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Articles from Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to FREMF 2025-K759 and Freddie Mac Structured Pass-Through Certificate Series K-759
KBRA is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2025-K759 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-759. FREMF 2025-K759 is an $857.5 million CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2025-K759 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 10, 2025
KBRA Assigns Preliminary Ratings to BMO 2025-C11
KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BMO 2025-C11, a $906.9 million CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 82 properties.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 10, 2025
KBRA Assigns AA Rating with Stable Outlook to State of Louisiana General Obligation Refunding Bonds, Series 2025-A; Affirms Rating for Parity Bonds
KBRA assigns a long-term rating of AA to the State of Louisiana General Obligation Refunding Bonds, Series 2025-A and affirms the long-term rating of AA for the State's outstanding General Obligation Bonds. The rating Outlook is Stable.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Assigns Miami-Dade County Aviation Revenue Bonds AA-, Outlook Revised to Positive
KBRA assigns a long-term rating of AA-, with a Positive Outlook to the Miami-Dade County Aviation Revenue Bonds, Series 2025A (AMT), Series 2025B (Non-AMT) and Series 2025C (Taxable). In addition, KBRA affirms the long-term rating of AA- assigned to outstanding Aviation Revenue Bonds and revises the Outlook to Positive from Stable. As of October 1, 2025, approximately $4.5 billion of Aviation Revenue Bonds were outstanding.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Assigns Preliminary Ratings to PMT Loan Trust 2025-INV2 (PMTLT 2025-INV2)
KBRA assigns preliminary ratings to 62 classes of mortgage backed notes from PMT Loan Trust 2025-INV2 (PMTLT 2025-INV2), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2025-INV2 comprises 959 fixed-rate mortgages (FRMs) with an aggregate principal balance of $338,910,720 as of the February 1, 2025 cut-off date. The underlying pool consists of agency-eligible loans that are collateralized by investment properties (80.4%) and second homes (19.6%). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 72.3%. The weighted average original credit score is 774, which is well within the prime mortgage range.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Assigns Preliminary Ratings to Gilead 2025-1 Aviation Limited
KBRA assigns preliminary ratings to the Series A Notes and Series B Notes issued by Gilead 2025-1 Aviation Limited and Gilead Aviation (Warehouse) LLC, an aviation ABS transaction (together, Ghost 2025-1). Ghost 2025-1 represents the sixth aviation ABS transaction serviced by wholly owned subsidiaries of AerCap Holdings N.V. (AerCap). As of September 30, 2024, AerCap and its subsidiaries had total assets of approximately $74 billion and had a fleet (owned or serviced) that included over 2,700 aircraft and engines.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Assigns AAA, Stable Outlook to State of Wisconsin G.O. Refunding Bonds
KBRA assigns a AAA rating, with a Stable Outlook to the State of Wisconsin's (the State's) General Obligation (G.O.) Refunding Bonds of 2025, Series 3 and G.O. Refunding Bonds of 2026, Series 1 (Forward Delivery). Proceeds of 2025, Series 3 will be used by the State to purchase certain outstanding G.O. bond maturities tendered by invited bondholders under a January 24th Invitation to Offer to Tender Bonds. Proceeds of 2026, Series 1 (Forward Delivery) will current refund certain outstanding G.O. bond maturities with a May 1, 2026 call date. A portion of the proceeds for each series will also fund related costs of issuance. Debt service savings is the State’s ultimate goal for both transactions.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Places SmartStop OP, L.P. BBB- Issuer and Senior Secured Note Ratings on Watch Downgrade
KBRA has placed its BBB- issuer rating for SmartStop OP, L.P. on Rating Watch Downgrade, which follows KBRA's review of recent acquisition activity and parent SmartStop Self Storage REIT, Inc.'s (collectively 'SmartStop') updated S-11 filing for a potential initial public offering (IPO). The BBB- rating for SmartStop OP's outstanding $150 million 4.53% senior secured notes due 2032 is also placed on Watch Downgrade.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Releases Research – Private Credit: The ABCs of Revolving Credit Facilities
