Associated tags: CRA, National Association, Prospectus, Bond, Jules Kroll, Ontario Securities Commission, KBRA, Credit, Professional Services, Finance, Banking
Locations: US, PENNSYLVANIA, NORTH CAROLINA, WISCONSIN, OHIO, COLORADO, INDIANA, CONNECTICUT, TX, PUERTO RICO, FREEDOM, ALABAMA, CHINA, HAWAII, UTAH, MA, ISRAEL, AMERICAS, NEW MEXICO, PA, DC, WILSHIRE, UKRAINE, POLAND, LOUISIANA, NORTH DAKOTA, ITALY, SPAIN, GERMANY, SAN DIEGO COUNTY, BRAZIL, ATLAS, OXFORD, NETHERLANDS, SHERMAN OAKS, TAIWAN, ASIA PACIFIC, KELLEY, FRANCE, AUSTRALIA, CHANNEL ISLANDS, WALLA WALLA, WA, CLEARFIELD, MAUI, CT, HARTFORD, EL NIÑO, FINLAND, MM, SC, PARK AVENUE, WALL STREET, PT, POOL, II, GALLERIA, NEW ORLEANS, DURBIN, UNITED STATES, NORTH AMERICA, NEW YORK, ILLINOIS, SB, EUROPE, IRELAND, UNITED KINGDOM, FLORIDA, EUROPEAN UNION, UK, MARYLAND, CALIFORNIA, NEVADA, TEXAS, BENCHMARK, MICHIGAN, EU, SAN FRANCISCO, MASSACHUSETTS, WASHINGTON, VIRGINIA, DELAWARE, CHICAGO, LOS ANGELES
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 .
The analysis ranks various supply and demand metrics to derive a score for each MSA to provide a relative assessment of the current risk environment, hereafter referred to as the “risk score”.
Key Points:
- The analysis ranks various supply and demand metrics to derive a score for each MSA to provide a relative assessment of the current risk environment, hereafter referred to as the “risk score”.
- A higher risk score for an MSA indicates that relative to the other MSAs, it is weaker.
- MSAs with the highest risk scores include Detroit, Chicago, and Denver, while Houston, San Diego, and Las Vegas rank at the lower end.
- Securitized multifamily exposure to any one of the top 25 MSAs is relatively low and ranges between 1.1% and up to 8.6% for New York.
KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2024-3 (VERUS 2024-3), a $688.9 million non-prime RMBS transaction.
Key Points:
- KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2024-3 (VERUS 2024-3), a $688.9 million non-prime RMBS transaction.
- The underlying collateral, comprising 1,346 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation.
- Borrowers in the subject pool possess a non-zero WA original credit score of 735 and exhibit moderate equity in each mortgaged property, with an original combined LTV (CLTV) ratio of 70.9%.
- Most of the loans are classified as non-qualified mortgages (Non-QM) (39.5%) or exempt (40.5%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes.
KBRA assigns preliminary ratings to 18 classes of Velocity Commercial Capital 2024-2 (VCC 2024-2) mortgage-backed certificates.
Key Points:
- KBRA assigns preliminary ratings to 18 classes of Velocity Commercial Capital 2024-2 (VCC 2024-2) mortgage-backed certificates.
- VCC 2024-2 is a $295.1 million securitization collateralized by 705 small balance commercial loans secured by 778 residential rental or commercial real estate (CRE) properties.
- The loans have an average outstanding principal balance of $418,565 and range from $22,991 (
- KBRA reclassified the mixed-use and commercial condominium property types to each asset’s respective core use and classified automotive service properties as retail for our analysis.
KBRA assigns preliminary ratings to three classes of notes totaling $252.86 million issued by EnFin Residential Solar Receivables Trust 2024-1 (“EnFin 2024-1” or the “Issuer”), an ABS transaction secured by residential solar loans.
Key Points:
- KBRA assigns preliminary ratings to three classes of notes totaling $252.86 million issued by EnFin Residential Solar Receivables Trust 2024-1 (“EnFin 2024-1” or the “Issuer”), an ABS transaction secured by residential solar loans.
- Headquartered in Irvine, CA, EnFin was formed in 2021 and began originating residential solar loans in October 2022.
