Latest news with #KBRA
Yahoo
7 hours ago
- Business
- Yahoo
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, July 09, 2025--(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 View source version on Contacts Analytical Contacts Peter Stettler, Senior Director (Lead Analyst)+1 Peter Scherer, Senior Director+1 Douglas Kilcommons, Managing 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
8 hours ago
- Business
- Business Wire
KBRA Releases Research – VantageScore 4.0 Adoption—RMBS Credit Paradigm Shift?
NEW YORK--(BUSINESS WIRE)--KBRA releases research commenting on the Federal Housing Finance Agency's (FHFA) July 8 announcement that lenders may now use VantageScore 4.0 (VS4) for mortgages sold to government-sponsored entities (GSE) Fannie Mae and Freddie Mac. In the report, KBRA revisits its July 2024 research on the historical loan-level VantageScore 4.0 data released by the GSEs, highlighting key considerations for mortgage market participants as the new model becomes available for underwriting and delivery. The commentary includes the following key takeaways: Score Mapping: While both models share a 300-850 scale, VantageScore 4.0 systematically scores borrowers higher than classic FICO, particularly in the mid-score ranges (e.g., 625-750). Inclusivity: VS4 expands the scorable population by leveraging data and algorithms that allow it to score consumers with less than six months of credit history. Predictive Power: For rank-ordering borrower credit risk—particularly for loans that became nonperforming—VS4 and classic FICO both performed effectively, with slight advantages in granularity observed in VS4 for lower-score borrowers. KBRA will continue to monitor the implementation of VantageScore 4.0 and provide updates as additional guidance becomes available. Click here to view the report. Recent Publications GSEs Release Historical VantageScore 4.0 Data FHFA's Credit Score Proposal and Its Impacts on RMBS About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1010319
Business Wire
10 hours ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to GreenSky Home Improvement Issuer Trust 2025-2
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to five classes of notes issued by GreenSky Home Improvement Issuer Trust 2025-2 ("GSKY 2025-2"), an asset-backed securitization collateralized by a pool of consumer loans used for home improvements. GSKY 2025-2 represents the eighth 144A securitization of home improvement loans originated through the lending program administered by GreenSky, LLC ('GreenSky' or the 'Company') on behalf of federally-insured, federal or state chartered lenders in connection with the lenders' origination of consumer loans through a network of merchants (the 'GreenSky Program') and the fourth securitization issued under the GreenSky Home Improvement Issuer Trust (GSKY) shelf. GSKY 2025-2 will issue five classes (and up to eight tranches) of notes totaling $681.009 million, collateralized by 95% of economic participation interests (the "Participations") in a pool of approximately $750 million consumer loans used to finance home improvement products and services originated by Goldman Sachs Bank USA (the "Loan Originator") and Synovus Bank (the "Origination Partner") under the GreenSky Program. Founded in 2006 and headquartered in Atlanta, GA, GreenSky administers the GreenSky Program for merchants and lenders that facilitates point-of-sale financing for consumers in the home improvement markets. In March 2022, GreenSky was acquired by The Goldman Sachs Group, Inc. and became an indirect, wholly-owned subsidiary of the Loan Originator, a New York state-chartered bank. The Loan Originator originated substantially all loans under the GreenSky Program between mid-August 2022 and mid-March 2024. Effective March 15, 2024, the Loan Originator sold GreenSky (and certain associated assets) to a consortium of institutional investors led by Sixth Street, sold all outstanding loans made by the Loan Originator through the GreenSky Program to Synovus Bank and the Loan Originator ceased to own or originate loans made through the GreenSky Program. Approximately 13.2% of the loans in the transaction collateral pool were originated by the Loan Originator and approximately 86.8% were originated by the Origination Partner. KBRA applied its Consumer 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 static pool data and the underlying collateral pool and stressed the capital structure based upon its stress case cash flow assumptions. KBRA considered its operational review of GreenSky, as well as several business updates with the Company. 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: 1010299
Business Wire
12 hours ago
- Business
- Business Wire
KBRA Assigns AAA Rating to Harris County Flood Control District, TX Improvement Refunding Bonds Series 2025, Contract Tax Refunding Bonds Series 2025A, and Outstanding Contract Tax Obligations; Affirms AAA Rating for Limited Tax Obligations
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AAA for the Harris County Flood Control District, TX Improvement Bonds Refunding Bonds Series 2025, Contract Tax Refunding Bonds Series 2025A, and outstanding Contract Tax Obligations. Additionally, KBRA affirms the long-term rating of AAA for the District's Limited Tax Obligations. The rating Outlook is Stable. Key Credit Considerations The ratings actions reflect the following key credit considerations: Credit Positives Sizable and diversifying economy, centered around the Nation's fourth largest city, which has benefited from above average property tax base growth. Historically stable property tax collections through a variety of economic cycles, which KBRA believes demonstrates the area's economic and tax base resilience. The County electorate in November 2024 approved a permanent increase in the O&M property tax levy for the Harris County Flood Control District that will provide an additional $100 million each year toward activities mitigating future flood risks and protecting the property tax base. Ample headroom between levied District Tax rate and the statutory maximum rate. Credit Challenges Susceptibility to significant storm activity given its domicile on Texas's Gulf Coast, as evidenced by Hurricane Harvey and other tropical systems, which have necessitated borrowing to bolster infrastructure resiliency. Rating Sensitivities For Upgrade Not applicable at AAA rating level. For Downgrade A sizable and sustained economic contraction for the County / Houston-The Woodlands-Sugarland MSA, resulting in a material reduction in the tax base. To access ratings and relevant documents, click here. Methodologies Public Finance: General Property Tax/Assessment Revenue Methodology Public Finance: U.S. Local Government General Obligation 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: 1010309
Business Wire
13 hours ago
- 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
