Kroll Bond Rating Agency

KBRA Assigns Preliminary Rating to Arby’s Funding, LLC, Series 2020-1

Retrieved on: 
Monday, July 20, 2020
Retail, Restaurant, Bar, Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Credit risk, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Bond credit rating, KBRA, Securitization, European Securities and Markets Authority

Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Arbys Funding, LLC, Series 2020-1, a whole business securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Arbys Funding, LLC, Series 2020-1, a whole business securitization.
  • As of March 29, 2020, the Arbys restaurant system included 3,520 restaurants with annual system-wide sales of approximately $4.0 billion.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.
  • 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).

KBRA Assigns Preliminary Ratings to Benchmark 2020-B18

Retrieved on: 
Monday, July 20, 2020
Finance, Professional services, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Finance, Money, Financial markets, Structured finance, Kroll Bond Rating Agency, Fixed-income securities, Mortgage-backed security, Commercial mortgage-backed security, Corporate finance, Commercial mortgage, KBRA, Mortgage loan

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of Benchmark 2020-B18, a $934.5 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 154 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of Benchmark 2020-B18, a $934.5 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 154 properties.
  • The collateral properties are located throughout 40 MSAs, the largest three of which are New York (20.0%), Las Vegas (17.3%) and San Jose (12.3%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.2% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Europe Assigns Preliminary Ratings to Montmartre Euro CLO 2020-2 DAC

Retrieved on: 
Friday, July 17, 2020
Banking, Professional services, Finance, Economy, Finance, Money, Kroll Bond Rating Agency, CLO, Euro

Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven classes of notes to be issued by Montmartre Euro CLO 2020-2 DAC, a cash flow collateralised loan obligation (CLO) back by a diversified portfolio of Euro-denominated corporate loans.

Key Points: 
  • Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to seven classes of notes to be issued by Montmartre Euro CLO 2020-2 DAC, a cash flow collateralised loan obligation (CLO) back by a diversified portfolio of Euro-denominated corporate loans.
  • Montmartre Euro CLO 2020-2 DAC is the second CLO for CBAM CLO Management Europe LLC (CBAM Europe or the collateral manager).
  • The ratings reflect initial credit enhancement levels, coverage tests including par value and interest coverage tests, excess spread, and a reinvestment overcollateralisation test.
  • The collateral in Montmartre Euro CLO 2020-2 DAC will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.

KBRA Releases Research – Coronavirus (COVID-19): EM Credit Risks: Heightened but Differentiated

Retrieved on: 
Friday, July 17, 2020
Other Professional Services, Professional services, Insurance, Finance, Economy, Articles, Economic geography, Emerging market, International development, Investment, Kroll Bond Rating Agency, Credit rating agency

Kroll Bond Rating Agency (KBRA) releases a report on emerging market (EM) sovereign credit risk.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on emerging market (EM) sovereign credit risk.
  • While far from a monochromatic group, emerging markets can share some important commonalities that influence sovereign credit.
  • All of these characteristics can combine to make the coronavirus (COVID-19) shock especially scarring to EM economies, with possible implications for their credit profiles.
  • In addition, we discuss game-changing reforms that could potentially alter several EM economies credit profiles in more favorable directions.

KBRA Announces NAIC Unpublished Ratings Feed

Retrieved on: 
Friday, July 17, 2020
Banking, Professional services, Insurance, Finance, Finance, Money, Economy, Insurance in the United States, Kroll Bond Rating Agency, Investment, NAIC, Credit rating agency, National Association of Insurance Commissioners, Bond credit rating, KBRA, NAIC

Kroll Bond Rating Agency (KBRA) announces the National Association of Insurance Commissioners (NAIC) capacity for KBRAs ratings feed of private letter ratings, effective immediately.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the National Association of Insurance Commissioners (NAIC) capacity for KBRAs ratings feed of private letter ratings, effective immediately.
  • This new function complements the published ratings feed that KBRA currently provides to the NAIC.
  • KBRA believes this new capability with respect to unpublished ratings will assist in streamlining ratings reporting for investors who have been requesting this modification.
  • For questions regarding KBRAs Ratings Feed product, please contact [email protected] .

