KBRA

KBRA Assigns Preliminary Ratings to GPMT 2019-FL2

Retrieved on: 
Tuesday, February 12, 2019
Professional services, Finance, Insurance, Construction & Property, Commercial Building & Real Estate, Economy, Finance, Money, United States housing bubble, Loans, Kroll Bond Rating Agency, Collateralized loan obligation, Securitization, Credit rating agency, KBRA, Collateral

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GPMT 2019-FL2, an $825.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GPMT 2019-FL2, an $825.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period.
  • GPMT Collateral Manager LLC, an affiliate of Granite Point Mortgage Trust Inc., will serve as the transactions collateral manager.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

KBRA Assigns Preliminary Ratings to Progress Residential 2019-SFR1

Retrieved on: 
Monday, February 11, 2019
Professional services, Banking, Finance, Finance, Economy, Money, Credit rating agencies, Kroll Bond Rating Agency, Bond credit rating, Kroll, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Progress Residential 2019-SFR1 (Progress 2019-SFR1) single-family rental pass-through certificates.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Progress Residential 2019-SFR1 (Progress 2019-SFR1) single-family rental pass-through certificates.
  • For further details on KBRAs analysis, please see our pre-sale report, entitled Progress Residential 2019-SFR1 , which is published at www.kbra.com .
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

KBRA Assigns Preliminary Ratings to JPMCC 2019-COR4

Retrieved on: 
Monday, February 11, 2019
Professional services, Banking, Finance, Finance, Money, Financial markets, Kroll Bond Rating Agency, Mortgage, Structured finance, Commercial mortgage-backed security, Commercial mortgage, KBRA, Repurchase agreement

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMCC 2019-COR4 (see ratings list below), a $774.1 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 56 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMCC 2019-COR4 (see ratings list below), a $774.1 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 56 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 41.6% less than third party appraisal values.
  • For complete details on the analysis, please see our pre-sale report, JPMCC 2019-COR4 published at www.kbra.com .
  • KBRA Credit Metrics Comparison Tool Enables the user to compare the subject transaction to a user-defined transaction comp set.

KBRA Assigns Preliminary Ratings to GSMS 2019-GC38

Retrieved on: 
Thursday, February 7, 2019
Professional services, Banking, Finance, Finance, Money, Financial markets, Kroll Bond Rating Agency, Mortgage-backed security, Structured finance, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA, Repurchase agreement

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC38 (see ratings list below), a $756.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 53 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC38 (see ratings list below), a $756.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 53 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 41.4% less than third party appraisal values.
  • For complete details on the analysis, please see our pre-sale report, GSMS 2019-GC38 published at www.kbra.com .
  • KBRA Credit Metrics Comparison Tool Enables the user to compare the subject transaction to a user-defined transaction comp set.

KBRA Releases UK Building Societies: Vital to UK Housing Market

Retrieved on: 
Tuesday, February 5, 2019
Professional services, Banking, Finance, Communications, Publishing, Economy, Kroll Bond Rating Agency, Building society, Real estate economics, Mortgage loan, KBRA

Kroll Bond Rating Agency Europe Limited (KBRA) publishes its UK Building Societies: Vital to UK Housing Market report, which focuses on the financial position of UK building societies.

Key Points: 
  • Kroll Bond Rating Agency Europe Limited (KBRA) publishes its UK Building Societies: Vital to UK Housing Market report, which focuses on the financial position of UK building societies.
  • However, their credit profiles are constrained by the societies typically limited franchises and undiversified business models, which are highly concentrated in the UK housing market.
  • Overall capitalisation is sound, but KBRA believes that some of the smaller building societies may have sub-optimal capitalisation for their risk profiles.
  • In this in-depth report, KBRA provides an update on key issues facing the UK economy and housing market, followed by a thorough analysis of the building societies importance and long-standing role in the UK mortgage market.

