KBRA

KBRA Assigns Preliminary Ratings to Morgan Stanley Residential Mortgage Loan Trust 2024-2 (MSRM 2024-2)

Retrieved on: 
Tuesday, April 23, 2024
Banking, Professional Services, Finance, ESG, KBRA

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

Key Points: 
  • Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
  • A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here .
  • 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 .

KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2024-1

Retrieved on: 
Monday, April 22, 2024
Professional Services, Finance, OMH, KBRA, Class, Acquisition, Credit

KBRA assigns preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2024-1 (“OMFIT 2024-1”), a consumer loan asset-backed securities transaction.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2024-1 (“OMFIT 2024-1”), a consumer loan asset-backed securities transaction.
  • The preliminary ratings reflect initial credit enhancement levels ranging from 34.71% for the Class A notes to 10.46% for the Class D notes.
  • This transaction is the 30th consumer loan transaction issued by OneMain Finance Corporation (“OneMain” or “OMFC”, or the “Company”) since 2013.
  • OMH completed its acquisition of OneMain Financial Holdings, LLC on November 15, 2015 from CitiFinancial Credit Company for $4.49 billion in cash.

KBRA Assigns Preliminary Ratings to ACHM Trust 2024-HE1 (ACHM 2024-HE1)

Retrieved on: 
Monday, April 22, 2024
Professional Services, Finance, ESG, KBRA

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

Key Points: 
  • Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
  • A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here .
  • 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 .

KBRA Publishes and Affirms Ratings for TPG Operating Group II, L.P.

Retrieved on: 
Monday, April 22, 2024
Other Professional Services, Professional Services, Insurance, Finance, Investment, Outlook, TPG, AG, KBRA, IPO, Record, AUM, ESG, Acquisition, Growth

KBRA publishes and affirms the issuer and senior unsecured debt ratings of AA- for TPG Operating Group II, L.P. (TOG II), a subsidiary of TPG Inc. (NASDAQ: TPG; "the firm").

Key Points: 
  • KBRA publishes and affirms the issuer and senior unsecured debt ratings of AA- for TPG Operating Group II, L.P. (TOG II), a subsidiary of TPG Inc. (NASDAQ: TPG; "the firm").
  • On April 11, 2022, KBRA assigned issuer and senior unsecured debt ratings of AA- with a Stable Outlook to TPG Operating Group II, L.P. on an unpublished basis.
  • On April 11, 2023, KBRA affirmed issuer and senior unsecured debt ratings of AA- with a Stable Outlook for TPG Operating Group II, L.P. on an unpublished basis.
  • Following TPG’s 2021 IPO, TPG Operating Group is entitled to 20% of realized carry, 65%-70% goes towards partners’ performance allocations, and 10%-15% to RemainCo Partner Holdings, L.P., which owns certain excluded assets.

KBRA Releases European Auto ABS Indices: March 2024

Retrieved on: 
Monday, April 22, 2024
Finance, Banking, Professional Services, General Automotive, Automotive, ABS, KBRA

KBRA releases its inaugural European auto ABS indices for March 2024.

Key Points: 
  • KBRA releases its inaugural European auto ABS indices for March 2024.
  • In reviewing credit trends for the sector, this new index aims to complement KBRA’s series of monthly US auto, marketplace consumer, solar, residential mortgage, and equipment loan/lease publications.
  • Click here to view the report.

KBRA Releases Research – March Retail Sales and Employment Growth Strong as Inflation Creeps Higher

Retrieved on: 
Monday, April 22, 2024
Retail, Professional Services, Other Retail, Finance, Movement, Research, KBRA

KBRA releases research examining March retail sales. This month's report discusses strong retail sales and employment growth in March and why recent upward movement in inflation has dimmed prospects for any imminent easing of monetary policy.

Key Points: 

KBRA releases research examining March retail sales. This month's report discusses strong retail sales and employment growth in March and why recent upward movement in inflation has dimmed prospects for any imminent easing of monetary policy.
Click here to view the report.

KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2024-S1 and Pagaya AI Debt Trust 2024-S1

Retrieved on: 
Monday, April 22, 2024
Professional Services, Finance, ABC, Class, Machine learning, PGY, KBRA, Certificate, Power amplifier classes, Credit, ABS, Class F, Telescopic sight

KBRA assigns preliminary ratings to seven classes of notes issued by Pagaya AI Debt Grantor Trust 2024-S1 and Pagaya AI Debt Trust 2024-S1 (collectively “PAID 2024-S1”), a consumer loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to seven classes of notes issued by Pagaya AI Debt Grantor Trust 2024-S1 and Pagaya AI Debt Trust 2024-S1 (collectively “PAID 2024-S1”), a consumer loan ABS transaction.
  • PAID 2024-S1 has initial credit enhancement levels of 62.65% for the Class A notes to 8.38% for the Class E notes.
  • KBRA will not be providing ratings on the Class F, the Certificates, and the Class EFR securities.
  • This transaction is the 21st publicly rated securitization sponsored by Pagaya Structured Products LLC (collectively with its affiliates, “Pagaya” or the “Company”).

KBRA Assigns Preliminary Ratings to BMO 2024-5C4

Retrieved on: 
Friday, April 19, 2024
Professional Services, Finance, CMBS, Galleria at Sunset, KBRA, KLTV, BMO, Probability, Sunset, Northern Virginia

KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BMO 2024-5C4, a $862.9 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 71 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BMO 2024-5C4, a $862.9 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 71 properties.
  • The pool has exposure to all property types, with three types representing more than 15.0% of the pool balance: multifamily (31.7%), industrial (15.5%), and office (15.5%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 37.6% less than third party appraisal values.
  • The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.

KBRA Assigns Preliminary Rating to Cogent IPv4 LLC, Series 2024-1

Retrieved on: 
Thursday, April 18, 2024
Professional Services, Finance, ESG, KBRA

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

Key Points: 
  • Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
  • A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here .
  • 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 .

KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2024-2

Retrieved on: 
Thursday, April 18, 2024
Banking, Professional Services, Finance, KBRA, Class, ABS, Telescopic sight

KBRA assigns preliminary ratings to five classes of notes issued by American Credit Acceptance Receivables Trust 2024-2 (“ACAR 2024-2”), an ABS collateralized by a pool of auto loans.

Key Points: 
  • KBRA assigns preliminary ratings to five classes of notes issued by American Credit Acceptance Receivables Trust 2024-2 (“ACAR 2024-2”), an ABS collateralized by a pool of auto loans.
  • The ratings reflect initial credit enhancement of 63.25% for the Class A notes through 16.80% for the Class E notes.
  • Credit enhancement will consist of overcollateralization, subordination of the junior note classes (except for the Class E note), a cash reserve account, and excess spread.
  • This transaction represents the second ABS securitization in 2024 for American Credit Acceptance, LLC (“ACA” or the “Company”).