KBRA releases a report exploring the mechanics, benefits, and challenges of revolving credit facilities (RCF) within the structured credit market. Low-levered RCFs, often executed privately, have become a common tool in the rated structured credit universe. RCFs are a flexible source of financing that allows issuers and lenders to manage credit risk while optimizing financing availability through its dynamic structure, which often incorporates a “borrowing base” overcollateralization (OC) mechanism. These facilities essentially act as a line of credit provided by preselected lenders through a special-purpose vehicle (SPV), which invests in a portfolio of corporate loans.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 7, 2025
KBRA Assigns Preliminary Ratings to EFMT 2025-CES1
KBRA assigns preliminary ratings to 8 classes of Certificates from EFMT 2025-CES1, a $268.9 million RMBS transaction, as of the cut-off date, sponsored by EFMT Sponsor LLC and consists entirely of newly originated closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned approximately 3 months and comprises 4,032 loans originated solely by Nationstar Mortgage LLC d/b/a Mr. Cooper (Mr. Cooper). The collateral is characterized entirely by fully amortizing, fixed-rate mortgages (FRMs) with predominantly 20-year (77.8%), 15-year (10.2%) and 30-year (7.2%) maturity terms.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 6, 2025
KBRA Assigns Preliminary Ratings to Radian Mortgage Capital Trust 2025-J1 (RMCT 2025-J1)
KBRA assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Radian Mortgage Capital Trust 2025-J1 (RMCT 2025-J1), which is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately $372.9 million as of the February 1, 2025 cut-off date. The pool comprises 474 first-lien, fixed rate residential mortgage loans, and is characterized by notable borrower equity in each property as evidenced by the WA original LTV and WA original CLTV of 72.4% and 72.7%, respectively. The weighted average original credit score is 774, which is within the prime mortgage credit score range. RMCT 2025-J1 is the third issuance of RMBS by sponsor Radian Mortgage Capital LLC (RMC), a subsidiary of Radian Group Inc., a mortgage insurance and services company. The underlying collateral consists of predominately 30-year fixed-rate mortgages (FRMs) and includes both non-agency (60.5%) and agency-eligible (39.5%) loans.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 6, 2025
KBRA Assigns Preliminary Ratings to Freddie Mac’s STACR 2025-HQA1
KBRA assigns preliminary ratings to 24 classes from Freddie Mac Structured Agency Credit Risk (STACR®) REMIC 2025-HQA1 Notes, Freddie Mac STACR REMIC Trust 2025-HQA1 (STACR 2025-HQA1), a credit risk sharing transaction with a total note offering of $620,000,000. STACR 2025-HQA1 features loans with loan-to value (LTV) ratios greater than 80%, but less than or equal to 97%. The Offered Notes represent obligations of the STACR 2025-HQA1 Trust in a credit-linked note structure governed by a credit protection agreement between the trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2025-HQA1 Reference Pool.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 6, 2025
KBRA Assigns Preliminary Ratings to BAMLL 2025-ASHF
KBRA announces the assignment of preliminary ratings to six classes of BAMLL 2025-ASHF, a CMBS single-borrower securitization.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 5, 2025
KBRA Assigns Preliminary Ratings to GLS Auto Receivables Issuer Trust 2025-1
KBRA assigns preliminary ratings to five classes of notes (seven tranches) issued by GLS Auto Receivables Issuer Trust 2025-1 (“GCAR 2025-1”), an auto loan ABS transaction.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 5, 2025
KBRA Assigns Preliminary Ratings to Avant Loans Funding Trust 2025-REV1
KBRA assigns preliminary ratings to five classes of notes issued by Avant Loans Funding Trust 2025-REV1 (“AVNT 2025-REV1”), an unsecured consumer loan ABS transaction. AVNT 2025-REV1 has initial hard credit enhancement level of 50.39% for the Class A Notes to 4.22% for the Class E Notes. Credit enhancement consists of overcollateralization, yield supplement overcollateralization, subordination (except for the Class E Notes), a cash reserve account funded at closing and excess spread.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 5, 2025
KBRA Assigns Preliminary Ratings to Carvana Auto Receivables Trust 2025-N1
KBRA assigns preliminary ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2025-N1 (“CRVNA 2025-N1”), a non-prime auto loan ABS transaction. The transaction has initial hard credit enhancement levels ranging from 41.95% for the Class A notes to 1.25% for the Class E notes. Credit enhancement consists of overcollateralization, excess spread, subordination (except for the Class E notes) and a cash reserve account funded at closing.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 5, 2025
KBRA Releases Monthly CMBS Trend Watch
KBRA releases the January 2025 issue of CMBS Trend Watch.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 5, 2025
KBRA Releases Research – AI in Insurance: The Future Is Now
