KBRA Affirms All Classes of Aventura Mall 2018 Trust-AVM
25-Jun-2019

NEW YORK (June 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Aventura Mall 2018 Trust-AVM, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigns a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to FWD Securitization Trust 2019-INV1 (FWD 2019-INV1)
25-Jun-2019

NEW YORK (June 25, 2019) – assigns preliminary ratings to six classes of mortgage pass-through certificates from FWD Securitization Trust 2019-INV1 (FWD 2019-INV1), a $264.5 million residential mortgage-backed securities (RMBS) transaction collateralized by agency eligible and non-agency loans on investment properties.

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KBRA Affirms BBB+ Issuer and Senior Unsecured Debt Ratings with a Stable Outlook for TPG Specialty Lending, Inc.
25-Jun-2019

NEW YORK (June 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms BBB+ issuer and senior unsecured debt ratings with a Stable Outlook for TPG Specialty Lending, Inc. (“TSLX” or “the Company”).

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KBRA Withdraws the Class B Rating on Skopos Auto Receivables Trust 2015-2
25-Jun-2019

NEW YORK (June 25, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the Skopos Auto Receivables Trust 2015-2 (ACAR 2015-2), an auto loan ABS transaction that closed November 13, 2015. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Releases Update on Impact of Combination of Eldorado Resorts, Inc. and Caesars Entertainment Corp. on Caesars Palace Las Vegas Trust 2017-VICI
24-Jun-2019

NEW YORK (June 24, 2019) – Kroll Bond Rating Agency (KBRA) noted the recent news related to the combination of Eldorado Resorts, Inc. (ERI) and Caesars Entertainment Corp. (CEC)  and its potential impact on Caesars Palace Las Vegas Trust 2017-VICI (the “Transaction”). The Transaction is a CMBS single-asset, single borrower securitization in which, VICI Properties Inc. (“VICI”), sponsor of the borrower, has announced its agreement (“Master Transaction Agreement”) with Eldorado Resorts, Inc. for a proposed business combination with Caesars Entertainment Corp.

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KBRA Affirms All Classes of LCCM 2017-LC26
24-Jun-2019

NEW YORK (June 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LCCM 2017-LC26, a $617.3 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 69 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Assigns Preliminary Ratings to Jack in the Box Funding, LLC - Series 2019-1 Senior Secured Notes
24-Jun-2019

NEW YORK (June 24, 2019) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to four note classes of Jack in the Box Funding, LLC, a whole business securitization.

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KBRA Affirms All Classes of WFCM 2017-C38
24-Jun-2019

NEW YORK (June 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C38, a $1.14 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 210 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and issuance.

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KBRA Releases Report Assigning an A Rating and Stable Outlook to the EDA of the City of Fredericksburg's Rev. Bonds, Taxable Series 2019A
24-Jun-2019

NEW YORK (June 24, 2019) – On June 20, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A with a Stable Outlook to the Economic Development Authority of the City of Fredericksburg’s Revenue Bonds (Fredericksburg Stadium Project), Taxable Series 2019A (City Use Revenues). The revenue bonds will finance a portion of the costs of constructing and equipping a stadium to house a Washington Nationals affiliated minor league team, that will relocate from Prince William County. The rating actions are based on KBRA’s use of three methodologies U.S. State Annual Appropriation Obligation Rating Methodology, U.S. Local Government GO Methodology & U.S. State and Local Government Abatement Lease Rating Methodology.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2019-3
24-Jun-2019

NEW YORK, NY (June 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2019-3 (MFT 2019-3). This is a $339.247 million consumer loan ABS transaction.

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KBRA Affirms Ratings for TowneBank
24-Jun-2019

NEW YORK (June 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for TowneBank (NASDAQ: TOWN) (“the Bank”), a community bank headquartered in Portsmouth, Virginia. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Silver Aircraft Lease Investment Limited
24-Jun-2019

DUBLIN, IRELAND (June 24, 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Silver Aircraft Lease Investment Limited (“Silver Ireland”) and Silver Aircraft Leasing LLC (“Silver USA”, and, together with Silver Ireland, the “Issuers”).

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KBRA Takes Rating Action on American Credit Acceptance Receivables Trust
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on ten American Credit Acceptance Receivables Trust transactions. In total, 17 notes were affirmed and 17 were upgraded. The data used are as of the May 31, 2019 collection period. No rating actions were taken on American Credit Acceptance Receivables 2019-2, since this transaction has less than six months of seasoning. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations and credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Withdraws the Ratings on SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1
21-Jun-2019

NEW YORK, NY (June 21, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B Notes, Class C Notes, and Class D Notes of SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1, an equipment lease ABS transaction, which closed on June 23, 2016. The rating on the Class A Notes were withdrawn on March 22, 2019. This action reflects the fact that all the classes of notes within the transaction have been paid off.

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KBRA Affirms Ratings to Arby's Funding, LLC
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings on the three note classes issued out of Arby’s Funding, LLC, a whole business securitization.

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KBRA Affirms Ratings to Coinstar Funding, LLC
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings on the three note classes issued out of Coinstar Funding, LLC, a whole business securitization.

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KBRA Affirms All Classes of FREMF 2015-K47
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K47, a $1.4 billion CMBS conduit transaction collateralized by 89 commercial mortgage loans, originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited improving credit metrics since securitization.

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KBRA Affirms Ratings to Hardee's Funding LLC & Carl's Jr. Funding, Series 2018-1
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings on the four note classes issued out of Hardee’s Funding LLC & Carl’s Jr. Funding LLC, a whole business securitization.

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KBRA Releases Surveillance Report for Fly Leasing Limited
21-Jun-2019

NEW YORK, NY (June 19, 2019) – In March 2019, Kroll Bond Rating Agency (KBRA) affirmed the issuer rating of BBB and senior unsecured debt rating of BBB- for Fly Leasing Limited (NYSE: FLY or “the Company”), an aircraft leasing company based in Dublin, Ireland. The Outlook for the ratings is Stable.

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KBRA Assigns Preliminary Ratings to Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3)
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage backed notes, as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3), the second publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007, and the first containing a portion of inactive loans.

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KBRA Affirms All Classes of JPMCC 2018-LAQ
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, a $1.0 billion, CMBS single-borrower transaction. Since closing, five permitted property releases (649 keys) have occurred reducing the loan balance by 1.8%.  The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms Ratings for John Marshall Bancorp, Inc.
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and the short-term debt rating of K3 for Reston, Virginia based John Marshall Bancorp, Inc. (OTCQB: JMSB) (“John Marshall”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, John Marshall Bank. The Outlook for all long-term ratings is Stable.  

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KBRA Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2019-A
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Mariner Finance Issuance Trust 2019-A (MFIT 2019-A), a personal loan asset-backed securities transaction.

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KBRA Affirms All Classes of FREMF 2017-K65
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K65, a $1.3 billion CMBS multi-borrower transaction collateralized by 72 commercial mortgage loans, originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms Ratings for Bridgewater Bancshares, Inc.
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Bloomington, Minnesota-based Bridgewater Bancshares, Inc. (NASDAQ: BWB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Bridgewater Bank. The Outlook for all long-term ratings is Stable.

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KBRA Upgrades the Rating on Renew 2018-1
21-Jun-2019

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the rating on one class of notes issued by Renew 2018-1 to AAA (sf). KBRA assigned a rating of AA (sf) to the notes on June 22, 2018. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assessments.

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KBRA Assigns a Long-Term Rating of A with a Stable Outlook to the EDA of the City of Fredericksburg's Rev. Bonds (Fredericksburg Stadium Project), Taxable Series 2019A
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A with a Stable Outlook to the Economic Development Authority of the City of Fredericksburg’s Revenue Bonds (Fredericksburg Stadium Project), Taxable Series 2019A (City Use Revenues). The revenue bonds will finance a portion of the costs of constructing and equipping a stadium to house a Washington Nationals affiliated minor league team, that will relocate from Prince William County. The rating actions are based on KBRA’s use of three methodologies U.S. State Annual Appropriation Obligation Rating Methodology, U.S. Local Government GO Methodology & U.S. State and Local Government Abatement Lease Rating Methodology.

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KBRA Assigns Ratings to AASET 2019-1 Trust
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of notes (the “Notes”) issued by AASET 2019-1 Trust (AASET 2019-1).

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KBRA Affirms Ratings to Trinity Rail Leasing 2018 LLC, Series 2018-1
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings on the two note classes issued out of Trinity Rail Leasing 2018 LLC, a railcar leasing securitization.

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KBRA Affirms All Classes of FREMF 2018-K732
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2018-K732, a $1.1 billion CMBS multi-borrower transaction collateralized by 49 commercial mortgage loans (of which six are cross-collateralized and cross-defaulted), originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of FREMF 2017-K726
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K726, a $1.1 billion CMBS multi-borrower transaction collateralized by 48 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program.  The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Withdraws Ratings from Colony Starwood Homes 2016-2
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for six classes of Colony Starwood Homes 2016-2 (CSH 2016-2) single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $368.3 million. The ratings withdrawals follow the full repayment of the transaction’s KBRA rated securities, as reflected in the June 2019 trustee remittance report.

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KBRA Withdraws Rating from One Class of Invitation Homes 2018-SFR1
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its BB- (sf) rating from the Class F certificates of the Invitation Homes 2018-SFR1 (IH 2018-SFR1), a single borrower single-family rental (SFR) securitization. This withdrawal follows the reduction of the certificate principal balance to zero, as reflected in the transaction’s June 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of this security.

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KBRA Withdraws the Class B Rating on the American Credit Acceptance Receivables Trust 2016-3
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of American Credit Acceptance Receivables Trust 2016-3 (ACAR 2016-3), a subprime auto loan ABS transaction, which closed on August 4, 2016. This action reflects the fact that Class B note has been paid in full.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-4 (JPMMT 2019-4)
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 28 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-4 (JPMMT 2019-4).

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KBRA Affirms Ratings for HomeStreet, Inc.
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Seattle, Washington based HomeStreet, Inc. (NASDAQ: HMST) (HomeStreet or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB, subordinated debt rating of BBB-, and short-term deposit and debt ratings of K3 for its subsidiary, HomeStreet Bank. The Outlook for all long-term ratings remains Positive.

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KBRA Releases an Environmental, Social and Governance Overview
20-Jun-2019

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) releases its Environmental, Social and Governance (ESG) overview, which discusses how ESG issues may affect its credit analysis.

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KBRA Publishes Surveillance Report for Orrstown Financial Services, Inc.
19-Jun-2019

NEW YORK (June 19, 2019) – On June 7, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Shippensburg, Pennsylvania based Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary, Orrstown Bank. The Outlook for all long-term ratings is Stable.

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KBRA Maintains Watch Downgrade for Harley Marine Financing LLC, Series 2018-1
19-Jun-2019

NEW YORK, NY (June 19, 2019) – Kroll Bond Rating Agency (KBRA) maintains the Watch Downgrade status on both classes of notes for Harley Marine Financing LLC, Series 2018-1.

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KBRA Publishes Report on Business Development Corporation of America
19-Jun-2019

NEW YORK (June 19, 2019) – On June 10, 2019, Kroll Bond Rating Agency (KBRA) affirmed the issuer and senior unsecured debt ratings of BBB with a Stable Outlook to Business Development Corporation of America (“BDCA” or “the Company”).

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KBRA Assigns Ratings to MSC 2019-H6
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of MSC 2019-H6 (see ratings list below), a $686.8 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 255 properties.

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KBRA Takes Ratings Actions on OneMain Direct Auto Receivables Trust
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) takes ratings action on three of the OneMain Direct Auto Receivables Trust (ODART) transactions. In total, the ratings on thirteen notes are being affirmed and the rating on one note is being upgraded. The data used are current as of April 30, 2019. The rating actions for the transactions reflect the fact that losses are in line with KBRA’s loss expectations, credit enhancement has built or has been maintained for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective ratings actions.

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KBRA Assigns Preliminary Ratings to E3 2019-1, Series 2019-1
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to three classes of notes from E3 2019-1, Series 2019-1 (“E3 2019-1”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) Bonds.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Trust 2019-4 (JPMMT 2019-4)
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 28 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-4 (JPMMT 2019-4).

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KBRA Assigns Preliminary Ratings to Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1)
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes from Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1), a $277.7 million residential mortgage-backed securities (RMBS) transaction collateralized entirely by home equity lines of credit (HELOCs).

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KBRA Assigns Preliminary Ratings to GSMS 2019-GC40
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC40 (see ratings list below), a $914.2 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 44 properties.

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KBRA Releases Report -- Puerto Rico's Independent Banks: An Underappreciated Evolution
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) releases its Puerto Rico’s Independent Banks: An Underappreciated Evolution report, which summarizes our broad perspective on the state of the island’s economy and domestic banks.

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KBRA Releases Bank Talk: The After-Show
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director at KBRA.

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KBRA Releases The Bank Treasury Newsletter Chart Deck
19-Jun-2019

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) releases this month’s edition of The Bank Treasury Newsletter Chart Deck, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Assigns Preliminary Ratings to Dividend Solar Loans 2019-1 LLC
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Dividend Solar Loans 2019-1, LLC (“DIV 2019-1”). This is a $234.59 million term ABS securitization collateralized by a pool of $252.51 million residential solar loans.

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KBRA Assigns Ratings to ME Funding, LLC, Series 2019-1
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of ME Funding, LLC, a whole business securitization.

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KBRA Affirms All Classes of JPMCC 2016-NINE
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2016-NINE, an $857.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating for Hilton Orlando Trust 2018-ORL
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class X-CP of the Hilton Orlando Trust 2018-ORL transaction following the reduction of its notional balance to zero as reflected on the transaction’s June 2019 remittance report. There were no interest shortfalls reported during the life of the security.

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KBRA Affirms Ratings for Cadence Bancorporation
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Houston, Texas based Cadence Bancorporation (NYSE:  CADE) (“the company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Cadence Bank, N.A. (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Rating to Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns rating to one note class of Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1. The Notes are newly issued asset-backed securities secured by payments due under the lease of, and loans secured by, business jet aircraft and the economic ownership of each business aircraft and helicopter subject to an operating lease and terms of the fixed rate notes as of June 18, 2019.

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KBRA Affirms All Classes of DBUBS 2011-LC3 Providence Place Mall
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBUBS 2011-LC3 Providence Place Mall, a CMBS conduit/fusion transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Ratings on Eagle I Limited, Series 2014-1 Due to Notes Paid in Full
18-Jun-2019

NEW YORK (June 18, 2019) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A-2 Notes, Class B Notes and Class C Notes of Eagle I Limited, Series 2014-1 transaction. KBRA notes that the Notes were paid in full on June 17, 2019.

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KBRA Assigns Preliminary Ratings to ExteNet Issuer, LLC Series 2019-1
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes (together, the “Notes”) anticipated to be issued by ExteNet Issuer LLC (the “Issuer”).

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KBRA Withdraws Rating for MSBAM 2014-C19
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the MSBAM 2014-C19 transaction following the full redemption of the rated security as reflected in the transaction’s June 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Removes from Watch Downgrade and Withdraws the Ratings on the Honor Automobile Trust Securitization 2016-1 Class B and Class C Notes
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) is removing the Honor Automobile Trust Securitization 2016-1 (“HATS 2016-1”) Class B and Class C Notes (the “Notes”) from Watch Downgrade and withdrawing its ratings on the Notes. The Notes were paid in full on June 17, 2019. The HATS 2016-1 Class A Notes were previously paid in full as of the November 30, 2018 collection period.

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KBRA Withdraws Rating for JPMCC 2013-C10
18-Jun-2019

NEW YORK (June 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-4 of the JPMCC 2013-C10 transaction following the full redemption of the rated security as reflected in the transaction’s June 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the reported security.

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KBRA Affirms the AAA Long-Term Rating and Stable Outlook to Orange County, FL's Sales Tax Revenue Bonds
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AAA with a Stable Outlook to Orange County, Florida’s Sales Tax Revenue Bonds.

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KBRA Affirms Orange County, Florida's Implied Long-Term General Obligation Rating at AAA and Stable Outlook
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AAA with a Stable Outlook to Orange County, Florida’s Implied General Obligation rating.

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KBRA Credit Profile (KCP) K-LOC Index: May 2019
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of May.

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KBRA Withdraws Rating for COMM 2014-CCRE20
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE20 transaction following the full redemption of the rated security as reflected in the transaction’s June 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for COMM 2013-CCRE10
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2013-CCRE10 transaction following the full redemption of the rated security as reflected in the transaction’s June 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Releases Rating Report for Watford Holdings Ltd. and its Operating Subsidiaries
17-Jun-2019

NEW YORK (June 17, 2019) – On June 5, 2019, Kroll Bond Rating Agency (KBRA) affirmed insurance financial strength ratings (IFSR) of A to the operating subsidiaries of Watford Holdings Ltd. (Watford Holdings) – Watford Re Ltd.; Watford Insurance Company Europe Limited; Watford Specialty Insurance Company; and Watford Insurance Company (collectively referred to as Watford). KBRA has also affirmed the issuer rating of BBB+ to Watford Holdings. Additionally, KBRA has affirmed the rating of BBB- to Watford Holdings’ outstanding cumulative contingently redeemable preference shares. The Outlook for all ratings is Stable.

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KBRA Comments on the Proposed Acquisition of LegacyTexas Financial Group, Inc. by Prosperity Bancshares, Inc.
17-Jun-2019

NEW YORK, NY (June 17, 2019) – Kroll Bond Rating Agency (KBRA) releases a comment on Prosperity Bancshares, Inc.’s potential acquisition of LegacyTexas Financial Group, Inc.

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KBRA Assigns Preliminary Ratings to Horizon Aircraft Finance II Limited
17-Jun-2019

DUBLIN, IRELAND (June 17, 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance II Limited (“Horizon Cayman”) and Horizon Aircraft Finance II LLC (“Horizon USA”, and, together with Horizon Cayman, the “Issuers”).

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KBRA Withdraws the Rating on the Class B Notes issued by GLS Auto Receivables Trust 2016-1
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by GLS Auto Receivables Trust 2016-1 (“GLS 2016-1”), an auto loan ABS transaction that closed on May 19, 2016. This action reflects the fact that Class B notes have been paid in full as of the June 2019 distribution period.

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KBRA Withdraws the Class B Rating on Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2 (CLUB 2017-NP2), a consumer loan ABS transaction that closed on December 20, 2017. This action reflects the fact that Class B notes have been paid in full as of the June 2019 distribution period.

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KBRA Withdraws the Class B Rating on Lending Club Issuance Trust Series 2016-NP2
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Lending Club Issuance Trust, Series 2016-NP2 (LCIT 2016-NP2), a consumer loan ABS transaction that closed on December 2, 2016. This action reflects the fact that Class B notes have been paid in full as of the June 2019 distribution period.

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KBRA Affirms All Classes of UBS 2018-C11
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2018-C11, an $800.2 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 91 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns an Insurance Financial Strength Rating to BlueShore Insurance Company
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- with a Stable Outlook to BlueShore Insurance Company (BlueShore). BlueShore writes and reinsures insurance lines that are complementary to the automobile sales and financing activities associated with affiliated companies, including DriveTime Automotive Group, Inc. and SilverRock Group, Inc.

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KBRA Assigns Ratings to Notes Issued by Westlake Automobile Receivables Trust 2019-2
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2019-2 (WLAKE 2019-2), an auto loan ABS transaction.

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KBRA Withdraws Ratings for GSMS 2012-SHOP
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from six classes of the GSMS 2012-SHOP transaction following the full redemption of the rated securities as reflected in the transaction’s June 2019 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities. 

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KBRA Assigns Preliminary Ratings to WFCM 2019-C51
17-Jun-2019

NEW YORK (June 17, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of WFCM 2019-C51 (see ratings list below), a $729.5 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 105 properties.

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KBRA Affirms All Classes of RAIT 2017-FL7
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms all of its outstanding ratings for RAIT 2017-FL7, a commercial real estate collateralized loan obligation (CRE CLO) transaction. The affirmations follow a surveillance review of the transaction, which reflects increased subordinations levels due to loan payoffs offset by increased pool concentration and weaker collateral performance of the remaining assets as reflected by higher weighted KLTV (133.0%) from issuance (118.8%).

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KBRA Releases Monthly Auto Loan Indices for May
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of May and reports on delinquency roll rates from asset-level disclosures.

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KBRA Affirms All Classes of CSAIL 2017-C8
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2017-C8, an $806.9 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 55 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms Ratings for Castlelake Aircraft Structured Trust 2018-1
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes, Class B Notes and Class C Notes (collectively, the “Notes”), of Castlelake Aircraft Structured Trust 2018-1, an aircraft ABS transaction, which closed on June 15, 2018. There are currently 33 aircraft on lease to 16 lessees located 15 countries with 2 aircraft off lease.

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KBRA Affirms All Classes of XAN 2018-RSO6
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of XAN 2018-RSO6, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited post-closing acquisition ability. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of JPMBB 2015-C30
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C30, a $1.2 billion CMBS conduit transaction collateralized by 65 commercial mortgage loans secured by 137 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Assigns Ratings to PSMC 2019-1 Trust (PSMC 2019-1)
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 42 classes of mortgage pass-through certificates from PSMC 2019-1 Trust (PSMC 2019-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2019-P1
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2019-P1 (“CLUB 2019-P1”). This is a $269.60 million consumer loan ABS transaction.

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KBRA Affirms Ratings for Oxford Finance Funding 2016-1 LLC
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A notes and Class B notes of Oxford Finance Funding 2016-1 LLC, an ABS transaction, which closed on June 14, 2016. As of May 10, 2019, the portfolio consisted of 47 loans to 41 obligors with an aggregate outstanding loan balance of approximately $271.2 million and a weighted average cash yield rate of 10.2%.

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KBRA Assigns Ratings to Atlas Senior Loan Fund XIV Ltd.
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to two classes of notes issued by Atlas Senior Loan Fund XIV, Ltd. (Atlas XIV).

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KBRA Affirms All Classes of JPMDB 2018-C8
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMDB 2018-C8, a $710.2 million CMBS conduit transaction collateralized by 41 commercial mortgage loans. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Releases Research - Update on Geopolitics and Oil: The Great Disruptors
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) releases its Update on Geopolitics and Oil: The Great Disruptors research report, in response to rising geopolitical risks. This latest addition to our expanding Energy and Sovereigns coverage provides KBRA’s opinion on the main disruptors to global oil supply and demand.

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KBRA Affirms Ratings for Great Western Bancorp, Inc.
14-Jun-2019

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Great Western Bancorp, Inc. (NYSE: GWB, “the Company”), a bank holding company headquartered in Sioux Falls, South Dakota. In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary Great Western Bank. The Outlook for all long-term ratings is Stable.

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KBRA Releases Day Three Recap of the Global ABS 2019 Conference in Barcelona
13-Jun-2019

NEW YORK (13 June 2019) – Kroll Bond Rating Agency (KBRA) releases a Day Three recap of the Global ABS 2019 conference in Barcelona. The conference became noticeably less crowded throughout the afternoon on the third and final day, as some ABS pros caught early flights home or were out enjoying the sunshine in Barcelona. The day started with the Annual Global ABS Structured Credit Investor Roundtable and was followed by 15 panels, several of which were devoted to emerging or peripheral market topics such as the Chinese ABS market and ABS markets in Russia and Eastern Europe. Today’s schedule also included panels on new opportunities in European RMBS, the differences between the U.S. and European CLO markets, and “green labels” for ABS deals.

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KBRA Downgrades One Class and Affirms All Other Classes of WFRBS 2013-C15
13-Jun-2019

NEW YORK (June 13, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates from B (sf) to B- (sf) and affirms all of the other outstanding ratings for WFRBS 2013-C15, a $960.2 million CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 114 properties. The downgrade is primarily driven by KBRA's projected losses on the pool's three Real Estate Owned (REO) assets (3.1%) and one loan in foreclosure (0.5%), all of which have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Upgrades Class A Notes and Affirms Class B Notes of NMEF Funding 2016-A, LLC
13-Jun-2019

NEW YORK (June 13, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class A Notes and affirms the ratings on the Class B Notes of NMEF Funding 2016-A, LLC, an equipment lease ABS transaction, which closed on June 13, 2016. The portfolio is currently comprised of 1,467 equipment contracts with an aggregate discounted contract balance of approximately $26.50 million.

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KBRA Assigns Preliminary Ratings to Carvana Auto Receivables Trust 2019-2
13-Jun-2019

NEW YORK (June 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2019-2 (“CRVNA 2019-2”) an auto loan ABS Transaction. CRVNA 2019-2 represents the second term ABS securitization for Carvana LLC (Carvana or the “Company”) in 2019.

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KBRA Releases Day Two Recap of the Global ABS 2019 Conference in Barcelona
12-Jun-2019

NEW YORK (12 June 2019) – Kroll Bond Rating Agency (KBRA) releases a Day Two recap of the Global ABS 2019 conference in Barcelona. The second day began with welcoming remarks from co-hosts, the AFME and IMN. Following these remarks was a busy day of 24 panels and addresses, which delved into topics including Auto ABS, emerging tech in the securitisation sector, the European CLO market, European nonperforming loans, Dutch and UK RMBS, as well as continued discussion around the STS framework and other regulatory matters that featured prominently yesterday. Additional topics included a panel discussion on the seemingly revived European CMBS market, though that panel was off the record.

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KBRA Assigns Final Ratings to Upgrade Master Pass-Thru Trust, Series 2019-ST1
12-Jun-2019

NEW YORK (June 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to one class of notes issued by Upgrade Master Pass-Thru Trust, Series 2019-ST1 (“UMPT 2019-ST1” or the “Issuer”). This is a $30.563 million consumer loan ABS transaction that closed on June 12, 2019.

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KBRA Releases CREFC Day Three Recap
12-Jun-2019

NEW YORK (June 12, 2019) – Kroll Bond Rating Agency (KBRA) releases the recap for day three of the CREFC conference. The third and final day of the conference involved a program consisting of three sessions, including an education session called CMBS 201: Servicing Participants and Processes.

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KBRA Affirms Ratings for TIAA FSB Holdings, Inc. and Assigns Additional Ratings for TIAA, FSB
12-Jun-2019

NEW YORK, NY (June 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of A+, subordinated debt rating of A, and short-term debt rating of K1 for Jacksonville, FL based TIAA FSB Holdings, Inc. Additionally, KBRA affirms the deposit rating of AA-, subordinated debt rating of A+, and short-term deposit rating of K1+ for the lead bank subsidiary TIAA, FSB (“the Bank”). KBRA also assigns a senior unsecured debt rating of AA- and short-term debt rating of K1+ for TIAA, FSB. The Outlook for all long-term ratings is Stable.

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KBRA Releases Report Assigning A+ Rating and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A of 2019
12-Jun-2019

NEW YORK (June 12, 2019) – On June 11, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ and Stable outlook to the Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A of 2019. KBRA additionally affirmed the long-term rating of AA- and Stable outlook on the Commission’s outstanding Turnpike Revenue Bonds and long-term rating of A+ and Stable outlook on the Commission’s outstanding Turnpike Subordinate Revenue Bonds.

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KBRA Assigns Ratings to Welk Resorts 2019-A
12-Jun-2019

NEW YORK, NY (June 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of notes issued by Welk Resorts 2019-A (“WELK 2019-A”). This is a $150.72 million timeshare ABS transaction that is expected to close June 12, 2019.

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KBRA Assigns Preliminary Ratings to Sunnova Helios III Issuer, LLC, Solar Loan Backed Notes, Series 2019-A
12-Jun-2019

NEW YORK (June 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Sunnova Helios III Issuer, LLC, Solar Loan Backed Notes, Series 2019-A (“Sunnova 2019-A”). This is a $167.63 million term ABS securitization collateralized by a pool of approximately $186.3 million residential solar loans.

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KBRA Releases CREFC Day Two Recap
11-Jun-2019

NEW YORK (June 11, 2019) – Kroll Bond Rating Agency (KBRA) releases the recap for day two of the CREFC conference. The second day began with the Industry Leaders Roundtable, which included a panelist of representatives from various corners of the commercial real estate (CRE) lending community. The moderator engaged panelists across a wide range of topics including overall economic conditions, commercial real estate capital markets and investment opportunities, CMBS issuance volume, and real estate-specific factors surrounding credit, liquidity, and asset valuation.

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KBRA Releases Day One Recap of the Global ABS 2019 Conference in Barcelona
11-Jun-2019

NEW YORK (11 June 2019) – Kroll Bond Rating Agency (KBRA) releases a Day One recap of the Global ABS 2019 conference in Barcelona. The opening day featured panels across a range of topics, including the role of securitisation across different asset classes, esoteric investments, nonperforming loans and, above all, regulatory developments regarding the Simple, Transparent, Standardised (STS) securitisation framework, as well as the transition away from LIBOR as a benchmark interest rate.

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KBRA Releases Report - European Airlines: Clear Skies or More Turbulence Ahead?
11-Jun-2019

NEW YORK (June 11, 2019) – Kroll Bond Rating Agency (KBRA) releases its European Airlines: Clear Skies or More Turbulence Ahead? report in response to the ongoing challenges in the European airlines sector.

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KBRA Assigns Ratings to BBCMS 2019-C3
11-Jun-2019

NEW YORK (June 11, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BBCMS 2019-C3 (see ratings list below), a $936.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 517 properties.

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KBRA Assigns A+ Rating and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A of 2019
11-Jun-2019

NEW YORK (June 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ and Stable outlook to the Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A of 2019. KBRA additionally affirms the long-term rating of AA- and Stable outlook on the Commission’s outstanding Turnpike Revenue Bonds and long-term rating of A+ and Stable outlook on the Commission’s outstanding Turnpike Subordinate Revenue Bonds.

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KBRA Affirms the Ratings on Vivint Solar Financing V, LLC
11-Jun-2019

NEW YORK (June 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of notes issued by Vivint Solar Financing V, LLC at A- (sf) for the Class A notes and at BB- (sf) for the Class B notes. KBRA assigned the ratings of A- (sf) and BB- (sf) to the Class A and Class B notes respectively on June 11, 2018.

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KBRA Publishes Surveillance Report for Debt Guaranteed by Montefiore Medical Center
11-Jun-2019

NEW YORK (June 11, 2019) – On June 7, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of BBB with a Stable Outlook on the Taxable Revenue Bonds, 2017 Series (Payable Solely from Albert Einstein College of Medicine Promissory Notes Guaranteed by Montefiore Medical Center). This affirmation is based on KBRA’s U.S. Not-For-Profit Healthcare Rating Methodology.

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KBRA Releases CREFC Day 1 Recap
10-Jun-2019

NEW YORK (June 10, 2019) – Kroll Bond Rating Agency (KBRA) releases CREFC Day 1 Recap as the annual June conference in New York City kicked off today with 1,200 registered attendees and a program of a dozen panels, committee meetings and forum sessions. Now celebrating its 25th anniversary, CREFC has matured into a robust trade organization with a vast network of constituents and membership base of over 300 companies and 11,000 individuals.

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KBRA Upgrades and Affirms Classes from DRMT 2017-2, SAFT 2013-1, SEMT 2012-4, and SEMT 2013-9
10-Jun-2019

NEW YORK (June 10, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2), Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1), Sequoia Mortgage Trust 2012-4 (SEMT 2012-4) and Sequoia Mortgage Trust 2013-9 (SEMT 2013-9), resulting in rating upgrades for 10 classes and rating affirmations for all other rated classes. DRMT 2017-2 was backed by a pool of non-prime mortgages, while the other three transactions were collateralized by prime jumbo origination.

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KBRA Affirms Business Development Corporation of America's BBB Ratings for Issuer and Senior Unsecured Debt with a Stable Outlook
10-Jun-2019

NEW YORK (June 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer and senior unsecured debt ratings of BBB with a Stable Outlook for Business Development Corporation of America (“BDCA” or the Company).

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KBRA Assigns Final Ratings to Scorpio (European Loan Conduit No. 34) DAC
10-Jun-2019

DUBLIN ( 10 June 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of final ratings to seven classes of Scorpio (European Loan Conduit No. 34) DAC, a CMBS single-borrower securitisation.

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KBRA Publishes Rating Report for The Toronto-Dominion Bank
10-Jun-2019

NEW YORK (June 10, 2019) – On May 21, 2019, Kroll Bond Rating Agency (KBRA) assigned a deposit rating of AA and short-term deposit rating of K1+ to The Toronto-Dominion Bank (NYSE: TD or “TD Group”), an international financial services group. KBRA also assigned deposit and senior unsecured debt ratings of AA- and short-term deposit and debt ratings of K1+ to TD Bank, N.A., the lead U.S. subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Ratings to German American Bancorp, Inc.
10-Jun-2019

NEW YORK (June 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 to Jasper, Indiana based German American Bancorp, Inc. (NASDAQ: GABC). In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 to its subsidiary, German American Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of MSCI 2014-MP
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2014-MP, a $463.9 million CMBS single-borrower transaction.  The affirmations follow a full surveillance review of the transaction, which fully defeased in June 2018.  In addition, the mezzanine loan in the amount of $155.2 million was paid off in full at that time.  KBRA maintains a KBRA Performance Outlook (KPO) of Outperform on the loan.

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KBRA Affirms All Classes of BAMLL 2015-ASTR
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2015-ASTR, a $273.5 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of MSCI 2015-MS1
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2015-MS1, a $862.6 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 58 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in credit metrics since securitization.

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KBRA Affirms Ratings on LMRK Issuer Co. LLC, Series 2016-1
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A notes and Class B notes issued by LMRK Co. LLC, an ABS transaction that closed on June 16, 2016. The aggregate principal balance of the Class A notes has paid down according to their scheduled principal amortization schedule and the aggregate principal balance of the Class B notes remains unchanged since issuance as they are interest only until the fifth anniversary from the closing date. As of May 2019, the aggregate annualized revenue increased approximately 8.5% since issuance to approximately $14.4 million.

