRA assumed the underlying collateral properties would be liquidated in the residential property market.

KBRA Releases Research – Europe on the Upswing, Topped off by Its ‘Historic Day’

Retrieved on: 
Friday, July 24, 2020
Banking, Professional services, Finance, Finance, Money, Credit rating agencies, Nationally recognized statistical rating organization, Kroll Bond Rating Agency, Kroll, Bond credit rating, Bond, Jules Kroll, DBRS

Kroll Bond Rating Agency (KBRA) releases research in response to the European Unions (EU) surprise agreement to borrow and spend centrally in a EUR750 billion recovery fund.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research in response to the European Unions (EU) surprise agreement to borrow and spend centrally in a EUR750 billion recovery fund.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.
  • Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

KBRA Releases Research – Coronavirus (COVID-19): Retail Sales Stabilize but Rising Cases Temper Outlook

Retrieved on: 
Thursday, July 23, 2020
Finance, Banking, Other Retail, Retail, Professional services, Finance, Money, Financial markets, Credit rating agencies, Nationally recognized statistical rating organization, Kroll Bond Rating Agency, Prospectus, Shelf registration, Bond credit rating, Asset-backed security, Security, U.S. Securities and Exchange Commission

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

Key Points: 
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).
  • Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

KBRA Releases Research – Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: June 2020

Retrieved on: 
Tuesday, July 21, 2020
Professional services, Insurance, Finance, Money, Finance, Loans, Economy, Financial law, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Credit rating agency, Collateralized loan obligation, Syndicated loan, CLO

Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to sectors that have experienced negative credit migration as a result of the ongoing coronavirus (COVID-19) pandemic.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to sectors that have experienced negative credit migration as a result of the ongoing coronavirus (COVID-19) pandemic.
  • In this report, we provide an update on U.S. CLO sector exposure and overall industry credit quality based on reported data from March through June 2020 trustee reports for a representative sample of transactions.
  • This publication is a follow-up to prior KBRA reports which discussed corporate exposure within BSL transactions.
  • Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: May 2020
    KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Ratings to Citigroup Commercial Mortgage Trust 2020-WSS

Retrieved on: 
Tuesday, July 21, 2020
Banking, Professional services, Insurance, Finance, Finance, Money, Financial services, Kroll Bond Rating Agency, Fixed-income securities, Mortgage-backed security, Structured finance, Commercial mortgage-backed security, KBRA, Commercial mortgage, Citigroup, Mortgage loan

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to four classes of Citigroup Commercial Mortgage Trust 2020-WSS, a $413.25 million CMBS single-borrower transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to four classes of Citigroup Commercial Mortgage Trust 2020-WSS, a $413.25 million CMBS single-borrower transaction.
  • In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction, to the extent deemed applicable.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) for the portfolio of roundly $45.0 million.
  • To value the portfolio, KBRA applied a blended capitalization rate of 11.99% to arrive at a KBRA value of $375.3 million.

KBRA Added to Comdex Calculation

Retrieved on: 
Tuesday, July 21, 2020
Professional services, Data management, Technology, Insurance, Software, Finance, Banking, Financial markets, Finance, Money, Credit rating agencies, Nationally recognized statistical rating organization, Prospectus, Asset-backed security, Shelf registration, KBRA, Security, Kroll Bond Rating Agency

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

Key Points: 
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.
  • In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).
  • Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support, and consultancy to thousands of customers on six continents.

KBRA Assigns Preliminary Ratings to CBAM 2020-12, Ltd.

Retrieved on: 
Monday, July 20, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Loans, Structured finance, Credit, Mortgage, Collateralized loan obligation, Credit enhancement, Kroll Bond Rating Agency, Credit rating agency, Collateral

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of corporate loans.
  • CBAM 2020-12, Ltd. is managed by CBAM Partners, LLC (the collateral manager) and will have a three-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, coverage tests including overcollateralization ratio and interest coverage tests, and a reinvestment overcollateralization test.
  • The collateral in CBAM 2020-12, Ltd. will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.