KBRA Releases 4Q18 U.S. Bank Compendium

Retrieved on: 
Monday, February 4, 2019
Professional services, Banking, Finance, Credit rating agencies, Finance, Economy, Kroll Bond Rating Agency, Financial services, Nationally recognized statistical rating organization, Banking, KBRA, Bank

Kroll Bond Rating Agency (KBRA) releases the 4Q18 U.S. Bank Compendium analyzing the results of U.S. banks with KBRA long-term ratings.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases the 4Q18 U.S. Bank Compendium analyzing the results of U.S. banks with KBRA long-term ratings.
  • In this issue, KBRA provides an update on The Case for Community Banks, taking a view that challenges conventional thinking with a thesis that is anchored in bank performance trends observed through business cycles.
  • The compendium includes 4Q18 updates on all publicly traded U.S. banks in KBRAs rated universe, focusing on key performance and credit metrics, along with medians of key ratios.
  • 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 Marlette Funding Trust 2019-1

Retrieved on: 
Thursday, January 31, 2019
Professional services, Banking, Finance, Insurance, Cross River Bank, United States housing bubble, Kroll Bond Rating Agency, Marlette, Securitization, KBRA, Economy

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2019-1 (MFT 2019-1).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2019-1 (MFT 2019-1).
  • This transaction represents the tenth securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (Marlette) or its affiliate.
  • Founded in 2013 in Wilmington DE, Marlette operates an online marketplace lending platform, operating under the Best Egg brand ( www.mybestegg.com ) (the Marlette Best Egg Platform or the Platform).
  • KBRA also conducted an operational assessment of the Marlette Platform, as well as a review of the transactions legal structure and transaction documents.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2019-1

Retrieved on: 
Wednesday, January 30, 2019
Professional services, Banking, Finance, Finance, Economy, Money, Structured finance, Kroll Bond Rating Agency, Credit enhancement, Bond market, Bond credit rating, KBRA, Credit rating agency

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-1 (FCAT 2019-1), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-1 (FCAT 2019-1), an auto loan ABS transaction.
  • The collateral originated from both the Flagship Credit Acceptance (FCA) and CarFinance Capital LLC (CarFinance) branded origination channels and will contain approximately $262 million after completion of the prefunding period.
  • The preliminary ratings reflect the initial credit enhancement levels of 37.40% for the Class A notes, 28.90% for the Class B notes, 17.65% for the Class C notes, 8.55% for the Class D notes and 1.85% for the Class E notes.
  • Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserve account and excess spread.

KBRA Releases The Bank Treasury Newsletter

Retrieved on: 
Tuesday, January 29, 2019
Professional services, Banking, Finance, Economy, Finance, Money, Banking, Kroll Bond Rating Agency, Yield curve, KBRA, HM Treasury, Bank

Kroll Bond Rating Agency (KBRA) publishes the latest edition of The Bank Treasury Newsletter by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) publishes the latest edition of The Bank Treasury Newsletter by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.
  • In this months edition, Bank Treasurers Maintain Balancing Act, we report on how bank treasurers are starting to look toward the end of the Feds current rate hike cycle, doubly challenged by a flat to inverted yield curve and historically low interest rates.
  • We found that bank treasurers are content to maintain the balance sheet asset sensitivity that helped create a period of profitability for bank shareholders.
  • In addition, banks do not expect to provide estimates on the potential impact of the FASBs upcoming current expected credit loss (CECL) regulations until the second or third quarter of this year, according to bank executives.

KBRA Assigns Preliminary Ratings to Benchmark 2019-B9

Retrieved on: 
Monday, January 28, 2019
Professional services, Banking, Finance, Finance, Money, Financial markets, Kroll Bond Rating Agency, Commercial mortgage-backed security, Mortgage, Commercial mortgage, KBRA, Benchmark, Repurchase agreement

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2019-B9 (see ratings list below), an $883.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 88 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2019-B9 (see ratings list below), an $883.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 88 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 39.4% less than third party appraisal values.
  • For complete details on the analysis, please see our pre-sale report, Benchmark 2019-B9 published at www.kbra.com .
  • KBRA Credit Metrics Comparison Tool Enables the user to compare the subject transaction to a user-defined transaction comp set.