KBRA Assigns Preliminary Ratings to Freddie Mac’s STACR 2020-HQA3

Retrieved on: 
Thursday, July 16, 2020
Professional services, Finance, Finance, Money, Economy, Financial law, Mortgage industry of the United States, Personal finance, United States housing bubble, Loans, Real estate mortgage investment conduit, Kroll Bond Rating Agency, Credit rating agency, Loan-to-value ratio

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 23 classes from Structured Agency Credit Risk (STACR) REMIC 2020-HQA3 Notes, Freddie Mac STACR REMIC Trust 2020-HQA3 (STACR 2020-HQA3), a credit risk sharing transaction with a total note offering of $735,000,000.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 23 classes from Structured Agency Credit Risk (STACR) REMIC 2020-HQA3 Notes, Freddie Mac STACR REMIC Trust 2020-HQA3 (STACR 2020-HQA3), a credit risk sharing transaction with a total note offering of $735,000,000.
  • STACR 2020-HQA3 features credit exposure to Reference Obligations with original loan-to-value (LTV) ratios greater than 80% but less than or equal to 97%.
  • The STACR 2020-HQA3 Reference Pool consists of 118,543 residential mortgage loans with an outstanding principal balance of approximately $31.3 billion as of the Cut-Off Date.
  • The borrowers in the STACR 2020-HQA3 Reference Pool have a non-zero WA (NZWA) original credit score of 752 and a NZWA debt-to-income (DTI) ratio of 36.2%.

KBRA Releases Research – Coronavirus (COVID-19): Modifying Auto and Consumer Loan Delinquency Expectations: Update

Retrieved on: 
Thursday, July 16, 2020
Finance, Banking, Professional services, General Automotive, Automotive, Finance, Money, Economy, Kroll Bond Rating Agency, Loans, Credit rating agency, Nationally recognized statistical rating organization

Kroll Bond Rating Agency (KBRA) releases research highlighting delinquency and loan modification trends in the consumer ABS sectors for which loan level data is available, namely, auto loans and marketplace consumer loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research highlighting delinquency and loan modification trends in the consumer ABS sectors for which loan level data is available, namely, auto loans and marketplace consumer loans.
  • Despite unemployment levels well north of 10%, delinquency rates in most consumer ABS sectors have held up remarkably well, at least to date.
  • Remittance reports released in late June (which report May collections) showed that delinquency rates either held steady or fell across most consumer ABS asset classes, with no meaningful change in charge-offs.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Releases Research – Coronavirus (COVID-19): Transportation Choice—Ride or Drive?

Retrieved on: 
Thursday, July 16, 2020
Professional services, Transport, Finance, Public transport, Banking, Other Transport, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, KBRA, Bond credit rating, Kroll

Kroll Bond Rating Agency (KBRA) releases research comparing trends in mass transit and toll road activity in the Chicago and New York metropolitan areas.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research comparing trends in mass transit and toll road activity in the Chicago and New York metropolitan areas.
  • Metropolitan area mass transit and toll road systems experienced sharp declines amid stay-at-home orders related to the coronavirus (COVID-19) pandemic.
  • In this report, KBRA analyzes mass transit ridership and toll traffic data in the two cities.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Preliminary Ratings to FREED ABS Trust 2020-3FP

Retrieved on: 
Thursday, July 16, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Structured finance, Credit risk, Credit rating agencies, United States housing bubble, Financial law, Kroll Bond Rating Agency, Credit enhancement, Securitization, Asset-backed security

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by FREED ABS Trust 2020-3FP (FREED 2020-3FP), a consumer loan asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by FREED ABS Trust 2020-3FP (FREED 2020-3FP), a consumer loan asset-backed securities transaction.
  • A review conducted in April resulted in six ratings from two FREED securitizations being placed on Watch Developing or Downgrade.
  • The Watch Status for the Class C notes from FREED ABS Trust 2020-1 was changed to Developing from Downgrade.
  • The preliminary ratings reflect the initial credit enhancement levels ranging from 53.00% for the Class A notes to 18.50% for the Class C notes.

KBRA Releases ESG Research: Mexico: Governance Threatens to Impair Post-Pandemic Recovery

Retrieved on: 
Wednesday, July 15, 2020
Banking, Professional services, Finance, AMLO, Andrés Manuel López Obrador, Kroll Bond Rating Agency, Politics, Governance, Institutional Revolutionary Party, Politicians, Socialists

Kroll Bond Rating Agency (KBRA) releases ESG research which examines governance factors in Mexico.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases ESG research which examines governance factors in Mexico.
  • The countrys governance indicators have evolved since President Andrs Manuel Lpez Obrador (AMLO) assumed office on December 1, 2018.
  • AMLO has reversed some previous administrations reformist policies and has adopted measures that provide a proverbial red light to private investment.
  • In our view, the AMLO administrations statist policies are likely to impair Mexicos post-pandemic economic recovery and keep fiscal and political risks elevated.