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KBRA Affirms Ratings on LMRK Issuer Co. III LLC, Series 2018-1
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class D notes, Class E notes, and Class F notes issued by LMRK Co. III LLC, an ABS transaction that closed on June 16, 2018. The aggregate principal balance of the Notes has paid down according to their scheduled principal amortization schedule. As of May 2019, the aggregate annualized revenue increased approximately 2.6% since issuance to approximately $13.8 million.

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KBRA Affirms the Rating of the Debt Guaranteed by Montefiore Medical Center
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of BBB with a Stable Outlook on the Taxable Revenue Bonds, 2017 Series (Payable Solely from Albert Einstein College of Medicine Promissory Notes Guaranteed by Montefiore Medical Center). This affirmation is based on KBRA’s U.S. Not-For-Profit Healthcare Rating Methodology.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2019-3 Trust
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-3 (“SCLP 2019-3”). This is a $640.7 million consumer loan ABS transaction.

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KBRA Takes Rating Actions on Prosper Marketplace Issuance Trust
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on five Prosper Marketplace Issuance Trust (PMIT) transactions. In total, seven notes were upgraded, and five notes were affirmed. The data used are current as of the May 2019 distribution period. No rating actions were taken on the Prosper Marketplace Issuance Trust, Series: 2019-1, 2019-2, and 2019-3 transactions since they have less than six months of seasoning. Based on the current performance, KBRA has maintained its cumulative net loss (CNL) assumptions for the PMIT transactions. Credit enhancement has increased for each class of notes and supports the rating actions.

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KBRA Affirms the Ratings on SFS Asset Securitization LLC, Series 2018-1
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings of the Class A, B, C, and D Notes issued under SFS Asset Securitization LLC, Series 2018-1 (“SFS 2018-1”), a transaction that closed on June 7, 2018. SFS 2018-1 is securitized by a revolving portfolio of receivables consisting of 1) merchant cash advances which are specified amounts of future receivables purchased from small businesses (each, a “Merchant”) and 2) business loans made to such Merchants (“Loans”). The affirmation reflects the transaction still being in it’s three-year revolving period, which resulted in consistent credit enhancement levels since closing.

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KBRA Affirms All Classes of RR 2015-1
07-Jun-2019

NEW YORK, NY (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of RR 2015-1, a re-securitization of the FREMF 2015-K46 securitization’s (the underlying trust) Class D certificates. FREMF 2015-K46 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improving credit metrics since re-securitization.

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KBRA Affirms A-/K1 Ratings of the Kingdom of Spain
07-Jun-2019

DUBLIN (7 June 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms the A- long-term issuer ratings of the Kingdom of Spain. KBRA also affirms the K1 short-term issuer ratings of the sovereign. The long-term ratings carry a Stable Outlook. The sovereign surveillance report is available here.

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KBRA Affirms All Classes of CGCMT 2018-C5
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2018-C5, a $667.0 million CMBS conduit transaction collateralized by 39 loans (one of which is cross-collateralized and cross-defaulted) and 45 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Releases Marketplace Consumer Loan Indices for May
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for May.

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KBRA Releases Monthly CMBS Trend Watch
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) releases May’s CMBS Trend Watch. CMBS private label pricing volume increased in May to $10.9 billion from $3.1 billion in April, bringing the year-to-date issuance total to $30.5 billion. With this jump, May became the first month this year in which volume was up on a year-over-year basis.

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KBRA Affirms All Classes of FREMF 2015-K46
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K46, a $1.6 billion CMBS multi-borrower transaction collateralized by 82 commercial mortgage loans secured by 76 properties, originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited improving credit metrics since securitization.

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KBRA Affirms All Classes of WFCM 2013-LC12
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2013-LC12, a $1.3 billion CMBS conduit transaction collateralized by 82 commercial mortgage loans secured by 140 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Surveillance Update: JPMCC 2014-DSTY Loan Extension
07-Jun-2019

NEW YORK (June 7, 2019) – The JPMCC 2014-DSTY trust and borrower for the two loans that collateralize the transaction reached a Loan Extension and Modification Agreement on May 31, 2019. KBRA received the agreement on June 5, 2019 and has reviewed it, and that such agreement will not have an impact on any of the transaction’s outstanding ratings. 

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Orrstown Financial Services, Inc.
07-Jun-2019

NEW YORK (June 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Shippensburg, Pennsylvania based Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary, Orrstown Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of JPMCC 2014-FL6
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2014-FL6, a CMBS large loan floating-rate transaction collateralized by three mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). The affirmations were based on KBRA’s analysis of the underlying collateral and the credit enhancement (C/E) available to the certificates.  

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KBRA Assigns Preliminary Ratings to PSMC 2019-1 Trust (PSMC 2019-1)
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2019-1 Trust (PSMC 2019-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Releases - European Securitisation Supply Forecast: Down but Not Out
06-Jun-2019

NEW YORK (6 June 2019) – Kroll Bond Rating Agency (KBRA) releases its European Securitisation Supply Forecast: Down but Not Out research report in response to current conditions in the debt markets.

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KBRA Affirms All Classes of CGCMT 2016-P4
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P4, a $709.7 million CMBS conduit transaction collateralized by 44 commercial mortgage loans secured by 64 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review.

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KBRA Affirms All Classes of CFCRE 2017-C8
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2017-8, a $637.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance.

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KBRA Signs the Principles for Responsible Investment
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) has signed the Principles for Responsible Investment (PRI), highlighting its commitment to transparently assessing environmental, social and governance (ESG) issues in its credit research and analysis.

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2019-3
06-Jun-2019

NEW YORK, NY (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Prosper Marketplace Issuance Trust 2019-3 (PMIT 2019-3). This is a $380.99 million consumer loan ABS transaction.

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KBRA Assigns Final Rating to Sunrun Xanadu Issuer 2019-1, LLC
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one note class issued by Sunrun Xanadu Issuer 2019-1, LLC. The transaction is secured by the equity interests of the Issuer in Sunrun Zeus Owner 2017, LLC (the “Project Company”) and all right, title and interest in a portfolio of 14,337 customer agreements associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance (“O&M”) expenses and administrative expenses.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Sandy Spring Bancorp, Inc.
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Sandy Spring Bancorp, Inc. (NASDAQ: SASR, “the Company”), a bank holding company headquartered in Olney, MD. In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Sandy Spring Bank (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Assigns Ratings to GACM 2019-FL1
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of GACM 2019-FL1, a $625.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with an 18-month reinvestment period, which includes a six-month ramp-up period.

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KBRA Assigns Preliminary Ratings to AASET 2019-1 Trust
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by AASET 2019-1 Trust (AASET 2019-1).

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KBRA Maintains the Watch Developing Status for Ratings of Fidelity Southern Corporation
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) maintains the Watch Developing status for all long-term ratings of Atlanta, Georgia based Fidelity Southern Corporation (NASDAQ: LION) (KBRA senior BBB) and its subsidiary bank, Fidelity Bank. The rating action stems from the anticipation of a second quarter of 2019 close of LION’s merger with and into Moultrie, Georgia based Ameris Bancorp (NASDAQ: ABCB) (KBRA senior BBB), which was announced on December 17, 2018. The ratings of Fidelity Southern Corporation and its subsidiary are expected to be subsequently withdrawn, at the appropriate level, when the transaction closes.

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KBRA Affirms Ratings for AASET 2017-1 Trust
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes, Class B Notes, and Class C Notes (collectively, the “Notes”) of AASET 2017-1 Trust, an aircraft ABS transaction, which closed on June 6, 2017. During the first quarter of 2019, five aircraft were sold to AASET 2018-3 Note Issuer Designated Activity Company for $122.99 million. As of April 30, 2019, 23 aircraft were on lease to 18 airlines in 18 countries and four aircraft were off lease.

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KBRA Assigns Preliminary Ratings to Upgrade Master Pass-Thru Trust, Series 2019-ST1
06-Jun-2019

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Upgrade Master Pass-Thru Trust, Series 2019-ST1 (“UMPT 2019-ST1” or the “Issuer”). This is a $30.66 million consumer loan ABS transaction that is expected to close on June 11, 2019.

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KBRA Assigns BBB- Rating to First Internet Bancorp Subordinated Notes
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) assigns a subordinated debt rating of BBB- to the Subordinated Notes to be issued by First Internet Bancorp (NASDAQ: INBK, “the Company”), a bank holding Company headquartered in Fishers, Indiana. The Company intends to downstream most of the proceeds to the lead subsidiary, First Internet Bank of Indiana, as well as reinvest a portion in higher yielding securities. KBRA most recently affirmed the Company’s senior unsecured and subordinated debt ratings of BBB and BBB-, respectively, on September 19, 2018, with a Negative Outlook.

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KBRA Affirms All Classes of LNCR 2018-CRE1
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LNCR 2018-CRE1, a commercial real estate collateralized loan obligation (CRE CLO) transaction with a 24-month reinvestment period. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms Ratings of Watford Holdings Ltd. and its Operating Subsidiaries
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength ratings (IFSR) of A for the operating subsidiaries of Watford Holdings Ltd. [NASDAQ: WTRE] (Watford Holdings) – Watford Re Ltd.; Watford Insurance Company Europe Limited; Watford Specialty Insurance Company; and Watford Insurance Company (collectively referred to as Watford). KBRA also affirms the issuer rating of BBB+ for Watford Holdings. Additionally, KBRA affirms the rating of BBB- for Watford Holdings’ outstanding cumulative contingently redeemable preference shares. The Outlook for all ratings remains Stable.

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KBRA Upgrades Five Classes and Affirms One Class of BSPRT 2017-FL2
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from AA+ (sf) to AAA (sf), the Class C notes from A (sf) to AA+ (sf), the Class D notes from BBB- (sf) to A (sf), the Class E notes from BB- (sf) to BBB- (sf) and the Class F notes from B- (sf) to B+ (sf) for BSPRT 2017-FL2, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited reinvestment ability. Simultaneously, the Class B, C and D notes were removed from Watch Upgrade where they were placed on April 2, 2019. The rating for the Class A-S notes was affirmed. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of six loans (28.5% of the issuance collateral balance) since KBRA’s last rating action in November 2018.

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KBRA Downgrades Medley Capital Corp's Ratings to CCC
05-Jun-2019

NEW YORK, NY (June 5, 2019) – Kroll Bond Rating Agency (KBRA) downgrades Medley Capital Corp’s (NYSE: MCC, “The Company”) issuer and senior unsecured debt ratings to CCC.

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KBRA Publishes Surveillance Report for Westlake Services LLC
05-Jun-2019

NEW YORK (June 5, 2019) – On May 17, 2019, Kroll Bond Rating Agency (KBRA) affirmed the BBB- issuer rating for Los Angeles, California-based Westlake Services (dba Westlake Financial Services, “Westlake”, or “the Company”), with a Stable Outlook. Westlake’s rating reflects the Company’s solid, multiyear operating performance history (supported principally by favorable risk adjusted margins), along with solid equity capitalization that is considered essential given the potential asset quality volatility associated with subprime auto finance. Beyond current levels of equity capitalization, we also consider Westlake’s current majority and minority owners to have substantial financial resources, with ample capacity to at least allow additional investment / capital contribution.

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KBRA Assigns Ratings to SGCP 2019-FL2
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to five classes of SGCP 2019-FL2, a $453.7 million commercial real estate collateralized loan obligation (CRE CLO) transaction.

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KBRA Assigns Ratings to ARCREN 2019-FL1
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to five classes of ARCREN 2019-FL1, a $650.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a three-year reinvestment period, which includes a 120-day ramp-up period.

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KBRA Affirms the AAA Long-Term Rating and Stable Outlook to the Commonwealth of Massachusetts' Commonwealth Transportation Fund Revenue Bonds
05-Jun-2019

NEW YORK (June 5, 2019) – On June 4, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AAA with a Stable Outlook to the Commonwealth of Massachusetts’ Commonwealth Transportation Fund Revenue Bonds.

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KBRA Assigns Preliminary Ratings to Notes Issued by Westlake Automobile Receivables Trust 2019-2
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2019-2 (WLAKE 2019-2), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to EOS (European Loan Conduit No.35) DAC
05-Jun-2019

DUBLIN ( 5 June 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of EOS (European Loan Conduit No.35) DAC, a CMBS single-borrower securitisation.

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KBRA Downgrades Two Classes and Affirms All Other Classes of UBS-Barclays 2012-C2
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates from BB (sf) to BB- (sf) and the Class G certificates from B (sf) to B- (sf). All of the transaction’s other outstanding ratings have been affirmed. The downgrades reflect the estimated losses for three (15.1% of the pool balance) of the five (21.4%) KBRA Loans of Concern (K-LOCs), including the largest and seventh largest loans, Crystal Mall (9.6%) and Pierre Bossier Mall (4.7%), respectively. K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Assigns Preliminary Ratings to JPMCC 2019-COR5
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of JPMCC 2019-COR5 (see ratings list below), a $698.6 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 135 properties.

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KBRA Releases CRE CLO Ramp-Up: From Beginning to End With More of the Same ... So Far
05-Jun-2019

NEW YORK (June 5, 2019) – Kroll Bond Rating Agency (KBRA) releases its CRE CLO Ramp-Up: From Beginning to End With More of the Same … So Far research report, which analyzes commercial real estate collateralized loan obligation (CRE CLO) ramp-up mechanics, provisions and trends observed in KBRA-rated transactions.

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KBRA Assigns Preliminary Rating to Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1
04-Jun-2019

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class of Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1. The Notes are newly issued asset-backed securities secured by payments due under the lease of, and loans secured by, business jet aircraft and the economic ownership of each business aircraft and helicopter subject to an operating lease and terms of the fixed rate notes as of June 4, 2019.

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KBRA Assigns Final Ratings to SpringCastle Funding Asset-Backed Notes 2019-A
04-Jun-2019

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three class of SpringCastle Funding Asset-Backed Notes 2019-A (“SCFT 2019-A”), a consumer loan asset-backed securities transaction.

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KBRA Withdraws Ratings on SpringCastle Funding Asset-Backed Notes 2016-A
04-Jun-2019

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the outstanding classes of the SpringCastle Funding Asset-Backed Notes 2016-A (“SCFT 2016-A”), a consumer loan asset-backed securities transaction, which closed on October 25, 2016. This action reflects the refinancing of SCFT 2016-A into the SpringCastle Funding Asset-Backed Notes 2019-A transaction (“SCFT 2019-A”) that closed on June 4, 2019. SCFT 2016-A was backed by loans acquired by SpringCastle JV comprised of Springleaf Acquisition Corporation (“SAC”), affiliates of New Residential Investment Corp. (“New Residential”), and an affiliate of Blackstone Tactical Opportunities Advisors LLC. (“Blackstone”) from HSBC Finance Corporation (“HSBC”) in April 2013. For complete details on the analysis of SCFT 2019-A please see KBRA’s New Issue Report linked below.

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KBRA Assigns Final Ratings to Pioneer Aircraft Finance Limited
04-Jun-2019

DUBLIN, IRELAND (4 June 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigned final ratings to three series of notes (the “Notes”) issued by Pioneer Aircraft Finance Limited and Pioneer Aircraft Finance LLC.

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KBRA Affirms the AAA Long-Term Rating and Stable Outlook to the Commonwealth of Massachusetts' Commonwealth Transportation Fund Revenue Bonds
04-Jun-2019

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA with a Stable Outlook to the Commonwealth of Massachusetts’ Commonwealth Transportation Fund Revenue Bonds.

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KBRA Releases Commentary: CDFI Loan Levels in Private-Label RMBS Expected to Rise
04-Jun-2019

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) releases its Community Development Financial Institution (CDFI) Loan Levels in Private-Label RMBS Expected to Rise commentary. The CDFI program, which dates to the mid-1990s, is taking on renewed significance as loans originated by CDFI’s are exempt from the Ability-to-Repay/Qualified Mortgage Rule issued by the Consumer Financial Protection Bureau.

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KBRA Affirms All Classes of DBJPM 2016-C3
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBJPM 2016-C3, an $878.5 million CMBS conduit transaction, and removes the Class B certificates from Watch Upgrade where they were placed on March 5, 2019. While 14.3% of the current pool balance has defeased, including two top ten loans, Center 21 (2nd largest, 9.5%) and 1901 Harrison Street (8th largest, 4.8%), four of the top ten loans have experienced performance declines since securitization, including three loans in the top five. In addition, the KBRA Performance Outlook (KPO) of the seventh largest loan, Staybridge Suites Times Square (4.4% of the pool balance), has been revised to Underperform from Perform.

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KBRA Affirms All Classes of DBCG 2017-BBG
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBCG 2017-BBG, a CMBS single-borrower transaction, which is secured by a $500.0 million whole loan. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of GSMS 2015-GC32
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC32, a $957.4 million CMBS conduit transaction collateralized by 61 commercial mortgage loans secured by 141 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review.

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KBRA Assigns Final Ratings to AASET 2018-3 Note Issuer Designated Activity Company
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by AASET 2018-3 Note Issuer Designated Activity Company (“AASET 2018-3”).

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KBRA Releases Surveillance Report Affirming the AAA Long-Term Rating and Stable Outlook to TriMet's Senior Lien Payroll Tax Revenue Bonds
03-Jun-2019

NEW YORK (June 3, 2019) – On May 30, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AAA with a Stable Outlook to the Tri-County Metropolitan Transportation District of Oregon’s Senior Lien Payroll Tax Revenue Bonds.

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KBRA Withdraws the Class A-1 Ratings on Westlake Automobile Receivables Trust 2018-3
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the Westlake Automobile Receivables Trust 2016-3 (WLAKE 2016-3), an auto loan ABS transaction that closed on October 20, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Withdraws the Class B Ratings on Westlake Automobile Receivables Trust 2016-3
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the Westlake Automobile Receivables Trust 2016-3 (WLAKE 2016-3), an auto loan ABS transaction that closed on October 20, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Publishes Surveillance Report for Western Alliance Bancorporation
03-Jun-2019

NEW YORK (June 3, 2019) – On May 24, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of A-, subordinated debt rating of BBB+, and short-term debt rating of K2 for Western Alliance Bancorporation (NYSE: WAL or “the Company”), a bank holding company headquartered in Phoenix, Arizona. KBRA also affirmed the deposit and senior unsecured debt ratings of A, subordinated debt rating of A-, and short-term deposit and debt ratings of K1 for Western Alliance Bank, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Ratings for GS 2015-FRR1
03-Jun-2019

NEW YORK (June 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its BBB- (sf) rating from Class K3A and BB- (sf) rating from Class K3B of the GS 2015-FRR1 transaction following the full redemption of the rated securities as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Upgrades Two Classes and Affirms All Other Classes of COMM 2013-CCRE8
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from “AA- (sf)” to “AA (sf)” and Class C certificates from “A- (sf)” to “A (sf)”. All of the transaction’s other outstanding ratings have been affirmed. COMM 2013-CCRE8 is a $1.1 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 65 properties. The upgrades reflect the continued improvement in the pool’s credit performance, defeasances, and increased credit enhancement due to deleveraging from amortization and loan payoffs.

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KBRA Downgrades Three Classes and Affirms Four Classes of JPMCC 2014-DSTY
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the ratings of the Class C, D and E certificates of JPMCC 2014-DSTY, and removes the Class D and E certificates from Watch Downgrade where they were placed on April 2, 2019.  All of the transaction’s other outstanding ratings have been affirmed.  The downgrades reflect the decline in the operating performance of the collateral since last review and issuance.  It also reflects concerns regarding the borrower’s ability to refinance the loan in full given the less favorable financing environment for malls and if the property were to be put up for sale, the depth and liquidity of the market from potential buyers. According to the special servicer, the servicer does not expect the loans to pay off at maturity. The loans which were transferred to the special servicer on March 14, 2019 for imminent balloon/maturity default will reach their final maturity date on June 6, 2019.  As a result of the special servicing transfer, accumulated interest shortfalls totaling $158,264 from special servicing fees are already impacting the E class.

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KBRA Publishes Surveillance Report for PennyMac
31-May-2019

NEW YORK (May 31, 2019) – On April 5, 2019, Kroll Bond Rating Agency (KBRA) affirmed the issuer rating of BB+ with a Stable Outlook for Private National Mortgage Company LLC (“PNMAC” or “the Company”), a controlled subsidiary of PennyMac Financial Services Inc. (NYSE: PFSI). Management of the Company’s business and execution of its operations is performed by PFSI, based in Westlake Village, CA.

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KBRA Affirms All Classes of UBS 2017-C1
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C1, a $941.6 million CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 127 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Assigns Ratings to HPLY Trust 2019-HIT
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of HPLY Trust 2019-HIT, an $826.5 million CMBS single-borrower securitization.

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KBRA Assigns Ratings to BANK 2019-BNK18
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of BANK 2019-BNK18 (see ratings list below), a $1.04 billion CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 242 properties.

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KBRA Assigns Ratings to CIM Trust 2019-INV2
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to thirty-one classes of mortgage pass-through certificates from CIM Trust 2019-INV2, a prime RMBS transaction, the second from Chimera Investment Corporation and backed exclusively by agency-eligible investment-purpose mortgage loans.

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KBRA Assigns Final Ratings for Hana Financial 2019-1 Pass-Through Trust
31-May-2019

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings on eight class of notes and four class of certificates issued by Hana Financial 2019-1 Pass-Through Trust and Hana Financial SPV I, LLC. Hana Financial SPV I, LLC will sell four classes of Series 2019-1 variable funding notes, Class A1 Notes, Class B1 Notes, Class C1 Notes, and Class D1 Notes (“VFN”), and four classes of term notes, Class A2 Notes, Class B2 Notes, Class C2 Notes and Class D2 Notes (“Term Notes”). The four classes of Term Notes will be transferred to Hana Financial 2019-1 Pass-Through Trust (“Pass-Through Trust”). The Pass-Through Trust will sell four classes of term certificates, Class A2 Certificates, Class B2 Certificates, Class C2 Certificates and Class D2 Certificates (“Term Certs”) to the initial purchaser. Initially the Issuer is expecting to sell $20 million VFN and $80 million of term certificates totaling $100 million.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1)
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules. For 7 loans (0.7%) the designation is QM even though the borrower’s DTI may be above 43%, due to a temporary exemption afforded to GSE-eligible loans under the Ability-to-Repay (ATR) rules.

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KBRA Publishes Surveillance Report for The First Bancshares, Inc.
30-May-2019

NEW YORK (May 30, 2019) – On April 12, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Hattiesburg, Mississippi based The First Bancshares, Inc. (NASDAQ: FBMS) (“The First” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for The First, A National Banking Association, the bank subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of UBS 2018-C10
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2018-C10, a $727 million CMBS conduit transaction collateralized by 56 loans (one of which is cross-collateralized and cross-defaulted) and 87 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms the AAA Long-Term Rating and Stable Outlook to TriMet's Senior Lien Payroll Tax Revenue Bonds
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AAA with a Stable Outlook to the Tri-County Metropolitan Transportation District of Oregon’s Senior Lien Payroll Tax Revenue Bonds.

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KBRA Assigns Ratings to BSPRT 2019-FL5
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of BSPRT 2019-FL5, a $810.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a 24-month reinvestment period, which includes a six-month ramp-up period.

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KBRA Affirms BBB Rating to Riverside County Transportation Commission's Toll Revenue Bond, 2017 TIFIA Series
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) affirms the BBB rating to the Riverside County Transportation Commission Toll Revenue Bonds, 2017 TIFIA Series. The outlook is Stable.

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KBRA Assigns Final Ratings to American Credit Acceptance Receivables Trust 2019-2
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of American Credit Acceptance Receivables Trust 2019-2 (“ACAR 2019-2”), an auto loan ABS transaction.

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KBRA Withdraws the Class B Rating on Marlette Funding Trust 2016-1
30-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Marlette Funding Trust 2016-1 (MLFT 2016-1), a consumer loan ABS transaction, which closed on August 2, 2016. This action reflects the fact that Class B note has been paid in full as of April 30, 2019.

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KBRA Releases Report - Congestion Pricing ... What It Means for the MTA and TBTA
30-May-2019

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report on congestion pricing within the context of the Metropolitan Transportation Authority (MTA; AA+/Negative Outlook) and Triborough Bridge and Tunnel Authority (TBTA; AA/Stable Outlook), as New Yorkers and commuters living in surrounding areas brace for the nation’s first congestion pricing scheme.

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KBRA Releases Report Affirming Chicago Second Lien Wastewater Transmission Revenue Bonds Rating at AA- with a Stable Outlook
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA- with a Stable Outlook to the City of Chicago Second Lien Wastewater Transmission Revenue Bonds. This affirmation is based on KBRA’s U.S. Municipal Water and Sewer Revenue Bond Rating Methodology.

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KBRA Assigns Final Ratings to JOL Air Limited
29-May-2019

DUBLIN (May 29, 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns final ratings to two classes of notes (the “Notes”) issued by JOL Air Limited (“JOL Air”).

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Peapack-Gladstone Financial Corporation
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Bedminster, New Jersey based Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (“Peapack” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Peapack-Gladstone Bank. The Outlook for all long-term ratings remains Stable.

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KBRA Assigns Preliminary Ratings to ME Funding, LLC, Series 2019-1
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of ME Funding, LLC, a whole business securitization.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-2 (SEMT 2019-2)
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-2 (SEMT 2019-2), a prime RMBS transaction. SEMT 2019-2 contains both prime jumbo (73.6%) and high-balance conforming (26.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Welk Resorts 2019-A
29-May-2019

NEW YORK, NY (May 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Welk Resorts 2019-A (“WELK 2019-A”). This is a $150.72 million timeshare ABS transaction that is expected to close June 12, 2019.

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KBRA Assigns Preliminary Ratings for Hana Financial 2019-1 Pass-Through Trust
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings on eight class of notes and four class of certificates issued by Hana Financial 2019-1 Pass-Through Trust. Hana Financial SPV I, LLC will sell four classes of Series 2019-1 variable funding notes, Class A1 Notes, Class B1 Notes, Class C1 Notes, and Class D1 Notes (“VFN”), and four classes of term notes, Class A2 Notes, Class B2 Notes, Class C2 Notes and Class D2 Notes (“Term Notes”). The four classes of Term Notes will be transferred to Hana Financial 2019-1 Pass-Through Trust (“Pass-Through Trust”). The Pass-Through Trust will sell four classes of term certificates, Class A2 Certificates, Class B2 Certificates, Class C2 Certificates and Class D2 Certificates (“Term Certs”) to the initial purchaser. Initially the Issuer is expecting to sell $30 million VFN and $70 million of term certificates totaling $100 million.

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KCP Releases Special Report: Robert C. Morgan - CMBS Exposure Update
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) releases its Robert C. Morgan – CMBS Exposure Update special report, in which we examined the latest developments in the ongoing investigation of Robert C. Morgan and affiliated entities and the resulting impacts to CMBS transactions with exposure to Robert C. Morgan.

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KBRA Assigns Preliminary Ratings to MSC 2019-H6
29-May-2019

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of MSC 2019-H6, a $686.8 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 255 properties.

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KBRA Publishes Surveillance Report for First Busey Corporation
29-May-2019

NEW YORK (May 29, 2019) – On May 15, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Champaign, Illinois based First Busey Corporation (NASDAQ: BUSE) (“BUSE” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, Busey Bank. The Outlook for all long-term ratings is Stable.

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KBRA Withdraws the Class B Rating on Prosper Marketplace Issuance Trust 2017-1
28-May-2019

NEW YORK (May 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B Notes of Prosper Marketplace Issuance Trust 2017-1 (PMIT 2017-1), a consumer loan ABS transaction, which closed on May 25, 2017. This action reflects the fact that Class B Note has been paid in full as of the May 15, 2019 distribution date.

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KBRA Withdraws the Class A Rating on Prosper Marketplace Issuance Trust 2017-3
28-May-2019

NEW YORK (May 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A Notes of Prosper Marketplace Issuance Trust 2017-3 (PMIT 2017-3), a consumer loan ABS transaction, which closed on October 27, 2017. This action reflects the fact that Class A Note has been paid in full as of the May 15, 2019 distribution date.

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KBRA Places RoundPoint's BB Issuer Rating on Watch Developing
28-May-2019

NEW YORK (May 28, 2019) – Kroll Bond Rating Agency (KBRA) places the BB issuer rating of Roundpoint Mortagage Servicing Corporation (“RPMS”) on Watch Developing following the announcement of the proposed merger between RPMS and Freedom Mortgage Corporation (“Freedom”). Under the terms of the agreement, RPMS would become a wholly-owned subsidiary of Freedom (not rated by KBRA). The transaction is expected to close in the third or fourth quarter of 2019 and, in the interim, RPMS and Freedom will remain and operate as separate companies. Financial terms of the merger agreement were not publicly disclosed.

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KBRA Publishes Rating Report for AmeriTrust
28-May-2019

NEW YORK (May 28, 2019) – On March 4, 2019, Kroll Bond Rating Agency (KBRA) assigned insurance financial strength ratings (IFSR) of A- to AmeriTrust’s five insurance underwriting entities – Star Insurance Company (Star), Century Surety Company, Ameritrust Insurance Corporation, Williamsburg National Insurance Company, and ProCentury Insurance Company. KBRA also assigned an issuer rating of BBB- to the organization’s holding company, AmeriTrust Group, Inc. (AmeriTrust). AmeriTrust is a wholly-owned subsidiary of Fosun International (Fosun) (00656.HK), a global investment group headquartered in China. All Outlooks are Stable.

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KBRA Withdraws Rating for WFCM 2015-C28
28-May-2019

NEW YORK (May 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFCM 2015-C28 transaction following the full redemption of the rated security as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of Olympic Tower 2017-OT
24-May-2019

NEW YORK, NY (May 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Olympic Tower 2017-OT, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Releases Report Affirming Chicago Midway Airport Second Lien Revenue Bonds Rating at A with a Stable Outlook
24-May-2019

NEW YORK (May 24, 2019) – On May 23, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of A and Stable Outlook on the City of Chicago, Chicago Midway Airport Second Lien Revenue Bonds.

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KBRA Takes Rating Actions on Consumer Loan Underlying Bond (CLUB) Credit Trust
24-May-2019

NEW YORK (May 24, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on seven Consumer Loan Underlying Bond (CLUB) Credit Trust transactions. In total, eight classes of notes were affirmed, and eight classes of notes were upgraded. The data used are current as of the May 2019 distribution period. Based on the current performance, KBRA has maintained its lifetime cumulative net loss (“CNL”) assumption for the CLUB 2017-NP2, decreased its lifetime CNL assumption for CLUB 2017-NP1, and increased its lifetime CNL assumptions for CLUB 2018-NP1, CLUB 2017-P1, CLUB 2017-P2, CLUB 2018-P1, and CLUB 2018-P2. However, credit enhancement has increased for each class of notes and supports the rating actions as provided in the tables below.

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KBRA Releases Research on the Evolution of the Consumer Loan Marketplace Lending (MPL) Sector
24-May-2019

NEW YORK (May 24, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report examining the evolution of the consumer loan marketplace lending (MPL) sector. Since inception, platforms have made improvements that address many of the key credit considerations highlighted by KBRA when it first began rating consumer MPL securitizations.

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KBRA Affirms Ratings for CBC Insurance Revenue Securitization, LLC
24-May-2019

NEW YORK (May 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the CBC Insurance Revenue Securitization, LLC, Series 2016-1, Class A (“the Class A Notes”) and Series 2016-1, Class B (the “Class B Notes” and together with the Class A Notes, “the Notes”), which closed on May 25, 2016. The Notes are secured by a portfolio of commissions arising from the sale of bank-owned life insurance (BOLI) policies. The BOLI policies are either universal life or hybrid life insurance, which contains elements of both universal life and variable universal life insurance.

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KBRA Affirms the Long-Term Rating of AA- with a Stable Outlook to Chicago Second Lien Wastewater Transmission Revenue Bonds
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA- with a Stable Outlook to the City of Chicago Second Lien Wastewater Transmission Revenue Bonds. This affirmation is based on KBRA’s U.S. Municipal Water and Sewer Revenue Bond Rating Methodology.

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KBRA Affirms Chicago Midway Airport Second Lien Revenue Bond Rating at A with a Stable Outlook
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A and Stable Outlook on the City of Chicago, Chicago Midway Airport Second Lien Revenue Bonds.

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KBRA Affirms All Classes of GSMS 2016-GS2
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2016-GS2, a $744.4 million CMBS conduit transaction collateralized by 37 commercial mortgages. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms All Classes of DBJPM 2016-SFC
23-May-2019

NEW YORK, NY (May 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBJPM 2016-SFC, a $306.9 million, CMBS single borrower transaction. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Issues KREF 2018-FL1 May 2019 Reinvestment and Modification Update
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on May 15, 2019, following a request from the collateral manager, KKR Real Estate Finance Manager LLC (KKR), with respect to the acquisition of Independence Portfolio as a reinvestment mortgage asset for KREF 2018-FL1. The acquisition took place on May 16, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings. As part of the RAC, KBRA also incorporated in its analysis the recent modification of 451 D Street, which increased the loan commitment by $13.6 million to $227.3 million.

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2019-2
23-May-2019

NEW YORK, NY (May 23, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Issuance Trust 2019-2 (PMIT 2019-2). This is a $174.243 million consumer loan ABS transaction.

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KBRA Assigns Ratings to GSMS 2019-GC39
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of GSMS 2019-GC39 (see ratings list below), a $802.5 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 64 properties.

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KBRA Affirms All Classes of BBSG 2016-MRP
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of BBSG 2016-MRP, a $162.0 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in performance since last review and issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2019-2
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-2 (“FCAT 2019-2”), an auto loan ABS transaction.

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KBRA Upgrades the Rating on HERO Funding 2018-1
23-May-2019

NEW YORK (May 23, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the rating on one class of notes issued by HERO Funding 2018-1 (“HERO 2018-1”) to AAA (sf). KBRA assigned a rating of AA (sf) to the notes on May 23, 2018. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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KBRA Assigns Ratings to Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019 (LOC-Backed)
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- with a Stable Outlook and short-term rating of K1+ to the Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds Second Series of 2019 (“the Bonds”).

