KBRA Assigns Preliminary Ratings to Brex Commercial Charge Card Master Trust, Series 2024-1
KBRA assigns preliminary ratings to two classes (three tranches) of notes that will be issued from Brex Commercial Charge Card Master Trust, Series 2024-1 (“Brex 2024-1”), a corporate charge card asset backed securities transaction issued out of the Brex Commercial ChargeCard Master Trust (“Master Trust”).
- KBRA assigns preliminary ratings to two classes (three tranches) of notes that will be issued from Brex Commercial Charge Card Master Trust, Series 2024-1 (“Brex 2024-1”), a corporate charge card asset backed securities transaction issued out of the Brex Commercial ChargeCard Master Trust (“Master Trust”).
- The ratings reflect the initial credit enhancement levels of 25.77% for the Class A-1 notes and 4.42% for the Class B notes.
- Brex 2024-1, represents the Company’s fourth series issued out of the Master Trust.
- The Brex 2024-1 Notes are collateralized by a pool of non-revolving corporate charge card accounts, and receivables created from those accounts in the Master Trust, for which the Series 2024-1 Notes are allocated a percentage interest.