Kroll Bond Rating Agency

KBRA Assigns Preliminary Ratings to JPMDB 2020-COR7

Retrieved on: 
Wednesday, June 17, 2020
Banking, Professional services, Finance, Finance, Money, Financial markets, Structured finance, Mortgage-backed security, Kroll Bond Rating Agency, Corporate finance, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMDB 2020-COR7, a $909.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 153 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMDB 2020-COR7, a $909.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 153 properties.
  • The collateral properties are located throughout 43 MSAs, the largest three of which are Los Angeles (22.4%), New York (20.1%) and San Francisco (8.7%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 45.1% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Publishes Rating Report for Owl Rock Technology Finance Corp.

Retrieved on: 
Tuesday, June 16, 2020
Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Business Development Company, Nationally recognized statistical rating organization, Bond credit rating

On May 18, 2020 and June 10, 2020 Kroll Bond Rating Agency (KBRA) assigned a BBB issuer and a senior unsecured debt rating, respectively with a Stable Outlook for Owl Rock Technology Finance Corp. (NASDAQ: ORTF or the company), a business development company (BDC).

Key Points: 
  • On May 18, 2020 and June 10, 2020 Kroll Bond Rating Agency (KBRA) assigned a BBB issuer and a senior unsecured debt rating, respectively with a Stable Outlook for Owl Rock Technology Finance Corp. (NASDAQ: ORTF or the company), a business development company (BDC).
  • Owl Rock Technology Finance Corp. is externally managed by Owl Rock Technology Advisors LLC, an indirect subsidiary of Owl Rock Capital Partners LP (Owl Rock), which together with its subsidiaries is a $17 billion, New York-based direct lending investment platform.
  • The rating is further supported by Owl Rocks $17 billion investment platform, which includes Owl Rock Capital Corp. and Owl Rock Capital Corp. II which are both rated BBB by KBRA.
  • 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 GS Mortgage Backed-Securities Trust 2020-INV1 (GSMBS 2020-INV1)

Retrieved on: 
Tuesday, June 16, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Kroll Bond Rating Agency, Subprime mortgage crisis, Mortgage loan, Structured finance, Subprime lending, RMBS, Mortgage-backed security

Kroll Bond Rating Agency, LLC (KBRA) assigns preliminary ratings to 38 classes of mortgage pass-through certificates from GS Mortgage Backed-Securities Trust 2020-INV1 (GSMBS 2020-INV1), a prime RMBS transaction backed predominately by conforming agency-eligible investment-purpose mortgage loans exempt (38) from Ability-to-Repay (ATR) rules.

Key Points: 
  • Kroll Bond Rating Agency, LLC (KBRA) assigns preliminary ratings to 38 classes of mortgage pass-through certificates from GS Mortgage Backed-Securities Trust 2020-INV1 (GSMBS 2020-INV1), a prime RMBS transaction backed predominately by conforming agency-eligible investment-purpose mortgage loans exempt (38) from Ability-to-Repay (ATR) rules.
  • The GSMBS 2020-INV1 pool comprises 1,167 first-lien, prime residential mortgage loans with an aggregate principal balance of $416.3 million as of the cut-off date.
  • The weighted average original credit score is 767, which is well within the prime mortgage range.
  • KBRA has reflected this risk as well as other COVID-related factors in its analysis of the pool.

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

Retrieved on: 
Monday, June 15, 2020
Banking, Professional services, Finance, Money, Finance, Economy, Loans, Financial law, Credit rating agencies, Kroll Bond Rating Agency, Credit risk, Bond market, Syndicated loan, Collateralized loan obligation, Nationally recognized statistical rating organization

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.
  • KBRA continues to monitor the impact of COVID-19 on the issuers of corporate leveraged loans, including those in U.S. BSL CLOs.
  • The 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: April 2020
    KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Releases Report Assigning Bank-Enhanced AA-/K1+ Ratings to Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Series of 2020 (LOC-Backed)

Retrieved on: 
Monday, June 15, 2020
Banking, Professional services, Insurance, Finance, Finance, Money, Economy, Credit rating agencies, Nationally recognized statistical rating organization, Kroll Bond Rating Agency, Bond credit rating, KBRA, Bond, Credit rating

On June 12, 2020, Kroll Bond Rating Agency (KBRA) assigned a bank-enhanced long-term rating of AA- with a Stable Outlook as well as a bank-enhanced short-term rating of K1+ to the Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Series of 2020.

