KBRA

KBRA Assigns Preliminary Ratings to OBX 2024-NQM5 Trust

Retrieved on: 
Monday, March 25, 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 Affirms Air Lease’s A- Issuer, Senior Unsecured Debt Ratings and BBB Preferred Share Rating with Stable Outlook and Assigns A- Rating to Air Lease’s Medium-Term Notes

Retrieved on: 
Friday, March 22, 2024
Professional Services, Finance, Growth, Air Lease Corporation, Original equipment manufacturer, BBB, Air travel, Risk, Travel, KBRA, Air Lease, Outlook, Atmosphere, Sukuk, Aircraft, Atmosphere of Earth, Security (finance)

KBRA also affirms the A- rating of the Sukuk trust certificates issued by Air Lease Corporation Sukuk Limited.

Key Points: 
  • KBRA also affirms the A- rating of the Sukuk trust certificates issued by Air Lease Corporation Sukuk Limited.
  • In addition, KBRA assigns a senior unsecured rating of A- to €600.0 million 3.70% Medium-Term Notes, Series A, due April 15, 2030.
  • The issuer and senior unsecured ratings of Air Lease are driven by the company’s global franchise, leading market position and highly experienced management team with deep relationships with airlines and OEMs.
  • The Stable Outlook reflects AL’s resilient performance through the pandemic-driven severe downturn and the aftermath from the Russian-Ukraine conflict.

KBRA Assigns AA Rating to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A; Outlook is Stable

Retrieved on: 
Friday, March 22, 2024
Banking, Professional Services, Finance, OIR, KBRA, Parity, The Act, Administration, State, AA, Insurance

KBRA has assigned a long-term rating of AA with a Stable Outlook to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A.

Key Points: 
  • KBRA has assigned a long-term rating of AA with a Stable Outlook to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A.
  • The rating reflects the Florida Hurricane Catastrophe Fund’s (“FHCF’s”) strong debt repayment capabilities, which derive from its ability to levy assessments on almost all property and casualty insurance policies statewide.
  • FHCF’s strong governance ties and the oversight provided by the State Board of Administration are credit strengths.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

KBRA DLD Report: Direct Lending Defaults Low; Sponsored at 1.5%, Non-Sponsored at 3.5%

Retrieved on: 
Friday, March 22, 2024
Professional Services, Finance, Loss given default, TTM, Orange, Index, BSL, Radar, LGD, Red, HY, Communication, KBRA, Security (finance)

KBRA DLD, a division of KBRA Analytics, recently released its latest Direct Lending Default Report on the U.S. direct lending market.

Key Points: 
  • KBRA DLD, a division of KBRA Analytics, recently released its latest Direct Lending Default Report on the U.S. direct lending market.
  • KBRA DLD forecasts an overall 2024 direct lending default rate by issuer count of roughly 2.75% on 69 defaults, up from 2.3% in 2023.
  • Loss Given Default (LGD) Rate: The LGD rate for direct lending loans in the KBRA DLD Index is 1%.
  • KBRA’s Default Radar is a monthly tracker that identifies worrisome credits for potential defaults in the U.S. direct lending space.

KBRA Releases KBRA Esoteric ABS Conference Recap

Retrieved on: 
Friday, March 22, 2024
Banking, Professional Services, Insurance, Finance, WBS, Western esotericism, CIS, ABS, KBRA

KBRA releases a recap of KBRA's Esoteric ABS conference held on March 21, 2024.

Key Points: 
  • KBRA releases a recap of KBRA's Esoteric ABS conference held on March 21, 2024.
  • The conference featured panels focused on whole business securitizations (WBS), the evolution of the solar financing market, and emerging ABS sectors, such as music royalties, communication infrastructure securitization (CIS), and data centers.
  • The panelists included KBRA sector experts along with industry-leading investors, issuers, and investment bankers.
  • Click here to view the report.

KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2024-3 (JPMMT 2024-3)

Retrieved on: 
Friday, March 22, 2024
Banking, Professional Services, Insurance, 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 Roundstone Securities No.2 DAC

Retrieved on: 
Friday, March 22, 2024
Banking, Professional Services, Insurance, Finance, Disclosure, ESG, Jules Kroll, Policy, KBRA, Security (finance)

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK.

Key Points: 
  • This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK.
  • Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure.

KBRA Assigns AAA Rating to Austin Independent School District's Unlimited Tax School Building Bonds, Series 2024 (PSF); Affirms Ratings for Outstanding Debt; Outlook is Stable

Retrieved on: 
Thursday, March 21, 2024
Professional Services, Finance, AISD, FY, Trustee, Sale, Acquisition, KBRA, PSF, AAA, Student, OPEB, AV, Series, State

KBRA assigns a AAA long-term rating with a Stable Outlook to Austin Independent School District’s ("AISD" or "the District") Unlimited Tax School Building Bonds, Series 2024 (PSF), and concurrently affirms the AAA rating and Stable Outlook for the District’s KBRA-rated Unlimited Tax School Bonds (PSF) and Unlimited Tax School Bonds (Non-PSF) outstanding.

Key Points: 
  • KBRA assigns a AAA long-term rating with a Stable Outlook to Austin Independent School District’s ("AISD" or "the District") Unlimited Tax School Building Bonds, Series 2024 (PSF), and concurrently affirms the AAA rating and Stable Outlook for the District’s KBRA-rated Unlimited Tax School Bonds (PSF) and Unlimited Tax School Bonds (Non-PSF) outstanding.
  • KBRA understands that proceeds from the sale of the Series 2024 bonds will be used for the construction and acquisition of school buildings, upgrading technology systems, and for stadium improvements.
  • The rating actions reflect the following key credit considerations:
    Strong financial management policies and an experienced, effective management team.
  • While not expected a trend of decline in the ad valorem tax base may negatively impact the rating.

KBRA Assigns AA+ Rating, Stable Outlook, to the City of New York's General Obligation Bonds

Retrieved on: 
Wednesday, March 20, 2024
Professional Services, Finance, Surety, Climate change, Face, Jules Kroll, KBRA, Quality of life, European, AA, Issuer, Fiscal

KBRA assigns long-term ratings of AA+ with a Stable Outlook to The City of New York's General Obligation Bonds - Fiscal 2024 Series D, Series E, Series F, and General Obligation Bonds - Fiscal 2006 Series I, Subseries I-4 and Fiscal 2006 Series I, Subseries I-5.

Key Points: 
  • KBRA assigns long-term ratings of AA+ with a Stable Outlook to The City of New York's General Obligation Bonds - Fiscal 2024 Series D, Series E, Series F, and General Obligation Bonds - Fiscal 2006 Series I, Subseries I-4 and Fiscal 2006 Series I, Subseries I-5.
  • Concurrently, KBRA affirms the AA+ rating and Stable Outlook on the City's outstanding General Obligation Bonds.
  • Economic base remains susceptible to financial services sector cycles, although reliance has moderated with increasing diversification.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

KBRA Assigns Preliminary Ratings to DC Trust 2024-HLTN

Retrieved on: 
Wednesday, March 20, 2024
Professional Services, Finance, Methodology, RevPAR, ADR, Acquisition, KBRA, TTM, Morgan Stanley, Washington Hilton, CMBS, NCF, FedEx, Restaurant, FedEx Office, KLTV, Engineering, Telescopic sight

KBRA announces the assignment of preliminary ratings to eight classes of DC Trust 2024-HLTN, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to eight classes of DC Trust 2024-HLTN, a CMBS single-borrower securitization.
  • The collateral for the transaction is a $229.7 million non-recourse, first lien mortgage loan that is expected to be originated by Morgan Stanley.
  • The fixed rate loan has a four-year term and requires monthly interest-only payments that will be based on an estimated coupon of 7.90%.
  • The mortgage loan will be secured by the borrower’s fee simple interest in the Washington Hilton, a 1,107-key full-service hotel located in Washington, DC, in the Dupont Circle neighborhood.