- The Company is a wholly owned subsidiary of Hanwha Qcells (“Qcells”), a leading solar panel manufacturer in the U.S. residential and commercial markets.
- EnFin 2024-1 is collateralized by a pool of solar receivables that are made to mostly prime quality customers to finance residential solar power generation and/or storage systems, including solar panels and any additional products or equipment related to installation.
Banking,
Professional Services,
Finance,
Western Alliance Bancorporation,
WAL,
BBB,
WATC,
Outlook,
OCC,
KBRA,
Security (finance) KBRA publishes its Issuer rating of BBB+ for Western Alliance Trust Company, N.A.
Key Points:
- KBRA publishes its Issuer rating of BBB+ for Western Alliance Trust Company, N.A.
- (“WATC” or “the company”), an OCC-chartered, non-depository national trust bank that is a wholly-owned subsidiary of Western Alliance Bancorporation (NYSE: WAL; “parent company”), for which KBRA maintains a senior unsecured debt rating of BBB+.
- On November 17, 2023, KBRA assigned an Issuer rating of BBB+ to WATC on an unpublished basis.
- Accordingly, any changes to WAL’s ratings or the existing Stable Outlook for the parent company’s long-term ratings, would be accompanied by the same action for WATC’s rating.
KBRA UK (KBRA) releases a report on the European securitisation markets.
Key Points:
- KBRA UK (KBRA) releases a report on the European securitisation markets.
- European securitisation markets recorded a strong start to the year as prime UK residential mortgage-backed securities (RMBS) issuers provided a positive jump in issuance with their return to market.
- Newly circulated transaction volumes outpace the prior year’s first quarter, with EUR29.5 billion in Q1 2024 versus EUR23.7 billion in Q1 2023.
- CLO volumes have returned, with EUR11.3 billion in Q1 2024 versus EUR6.7 billion in Q1 2023.
KBRA assigns a preliminary rating to one class of notes issued by Sunrun Neptune Issuer 2024-1, LLC.
Key Points:
- KBRA assigns a preliminary rating to one class of notes issued by Sunrun Neptune Issuer 2024-1, LLC.
- The transaction is collateralized by a diversified pool of 27,094 leases and Power Purchase Agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems), and the associated SRECs, if applicable.
- The total aggregate discounted solar asset balance (ADSAB) based on a discount rate of 7.5% (PV7.5 ADSAB), consisting of the discounted payments of the leases and PPAs is approximately $277.7 million.
- The weighted average original and remaining tenor of the PPAs and leases is 240 months, and 159 months, respectively.
Professional Services,
Air,
Transport,
Transportation,
Finance,
Travel,
KBRA,
Business jet,
GJC,
ABS,
Telescopic sight KBRA assigns preliminary ratings to three classes of notes issued by Business Jet Securities 2024-1, LLC (BJETS 2024-1 or the Issuer), a business jet ABS transaction.
Key Points:
- KBRA assigns preliminary ratings to three classes of notes issued by Business Jet Securities 2024-1, LLC (BJETS 2024-1 or the Issuer), a business jet ABS transaction.
- BJETS 2024-1 is the seventh business jet ABS transaction sponsored and serviced by Global Jet Capital, Inc. (GJC, the Company or the Servicer).
- BJETS 2024-1 is collateralized by lease payments due for business jet aircraft subject to an operating lease, and payments due for loans and finance leases secured by business jet aircraft, as well as the economic ownership of each business jet aircraft subject to an operating lease.
- At closing, the subject Portfolio has an aggregate asset value of approximately $729.9 million.
KBRA releases the March 2024 issue of CMBS Trend Watch.
Key Points:
- KBRA releases the March 2024 issue of CMBS Trend Watch.
- U.S. private label CMBS issuance totaled $9 billion in March, outpacing the February year-to-date total of $8.8 billion, with year-over-year volume higher by 198.4%.
- In March, KBRA published pre-sales for six deals ($4.5 billion) including three conduits ($2.7 billion), two SB ($658.2 million), and one re-remic ($1.2 billion).
- In addition, eight ratings were placed on Watch Downgrade and seven ratings on Watch Developing.
