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Business Wire
11-07-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Taurus 2025-4 UK DAC
LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2025-4 UK DAC, a CMBS single-borrower transaction. The collateral for the transaction is a £227.3 million limited recourse, first lien mortgage loan originated by Bank of America, N.A., London Branch in July 2025. The floating rate loan has an initial three-year term and two, one-year extension options. The loan is secured by the borrowers' freehold and leasehold interests in 36 properties, including 23 industrial assets (68.0% of loan balance), eight retail assets (20.9%), and five office assets (11.2%), which together comprise 3.1 million square feet and are located across England and Scotland. As of May 2025, the properties are 89.9% leased to approximately 107 unique tenants. KBRA analysed this transaction primarily using our European CMBS Rating Methodology, which includes our evaluation of the underlying collateral properties' financial and operating performance, to determine KBRA's estimate of sustainable net cash flow (KNCF) and KBRA value. KBRA capitalisation rates were applied to each asset's KNCF to derive values that were, on an aggregate basis, 32.0% less than third party appraisal values. The pool has an in-trust KLTV of 95.6%. To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 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 UK Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England. Doc ID: 1010342
Business Wire
09-07-2025
- Business
- Business Wire
KBRA Assigns AA Rating to City of Salt Lake, UT Airport Revenue Bonds Series 2025A (AMT) and 2025B (Non-AMT); Affirms Rating for Parity Bonds
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA with a Stable Outlook to the Salt Lake City, Utah Airport Revenue Bonds, Series 2025A (AMT) and Airport Revenue Bonds, Series 2025B (Non-AMT). KBRA additionally affirms the long-term rating of AA for the City's outstanding Airport Revenue Bonds. The rating Outlook is Stable. Key Credit Considerations The rating action reflects the following key credit considerations: Credit Positives Experienced management team, with a demonstrated ability to implement a complex, multi-year capital program. Economically diverse and growing air trade area supporting robust demand for business and leisure travel. Second Amended Airport Use and Lease Agreement and passenger demand sustain the Airport's sound financial performance with strong debt service coverage and robust liquidity. Credit Challenges Significant reliance on Delta Air Lines for enplanement activity. Elevated near term debt metrics, which are expected to improve over time through anticipated enplanement growth and limited future borrowing needs. Rating Sensitivities For Upgrade: Accelerated reduction in leverage beyond forecasted levels, resulting in lower airline costs and higher coverage. Material increase in liquidity following New SLC implementation. Significant, sustained growth in origination & destination traffic. For Downgrade While not expected, additional borrowing beyond what is currently contemplated to complete the New SLC. A sustained, material reduction in passenger traffic stemming from structural changes to Delta's hubbing strategy, weakened regional economic performance, or an exogenic shock to the airline industry. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. General Airport Revenue Bond Rating Methodology ESG Global Rating Methodology Disclosures 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 About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010298
Business Wire
17-06-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Second Refinancing of Hildene TruPS Securitization 3, Ltd.
