KBRA Assigns Preliminary Rating to Bumper NL 2024-1 B.V.
2024年8月20日 - 6:48PM
ビジネスワイヤ(英語)
KBRA Europe (KBRA) assigns a preliminary rating to the Class A
notes issued by Bumper NL 2024-1 B.V., a Dutch operating auto lease
transaction. Credit enhancement consists of subordination, excess
spread and cash reserves.
Bumper NL 2024-1 will be collateralised by a revolving pool of
lease receivables and associated leased vehicles made to Axus
Nederland N.V.'s (formerly known as LeasePlan Nederland N.V.)
clients operating or residing in the Netherlands. The preliminary
portfolio consists of an aggregate discounted balance of
approximately €625.0 million, comprising a lease receivables
component of €328.2 million and a residual value component of
€296.8 million. The leases, as a percent of the aggregate
discounted balance, are extended to corporates (64.9%), SMEs
(26.9%), individuals (7.6%) and government entities (0.6%). The
leases are predominantly backed by passenger vehicles (93.0%) with
51.2% of the portfolio consisting of leases of electric vehicles.
The transaction features a 12-month revolving period.
Bumper NL 2024-1 represents the latest public ABS securitisation
for Axus Nederland N.V. (formerly known as LeasePlan Nederland
N.V.) from LeasePlan Corporation N.V.’s (LPC) Bumper securitisation
program (part of the Ayvens Group), which has previously issued
public securitisation transactions in Germany, the Netherlands, the
United Kingdom, France and Belgium. LPC has used securitisation as
a financing tool for more than 17 years, dating back to 2006.
KBRA applied its ABS General Global Rating Methodology for Asset
Backed Securities as well as its Global Structured Finance
Counterparty Methodology and ESG Global Rating Methodology as part
of its analysis of the transaction’s underlying collateral pool and
the proposed capital structure.
To access rating and relevant documents, click here.
Click here to view the report.
Methodologies
- ABS: General Global Rating Methodology for Asset Backed
Securities
- 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.
This credit rating is endorsed by Kroll Bond Rating Agency UK
Limited for use in the UK. Information on a credit rating’s
endorsement status is available on its rating page at KBRA.com.
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.
There are certain issuers, entities or transactions rated by
KBRA Europe or KBRA UK that may be or have relationships with
Shareholders and/or Shareholder-Related Companies, as that term is
defined in KBRA’s Shareholder and Shareholder Related Companies for
KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure
information may be found here.
About KBRA Europe
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. Kroll Bond Rating Agency Europe is
located at 6-8 College Green, Dublin 2, Ireland.
Doc ID: 1005517
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Analytical Contacts
Karl Cummins, Senior Director (Lead Analyst) +353 1 588 1240
karl.cummins@kbra.com
Killian Walsh, Managing Director +353 1 588 1184
killian.walsh@kbra.com
Eric Neglia, Head of Commercial and Consumer ABS (Rating
Committee Chair) +1 646-731-2456 eric.neglia@kbra.com
Business Development Contacts
Mauricio Noé, Co-Head of Europe +44 20 8148 1010
mauricio.noe@kbra.com
Miten Amin, Managing Director +44 20 8148 1002
miten.amin@kbra.com