Key Points: 
  • On June 12, 2020, Kroll Bond Rating Agency (KBRA) assigned a bank-enhanced long-term rating of AA- with a Stable Outlook as well as a bank-enhanced short-term rating of K1+ to the Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Series of 2020.
  • The bonds will initially bear interest at a weekly rate and will be subject to mandatory tender upon conversion to an alternate rate period.
  • 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 Preliminary Ratings to BANK 2020-BNK27

Retrieved on: 
Monday, June 15, 2020
Professional services, Other Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, Banking, Finance, Money, Financial markets, Structured finance, Mortgage-backed security, Kroll Bond Rating Agency, Corporate finance, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of BANK 2020-BNK27, a $617.9 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 46 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of BANK 2020-BNK27, a $617.9 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 46 properties.
  • The collateral properties are located throughout 24 MSAs, the largest three of which are New York (29.5%), Las Vegas (13.6%) and San Francisco (12.9%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 42.3% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Assigns Preliminary Ratings to FREMF 2020-K110 and Freddie Mac Structured Pass-Through Certificate Series K-110

Retrieved on: 
Monday, June 15, 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

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2020-K110 mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates (SPCs), Series K-110.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2020-K110 mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates (SPCs), Series K-110.
  • Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2020-K110 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.
  • The largest exposure is represented by Prominence Apartments Phase II (8.1%), a 354-unit, garden-style multifamily complex located in San Marcos, California.
  • The assets are located in 23 states, with the three largest concentrations in California (14.7%), Texas (14.1%), and Florida (12.7%).

KBRA Releases Research – Coronavirus (COVID-19): Canadian Sovereign and Banks Remain Resilient

Retrieved on: 
Monday, June 15, 2020
Banking, Professional services, Insurance, Finance, Economy, Finance, Money, Underwriting, Actuarial science, Kroll Bond Rating Agency, Bank, Psychological resilience, Flexibility, Mortgage loan

Kroll Bond Rating Agency (KBRA) releases a report on the Canadian sovereign and the major banks amid the coronavirus (COVID-19) pandemic, which has delivered an unprecedented shock to the global economy.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on the Canadian sovereign and the major banks amid the coronavirus (COVID-19) pandemic, which has delivered an unprecedented shock to the global economy.
  • However, Canada and its major banks have so far displayed a very high degree of resilience and flexibility to pandemic-related extreme stresses.
  • But policymakers aggressive and proactive response to the challenges is the mark of a sovereign with extensive flexibility and shock absorption capacity.
  • Canadian banks are heavily exposed to the domestic housing market, but risks are contained by the distinct structure of the countrys mortgage market and banks prudent underwriting standards.

KBRA Assigns Ratings to Foundation Finance Trust 2020-1

Retrieved on: 
Friday, June 12, 2020
Banking, Professional services, Finance, Finance, Money, Financial markets, Structured finance, Kroll Bond Rating Agency, Asset-backed security, Securitization, Credit rating agency, Credit enhancement, KBRA, Tranche

Kroll Bond Rating Agency, LLC (KBRA) assigns ratings to three classes of notes issued by Foundation Finance Trust 2020-1 (FFIN 2020-1), an asset-backed securitization collateralized by approximately $250 million of unsecured consumer loans primarily used for home improvements.

Key Points: 
  • Kroll Bond Rating Agency, LLC (KBRA) assigns ratings to three classes of notes issued by Foundation Finance Trust 2020-1 (FFIN 2020-1), an asset-backed securitization collateralized by approximately $250 million of unsecured consumer loans primarily used for home improvements.
  • The ratings reflect the initial credit enhancement levels ranging from 25.45% for the Class A notes to 10.50% for the Class C notes.
  • Foundation Finance Company (Foundation) was founded in 2012 through the partnership of an experienced management team and Garrison Investment Group (Garrison).
  • KBRA also conducted an operational assessment of Foundation, as well as a review of the transactions legal structure and transaction documents.

KBRA Credit Profile (KCP) Releases Research – Coronavirus (COVID-19): Stresses Weigh on CBL Properties—CMBS Exposure Update

Retrieved on: 
Friday, June 12, 2020
Banking, Other Professional Services, Professional services, Finance, CBL Properties, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, CBL, Finance, Money, Financial services in the United States

Kroll Bond Rating Agency (KBRA) releases a special report, Coronavirus (COVID-19): Stresses Weigh on CBL PropertiesCMBS Exposure Update, which provides details regarding the going concern warning issued by CBL Properties (CBL) and examines the companys latest Q1 2020 earnings report.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a special report, Coronavirus (COVID-19): Stresses Weigh on CBL PropertiesCMBS Exposure Update, which provides details regarding the going concern warning issued by CBL Properties (CBL) and examines the companys latest Q1 2020 earnings report.
  • CBL cited a high probability of failing to meet certain financial covenants in the near term.
  • There are currently 24 loans secured by 24 properties ($1.7 billion by unpaid balance) with exposure to CBL as a sponsor.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.