Kroll Bond Rating Agency

KBRA Assigns Preliminary Ratings to Genesis Private Label Amortizing Trust 2020-1

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Monday, July 13, 2020

Banking, Professional services, Finance, Finance, Money, Financial markets, Structured finance, Kroll Bond Rating Agency, Securitization, Credit enhancement, Asset-backed security, Credit rating agency, Tranche, Genesis

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Genesis Private Label Amortizing Trust 2020-1 (GPLAT 2020-1), a credit card asset-backed securitization.

Key Points:

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Genesis Private Label Amortizing Trust 2020-1 (GPLAT 2020-1), a credit card asset-backed securitization.
The preliminary ratings reflect the initial credit enhancement level range of 58.37% for the Class A notes to 30.75% for the Class E notes.
Genesis Financial Solutions, Inc., including its affiliates, (Genesis or the Company) is a privately held consumer finance company that was established in 2001 and currently issues both general purpose and private label retail credit cards.
KBRA also conducted an operational assessment of Genesis, as well as a review of the transactions legal structure and transaction documents.

KBRA Releases Research – Coronavirus (COVID-19): Why Does Federalism Matter to Municipal Credit?

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Monday, July 13, 2020

Banking, Other Professional Services, Professional services, Finance, Finance, Money, Economy, Kroll Bond Rating Agency, Federalism, Canadian federalism, Bond, Credit rating agency, Government, Bankruptcy, Kroll

Kroll Bond Rating Agency (KBRA) releases research discussing the importance of state laws and the principle of Federalism in municipal credit analysis.

Key Points:

Kroll Bond Rating Agency (KBRA) releases research discussing the importance of state laws and the principle of Federalism in municipal credit analysis.
The economic and credit dislocation created by the coronavirus (COVID-19) pandemic has once again raised questions about bankruptcy and creditors rights in the municipal market.
In this report, we provide a deeper examination of the constitutional framework underpinning state powers.
The principle of Federalism establishes the dual sovereignty of state and federal governments in the United States.

KBRA Assigns Preliminary Ratings to Loanpal Solar Loan 2020-2 Ltd. and Loanpal Solar Loan 2020-2 LLC

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Friday, July 10, 2020

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Loanpal Solar Loan 2020-2 Ltd. and Loanpal Solar Loan 2020-2 LLC (LPSLT 2020-2-GF), an asset-backed securitization collateralized by a pool of residential solar loans.

Key Points:

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Loanpal Solar Loan 2020-2 Ltd. and Loanpal Solar Loan 2020-2 LLC (LPSLT 2020-2-GF), an asset-backed securitization collateralized by a pool of residential solar loans.
The review did not result in Watch Placements on any existing KBRA transaction ratings.
Loanpal, LLC (Loanpal or the Company) was incorporated in California in 2003 to provide residential mortgage loans.
KBRA also conducted an operational assessment of Loanpal, as well as a review of the transactions legal structure and transaction documents.

KBRA Releases Research – U.S. Banks: Thinking Through the Great Unknown–Loan Losses in the Pandemic

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Friday, July 10, 2020

Banking, Professional services, Finance, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, KBRA, Kroll, U.S. Securities and Exchange Commission, Finance, Money, Economy

Kroll Bond Rating Agency (KBRA) releases a research report that outlines our views on the current stresses facing the U.S. banking industry amid the ongoing economic challenges brought on by the coronavirus (COVID-19) pandemic.

Key Points:

Kroll Bond Rating Agency (KBRA) releases a research report that outlines our views on the current stresses facing the U.S. banking industry amid the ongoing economic challenges brought on by the coronavirus (COVID-19) pandemic.
The report also dispels other areas of the balance sheet that, in KBRAs view, do not constitute areas of substantial risk, despite some recent market research to the contrary.
While banks are far less a part of the problem during the COVID-19 outbreak compared to the global financial crisis (GFC), KBRA believes uncertainty around the extent of expected loan losses over the course of the pandemic is weighing on investor sentiment.
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 FHF Trust 2020-1

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Thursday, July 9, 2020

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by FHF Trust 2020-1 (FHF 2020-1 or the Issuer), a subprime auto loan asset-backed securities transaction.