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KBRA Publishes Surveillance Report for Heritage Commerce Corp
22-May-2019

NEW YORK (May 22, 2019) – On May 13, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for San Jose, California based Heritage Commerce Corp (NASDAQ: HTBK) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2 for Heritage Bank of Commerce, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of FREMF 2018-K76
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2018-K76, a $1.3 billion CMBS multi-borrower transaction collateralized by 56 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program.  The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to Blackstone Diversified Alternatives Issuer L.L.C.
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings of “A” to the $347 million Class A Notes and “BBB” to the $104 million Class B Notes of Blackstone Diversified Alternatives Issuer L.L.C. (the “Issuer”).

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2019-3
22-May-2019

NEW YORK, NY (May 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Issuance Trust 2019-3 (PMIT 2019-3). This is a $380.99 million consumer loan ABS transaction.

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KBRA Affirms All Classes of COMM 2018-COR3
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2018-COR3, a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 44 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Releases Hold the SALT: Income Tax Collections Better Than Expected
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) releases its Hold the Salt: Income Tax Collections Better Than Expected research piece, which discusses April 2019 income tax receipts for New Jersey, New York, and Connecticut.

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KBRA Assigns Preliminary Rating to Sunrun Xanadu Issuer 2019-1, LLC
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class issued by Sunrun Xanadu Issuer 2019-1, LLC. The transaction is secured by the equity interests of the Issuer in Sunrun Zeus Owner 2017, LLC (the “Project Company”) and all right, title and interest in a portfolio of 14,337 customer agreements associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance (“O&M”) expenses and administrative expenses.

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KBRA Takes Rating Actions on DT Auto Owner Trust
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on 4 DT Auto Owner Trust (DTAOT) transactions. In total, 6 classes of notes were affirmed and 4 were upgraded. The data used is as of the April 30, 2019 collection period. The rating actions reflect the fact that credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Publishes Surveillance Report for Preferred Bank
22-May-2019

NEW YORK (May 22, 2019) – On May 2, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for Los Angeles, California based Preferred Bank (NASDAQ: PFBC, “the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Ratings from Progress Residential 2016-SFR2
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for five classes of Progress Residential 2016-SFR2 (Progress 2016-SFR2) single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $615.9 million. The ratings withdrawals follow the full repayment of the transaction’s KBRA rated securities, as reflected in the May 2019 trustee remittance report.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for TriState Capital Holdings, Inc.
22-May-2019

NEW YORK (May 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, preferred stock rating of BBB-, and short-term debt rating of K2 for Pittsburgh, Pennsylvania based TriState Capital Holdings, Inc. (NASDAQ: TSC) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A- and short-term deposit and debt ratings of K2 for TriState Capital Bank (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Releases Report Assigning AA Rating and Stable Outlook to Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds Series 2019-A and 2019-B
21-May-2019

NEW YORK (May 22, 2019) – On May 17, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA and Stable Outlook to the Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds, Series 2019-A (Capital Equipment) and Lease Revenue Refunding Bonds, Series 2019-B (Real Property). KBRA additionally affirmed the long-term rating of AA+ and Stable Outlook on the City of Los Angeles’ outstanding General Obligation Bonds.

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KBRA Releases Report Assigning an AA+ Rating to the City of Fort Worth General Purpose Bonds and Tax Notes, Series 2019
21-May-2019

NEW YORK (May 21, 2019) – On May 17, 2019, Kroll Bond Rating Agency (KBRA) assigned an AA+ rating with a Positive Outlook to the City of Fort Worth General Purpose Bonds, Series 2019 and Tax Notes, Series 2019. KBRA also affirmed the AA+ rating and revised the Outlook to Positive, from Stable, for the General Purpose Bonds, Series 2018 and Tax Notes, Series 2018. The Positive Outlook reflects economic strengthening, continued strong financial performance and the successful implementation of pension reforms. This rating assignment is based on KBRA’s U.S. Local General Obligation Rating Methodology.

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KBRA Removes Hercules Capital's BBB+ Ratings from Watch Developing and Affirms Ratings
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms Hercules Capital, Inc’s (“HTGC”, “Hercules”, “The Company”) BBB+ issuer and senior unsecured debt ratings and removes the ratings from Watch Developing where they were placed on March 13, 2019 following the announcement of Chairman and CEO, Manuel Henriquez’s indictment.

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2019-2 (ARRW 2019-2)
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to eight classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-2 (ARRW 2019-2), a $945.5 million non-prime RMBS transaction.

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KBRA Assigns Preliminary Ratings to CIM Trust 2019-INV2
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to thirty-one classes of mortgage pass-through certificates from CIM Trust 2019-INV2, a prime RMBS transaction, the second from Chimera Investment Corporation and backed exclusively by agency-eligible investment-purpose mortgage loans.

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KBRA Withdraws the Ratings on Diamond Resorts Owner Trust 2015-2
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining two classes of notes issued from Diamond Resorts Owner Trust 2015-2 (DROT 2015-2), a timeshare loan ABS transaction, which closed on November 17, 2015.  This action reflects the Issuer’s decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated November 17, 2015. The Issuer, elected the optional redemption because the note factor was less than or equal to 15% as of the most recent collection period, which ended on April 30, 2019.

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KBRA Affirms all Classes of Shops at Crystals 2016-CSTL
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Shops at Crystals 2016-CSTL, a $300.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Assigns AA Deposit Rating to The Toronto-Dominion Bank
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns a deposit rating of AA and short-term deposit rating of K1+ to The Toronto-Dominion Bank (NYSE: TD or “TD Group”), an international financial services group. KBRA also assigns deposit and senior unsecured debt ratings of AA- and short-term deposit and debt ratings of K1+ to TD Bank, N.A., the lead U.S. subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Releases Research - KBRA Zooms in on Canadian Energy
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) releases a new report focusing on Canadian Energy. As KBRA expands our energy sector coverage, we would be remiss if we overlooked what is taking place in Canada.

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KBRA Credit Profile (KCP) K-LOC Index: April 2019
21-May-2019

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of April.

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KBRA Withdraws Rating on COMM 2014-CCRE17
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2014-CCRE17 transaction following the full redemption of the rated security, as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of 245 Park Avenue Trust 2017-245P
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of 245 Park Avenue Trust 2017-245P, a CMBS single-borrower transaction, which is secured by a $500.0 million portion of a $1.2 billion whole loan.  The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to SpringCastle Funding Asset-Backed Notes 2019-A
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three class of SpringCastle Funding Asset-Backed Notes 2019-A (“SCFT 2019-A”), a consumer loan asset-backed securities transaction.

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KBRA Affirms the Long-term Rating of the City of Waterbury General Obligation Bonds
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) affirmed the AA- rating for the City of Waterbury’s general obligation bonds. The rating Outlook is Stable. This affirmation is based on KBRA’s U.S. Local Government General Obligation Methodology.

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KBRA Assigns Ratings for CLI Funding VI LLC
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings on six classes of notes issued by CLI Funding VI LLC.

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KBRA Assigns BBB- Rating to Autopistas Metropolitanas de Puerto Rico, LLC's 7.5% and 7.0% Senior Secured Notes Due 2035
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns a BBB- rating to the $181 million, 7.50% fixed rate, senior secured notes due 2038 and the $120 million, 7.00% fixed rate, senior secured notes Due 2038 (the “Notes”) issued by Autopistas Metropolitanas de Puerto Rico, LLC (“Metropistas”). At the same time, KBRA affirms its existing rating on the 6.75% Senior Secured Notes Due 2035. The outlook is Stable.

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KBRA Assigns Preliminary Ratings to Atlas Senior Loan Fund XIV Ltd.
20-May-2019

NEW YORK (May 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Atlas Senior Loan Fund XIV, Ltd. (Atlas XIV).

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KBRA Assigns AA Rating and Stable Outlook to Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds Series 2019-A and 2019-B
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA and Stable Outlook to the Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds, Series 2019-A (Capital Equipment) and Lease Revenue Refunding Bonds, Series 2019-B (Real Property). KBRA additionally affirms the long-term rating of AA+ and Stable Outlook on the City of Los Angeles’ outstanding General Obligation Bonds.

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KBRA Assigns an AA+ to the City of Fort Worth General Purpose Bonds, Series 2019 and the Tax Notes, Series 2019
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns an AA+ with a Positive Outlook to the City of Fort Worth General Purpose Bonds, Series 2019 and Tax Notes, Series 2019 and affirms the AA+ rating and revises the Outlook to Positive for the General Purpose Bonds, Series 2018 and Tax Notes, Series 2018. The Positive Outlook reflects economic strengthening, continued strong financial performance and the successful implementation of pension reforms. This rating assignment is based on KBRA’s U.S. Local General Obligation Rating Methodology.

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KBRA Withdraws the Class B Rating on DT Auto Owner Trust 2017-4
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class B notes issued from DT Auto Owner Trust 2017-4 (DTAOT 2017-4), an auto loan ABS transaction, which closed on November 15, 2017. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Withdraws the Ratings on DriveTime Auto Owner Trust 2015-2
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the one remaining class of notes issued from DriveTime Auto Owner Trust 2015-2 (DTAOT 2015-2), an auto loan ABS transaction that closed on June 17, 2015. This action reflects DriveTime’s decision to exercise the optional redemption of all outstanding notes. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the distribution date, April 30, 2019.

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KBRA Affirms Classes from ARRW 2018-1, FSMT 2018-3INV and SEMT 2018-CH2
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed Arroyo Mortgage Trust 2018-1 (ARRW 2018-1), Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV) and Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2), resulting in rating affirmations for all rated classes. ARRW 2018-1, FSMT 2018-3INV and SEMT 2018-CH2 each closed in May 2018, with underlying collateral pools consisting of non-prime mortgages, agency-eligible investment property mortgages and expanded prime mortgages, respectively.

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KBRA Releases New Update on Bermuda
17-May-2019

NEW YORK (May 17, 2019) – Bermuda was removed from the European Union’s (EU) blacklist for tax havens on May 17. This update is a follow-up to a Kroll Bond Rating Agency (KBRA) research note released on March 19, shortly after Bermuda was placed on the list. 

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KBRA Withdraws the Class A Rating on Upstart Securitization Trust 2017-2
17-May-2019

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws a rating on the Class A notes of Upstart Securitization Trust 2017-2 (UPST 2017-2), a consumer loan ABS transaction, which closed November 11, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Publishes Surveillance Report for Fortegra Financial Corporation
16-May-2019

NEW YORK (May 16, 2019) – On March 21, 2019, Kroll Bond Rating Agency (KBRA) affirmed the A- insurance financial strength ratings (IFSRs) for the key insurance subsidiaries of Fortegra Financial Corporation (Fortegra): Lyndon Southern Insurance Company; Insurance Company of the South; Response Indemnity Company of California; Life of the South Insurance Company; Southern Financial Life Insurance Company; and Bankers Life of Louisiana. Additionally, KBRA affirmed the BBB issuer rating and BBB- junior subordinated debt rating of Fortegra. The Outlook for all ratings is Stable. Fortegra is a leading provider of credit protection, warranty, and specialty underwriting products and services. The organization is headquartered in Jacksonville, Florida and part of the Tiptree Inc. family of companies (NASDAQ: TIPT).

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Banc of California, Inc.
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Santa Ana, California based Banc of California, Inc. (NYSE: BANC) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Banc of California, National Association, the lead subsidiary. The Outlook for all long-term ratings remains Negative.

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KBRA Assigns A- Rating to Air Lease Medium-Term Notes
16-May-2019

NEW YORK, NY (May 16, 2019) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) assigns a senior unsecured rating of A- with a Stable Outlook to the Medium-Term Notes, Series A, to be issued by Air Lease Corporation (NYSE: AL, “Air Lease” or “the Company”), an aircraft leasing company headquartered in Los Angeles, California. The company intends to use the proceeds for general corporate purposes, which may include the purchase of aircraft and the repayment of existing indebtedness. KBRA most recently affirmed the Company’s issuer and senior unsecured debt ratings of A- on December 14, 2018.

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KBRA Publishes Surveillance Report for Kingstone Companies, Inc. and Kingstone Insurance Company
16-May-2019

NEW YORK (May 16, 2019) – On May 3, 2019, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating (IFSR) of A- for Kingstone Insurance Company (KICO). Additionally, KBRA affirms the BBB- issuer rating and BBB- senior unsecured notes rating for KICO’s publicly-traded parent, Kingstone Companies, Inc. [NASDAQ: KINS]. KICO is a New York-domiciled multi-line regional property/casualty insurer headquartered in Kingston, New York. The Outlook for all ratings is Stable.

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KBRA Publishes Surveillance Report for Independent Life Insurance Company
16-May-2019

NEW YORK (May 16, 2019) – On May 2, 2019, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating (IFSR) of A- for Independent Life Insurance Company (Independent Life), a Texas-domiciled life insurance company that focuses exclusively on the structured settlement market. Independent Life is the underwriter within the Independent Insurance Group, which was formed in early 2018 via collaboration between management and LKCM Headwater Investments (LKCM-H), the private investment arm of Luther King Capital Management, a Fort Worth-based investment firm. The rating Outlook is Stable.

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KBRA Affirms All Classes of WFRBS 2013-C14
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2013-C14, a $1.3 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans (two of which are cross-collateralized and cross-defaulted).  The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of FREMF 2015-K45
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K45, a $1.6 billion CMBS conduit transaction collateralized by 74 commercial mortgage loans secured by 71 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Affirms All Classes of WFCM 2015-NXS2
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-NXS2, an $890.7 million CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 73 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Withdraws the Class A Rating on Flagship Credit Auto Trust 2017-1
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Flagship Credit Auto Trust 2017-1 (FCAT 2017-1), an auto loan ABS transaction that closed on February 2, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Class A Rating on Flagship Credit Auto Trust 2016-1
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Flagship Credit Auto Trust 2016-1 (FCAT 2016-1), an auto loan ABS transaction that closed on February 25, 2016. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Ratings on Flagship Credit Auto Trust 2014-2
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining three classes of notes issued from Flagship Credit Auto Trust 2014-2 (FCAT 2014-2), an auto loan ABS transaction, which closed on October 16, 2014. This action reflects the FCA Asset Securities LLC decision to exercise the optional redemption of all outstanding notes. FCA Asset Securities LLC elected the optional redemption because the pool factor was less than or equal to 10% as of the most recent collection period, which ended on April 30, 2019.

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KBRA Withdraws the Ratings on CarFinance Capital Auto Trust 2014-2
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining three classes of notes issued from CarFinance Capital Auto Trust 2014-2 (CFCAT 2014-2), an auto loan ABS transaction, which closed on August 7, 2014. This action reflects the CFC Funding LLC decision to exercise the optional redemption of all outstanding notes. CFC Funding LLC elected the optional redemption because the pool factor was less than or equal to 10% as of the most recent collection period, which ended on April 30, 2019.

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KBRA Affirms the Ratings on the Orange Lake Timeshare Trust 2016-A Transaction
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Orange Lake Timeshare Trust 2016-A (ONGLT 2016-A), a timeshare loan ABS transaction which closed on October 25, 2016. Although losses are above KBRA’s initial loss expectations, Orange Lake has repurchased and substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2019-3 Trust
16-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-3 (“SCLP 2019-3”). This is a $549.2 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2019-2
16-May-2019

NEW YORK (May 16, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2019-2 (“ACAR 2019-2” or the “Issuer”), an auto loan ABS transaction.

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KBRA Withdraws the Class A Rating on Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes issued from Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1, a consumer loan ABS transaction, which closed on September 28, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Assigns Final Rating to THL Credit Wind River 2019-3 Secured Note Ltd.
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one class of notes (Secured Notes) issued by THL Credit Wind River 2019-3 Secured Note Ltd. (THL 2019-3 Secured Note). The Secured Notes hold $5.00m of Class B, $10.00m of Class C, $5.00m of Class D, and $5.0m of the Subordinated Notes from THL Credit Wind River 2019-3 CLO Ltd., (THL 2019-3 CLO), a cash flow collateralized loan obligation (CLO) managed by THL Credit Advisors LLC (THL).

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KBRA Maintains Watch Developing on HASI SYB Trust 2015-1
15-May-2019

NEW YORK, NY (May 15, 2019) – Kroll Bond Rating Agency (KBRA) maintains ratings on Watch Developing on two classes of bonds from HASI SYB Trust 2015-1, a securitization of the contractual rights to payments associated with ground leases for utility scale projects.

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KBRA Takes Rating Actions on Marlette Funding Trust
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on seven Marlette Funding Trust transactions. In total, fourteen notes were upgraded, and five notes were affirmed. The data used are current as of the April 15, 2019 distribution period. No rating actions were taken on the Marlette Funding Trust 2018-4 and Marlette Funding Trust 2019-1 transactions because they have less than 6 months of seasoning. The breakeven loss multiples and increases in credit enhancement for each class of notes were sufficient for their respective upgrades and affirmations.

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KBRA Assigns Ratings to Morgan Stanley Capital I Trust 2019-BPR
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of Morgan Stanley Capital I Trust 2019-BPR, a CMBS single borrower securitization.

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KBRA Publishes Surveillance Report for Financial Institutions, Inc.
15-May-2019

NEW YORK (May 15, 2019) – On March 28, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Warsaw, NY-based Financial Institutions, Inc. (NASDAQ: FISI) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its principal operating subsidiary, Five Star Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for MAPS 2018-1 Limited
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on Series A Notes, Series B Notes and Series C Notes (collectively, the “Notes”), of MAPS 2018-1 Limited, an aircraft ABS transaction, which closed on May 15, 2018. There are currently 25 aircraft on lease to 16 airlines located in 12 countries in the portfolio.

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KBRA Assigns Preliminary Ratings to SGCP 2019-FL2
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of SGCP 2019-FL2, a $453.7 million commercial real estate collateralized loan obligation (CRE CLO) transaction

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KBRA Assigns Preliminary Ratings to JOL Air Limited
15-May-2019

DUBLIN (May 15, 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to two classes of notes (the “Notes”) issued by JOL Air Limited (“JOL Air”).

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KBRA Takes Rating Action on Veros Auto Receivables Trust 2017-1
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class A and Class B notes and affirms the ratings on the Class C notes issued under Veros Auto Receivables Trust 2017-1 (“VEROS 2017-1”), an auto loan ABS transaction which closed on October 31, 2017.

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KBRA Assigns Preliminary Ratings to BSPRT 2019-FL5
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of BSPRT 2019-FL5, a $810.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a 24-month reinvestment period, which includes a six-month ramp-up period.

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KBRA Affirms Ratings on Small Business Origination Loan Trust 2018-1 DAC (SBOLT 2018-1)
15-May-2019

DUBLIN ( 15 May 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms the ratings of four classes of notes issued by Small Business Origination Loan Trust 2018-1 DAC (“SBOLT 2018-1”), an ABS securitisation that closed on 15 May 2018.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for First Busey Corporation
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Champaign, Illinois based First Busey Corporation (NASDAQ: BUSE) (“BUSE” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, Busey Bank. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Short-Term Rating of K1+ to the MTA Transportation Revenue Bond Anticipation Notes Series 2019B
15-May-2019

NEW YORK (May 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns a short-term rating of K1+ to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bond Anticipation Notes Series 2019B consisting of Subseries 2019B-1 and Subseries 2019B-2.

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KBRA Assigns Preliminary Ratings to Scorpio (European Loan Conduit No. 34) DAC
15-May-2019

DUBLIN ( 15 May 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of Scorpio (European Loan Conduit No. 34) DAC, a CMBS single-borrower securitisation.

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KBRA Upgrades Two Classes and Affirms All Other Classes of WFRBS 2013-UBS1
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B certificates from AA (sf) to AA+ (sf) and the Class C certificates from A (sf) to A+ (sf), and affirms all other outstanding ratings of WFRBS 2013-UBS1, a $541.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 83 properties. The upgrades reflect the increased certificate credit enhancement (C/E) levels due to loan payoffs and deleveraging from amortization. A total of seven loans, with an original balance of $158.4 million (21.8% of the issuance pool balance), have been repaid in full, all of which except one (0.8%), paid off since KBRA's last rating action in 2018. In addition, five loans, totaling $55.7 million (10.3% of the current pool balance), have fully defeased since securitization, of which two (7.5%), defeased since KBRA's last rating action. In total, the transaction balance has decreased by 25.5% since issuance. In addition, three top-five loans (33.1%) have KBRA Performance Outlooks (KPOs) of Outperform.

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KBRA Withdraws Ratings on STACR 2015-HQ1, CAS 2016-C02 and STACR 2016-HQA3
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related remittance reports did not reflect any accumulated interest shortfalls or principal writedowns. 

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KBRA Monitoring COMM 2015-CCRE25 Due to Special Servicing Transfer
14-May-2019

NEW YORK, NY (May 14, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring COMM 2015-CCRE25, a $1.1 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s second largest loan, Shopko Industrial Portfolio ($49.6 million, 4.5% of the pool balance). The May 2019 remittance indicated that the master servicer, Wells Fargo Bank, National Association, transferred the loan to the special servicer CW Capital Asset Management LLC on April 17, 2019, due to imminent monetary default.

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KBRA Assigns Final Ratings to Notes Issued by DT Auto Owner Trust 2019-2
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by DT Auto Owner Trust 2019-2 (“DTAOT 2019-2”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to HPLY Trust 2019-HIT
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of HPLY Trust 2019-HIT, an $826.5 million CMBS single-borrower securitization.

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KBRA Assigns Ratings to WFCM 2019-C50
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of WFCM 2019-C50 (see ratings list below), a $938.0 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 346 properties.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Berkshire Hills Bancorp, Inc.
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Boston, Massachusetts based Berkshire Hills Bancorp, Inc. (NYSE: BHLB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Berkshire Bank (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Releases Bank Talk: The After-Show
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director at KBRA.

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KBRA Affirms the Ratings on STEAM 2018-1
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on three note classes of STEAM 2018-1, a railcar leasing securitization

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KBRA Releases Report Upgrading San Diego Unified School District to AAA with a Stable Outlook
14-May-2019

NEW YORK (May 14, 2019) –On May 9, 2019, Kroll Bond Rating Agency (KBRA) upgraded the long-term rating on certain San Diego Unified School District’s bonds (see rating table in the report) to AAA from AA+. This rating change reflects the strong tax base performance, the strong legal protections for debt repayment, as well as the District’s improved financial profile. The Outlook is Stable.

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KBRA Assigns Preliminary Ratings to GACM 2019-FL1
14-May-2019

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of GACM 2019-FL1, a $625.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with an 18-month reinvestment period, which includes a six-month ramp-up period.

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KBRA Withdraws Rating for COMM 2014-CCRE16
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2014-CCRE16 transaction following the full redemption of the rated security, as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Publishes Surveillance Report for Gleaner Life Insurance Society
13-May-2019

NEW YORK (May 13, 2019) – On March 21, 2019, Kroll Bond Rating Agency (KBRA) affirmed the A- insurance financial strength rating (IFSR) of Gleaner Life Insurance Society (Gleaner), a fraternal benefit society domiciled in Adrian, Michigan. The Outlook for the rating is Stable.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Heritage Commerce Corp
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for San Jose, California based Heritage Commerce Corp (NASDAQ: HTBK) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2 for Heritage Bank of Commerce, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of FREMF 2013-K27
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2013-K27, a $1.5 billion CMBS multi-borrower transaction collateralized by 77 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2019-2
13-May-2019

NEW YORK, NY (May 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Issuance Trust 2019-2 (PMIT 2019-2). This is a $174.243 million consumer loan ABS transaction.

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KBRA Affirms All Classes of BANK 2018-BNK12
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BANK 2018-BNK12, a $895.2 million CMBS conduit transaction collateralized by 63 commercial mortgage loans. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Withdraws the Class A Rating on Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes issued from Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1, a consumer loan ABS transaction, which closed on March 21, 2018. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Affirms All Classes of WFRBS 2012-C7
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2012-C7, a $941.0 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 64 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1)
13-May-2019

NEW YORK, NY (May 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules.  For 7 loans (0.7%) the designation is QM even though the borrower’s DTI may be above 43%, due to a temporary exemption afforded to GSE-eligible loans under the Ability-to-Repay (ATR) rules.

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KBRA Withdraws Rating for COMM 2014-CCRE21
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2014-CCRE21 transaction following the full redemption of the rated security as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for CGCMT 2015-GC27
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the CGCMT 2015-GC27 transaction following the full redemption of the rated security, as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for CGCMT 2012-GC8
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-3 of the CGCMT 2012-GC8 transaction following the full redemption of the rated security, as reflected in the transaction’s May 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to BANK 2019-BNK18
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK18 (see ratings list below), a $1.05 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 243 properties.

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KBRA Assigns Preliminary Ratings to Pioneer Aircraft Finance Limited
13-May-2019

DUBLIN, IRELAND (May 13, 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigned preliminary ratings to three series of notes (the “Notes”) issued by Pioneer Aircraft Finance Limited (“Pioneer Cayman”) and Pioneer Aircraft Finance LLC (“Pioneer USA”, and, together with Pioneer Cayman, “Pioneer”, or the “Issuers”).

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-2 (SEMT 2019-2)
13-May-2019

NEW YORK, NY (May 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-2 (SEMT 2019-2), a prime RMBS transaction. SEMT 2019-2 contains both prime jumbo (73.6%) and high-balance conforming (26.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to BBCMS 2019-C3
13-May-2019

NEW YORK (May 13, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BBCMS 2019-C3 (see ratings list below), a $936.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 517 properties.

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KBRA Assigns Preliminary Ratings to Arroyo Mortgage Trust 2019-2 (ARRW 2019-2)
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-2 (ARRW 2019-2), a $960.0 million non-prime RMBS transaction.

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KBRA Upgrades and Affirms Classes from Seven Prime RMBS Transactions
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed seven prime RMBS transactions, resulting in rating upgrades for 13 classes and rating affirmations for 267 classes. The transactions reviewed include Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4), J.P. Morgan Mortgage Trust 2013-2 (JPMMT 2013-2), JPMMT 2015-3, JPMMT 2017-2, Sequoia Mortgage Trust 2015-3 (SEMT 2015-3), SEMT 2016-1 and WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4).

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KBRA Releases Report Affirming Ratings and Outlook for the Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds
10-May-2019

NEW YORK (May 10, 2019) – On May 7, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA and Stable Outlook on the Pennsylvania Turnpike Commission (PTC) Oil Franchise Tax Senior Revenue Bonds. KBRA additionally affirmed the long-term rating of AA- and Stable Outlook on the Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated Revenue Bonds.

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KBRA Affirms All Classes of COMM 2015-LC21
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-LC21, a $1.3 billion CMBS conduit transaction collateralized by 100 commercial mortgage loans secured by 180 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Releases Research: Challenges Facing Midtown Manhattan Office May Not Be Ominous for CMBS
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) releases its Challenges Facing Midtown Manhattan Office May Not Be Ominous for CMBS research report, which summarizes CMBS Midtown office collateral exposure to the challenges facing midtown Manhattan Office.

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KBRA Affirms All Classes of GSMS 2014-GC22
10-May-2019

NEW YORK, NY (May 10, 2019) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-C22, a $847.8 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 85 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Releases Report Affirming State of New York General Obligation Bonds Rating of AA+ with a Stable Outlook
10-May-2019

NEW YORK (May 10, 2019) – On May 6, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA+ and Stable Outlook on the State of New York’s outstanding general obligation bonds.

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KBRA Affirms All Classes of WFCM 2015-C28
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-C28, a $1.12 billion CMBS conduit transaction collateralized by 93 loans secured by 130 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Affirms All Classes of CFCRE 2016-C4
10-May-2019

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2016-C4, an $819.1 million CMBS conduit transaction collateralized by 50 commercial mortgage loans (two of which are cross-collateralized and cross-defaulted) secured by 152 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Upgrades the Ratings on the ACC Trust 2018-1 Transaction
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on all three classes of notes on the ACC Trust 2018-1 (“ACC 2018-1”) transaction, an ABS auto lease transaction which closed on May 9, 2018. These rating actions reflect the fact that losses are in line with KBRA’s initial loss expectations while the credit enhancement has built for each class of notes. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A notes, Class B notes and Class C notes.

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KBRA Upgrades San Diego Unified School District to AAA with a Stable Outlook
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the long-term rating on certain San Diego Unified School District’s bonds (see table below) to AAA from AA+. This rating change reflects the strong tax base performance, the strong legal protections for debt repayment, as well as the District’s improved financial profile. The Outlook is Stable.

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KBRA Downgrades One Class and Affirms All Other Classes of COMM 2013-CCRE12
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class E certificates from B+ (sf) to B (sf) and affirms all of the other outstanding ratings on COMM 2013-CCRE12, a $1.0 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 84 properties. The downgrades are primarily driven by KBRA’s projected losses on the pool's six REO assets (7.5%) and one 90+ days delinquent loan (1.2%).

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KBRA Affirms All Classes of WFCM 2015-C29
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-C29, a $1.1 billion CMBS conduit transaction collateralized by 132 commercial mortgage loans secured by 145 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance. 

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KBRA Affirms All Classes of BACM 2016-UBS10
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BACM 2016-UBS10, an $859.5 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 84 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Structured Finance Named Securitization Research Team of the Year
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce that its Structured Finance team was named Securitization Research Team of the Year at the GlobalCapital U.S. Securitization Awards Dinner on May 8 at the Metropolitan Club in New York.

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KBRA Releases CREFC Summit-West: Day 2 Recap
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) releases a recap of the final day of the 2019 Commercial Real Estate Finance Summit-West conference held on May 7-8 in Santa Monica, California.

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KBRA Assigns Rating of A- to the KKR REIGN I Ltd Return-Enhanced Investment Grade Notes
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) assigns a rating of A- to the KKR Return-Enhanced Investment Grade Notes (REIGN).  

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KBRA Assigns Preliminary Ratings to ARCREN 2019-FL1
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of ARCREN 2019-FL1, a $650.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a three-year reinvestment period, which includes a 120-day ramp-up period.

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KBRA Affirms All Classes of JPMCC 2015-FRR2
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2015-FRR2, a re-securitization of six certificates from two separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. JPMCC 2015-FRR2 is a re-securitization of two principal only (PO) and four interest only (IO) certificates (the collateral securities) from two different fixed-rate Freddie Mac K-Series multifamily securitizations: FREMF 2014-K36 and FREMF 2014-K39 (the underlying trusts). The collateral securities for this re-securitization consist of the most subordinate principal only class from each underlying trust and one or more interest only classes from the related underlying trust. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Releases Monthly Auto Loan Indices for April
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of April and adds loan level transition matrices to its monthly reporting package.

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KBRA Affirms All Classes of FREMF 2014-K39
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2014-K39, a $1.3 billion CMBS multi-borrower transaction collateralized by 105 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Affirms Issuer Rating for Millennium Consolidated Holdings, LLC
09-May-2019

NEW YORK, NY (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BBB- for Charlotte, North Carolina based Millennium Consolidated Holdings, LLC (“MCH”). Additionally, KBRA affirms the issuer rating of BBB for the wholly-owned lead operating subsidiary, Millennium Advisors, LLC (“MADV” or “the Firm”), an SEC-registered broker-dealer firm. The ratings Outlook is Stable.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for First Commonwealth Financial Corporation
09-May-2019

NEW YORK (May 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Indiana, Pennsylvania based First Commonwealth Financial Corporation (NYSE: FCF) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for First Commonwealth Bank, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Releases CREFC Summit-West: Day 1 Recap
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) was among the approximately 240 attendees at the 2019 Commercial Real Estate Finance Summit-West conference held on May 7-8 in Santa Monica, California.

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KBRA Withdraws the Class B Rating on Marlette Funding Trust 2016-1
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Marlette Funding Trust 2016-1 (MLFT 2016-1), a consumer loan ABS transaction, which closed on August 2, 2016. This action reflects the fact that Class B note has been paid in full as of April 30, 2019.

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KBRA Withdraws the Class A Rating on Marlette Funding Trust 2017-1
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Marlette Funding Trust 2017-1 (MLFT 2017-1), a consumer loan ABS transaction, which closed on March 23, 2017. This action reflects the fact that Class A note has been paid in full as of April 30, 2019.

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KBRA Withdraws the Class A Rating on Marlette Funding Trust 2017-2
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Marlette Funding Trust 2017-2 (MLFT 2017-2), a consumer loan ABS transaction, which closed on June 29, 2017. This action reflects the fact that Class A note has been paid in full as of April 30, 2019.

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KBRA Assigns Preliminary Ratings to THL Credit Wind River 2019-3 CLO Secured Note Ltd.
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes (Secured Notes) issued by THL Credit Wind River 2019-3 Secured Note Ltd. (THL 2019-3 Secured Note). The Secured Notes hold $5.00m of Class B, $10.00m of Class C, $5.00m of Class D, and $5.0m of the Subordinated Notes from THL Credit Wind River 2019-3 CLO Ltd., (THL 2019-3 CLO), a cash flow collateralized loan obligation (CLO) managed by THL Credit Advisors LLC (THL).

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KBRA Affirms All Classes of UBS-BAMLL Trust 2012-WRM
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of UBS-BAMLL 2012-WRM, a $415.0 million CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has exhibited relatively stable performance since last review. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the Galleria at Roseville loan and has revised the KPO for MainPlace Mall to Underperform from Perform. In determining the KPO revision, KBRA considered the decline in operating performance of the collateral since issuance and a higher KLTV.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2019-2
08-May-2019

NEW YORK (May 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-2 (“FCAT 2019-2”), an auto loan ABS transaction.

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KBRA Affirms the Ratings for TruPS Financials Note Securitization 2018-1 Ltd
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on four note classes of TruPS Financials Note Securitization 2018-1 (TFINS 2018-1).

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KBRA Affirms Ratings and Outlook for the Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA and Stable Outlook on the Pennsylvania Turnpike Commission (PTC) Oil Franchise Tax Senior Revenue Bonds. KBRA additionally affirms the long-term rating of AA- and Stable Outlook on the Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated Revenue Bonds.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2019-2 Trust
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-2 (SCLP 2019-2). This is a $549 million consumer loan ABS transaction.

