KBRA

KBRA Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2021-A

Tuesday, March 2, 2021 - 7:07pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued from Mariner Finance Issuance Trust 2021-A (MFIT 2021-A), a personal loan asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued from Mariner Finance Issuance Trust 2021-A (MFIT 2021-A), a personal loan asset-backed securities transaction.
  • The notes are collateralized by approximately $273 million of secured and unsecured, fixed-rate, non-revolving personal loans originated by Mariner Finance, LLC, (Mariner or the Company) as of the January 31, 2021 Statistical Cut-Off Date.
  • KBRA also conducted an operational assessment of Mariner, as well as a review of the transactions legal structure and transaction documents.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Launches New Brand Identity With Redesigned Logo

Tuesday, March 2, 2021 - 2:27pm

Kroll Bond Rating Agency (KBRA), a global full-service rating agency, announced today the launch of its new corporate brand identity which features a redesigned logo and website.

Key Points: 
  • Kroll Bond Rating Agency (KBRA), a global full-service rating agency, announced today the launch of its new corporate brand identity which features a redesigned logo and website.
  • Over the last 10 years, KBRA has established itself as a challenger brand driven by innovation, collaboration, and integrity, Jim Nadler, KBRAs President and CEO, said.
  • Our new logo is a nod to our market leadership and recognition as an integral part of the investment community, and our brand identity better reflects the innovation we have brought to the fixed income market.
  • The vision for the redesigned logo inspires a feeling of strength and renews KBRAs mission of setting a standard of excellence.

KBRA Assigns Preliminary Rating to Servpro Master Issuer, LLC Series 2021-1 Senior Secured Notes

Monday, March 1, 2021 - 7:57pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to a note class of Servpro Master Issuer, LLC Series 2021-1, a whole business securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to a note class of Servpro Master Issuer, LLC Series 2021-1, a whole business securitization.
  • This transaction is structured as a whole business securitization in which Servpro Industries, LLC and certain of its affiliates have contributed substantially all of their revenue-generating assets to Servpro Master Issuer, LLC (the Issuer).
  • In conjunction with the issuance of the Series 2021-1 Notes, KBRA anticipates affirming the ratings on the Issuers outstanding Series 2019-1 Class A-1 Notes and Series 2019-1 Class A-2 Notes.
  • Kroll Bond Rating Agency, LLC (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 PFP 2021-7

Monday, March 1, 2021 - 3:44pm

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • Kroll Bond Rating Agency, LLC (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.

KBRA Assigns Preliminary Ratings to Pagaya AI Debt Selection Trust 2021-1

Friday, February 26, 2021 - 11:30pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2021-1 (PAID 2021-1), a consumer loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2021-1 (PAID 2021-1), a consumer loan ABS transaction.
  • This transaction is the second publicly rated securitization for Pagaya Investments US LLC (Pagaya).
  • Pagaya is a 100% owned subsidiary of Pagaya Technologies Ltd., which is an Israeli corporation.
  • KBRA has performed operational reviews of Pagaya and each of the Platform Sellers and has conducted surveillance on each platforms recent securitizations.

KBRA Assigns Preliminary Ratings to GCAT 2021-NQM1 Trust (GCAT 2021-NQM1)

Friday, February 26, 2021 - 7:11pm

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • Kroll Bond Rating Agency, LLC (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.

KBRA Releases Research – CMBS Loan Performance Trends: February Update

Friday, February 26, 2021 - 5:00pm

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.
  • The delinquency rate for the period came in 60 basis points (bps) lower than in the previous month, at 5.9%, among KBRA-rated CMBS.
  • The decline was influenced by loan modification of several larger loans, at which time the related loans were reflected as current.
  • This month, KBRA analyzed 19,045 outstanding CMBS 2.0 conduit loans (KBRA rated and non-KBRA rated) for those that were reported as modified by the servicer during the pandemic (between April 2020 and December 2020).

KBRA Assigns Preliminary Rating to Upstart Pass-Through Trust, Series 2021-ST3

Thursday, February 25, 2021 - 7:05pm

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.
  • The preliminary rating reflects initial credit enhancement of 36.00%.
  • This transaction represents the twentieth ABS securitization collateralized by unsecured consumer loans originated through the online platform operated by Upstart Network, Inc. (Upstart or the Company) and the ninth series of securities issued from the Upstart Pass-Through Trust (UPSPT, Master Trust) program.
  • KBRA also conducted an operational assessment of Upstart, as well as a review of the transactions legal structure and transaction documents.

KBRA Assigns Preliminary Ratings to Business Jet Securities 2021-1, LLC, Secured Notes, Series 2021-1

Tuesday, February 23, 2021 - 7:05pm

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above.
  • Kroll Bond Rating Agency, LLC (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 Limited is registered as a CRA with the European Securities and Markets Authority.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Assigns Preliminary Ratings to Taurus 2021-2 SP DAC

Tuesday, February 23, 2021 - 6:59pm

Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-2 SP DAC, a CMBS single-borrower securitisation.

Key Points: 
  • Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-2 SP DAC, a CMBS single-borrower securitisation.
  • Kroll Bond Rating Agency, LLC (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.
  • Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.