KBRA

Bermuda Risk Summit Continues to Attract Strong Showing of Overseas Delegates

Retrieved on: 
Monday, March 18, 2024
Banking, Accounting, Professional Services, Business, Thought Leadership, Fintech, Asset Management, Other Professional Services, Legal, Insurance, Finance, Consulting, Bermuda College, Synthetic media, AXA, NAIC, KPMG, INED, Amazon, Partnership, Risk, FIO, Eastern Kentucky University, Gold, Transport, Capital, BMA, KBRA, Food, EY, Faculty, BDA, Arch Capital Group, Gen Re, Student, Investment, Kirkland & Ellis, Florida State University, SS&C Technologies, International business, National Association, Recreation, Treasury, Economic development

The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, has once again had a strong showing of overseas support, with 40% of its 450-plus delegate-list attending from overseas.

Key Points: 
  • The Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, has once again had a strong showing of overseas support, with 40% of its 450-plus delegate-list attending from overseas.
  • The immediate economic impact of the 2024 Bermuda Risk Summit, held at the Hamilton Princess & Beach Club, March 13-15, including lodging, transportation, food and beverage, retail and recreation was estimated at $3.4 million, supporting 432 jobs.
  • Far more significant were the long-term economic benefits brought about by the additional visitors who flew to Bermuda for business meetings during the week of the summit.
  • Fiona Luck, Lloyd’s Council Member, Convex Group INED said, “I congratulate the BDA on another successful Bermuda Risk Summit, further cementing Bermuda’s position as a globally significant insurance and reinsurance centre.

KBRA Releases Research – WBS Franchisees: Leveraging System Strength

Retrieved on: 
Monday, March 18, 2024
Banking, Professional Services, Insurance, Finance, WBS, Research, PPE, Personal protective equipment, Advertising, KBRA, Super Bowl

KBRA releases research examining the potential benefits conferred to entrepreneurs by joining a strong franchise system.

Key Points: 
  • KBRA releases research examining the potential benefits conferred to entrepreneurs by joining a strong franchise system.
  • The marketing reach of a strong franchise system far outstrips that of a typical independent operator.
  • For some KBRA-rated WBS issuers, the advertising can range from a microtargeted push notification to a Super Bowl commercial.
  • A strong franchise system can help franchisees navigate downturns, leveraging the franchisor’s expertise and process efficiencies.

KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2024-1

Retrieved on: 
Monday, March 18, 2024
Professional Services, Finance, Credit, ABS, KBRA

KBRA assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Issuance Trust, Series 2024-1 (“PMIT 2024-1”), a $136.478 million consumer loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Issuance Trust, Series 2024-1 (“PMIT 2024-1”), a $136.478 million consumer loan ABS transaction.
  • The ratings reflect initial credit enhancement levels of 29.85% for the Class A Notes to 8.85% for the Class D Notes.
  • Founded in 2005 and headquartered in San Francisco, CA, Prosper Funding LLC (“Prosper” or the “Company”) operates a marketplace for its online consumer installment loan program administered through www.prosper.com (the “Prosper Platform”).
  • This transaction represents the second ABS securitization for the Company since PMIT 2019-4 and the eleventh ABS issued from Prosper Marketplace Issuance Trust.

KBRA Releases Leading Voices in Credit: Blue Owl’s Craig Packer

Retrieved on: 
Monday, March 18, 2024
Professional Services, Finance, Growth, KBRA

KBRA releases the latest episode of its podcast series, Leading Voices in Credit, where KBRA Chief Strategist Van Hesser interviews credit market thought leaders.

Key Points: 
  • KBRA releases the latest episode of its podcast series, Leading Voices in Credit, where KBRA Chief Strategist Van Hesser interviews credit market thought leaders.
  • In this episode, Van speaks with Blue Owl Capital’s Craig Packer, the firm’s co-president and head of its credit platform.
  • Van and Craig discuss the growth of private credit, the interplay between private and public debt markets, and how Blue Owl has built an industry-leading direct lending platform.
  • Van also hosts KBRA’s popular 3 Things in Credit podcast, where he digs into and provides perspective on issues credit-market participants care about.

KBRA Assigns Preliminary Ratings to KCG Securitization 2024-1, LLC

Retrieved on: 
Friday, March 15, 2024
Banking, Professional Services, Insurance, Finance, Olive, KCG, Business, Sale, KBRA, Merchant cash advance, Note, Merchant, BOC, Issuer, Business loan

KBRA assigns preliminary ratings to two classes of notes (the “Notes”) issued by KCG Securitization 2024-1, LLC (“KCG 2024-1”).