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KBRA Affirms All Classes of MSBAM 2013-C10
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C10, a $1.3 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 68 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Assigns Ratings to Freddie Mac's STACR 2019-HQA2
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 23 classes from Structured Agency Credit Risk (STACR®) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2, a credit risk sharing transaction with a total note offering of $615,000,000. Structured Agency Credit Risk (STACR®) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2 (STACR 2019-HQA2) features credit exposure to Reference Obligations with original loan-to-value (LTV) ratios greater than 80% but less than or equal to 97%. The Offered Notes represent obligations of the STACR 2019-HQA2 Trust in a credit-linked note structure governed by a Credit Protection Agreement (CPA) between the Trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2019-HQA2 Reference Pool.

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KBRA Affirms All Classes of COMM 2012-CCRE1
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2012-CCRE1, a $707.5 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 56 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance. 

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KBRA Withdraws the Class A Rating on American Credit Acceptance Receivables Trust 2017-4
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the American Credit Acceptance Receivables Trust 2017-4 (ACAR 2017-4), an auto loan ABS transaction that closed December 14, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2017-3
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2017-3 (ACAR 2017-3), an auto loan ABS transaction that closed September 7, 2017. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Releases Monthly CMBS Trend Watch
07-May-2019

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) releases April’s CMBS Trend Watch.

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KBRA Releases Research Report - Texas Hospital Districts: A Rating Approach That Reflects Texas Law
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) releases its Texas Hospital Districts: A Rating Approach That Reflects Texas Law research report, following the U.S. First Circuit Court of Appeals ruling on March 26 to uphold Judge Swain’s decision regarding special revenue provisions of the Bankruptcy Code. Despite this judicial development, KBRA notes that the specific language within state law is a key consideration for how special revenues are treated in a bankruptcy.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2017-2
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2017-2 (ACAR 2017-2), an auto loan ABS transaction that closed June 1, 2017. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Releases Rating Report on TBTA General Revenue Bonds Series 2019A
06-May-2019

NEW YORK (May 6, 2019) – On May 2, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a Stable Outlook to the Triborough Bridge and Tunnel Authority (TBTA) General Revenue Bonds Series 2019A.

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KBRA Affirms State of New York General Obligation Bonds at AA+ with Stable Outlook
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA+ and stable outlook on the State of New York’s outstanding general obligation bonds.

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KBRA Affirms All Classes of CLNS Trust 2017-IKPR
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CLNS Trust 2017-IKPR, a $754.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Upgrades the Rating on NMEF Funding 2015-A, LLC
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) is upgrading the rating on the Class B Notes (together, the “Notes”) as the deal has outperformed KBRA’s original expectations.

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KBRA Assigns a Long-Term Rating of AA with a Stable Outlook to the TBTA General Revenue Bonds Series 2019A
06-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA with a Stable Outlook to the Triborough Bridge and Tunnel Authority (TBTA) General Revenue Bonds Series 2019A.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2016-2
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2016-2 (“ACAR 2016-2”), an auto loan ABS transaction that closed April 22, 2016. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Releases U.S. Bank Ratings Compendium for First-Quarter 2019
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) releases its latest U.S. Bank Ratings Compendium, which analyzes the 1Q results of U.S. banks with KBRA long-term ratings.

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KBRA Withdraws the Ratings on American Credit Acceptance Receivables Trust 2015-3
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the American Credit Acceptance Receivables Trust 2015-3 (“ACAR 2015-3”), an auto loan transaction which closed October 8, 2015. The optional redemption was exercised as a result of the pool factor being less than or equal to 15.00%.

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KBRA Assigns Preliminary Ratings to GSMS 2019-GC39
06-May-2019

NEW YORK (May 6, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of GSMS 2019-GC39 (see ratings list below), a $802.5 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 64 properties.

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KBRA Releases Rating Report on the MTA Transportation Revenue Bonds Series 2019B (Climate Bond Certified)
03-May-2019

NEW YORK (May 3, 2019) – On May 2, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Negative Outlook to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds Series 2019B (Climate Bond Certified).

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KBRA Affirms All Classes of JPMBB 2013-C12
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2013-C12, a $985.5 million CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 82 properties. The affirmations follow a surveillance review of 

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KBRA Withdraws Two Classes and Upgrades All Other Classes of RCMF 2017-FL1
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class D notes from BBB+ (sf) to AA (sf), the Class E notes from BB- (sf) to A (sf), and the Class F notes from B- (sf) to BB (sf), for RCMF 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited reinvestment ability. The notes are removed from Watch Upgrade where they were placed on February 28, 2019. In addition, KBRA withdraws its AA+ (sf) and AA- (sf) ratings from the Class B and C notes, respectively, following the reduction of the principal balances to zero, as reflected in the transaction’s April 2019 remittance report. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of 13 loans (31.6% of the issuance collateral balance) since KBRA’s last rating action in August 2018.

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KBRA Takes Rating Actions on Flagship Credit and CarFinance Capital Auto Trusts
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on fourteen Flagship Credit Auto Trust (FCAT) and two CarFinance Capital Auto Trust (CFCAT) transactions. In total, 44 classes of notes were affirmed and 21 were upgraded. The data used is as of the March 31, 2019 collection period. No rating actions were taken on FCAT 2018-4 or FCAT 2019-1, since these transactions are less than six months seasoned. The rating actions reflect the fact that credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Affirms Ratings for Kingstone Companies, Inc. and Kingstone Insurance Company
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A- for Kingstone Insurance Company (KICO). Additionally, KBRA affirms the BBB- issuer rating and BBB- senior unsecured notes rating for KICO’s publicly-traded parent, Kingstone Companies, Inc. [NASDAQ: KINS]. KICO is a New York-domiciled multi-line regional property/casualty insurer headquartered in Kingston, New York. The Outlook for all ratings is Stable.

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KBRA Affirms BBB/K2 Ratings of the Portuguese Republic
03-May-2019

DUBLIN (03 May 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms the BBB long-term issuer ratings of the Portuguese Republic. KBRA also affirms the K2 short-term issuer ratings of the sovereign. The long-term ratings carry a Stable Outlook.

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KBRA Assigns Final Ratings to GLS Auto Receivables Issuer Trust 2019-2
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-2 (GCAR 2019-2 or “the Issuer”), an auto loan ABS transaction.

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KBRA Releases Marketplace Consumer Loan Indices for April
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) releases its Marketplace Consumer Loan Indices for April.

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KBRA Affirms the Rating on the Morgan Stanley Resecuritization Pass-Through 2018-SC1 Transaction
03-May-2019

NEW YORK (May 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on one class of notes issued by Morgan Stanley Resecuritization Pass-Through Trust 2018-SC1 (“MSRP 2018-SC1”). This transaction was the securitization of the consumer loan asset-backed trust certificates issued by SoFi Consumer Loan Program 2015-1 Trust (“SCLP 2015-1”) and supported by a portfolio of prime unsecured personal loans (“Underlying Loans”) that were originated by SoFi Lending Corp (“SoFi”).

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KBRA Affirms All Classes of GPMT 2018-FL1
03-May-2019

NEW YORK, NY (May 3, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GPMT 2018-FL1, a $721.6 million commercial real estate collateralized loan obligation (CRE CLO) transaction comprised of 19 floating-rate loans ($674.6 million) and $46.9 million in cash collateral. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Long-Term Rating of AA+ with Negative Outlook to MTA Transportation Revenue Bonds Series 2019B (Climate Bond Certified)
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Negative Outlook to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds Series 2019B (Climate Bond Certified).

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KBRA Publishes Surveillance Report for Univest Financial Corporation
02-May-2019

NEW YORK (May 2, 2019) – On April 24, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Souderton, Pennsylvania based Univest Financial Corporation (NASDAQ: UVSP) (“Univest” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Univest Bank and Trust Co. The Outlook for all long-term ratings is Stable. 

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KBRA Affirms the Ratings on Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1. The transaction closed on April 19, 2017.

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KBRA Affirms Senior Unsecured Debt Rating of A- for Preferred Bank
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for Los Angeles, California based Preferred Bank (NASDAQ: PFBC, “the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Affirms Rating for Independent Life Insurance Company
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A- for Independent Life Insurance Company (Independent Life), a Texas-domiciled life insurance company that focuses exclusively on the structured settlement market. Independent Life is the underwriter within the Independent Insurance Group, which was formed in early 2018 via collaboration between management and LKCM Headwater Investments, the private investment arm of Luther King Capital Management, a Fort Worth-based investment firm. The rating outlook is Stable.

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KBRA Affirms Ratings for Nordic Aviation Capital Designated Activity Company
02-May-2019

NEW YORK, NY (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BBB+ and the senior unsecured debt rating of BBB for Nordic Aviation Capital Designated Activity Company (NAC or “the Company”), the largest regional aircraft lessor in the world. The Outlook for the ratings is Stable.

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KBRA Upgrades and Affirms Classes from COLT 2017-1
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) has reviewed COLT Mortgage Loan Trust 2017-1 (COLT 2017-1), resulting in the affirmation of the Class A-1 Certificates at ‘AAA (sf)’ and the upgrades of Classes A-2, A-3, M-1, B-1 and B-2. In performing these rating actions, KBRA considered underlying collateral performance, updated expected loss estimates, deal structure and credit enhancement levels.

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KBRA Assigns Final Rating to Hayfin Kingsland X Ltd.
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to the Class A Loans issued by Hayfin Kingsland X, Ltd. (Hayfin Kingsland X).

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KBRA Releases Report Affirming an AAAkf Fund Rating for the TexasTERM Portfolio Prime Series (TEXAS)
02-May-2019

NEW YORK (May 2, 2019) – On April 19, 2019, Kroll Bond Rating Agency (KBRA) affirmed an AAAkf Fund Rating for Texas TERM Local Government Investment Program’s TexasTERM Portfolio Prime Series.

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KBRA Releases Report Affirming an AAAkf Fund Rating for the Missouri Securities Investment Program MOSIP Term Portfolio (MOSIP)
02-May-2019

NEW YORK (May 2, 2019) – On April 19, 2019, Kroll Bond Rating Agency (KBRA) affirms an AAAkf Fund Rating for the Missouri Securities Investment Program MOSIP Term Portfolio.

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KBRA Releases Report Affirming an AAAkf Fund Rating for the Minnesota School District Liquid Asset Fund Plus MSDLAF+ Term Portfolio (MSDLAF+)
02-May-2019

NEW YORK (May 2, 2019) – On April 19, 2019, Kroll Bond Rating Agency (KBRA) affirmed an AAAkf Fund Rating for the Minnesota School District Liquid Asset Fund Plus MSDLAF+ Term Portfolio.

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KBRA Releases Report Affirming an AAAkf Fund Rating for the Michigan Liquid Asset Fund Plus Michigan Term Portfolio (MILAF+)
02-May-2019

NEW YORK (May 2, 2019) – On April 19, 2019, Kroll Bond Rating Agency (KBRA) affirmed an AAAkf Fund Rating for the Michigan Liquid Asset Fund Plus Michigan Term Portfolio.

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KBRA Releases Report Affirming an AAAkf Fund Rating for the Florida Education Investment Trust Fund FEITF TERM Portfolio (FEITF)
02-May-2019

NEW YORK (May 2, 2019) – On April 19, 2019, Kroll Bond Rating Agency (KBRA) affirmed an AAAkf Fund Rating for the Florida Education Investment Trust Fund FEITF TERM Portfolio.

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KBRA Affirms All Classes of COMM 2014-UBS4
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-UBS4, a $1.2 billion CMBS conduit transaction collateralized by 82 commercial mortgage loans secured by 100 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Publishes Surveillance Report for Flagstar Bancorp, Inc.
02-May-2019

NEW YORK (May 2 2019) – On April 4, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Troy, Michigan based Flagstar Bancorp, Inc. (NYSE: FBC) (“Flagstar” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Flagstar Bank, FSB, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Notes Issued by DT Auto Owner Trust 2019-2
02-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by DT Auto Owner Trust 2019-2 (“DTAOT 2019-2”), an auto loan ABS transaction.

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KBRA Releases Research Report: The Latest Trends in the Global Airline Industry
01-May-2019

NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) releases The Latest Trends in the Global Airline Industry research report, which provides an overview of the challenges facing the global airline sector as well as outlines key themes in the space.

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KBRA Affirms All Classes of GSMS 2017-GS6
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-GS6, a $955.4 million CMBS conduit transaction collateralized by 33 loans secured by 73 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.  

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KBRA Affirms All Classes of MSBAM 2014-C18
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2014-C18, a $966.3 million CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 90 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Publishes Rating Report for National Storage Affiliates Trust
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) publishes a rating report for National Storage Affiliates Trust. The report follows KBRA’s April 17 assignment of a BBB issuer rating with Stable Outlook to NSA OP, LP, the operating partnership subsidiary of National Storage Affiliates Trust (“NSA”), and of a BBB- rating to NSA’s outstanding perpetual preferred shares. 

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KBRA Affirms All Classes of GSMS 2015-GC30
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC30, a $1.2 billion CMBS conduit transaction collateralized by 88 commercial mortgage loans secured by 163 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance. 

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KBRA Affirms all Classes of BAMLL Trust 2011-FSHN
01-May-2019

NEW YORK (May 1, 2019)  Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL Trust 2011-FSHN, a $410.0 million CMBS single borrower transaction. The transactions outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time. KBRA maintains a KBRA Performance Outlook (KPO) of Outperform for the loan.
 

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KBRA Assigns Final Ratings to Marlette Funding Trust 2019-2
01-May-2019

NEW YORK, NY (May 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of notes issued by Marlette Funding Trust 2019-2 (MFT 2019-2). This is a $329.051 million consumer loan ABS transaction.

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KBRA Issues Marathon 2018-FL1 Reinvestment Update on 11.7% of Mortgage Collateral
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) following a request from the collateral manager, Marathon Asset Management, L.P. (Marathon), with respect to the proposed acquisition of two reinvestment mortgage assets for Marathon 2018-FL1. The acquisition took place on April 17, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Affirms All Classes of ACM 2016-1
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of ACM 2016-1, a $197.2 small balance seasoned commercial loan transaction secured by 66 commercial mortgage loans and 76 properties. The affirmations follow a surveillance review of the transaction, which has exhibited improved credit metrics since issuance. Although the WA KLTV, KDSC, and current credit enhancement of the rated securities indicate a positive trend, 31 of the watchlist loans (47.2% of current pool balance) have failed to submit financial statements post full-year (FY) 2017.

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KBRA Publishes Surveillance Report for ServisFirst Bancshares, Inc.
01-May-2019

NEW YORK (May 1, 2019) – On April 23, 2019, Kroll Bond Rating Agency affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Birmingham, Alabama based ServisFirst Bancshares, Inc. (NASDAQ: SFBS) (“ServisFirst” or “the Company”). Additionally, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, ServisFirst Bank. The Outlook for all long-term ratings is Stable.   

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KBRA Assigns Preliminary Ratings for CLI Funding VI LLC
01-May-2019

NEW YORK (May 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings on seven classes of notes issued by CLI Funding VI LLC.

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KBRA Affirms All Classes of CSAIL 2015-C2
30-Apr-2019

NEW YORK (April 30, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2015-C2, a $1.3 billion CMBS conduit transaction collateralized by 115 commercial mortgage loans (two of which are cross-collateralized and cross-defaulted), secured by 146 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Assigns BBB- Rating to the San Bernardino County Transportation Authority Toll Revenue Second Lien Obligation, 2019 TIFIA Series
30-Apr-2019

NEW YORK (April 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns a rating of BBB- to the San Bernardino County Transportation Authority (SBCTA) Toll Revenue Second Lien Obligation, 2019 TIFIA Series, which evidences the loan of $225 million from the United States Department of Transportation to the SBCTA. The TIFIA loan constitutes federal project credit assistance under the Transportation Infrastructure Finance and Innovation Act for the I-10 Corridor Contract 1 Project (“the Project”) located in San Bernardino County, California.

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KBRA Publishes Surveillance Report for Aviation Capital Group LLC
30-Apr-2019

NEW YORK (April 30, 2019) – On March 22, 2019, Kroll Bond Rating Agency (KBRA) affirmed the issuer and senior unsecured rating of A for Aviation Capital Group LLC (“ACG” or “the Company”), an aircraft leasing company headquartered in Newport Beach, California. The Outlook on the ratings is Stable.

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KBRA Assigns Ratings to CF 2019-CF1
30-Apr-2019

NEW YORK (April 30, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of CF 2019-CF1 (see ratings list below), a $662.0 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 60 properties.

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KBRA Takes Rating Actions on Four OneMain Holdings' Transactions
30-Apr-2019

NEW YORK (April 30, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings of twelve classes of notes and upgrades the ratings of four classes of notes on four OneMain Holdings’ transactions. The rating actions are reflective of break-even multiples and the fact that credit enhancement has increased for all the classes of notes.

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KBRA Affirms the Rating for GoodGreen 2018-1
29-Apr-2019

NEW YORK (April 29, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating to one class of notes from GoodGreen 2018-1. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assessments.

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KBRA Assigns Final Ratings to FREMF 2019-K91 and Freddie Mac Structured Pass-Through Certificates K-091
29-Apr-2019

NEW YORK (April 29, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of final ratings to nine classes of FREMF Series 2019-K91 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-091 (see ratings list below). FREMF Series 2019-K91 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2019-K91 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Releases Tax Collections for CT, NJ, and NY Show Common Themes
29-Apr-2019

NEW YORK (April 29, 2019) – Kroll Bond Rating Agency (KBRA) releases its Tax Collections for CT, NJ, and NY Show Common Themes research piece. The piece examines revenue collection reports for the three states through the month of March 2019 and emphasizes the similar patterns seen in these jurisdictions.

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KBRA Takes Rating Actions of Tidewater Auto Receivables Trust
26-Apr-2019

NEW YORK (April 26, 2019) – Kroll Bond Rating Agency (KBRA) takes rating action on two Tidewater Auto Receivables Trust (“Tidewater”) transactions. In total, six notes were affirmed and two were upgraded. The data used for this review is as of the March 2019 collection period. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations and credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes are sufficient for their respective affirmations and upgrades.

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KBRA Affirms the Ratings on TES 2017-1, LLC, Series 2017-1
26-Apr-2019

NEW YORK (April 26, 2019) – Kroll Bond Rating Agency (KBRA) is affirming the ratings and removes the watch downgrade on TES 2017-1, LLC, Series 2017-1, a residential distributed generation solar securitization. The transaction closed on November 8, 2017.

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KBRA Releases Its Main Takeaways from the Fourth Annual CRT Symposium in New York
26-Apr-2019

NEW YORK (April 26, 2019) – Kroll Bond Rating Agency (KBRA) releases its main takeaways from the Fourth Annual CRT Symposium in New York. The one-day event was well attended, and featured keynote speakers and panel sessions focused on updating market participants on credit and underwriting trends, program changes, macro factors, and bond trading perspectives related to the GSEs and their credit risk transfer (CRT) programs.

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KBRA Monitoring 600 Broadway ($120.0 million) Due to Special Servicing Transfer
26-Apr-2019

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring the 600 Broadway loan ($120.0 million principal balance) following its transfer to the special servicer due to a non-monetary default. 600 Broadway serves as collateral for a participated loan which has been split into three pari passu notes securitized in CGCMT 2016-P3 ($50.0 million, 6.6% of the current pool balance), DBJPM 2016-C1 ($40.0 million, 5.0%), and CGCMT 2016-GC37 ($30.0 million, 4.4%). CGCMT 2016-P3 and CGCMT 2016-GC37 are both KBRA rated CMBS conduit transactions. KBRA learned of the transfer from the master servicer, Wells Fargo Bank, N.A., on April 17, 2019. The loan matures in January 2026.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2019-HQA2
25-Apr-2019

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 23 classes from Structured Agency Credit Risk (STACR) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2, a credit risk sharing transaction with a total note offering of $615,000,000. Structured Agency Credit Risk (STACR) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2 (STACR 2019-HQA2) features credit exposure to Reference Obligations with original loan-to-value (LTV) ratios greater than 80% but less than or equal to 97%. The Offered Notes represent obligations of the STACR 2019-HQA2 Trust in a credit-linked note structure governed by a Credit Protection Agreement (CPA) between the Trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2019-HQA2 Reference Pool.

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KBRA Assigns AA- and Stable Outlook to Miami-Dade County, FL Aviation Revenue Bonds Series 2019 A&B
25-Apr-2019

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable Outlook to Miami-Dade County, Florida Aviation Revenue Bonds Series 2019A (AMT) and Aviation Revenue Refunding Bonds Series 2019B (Taxable). KBRA additionally affirms the long-term rating of AA- and Stable Outlook on the county’s outstanding Aviation Revenue Bonds.

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KBRA Downgrades the Class B Notes and Class C Notes on Honor Automobile Trust Securitization 2016-1
25-Apr-2019

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class B notes from BB+ (sf) to B+ (sf) and Class C notes from CC (sf) to C (sf). The Class B notes are being placed on Watch Downgrade and the Class C notes will remain on Watch Downgrade. Honor Automobile Trust Securitization Trust 2016-1 (“HATS 2016-1”) is an auto loan ABS transaction which closed December 15, 2016.

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KBRA Withdraws Rating from One Class of Invitation Homes 2017-SFR2
25-Apr-2019

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its BB (sf) rating from the Class F certificates of the Invitation Homes 2017-SFR2 (IH 2017-SFR2), a single borrower single-family rental (SFR) securitization. This withdrawal follows the reduction of the certificate principal balance to zero, as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2014-K715
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and C certificates of FREMF 2014-K7154. All of the transaction’s other outstanding ratings have been affirmed. FREMF 2014-K715 is a $1.3 billion CMBS multi-borrower transaction collateralized by 88 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrades reflect the continued improvement in the pool's credit performance, as well as defeasances.

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KBRA Assigns AA- and Stable Outlook to Miami-Dade County, FL Aviation Revenue Bonds Series 2019 A&B
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable Outlook to Miami-Dade County, Florida Aviation Revenue Bonds Series 2019A (AMT) and Aviation Revenue Refunding Bonds Series 2019B (Taxable). KBRA additionally affirms the long-term rating of AA- and stable outlook on the county’s outstanding Aviation Revenue Bonds.

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KBRA Withdraws Ratings on SoFi Funding PL II LLC
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes and the Class B notes of SoFi Funding PL II LLC, a warehouse facility used to purchase unsecured consumer loans originated and serviced by SoFi Lending Corp. KBRA’s ratings on the facility are no longer required.

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KBRA Releases Report for the the Long-Term Rating of AA- for the Chicago Transit Authority TIFIA Loans
24-Apr-2019

NEW YORK (April 24, 2019) – On April 23, 2019 Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA- and a Stable Outlook of the Chicago Transit Authority Rail Fleet Renewal Project (Series 2016A TIFIA Bonds) loan from the U.S. Department of Transportation and the 2015 Transportation Infrastructure Finance and Innovation Act (TIFIA) (CTA Your New Blue Improvement Project) Loan. The TIFIA loans are secured by all CTA farebox revenues on a gross lien basis, namely all transit fare revenues derived from CTA operations.

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KBRA Upgrades Two Classes of JPMCC 2014-FRR1
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class A-K10 and Class B-K10 certificates of JPMCC-FRR1, a re-securitization of 11 certificates from three separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. 

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KBRA Affirms All Classes of BAMLL 2014-FRR5
24-Apr-2019

NEW YORK, NY (April 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2014-FRR5, a re-securitization of twelve certificates from four separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. With the payoff of FREMF 2013-K502, BAMLL 2014-FRR5 is currently the re-securitization of three principal only certificates and one principal and interest certificates from three Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K30, 2014-K714 and 2014-K37 (the underlying trusts). The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Affirms All Classes of BANK 2018-BNK11
24-Apr-2019

NEW YORK, NY (April 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BANK 2018-BNK11, a $684.6 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 76 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Assigns Final Ratings to Conn's Receivables Funding 2019-A, LLC
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Conn’s Receivables Funding 2019-A, LLC (“CONN 2019-A”). The transaction represents the seventh ABS securitization since 2015 for Conn Appliances, Inc.  (“Conn’s” or the “Company”) collateralized by a pool of retail installment sales contracts and installment loans made to finance customer purchases of merchandise from one of Conn’s retail locations.

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KBRA Assigns Ratings to OBX 2019-EXP1 Trust (OBX 2019-EXP1)
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 29 classes of mortgage notes from OBX 2019-EXP1 Trust (OBX 2019-EXP1).

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KBRA Withdraws the Class A Rating on DT Auto Owner Trust 2017-4
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes issued from DT Auto Owner Trust 2017-4 (DTAOT 2017-4), an auto loan ABS transaction, which closed on November 15, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Class C Rating on DT Auto Owner Trust 2016-1
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C notes issued from DT Auto Owner Trust 2016-1 (DTAOT 2016-1), an auto loan ABS transaction, which closed on January 21, 2016. This action reflects the fact that the Class C notes have been paid in full.

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KBRA Withdraws the Class C Rating on DT Auto Owner Trust 2016-3
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C notes issued from DT Auto Owner Trust 2016-3 (DTAOT 2016-3), an auto loan ABS transaction, which closed on June 6, 2016. This action reflects the fact that the Class C notes have been paid in full.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Univest Financial Corporation
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Souderton, Pennsylvania based Univest Financial Corporation (NASDAQ: UVSP) (“Univest” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Univest Bank and Trust Co. The Outlook for all long-term ratings is Stable. 

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KBRA Assigns Preliminary Ratings to GLS Auto Receivables Issuer Trust 2019-2
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-2 (“GCAR 2019-2” or “the Issuer”), an auto loan ABS transaction.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Pacific Premier Bancorp, Inc.
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Irvine, California based Pacific Premier Bancorp, Inc. (NASDAQ: PPBI). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Pacific Premier Bank, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to WFCM 2019-C50
24-Apr-2019

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of WFCM 2019-C50 (see ratings list below), a $938.0 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 346 properties.

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KBRA Affirms the Long-Term Rating of AA- and Stable Outlook for the Chicago Transit Authority TIFIA Loans
23-Apr-2019

NEW YORK (April 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA- and a Stable outlook of the Chicago Transit Authority Rail Fleet Renewal Project (Series 2016A TIFIA Bonds) loan from the U.S. Department of Transportation and the 2015 Transportation Infrastructure Finance and Innovation Act (TIFIA) (CTA Your New Blue Improvement Project) Loan. The TIFIA loans are secured by all CTA farebox revenues on a gross lien basis, namely all transit fare revenues derived from CTA operations.

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KBRA Upgrades Three Classes and Affirms All Other Classes of JPMBB 2014-C19
23-Apr-2019

NEW YORK (April 23, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from AA- (sf) to AA+ (sf), the Class C certificates from A- (sf) to A (sf), and the Class EC Certificates from A- (sf) to A (sf). All of the transaction's other outstanding ratings are affirmed. JPMBB 2014-C19 is a $889.5 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 67 properties. The upgrades reflect the increased certificate credit enhancement levels due to loan payoffs and deleveraging from amortization. Eighteen loans, with an original balance of $469.1 million (33.3%), have been repaid in full, all of which except two (1.6%), paid off since KBRA's last review. In addition, six loans (six properties), totaling $49.2 million (5.5% of the current pool balance) have fully defeased since securitization. In total, the transaction balance has decreased by 36.9% since issuance.

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KBRA Assigns Final Ratings to Castlelake Aircraft Structured Trust 2019-1
23-Apr-2019

NEW YORK (April 23, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Castlelake Aircraft Structured Trust 2019-1.

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KBRA Issues KREF 2018-FL1 April 2019 Reinvestment Update
23-Apr-2019

NEW YORK (April 23, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on April 10, 2019, following a request from the collateral manager, KKR Real Estate Finance Manager LLC (KKR), with respect to an acquisition of a reinvestment mortgage asset for KREF 2018-FL1. The acquisition took place on April 17, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for ServisFirst Bancshares, Inc.
23-Apr-2019

NEW YORK (April 23, 2019) – Kroll Bond Rating Agency affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Birmingham, Alabama based ServisFirst Bancshares, Inc. (NASDAQ: SFBS) (“ServisFirst” or “the Company”). Additionally, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, ServisFirst Bank. The Outlook for all long-term ratings is Stable.  

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KBRA Releases Research - Auto Loan ABS: Tax Refund Worries Appear Overblown
22-Apr-2019

NEW YORK (April 22, 2019) – Kroll Bond Rating Agency (KBRA) releases its Auto Loan ABS: Tax Refund Worries Appear Overblown research report. With tax filing season coming to a close last week, KBRA examines how delays in the processing of refunds and lower average refund amounts through much of February affected auto loan delinquency rates.

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KBRA Releases Research - CRE CLO Trend Watch: Issuance and Performance Holds Steady in Q1 2019
22-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) releases its CRE CLO Trend Watch: Steady Issuance and Performance Holds Steady in Q1 2019 research report, which discusses notable trends in the space.

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KBRA Releases Research - Blockchain: Evolution or Revolution?
22-Apr-2019

NEW YORK (April 22, 2019) – Kroll Bond Rating Agency (KBRA) releases its Blockchain: Evolution or Revolution? research report in response to queries from more than one issuer, either seeking ratings for a fully “on chain” securitization or for a securitization with some complementary element of blockchain technology.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2019-2
22-Apr-2019

NEW YORK, NY (April 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2019-2 (MFT 2019-2). This is a $329.05 consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Morgan Stanley Capital I Trust 2019-BPR
22-Apr-2019

NEW YORK (April 22, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to the seven classes of Morgan Stanley Capital I Trust 2019-BPR, a CMBS single borrower securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2013-K30
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and C certificates of FREMF 2013-K30. All of the transaction’s other outstanding ratings have been affirmed. FREMF 2013-K30 is a $1.5 billion CMBS multi-borrower transaction collateralized by 79 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the continued improvement in the pool's credit performance, as well as defeasances.

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KBRA Affirms Ratings on Dividend Solar Loans 2018-1 LLC
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B, C and D Notes issued under Dividend Solar Loans 2018-1 (“DIV 2018-1”), a solar loan ABS transaction which closed on April 19, 2018. Losses are currently above KBRA’s base case loss expectation to date; however, credit enhancement has increased for each class of notes since closing. KBRA is affirming the ratings on the outstanding notes due to the tenor of the underlying assets (longer term assets with a remaining term of approximately 18.83 years). In addition, the break-even multiples were supportive of an affirmation on each note.

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KBRA Withdraws Ratings on Four Classes of BAMLL 2014-FL1
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from four classes of the BAMLL 2014-FL1 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Affirms Ratings to PMT ISSUER TRUST - FMSR, Series 2018-FT1 Term Notes
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms its ‘BBB- (sf)’ ratings to the Series 2018-FT1 Term Notes issued by PMT ISSUER TRUST – FMSR.

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KBRA Affirms AAAkf Fund Rating for the TexasTERM Portfolio Prime Series (TEXAS)
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms AAAkf Fund Rating for Texas TERM Local Government Investment Program’s TexasTERM Portfolio Prime Series.

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KBRA Affirms AAAkf Fund Rating for the Missouri Securities Investment Program MOSIP Term Portfolio (MOSIP)
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms the AAAkf Fund Rating for the Missouri Securities Investment Program MOSIP Term Portfolio.

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KBRA Affirms AAAkf Fund Rating for the Minnesota School District Liquid Asset Fund Plus MSDLAF+ Term Portfolio (MSDLAF+)
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms AAAkf Fund Rating for the Minnesota School District Liquid Asset Fund Plus MSDLAF+ Term Portfolio.

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KBRA Affirms AAAkf Fund Rating for the Michigan Liquid Asset Fund Plus Michigan Term Portfolio (MILAF+)
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms AAAkf Fund Rating for the Michigan Liquid Asset Fund Plus Michigan Term Portfolio.

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KBRA Affirms AAAkf Fund Rating for the Florida Education Investment Trust Fund FEITF TERM Portfolio (FEITF)
19-Apr-2019

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms AAAkf Fund Rating for the Florida Education Investment Trust Fund FEITF TERM Portfolio.

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KBRA Upgrades Three Classes and Affirms All Other Classes of CGRBS 2013-VNO5TH
18-Apr-2019

NEW YORK (April 18, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class C, D, and E certificates to “AAA (sf)” and removed each of these classes from Watch Upgrade where they were placed on March 21, 2019. All of the transaction’s other outstanding ratings have been affirmed. The upgrades were the result of the full defeasance of the loan, which has an outstanding balance of $390.0 million as of April 2019. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Affirms Ratings for United Insurance Holdings Corp.
18-Apr-2019

NEW YORK (April 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength ratings (IFSR) of A- for the following operating subsidiaries of United Insurance Holdings Corp. (NASDAQ: UIHC) – American Coastal Insurance Company; Family Security Insurance Company, Inc.; Interboro Insurance Company; and United Property & Casualty Insurance Company (collectively referred to as UPC Insurance). Additionally, KBRA affirms the BBB- issuer rating and BBB- senior unsecured debt rating of UIHC. The Outlook for all ratings is Stable. UPC Insurance is a leading personal and commercial residential property insurer in coastal states from Maine to Texas, with headquarters in St. Petersburg, Florida.

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KBRA Assigns Final Rating to Harvest SBA Loan Trust 2018-1
18-Apr-2019

NEW YORK (April 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to the Class A notes of Harvest SBA Loan Trust 2018-1 LLC, Series 2018-1, a securitization collateralized by the unguaranteed portion of Small Business Administration (“SBA”) 7(a) loans.  

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KBRA Releases Hudson Tunnel Project: Time Is of the Essence
18-Apr-2019

NEW YORK (April 18, 2019) – Kroll Bond Rating Agency (KBRA) releases its Hudson Tunnel Project: Time Is of the Essence research piece. The piece discusses the urgency, affordability, and complexity of the $12.7 billion Hudson Tunnel Project (HTP)—one of the largest and most critical planned infrastructure projects in the U.S.