KBRA releases research that explores the potential benefits and risks of artificial intelligence (AI) in insurance, along with key governance considerations. AI’s presence across the insurance sector has ramped up materially, with many insurers already implementing AI-driven processes or establishing frameworks to harness its potential. In KBRA’s view, insurers that effectively deploy AI can achieve greater efficiency, increased productivity of agents and employees, and improved customer satisfaction—factors that could positively impact revenues, expenses, and other credit considerations. These benefits could quickly become table stakes, and insurers left behind could find themselves at a competitive disadvantage.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 4, 2025
KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2025-2 (SEMT 2025-2)
KBRA assigns preliminary ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2025-2 (SEMT 2025-2), a $548.4 million prime RMBS transaction. The pool is comprised of 466 first-lien, fully amortizing fixed rate mortgages with 20-years or 30-years maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 782 and moderate borrower equity, with a WA original LTV of 73.2% and WA original CLTV of 73.2%.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 4, 2025
KBRA Releases Research – Private Credit: Q4 2024 Middle Market Borrower Surveillance Compendium—5% at Risk
In this quarterly update, we review the more than 2,200 KBRA assessments completed for 1,903 unique middle market (MM)-sponsored borrowers in 2024. These companies collectively account for $922 billion in debt, offering a clear view of the overall private credit direct lending market. We examine key trends shaping credit quality by company size and sector. In addition, we identify and describe the roughly 5% of companies in this portfolio that appear most at risk to default in 2025, given expectations for prolonged base rates, fundamentally weak performance, and limited financial flexibility.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 4, 2025
KBRA Assigns Preliminary Ratings to Verus Securitization Trust 2025-INV1 (VERUS 2025-INV1)
KBRA assigns preliminary ratings to six classes of mortgage pass-through certificates from Verus Securitization Trust 2025-INV1 (VERUS 2025-INV1), an approximately $515.2 million investor cash flow non-prime RMBS transaction. The underlying collateral, comprising 1,337 rental property mortgages, is characterized by a significant concentration of loans underwritten using DSCRs. All the loans were originated for business purpose and are exempt from the Ability-to-Repay (ATR) and TILA-RESPA Integrated Disclosure (TRID) rules.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2025-1
KBRA assigns preliminary ratings to the Class A Notes, Class B Notes, and Class C Notes issued by Castlelake Aircraft Structured Trust 2025-1, an aviation ABS transaction (CLAS 2025-1). CLAS 2025-1 represents the 11th aviation ABS transaction sponsored by the Company. CLAS 2025-1 will be serviced by Castlelake Aviation Holdings (Ireland) Limited and Castlelake, L.P. The Company is comprised of over 220 individuals operating out of eight offices with headquarters in Minneapolis, Minnesota.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Assigns Preliminary Ratings to IRV 2025-200P
KBRA announces the assignment of preliminary ratings to four classes of IRV 2025-200P, a CMBS single-borrower securitization.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Assigns Preliminary Ratings to BANK5 2025-5YR13
KBRA is pleased to announce the assignment of preliminary ratings to 37 classes of BANK5 2025-5YR13, a $737.1 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 59 properties.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Assigns Preliminary Ratings to WFCM 2025-C64
KBRA is pleased to announce the assignment of preliminary ratings to 16 classes of WFCM 2025-C64, a $822.2 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 69 properties.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Releases Research – Maryland Licensing Rule Update
KBRA releases an update to a KBRA report published in mid-January regarding the Maryland Office of Financial Regulation (OFR) notice of emergency regulations and formal guidance regarding the applicability of Maryland licensing laws to assignees of mortgage loans on properties in Maryland. The rule, issued on January 10, 2025, requires mortgage trusts and their assignees to obtain licenses under Maryland’s Installment Loan Licensing Law and Mortgage Lender Law.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Assigns Preliminary Ratings to Benchmark 2025-V13
KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of Benchmark 2025-V13, a $767.4 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 120 properties.
