KBRA Assigns Preliminary Rating to Kobalt Music Assets LP, Series 2024-1
KBRA assigns preliminary rating to one class of notes issued by Kobalt Music Assets LP, Series 2024-1 (Kobalt 2024-1), a music royalty ABS transaction.
- KBRA assigns preliminary rating to one class of notes issued by Kobalt Music Assets LP, Series 2024-1 (Kobalt 2024-1), a music royalty ABS transaction.
- Kobalt Music Assets LP (the Issuer) represents Kobalt Music Group’s first music royalty securitization.
- Royalty payments from the Catalog are all from musical compositions and musical publishing rights.
- An independent third-party valuation firm determined a valuation of $410.0 million as of September 30, 2023 for the Catalog using a discounted cash flow method.