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KBRA Affirms Ratings on Mosaic Solar Loan Trust 2018-1
18-Apr-2019

NEW YORK (April 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B, and C Notes issued under Mosaic Solar Loan Trust 2018-1 (“Mosaic 2018-1”), a solar loan ABS transaction which closed on April 20, 2018. Losses are currently above KBRA’s base case loss expectation to date. However, credit enhancement has increased since closing, the assets have a long term weighted average remaining life (~17.17 years), and a large percent of the portfolio has an Investment Tax Credit payment due in the next 5 months of 2019. In addition, the break-even multiples are supportive of the ratings’ affirmation.

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KBRA Europe Assigns Ratings to Kanaal CMBS Finance 2019 DAC
18-Apr-2019

DUBLIN ( 18 April 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to four classes of Kanaal CMBS Finance 2019 DAC, a CMBS transaction collateralised by two loans. The loans are not cross-collateralised or cross-defaulted.

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KBRA Credit Profile (KCP) K-LOC Index: March 2019
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of March.

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KBRA Upgrades Two Classes of DBRR 2015-FRR1
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class A711 and Class B711 certificates. DBRR 2015-FRR1 is a re-securitization of the FREMF 2012-K711 securitization’s (the underlying trust) Class-D, X2-A, and X2-B certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the increased certificate credit enhancement (C/E) levels due to loan payoffs and deleveraging from amortization, as well as defeasances. A total of 21 loans, with an original balance of $484.1 million (35.0% of the underlying pool), have been repaid in full, all of which paid off since KBRA's last review. In addition, 31 loans totaling $468.0 million (56.8% of the current pool balance) have fully defeased since securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2012-K711
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and C certificates. All of the transaction's other outstanding ratings have been affirmed. FREMF 2012-K711 is an $823.9 million CMBS multi-borrower transaction collateralized by 55 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the increased certificate credit enhancement (C/E) levels due to loan payoffs and deleveraging from amortization, as well as defeasances. A total of 21 loans, with an original balance of $484.1 million (35.0%), have been repaid in full, all of which paid off since KBRA's last review. In addition, 31 loans totaling $468.0 million (56.8% of the current pool balance) have fully defeased since securitization. In total, the transaction balance has decreased by 36.1% since last review and 40.3% since issuance.

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KBRA Assigns Final Ratings to Notes Issued by U.S. Auto Funding Trust 2019-1
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by U.S. Auto Funding Trust 2019-1 (“USAUT 2019-1” or “the Issuer”), an auto loan ABS transaction.

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KBRA Affirms All Classes of BX 2018-MCSF
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BX 2018-MCSF, a $382.0 million CMBS single-borrower transaction. The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a 758,687 sf, Class-A office property located in San Francisco, California known as Market Center. The floating rate loan has an initial two-year term with five, one-year extension options and is interest-only. The loan sponsor is Blackstone Real Estate Partners VIII L.P. KBRA assigns a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Final Ratings to CPS Auto Receivables Trust 2019-B
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of notes issued by CPS Auto Receivables Trust 2019-B (“CPSART 2019-B”), an auto loan ABS transaction.

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KBRA Assigns BBB Issuer Rating to National Storage Affiliates Trust Operating Partnership Subsidiary NSA OP, LP; Outlook Stable
17-Apr-2019

NEW YORK (April 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB with a Stable Outlook to NSA OP, LP, the operating partnership subsidiary of National Storage Affiliates Trust (“NSA”). KBRA also assigns a BBB- rating to NSA’s $172.5 million outstanding perpetual preferred shares.

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KBRA Releases Report Upgrading City of Los Angeles GO to AA+ and Various MICLA Transactions to AA
16-Apr-2019

NEW YORK (April 16, 2019) – On April 15, 2019, Kroll Bond Rating Agency (KBRA) upgraded the City of Los Angeles’ general obligation bonds to AA+ from AA. The Outlook remains Stable.

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KBRA Releases Research Report: The Case for Canadian Banks
16-Apr-2019

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) releases The Case for Canadian Banks research report.

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KBRA Assigns Ratings to UBS 2019-C16
16-Apr-2019

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of UBS 2019-C16 (see ratings list below), a $682.7 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 488 properties.

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KBRA Affirms All Classes of MSC 2012-STAR
16-Apr-2019

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of MSC 2012-STAR, a $296.1 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Ratings for PFP 2017-3
16-Apr-2019

NEW YORK, NY (April 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its A- (sf) rating from the Class C notes, BBB- (sf) rating from the Class D notes, BB (sf) rating from the Class E notes, and B (sf) rating from the Class F notes of PFP 2017-3, and removes Classes C, D, and E from Watch Upgrade where they were placed on January 28, 2019. Classes C, D, E, and F of PFP 2017-3, a CRE CLO transaction, have paid off in full, as reflected in the transaction’s April 2019 remittance report. The notes were redeemed in full by the Issuer in an optional redemption. Notice was provided on April 1, 2019 with a redemption date of April 16, 2019. There were no principal losses, interest shortfalls, or deferred interest reported during the life of the withdrawn securities.

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KBRA Affirms and Upgrades Various Classes from Six SEMT Transactions and FSMT 2018-2
16-Apr-2019

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Sequoia Mortgage Trust (SEMT) 2012-3 (SEMT 2012-3), SEMT 2013-6, SEMT 2013-7, SEMT 2013-8, SEMT 2018-4, SEMT 2018-5 and Flagstar Mortgage Trust 2018-2 (FSMT 2018-2), affirming or upgrading all rated classes that remain outstanding.

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KBRA Withdraws Rating for BSPRT 2017-FL1
16-Apr-2019

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its BBB- (sf) rating from the Class C notes of BSPRT 2017-FL1, and removes these notes from Watch Upgrade where they were placed on January 24, 2019. The Class C notes of BSPRT 2017-FL1, a CRE CLO transaction, have paid off in full, as reflected in the transaction’s April 2019 remittance report. The notes were redeemed in full by the Issuer in a clean-up call redemption. Notice was provided on March 29, 2019 with a redemption date of April 15, 2019. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for COMM 2014-UBS3
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2014-UBS3 transaction following the full redemption of the rated security as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for COMM 2014-CCRE19
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2014-CCRE19 transaction following the full redemption of the rated security as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for CGCMT 2014-GC23
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the CGCMT 2014-GC23 transaction following the full redemption of the rated security, as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Final Ratings to MelTel Land Funding LLC, Series 2019-1
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Secured Cellular Site Revenue Notes, Series 2019-1 (the “Notes”) issued by MelTel Land Funding LLC (see ratings list below).

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KBRA Upgrades City of Los Angeles GO to AA+ and Various MICLA Transactions to AA
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the City of Los Angeles’ general obligation bonds to AA+ from AA. The outlook remains stable.

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KBRA Withdraws the Class A-2 Rating on Flagship Credit Auto Trust 2016-4
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A-2 notes issued from Flagship Credit Auto Trust 2016-4 (FCAT 2016-4), an auto loan ABS transaction, which closed on October 26, 2016. This action reflects the fact that the Class A-2 notes have been paid in full.

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KBRA Withdraws the Class B Ratings on Flagship Credit Auto Trust 2015-1
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the B class of Notes issued from Flagship Credit Auto Trust 2015-1 (FCAT 2015-1), an auto loan ABS transaction, which closed on March 12, 2015.  This action reflects the fact that the class B Notes have been paid in full as of the April 15, 2019 distribution date.

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KBRA Withdraws Rating for GSMS 2014-GC24
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the GSMS 2014-GC24 transaction following the full redemption of the rated security as reflected in the transaction’s April 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2019-2 Trust
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-2 (“SCLP 2019-2”). This is a $549 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to FREMF 2019-K91 and Freddie Mac Structured Pass-Through Certificates K-091
15-Apr-2019

NEW YORK (April 15, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2019-K91 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-091 (see ratings list below). FREMF Series 2019-K91 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2019-K91 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of JPMDB 2016-C2
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMDB 2016-C2, an $879.9 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance. 

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KBRA Affirms Senior Unsecured Debt Rating of BBB for The First Bancshares, Inc.
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Hattiesburg, Mississippi based The First Bancshares, Inc. (NASDAQ: FBMS) (“The First” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for The First, A National Banking Association, the bank subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns BBB- Preliminary Rating to the San Bernardino County Transportation Authority Toll Revenue Second Lien Obligation, 2019 TIFIA Series
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary rating of BBB- to the San Bernardino County Transportation Authority (SBCTA) Toll Revenue Second Lien Obligation, 2019 TIFIA Series, which evidences the loan of up to $225 million from the United States Department of Transportation to the SBCTA. The TIFIA loan constitutes federal project credit assistance under the Transportation Infrastructure Finance and Innovation Act for the I-10 Corridor Contract 1 Project (“the Project”) located in San Bernardino County, California.

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KBRA Releases Report Assigning a Long-Term Rating of AA- with a Stable Outlook to the City of Austin, Texas Airport System Revenue Refunding Bonds, Series 2019
12-Apr-2019

NEW YORK (April 12, 2019) – On April 10, 2019, Kroll Bond Rating Agency (KBRA) assigned an AA- rating with a Stable Outlook to the City of Austin’s Airport System Revenue Refunding Bonds, Series 2019. The City is issuing Airport System Revenue Refunding Bonds to refund outstanding Series 2005 Bonds and fund a swap termination payment. The Bonds are secured by a first lien pledge of net airport system revenues.

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KBRA Affirms All Classes of WFCM 2014-LC16
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2014-LC16, an $843.0 million CMBS conduit transaction collateralized by 74 commercial mortgage loans secured by 172 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KCP Releases Special Report - When the Dust Settles: Expected Losses for 2005-2008 Vintages
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) releases its When the Dust Settles: Expected Losses for 2005-2008 Vintages report, in which we examined legacy conduit transactions issued between 2005 and 2008 to determine historical losses by vintage, certificate class, and original rating.

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KBRA Affirms All Classes of CGCMT 2017-P7
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2017-P7, a $1.0 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 58 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Affirms BB Issuer Rating for RoundPoint Mortgage Servicing Corporation
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BB for RoundPoint Mortgage Servicing Corporation (“RPMS” or “the Company”), a non-bank residential mortgage loan servicer based in Charlotte, NC. The rating Outlook is Stable. The Company is majority owned and controlled by RoundPoint Financial Group, Inc. (RPFG), an asset management firm specializing in residential mortgage loans and structured transactions. RPFG is a portfolio company of the Tavistock Group, an international private investment organization domiciled in the Bahamas. As of December 31, 2018, RPMS’ total servicing portfolio (owned and third-party) was approximately $88.1 billion in gross UPB. RPMS is a national mortgage servicer approved by Ginnie Mae, Freddie Mac, and Fannie Mae.

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KBRA Affirms AA+/K1+ Ratings for the United Kingdom of Great Britain and Northern Ireland
12-Apr-2019

DUBLIN (12 April 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms the AA+ long-term issuer ratings of the United Kingdom of Great Britain and Northern Ireland (UK). KBRA also affirms the K1+ short-term issuer ratings to the sovereign. The long-term ratings carry a Negative Outlook.

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KBRA Assigns Preliminary Ratings to OBX 2019-EXP1 Trust (OBX 2019-EXP1)
12-Apr-2019

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage notes from OBX 2019-EXP1 Trust (OBX 2019-EXP1).

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KBRA Upgrades and Affirms Various Classes from Eight Velocity Commercial Capital Transactions
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) takes rating action on eight Velocity Commercial Capital transactions issued between 2014 and 2018, each backed by small balance commercial and investor residential properties.

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KBRA Upgrades One Classes and Affirms All Other Classes of COMM 2013-CCRE7
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from AA- (sf) to AA (sf). All of the transaction's other outstanding ratings are affirmed. COMM 2013-CCRE7 is a $602.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 55 properties. The upgrades reflect the increased certificate credit enhancement (C/E) levels due to loan payoffs and deleveraging from amortization. A total of seven loans, with an original balance of $256.0 million 27.3%), have been repaid in full, one of which, Moffett Towers Phase II ($130.0 million, 16.0%) paid off since KBRA's last review. In addition, five loans (nine properties), totaling $61.1 million (10.1% of the current pool balance) have fully defeased since securitization. In total, the transaction balance has decreased by 35.6% since issuance.

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KBRA Takes Rating Actions on Upstart Securitization Trust
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Upstart Securitization Trust 2017-1 (“UPST 2017-1”), Upstart Securitization Trust 2017-2 (“UPST 2017-2”), Upstart Securitization Trust 2018-1 (“UPST 2018-1”) and Upstart Securitization Trust 2018-2 (“UPST 2018-2”). In total, 4 classes of notes were upgraded, and 8 classes of notes were affirmed. The data used for this review is as of the February 2019 collection period. No rating actions were taken on Upstart Securitization Trust 2019-1 because the transaction closed February 28, 2019. The breakeven loss multiples for each class of notes were sufficient for their respective upgrades and affirmations.

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KBRA Publishes Surveillance Report for The Community Financial Corporation
11-Apr-2019

NEW YORK, NY (April 11, 2019) – On February 21, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Waldorf, Maryland based The Community Financial Corporation (NASDAQ: TCFC). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its lead subsidiary, Community Bank of the Chesapeake (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2019-1
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of notes issued by First Investors Auto Owner Trust 2019-1 (FIAOT 2019-1), an auto loan ABS transaction.

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KBRA Affirms Ratings for BAC Florida Bank and Revises Outlook to Positive
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the deposit and senior unsecured ratings of BBB, subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for Coral Gables, Florida based BAC Florida Bank (“BFB” or “the Bank”). The Outlook for all long-term ratings has been revised to Positive from Stable.

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KBRA Assigns Ratings to CoreVest American Finance 2019-1
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to seven classes of certificates issued in the CoreVest American Finance 2019-1 (CAF 2019-1) securitization. This transaction will be the eleventh multi-borrower, single-family rental (SFR) securitization issued in the U.S. to date and the eighth issued by CoreVest American Finance (formerly Colony American Finance).

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KBRA Europe Assigns Ratings to Taurus 2019-1 FR DAC
11-Apr-2019

DUBLIN ( 11 April 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to five classes of Taurus 2019-1 FR DAC, a CMBS single-borrower securitisation.

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KBRA Assigns Ratings to Benchmark 2019-B10
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 19 classes of Benchmark 2019-B10, a $1.2 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 98 properties. Inclusive of the loan specific certificates (the rake certificates), the transaction size is $1.3 billion.

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KBRA Assigns Preliminary Ratings to Conn's Receivables Funding 2019-A, LLC
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Conn’s Receivables Funding 2019-A, LLC (“CONN 2019-A”). The transaction represents the seventh ABS securitization since 2015 for Conn Appliances, Inc.  (“Conn’s” or the “Company”) collateralized by a pool of retail installment sales contracts and installment loans made to finance customer purchases of merchandise from one of Conn’s retail locations.

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KBRA Places Medley Capital Corp's 'BB' Ratings on Watch Downgrade
11-Apr-2019

NEW YORK (April 11, 2019) – Kroll Bond Rating Agency (KBRA) places Medley Capital Corp’s (NYSE: MCC, “The Company”) BB issuer and senior unsecured debt ratings on Watch downgrade.

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KBRA Monitoring One Stamford Forum ($103.8 million), Headquarters of Purdue Pharma, Due to Special Servicing Transfer
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring the One Stamford Forum loan ($103.8 million principal balance) following its transfer to the special servicer for imminent monetary default. One Stamford Forum serves as collateral for a participated loan which has been split into two pari passu notes securitized in WFCM 2016-BNK1 ($67.5 million, 7.9% of the current deal balance) and MSBAM 2016-C31 ($36.3 million, 3.9%), both CMBS conduit transactions that are rated by KBRA. KBRA learned of the transfer from a notice dated March 15, 2019 that was posted yesterday in the MSBAM 2016-C31 transaction.

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KBRA Assigns a Long-Term Rating of AA- with a Stable Outlook to the City of Austin, Texas Airport System Revenue Refunding Bonds, Series 2019
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns an AA- with a Stable Outlook to the City of Austin’s Airport System Revenue Refunding Bonds, Series 2019.

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KBRA Assigns BBB Rating to Avolon Holdings Funding Senior Unsecured Notes
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured rating of BBB with a Stable Outlook to the senior unsecured notes to be issued by Avolon Holdings Funding Limited (“AHFL”). AHFL is a direct wholly-owned subsidiaries of Avolon Holdings Limited (“Avolon” or “the Company”), an aircraft leasing company headquartered in Dublin, Ireland. The notes will have an unsecured guarantee from Avolon. KBRA most recently affirmed the issuer rating of BBB+ and a senior unsecured debt rating of BBB on August 8, 2018.

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KBRA Assigns Final Ratings to SCF Equipment Leasing 2019-1 LLC and SCF Equipment Leasing Canada 2019 Limited Partnership Equipment Contract Backed Notes, Series 2019-1
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to seven classes of notes from SCF Equipment Leasing 2019-1 LLC and SCF Equipment Leasing Canada 2019 Limited Partnership Equipment Contract Backed Notes, Series 2019-1. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Assigns Final Rating to Trinity Rail Leasing 2019 LLC, Series 2019-1
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to the Class A notes of Trinity Rail Leasing 2019 LLC, Series 2019-1, a railcar leasing securitization.

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KBRA Assigns Final Ratings to Small Business Origination Loan Trust 2019-1 DAC
10-Apr-2019

DUBLIN, IRELAND ( 10 April 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns final ratings to four classes of notes (“Rated Notes”) issued by Small Business Origination Loan Trust 2019-1 DAC (“SBOLT 2019-1”). This is a £189.2 million ABS transaction collateralised by unsecured loans made to small and medium-sized enterprises (“SMEs”) incorporated in the United Kingdom (“UK”).

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KBRA Affirms All Classes of JPMCC 2015-MAR7
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2015-MAR7, a $185.0 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to CF 2019-CF1
10-Apr-2019

NEW YORK (April 10, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of CF 2019-CF1, a $662.0 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 60 properties.

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KBRA Assigns Preliminary Rating to Hayfin Kingsland X Ltd.
09-Apr-2019

NEW YORK (April 9, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Hayfin Kingsland X, Ltd. (Hayfin Kingsland X).

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KBRA Withdraws Township of Hatfield, PA General Obligation Debt Rating
09-Apr-2019

NEW YORK (April 9, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its long-term rating of AA- on the Township of Hatfield, PA’s General Obligation Debt. The withdrawal is being made for business reasons following the full advance repayment of the Township’s General Obligation Notes 2014 Series.

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KBRA Releases Monthly Auto Loan Indices for March
09-Apr-2019

NEW YORK (April 9, 2019) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of March. Securitized auto loan credit performance in March improved across virtually all the ABS shelves included in KBRA’s prime and non-prime auto loan indices. With average federal refunds down just $20 dollars year-over-year through the end of March ($2,893 in 2018 versus $2,873 in 2019), concerns that lower tax refunds could meaningfully impact ABS collateral performance appears overblown. We expect delinquency and loss rates will remain steady or continue to improve in April as borrowers continue to receive tax refunds.

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KBRA Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2019-1
08-Apr-2019

NEW YORK (April 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Castlelake Aircraft Structured Trust 2019-1.

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KBRA Affirms All Classes of CGCMT 2016-C1
08-Apr-2019

NEW YORK (April 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-C1, a $737.3 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 130 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Releases Comment: Two New Energy Bankruptcies: Déjà Vu All Over Again?
08-Apr-2019

NEW YORK (April 8, 2019) – Kroll Bond Rating Agency (KBRA) releases its latest comment, Two New Energy Bankruptcies: Deja Vu All Over Again? following the news of Chapter 11 bankruptcy protection announcements from two energy operators.

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KBRA Publishes Surveillance Report for StoneCastle Financial Corp.
08-Apr-2019

NEW YORK (April 8, 2019) – On March 5, 2019, Kroll Bond Rating Agency (KBRA) affirmed the issuer rating of A+ and Preferred Shares rating of BBB+ for StoneCastle Financial Corp. (SCFC).

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KBRA Publishes Surveillance Report for InterLINK Insured Deposit Program (InterLINK)
08-Apr-2019

NEW YORK (April 8, 2019) – On March 5, 2019, Kroll Bond Rating Agency (KBRA) affirmed the AAAkf Fund Rating of the InterLINK™ Insured Deposit program.

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KBRA Publishes Surveillance Report for StoneCastle Federally Insured Cash Account (FICA)
08-Apr-2019

NEW YORK (April 8, 2019) – On March 5, 2019, Kroll Bond Rating Agency (KBRA) affirmed the AAAkf Fund Rating of the StoneCastle Federally Insured Cash Account.

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KBRA Releases Research - Brexit: Spain and Portugal; Impact Contained but Sector Exposure Remains
08-Apr-2019

DUBLIN ( 8 April 2019) – Kroll Bond Rating Agency Europe Limited’s (KBRA) latest macro-market comment discusses possible Brexit-related impacts on two European Union (EU) member states rated by KBRA, namely Spain and Portugal. The UK is not the primary trading partner for either Spain or Portugal, but it does maintain significant trade and commercial relations with these countries. KBRA’s view is that Brexit-related challenges will be contained for Spain and Portugal, although specific sectors in each country stand out as more exposed in the aftermath of the UK’s departure the EU.

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Bridgepoint Tower, the Largest Loan in COMM 2014-CCRE19, Losing Sole Tenant
05-Apr-2019

NEW YORK (April 5, 2019) –The largest loan in COMM 2014-CCRE19, Bridgepoint Tower (6.5% of the pool), is 100% occupied by Bridgepoint Education pursuant to a lease that expires in March 2020, four years prior to the loan’s maturity in August 2024. Bridgepoint has been at the building since 2009 and uses its space as its headquarters. On April 5, several media outlets reported that Bridgepoint Education (Bridgepoint) announced it will be moving its headquarters to Chandler, Arizona. According to the releases, it will also be changing its name to Zovio, Inc. KBRA first identified the loan as a KBRA Loan of Concern (K-LOC) in November 2018 following the borrower’s engagement of Cushman & Wakefield to market the entire building in October 2018 as available for lease. 

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KBRA Affirms Rating for Gracie Point International Premium Funding 2017-1, Series 2018-A
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings for one note class of Gracie Point International Premium Funding 2017-1, Series 2018-A, a premium finance loan securitization, which closed on April 5, 2018.

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KBRA Affirms All Classes of COMM 2014-UBS3
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-UBS3, a $1.0 billion CMBS conduit transaction collateralized by 48 mortgage loans secured by 73 properties. The affirmations follow a surveillance review of the transaction.

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KBRA Affirms Issuer Rating of BB+ for PennyMac Related Entities
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BB+ with a Stable Outlook for PennyMac Mortgage Investment Trust (“PMT” or “the Company”), a real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage related assets. KBRA also affirms the BB+ issuer rating with a Stable Outlook for Private National Mortgage Company LLC (PNMAC), a controlled subsidiary of PennyMac Financial Services Inc. (NYSE: PFSI). Management of the Company’s business and execution of its operations is performed by PFSI, based in Westlake Village, CA.

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KBRA Withdraws Ratings for MB Financial, Inc. and MB Financial Bank, N.A.
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, the preferred stock rating of BBB, and the short-term debt rating of K2 for Chicago, Illinois-based MB Financial, Inc. (NASDAQ: MBFI). In addition, KBRA withdraws the deposit and senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for its subsidiary, MB Financial Bank, N.A. (“MB Bank”).

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KBRA Affirms All Classes of UBS-BB 2013-C6
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS-BB 2013-C6, a $1.2 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Affirms the Ratings on Class A and B Notes, and Withdraws the Ratings on Class C Notes for Apollo Aviation Securitization Equity Trust 2016-1
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes and Class B Notes, and withdraws the ratings on the Class C Notes, of Apollo Aviation Securitization Equity Trust 2016-1, an aircraft ABS transaction, which closed on April 6, 2016. There are currently 21 aircraft on lease to 14 airlines located in 13 countries in the portfolio.

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KBRA Releases Marketplace Consumer Loan Indices for March
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for March.

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KBRA Publishes Surveillance Report for Home BancShares, Inc.
05-Apr-2019

NEW YORK (April 5, 2019) – On March 21, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Conway, Arkansas based Home BancShares, Inc. (NASDAQ: HOMB) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Centennial Bank. The Outlook for all long-term ratings remains Positive. 

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KBRA Upgrades One Class and Affirms All Other Classes of COMM 2013-LC13
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from AA- (sf) to AA (sf). All of the transaction's other outstanding ratings are affirmed. COMM 2013-LC13 is a $765.1 million CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 76 properties. The upgrade reflects the increased certificate credit enhancement levels due to loan payoffs and deleveraging from amortization. Eight loans, with an original balance of $247.8 million (23.0%), have been repaid in full, all of which except one (5.7%), paid off since KBRA's last review. In addition, five loans (seven properties), totaling $55.3 million (7.2% of the current pool balance) have fully defeased since securitization. In total, the transaction balance has decreased by 29.0% since issuance.

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KBRA Releases Monthly CMBS Trend Watch
05-Apr-2019

NEW YORK (April 5, 2019) – Kroll Bond Rating Agency (KBRA) releases March’s CMBS Trend Watch.

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KBRA Downgrades Four Classes and Affirms all remaining Classes of GSMS 2014-GC18
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class D, E, F, and reference Class X-C certificates. Simultaneously, the four classes (D,E,F and X-C) have been removed from Watch Downgrade, where they were placed on January 4, 2019.  All of the transaction's other outstanding ratings have been affirmed. The downgrades are primarily driven by KBRA’s projected loss for the Wyoming Valley Mall (8.0% of the pool balance), which transferred to the special servicer in June 2018 due to imminent monetary default. The loan is collateralized by a 909,757 sf, super-regional mall located in Wilkes Barre, Pennsylvania which lost two of its anchor tenants in August 2018. According to the servicer, the loan’s sponsor, Pennsylvania Real Estate Investment Trust (PREIT), has entered into a cooperating market / deed-in-lieu (DIL) agreement in order to transition the property to the lender.

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KBRA Assigns Final Ratings to FCI Funding 2019-1, LLC, Series 2019-1 Notes
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of FCI Funding 2019-1, LLC, Series 2019-1, a property tax lien ABS transaction.

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KBRA Assigns Preliminary Ratings to Notes Issued by U.S. Auto Funding Trust 2019-1
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by U.S. Auto Funding Trust 2019-1 (“USAUT 2019-1” or “the Issuer”), an auto loan ABS transaction.

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KBRA Withdraws Rating on FREMF 2012-K709
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class X2-B of the FREMF 2012-K709 transaction, consistent with KBRA’s Methodology for Rating Interest-Only Certificates in CMBS Transactions.

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KBRA Assigns Ratings to BANK 2019-BNK17
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of BANK 2019-BNK17 (see ratings list below), a $833.0 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 239 properties.

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KBRA Assigns Preliminary Ratings to CPS Auto Receivables Trust 2019-B
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by CPS Auto Receivables Trust 2019-B (“CPSART 2019-B”), an auto loan ABS transaction.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Flagstar Bancorp, Inc.
04-Apr-2019

NEW YORK (April 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Troy, Michigan based Flagstar Bancorp, Inc. (NYSE: FBC) (“Flagstar” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Flagstar Bank, FSB, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Ratings on PMT Loan Trust 2013-J1 and STACR 2015-HQ1
03-Apr-2019

NEW YORK (April 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related remittance report (March 2019) did not reflect any accumulated interest shortfalls or principal writedowns. 

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KBRA Upgrades One Class and Affirms All Other Classes of WFRBS 2014-C20
03-Apr-2019

NEW YORK (April 3, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from “AA- (sf)” to “AA (sf)”. All of the transaction’s other outstanding ratings have been affirmed. WFRBS 2014-C20 is a $1.0 billion CMBS conduit transaction collateralized by 86 commercial mortgage loans secured by 111 properties. The upgrade reflects the continued improvement in the pool’s credit performance, defeasances, and increased credit enhancement due to deleveraging from amortization and loan payoffs.

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KBRA Withdraws Ratings for CLNY 2014-FL2
03-Apr-2019

NEW YORK (April 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its BB- (sf) rating from the Class E notes and its B- (sf) rating from the Class F notes of CLNY 2014-FL2, a CRE CLO transaction, following the reduction of the principal balance to zero, as reflected in the issuer’s Notice of Termination and Final Payment dated March 6, 2019. There was no defaulted or deferred interest reported during the life of these securities.

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KBRA Assigns BBB Rating on Owl Rock Capital Corporation's Senior Unsecured Notes due 2024
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns a BBB rating to Owl Rock Capital Corporation’s (“ORCC” or “the Company”) proposed $300 million senior unsecured notes maturing 2024 (“the Notes”). The Outlook is Stable. ORCC expects to use the proceeds to paydown a portion of its outstanding bank loans. The Notes rank equally with existing and future senior unsecured notes issued by ORCC.

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KBRA Assigns Final Ratings to SHREC ABS 1 LLC, Series 2019-1
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes issued by SHREC ABS 1 LLC. The securitization is backed by the proceeds from the sale of solar renewable energy credits, generated under The Connecticut Green Bank’s (the “Parent” or “Company”) Solar Home Renewable Energy Credit (“SHREC”) program, by the Parent to Connecticut’s two investor-owned utility companies, The Connecticut Light and Power Company, d/b/a Eversource Energy and United Illuminating Company under two Master Purchase Agreements, statutorily required by Connecticut. The SHRECs will be generated from solar photovoltaic systems (“PV Systems”) participating in the Parent’s Residential Solar Investment Program.

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KBRA Withdraws One Class of BSPRT 2017-FL2 and Places Three Classes on Watch Upgrade
02-Apr-2019

NEW YORK, NY (April 2, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from the Class A notes of BSPRT 2017-FL2, a CRE CLO transaction, following the reduction of the principal balance to zero, as reflected in the transaction’s March 2019 remittance report.

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KBRA Takes Rating Actions on GLS Auto Receivables Trust and GLS Auto Receivables Issuer Trust
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three GLS Auto Receivables Trust transactions and one GLS Auto Receivables Issuer Trust transaction. In total, the ratings on eight notes were upgraded and the ratings on six notes were affirmed. The data used are as of the February 2019 collection period. The rating actions for the transactions reflect the fact that losses are either below or in-line with KBRA’s loss expectations, and credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Places Two Classes of JPMCC 2014-DSTY on Watch Downgrade
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) places the ratings on the Class D and E certificates of JPMCC 2014-DSTY, a CMBS large loan transaction, on Watch Downgrade due to its recent special servicing transfer, concerns regarding the loan’s refinancing at its final maturity date, in addition to further declines in operating performance since last review. The loan transferred to the special servicer, Wells Fargo, on March 14, 2019 due to imminent monetary balloon/maturity default.  The loan matures on June 6, 2019 and the certificates have a rated final distribution date in June 2027.

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KBRA Affirms Ratings for SolarCity LMC Series V, LLC, Series 2016-1
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of SolarCity LMC Series V, LLC, Series 2016-1, a residential distributed generation solar securitization, which closed on March 1, 2016.

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KBRA Releases First Circuit Follies: Puerto Rico Ruling Slams Municipal Investors ... Again
02-Apr-2019

NEW YORK (April 2, 2019) – Kroll Bond Rating Agency (KBRA) releases its First Circuit Follies: Puerto Rico Ruling Slams Municipal Investors … Again comment, following a U.S. Court of Appeals for the First Circuit ruling on March 26.

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KBRA Releases Report Assigning A+ Rating with a Stable Outlook to the Columbus Regional Airport Authority Customer Facility Charge Revenue Bonds, Series 2019
02-Apr-2019

NEW YORK (April 2, 2019) – On April 1, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ with a Stable Outlook to the Columbus Regional Airport Authority Customer Facility Charge Revenue Bonds, Series 2019 (Federally Taxable).

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KBRA Assigns an A+ Rating with a Stable Outlook to the Columbus Regional Airport Authority Customer Facility Charge Revenue Bonds, Series 2019
01-Apr-2019

NEW YORK (April 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ with a Stable Outlook to the Columbus Regional Airport Authority Customer Facility Charge Revenue Bonds, Series 2019 (Federally Taxable).

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KBRA Preliminary Ratings to START II Ltd. and START II USA LLC
01-Apr-2019

NEW YORK (April 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by START II Ltd. and START II USA LLC (together, “STARR II” or the “Issuers”).

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KBRA Upgrades and Subsequently Withdraws the Ratings for National Commerce Corporation
01-Apr-2019

NEW YORK (April 1, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the senior unsecured debt rating to BBB+ from BBB, subordinated debt rating to BBB from BBB-, and short-term debt rating to K2 from K3 and subsequently withdraws all ratings for Birmingham, Alabama based National Commerce Corporation (NASDAQ: NCOM). In addition, KBRA upgrades the deposit and senior unsecured debt ratings to A- from BBB+, subordinated debt rating to BBB+ from BBB, and affirms the short-term deposit and debt ratings of K2, subsequently withdrawing all ratings for the subsidiary, National Bank of Commerce.

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KBRA Assigns Preliminary Ratings to MelTel Land Funding LLC, Series 2019-1
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Secured Cellular Site Revenue Notes, Series 2019-1 (the “Notes”) issued by MelTel Land Funding LLC.

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KBRA Withdraws Rating on Citi Held for Asset Issuance Trust 2016-MF1
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining classes of notes of the Citi Held for Asset Issuance Trust 2016-MF1 (CHAI 2016-MF1), a consumer loan ABS transaction, which closed on March 4, 2016. This action reflections Citi’s decision to exercise the optional purchase of all outstanding notes. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the distribution date, March 15, 2019.

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KBRA Affirms All Classes of BANK 2017-BNK4
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BANK 2017-BNK4, a $997.1 million CMBS conduit transaction collateralized by 46 loans secured by 64 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of GSMS 2018-GS9
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2018-GS9, an $885.2 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 228 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Takes Rating Actions on Avant Loans Funding Trust
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on 5 Avant Loans Funding Trust transactions. In total, 8 notes were upgraded and 1 was affirmed. The data used is current as of the February 28, 2019 collection period. No rating actions were taken on the Avant Loans Funding Trust 2018-B and Avant Loans Funding Trust 2019-A transactions because they have less than 6 months of seasoning. The breakeven loss multiples for each class of notes were sufficient for their respective upgrades and affirmations.