By Kroll Bond Rating Agency, LLC · Via Business Wire · February 3, 2025
KBRA Releases Research – Retail Sales and Hiring Firm in December as Q4 GDP Slows to 2.3%
KBRA releases research examining solid December retail sales and employment growth. The report evaluates these trends amid moderating but still strong Q4 GDP growth and continued softness in state sales tax receipts.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 31, 2025
KBRA Assigns Preliminary Ratings to Velocity Commercial Capital 2025-1 (VCC 2025-1)
KBRA assigns preliminary ratings to 12 classes of Velocity Commercial Capital 2025-1 (VCC 2025-1) mortgage-backed certificates.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 31, 2025
KBRA Assigns Preliminary Ratings to HOMES 2025-NQM1 Trust
KBRA assigns preliminary ratings to nine classes of mortgage pass-through certificates from HOMES 2025-NQM1 Trust, an RMBS transaction sponsored by APF II Resi O4B, LLC an investment fund of Ares Alternative Credit Management LLC. The $332.4 million RMBS transaction is collateralized by a pool of 717 residential mortgages, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 97.4% and 2.6% of the pool, respectively. The deal includes a meaningful concentration of collateral that KBRA considers to be “non-prime” (92.5%), where most loans are either classified as non-qualified mortgages (Non-QM) (51.5%) or exempt (47.4%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes. OCMBC, Inc., dba LoanStream Mortgage (LoanStream; 41.2%), Angel Oak Mortgage Solutions LLC (Angel Oak; 37.1%), and Hometown Equity Mortgage, LLC (Hometown; 15.1%) were the three originators each comprising over 10% of the pool.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 31, 2025
KBRA Assigns Rating to Bain Capital Specialty Finance, Inc.'s $350 Million Senior Unsecured Notes
KBRA assigns a rating of BBB to Bain Capital Specialty Finance, Inc.'s ("BCSF" or “the company”) $350 million, 5.95% senior unsecured notes due 2030. The rating Outlook is Stable. The proceeds will be used for general corporate purposes and for repayment of existing secured indebtedness.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 31, 2025
KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2025-INV1 (CMLTI 2025-INV1)
KBRA assigns preliminary ratings to 62 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2025-INV1 (CMLTI 2025-INV1), a residential mortgage-backed securities transaction collateralized by non-owner occupied (NOO) investor properties (71.6%) and second homes (28.4%). The loans were predominantly underwritten to agency guidelines (99.9%). The underlying pool consists of 899 fixed-rate mortgages (FRMs) with an aggregate principal balance of approximately $351.9 million as of the cut-off date on January 1, 2025. 39.8% of the loans were sold to the trust by Rocket Mortgage, LLC and 83.9% of the loans will be serviced by Fay Servicing, LLC.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 31, 2025
KBRA Assigns Preliminary Ratings to PEAC Solutions Receivables 2025-1 LLC
KBRA assigns preliminary ratings to five classes of notes issued by PEAC Solutions Receivables 2025-1 (PEAC 2025-1), an equipment ABS transaction.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 30, 2025
KBRA Assigns Preliminary Ratings to VCP RRL ABS IV, LLC
KBRA assigns preliminary ratings to four classes of debt issued by VCP RRL ABS IV, LLC (VCP IV), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 30, 2025
KBRA Assigns Texas Tech University System RFS Bonds at AA+, Stable Outlook
KBRA assigns a AA+, Stable Outlook to Texas Tech University System Board of Regents Revenue Financing System ("RFS") Refunding and Improvement Bonds Series 2025A and RFS Refunding and Improvement Bonds Taxable Series 2025B to be issued on behalf of the Texas Tech University System. Concurrently, KBRA affirms outstanding RFS obligations issued under the Master Resolution and payable from and solely secured by Pledged Revenues of the RFS System.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 30, 2025
KBRA Releases Research – CMBS Loan Performance Trends: January 2025
KBRA releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the January 2025 servicer reporting period. The delinquency rate among KBRA-rated U.S. private label CMBS in January increased to 6.77%, up 27 basis points (bps) from December’s 6.5%. The total delinquent plus current but specially serviced loan rate (collectively, the distress rate) increased 34 bps to 9.67%. Notably, this month saw a relatively high volume of specially serviced loans, totaling 828.4 million across 28 loans, that were repaid or disposed of. This compares to a monthly average in 2024 of $229.7 million and 10 loans.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 30, 2025
KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2025-1 and Research-Driven Pagaya Motor Trust 2025-1
KBRA assigns preliminary ratings to five classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2025-1 and Research-Driven Pagaya Motor Trust 2025-1 (collectively “RPM 2025-1”), an auto loan ABS transaction. RPM 2025-1 has initial credit enhancement levels of 50.18% for the Class A notes to 0.45% for the Class E notes. Credit enhancement is comprised of overcollateralization, subordination of junior note classes (except for the Class E notes), a cash reserve account funded at closing, and excess spread.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 29, 2025
KBRA Assigns Preliminary Ratings to Oceanview Mortgage Trust 2025-INV1 (BVINV 2025-1)
KBRA assigns preliminary ratings to 72 classes of mortgage-backed securities from Oceanview Mortgage Trust 2025-INV1 (BVINV 2025-1). The transaction is backed entirely by prime, investment-purpose mortgage loans. Approximately 99.1% of the loans in this pool are agency eligible. The BVINV 2025-1 pool consists of 1,147 first-lien, fixed rate mortgages with an aggregate principal balance of approximately $324.6 million as of the January 1, 2025 cut-off date. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 77.1%. The weighted average original credit score is 760, which is within the prime mortgage range.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 29, 2025
KBRA Assigns Preliminary Ratings to Oportun Funding Trust 2025-1
KBRA assigns preliminary ratings to four classes of notes issued by Oportun Funding Trust 2025-1 (“Oportun 2025-1”), a $159.144 million consumer loan ABS transaction. Oportun 2025-1 is an amortizing ABS securitization collateralized by a discrete pool of unsecured and secured consumer installment loans originated by Oportun Financial Corporation (“Oportun” or the “Company”).
