KBRA Assigns Preliminary Ratings to FortiFi 2023-1, Series 2023-1
KBRA assigns preliminary ratings to two classes of notes issued by FortiFi 2023-1, Series 2023-1 (“FortiFi 2023-1”, LLC.
- KBRA assigns preliminary ratings to two classes of notes issued by FortiFi 2023-1, Series 2023-1 (“FortiFi 2023-1”, LLC.
- The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) Bonds.
- The Class A Notes and Class B Notes (together, the “Notes”) are secured by a portfolio of PACE bonds (“PACE Bonds”) acquired by FortiFi 2023-1 (the “Issuer”) at closing (the “Initial PACE Bonds”) and during the Prefunding Period (the “Subsequent PACE Bonds” and together with the Initial PACE Bonds, the “PACE Bond Portfolio”).
- The Initial PACE Bonds are secured by 5,025 PACE assessments levied against 5,007 residential properties and 18 commercial properties (“PACE Assessments”) in 41 Florida counties and 33 California counties.