Key Points: 
  • KBRA assigns preliminary ratings to two classes of notes (the “Notes”) issued by KCG Securitization 2024-1, LLC (“KCG 2024-1”).
  • Kalamata.com, LLC (“Kalamata”), through its subsidiaries, Kalamata Capital Group, LLC (“KCG”, the “Company” or “Servicer") and Black Olive Capital LLC (BOC), provides financing to small and medium-sized business through merchant cash advances and small business loans.
  • KCG 2024-1 is the inaugural securitization for the Company.
  • KCG Securitization 2024-1, LLC (the “Issuer”) will issue two classes of Series 2024-1 Notes, Class A and Class B Notes (collectively, the “Notes” or “KCG 2024-1”) totaling $80 million.

KBRA Assigns Preliminary Ratings to RCKT Mortgage Trust 2024-CES2 (RCKT 2024-CES2)

Retrieved on: 
Friday, March 15, 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 Ziply Fiber Issuer, LLC, Series 2024-1 and Series 2024-2 Senior Secured Notes

Retrieved on: 
Friday, March 15, 2024
Banking, Professional Services, Finance, Internet, FTTP, Note, Parent, IP, Sale, KBRA

KBRA is assigning preliminary ratings to the Series 2024-2 Class A-1 Notes, and the Series 2024-1 Class A-2 Notes, Class B Notes, and Class C Notes (together, the Series 2024-1 and Series 2024-2 Notes) from Ziply Fiber Issuer, LLC, (the Issuer), a communications infrastructure securitization.

Key Points: 
  • KBRA is assigning preliminary ratings to the Series 2024-2 Class A-1 Notes, and the Series 2024-1 Class A-2 Notes, Class B Notes, and Class C Notes (together, the Series 2024-1 and Series 2024-2 Notes) from Ziply Fiber Issuer, LLC, (the Issuer), a communications infrastructure securitization.
  • The Series 2024-1 and Series 2024-2 Notes are anticipated to be issued by Ziply Fiber Issuer, LLC (the Issuer) and represent Northwest Fiber, LLC (doing business as Ziply Fiber)’s (Ziply, the Company, or the Parent) first securitizations.
  • The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes.
  • The proceeds from the sale of the Notes will primarily be used to pay certain expenses of issuance, to fund the Liquidity Reserve Account, to repay existing indebtedness, and to be used for general corporate purposes.

KBRA Assigns AAA/K1+ Ratings for the European Union With a Stable Outlook

Retrieved on: 
Friday, March 15, 2024
Professional Services, Finance, Disclosure, AAA, ESG, Policy, European, KBRA

KBRA Europe (KBRA) assigns its long-term issuer rating of AAA to the European Union (EU).

Key Points: 
  • KBRA Europe (KBRA) assigns its long-term issuer rating of AAA to the European Union (EU).
  • KBRA also assigns its short-term issuer rating of K1+ to the supranational.
  • The Outlook on the long-term rating is Stable.
  • KBRA notes that the anticipated increase in outstanding borrowings will result in higher debt repayments.

KBRA Assigns AA Rating, Stable Outlook to State of Louisiana General Obligation Bonds Series 2024-A and Refunding Series 2024-B; Affirms Rating for Parity Bonds

Retrieved on: 
Friday, March 15, 2024
Professional Services, Finance, Surety, COVID-19, Employment, Petroleum, Cyclone, Parity, KBRA, AA, Bank

KBRA assigns a long-term rating of AA with a Stable Outlook to the State of Louisiana General Obligation Bonds, Series 2024-A and General Obligation Refunding Bonds, Series 2024-B.

Key Points: 
  • KBRA assigns a long-term rating of AA with a Stable Outlook to the State of Louisiana General Obligation Bonds, Series 2024-A and General Obligation Refunding Bonds, Series 2024-B.
  • Concurrently, KBRA affirms the AA long-term rating and Stable Outlook on parity General Obligation bonds outstanding.
  • The rating was affirmed because of the following key credit considerations:
    Constitutional balanced budget requirement, coupled with statutory limitations on fund balance utilization for operations.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

KBRA Releases 12 Things in Credit: February 2024

Retrieved on: 
Thursday, March 14, 2024
Banking, Professional Services, Finance, KBRA

KBRA releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.

Key Points: 
  • KBRA releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.
  • Among the wide-ranging topics Van has addressed over the past month are credit’s strong technicals, Powell’s rate cut dilemma, and private credit borrowers.
  • Each week, we dig into and provide perspective on issues credit-market participants care about.
  • And look for our monthly published recap to catch up on what you might have missed.