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 28, 2025
KBRA Assigns AAA Rating with Stable Outlook to Round Rock Independent School District’s Unlimited Tax School Building Bonds
KBRA assigns a long-term underlying rating of AAA with a Stable Outlook to the Round Rock Independent School District’s (TX) (the “District” or "RRISD:) Series 2025B Unlimited Tax School Building Bonds (the "Bonds"). The credit rating reflects the unlimited nature of the District’s ad valorem property tax pledge and the very strong, diverse economic base that continues to experience rapid growth in its property tax base. The District further maintains strong reserves and a moderate debt profile, aided by accelerated debt paydown in recent years, lowering debt burden in advance of a large capital plan over the upcoming 5-year horizon.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 28, 2025
KBRA Assigns AA- Rating, Stable Outlook to Triborough Bridge and Tunnel Authority Subordinate Revenue Bond Anticipation Notes, Series 2025A
KBRA assigns a long-term rating of AA- to the Triborough Bridge and Tunnel Authority ("TBTA") Subordinate Revenue Bond Anticipation Notes, Series 2025A. The Outlook is Stable. The long-term rating on the three-year notes reflects the TBTA’s role as one of the nation’s largest toll systems and a provider of highly essential transportation infrastructure to the regional New York City economy. Generally low demand volatility, limited competition, and the TBTA’s full toll setting autonomy, bolstered by the State’s non-impairment covenant under the TBTA Act, further underpin the rating.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 27, 2025
KBRA Comments on RPIT 2019-1
KBRA comments on RMF Proprietary Issuance Trust 2019-1 (RPIT 2019-1), a securitization of proprietary reverse mortgage loans originated by Reverse Mortgage Funding, LLC (RMF). In 2022, RMF filed for Chapter 11 bankruptcy protection. Subsequently, RPIT 2019-1’s mortgage servicing rights were acquired by Longbridge Financial, and day-to-day servicing continues to be provided by Celink.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 27, 2025
KBRA Assigns Preliminary Ratings to Cajun Global, LLC Series 2025-1
KBRA assigns preliminary ratings to Cajun Global, LLC (the Master Issuer) Series 2025-1 (Cajun 2025-1). Cajun 2025-1 represents the Master Issuer's fourth securitization following the establishment of the master trust in 2011. In conjunction with the issuance of the Series 2025-1 Notes, KBRA anticipates affirming the ratings on the Master Issuer’s outstanding notes.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 27, 2025
KBRA Assigns Preliminary Ratings to HGMT 2025-HGLR
KBRA announces the assignment of preliminary ratings to three classes of HGMT 2025-HGLR, a CMBS single-borrower securitization.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 27, 2025
KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2025-NQM1 (NRMLT 2025-NQM1)
KBRA assigns preliminary ratings to 8 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM1 (NRMLT 2025-NQM1), a $308.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded (NYSERITM) real estate investment trust (REIT). The underlying mortgages in the subject pool were originated by NewRez LLC (57.5%) and Champions Funding, LLC (31.3%). In addition, all loans will be serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 27, 2025
KBRA Assigns AAA Rating to Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Bonds, Series 2025A (Green Bonds) and Sales Tax Revenue Bonds, Refunding Series 2025B (Green Bonds); Affirms Rating for Parity Bonds
KBRA assigns a long-term rating of AAA to the Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Bonds, Series 2025A (Green Bonds) and Sales Tax Revenue Bonds, Refunding Series 2025B (Green Bonds). KBRA additionally affirms the long-term rating of AAA for outstanding Sales Tax Revenue Bonds. The rating Outlook is Stable.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 24, 2025
KBRA Assigns a Preliminary Rating to AASET 2025-1 Limited
KBRA assigns a preliminary rating to the Series A-1 Notes issued by AASET 2025-1 Limited and AASET 2025-1 LLC (together, AASET 2025-1), an aviation ABS transaction. AASET 2025-1 represents the 17th aviation ABS transaction serviced by Carlyle Aviation Management Limited and its affiliates (the Company). The Company is comprised of over 120 individuals operating out of three offices with headquarters in Miami, Florida.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 23, 2025
KBRA Assigns Preliminary Ratings to Sunrun Bacchus Issuer 2025-1, LLC