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KBRA Places Five Classes of CSMC 2017-HD on Watch Developing
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) places the ratings for five classes of CSMC 2017-HD, a $218.6 million CMBS single borrower transaction, on Watch Developing. The Watch Developing is due to master servicer commentary that the Borrower intends to sell the Hudson Hotel in New York which will result in a partial release and a pro-rata pay down of the senior and mezzanine loans. Subordinate mezzanine financing held outside of the trust totaled $217.9 million as of March 2018. Per servicer commentary, the borrower has indicated the sale of the Hudson Hotel is anticipated in the near term.

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KBRA Takes Rating Actions on Mariner Finance Issuance Trust
29-Mar-2019

NEW YORK, NY (March 29, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two Mariner Finance Issuance Trust (“MFIT”) transactions. In total, four notes are affirmed, and two notes are upgraded. The data used was as of the March 20, 2019 payment date.

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KBRA Assigns Final Ratings to Carvana Auto Receivables Trust 2019-1
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2019-1 (“CRVNA 2019-1”) an auto loan ABS transaction. CRVNA 2019-1 represents the inaugural term ABS securitization for Carvana LLC (“Carvana”) or the (“Company”).

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KBRA Assigns AA/K1+ Ratings to the French Republic
29-Mar-2019

DUBLIN (29 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns AA long-term issuer ratings to the French Republic. KBRA also assigns K1+ short-term issuer ratings to the sovereign. The long-term ratings carry a Stable Outlook. 

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KBRA Assigns Final Ratings to Foundation Finance Trust 2019-1
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Foundation Finance Trust 2019-1 (“FFIN 2019-1”), a consumer loan asset-backed securities transaction that closed on March 29, 2019.

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KBRA Withdraws Ratings on Eight Classes from SEMT 2012-1
29-Mar-2019

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings on the following classes from Sequoia Mortgage Trust 2012-1 (SEMT 2012-1): Class 1-A1, Class 2-A1, Class 1-AX, Class 2-AX, Class B-1, Class B-2, Class B-3 and Class B-4. As of the February 2019 distribution, each class has been fully redeemed and their respective class principal amounts have been reduced to zero. No tranche reflected any accumulated interest shortfalls or principal write-downs in the final remittance report. 

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KBRA Assigns Preliminary Ratings to Small Business Origination Loan Trust 2019-1 DAC
29-Mar-2019

DUBLIN, IRELAND ( 29 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to four classes of notes (“Rated Notes”) issued by Small Business Origination Loan Trust 2019-1 DAC (“SBOLT 2019-1”). This is approximately a £180.0 million ABS transaction collateralised by unsecured loans made to small and medium-sized enterprises (“SMEs”) incorporated in the United Kingdom (“UK”).

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KBRA Assigns Preliminary Ratings to CoreVest American Finance 2019-1
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of certificates issued in the CoreVest American Finance 2019-1 (CAF 2019-1) securitization. This transaction will be the eleventh multi-borrower, single-family rental (SFR) securitization issued in the U.S. to date and the eighth issued by CoreVest American Finance (formerly Colony American Finance).

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KBRA Assigns Ratings to Bancorp 2019-CRE5
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of Bancorp 2019-CRE5, a $518.3 million static commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is structured as a REMIC trust, and unlike to other CRE CLOs rated by KBRA, it does not permit any ramp-up or acquisition/reinvestment of assets post-closing. In addition, the subject transaction differs from the other KBRA rated CRE CLOs because the sponsor does not retain the first-loss position; here, the first-loss position will be sold to a third party.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Financial Institutions, Inc.
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Warsaw, NY-based Financial Institutions, Inc. (NASDAQ: FISI) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its principal operating subsidiary, Five Star Bank. The Outlook for all long-term ratings is Stable.

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KBRA Downgrades and Affirms Various Classes of GSMS 2014-GC20
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) downgrades four classes and affirms 10 classes of GSMS 2014-GC20, a $881.2 million CMBS conduit transaction. The downgrades are primarily driven by KBRA’s projected losses from five KBRA Loans of Concern (K-LOCs), including Three Westlake Park (2nd largest loan, 9.1% of the pool balance). The asset, which is collateralized by an office building located in Houston, Texas was transferred to the special servicer in October 2018, and subsequently became fully vacant in February 2019. Per the special servicer, the borrower has proposed a discounted payoff, or an A/B note modification restructure. In total, KBRA has identified 10 loans (23.8%) as K-LOCs in the subject transaction.

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KBRA Affirms All Classes of BENCHMARK 2018-B3
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BENCHMARK 2018-B3, a $1.1 billion CMBS multi-borrower transaction collateralized by 45 commercial mortgage loans. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Releases Insurance Research: Insured Losses Rising for Tornadoes
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report on the rising risks of tornadoes. As the reporting of tornado events increases, KBRA believes the enhanced exposure to these severe weather events warrants greater implementation of tornado risk in companies’ cat models.

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KBRA Withdraws the Ratings on United Auto Credit Securitization Trust 2016-2
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the outstanding notes of United Auto Credit Securitization Trust 2016-2 (“UACC 2016-2”), an auto loan transaction which closed September 21, 2016. The optional redemption was exercised as a result of the pool factor being less than or equal to 15.00% as of the February 2019 collection period.

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KBRA Assigns Preliminary Ratings to SCF Equipment Leasing 2019-1 LLC and SCF Equipment Leasing Canada 2019 Limited Partnership Equipment Contract Backed Notes, Series 2019-1
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes from SCF Equipment Leasing 2019-1 LLC and SCF Equipment Leasing Canada 2019 Limited Partnership Equipment Contract Backed Notes, Series 2019-1. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2019-1
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by First Investors Auto Owner Trust 2019-1 (FIAOT 2019-1), an auto loan ABS transaction.

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KBRA Affirms AAA Rating to U.S.
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms the AAA long-term issuer rating for the United States of America (U.S.). KBRA also affirms the K1+ short-term issuer ratings to the sovereign. The long-term ratings have a Stable Outlook. The ratings are unsolicited. The most recent credit report on the sovereign is available here.

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KBRA Monitoring JPMCC 2014-DSTY Due to Special Servicing Transfer
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring JPMCC 2014-DSTY, a CMBS large loan transaction, regarding its special servicing transfer. KBRA learned of the transfer from the master servicer, Wells Fargo Bank, National Association (Wells Fargo) on March 26, 2019. The loan transferred to the special servicer, Wells Fargo, on March 14, 2019 due to imminent monetary balloon/maturity default. The loan matures on June 6, 2019 and the certificates have a rated final distribution date in June 2027.

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KBRA Rates Three Structured Finance Deals in Europe in One Week and Relocates Office to Accommodate Growth
28-Mar-2019

NEW YORK (March 28, 2019) – Kroll Bond Rating Agency’s (KBRA) Structured Finance team rated three public transactions in Europe last week. The team published ratings on one RMBS (SMI Equity Release 2018-1 DAC) and two CMBS (Kanaal CMBS Finance 2019 DAC, Taurus 2019-1 FR DAC) transactions, with additional deals in the pipeline over the upcoming months. This success is testament to the level of acceptance that KBRA has gained among both the issuer and investor communities.

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KBRA Downgrades Two Classes and Affirms All Other Classes of MSBAM 2015-C22
27-Mar-2019

NEW YORK, NY (March 27, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates from “B+ (sf)” to “B (sf)" and the Class G certificates from “B- (sf)” to “CCC (sf)" of MSBAM 2015-C22. All of the transaction’s other outstanding ratings have been affirmed. MSBAM 2015-C22 is a $1.05 billion CMBS conduit transaction collateralized by 75 mortgage loans secured by 84 properties. The rating actions are primarily driven by KBRA’s projected losses for three (5.0%) KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. In addition, principal losses have reduced the Class G certificates (not rated by KBRA) by $10.8 million  

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KBRA Affirms All Classes of LSTAR 2017-5
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LSTAR 2017-5, a $690.4 million commercial real estate (CRE) multi-borrower securitization collateralized by 28 loans secured by 31 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a weakening in credit metrics since securitization.

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KBRA Withdraws Ratings for RETL 2018-RVP
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from eight classes of the RETL 2018-RVP transaction following the full redemption of the rated securities as reflected in the transaction’s March 2019 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Upgrades Class C and Affirms All Other Classes of CGCMT 2013-GCJ11
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class C certificates from A (sf) to AA- (sf) and affirms all other outstanding ratings of CGCMT 2013-GCJ11, an $822.4 million CMBS conduit transaction collateralized by 58 uncrossed commercial mortgage loans secured by 72 properties. The upgrade reflects the transaction’s increased certificate credit enhancement (C/E) levels due to loan payoffs and deleveraging from amortization. A total of 14 loans, with an original balance of $303.6 million (25.2%), have been repaid in full, all of which except one (0.3%), paid off since KBRA's last rating action in 2017. In addition, 14 loans, totaling $170.9 million (20.8% of the current pool balance) and secured by 43 properties, have fully defeased since securitization, of which seven (11.0%), defeased since KBRA's last rating action. In total, the transaction balance has decreased by 31.9% since issuance.

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KBRA Releases Bank Talk: The After-Show
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Reviewing Special Revenue Bond Implications of Court Ruling
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) is analyzing the potential implications to the broader market of the decision rendered on March 26 by the U.S. Court of Appeals for the First Circuit, in the Assured Guaranty Corp. et al. v. Fin. Oversight and Mgt. Bd. for Puerto Rico et al. (In re:  Fin. Oversight and Mgt. Bd. for Puerto Rico), appeal nos. 18-1165, 1166 (Consolidated) (1st Cir. 2019). (KBRA Research: Has Special Revenue Bond Protection Been Turned on its Head?)

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KBRA Affirms Rating of AA with a Stable Outlook for Fidus Re Ltd.'s Series 2018-1 Class A Principal-at-Risk Variable Rate Notes
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) has affirmed the long-term credit rating of AA with a Stable Outlook on Fidus Re Ltd.’s Series 2018-1 Class A Principal-at-Risk Variable Rate Notes due March 31, 2030. Build America Mutual Assurance Company (“BAM”), a mutual financial guaranty company, sponsored the issuance of variable rate notes (“Notes”) through an off-shore (Bermuda) bankruptcy remote special purpose insurer, Fidus Re Ltd. (“Fidus”). KBRA’s rating is related solely to the Notes and should not be construed as an insurance financial strength rating (IFSR) on BAM as a statutory entity.

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KBRA Assigns a Preliminary Rating to Trinity Rail Leasing 2019 LLC, Series 2019-1
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary rating to the Class A notes of Trinity Rail Leasing 2019 LLC, Series 2019-1, a railcar leasing securitization.

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KBRA Affirms Ratings on Chesapeake Funding II LLC, Series 2016-1, 2016-2, 2017-2, 2017-3, 2017-4 and 2018-2
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the outstanding Series 2016-1 Notes, Series 2016-2 Notes, Series 2017-2, Series 2017-3, 2017-4 and Series 2018-2 Notes (see below). The affirmation on the existing notes reflects both the collateral performance and the outstanding classes continue to pass their respective rating level stresses with the issuance of the Series 2019-1 Notes out of the same master trust.

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KBRA Assigns Ratings to Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1)
27-Mar-2019

NEW YORK (March 26, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1), a $340.2 million non-prime residential mortgage-backed securities (RMBS) transaction.

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KBRA Upgrades Ratings for RPMLT 2014-1
27-Mar-2019

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) has upgraded all rated classes of mortgage pass-through certificates from RPMLT Trust 2014-1 (RPMLT 2014-1).

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KBRA Publishes Surveillance Report for Investar Holding Corporation
26-Mar-2019

NEW YORK, NY (March 26, 2019) – On March 7, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Investar Holding Corporation (NASDAQ: ISTR or “the Company”), a bank holding company headquartered in Baton Rouge, Louisiana. KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Investar Bank (“the Bank”), the bank subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of CGCMT 2016-GC37
26-Mar-2019

NEW YORK, NY (March 26, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-GC37, a $684.0 million CMBS conduit transaction collateralized by 54 loans secured by 62 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Affirms All Classes of CGCMT 2015-GC29
26-Mar-2019

NEW YORK, NY (March 26, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-GC29, a $1.1 billion CMBS conduit transaction collateralized by 85 commercial mortgage loans secured by 101 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Publishes Surveillance Report for Hanmi Financial Corporation
26-Mar-2019

NEW YORK (March 26, 2019) – On March 13, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Los Angeles, CA based Hanmi Financial Corporation (NASDAQ: HAFC) (“the Company”). Additionally, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for HAFC’s subsidiary, Hanmi Bank. The Outlook for all long-term ratings is Stable.

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KBRA Publishes Rating Report for FS KKR Capital Corp.
26-Mar-2019

NEW YORK (March 26, 2019) – On December 20, 2018, Kroll Bond Rating Agency (KBRA) assigned BBB issuer and senior unsecured debt ratings for FS KKR Capital Corp. (“FSK”, “The company”). The Outlook is Stable.

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KBRA Affirms Rating on Corn Belt Power Cooperative
25-Mar-2019

NEW YORK, NY (March 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms the Long-Term rating of A with a Stable Outlook on Corn Belt Power Cooperative as an obligor.

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KBRA Affirms Ratings to Sapphire Aviation Finance I Limited
25-Mar-2019

NEW YORK (March 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Notes, Series B Notes and Series C Notes of Sapphire Aviation Finance I Limited, an aircraft ABS transaction, which closed on March 23, 2018. The portfolio is currently comprised of 41 aircraft, leased to 29 lessees in 19 countries.

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KBRA Affirms Ratings on Skopos Auto Receivables Trust
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on all outstanding notes issued by two Skopos Auto Receivables Trusts, SKOP 2015-2 and SKOP 2018-1. The data used for this review is as of the February 2019 collection period. The rating affirmations reflect that credit enhancement has built for each class of notes despite high losses. In addition, the breakeven multiples for each class of notes is sufficient for their respective affirmations.

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KBRA Affirms Ratings on NYSERDA Residential Solar Financing Green Revenue Bonds, Series 2018A
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on outstanding classes of notes issued under New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2018A (NYSERDA 2018A), a solar loan ABS transaction which closed on March 21, 2018. Losses are slightly higher than Kroll Bond Rating Agency’s (''KBRA'') base case loss expectation to date but credit enhancement has increased since closing, however the solar loans still have repayment risk due to the long remaining term. Therefore, KBRA has affirmed the ratings on all outstanding classes of notes due to the longer-term assets.

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KBRA Publishes Surveillance Report for WT Holdings and Key Subsidiaries
22-Mar-2019

NEW YORK, NY (March 22, 2019) – On March 1, 2019, Kroll Bond Rating Agency (KBRA) affirmed the BBB- issuer and debt ratings of WT Holdings, Inc. (WT Holdings) and the A- Insurance Financial Strength Ratings (IFSR) of its key subsidiaries – Stillwater Insurance Company (SIC), Stillwater Property and Casualty Insurance Company (SPAC), and Evergreen National Indemnity Company (Evergreen). On March 12, 2019, KBRA removed Tri-State Consumer Insurance Company (Tri-State) from Watch Developing status and affirmed the A- IFSR. The Outlook for all ratings is Stable.

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KBRA Assigns Ratings to CALI 2019-101C
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to eight classes of CALI 2019-101C, a CMBS single-borrower securitization.

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KBRA Affirms Issuer and Senior Unsecured Debt Ratings of A to Aviation Capital Group LLC
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer and senior unsecured ratings of A to Aviation Capital Group LLC (“ACG” or “the Company”), an aircraft leasing company headquartered in Newport Beach, California. The Outlook on the ratings is Stable.

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KBRA Releases the Global Private Student Loan ABS Rating Methodology
22-Mar-2019

NEW YORK, NY ( March 22, 2019) – Kroll Bond Rating Agency (KBRA) releases the methodology for private student loan asset-backed securities (“PSL ABS”). This includes transactions secured by collateral originated by PSL lenders, including both traditional PSL lenders as well as through online PSL marketplace lending platforms in the U.S. It excludes transactions secured by collateral originated under the U.S. Federal Family Education Loan Program or income contingent student loans granted by the U.K. government.

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KBRA Withdraws the Class A Rating for SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A Notes of SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1, an equipment lease ABS transaction, which closed on June 23, 2016. This action reflects the fact that the Class A-1 notes have been paid in full.

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KBRA Affirms All Classes of FREMF 2018-K731
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2018-K731, a $1.3 billion CMBS multi-borrower transaction collateralized by 54 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Upgrades Arcadia Receivables Credit Trust 2017-1
22-Mar-2019

NEW YORK, NY (March 22, 2019) – Kroll Bond Rating Agency (KBRA) upgrades Arcadia Receivables Credit Trust 2017-1 Class B note. The rating action reflects the fact that despite losses being higher than KBRA’s initial loss expectation, the credit enhancement and breakeven multiples are sufficient for the rating action taken.

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KBRA Affirms Ratings of Fortegra Financial Corporation
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the A- insurance financial strength ratings (IFSRs) of the key insurance subsidiaries of Fortegra Financial Corporation (Fortegra): Lyndon Southern Insurance Company; Insurance Company of the South; Response Indemnity Company of California; Life of the South Insurance Company; Southern Financial Life Insurance Company; and Bankers Life of Louisiana. Additionally, KBRA affirms the BBB issuer rating and BBB- junior subordinated debt rating of Fortegra. The Outlook for all ratings is Stable. Fortegra is a leading provider of credit protection, warranty, and specialty underwriting products and services. The organization is headquartered in Jacksonville, Florida and part of the Tiptree Inc. family of companies (NASDAQ: TIPT).

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KBRA Places Three Classes of CGRBS 2013-VNO5TH on Watch Upgrade
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) placed the ratings on the Class C, D, and E certificates of CGRBS 2013-VNO5TH, a $390.0 million CMBS single borrower transaction, on Watch Upgrade due to the pending defeasance of the loan that serves as collateral for the transaction. KBRA was recently informed of the defeasance by the master servicer, Wells Fargo Bank Commercial Servicing. The closing date is tentatively scheduled for March 29, 2019.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2013-K713
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and C certificates of FREMF 2013-K713. All of the transaction’s other outstanding ratings have been affirmed. FREMF 2013-K713 is a $1.4 billion CMBS multi-borrower transaction collateralized by 71 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrades reflect the continued improvement in the pool's credit performance, as well as defeasances.

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KBRA Assigns Final Ratings to New York State Energy Research and Development Authority Residential Solar and Energy Efficiency Financing Green Revenue Bonds, Series 2019A
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to ten classes of notes issued by New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2019A (“NYSERDA 2019A Bonds”).

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KBRA Withdraws the Class A Rating on Upstart Securitization Trust 2018-1
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) withdraws a rating on the Class A notes of Upstart Securitization Trust 2018-1 (UPST 2018-1), a consumer loan ABS transaction, which closed April 13, 2018. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Releases Report Assigning AA- Rating with a Negative Outlook to the State of Connecticut GO Bonds and Taxable GO Bonds (2019 Series A)
21-Mar-2019

NEW YORK, NY (March 21, 2019) – On March 18, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- with a Negative Outlook to the State of Connecticut General Obligation Bonds (2019 Series A) and Taxable General Obligation Bonds (2019 Series A). Additionally, KBRA affirmed the long-term rating of AA- and Negative Outlook on the State’s outstanding general obligation bonds as well as the long-term rating of AA- and Negative Outlook on the State of Connecticut General Fund Obligation Bonds 2014 Series A issued by Connecticut Innovations, Incorporated.

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KBRA Withdraws Rating on Class A-2 of First Investors Auto Owner Trust 2016-1
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 notes of First Investors Auto Owner Trust 2016-1 (FIAOT 2016-1), an auto loan transaction that closed on February 18, 2016. This action reflects the fact that the Class A-2 note has been paid in full.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Home BancShares, Inc. with Positive Outlook
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Conway, Arkansas based Home BancShares, Inc. (NASDAQ: HOMB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Centennial Bank. The Outlook for all long-term ratings remains Positive. 

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KBRA Affirms Insurance Financial Strength Rating of Gleaner Life Insurance Society
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the A- insurance financial strength rating (IFSR) of Gleaner Life Insurance Society (Gleaner), a fraternal benefit society domiciled in Adrian, Michigan. The Outlook for the rating is Stable.

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KBRA Publishes Surveillance Report for Clear Blue Financial Holdings, LLC and its Subsidiaries
21-Mar-2019

NEW YORK, NY (March 21, 2019) – On March 14, 2019, Kroll Bond Rating Agency (KBRA) affirmed the BBB- issuer and senior unsecured debt ratings for Clear Blue Financial Holdings, LLC (Clear Blue Financial) and the A- Insurance Financial Strength Ratings (IFSR) for Clear Blue Specialty Insurance Company (CBSIC) and Clear Blue Insurance Company (CBIC). CBSIC and CBIC are collectively referred to as Clear Blue. The Outlook for all ratings is Stable.

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KBRA Credit Profile (KCP) K-LOC Index: February 2019
21-Mar-2019

NEW YORK, NY (March 21, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of February.

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KBRA Releases Rating Actions for 29 RMBS CRT Transactions
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed 29 RMBS GSE credit risk transfer (CRT) transactions, resulting in upgrades to the ratings of 161 classes and the affirmation of ratings on 498 classes. Of the 161 upgraded ratings, 35 relate to “base” classes while 126 were related to exchangeable combinations of those classes. Similarly, of the 498 affirmed ratings, 65 relate to “base” classes and 433 were related to exchangeable combinations of those classes. The related transactions are listed further below with links to their transaction pages which show the applicable rating actions. In addition, these rating actions as well as the related deal and tranche performance information are available in spreadsheet form on KBRA.com in the accompanying KBRA RMBS Surveillance KCAT.

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KCP Special Report: Pier Pressure - Pier One Evaluates Strategic Alternatives
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) releases a special report on home furnishings and décor retailer Pier 1 Imports, Inc. (“Pier 1”). Pier 1 recently engaged with advisors to help it explore strategic alternatives and navigate potential negotiations with lenders. Investors remain concerned with Pier 1’s future prospect as sales and profitability continue to deteriorate. Comparable sales fell 10.5% during the company’s fiscal third quarter 2019, marking the fifth consecutive quarter of negative comps, while net sales were down 11.9%.

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KBRA Assigns Preliminary Ratings to Taurus 2019-1 FR DAC
20-Mar-2019

DUBLIN, IRELAND ( 18 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2019-1 FR DAC, a CMBS single-borrower securitisation.

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KBRA Assigns Final Ratings to Avant Loans Funding Trust 2019-A
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avant Loans Funding Trust 2019-A (“AVNT 2019-A”). This is a $283.456 million consumer loan ABS transaction.

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KBRA Assigns Final Ratings to Mill City Solar Loan 2019-1 Ltd. and Mill City Solar Loan 2019-1 LLC
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Mill City Solar 2019-1 Ltd. and Mill City Solar 2019-1 LLC (“MCSLT 2019-1”). This is a $241.4 million term ABS securitization collateralized by a pool of approximately $272.2 million residential solar loans.

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KBRA Assigns Final Rating to OCP CLO 2019-16 Ltd.
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one class of notes issued by OCP CLO 2019-16, Ltd. (OCP 2019-16).

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KBRA Assigns Preliminary Ratings to UBS 2019-C16
20-Mar-2019

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of UBS 2019-C16, a $682.7 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 488 properties.

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KBRA Assigns Ratings to SMI Equity Release 2018-1 Designated Activity Company (SMI 2018-1)
20-Mar-2019

DUBLIN, IRELAND ( 20 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to two classes of notes from SMI Equity Release 2018-1 Designated Activity Company (SMI 2018-1), an Irish equity release mortgage transaction secured predominantly by seasoned equity release (aka “reverse”) mortgages. SMI Equity Release 2018-1 is, to KBRA’s knowledge, the first publicly rated securitisation of Irish/Spanish equity release mortgages (ERMs) and among the first publicly rated securitisations of European ERMs since the financial crisis.

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KBRA Assigns Preliminary Ratings to Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1)
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1), a $340.2 million non-prime residential mortgage-backed securities (RMBS) transaction.

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KBRA Downgrades the Class A-2 and B Notes and Maintains Watch Downgrade for Harley Marine Financing LLC, Series 2018-1
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) downgrades both classes of notes for Harley Marine Financing LLC, Series 2018-1 and maintains the Watch Downgrade status.

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KBRA Releases Surveillance Report Affirming the AAA Rating with Stable Outlook on the LACMTA's Prop. A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2018-A
19-Mar-2019

NEW YORK, NY (March 19, 2019) – On March 18, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AAA with a Stable Outlook to the Los Angeles County Metropolitan Transportation’s Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2018-A.

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KBRA Releases U.S. Residential Mortgage Bank Update: Mergers and Dispositions
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) releases its U.S. Residential Mortgage Bank Update: Mergers and Dispositions report, which highlights the performance of companies active in the U.S. residential mortgage industry.

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KBRA Releases Update on Bermuda
19-Mar-2019

NEW YORK (March 19, 2019) – Bermuda was placed on the EU’s blacklist for tax havens on March 12, due to insufficient compliance with the EU’s Code of Conduct for business taxation. According to official statements from Bermuda, that country’s inclusion on the EU’s blacklist for tax havens results from the combination of a careless omission and a revision to regulations that was submitted after the EU deadline date.

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KBRA Assigns Preliminary Ratings to Kanaal CMBS Finance 2019 DAC
19-Mar-2019

DUBLIN, IRELAND ( 19 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Kanaal CMBS Finance 2019 DAC, a €278.4 million CMBS transaction collateralised by two loans. The loans are not cross-collateralised or cross-defaulted.

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KBRA Withdraws Ratings on First Investor Auto Owner Trust 2014-2
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the First Investors Auto Owner Trust 2014-2 (FIAOT 2014-2), an auto loan transaction, which closed on August 14, 2014. This action reflects First Investor’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated August 6, 2014. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the March 15, 2019 distribution date.

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KBRA Publishes Surveillance Report for United Community Banks, Inc.
19-Mar-2019

NEW YORK, NY (March 19, 2019) – On February 6, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Blairsville, Georgia–based United Community Banks, Inc. (NASDAQ: UCBI) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, United Community Bank. The Outlook for all long-term ratings is Stable.

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KBRA Issues KREF 2018-FL1 Third Reinvestment Update
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on March 14, 2019, following a request from the collateral manager, KKR Real Estate Finance Manager LLC (KKR), with respect to an acquisition of a reinvestment mortgage asset for KREF 2018-FL1. The acquisition took place on March 15, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Assigns Final Ratings to Driven Brands Funding, LLC - Series 2019-1 Senior Secured Notes
19-Mar-2019

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) announces the final ratings to a note class of Driven Brands Funding, LLC, a whole business securitization.

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KBRA Affirms All Classes of COMM 2015-CCRE23 Courtyard by Marriott
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of the COMM 2015-CCRE23 Courtyard by Marriott Portfolio transaction. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Withdraws Ratings on Kabbage Asset Securitization LLC, Series 2017-1
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on all outstanding notes of Kabbage Asset Securitization LLC, 2017-1, a small business loan ABS transaction, which closed on March 20, 2017 then issued $25 million additional notes in August 2017 and $60 million of additional notes in May 2018. This action reflects the Issuer’s decision to exercise the option to prepay all outstanding notes pursuant to the transaction indenture and related supplement dated March 20, 2017. The redemption was funded with the issuance of new notes by Kabbage Asset Securitization LLC, Series 2019-1 which closed March 15, 2019.

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KBRA Issues Update on Loan Purchase of TRYP Wyndham Garden Inn in FORT CRE 2018-1
18-Mar-2019

NEW YORK, NY (March 18, 2019) – KBRA received notice on March 13, 2019, that TRYP Wyndham Garden Inn ($11.9 million, 3.1% of the total loan collateral balance) was purchased out of the commercial real estate collateralized loan obligation (CRE CLO) transaction as a Defaulted Mortgage Asset by an affiliate of Fortress CRE Special Servicing, LLC, the special servicer.

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KBRA Affirms the AAA Rating with Stable Outlook on the Los Angeles County MTA's Prop. A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2018-A
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AAA with a Stable Outlook to the Los Angeles County Metropolitan Transportation’s Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2018-A.

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KBRA Assigns AA- Rating with a Negative Outlook to the State of Connecticut GO Bonds and Taxable GO Bonds (2019 Series A)
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- with a Negative Outlook to the State of Connecticut General Obligation Bonds (2019 Series A) and the Taxable General Obligation Bonds (2019 Series A). Additionally, KBRA affirms the long-term rating of AA- and Negative Outlook on the State’s outstanding general obligation bonds as well as the long-term rating of AA- and Negative Outlook on the State of Connecticut General Fund Obligation Bonds 2014 Series A issued by Connecticut Innovations, Incorporated.

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IMN's Inaugural Investors' Conference on CRE CLOs: Recap
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) attended IMN’s inaugural Investors Conference on CRE CLOs in New York City on March 14. The conference was a full day with seven panels dedicated to the commercial real estate (CRE) collateralized loan obligations (CLO) market, with over 350 registered participants.

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KBRA Withdraws Rating on Castlelake Aircraft Securitization Trust 2015-1
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on three class of notes of the Castlelake Aircraft Securitization Trust 2015-1, an aircraft ABS transaction, which closed on December 18, 2015. This action reflects the fact that the notes have been paid in full on March 15, 2019.

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KBRA Assigns Preliminary Ratings to BANK 2019-BNK17
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK17 (see ratings list below), a $833.0 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 239 properties.

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KBRA Withdraws Rating on CSAIL 2015-C2
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the CSAIL 2015-C2 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s March 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on WFCM 2015-C26
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFCM 2015-C26 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s March 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Ratings to Benchmark 2019-B10
18-Mar-2019

NEW YORK, NY (March 18, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 19 classes of Benchmark 2019-B10 (see ratings list below), a $1.2 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 98 properties. Inclusive of the loan specific certificates (the rake certificates), the transaction size is $1.3 billion.

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KBRA Assigns Final Ratings to Kabbage Asset Securitization LLC, Series 2019-1
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes (the “Notes”) issued by Kabbage Asset Securitization LLC, Series 2019-1 (“Kabbage 2019-1”).

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KBRA Assigns Final Ratings to MAPS 2019-1 Limited
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by MAPS 2019-1 Limited.

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KBRA Assigns Final Ratings to Consumer Lending Receivables Trust 2019-A
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Lending Receivables Trust 2019-A (“CLRT 2019-A”). This is a $268.60 million consumer loan ABS transaction that closed on February 22, 2019 and was initially issued as unrated.

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KBRA Assigns Final Ratings to OneMain Direct Auto Receivables Trust 2019-1
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2019-1 (“ODART 2019-1”) an auto loan ABS transaction. 

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KBRA Comments on the Worldwide Grounding of the Boeing 737 Max Following a Second Tragic Incident
15-Mar-2019

NEW YORK, NY (March 15, 2019) – With our deepest regrets following the second crash of a 737 Max jet, which resulted in the tragic loss of 157 lives onboard Ethiopian Airlines Flight 302 to Kenya on March 12, KBRA details our view on the potential credit impact for both airlines and aircraft lessors, as well as our rated aviation transactions. As of March 13, all 737 Max variants are grounded by the relevant aviation regulatory bodies due to safety concerns. On December 3, 2018, following the crash of the 737 Max 8 jetliner Lion Air Flight 610, KBRA released a report noting our approach for liquidity stresses for aircraft, should there be long-term implications for the value of the 737 Max aircraft series.

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KBRA Affirms All Classes of BX 2018-BIOA
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BX 2018-BIOA, a $1.4 billion CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Withdraws the Class A Rating on Flagship Credit Auto Trust 2015-3
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Flagship Credit Auto Trust 2015-3 (FCAT 2015-3), an auto loan ABS transaction, which closed on November 5, 2015. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Simmons First National Corporation
15-Mar-2019

NEW YORK, NY (March 15, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Pine Bluff, Arkansas based Simmons First National Corporation (NASDAQ: SFNC) (“Simmons” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Simmons Bank. The Outlook for all long-term ratings is Stable. 

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KBRA Upgrades Two Classes and Affirms All Other Classes of JPMBB 2013-C15
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class C certificates from "A (sf)" to "AA- (sf)" and the Class D certificates from "BBB- (sf)" to "BBB (sf)". In conjunction with this review, KBRA also withdraws its “AAA (sf)” rating from Class A-2FX, for which the Class A-2FL certificates could have been exchanged. All of the transaction's other outstanding ratings have been affirmed. JPMBB 2013-C15 is a $724.3 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 75 properties. The upgrades reflect the increased certificate credit enhancement levels due to loan payoffs and deleveraging from amortization. Fourteen loans with an original balance of $424.9 million (35.6%) have been repaid in full, including nine loans totaling $197.6 million (16.6%) since last review. Two of the loans were Hulen Mall, (previously 3rd largest, 9.1%) and Southway Plaza (previously 0.8%), a 90+ days delinquent specially serviced loan. In total, the transaction balance has decreased by 39.3% since issuance, including 21.1% since last review.

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KBRA Affirms All Classes of CGCMT 2016-P3
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P3, a $764.8 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of JPMBB 2015-C28
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C28, a $1.1 billion CMBS conduit transaction collateralized by 65 commercial mortgage loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a slight weakening in credit metrics since securitization.

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KBRA Affirms Ratings for Hamilton Re and Hamilton Insurance Group
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A for Hamilton Re, Ltd. (Hamilton Re), a class 4 Bermuda specialty reinsurer. KBRA also affirms the issuer rating of BBB+ for the organization’s ultimate holding company, Hamilton Insurance Group, Ltd. (Hamilton Group). Hamilton Re and Hamilton Group are collectively referred to as Hamilton. These actions follow the announcement by Hamilton that it had signed a definitive agreement to acquire the Pembroke Managing Agency Limited (Pembroke) platform at Lloyd’s and Ironshore Europe DAC (IEDAC) from Liberty Mutual Group. The Outlook for both ratings is Stable.