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of refinancing notes issued by Hildene TruPS Securitization 3, Ltd. (HITR3), a securitization backed by a portfolio of bank and insurance TruPS CDO assets. The transaction originally closed in June 2020 as Hildene TruPS Securitization 2020-3 Ltd and had an initial refinancing in August 2021. This transaction will include an upsize of $43.7 million of new assets and resets the terms of the securitization including the stated maturity, non-call period, payment date when Turbo Payment Percentage is applied, portfolio and note notional balances and note interest rates. It is expected to have a performing collateral par value of $363.1 million from 64 obligors (72 assets) and total liabilities of $270.7 million. The transaction is static although Hildene Structured Advisors, LLC (HSA), the named collateral manager, can direct a limited amount of sales. HSA is a relying advisor to Hildene Capital Management, LLC (together with its affiliates, Hildene). The securitization is expected to consist of $176.4 million Class A1-RR Notes, $30.0 million Class A2-FR Notes, $51.4 million Class A2-NR Notes, $31.1 million Class B-RR Notes, $13.7 million Class C-RR Notes, $24.7 million Class D-RR Notes, and $34.7 million of Subordinated Notes. The ratings reflect current credit enhancement levels, excess spread, and structural features. The Classes A1-RR, A2-NR, A2-FR, B-RR, C-RR, and D-RR Notes are expected to have par subs of 51.7%, 29.5%, 29.5%, 21.0%, 17.3%, and 10.5% respectively. The current portfolio has a K-WARF of 432, which represents a weighted average portfolio assessment between BBB- and BBB-. Kroll Bond Rating Agency's (KBRA) preliminary ratings on Class A1-RR, A2-NR and A2-FR reflects KBRA's opinion regarding the likelihood of timely payment of interest and ultimate repayment of principal. While the preliminary rating assigned to the Class B-RR, C-RR and D-RR reflects KBRA's opinion regarding the likelihood of ultimate payment of interest and principal. To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009952
Yahoo
04-06-2025
- Business
- Yahoo
KBRA Assigns AA Rating to Various Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport) Airport Revenue Bonds; Affirms Rating for Parity Bonds
NEW YORK, June 04, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport): Airport Revenue Bonds, Series 2025A (Non-AMT); Airport Revenue Bonds, Series 2025B (AMT); Airport Revenue Refunding Bonds, Series 2025C (Non-AMT); and, Airport Revenue Refunding Bonds, Series 2025D (AMT). KBRA additionally affirms the long-term rating of AA for the Authority's outstanding Airport Revenue Bonds. The rating Outlook is Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Market position as primary commercial airport for the broad and diverse Detroit CSA (the 14th most populous metropolitan area in the U.S.) supports significant O&D activity that forms the basis for hubbing. Delta's continuing commitment to the Airport and its strategic value as a core, mid-continent hub, and gateway for international service. Low airline costs and limited future capital needs. Credit Challenges Passenger enplanement activity has recovered substantially from pandemic lows, though continues to trail the overall U.S. air market due to diminished connecting activity when compared to the pre-pandemic period. Enplanement dependency on Delta. Rating Sensitivities For Upgrade A sustained trend of deleveraging accompanied by sustained, long-term growth in airport utilization. For Downgrade While not expected, a significant and sustained reduction in Delta service. Material increase in leverage without a commensurate rise in resources available for repayment. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. General Airport Revenue Bond Rating Methodology ESG Global Rating Methodology Disclosures 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 About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009672 View source version on Contacts Analytical Contacts Peter Scherer, Senior Director (Lead Analyst)+1 Peter Stettler, Senior Director+1 Douglas Kilcommons, Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
03-06-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust VIII
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series A Notes and Series B Notes issued by Willis Engine Structured Trust VIII (WEST VIII), an aviation ABS transaction. WEST VIII represents the ninth aviation ABS transaction serviced and sponsored by Willis Lease Finance Corporation (the Company ). The Company is comprised of 437 individuals operating out of 10 offices with headquarters in Coconut Creek, Florida. As of March 31, 2025, the Company owned 347 aircraft engines and 16 aircraft. A portion of the proceeds from the Series A Notes and Series B Notes (together, the Notes) will be used to refinance the existing WEST IV transaction and acquire a portfolio of 64 assets (the Portfolio). The portfolio includes 52 narrowbody host engines (85.7% by value), four widebody host engines (12.0%), six turboprop and regional jet host engines (1.7%), and two narrowbody airframes (0.7%), all on lease to 24 lessees located in 17 jurisdictions. The prior figures include the off-lease assets of which there are five narrowbody host engines (6.5%) and one turboprop host engine (0.3%) that are currently off lease. As of April 15, 2025, the weighted average remaining term of the initial lease contracts (excluding the off-lease assets) is approximately 1.9 years. The Portfolio has an initial value of approximately $726.6 million. To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009744