KBRA assigns preliminary ratings to four classes of notes issued by Sunrun Bacchus Issuer 2025-1, LLC. The transaction is collateralized by a diversified pool of 39,458 leases and power purchase agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems), some of which have energy storage equipment. The total aggregate discounted solar asset balance (ADSAB) based on a discount rate of 7.5%, consisting of the discounted payments of the leases and PPAs is approximately $938.7 million. The securitization share of the ADSAB is approximately $827.5 million.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 22, 2025
KBRA Assigns Preliminary Ratings to Post Road Equipment Finance 2025-1, LLC
KBRA assigns preliminary ratings to six classes of notes issued by Post Road Equipment Finance 2025-1, LLC (PREF 2025-1), an equipment ABS transaction.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 22, 2025
KBRA Assigns Preliminary Ratings to Zayo Issuer, LLC, Series 2025-1
KBRA assigns preliminary ratings to the Series 2025-1 Class A-1-L Notes, Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2025-1 Notes) from Zayo Issuer, LLC (the Issuer), a communications infrastructure securitization.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 22, 2025
KBRA Assigns Preliminary Ratings to BX 2025-BIO3
KBRA announces the assignment of preliminary ratings to two classes of BX 2025-BIO3, a CMBS single-borrower securitization.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 22, 2025
KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2025-1 (CMLTI 2025-1)
KBRA assigns preliminary ratings to 29 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2025-1 (CMLTI 2025-1), a prime residential mortgage-backed securities transaction collateralized by owner occupied primary, secondary and investor properties. The underlying pool consists of 308 fixed-rate mortgages (FRMs) with an aggregate principal balance of approximately $396.6 million as of the cut-off date on January 1, 2025 and includes both non-agency (98.3%) and agency-eligible (1.7%) loans. 41.7% of the loans were originated by PennyMac Loan Services, LLC and 48.4% of the loans will be serviced by Fay Servicing, LLC.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 22, 2025
KBRA Assigns Short-Term Rating to Air Lease Corporation’s Unsecured Commercial Paper Program
KBRA assigns a K1 short-term debt rating to the up to $2 billion Unsecured Commercial Paper Notes Program (“CP Notes”) expected to be issued by Air Lease Corporation (NYSE: AL, “the company”), a leading global aircraft leasing company based in Los Angeles, California.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Assigns Preliminary Ratings to GoodLeap Home Improvement Solutions Trust 2025-1
KBRA assigns preliminary ratings to three classes of notes issued by GoodLeap Home Improvement Solutions Trust 2025-1 (“GDLP 2025-1”), a $349.657 million asset-backed securitization collateralized by a pool of residential home improvement loans originated by GoodLeap, LLC ("GoodLeap" or the "Company"). The preliminary ratings reflect the initial credit enhancement levels ranging from 21.06% for the Class A notes to 5.16% for the Class C notes as a percentage of 95% of the pool balance.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Releases Research – KBRA-Rated ABS Exposure to Los Angeles Wildfires
KBRA releases research assessing the potential exposure of our rated universe of consumer and commercial asset-backed securities (ABS) to the Los Angeles wildfires, which began on January 7.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2025-1 and Pagaya AI Debt Trust 2025-1
KBRA assigns preliminary ratings to 11 classes of notes issued by Pagaya AI Debt Grantor Trust 2025-1 and Pagaya AI Debt Trust 2025-1 (collectively “PAID 2025-1”), an unsecured consumer loan ABS transaction. PAID 2025-1 has initial hard credit enhancement levels of 87.15% for the Class A-1 Notes to 3.25% for the Class F Notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class F Notes), a cash reserve account funded at closing, and excess spread.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Assigns Preliminary Ratings to Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1 (MSRM 2025-NQM1)
KBRA assigns preliminary ratings to 10 classes of mortgage-backed certificates from Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1 (MSRM 2025-NQM1), a $376.7 million non-prime RMBS transaction. The underlying collateral, comprising of 939 residential mortgages, is characterized by a notable concentration of alternative income documentation (72.6%). The majority of the loans are either classified as non-qualified mortgages (Non-QM) (32.9%) or exempt (58.8%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Assigns Preliminary Ratings to BBCMS 2025-C32