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KBRA Assigns Preliminary Ratings to Carvana Auto Receivables Trust 2019-1
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Carvana Auto Receivables Trust 2019-1 (“CRVNA 2019-1”) an auto loan ABS Transaction. CRVNA 2019-1 represents the inaugural term ABS securitization for Carvana LLC (“Carvana”) or the (“Company”).

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KBRA Affirms Ratings for Clear Blue Financial Holdings, LLC and its Subsidiaries
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms the BBB- issuer and senior unsecured debt ratings for Clear Blue Financial Holdings, LLC (Clear Blue Financial) and the A- Insurance Financial Strength Ratings (IFSR) for Clear Blue Specialty Insurance Company (CBSIC) and Clear Blue Insurance Company (CBIC). CBSIC and CBIC are collectively referred to as Clear Blue. The Outlook for all ratings is Stable.

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KBRA Assigns Long-Term Rating of A with Stable Outlook to Chicago's General Obligation Bonds Series 2019A
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A with a Stable Outlook to the City of Chicago General Obligation Bonds Series 2019A. Concurrently, KBRA affirms the long-term rating of A with a Stable Outlook to the City’s outstanding general obligation bonds.

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KBRA Update on the Appointment of a Subservicer on Sierra Auto Receivables Securitization Trust 2016-1
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) has received notice from Sierra Auto Finance LLC (Sierra), that First Investors Servicing Corporation (First Investors) was appointed as subservicer of the Sierra Auto Receivables Securitization Trust 2016-1 (SARST 2016-1) transaction. On February 28, 2019, Sierra officially transferred all future servicing responsibilities to First Investors, as subservicer, who began its first full day of servicing substantially on March 1, 2019. KBRA will continue to monitor the developments of this servicing transition and the performance of the SARST 2106-1 transaction.

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KBRA Affirms All Classes of JPMCC 2017-JP5
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2017-JP5, a $1.1 billion CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 59 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Downgrades Three Classes and Affirms All Other Classes of MSBAM 2014-C16
14-Mar-2019

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class E, F, and G certificates of MSBAM 2014-C16. All of the transaction’s other outstanding ratings  affirmed. MSBAM 2014-C16 is a $1.2 billion CMBS conduit transaction collateralized by 72 mortgage loans secured by 103 properties. The rating actions are primarily driven by KBRA’s projected loss for The Outlets of Mississippi K-LOC (5.3% of the pool balance), which is collateralized by a retail outlet center located in Pearl, Mississippi, that transferred to the special servicer in November 2018. KBRA analysts visited Outlets of Mississippi on February 6, 2019. It also reflects KBRA's estimated losses for two other K-LOCs (4.5%). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.  

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KBRA Assigns Ratings to VCC 2019-1
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 18 classes of Velocity Commercial Capital 2019-1 (VCC 2019-1) mortgage-backed certificates.

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KBRA Withdraws Rating for CGCMT 2014-GC25
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the CGCMT 2014-GC25 transaction following the full redemption of the rated security as reflected in the transaction’s March 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Issues Update on Progress 405 in RAIT 2017-FL7
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) issues an update on Progress 405 ($30.0 million, 13.4% of the pool balance), the second largest loan in RAIT 2017-FL7, a $224.1 million CRE CLO transaction. The February 2019 remittance indicated that the loan transferred to the special servicer on January 10, 2019, due to imminent monetary default.

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KBRA Withdraws Rating for COMM 2015-CCRE22
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2015-CCRE22 transaction following the full redemption of the rated security as reflected in the transaction’s March 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for COMM 2014-LC15
14-Mar-2019

NEW YORK, NY (March 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2014-LC15 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s March 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Publishes Rating Report for Converge RE II and Converge Holdings Inc.
14-Mar-2019

NEW YORK, NY (March 14, 2019) – On December 18, 2018, Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) of A- to Converge RE II (Converge RE) and an issuer rating of BBB- to its parent holding company, Converge Holdings Inc. (Converge Holdings). The Outlook for both ratings is Stable.

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KBRA Releases Report Assigning Long-Term Rating of AA+ with Negative Outlook to the MTA TRBs Subseries 2012A-3 (SIFMA FRTNs)
13-Mar-2019

NEW YORK, NY (March 13, 2019) – On March 12, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Negative Outlook to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds, Subseries 2012A-3 (SIFMA Floating Rate Tender Notes).

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KBRA Assigns Preliminary Ratings to Foundation Finance Trust 2019-1
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Foundation Finance Trust 2019-1 (“FFIN 2019-1”), a consumer loan asset-backed securities transaction that expected to close on April 2, 2019.

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KBRA Upgrades Five Classes and Affirms All Other Classes of MSBAM 2013-C9
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the B certificates from AA (sf) to AA+ (sf), the PST and C certificates from A (sf) to A+ (sf), and the D and E certificates from BBB- (sf) to BBB (sf).  All of the other outstanding ratings have been affirmed. MSBAM 2013-C9 is a $978.4 million CMBS conduit transaction collateralized by 52 mortgage loans secured by 63 properties. The upgrades reflect the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Releases Monthly Auto Loan Indices for February
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of February. Credit performance improved across most securitized auto loan pools in February and performance is expected to improve again in March, as borrowers continue to receive tax refunds, providing an additional source of cash flow to help them pay their auto loans.

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KBRA Places Hercules Capital, Inc.'s BBB+ Ratings on Watch Developing Following Announcement of Manuel Henriquez's Indictment
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) places Hercules Capital, Inc’s (“HTGC”, “Hercules”, “The Company”) BBB+ issuer and senior unsecured debt ratings on Watch Developing.

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KBRA Affirms All Classes of FREMF 2016-K53
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K53, a $1.4 billion CMBS multi-borrower transaction collateralized by 88 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Issues Update on Loan Purchase of LUXE 16 in RCMF 2018-FL2
13-Mar-2019

NEW YORK, NY (March 13, 2019) – KBRA received notice and confirmation on March 11, 2019, that LUXE 16, the largest loan in RCMF 2018-FL2 ($16.1 million, 6.7% of the total loan collateral balance), was purchased out of the commercial real estate collateralized loan obligation (CRE CLO) transaction. This is the first instance KBRA is aware of a specially-serviced asset being purchased from a CRE CLO trust by the majority holder of the lowest class of notes.

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KBRA Assigns Preliminary Ratings to SHREC ABS 1 LLC, Series 2019-1
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to two note classes issued by SHREC ABS 1 LLC. The securitization is backed by the proceeds from the sale of solar renewable energy credits, generated under The Connecticut Green Bank’s (the “Parent” or “Company”) Solar Home Renewable Energy Credit (“SHREC”) program, by the Parent to Connecticut’s two investor-owned utility companies, The Connecticut Light and Power Company, d/b/a Eversource Energy and United Illuminating Company under two Master Purchase Agreements, statutorily required by Connecticut. The SHRECs will be generated from solar photovoltaic systems (“PV Systems”) participating in the Parent’s Residential Solar Investment Program.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Hanmi Financial Corporation
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Los Angeles, CA based Hanmi Financial Corporation (NASDAQ: HAFC) (“the Company”). Additionally, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for HAFC’s subsidiary, Hanmi Bank. The Outlook for all long-term ratings is Stable.

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KBRA Releases UK RMBS: Market Uncertainty, BTL Demand to Remain
13-Mar-2019

DUBLIN ( 13 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) releases its UK RMBS: Market Uncertainty, BTL Demand to Remain report, which provides an outlook for the UK buy-to-let (BTL) RMBS sector. The report also assesses the UK housing market, the impact of policy changes and the main themes for the remainder of 2019.

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KBRA Releases Report on CRE CLO's Sizable Prepayment Activity
13-Mar-2019

NEW YORK, NY (March 13, 2019) – Kroll Bond Rating Agency (KBRA) has observed meaningful prepayment activity in 2017 and early 2018 vintage commercial real estate collateralized loan obligations (CRE CLOs). In fact, nearly a quarter (24.1%) of a study population of 428 loans were paid off—of this amount, 89.3% were in advance of their initial maturity. The prepayments led to increases in credit enhancement levels, which had a positive impact on rating activity. In 2018 and year-to-date 2019, KBRA has upgraded 11 notes from eight 2017-18 transactions owing to deleveraging that occurred due to loan payoffs. As a result of the prepayment activity, we believe it would be helpful to shed light on some of the trends observed in the market.

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KBRA Assigns Long-Term Rating of AA+ with Negative Outlook to the MTA TRBs Subseries 2012A-3 (SIFMA FRTNs)
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Negative Outlook to the Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds, Subseries 2012A-3 (SIFMA Floating Rate Tender Notes).

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KBRA Affirms All Classes of UBS 2018-C9
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2018-C9, a $837.5 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 112 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of FREMF 2016-K54
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K54, a $1.4 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Publishes Surveillance Report for Heartland Financial USA, Inc.
12-Mar-2019

NEW YORK, NY (March 12, 2019) – On March 1, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Dubuque, Iowa based Heartland Financial USA, Inc. (NASDAQ: HTLF) (“Heartland” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2 for its subsidiaries: Citywide Banks, Dubuque Bank & Trust Co., New Mexico Bank & Trust, Premier Valley Bank, and Wisconsin Bank & Trust. KBRA also assigned deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2 to its subsidiary, FirstBank & Trust. The Outlook for all long-term ratings remains Positive.

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KBRA Publishes Surveillance Report for Durant Bancorp, Inc.
12-Mar-2019

NEW YORK, NY (March 12, 2019) – On March 1, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Durant, Oklahoma based Durant Bancorp, Inc. (“Durant” or “the Company”). KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Durant’s subsidiary, First United Bank and Trust Company. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to FCI Funding 2019-1, LLC, Series 2019-1 Notes
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of FCI Funding 2019-1, LLC, Series 2019-1, a property tax lien ABS transaction.

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KBRA Downgrades Five Classes and Affirms Three Classes of CG-CCRE 2014-FL1
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the ratings of the Class D certificates from “BBB- (sf)” to “BB (sf)”, the Class E certificates from “BB+ (sf)” to “B+ (sf)”, the  YC1 certificates from “BB+ (sf)” to “B- (sf),” the Class YC2 certificates from “BB (sf)” to “CCC (sf)”, and the YC3 certificates from “BB- (sf)” to “CCC (sf).” All of the other outstanding ratings have been affirmed. Simultaneously, the Class E, YC1, YC2, and YC3 certificates have been removed from Watch Developing where they were placed on December 10, 2018. The downgrades are driven by the decline in the operating performance of the collateral since issuance, a higher KLTV reflecting KBRA’s Net Cash Flow (KNCF) deterioration and capitalization rate increase, and concerns regarding the loan’s refinancing at its final maturity date in a potentially less favorable financing environment for malls.  

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KBRA Removes Tri-State from Watch Developing and Affirms Rating
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) removes Tri-State Consumer Insurance Company (Tri-State) from Watch Developing status and affirms the A- Insurance Financial Strength Rating (IFSR) with a Stable Outlook.

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KBRA Releases Report Affirming State of Wisconsin GO Bond and Related Ratings
12-Mar-2019

NEW YORK, NY (March 12, 2019) – On March 11, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA+ and Stable Outlook on the State of Wisconsin’s General Obligation (GO) Bonds as well as the long-term rating of AA and Stable Outlook on the State’s Master Lease Certificates of Participation (COPs). KBRA additionally affirmed the short-term rating of K1+ on the State’s GO Commercial Paper (CP) Program and the short-term rating of K1+ on the State’s GO Extendible Municipal Commercial Paper (EMCP) Program.

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KBRA Releases Report Assigning AAA and Stable Outlook to State of Wisconsin Transportation Revenue Bonds, 2019 Series A
12-Mar-2019

NEW YORK, NY (March 12, 2019) – On March 11, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA and Stable Outlook to the State of Wisconsin Transportation Revenue Bonds, 2019 Series A and affirmed the long-term rating of AAA and Stable Outlook on the State’s outstanding Transportation Revenue Bonds.

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KBRA Withdraws the Class A Rating on Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2
12-Mar-2019

NEW YORK, NY (March 12, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2 (CLUB 2017-NP2), a consumer loan ABS transaction, which closed on December 20, 2017. This action reflects the fact that Class A note has been paid in full.

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KBRA Publishes Surveillance Report for CRB Group, Inc.
12-Mar-2019

NEW YORK, NY (March 12, 2019) – On February 22, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Fort Lee, NJ based CRB Group, Inc. (“CRB” or “the Company”). KBRA also affirmed the senior unsecured debt and deposit ratings of BBB, subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for the subsidiary bank, Cross River Bank (“the Bank”). The Outlook for all long-term ratings has been revised to Positive from Stable.

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KBRA Publishes Report for South Street Securities, LLC
11-Mar-2019

NEW YORK, NY (March 11, 2019) – On October 3, 2018, Kroll Bond Rating Agency (KBRA) assigned an issuer rating of BBB and short-term issuer rating of K2 for South Street Securities, LLC (“SSS” or “the Firm”), an SEC registered broker dealer headquartered in New York, NY, with a nearly exclusive focus on repo business. The Outlook for the long-term issuer rating is Stable.

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KBRA Withdraws Ratings on One Class from VCC 2014-1
11-Mar-2019

NEW YORK, NY (March 11, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its rating from the M2 class following the reduction of its principal balance to zero, as reflected in the February 2019 remittance report for VCC 2014-1. The M2 did not reflect any accumulated interest shortfalls or principal write-downs in the remittance report. 

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KBRA Assigns AAA and Stable Outlook to State of Wisconsin Transportation Revenue Bonds, 2019 Series A
11-Mar-2019

NEW YORK, NY (March 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AAA and Stable Outlook to the State of Wisconsin Transportation Revenue Bonds, 2019 Series A and affirms the long-term rating of AAA and Stable Outlook on the State’s outstanding Transportation Revenue Bonds.

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KBRA Affirms State of Wisconsin GO Bond and Related Ratings
11-Mar-2019

NEW YORK, NY (March 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA+ and Stable Outlook on the State of Wisconsin’s General Obligation (GO) Bonds as well as the long-term rating of AA and Stable Outlook on the State’s Master Lease Certificates of Participation (COPs). KBRA additionally affirms the short-term rating of K1+ on the State’s GO Commercial Paper (CP) Program and the short-term rating of K1+ on the State’s GO Extendible Municipal Commercial Paper (EMCP) Program.

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KBRA Affirms All Classes of COMM 2015-CCRE22
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-CCRE22, a $1.25 billion CMBS conduit transaction collateralized by 57 loans secured by 68 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Maintains the Watch Developing Status for Ratings of Fidelity Southern Corporation
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) maintains the Watch Developing status for all long-term ratings of Atlanta, Georgia based Fidelity Southern Corporation (NASDAQ: LION) (KBRA senior BBB) and its subsidiary bank, Fidelity Bank. The rating action stems from the anticipation of a second quarter of 2019 close of LION’s merger with and into Moultrie, Georgia based Ameris Bancorp (NASDAQ: ABCB) (KBRA senior BBB), which was announced on December 17, 2018. The ratings of Fidelity Southern Corporation and its subsidiary are expected to be subsequently withdrawn, at the appropriate level, when the transaction closes.

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KBRA Takes Rating Action on Oportun Funding Series
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on four Oportun Funding Series transactions. All classes of notes are affirmed. The data used for this review is as of the January 2019 collection period. Oportun Funding X, LLC, Series 2018-C and Oportun Funding XII, LLC, Series 2018-D were not included in this review since these transactions have less than seven months of seasoning; therefore, no rating actions was taken.  The rating actions reflect that monthly-annualized defaults and three-month average monthly-annualized defaults are below their respective rapid amortization triggers.

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KBRA Affirms All Classes of UBS 2012-C1
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2012-C1, a $1.1 billion CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 78 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Affirms All Classes of WFCM 2015-C27
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-C27, a $950.4 million CMBS conduit transaction collateralized by 87 commercial mortgage loans secured by 111 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Assigns Final Ratings to Ellington CLO IV, Ltd.
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by Ellington CLO IV, Ltd. (Ellington CLO IV).

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KBRA Releases High Yield & Distressed Realty Assets (HYDRA) Summit Recap
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) attended this year’s HYDRA conference held at the New York Athletic Club on March 6 and 7, 2019. Opening remarks were made by Lisa Pendergast, executive director of the CRE Finance Council (CREFC), which hosted the event. The conference appeared to be well attended.

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KBRA Releases Marketplace Consumer Loan Indices for February
08-Mar-2019

NEW YORK, NY (March 8, 2019) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for February.

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KBRA Affirms All Classes of COMM 2014-CCRE17
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-CCRE17, a $1.1 billion CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction. When excluding K-LOCs with losses, the transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 101.1% has decreased from 101.4% at last review and from 101.5% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.55x has decreased from 1.57x at last review and from 1.59x at securitization.

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KBRA Assigns Preliminary Ratings to Avant Loans Funding Trust 2019-A
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Avant Loans Funding Trust 2019-A (“AVNT 2019-A”). This is a $283.456 million consumer loan ABS transaction that is expected to close on March 20, 2019.

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KBRA Affirms Ratings on TLF National Tax Lien Trust 2017-1
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on one class of TLF National Tax Lien Trust 2017-1, a property tax lien ABS transaction, which closed on March 7, 2018. The transaction has performed as expected since closing and credit enhancement has increased over the past year.

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KBRA Affirms the Senior Unsecured Debt Rating of BBB for Investar Holding Corporation
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Investar Holding Corporation (NASDAQ: ISTR or “the Company”), a bank holding company headquartered in Baton Rouge, Louisiana. KBRA also affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Investar Bank (“the Bank”), the bank subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of COMM 2016-DC2
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2016-DC2, a $788.6 million CMBS conduit transaction collateralized by 63 loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Assigns Ratings to ILPT 2019-SURF
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to five classes of ILPT 2019-SURF, a CMBS single-borrower securitization.

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KBRA Assigns Final Ratings to TruPS Financials Note Securitization 2019-1
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by TruPS Financials Note Securitization 2019-1 (“TFINS 2019-1”).

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KBRA Assigns Preliminary Ratings to OneMain Direct Auto Receivables Trust 2019-1
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2019-1 (“ODART 2019-1”) an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to VCC 2019-1
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 18 classes of Velocity Commercial Capital 2019-1 (VCC 2019-1) mortgage-backed certificates.

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KBRA Releases Monthly CMBS Trend Watch
07-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) releases February’s CMBS Trend Watch.

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KBRA Assigns Preliminary Ratings to Bancorp 2019-CRE5
07-Mar-2019

NEW YORK, NY (March 7, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of Bancorp 2019-CRE5, a $518.3 million static commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is structured as a REMIC trust, and unlike to other CRE CLOs rated by KBRA, it does not permit any ramp-up or acquisition/reinvestment of assets post-closing. In addition, the subject transaction differs from the other KBRA rated CRE CLOs because the sponsor does not retain the first-loss position; here, the first-loss position will be sold to a third party.

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KBRA Takes Ratings Actions on OneMain Direct Auto Receivables Trust
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on three of the OneMain Direct Auto Receivables Trust (“ODART”) transactions. In total, the ratings on eleven notes are being affirmed and the ratings on 3 notes are being upgraded. The data used are current as of January 31, 2019. The rating actions for the transactions reflect the fact that losses are in line with KBRA’s loss expectations, credit enhancement has built or has been maintained for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective ratings actions.

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KBRA Affirms All Classes of WFRBS 2012-C6
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2012-C6, an $681.9 million CMBS conduit transaction collateralized by 74 commercial mortgage loans secured by 99 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Takes Rating Actions on CAS 2018-C02, CAS 2016-C03, JPMMT 2015-IVR2, JPMMT 2014-IVR3, PSMC 2018-1 and WIN 2015-3
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2), J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3), Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02), Connecticut Avenue Securities, Series 2016-C03 (CAS 2016-C03), WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3) and PSMC 2018-1 Trust (PSMC 2018-1).

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KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2019-1
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes (the “Notes”) issued by Kabbage Asset Securitization LLC, Series 2019-1 (“Kabbage 2019-1”).

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KBRA Assigns Preliminary Ratings to Mill City Solar Loan 2019-1 Ltd. and Mill City Solar Loan 2019-1 LLC
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mill City Solar 2019-1 Ltd. and Mill City Solar 2019-1 LLC (“MCSLT 2019-1”). This is a $241.4 million term ABS securitization collateralized by a pool of approximately $272.2 million residential solar loans.

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KBRA Withdraws Class A Ratings on Arcadia Receivables Credit Trust 2017-1
06-Mar-2019

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes issued out of Arcadia Receivables Credit Trust 2017-1, a consumer loan ABS transaction which closed on March 10, 2017. This action reflects the fact that the Class A notes have been paid-in-full as of the February 2019 payment date.

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KBRA Issues Update on One Stamford Forum Following Reports that Purdue Pharma May File Bankruptcy
06-Mar-2019

NEW YORK, NY (March 6, 2019) – On March 4, several media reports indicated that Purdue Pharma LP (Purdue) may be preparing a bankruptcy filing in an attempt to mitigate its potential liability from numerous lawsuits alleging the company’s role in the opioid epidemic. The company, which is privately owned, has been named in approximately 1,600 lawsuits from cities and states. Purdue is one of the largest manufacturers of pain management drugs, including OxyContin, its most well-known pharmaceutical. According to the Wall Street Journal, the company has hired restructuring advisors and counsel.

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KBRA Affirms All Classes of JPMCC 2012-WLDN
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2012-WLDN, a $253.3 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a modest decline in performance since last review and issuance.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Withdraws the Class A Rating on Avant Loans Funding Trust 2016-A
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C notes of Avant Loans Funding Trust 2016-A (AVNT 2016-A), a consumer loan ABS transaction, which closed on February 26, 2016. This action reflects the fact that Class C note has been paid in full.

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KBRA Upgrades Class B and Affirms All Other Classes of VMC 2018-FL1
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from AA- (sf) to AA+ (sf) and affirms all other outstanding ratings of VMC 2018-FL1, a $314.0 million commercial real estate collateralized loan obligation (CRE CLO) transaction collateralized by 20 loans secured by 23 properties. The upgrade reflects the transaction’s increased subordination levels, largely the result of the full payoff of five loans (22.5% of the issuance collateral balance) since issuance, of which, Maitland 200 (4.1%), paid off after the most recent remittance date.

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KBRA Downgrades One Class and Affirms All Other Classes of WFRBS 2014-C19
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class E certificates from “BB- (sf)” to “B+ (sf)”. All of the transaction's other outstanding ratings have been affirmed. WFRBS 2014-C19 is a $977.6 million CMBS conduit transaction collateralized by 92 commercial mortgage loans secured by 112 properties. The downgrade reflects the estimated losses for four (6.1%) of the eight (9.5%) KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.  

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KBRA Affirms All Classes of CGCMT 2018-B2
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2018-B2, a $1.06 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 142 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Assigns Preliminary Ratings to CALI 2019-101C
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to nine classes of CALI 2019-101C, a CMBS single-borrower securitization.

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KBRA Publishes Surveillance Report for Air Lease Corporation
05-Mar-2019

NEW YORK, NY (March 5, 2019) – On December 14, 2018, Kroll Bond Rating Agency (KBRA) affirmed the issuer and senior unsecured debt rating of A- for Air Lease Corporation (NYSE: AL, “the Company”), an aircraft leasing company based in Los Angeles, California. The Outlook on the ratings is Stable.

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KBRA Assigns Ratings to CGCMT 2019-SST2
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of CGCMT 2019-SST2, a CMBS single asset, single borrower (SASB) transaction.

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KBRA Places One Class of DBJPM 2016-C3 on Watch Upgrade
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) places the rating for Class B of DBJPM 2016-C3, a CMBS conduit transaction, on Watch Upgrade. The Watch Placement is due to defeasances.

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KBRA Monitoring UBS-BB 2013-C5 Due to Special Servicing Transfer
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring UBS-BB 2013-C5, a $1.3 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s fourth largest loan, Harborplace ($67.2 million, 5.1% of the pool balance). KBRA learned of the transfer from the master servicer, Midland Loan Services (Midland), on February 26, 2019. The loan transferred to the special servicer, Midland, on February 19, 2019. According to Midland, the borrower failed to make the February 2019 payment. The loan matures in December 2022.

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KBRA Affirms Issuer Rating of A+ and Preferred Shares Rating of BBB+ to StoneCastle Financial Corp.
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of A+ and Preferred Shares rating of BBB+ for StoneCastle Financial Corp. (SCFC).

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KBRA Affirms AAAkf Fund Rating of StoneCastle Federally Insured Cash Account (FICA)
05-Mar-2019

NEW YORK, NY (March 5, 2019) –Kroll Bond Rating Agency (KBRA) affirms the AAAkf Fund Rating of the StoneCastle Federally Insured Cash Account.

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KBRA Affirms AAAkf Fund Rating of InterLINK™ Insured Deposit Program (ILID)
05-Mar-2019

NEW YORK, NY (March 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms the AAAkf Fund Rating of the InterLINK™ Insured Deposit program (formerly known as StoneCastle Federally Insured Sweep Account, powered by InterLINK).

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KBRA Publishes Surveillance Report for Bremer Financial Corporation
05-Mar-2019

NEW YORK, NY (March 5, 2019) – On February 22, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Saint Paul, Minnesota based Bremer Financial Corporation (“Bremer” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Bremer Bank, National Association. The Outlook for all long-term ratings is Stable.

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KBRA Publishes Surveillance Report for GCU
04-Mar-2019

NEW YORK, NY (March 4, 2019) – On January 11, 2019, Kroll Bond Rating Agency (KBRA) affirms the BBB+ insurance financial strength rating (IFSR) of GCU, a fraternal benefit society domiciled in Beaver, Pennsylvania. The Outlook for the rating is Stable.

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KBRA Releases Research Report - Behind the Headlines for Climate Risk: One Size Does Not Fit All
04-Mar-2019

NEW YORK, NY (March 4, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report on the implications of climate change for the nation’s three largest cities: New York, Los Angeles and Chicago. The impacts of climate change are upon us and scientists report that we can expect continued change and more frequent extreme weather. Such change can exacerbate the challenges of aging infrastructure, impact municipal revenues, disrupt economies, impact public health, and displace populations.

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KBRA Assigns Preliminary Ratings to Driven Brands Funding, LLC - Series 2019-1 Senior Secured Notes
04-Mar-2019

NEW YORK, NY (March 4, 2019) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to a note class of Driven Brands Funding, LLC, a whole business securitization.

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KBRA Affirms Ratings on TGIF Funding, LLC
04-Mar-2019

NEW YORK, NY (March 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings on two classes of notes for TGIF Funding, LLC, a whole business securitization.

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KBRA Withdraws the Class A Rating on Avant Loans Funding Trust 2017-B
04-Mar-2019

NEW YORK, NY (March 4, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Avant Loans Funding Trust 2017-B (AVNT 2017-B), a consumer loan ABS transaction, which closed on November 1, 2017. This action reflects the fact that Class A note has been paid in full.

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KBRA Withdraws the Class B Rating on Avant Loans Funding Trust 2016-C
04-Mar-2019

NEW YORK, NY (March 4, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Avant Loans Funding Trust 2016-C (AVNT 2016-C), a consumer loan ABS transaction, which closed on August 16, 2016. This action reflects the fact that Class B note has been paid in full.

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KBRA Comments on Irish Banks' 2018 Results
04-Mar-2019

DUBLIN ( 4 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) comments on Irish banks’ 2018 earnings results. The banks—Bank of Ireland, Allied Irish Banks plc, Ulster Bank Ireland DAC, Permanent TSB and KBC Bank Ireland plc—delivered a sound performance in 2018, with stable or improved core profitability, healthier asset quality, strong capital ratios and sound funding profiles. Despite the uncertainties around Brexit, growth of new loan portfolios continues to be strong, but almost all banks reported gross loan contraction in 2018 as the reduction of their nonperforming loans (NPLs) outweighed their new lending. Assuming that a disorderly hard Brexit is avoided, KBRA expects the larger banks to witness slight gross loan growth in the year ahead, while smaller banks will face further contraction as the institutions remain under increased regulatory pressure to reduce their stocks of NPLs.

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KBRA Publishes Rating Report for Premia Reinsurance Ltd. and Premia Holdings Ltd.
04-Mar-2019

NEW YORK, NY (March 4, 2019) – On February 12, 2019, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating (IFSR) of A- of Premia Reinsurance Ltd. (Premia) and the issuer rating of BBB of its parent holding company, Premia Holdings Ltd. (Premia Holdings). Premia and Premia Holdings are collectively referred to as Premia Re. Additionally, KBRA affirmed the rating of BBB of the outstanding senior unsecured notes issued by Premia Holdings.

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KBRA Takes Rating Actions on CAS 2017-C02, JPMMT 2013-1, SEMT 2013-5, SEMT 2014-1, and SEMT 2015-2
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02), J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1), Sequoia Mortgage Trust 2013-5 (SEMT 2013-5), Sequoia Mortgage Trust 2014-1 (SEMT 2014-1), and Sequoia Mortgage Trust 2015-2 (SEMT 2015-2).

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Heartland Financial USA, Inc. with Positive Outlook
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Dubuque, Iowa based Heartland Financial USA, Inc. (NASDAQ: HTLF) (“Heartland” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2 for its subsidiaries: Citywide Banks, Dubuque Bank & Trust Co., New Mexico Bank & Trust, Premier Valley Bank, and Wisconsin Bank & Trust. KBRA also assigns deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2 to its subsidiary, FirstBank & Trust. The Outlook for all long-term ratings remains Positive.

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KBRA Affirms All Classes of COMM 2013-CCRE6
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2013-CCRE6, a $1.06 billion CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 54 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Affirms Ratings of WT Holdings and Key Subsidiaries
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the BBB- issuer and debt ratings of WT Holdings, Inc. (WT Holdings) and the A- Insurance Financial Strength Ratings (IFSR) of its key subsidiaries – Stillwater Insurance Company (SIC), Stillwater Property and Casualty Insurance Company (SPAC), and Evergreen National Indemnity Company (Evergreen). The Outlook for all ratings is Stable.

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KBRA Releases a Recap of the SFIG Conference in Las Vegas
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) releases a recap of the SFIG conference held in Las Vegas early this week.

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KBRA Withdraws Ratings on Two Classes from VCC 2015-1
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the A-fl and A-fx classes following the reduction of their respective principal balances to zero, as reflected in the January 2019 remittance report for VCC 2015-1. The A-FL and A-FX classes did not reflect any accumulated interest shortfalls or principal write-downs in the remittance report. 

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KBRA Withdraws Rating on One Class from CAS 2016-C01
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) has withdrawn its rating from the 1M-1 class following the reduction of its principal balance to zero, as reflected in the February 2019 remittance report for CAS 2016-C01. The 1M-1 class did not reflect any accumulated interest shortfalls or principal write-downs in the remittance report. 

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KCP Special Report: A Penney Saved is a Penny Earned - JCP Announces Additional Closures
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Earlier this week, J.C. Penney Company, Inc. (NYSE: JCP) reported financial results for its fiscal fourth quarter 2018. Comparable store sales fell by 4.0% for the quarter and 3.1% for the year. To reignite its turnaround, the company announced it would discontinue the sale of major appliances and focus on higher-margin products, reduce its massive inventory and redesign stores. A successful transformation and return to profitability, however, remains a tall order in the current retail environment.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Durant Bancorp, Inc.
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Durant, Oklahoma based Durant Bancorp, Inc. (“Durant”). Additionally, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Durant’s subsidiary, First United Bank and Trust Company. The Outlook for all long-term ratings is Stable.

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KBRA Affirms BBB Issuer and BBB- Senior Unsecured Debt Ratings for Fly Leasing Limited
01-Mar-2019

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BBB and senior unsecured debt rating of BBB- with Stable Outlooks for Fly Leasing Limited (NYSE: FLY or “the Company”), an aircraft leasing company based in Dublin, Ireland.

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KBRA Assigns Preliminary Ratings to New York State Energy Research and Development Authority Residential Solar and Energy Efficiency Financing Green Revenue Bonds, Series 2019A
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to ten classes of notes issued by New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2019A (“NYSERDA 2019A Bonds”).

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2019-1 (ARRW 2019-1)
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-1 (ARRW 2019-1), a $285.6 million non-prime RMBS transaction.

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KBRA Assigns Final Ratings to ACC Trust 2019-1
28-Feb-2019

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes totaling $174.5 million issued by ACC Trust 2019-1 (“ACC 2019-1”).

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KBRA Affirms Ratings for Business Jet Securities, LLC, Secured Notes Series 2018-1
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes, Class B Notes and Class C Notes (together, the “Notes”), of Business Jet Securities, LLC, Secured Notes, Series 2018-1, an ABS transaction, which closed on February 28, 2018. As of the February 2019 payment date, the current Aggregate Asset Value is $619.9 million.

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KBRA Assigns Final Ratings to Upstart Securitization Trust 2019-1
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Upstart Securitization Trust 2019-1 (“UPST 2019-1”). This is a $231.91 million consumer loan ABS transaction that closed on February 28, 2019.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1)
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1) is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime”.

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KBRA Assigns AAA Long-Term Rating to Canada
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns a AAA long-term issuer rating to Canada. KBRA also assigns K1+ short-term issuer ratings to the sovereign. The long-term rating has a Stable Outlook. The ratings are unsolicited.

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KBRA Withdraws One Class of RCMF 2017-FL1 and Places All Remaining Classes on Watch Upgrade
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from the Class A notes of RCMF 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction, following the reduction of the principal balance to zero, as reflected in the transaction’s February 2019 remittance report.

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KBRA Assigns Ratings to NLY 2019-FL2
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of NLY 2019-FL2, a $857.3 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a six-month ramp-up period. Annaly Credit Opportunities Management LLC, a subsidiary of Annaly Capital Management, Inc., will serve as the transaction’s collateral manager.

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KBRA Assigns Ratings to Progress Residential 2019-SFR1
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of Progress Residential 2019-SFR1 (Progress 2019-SFR1) single-family rental pass-through certificates.

