KBRA Assigns Preliminary Ratings to GLS Auto Receivables Issuer Trust 2024-2
KBRA assigns preliminary ratings to five classes of notes (seven tranches) issued by GLS Auto Receivables Issuer Trust 2024-2 (“GCAR 2024-2”), an auto loan ABS transaction.
- KBRA assigns preliminary ratings to five classes of notes (seven tranches) issued by GLS Auto Receivables Issuer Trust 2024-2 (“GCAR 2024-2”), an auto loan ABS transaction.
- GLS is an auto finance company founded in 2011 and is majority-owned by funds managed by Sound Point Capital Management, L.P. (“Sound Point”), an alternative asset manager.
- Funds managed by Sound Point and legacy funds formerly managed by BlueMountain Capital Management have invested $135 million since GLS’ inception.
- KBRA considered its operation review of GLS, as well as periodic due diligence calls with GLS.