KBRA is pleased to announce the assignment of preliminary ratings to 18 classes of BBCMS 2025-C32, an $999.7 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 125 properties.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Assigns Preliminary Ratings to Fannie Mae’s CAS 2025-R01
KBRA assigns preliminary ratings to 63 classes from Connecticut Avenue Securities, Series 2025-R01 (CAS 2025-R01), a credit risk sharing transaction with a total note offering of $777,109,000. The pool is characterized by loans with original loan-to-value (LTV) ratios that are greater than 60% and less than or equal to 80%.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 21, 2025
KBRA Releases Research – KBRA Consolidates U.S. Marketplace Consumer Loan ABS Index
Starting with KBRA’s December 2024 U.S. Marketplace Consumer Loan ABS Index report, we will now provide credit performance for all outstanding securitized marketplace consumer loan pools in a unified index. This approach replaces the previous practice of separating credit performance into Tier 1 and Tier 2 indices. This update will be retroactive to the inception of these indices, dating back to March 2018.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 17, 2025
KBRA Assigns Rating to Blue Owl Credit Income Corp.'s $400 Million Senior Unsecured Notes
KBRA assigns a rating of BBB+ to Blue Owl Credit Income Corp.'s ("OCIC" or “the company”) $400 million, 6.60% senior unsecured notes due September 15, 2029, which are an add-on to the $500 million 6.60% senior unsecured notes with original settlement date of May 14, 2024. The rating Outlook is Stable. The proceeds will be used for general corporate purposes and for repayment of existing indebtedness.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 16, 2025
KBRA Releases Research – Maryland Licensing Rule: Roadblock for Mortgage Securitization?
KBRA releases research on the potential impacts of recent Maryland Office of Financial Regulation (OFR) guidance on securitization financing for Maryland loans. The OFR issued a notice of emergency regulations and formal guidance on January 10 regarding the applicability of Maryland licensing laws to assignees of mortgage loans on properties in Maryland. The rule requires all persons engaged in mortgage lending, including mortgage trusts and their assignees, to obtain licenses under Maryland’s Installment Loan Licensing Law and Mortgage Lender Law.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 16, 2025
KBRA Releases CREFC January Conference 2025 – Day 3 Recap
KBRA releases its Day 3 recap of the CRE Finance Council (CREFC) January Conference 2025. The final day consisted of three panel sessions which were "Building on Leverage: Strategic Debt in CRE Financing", "CRE Financing Risk Amid Skyrocketing Insurance Costs," and "The Sunshine State: Opportunities and Challenges in a Booming Market."
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 16, 2025
KBRA Assigns Preliminary Rating to Surplus Notes of Clear Blue Specialty Insurance Company
KBRA assigns a preliminary rating of "BBB” with Stable outlook to surplus notes (“Notes”) to be issued by Clear Blue Specialty Insurance Company (CBSIC) (KBRA Insurance Financial Strength Rating: A-/Stable). As surplus notes, the Notes are deeply subordinated and payments thereon are subject to the prior approval of the Texas Department of Insurance. If any payments are not approved, the scheduled payment will be extended until approval is given. Interest will continue to accrue on any unpaid principal but interest will not accrue on interest. The surplus notes are being issued to support growth in the company’s business.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 16, 2025
KBRA Assigns Preliminary Ratings to SCF Equipment Leasing 2025-1
KBRA assigns preliminary ratings to nine classes of notes issued by SCF Equipment Leasing 2025-1 LLC and SCF Equipment Leasing Canada 2025-1 Limited Partnership (collectively SCF 2025-1), an equipment ABS transaction.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 16, 2025
KBRA Appoints Gordon Kerr as European Macro Strategist
KBRA is pleased to announce that Gordon Kerr will assume the role of European Macro Strategist, responsible for commenting broadly on market and economic developments and their impact on European and global credit markets.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Assigns Preliminary Ratings to Angel Oak Mortgage Trust 2025-1 (AOMT 2025-1)
KBRA assigns preliminary ratings to seven classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-1 (AOMT 2025-1), a $342.0 million non-prime RMBS transaction. The underlying collateral, comprised of 631 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation. All the loans are either classified as non-qualified mortgages (56.6%) or exempt (43.4%) from the Ability-to-Repay/Qualified Mortgage rule due to being originated for non-consumer loan purposes. Angel Oak Mortgage Solutions originated 43.0% of the pool, with no other originator comprised over 10% of the collateral.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Releases CREFC January Conference 2025 – Day 2 Recap