Key Points:

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by FHF Trust 2020-1 (FHF 2020-1 or the Issuer), a subprime auto loan asset-backed securities transaction.
FHF 2020-1 represents the first rated term ABS securitization for the First Help Financial, LLC (FHF or the Company).
The ratings reflect initial credit enhancement levels ranging from 30.00% for the Class A notes to 6.50% for the Class C notes.
FHF is a subprime auto finance company with headquarters in Newton, Massachusetts and a satellite office in Phoenix Arizona.

KBRA Assigns Preliminary Ratings to Citigroup Commercial Mortgage Trust 2020-WSS

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Monday, July 6, 2020

Banking, Professional services, Finance, Finance, Money, Economy, Loans, Kroll Bond Rating Agency, Mortgage, Structured finance, Commercial mortgage-backed security, KBRA, Commercial mortgage, WoodSpring Hotels, Collateral

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary 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 preliminary ratings to four classes of Citigroup Commercial Mortgage Trust 2020-WSS, a $413.25 million CMBS single-borrower transaction.
The underlying collateral consists of 74 economy extended-stay properties operating under the WoodSpring Suites flag located in 26 states.
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 Europe Releases Research: Taurus 2019-3 UK DAC: Class X Interest Diversion Trigger Event

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Monday, July 6, 2020

Banking, Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Commercial mortgage-backed security, Nationally recognized statistical rating organization, KBRA, Kroll, Bond, Loan

Kroll Bond Rating Agency Europe (KBRA) publishes research regarding Taurus 2019-3 UK DAC, a CMBS single-borrower transaction secured by 21 purpose-built student accommodation (PBSA) assets in the UK.

Key Points:

Kroll Bond Rating Agency Europe (KBRA) publishes research regarding Taurus 2019-3 UK DAC, a CMBS single-borrower transaction secured by 21 purpose-built student accommodation (PBSA) assets in the UK.
This failure triggered a cash trap event and a Class X Interest Diversion Trigger Event.
KBRA maintains its KPO of Underperform for the related loan, which was assigned on 26 March 2020.
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 Tricon American Homes 2020-SFR1

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Monday, July 6, 2020

Finance, Banking, Professional services, Residential Building & Real Estate, Construction & Property, Finance, Money, Economy, United States housing bubble, Credit risk, Loans, Debt, Securitization, Kroll Bond Rating Agency, Credit rating agency, Mortgage loan

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Tricon American Homes 2020-SFR1 (TAH 2020-SFR1) single-family rental pass-through certificates.

Key Points:

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Tricon American Homes 2020-SFR1 (TAH 2020-SFR1) single-family rental pass-through certificates.
TAH 2020-SFR1 is a single-borrower, single-family rental (SFR) securitization that will be collateralized by a $601.4 million loan secured by first priority mortgages on 3,540 income-producing single-family homes.
TAH 2020-SFR1 will be the seventh SFR securitization issued by Tricon American Homes.
To determine loss given default, KBRA assumed the underlying collateral properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to FREMF 2020-K111 and Freddie Mac Structured Pass-Through Certificate Series K-111

Retrieved on:

Monday, July 6, 2020

Banking, Professional services, Finance, Finance, Economy, Money, Mortgage industry of the United States, United States housing bubble, Credit risk, Debt, Securitization, Freddie Mac, Kroll Bond Rating Agency, Credit rating agency

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2020-K111 mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates (SPCs), Series K-111.

Key Points:

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2020-K111 mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates (SPCs), Series K-111.
Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2020-K111 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.
The largest exposure is represented by The Courtyards At Buckley (8.1%), a 688-unit, garden-style multifamily complex located in Aurora, Colorado.
The assets are located in 21 states, with the three largest concentrations in Colorado (17.7%), Florida (15.1%), and Texas (11.8%).

KBRA Releases Marketplace Consumer Loan Indices for June

Retrieved on:

Thursday, July 2, 2020

Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Bond credit rating, CRA

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

Key Points:

Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for June.
June remittance reports, which reflect collections in May (the second full month of pandemic-related stress) showed that delinquency rates continue to trend downward.
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 and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).