KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2024-1
2024年5月21日 - 2:30AM
ビジネスワイヤ(英語)
KBRA assigns preliminary ratings to four classes of notes issued
by Marlette Funding Trust 2024-1 (“MFT 2024-1”), a $321.220 million
consumer loan ABS transaction.
The ratings reflect initial credit enhancement levels of 50.52%
for the Class A Notes to 14.46% for the Class D Notes. Credit
enhancement consists of overcollateralization, subordination (in
the case of the Class A, B and C Notes) a reserve account funded at
closing, and excess spread.
Founded in 2013 in Wilmington, DE, Marlette Funding, LLC
(“Marlette”) operates an online marketplace lending platform, that
offers personal installment loans under the Best Egg brand
(www.BestEgg.com) (the “Marlette Best Egg Platform” or the
“Platform”) that are included in this securitization. The Company
has issued 25 securitizations since August 2016. Under the
multi-seller securitization program, Marlette is the Sponsor and
the collateral is contributed from Marlette and whole loan buyers
of loans originated through the Platform.
KBRA applied its Consumer Loan ABS Global Rating Methodology,
Global Structured Finance Counterparty Methodology and ESG Global
Rating Methodology as part of its analysis of the transaction’s
underlying collateral pool, the proposed capital structure. KBRA
also conducted an operational assessment of the Marlette Platform,
as well as a review of the transaction’s legal structure and
transaction documents. Operative agreements and legal opinions will
be reviewed prior to closing.
To access rating and relevant documents, click here.
Click here to view the report.
Methodologies
- ABS: Consumer Loan ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating Methodology
Disclosures
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.
Information on the meaning of each rating category can be
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.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit
rating agency registered with the U.S. Securities and Exchange
Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is
registered as a CRA with the European Securities and Markets
Authority. Kroll Bond Rating Agency UK Limited is registered as a
CRA with the UK Financial Conduct Authority. In addition, KBRA is
designated as a designated rating organization by the Ontario
Securities Commission for issuers of asset-backed securities to
file a short form prospectus or shelf prospectus. KBRA is also
recognized by the National Association of Insurance Commissioners
as a Credit Rating Provider.
Doc ID: 1004392
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240520539324/en/
Analytical Contacts
Rahel Avigdor, Managing Director (Lead Analyst) +1 646-731-1203
rahel.avigdor@kbra.com
Vicky Xiao, Analyst +1 646-731-1422 vicky.xiao@kbra.com
Hollie Reddington, Senior Director (Rating Committee Chair) +1
646-731-3375 hollie.reddington@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director +1 646-731-2369
arielle.smelkinson@kbra.com