KBRA releases its Day 2 recap of the CRE Finance Council (CREFC) January Conference 2025. Day 2 opened with an Industry Roundtable, which covered a wide range of topics. This was followed by three forums including issuers, investment-grade bondholders, and servicers. The keynote session featured a conversation with Ron Howard who discussed his childhood, media roles, and filmmaking. Rounding out the day’s events were sessions on both legislative developments and lending on alternative commercial real estate (CRE) asset classes. A Young Professionals (YP) session was also held, featuring various YPs from the CRE industry who discussed their roles and responsibilities.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Assigns Preliminary Ratings to PMT Loan Trust 2025-INV1 (PMTLT 2025-INV1)
KBRA assigns preliminary ratings to 62 classes of mortgage backed notes from PMT Loan Trust 2025-INV1 (PMTLT 2025-INV1), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2025-INV1 comprises 928 fixed-rate mortgages (FRMs) with an aggregate principal balance of $346,620,705 as of the January 1, 2025 cut-off date. The underlying pool consists of agency-eligible loans that are collateralized by investment properties (82.8%) and second homes (17.2%). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 73.2%. The weighted average original credit score is 775, which is well within the prime mortgage range.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Assigns Preliminary Ratings to Bridgecrest Lending Auto Securitization Trust 2025-1
KBRA assigns preliminary ratings to five classes of notes issued by Bridgecrest Lending Auto Securitization Trust 2025-1 (“BLAST 2025-1”), an asset-backed securitization collateralized by a pool of sub-prime auto loans.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Assigns Preliminary Ratings to Barings Equipment Finance LLC 2025-A
KBRA assigns preliminary ratings to five classes of notes issued by Barings Equipment Finance 2025-A (Barings 2025-A), an equipment ABS transaction.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 15, 2025
KBRA Assigns Preliminary Ratings to RCKT Mortgage Trust 2025-CES1 (RCKT 2025-CES1)
KBRA assigns preliminary ratings to 20 classes of mortgage-backed notes from RCKT Mortgage Trust 2025-CES1 (RCKT 2025-CES1), a $549.6 million RMBS transaction, as of the cut-off date, sponsored by Woodward Capital Management LLC, a wholly owned affiliate of Rocket Mortgage, LLC, and FirstKey Mortgage, LLC, and consists entirely of newly originated closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned less than one months in average and comprises of 6,226 loans originated solely by Rocket Mortgage, LLC (Rocket). The collateral is characterized entirely by fully amortizing, fixed-rate mortgages (FRMs) with 10-year (4.9%) and 20-year (95.1%) terms.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 14, 2025
KBRA Assigns Preliminary Ratings to CROSS 2025-H1 Mortgage Trust
KBRA assigns preliminary ratings to ten classes of mortgage pass-through certificates from CROSS 2025-H1 Mortgage Trust, an RMBS transaction issued under the Hildene-CCC Loan Acquisition, LLC (CROSS) shelf, where Hildene Capital Management (Hildene) in affiliation with CrossCountry Mortgage (CrossCountry or CCM) and CrossCountry Capital (CCC) sponsored the transaction. The $515.3 million transaction is collateralized by a pool of 991 residential mortgages originated by CCM, including a meaningful concentration of collateral that KBRA considers to be “non-prime” (65.6%), with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 82.3% and 17.7% of the pool, respectively.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 14, 2025
KBRA Releases CREFC January Conference 2025 – Day 1 Recap
KBRA releases its Day 1 recap of the CRE Finance Council (CREFC) January Conference 2025. CREFC returned to Miami for its annual January conference, drawing an audience of over 2,300 attendees. The organization serves 425 member firms across the commercial real estate (CRE) finance landscape. Members and nonmembers alike flock to Miami each year for the event, which serves as a forum for professionals to share insights and observations across the various facets of the industry.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 14, 2025
KBRA Releases Research – Private Credit: 2025 Outlook
KBRA releases research that considers the themes that matter for private credit in 2025.
By Kroll Bond Rating Agency, LLC · Via Business Wire · January 14, 2025