KBRA

KBRA Assigns Preliminary Ratings to Theorem Funding Trust 2022-1

Retrieved on: 
Thursday, January 20, 2022 - 4:34pm

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.

Second Securitization Continues Strategic Focus for Golden Pear Funding OpCo, LLC

Retrieved on: 
Thursday, January 20, 2022 - 2:52pm

JERSEY CITY, N.J., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Golden Pear Funding OpCo, LLC announced Kroll Bond Rating Agency (KBRA) assigned ratings to two classes of notes from PEAR 2021-1, LLC - an $121.7 million litigation finance asset backed security (ABS) transaction. The PEAR 2021-1, LLC transaction represents Golden Pear’s second rated security collateralized by litigation finance receivables, following a successful securitization transaction in 2020.

Key Points: 
  • The PEAR 2021-1, LLC transaction represents Golden Pears second rated security collateralized by litigation finance receivables, following a successful securitization transaction in 2020.
  • With our second securitization, we will continue to scale the business and drive our growth strategy with a focus on service driven by technology and innovation for our clients and partners, says Gary Amos, CEO at Golden Pear Funding OpCo, LLC.
  • Validation with our second securitization will allow Golden Pear to capitalize on a number of strategic initiatives and position the company as a trusted market leader for our investors, clients and partners, says Daniel Amsellem, CFO at Golden Pear Funding OpCo, LLC.
  • About Golden Pear Funding OpCo, LLC: Golden Pear is one of the largest specialty finance companies in the United States funding legal matters and purchasing medical receivables from physicians and medical centers.

KBRA Releases Research – Structured Credit: Under the SOFR Cushion

Retrieved on: 
Wednesday, January 19, 2022 - 7:30pm

In speaking with several collateral managers and arranging banks, KBRA has observed several themes emerge as these participants think about new and outstanding collateralized loan obligations (CLO) and other structured credit transactions in 2022.

Key Points: 
  • In speaking with several collateral managers and arranging banks, KBRA has observed several themes emerge as these participants think about new and outstanding collateralized loan obligations (CLO) and other structured credit transactions in 2022.
  • Key discussion points highlighted in the slide presentation include portfolio transitions, benchmark replacement events, basis risk, credit spread adjustments, and loan floors.
  • Click here to view the slide presentation.

KBRA Releases Research – Divergent Labor Markets: U.S. vs. Euro Area

Retrieved on: 
Wednesday, January 19, 2022 - 6:35pm

KBRA releases a research report on diverging labor market performance between the U.S. and the euro area that highlights the relatively lagging employment creation in the U.S. since the pandemic.

Key Points: 
  • KBRA releases a research report on diverging labor market performance between the U.S. and the euro area that highlights the relatively lagging employment creation in the U.S. since the pandemic.
  • Despite the very low U.S. headline unemployment rate of 3.9%, the slow recuperation of the employment-to-population ratio since the global financial crisis has trended in the country, and this creates headwinds for non-inflationary growth and economic vibrancy.
  • Click here to view the report.

KBRA Assigns Preliminary Ratings to BHG Securitization Trust 2022-A

Retrieved on: 
Wednesday, January 19, 2022 - 5:53pm

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 Planet Fitness Master Issuer LLC, 2022-1 Senior Secured Notes

Retrieved on: 
Wednesday, January 19, 2022 - 4:32pm

KBRA assigns preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC Series 2022-1, a whole business securitization.

Key Points: 
  • KBRA assigns preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC Series 2022-1, a whole business securitization.
  • Planet Fitness Holdings, LLC (Planet Fitness or the Company) completed its first whole business securitization (WBS) in August 2018.
  • The transaction structure is a master trust and the Series 2022-1 Class A-1 Notes, Class A-2-I Notes, and Class A-2-II Notes (the Series 2022-1 Notes) represent the Companys third securitization within the trust.
  • Planet Fitness Master Issuer LLC (the Master Issuer) is expected to issue $975 million of Series 2022-1 Notes, which will share the collateral with the existing notes.

KBRA UK Releases Research – The European Securitisation Market in Q4 2021: Strong Finish to the Year

Retrieved on: 
Wednesday, January 19, 2022 - 3:13pm

KBRA UK (KBRA) releases research that provides insight into the types of transactions circulating in the European securitisation market, with a focus on Q4 2021.

Key Points: 
  • KBRA UK (KBRA) releases research that provides insight into the types of transactions circulating in the European securitisation market, with a focus on Q4 2021.
  • European securitisation performance in 2021 was productive following a disrupted year due to the onset of the COVID-19 pandemic in 2020.
  • European securitisation in 2021 reached a post-global financial crisis (GFC) high in terms of issuance sold and distributed to investors.
  • European securitisation in 2021 reached a post-global financial crisis (GFC) high in terms of issuance sold and circulated to investors.

KBRA Assigns Preliminary Ratings to Bayview MSR Opportunity Master Fund Trust 2022-INV2 (BVINV 2022-2)

Retrieved on: 
Tuesday, January 18, 2022 - 10:30pm

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.
  • 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 Releases Research – CMBS Loss Compendium Update: December 2021

Retrieved on: 
Tuesday, January 18, 2022 - 8:01pm

KBRA releases the December 2021 issue of the KBRA CMBS Loss Compendium, which provides base loss estimates for all KBRA-rated conduit transactions.

Key Points: 
  • KBRA releases the December 2021 issue of the KBRA CMBS Loss Compendium, which provides base loss estimates for all KBRA-rated conduit transactions.
  • In this report and its accompanying spreadsheet, we provide insight into loss estimates for all 292 KBRA-rated conduit transactions, of which 149 have been reviewed since the June 2021 edition of this publication.
  • The compendium uses the following two metrics to present the loss figures: KBRA Lifetime Base Loss (KLBL), which represents our loss estimate for each transaction during its lifetime as a percent of its original balance; and KBRA Future Base Loss (KFBL), which represents potential future losses as a percent of outstanding deal balance as of the most recent rating action date.
  • As of December 2021, the average KLBL and average KFBL for the entire population are 5.1% and 5.6%, respectively, which increased from 5% and 5.4%, in June 2021; and from 4.5% and 4.9%, in December 2020.

KBRA Releases Auto Loan ABS Indices for December 2021

Retrieved on: 
Tuesday, January 18, 2022 - 6:50pm

KBRA releases its auto loan ABS indices for December 2021.

Key Points: 
  • KBRA releases its auto loan ABS indices for December 2021.
  • December remittance reports showed mixed credit performance across prime and non-prime auto loan pools during the November collection period.
  • KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada.
  • KBRAs ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.