Latest news with #LBZZ2025-2
Business Wire
02-07-2025
- Automotive
- Business Wire
Lendbuzz Completes $266 Million Asset-Backed Securitization
BOSTON--(BUSINESS WIRE)-- Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, announced today that it has closed a $266 million securitization ('LBZZ 2025-2') collateralized by a pool of auto loans made to obligors and secured by new and used automobiles, light duty trucks, and vans. LBZZ 2025-2 issued five classes of notes: Class A-1, Class A-2, Class B, Class C, Class D. The LBZZ 2025-2 notes have been rated by S&P Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as K1+/NR, AAA/AA, AA-/AA-, A-/A- and BBB/NR, respectively. Goldman Sachs & Co. LLC acted as lead bookrunner and structuring agent, with J.P. Morgan Securities LLC, Mizuho, and RBC Capital Markets, LLC, as joint bookrunners; MUFG and Regions Securities LLC acted as co-managers. 'We are proud to have closed another successful transaction that deepens our access to diverse funding sources,' said George Sclavos, Chief Financial Officer at Lendbuzz. 'Our ability to continue to grow our program is a testament to the strength of our investor base and a powerful testament to our investors' confidence in the performance of our credit model.' To date, Lendbuzz has completed more than $2.1 billion of publicly syndicated asset-backed securitizations and remains committed to growing the program as part of its diverse funding strategy. The additional capacity will allow Lendbuzz to continue on its mission to offer fair access to credit for underserved populations. About Lendbuzz Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diverse customer base. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.
Business Wire
09-06-2025
- Automotive
- Business Wire
KBRA Assigns Preliminary Ratings to Lendbuzz Securitization Trust 2025-2
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes (five tranches) issued by Lendbuzz Securitization Trust 2025-2 ('LBZZ 2025-2'), an auto loan ABS transaction. The preliminary ratings reflect the initial credit enhancement levels ranging from 26.00% for the Class A notes to 4.50% for the Class D notes. Credit enhancement on the notes is comprised of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account funded at closing, and excess spread. LBZZ 2025-2 is Lendbuzz Funding LLC's ('Lendbuzz' or the 'Company') second term ABS securitization in 2025 and the tenth overall. LBZZ 2025-2 will issue four classes of notes totaling approximately $266.1 million. At closing, this transaction will consist of approximately $250.7 million receivables, with an expected collateral balance of $275.7 million after completion of the two-month prefunding period. LBZZ 2025-2 will be collateralized by a pool of retail automobile contracts made to obligors and secured by new and used automobiles, light duty trucks, and vans. Lendbuzz is a car financing company established in 2015, headquartered in Boston, MA, with a research division based in Tel Aviv, Israel. The Company's founders launched the company after migrating to the U.S. for graduate school and finding that they could not access basic credit products because of a lack of credit history. Using alternative data and machine-learning algorithms to assess credit risk, Lendbuzz services a target consumer base that is typically unable to obtain financing from traditional lending sources such as credit unions, banks, and captive auto finance companies, despite sufficient verifiable income to support auto loan payments. KBRA applied its Auto Loan ABS Global Rating Methodology, 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, the proposed capital structure, and Lendbuzz's historical static pool data. KBRA considered its operational review of the Company, as well as periodic update calls with Lendbuzz. Operative agreements and legal opinions will be reviewed prior to closing. 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: 1009830
Yahoo
09-06-2025
- Automotive
- Yahoo
KBRA Assigns Preliminary Ratings to Lendbuzz Securitization Trust 2025-2
NEW YORK, June 09, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes (five tranches) issued by Lendbuzz Securitization Trust 2025-2 ("LBZZ 2025-2"), an auto loan ABS transaction. The preliminary ratings reflect the initial credit enhancement levels ranging from 26.00% for the Class A notes to 4.50% for the Class D notes. Credit enhancement on the notes is comprised of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account funded at closing, and excess spread. LBZZ 2025-2 is Lendbuzz Funding LLC's ("Lendbuzz" or the "Company") second term ABS securitization in 2025 and the tenth overall. LBZZ 2025-2 will issue four classes of notes totaling approximately $266.1 million. At closing, this transaction will consist of approximately $250.7 million receivables, with an expected collateral balance of $275.7 million after completion of the two-month prefunding period. LBZZ 2025-2 will be collateralized by a pool of retail automobile contracts made to obligors and secured by new and used automobiles, light duty trucks, and vans. Lendbuzz is a car financing company established in 2015, headquartered in Boston, MA, with a research division based in Tel Aviv, Israel. The Company's founders launched the company after migrating to the U.S. for graduate school and finding that they could not access basic credit products because of a lack of credit history. Using alternative data and machine-learning algorithms to assess credit risk, Lendbuzz services a target consumer base that is typically unable to obtain financing from traditional lending sources such as credit unions, banks, and captive auto finance companies, despite sufficient verifiable income to support auto loan payments. KBRA applied its Auto Loan ABS Global Rating Methodology, 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, the proposed capital structure, and Lendbuzz's historical static pool data. KBRA considered its operational review of the Company, as well as periodic update calls with Lendbuzz. Operative agreements and legal opinions will be reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies ABS: Auto 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 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: 1009830 View source version on Contacts Analytical Contacts Rahel Avigdor, Managing Director (Lead Analyst)+1 Zakariya Imdad, Senior Analyst+1 Shivani Patel, Associate Director+1 Melvin Zhou, Managing Director (Rating Committee Chair)+1 Business Development Contact Arielle Smelkinson, Senior Director+1 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