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KBRA Assigns Ratings to JPMCC 2019-COR4
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of JPMCC 2019-COR4 (see ratings list below), a $774.1 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 56 properties.

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KBRA Affirms All Classes of JPMBB 2016-C1
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2016-C1, a $996.3 million CMBS conduit transaction collateralized by 48 loans secured by 110 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of MSCI 2016-UBS9
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2016-UBS9, a $652.0 million CMBS conduit transaction collateralized by 31 loans secured by 221 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Assigns Ratings to GPMT 2019-FL2
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of GPMT 2019-FL2, an $825.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period. GPMT Collateral Manager LLC, an affiliate of Granite Point Mortgage Trust Inc., will serve as the transaction’s collateral manager.

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KBRA Publishes Surveillance Report for Metropolitan Bank Holding Corp.
28-Feb-2019

NEW YORK, NY (February 28, 2019) – On January 25, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for New York, NY based Metropolitan Bank Holding Corp. (NYSE: MCB) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary, Metropolitan Commercial Bank. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1)
28-Feb-2019

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1).

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KBRA Upgrades Classes B and C and Affirms All Other Classes of BDS 2018-FL1
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from AA- (sf) to AA (sf) and the Class C notes from A- (sf) to A (sf), and affirms all other outstanding ratings for BDS 2018-FL1, a $460.3 million commercial real estate collateralized loan obligation (CRE CLO) transaction collateralized by 25 loans secured by 29 properties. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of three loans (20.0% of the issuance collateral balance) since issuance.

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KBRA Assigns Ratings to GSMS 2019-GC38
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of GSMS 2019-GC38 (see ratings list below), a $756.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 53 properties.

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KBRA Upgrades Class B and Affirms All Other Classes of TRTX 2018-FL1
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class B notes from AA- (sf) to AA (sf), and affirms all other outstanding ratings of TRTX 2018-FL1, a $685.0 million commercial real estate collateralized loan obligation (CRE CLO) transaction collateralized by 16 loans secured by 49 properties. The upgrade reflects the transaction’s increased subordination levels, primarily the result of the full payoff of 10 loans (33.7% of the issuance collateral balance) since issuance.

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KBRA Upgrades Classes B and C and Affirms All Other Classes of AREIT 2018-CRE1
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from AA- (sf) to AA+ (sf) and the Class C notes from A- (sf) to A (sf), and affirms all other outstanding ratings of AREIT 2018-CRE1, a $386.6 million commercial real estate collateralized loan obligation (CRE CLO) transaction collateralized by 14 loans secured by 14 properties. The upgrades reflect the transaction’s increased subordination levels, largely the result of the full payoff of five loans (27.9% of the issuance collateral balance) since issuance.

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KBRA Affirms All Classes of MSCI 2015-420
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2015-420, a $245.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited improved performance since last review and issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Affirms All Classes of UBS 2018-C8
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2018-C8, a $1.04 billion CMBS conduit transaction collateralized by 67 mortgage loans secured by 126 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Publishes Project Finance Research - Public-Private Partnerships: When Subcontractors Collapse
27-Feb-2019

NEW YORK, NY (February 27, 2019) – In public-private partnership (PPP) projects, a public-sector entity usually awards a concession-based contract to a special-purpose vehicle owned by private investors to design, build, finance, operate, and maintain a specific asset—such as a school, hospital or road—over a defined period. The private sector needs the asset to be constructed on time and within budget before it can reap cash flow. While most projects are built to completion, there are instances when contractors default.

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KBRA Releases Report on U.S. & Europe Railcar Industry
27-Feb-2019

NEW YORK, NY (February 27, 2019) – Kroll Bond Rating Agency (KBRA) releases a new report on the U.S. and European railway industry and examines the driving factors behind the market conditions. The report highlights the most recent trends, as well as the important credit factors that drive ratings. Key themes in the report include:

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KBRA Downgrades Three Classes and Affirms All Other Classes of COMM 2014-CCRE16
26-Feb-2019

NEW YORK, NY (February 26, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class E, F, and X-C certificates and affirms all of the other outstanding ratings for COMM 2014-CCRE16, a $949.1 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 69 properties. The downgrades are primarily driven by KBRA’s projected loss for the West Ridge Mall & Plaza loan (5.2% of the pool balance).  KBRA began monitoring the $49.8 million loan after it transferred to the special servicer on November 12, 2018 for imminent monetary default.

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KBRA Issues KREF 2018-FL1 Second Reinvestment Update
26-Feb-2019

NEW YORK, NY (February 26, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on February 22, 2019, following a request from the collateral manager, KKR Real Estate Finance Manager LLC (KKR), with respect to an acquisition of a reinvestment mortgage asset for KREF 2018-FL1. The acquisition took place on February 25, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Affirms the A+ Stable Outlook for the Borough of Bristol, PA
26-Feb-2019

NEW YORK, NY (February 26, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A+ and Stable Outlook on the Borough of Bristol, PA’s general obligation and general obligation guaranteed debt. The Borough’s outstanding guaranteed debt consists of notes first payable from Bristol Borough Water and Sewer Authority sewer system revenues and ultimately guaranteed by the full faith and credit pledge of the Borough.

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KBRA Withdraws the Class A Rating on Upstart Securitization Trust 2017-1
26-Feb-2019

NEW YORK, NY (February 26, 2019) – Kroll Bond Rating Agency (KBRA) withdraws a rating on the Class A notes of Upstart Securitization Trust 2017-1 (UPST 2017-1), a consumer loan ABS transaction, which closed June 21, 2017. This action reflects the fact that the Class A notes have been paid in full as of January 31, 2019.

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KBRA Assigns BBB Rating to Air Lease Corporation's Series A Preferred Stock
26-Feb-2019

NEW YORK, NY (February 26, 2019) – Kroll Bond Rating Agency (KBRA) assigns a debt rating of BBB with a Stable Outlook to the non-cumulative perpetual preferred stock to be issued by Air Lease Corporation (“AL” or “the Company”), an aircraft leasing company headquartered in Los Angeles, California. KBRA most recently affirmed Air Lease’s issuer rating and senior unsecured debt rating of A- on December 14, 2018. The BBB rating of the preferred shares is two notches below the issuer and senior unsecured debt rating of A-.

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KBRA Releases Report for DART's Senior Lien Sales Tax Revenue Refunding Bonds Series 2019
25-Feb-2019

NEW YORK, NY (February 25, 2019) –On February 22, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Stable Outlook to the Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2019. KBRA has also affirmed the long-term rating of AA+ with a Stable Outlook to the outstanding Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds. DART is a sub-regional transportation authority that was established in 1983, and provides bus, light rail, commuter rail, paratransit, vanpool and other services to the City of Dallas and 12 other Dallas-Fort Worth metropolitan area municipalities. This rating action is based on KBRA’s U.S. Special Tax Revenue Bond Rating Methodology.

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KBRA Affirms Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT1 and Series 2018-GT2
25-Feb-2019

NEW YORK, NY (February 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms its ‘BBB- (sf)’ ratings to the Series 2018-GT1 and 2018-GT2 Term Notes issued by PNMAC GMSR ISSUER TRUST.

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KBRA Publishes Surveillance Report for Opus Bank
25-Feb-2019

NEW YORK, NY (February 25, 2019) – On February 13, 2019, Kroll Bond Rating Agency affirmed the senior unsecured debt and deposit ratings of BBB+, subordinated debt rating of BBB, and short-term debt and deposit ratings of K2 for Irvine, California based Opus Bank (NASDAQ: OPB) (“the Bank”). The Outlook for all long-term ratings remained Negative.

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KBRA Publishes Surveillance Report for Axos Financial, Inc.
25-Feb-2019

NEW YORK, NY (February 25, 2019) – On January 18, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Axos Financial, Inc. (NYSE: “AX” or “the Company”), a bank holding company headquartered in San Diego, California. KBRA also affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Axos Bank (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Publishes Rating Report for The Penn Mutual Life Insurance Company
25-Feb-2019

NEW YORK, NY (February 25, 2019) – On January 31, 2019, Kroll Bond Rating Agency (KBRA) assigned insurance financial strength ratings (IFSR) of AA- to The Penn Mutual Life Insurance Company and is key insurance subsidiaries: The Penn Insurance and Annuity Company, Vantis Life Insurance Company, and Vantis Life Insurance Company of New York (collectively referred to as Penn Mutual). KBRA also assigned an issuer rating of A to Penn Mutual’s broker-dealer subsidiary Janney Montgomery Scott LLC (Janney). The Outlook for all ratings is Positive.

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KBRA Publishes Report on Owl Rock Capital Corporation
25-Feb-2019

NEW YORK, NY (February 25, 2019) – On February 4, 2019 Kroll Bond Rating Agency (KBRA) affirmed issuer and senior unsecured debt ratings of BBB with a Stable Outlook to Owl Rock Capital Corporation (“ORCC” or “the Company”).

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KBRA Monitoring WFCM 2015-NXS2 ($40.0 million) Due to Special Servicing Transfer
25-Feb-2019

NEW YORK, NY (February 25, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring WFCM 2015-NXS2, an $892.3 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s sixth largest loan, Sea Harbor Office Center (4.5% of the pool balance). The loan was transferred to the special servicer, Rialto Capital Advisors, LLC, during the February 2019 remittance period due to non-monetary default.

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KBRA Assigns Preliminary Ratings to Ellington CLO IV, Ltd.
22-Feb-2019

NEW YORK, NY - February 22, 2019 – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Ellington CLO IV, Ltd. (Ellington CLO IV).

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KBRA Assigns Preliminary Rating to OCP CLO 2019-16 Ltd.
22-Feb-2019

NEW YORK, NY - February 22, 2019 – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by OCP CLO 2019-16, Ltd. (OCP 2019-16).

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KBRA Releases Proposed Global Private Student Loan ABS Rating Methodology
22-Feb-2019

NEW YORK, NY ( February 22, 2019) – Kroll Bond Rating Agency (KBRA) releases its proposed methodology for private student loan asset-backed securities (“PSL ABS”). This includes transactions secured by collateral originated by PSL lenders, including both traditional PSL lenders as well as through online PSL marketplace lending platforms in the U.S. It excludes transactions secured by collateral originated under the U.S. Federal Family Education Loan Program or income contingent student loans granted by the U.K. government.

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KBRA Assigns a AA+ with a Stable Outlook to the DART's Senior Lien Sales Tax Revenue Refunding Bonds Series 2019
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Stable Outlook to the Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2019. KBRA has also affirms the long-term rating of AA+ with a Stable Outlook to the outstanding Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds. DART is a sub-regional transportation authority that was established in 1983, and provides bus, light rail, commuter rail, paratransit, vanpool and other services to the City of Dallas and 12 other Dallas-Fort Worth metropolitan area municipalities. This rating action is based on KBRA’s U.S. Special Tax Revenue Bond Rating Methodology.

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KBRA Affirms Ratings for CRB Group, Inc. and Revises Outlook to Positive
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Fort Lee, NJ based CRB Group, Inc. (“CRB” or “the Company”). KBRA also affirms the senior unsecured debt and deposit ratings of BBB, subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for the subsidiary bank, Cross River Bank (“the Bank”). The Outlook for all long-term ratings has been revised to Positive from Stable.

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KBRA Takes Rating Actions on CPS Auto Receivables Trust
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on four CPS Auto Receivables Trust transactions. In total, the ratings on 12 notes were upgraded and the ratings on 6 notes were affirmed. The data used is as of the February 2019 distribution period. The rating actions for the transactions reflect the fact that losses are below KBRA’s loss expectations, credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for RBB Bancorp
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Los Angeles, California based RBB Bancorp (NASDAQ: RBB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Royal Business Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of FREMF 2017-K62
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K62, a $1.4 billion CMBS multi-borrower transaction collateralized by 67 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Releases Research on Auto Loan Extensions
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report examining the use of subprime auto loan extensions as a loss mitigation tool for ABS servicers. In general, KBRA believes the use of extensions ultimately benefits ABS investors by reducing delinquency and default rates. However, a high rate of extensions within a securitized collateral pool can meaningfully increase bond duration and expose ABS investors—particularly owners of deeply subordinated tranches—to tail risks. As such, it is important for investors to understand each servicer’s policy regarding extensions, as well as how extensions are handled within ABS deal structures.

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KBRA Affirms BBB+ Senior Unsecured Debt Rating for Bremer Financial Corporation
22-Feb-2019

NEW YORK, NY (February 22, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Saint Paul, Minnesota based Bremer Financial Corporation (“Bremer” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Bremer Bank, National Association. The Outlook for all long-term ratings is Stable.

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KBRA Releases Subprime Auto Loan ABS: Does Seasoning Matter?
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report comparing the loss performance of newly originated subprime auto loans (<12 months of seasoning) versus very seasoned loans (48+ months of seasoning). Conventional wisdom has it that seasoned loans will outperform newly originated loans, all else being equal. However, subprime auto loans appear to buck this conventional wisdom. Interestingly, loan level data shows that seasoned subprime loans generally exhibit higher net losses relative to newly originated loans, at least initially. The report explores some possible causes.

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KBRA Publishes RMBS Research: Evaluating Prime 2.0 Subordinate Liquidity Risk in Slow CPR Scenarios
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) takes an in-depth look at the prominent shifting-interest structural mechanism called the Applicable Credit Support Percentage (ACSP). The shifting-interest structure has been the predominant structure of choice for prime issuers and understanding its cash flow diversion mechanism is imperative to understanding the effect that various prepayment scenarios and liquidity stresses may have on bond performance.

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KBRA Withdraws Rating for WFRBS 2014-C20
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the WFRBS 2014-C20 transaction following the full redemption of the rated security, as reflected in the transaction’s February 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms all Classes of FREMF 2018-K73
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2018-K73, a $1.1 billion CMBS multi-borrower transaction collateralized by 50 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program.  The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Releases Structured Credit Research: KBRA's Structured Credit 401: Primer on Combination Notes
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) releases a primer for analyzing Combination Notes. The report discusses the benefits of creating these investments from a collateralized loan obligation (CLO) and highlights key risks for investors.

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KBRA Assigns Final Ratings to Upgrade Receivables Trust 2019-1
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Upgrade Receivables Trust 2019-1 (“UPGR 2019-1” or the “Issuer”). This is a $226.915 million consumer loan ABS transaction that closed on February 21, 2019.

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KBRA Credit Profile (KCP) K-LOC Index: January 2019
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of January.

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KBRA Affirms the AA+ Rating and Stable Outlook for the Township of West Goshen
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the AA+ rating and Stable Outlook on the Township of West Goshen’s general obligation debt. The Township of West Goshen (the “Township”) notes are secured by its full faith and credit pledge. Under Pennsylvania statute, the Township has the power to levy ad valorem property taxes on all taxable property, without limitation as to rate or amount, to pay debt service on the Notes. This rating action is based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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Kroll Bond Rating Agency Affirms Ratings for VB-S1 Issuer, LLC Secured Tower Revenue Notes
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on six note classes of VB-S1 Issuer, LLC Secured Tower Revenue Notes, which closed on February 21, 2018. The collateral is currently composed of 2,664 tower sites pursuant to 4,052 tenant leases in comparison to 2,551 tower sites pursuant to 3,961 tenant leases at the Series 2018-1 closing. The cellular equipment is situated on towers on land which Vertical Bridge has (i) leased the ground from the fee owner, (ii) has an easement, (iii) or owns in fee.

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Kroll Bond Rating Agency Affirms Ratings for Securitized Equipment Receivables Trust 2018-1
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on four note classes of Securitized Equipment Receivables Trust 2018-1, which closed on February 20, 2018. The notes are supported by the residual certificates from the Ascentium Capital Equipment Receivables 2016-1 Trust transaction.

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KBRA Affirms BBB Senior Unsecured Debt Rating for The Community Financial Corporation
21-Feb-2019

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Waldorf, Maryland based The Community Financial Corporation (NASDAQ: TCFC). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its lead subsidiary, Community Bank of the Chesapeake (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Affirms Issuer Rating of BB+ for Private National Mortgage Acceptance Company, LLC
20-Feb-2019

NEW YORK, NY (February 20, 2019) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BB+ with a Stable Outlook for Private National Mortgage Acceptance Company, LLC (“PNMAC” or “the Company”), a residential mortgage originator and servicer based in Westlake Village, CA. PNMAC is a controlled subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI) and the investment manager for PennyMac Mortgage Investment Trust (NYSE: PMT). The Outlook for the issuer rating is Stable.

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KBRA Releases Structured Credit Research: KBRA's Structured Credit 101: Collateralized Loan Obligations
20-Feb-2019

NEW YORK, NY (February 20, 2019) – Kroll Bond Rating Agency (KBRA) releases a guide to understanding the Collateralized Loan Obligation (CLO) product. The report, KBRA’s Structured Credit 101: Collateralized Loan Obligations, discusses the appeal of investing in CLOs and offers a foundational overview of key CLO features.

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KBRA Assigns Preliminary Ratings to ILPT 2019-SURF
20-Feb-2019

NEW YORK, NY (February 20, 2019) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to six classes of ILPT 2019-SURF, a CMBS single-borrower securitization.

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KBRA Maintains the Watch Upgrade Status for Ratings of National Commerce Corporation
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) maintains the Watch Upgrade status for all long-term ratings of National Commerce Corporation (NASDAQ: NCOM)(KBRA senior BBB) and its subsidiary bank, National Bank of Commerce. The rating action stems from the anticipation of a second quarter of 2019 close of NCOM’s merger with and into Winter Haven, Florida based CenterState Bank Corporation (NASDAQ: CSFL) (KBRA senior BBB+), which was announced on November 26, 2018. The ratings of National Commerce Corporation and its subsidiary are expected to be subsequently withdrawn, at the appropriate level, when the transaction closes.

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KBRA Withdraws the Rating on Class A Notes Issued by CPS Auto Receivables Trust 2017-B
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the CPS Auto Receivables Trust 2017-B (“CPS 2017-B”), an auto loan ABS transaction which closed on April 20, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Rating on Class A Notes issued by CPS Auto Receivables Trust 2017-A
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the CPS Auto Receivables Trust 2017-A (“CPS 2017-A”), an auto loan ABS transaction which closed on January 18, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws Rating for WFRBS 2014-C19
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the WFRBS 2014-C19 transaction following the full redemption of the rated security as reflected in the transaction’s February 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for JPMBB 2013-C15
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-3 of the JPMBB 2013-C15 transaction following the full redemption of the rated security as reflected in the transaction’s February 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to Arroyo Mortgage Trust 2019-1 (ARRW 2019-1)
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-1 (ARRW 2019-1), a $291.8 million non-prime RMBS transaction.

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KBRA Assigns Preliminary Ratings to CGCMT 2019-SST2
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of CGCMT 2019-SST2, a CMBS single asset, single borrower (SASB) transaction.

   

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KBRA Releases Comment - LA Teachers' Strike: The Final Tally
19-Feb-2019

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency (KBRA) releases commentary regarding the Los Angeles Unified School District (the “District”) and the outcome of its recent six-day teachers’ strike. The District reached an agreement with 30,000+ teachers and health and human services workers represented by the United Teachers Los Angeles on January 22.

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KBRA Maintains Watch Developing on HASI SYB Trust 2015-1
15-Feb-2019

NEW YORK, NY (February 15, 2019) – Kroll Bond Rating Agency (KBRA) maintains the watch developing on two classes of bonds from HASI SYB Trust 2015-1, a securitization of the contractual rights to payments associated with ground leases for utility scale projects.

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KBRA Upgrades Five Classes and Affirms One Class of Colony Starwood Homes 2016-2
15-Feb-2019

NEW YORK, NY (February 15, 2019) – Kroll Bond Rating Agency (KBRA) upgrades five of its outstanding ratings and affirms the rating on one class of certificates for Colony Starwood Homes 2016-2 (CSH 2016-2). The ratings on the Class B, C, D, E, and F certificates have been upgraded, while the rating on the Class A certificates has been affirmed. The ratings upgrades are primarily driven by the deleveraging of the capital structure that occurred due to pay-downs totaling $231.0 million of the underlying loan balance since the September 2018 transaction review. As a result of pay-downs, the transaction’s LTV has reduced from 68.4% at issuance to 42.5% as of the current review date.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2019-1 Trust
15-Feb-2019

NEW YORK, NY (February 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-1 (“SCLP 2019-1”). This is a $553.6 million consumer loan ABS transaction.

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KBRA Issues Update on One Court Square Following Amazon Decision to Cancel NYC HQ
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Today, various media reports indicated that Amazon has abandoned its plans to build a new headquarters in New York City.  The decision followed resistance from some local politicians that objected to providing tax incentives to the company.

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KBRA Assigns Final Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2019-1
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-1 (“GCAR 2019-1” or “the Issuer”), an auto loan ABS transaction.

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KBRA Affirms All Classes of BAMLL 2015-200P
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2015-200P, a $1.4 billion CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited slightly improving performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2019-1
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-1 (“FCAT 2019-1”), an auto loan ABS transaction.

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KBRA Assigns BBB Rating to Avolon Holdings Funding and Park Aerospace Senior Unsecured Notes
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns senior unsecured ratings of BBB with a Stable Outlook to the senior unsecured notes to be issued by Avolon Holdings Funding Limited (“Avolon Holdings Funding”) and Park Aerospace Holdings Limited (“Park Aerospace”). Both Avolon Holdings Funding and Park Aerospace are direct wholly-owned subsidiaries of Avolon Holdings Limited (“Avolon” or “the Company”), an aircraft leasing company headquartered in Dublin, Ireland. The notes will have an unsecured guarantee from Avolon. KBRA most recently affirmed the issuer rating of BBB+ and a senior unsecured debt rating of BBB on August 8, 2018.

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KBRA Takes Rating Actions on First Investors Auto Owner Trusts
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on ten First Investors Auto Owner Trust transactions. In total, 34 notes are affirmed and 11 are upgraded. The data used is current as of the December 2018 collection period. No rating actions are taken on the First Investors Auto Owner Trust 2018-2 since the transaction has less than six months of seasoning. The rating actions reflect the fact that despite losses being above, or in line with, KBRA’s loss expectations, the credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes are sufficient for their respective affirmations and upgrades.

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KBRA Affirms Ratings for Falcon Aerospace Limited
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Loans, Class B Loans and Class C Loans (collectively, the “Loans”), of Falcon Aerospace Limited, an aircraft ABS transaction, which closed on February 14, 2017. There are currently 18 aircraft on lease to 11 airlines located in 10 countries in the portfolio.

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KBRA Assigns Preliminary Ratings to MAPS 2019-1 Limited
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by MAPS 2019-1 Limited.

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KBRA Affirms All Classes of COMM 2013-GAM
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2013-GAM, a $284.7 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction. While the transaction’s credit metrics have exhibited improvement, there is concern with the recent store closure announcement by Kohl’s (6.9% of sf, 4.5% of base rents) as well as exposure to other troubled collateral anchors (JCPenney, Macy’s and Sears). KBRA revised its Performance Outlook (KPO) of Outperform to Perform on the loan.

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KBRA Assigns Ratings to Benchmark 2019-B9
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of Benchmark 2019-B9 (see ratings list below), an $883.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 88 properties.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1)
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1) is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime”.

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KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2019-1
14-Feb-2019

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2019-1 (“UPST 2019-1”). This is a $231.91 million consumer loan ABS transaction that is expected to close on February 22, 2019.

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KBRA Issues Update on LUXE 16 Delinquency Status in RCMF 2018-FL2
14-Feb-2019

NEW YORK, NY (February 14, 2019) - In conjunction with its ongoing rating monitoring process, Kroll Bond Rating Agency (KBRA) noted that LUXE 16, the largest loan in RCMF 2018-FL2, was reported 30 days delinquent during the January 2019 remittance period. However, the asset manager reported that the loan sponsor has since made some late payments and has signed a term sheet with a local bank to refinance the loan in mid-March. RCMF 2018-FL2 is a $278.3 million CRE CLO transaction with limited post-closing acquisition ability.

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KBRA Affirms Ratings for Opus Bank with Negative Outlook
13-Feb-2019

NEW YORK, NY (February 13, 2019) – Kroll Bond Rating Agency affirms the senior unsecured debt and deposit ratings of BBB+, subordinated debt rating of BBB, and short-term debt and deposit ratings of K2 for Irvine, California based Opus Bank (NASDAQ: OPB) (“the Bank”). The Outlook for all long-term ratings remains Negative.

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KBRA Affirms All Classes of Hilton Orlando Trust 2018-ORL
13-Feb-2019

NEW YORK, NY (February 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Hilton Orlando Trust 2018-ORL, a $475.0 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigns a KBRA Performance Outlook (KPO) of Perform to the loan.  

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KBRA Affirms All Classes of JPMBB 2015-C27
13-Feb-2019

NEW YORK, NY (February 13, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C27, an $804.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 82 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated a slight degradation in credit metrics since last review and issuance.

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KBRA Releases Bank Talk: The After-Show
13-Feb-2019

NEW YORK, NY (February 13, 2019) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Releases Financial Institutions Podcast: Bank Talk
13-Feb-2019

NEW YORK, NY (February 13, 2019) – Kroll Bond Rating Agency (KBRA) releases its Financial Institutions monthly podcast called Bank Talk.

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KBRA Assigns Preliminary Ratings to ACC Trust 2019-1
13-Feb-2019

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes totaling $174.5 million issued by ACC Trust 2019-1 (“ACC 2019-1”).

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KBRA Publishes Surveillance Report for Malvern Bancorp, Inc.
13-Feb-2019

NEW YORK, NY (February 13, 2019) – On January 24, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Paoli, Pennsylvania based Malvern Bancorp, Inc. (NASDAQ: MLVF) (“Malvern”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Malvern Bank, National Association. The Outlook for all long-term ratings is Stable. 

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KBRA Affirms Insurance Financial Strength Rating of A- of Premia Re
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A- of Premia Reinsurance Ltd. (Premia), a class 4 Bermuda specialty reinsurer focused on acquiring nonlife run-off liabilities. KBRA also affirms the issuer rating of BBB of the organization’s ultimate holding company, Premia Holdings Ltd. (Premia Holdings). Premia and Premia Holdings are collectively referred to as Premia Re. Additionally, KBRA affirms the rating of BBB of Premia Holdings’ outstanding senior unsecured notes. The Outlook for all ratings is Stable.

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KBRA Assigns Preliminary Ratings to GPMT 2019-FL2
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GPMT 2019-FL2, an $825.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period. GPMT Collateral Manager LLC, an affiliate of Granite Point Mortgage Trust Inc., will serve as the transaction’s collateral manager.

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KBRA Assigns Final Ratings to Marlette Funding Trust 2019-1
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2019-1 (MFT 2019-1). This is a $262.25 consumer loan ABS transaction.

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KBRA Affirms All Classes of Benchmark 2018-B2
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Benchmark 2018-B2, a $1.5 billion CMBS conduit transaction collateralized by 57 loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Releases Monthly Auto Loan Indices for January
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of January. The accompanying commentary highlights the fact that credit performance was mixed across securitized auto loan pools last month. KBRA expects delinquency and loss rates in KBRA’s Prime and Non-Prime Indices to hold steady or fall in February as borrowers begin to receive tax refunds, providing an additional source of cash flow to help them pay their auto loans.

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KBRA Assigns Ratings to RCMT 2019-5
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of RCMT 2019-5 (see ratings list below), a $399.2 million CMBS small balance transaction collateralized by 95 commercial mortgage loans secured by 127 properties.

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KBRA Assigns Senior Unsecured Debt Rating of BBB for Origin Bancorp, Inc.
12-Feb-2019

NEW YORK, NY (February 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Ruston, Louisiana based Origin Bancorp, Inc. (NASDAQ: OBNK) (“Origin”, or “the Company”). In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Origin Bank. The Outlook for all long-term ratings is Stable.

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KBRA Publishes Surveillance Report for Catholic Financial Life
11-Feb-2019

NEW YORK, NY (February 11, 2019) – On December 7, 2018, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating (IFSR) of A-, with a Stable Outlook, of Catholic Financial Life (CFL), a fraternal benefit society domiciled in Milwaukee, Wisconsin.

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KBRA Affirms All Classes of JPMDB 2017-C5
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMDB 2017-C5, a $1.0 billion CMBS conduit transaction collateralized by 34 commercial mortgage loans secured by 48 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of CSAIL 2015-C1
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2015-C1, a $1.2 billion CMBS conduit transaction collateralized by 82 commercial mortgage loans secured by 106 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Assigns Preliminary Ratings to NLY 2019-FL2
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of NLY 2019-FL2, a $857.3 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a six-month ramp-up period. Annaly Credit Opportunities Management LLC, a subsidiary of Annaly Capital Management, Inc., will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of FREMF 2015-K44
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K44, a $1.6 billion CMBS multi-borrower transaction collateralized by 74 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Preliminary Ratings to Progress Residential 2019-SFR1
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Progress Residential 2019-SFR1 (Progress 2019-SFR1) single-family rental pass-through certificates.

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KBRA Affirms Ratings for DCAL Aviation Finance Limited (formerly AIM Aviation Finance Limited Series 2015)
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the Series A-1, B-1 and C-1 Notes of DCAL Aviation Finance Limited, an aircraft ABS transaction, which closed on February 20, 2015.The portfolio is currently comprised of 17 aircraft with an aggregate appraised value of approximately $476.4 million.

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1)
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1).

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KBRA Assigns Preliminary Ratings to Upgrade Receivables Trust 2019-1
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Upgrade Receivables Trust 2019-1 (“UPGR 2019-1” or the “Issuer”). This is a $226.915 million consumer loan ABS transaction that is expected to close February 21, 2019.

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KBRA Assigns Preliminary Ratings to JPMCC 2019-COR4
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMCC 2019-COR4 (see ratings list below), a $774.1 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 56 properties.

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KBRA Issues RAC for HUNT 2018-FL2 Following the Ramp-Up Completion Date
11-Feb-2019

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on February 8, 2019, following a request from the collateral manager, Hunt Investment Management, LLC (Hunt), related to the HUNT 2018-FL2 ramp-up completion date. Prior to the ramp-up completion date, KBRA reviewed and issued two RACs related to the acquisition of five ramp-up mortgage assets and 11 pari passu companion participations. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Affirms Ratings and Revises Outlook to Positive for OceanFirst Financial Corp.
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Red Bank, New Jersey based OceanFirst Financial Corp. (NASDAQ: OCFC) (“OceanFirst”, or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, OceanFirst Bank, National Association. Moreover, KBRA revised the Outlook for all long-term ratings to Positive from Stable. 

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KBRA Affirms Ratings on Purchasing Power Funding 2018-A, LLC
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on four classes of notes issued by Purchasing Power Funding 2018-A, LLC, a consumer installment receivable asset-backed securities transaction, which closed on February 23, 2018.

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KBRA Affirms Ratings for Thunderbolt Aircraft Lease Limited
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Series A Notes, Series B Notes and Series C Notes (collectively, the “Notes”), of Thunderbolt Aircraft Lease Limited, an aircraft ABS transaction, which closed on May 3, 2017. There are currently 18 aircraft on lease to 16 airlines located in 13 countries in the portfolio.

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KBRA Assigns Ratings to BDS 2019-FL3
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of BDS 2019-FL3, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Bridge Debt Strategies Fund Manager LLC, a majority-owned subsidiary of Bridge Investment Group, will serve as the transaction’s collateral manager.

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KBRA Affirms Ratings for Blackbird Capital Aircraft Lease Securitization Limited 2016-1
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Series AA Notes, Series A Notes and Series B Notes (collectively, the “Notes”), of Blackbird Capital Aircraft Lease Securitization Limited 2016-1, an aircraft ABS transaction, which closed on November 15, 2016. As of December 31, 2018, there are 19 aircraft on lease to 16 airlines located in 13 countries.

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KBRA Affirms All Classes of COMM 2015-DC1
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-DC1, a $1.36 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of GSMS 2015-GC28
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC28, an $882.4 million CMBS conduit transaction collateralized by 73 commercial mortgage loans secured by 101 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Maintains Watch Developing on Medley Capital Corp's BB Ratings
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) has maintained Medley Capital Corp’s (NYSE: MCC, “the Company”) BB issuer and senior unsecured debt ratings on Watch Developing. As a result of the government shutdown, the Securities and Exchange (SEC) was unable to process and approve MCC’s exemptive relief order in enough time to hold the original scheduled shareholders meeting on February 8. As such, MCC had to adjourn the meeting until early March, with a close of the merger anticipated shortly thereafter. 

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KBRA Affirms All Classes of WFCM 2013-120B
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of WFCM 2013-120B, a $310.0 million CMBS single borrower transaction. The loan is secured by the borrower’s leasehold interest in a 1.9 million sf office property located in the Manhattan borough of New York City, New York. The loan is interest-only for its seven-year term and is scheduled to mature in March 2020. The loan’s sponsors are UBS (US) Trumbull Property Fund LP and Larry A. Silverstein. KBRA maintains a Performance Outlook (KPO) of Perform on the loan.

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KBRA Releases Marketplace Consumer Loan Indices for January
08-Feb-2019

NEW YORK, NY (February 8, 2019) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for January.

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2019-1
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Issuance Trust 2019-1 (“PMIT 2019-1”). This is a $171.664 million consumer loan ABS transaction.

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KBRA Withdraws Class A-1 Rating on Ascentium Equipment Receivables 2018-1 Trust
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 Notes of Ascentium Equipment Receivables 2018-1 Trust, an equipment lease ABS transaction, which closed on April 25, 2018. This action reflects the fact that the Class A-1 notes have been paid in full.

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KBRA Affirms BBB- Issuer Rating for AmeriHome Mortgage Company, LLC
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the Issuer rating of BBB- for AmeriHome Mortgage Company, LLC (“AHM” or “the Company”), a residential mortgage originator based in Thousand Oaks, CA. AHM is majority-owned by Athene Holding Ltd. The Outlook for the Issuer rating is Stable.

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KBRA Withdraws Rating on GO Financial Auto Securitization Trust 2015-2
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining class of notes, Class C, of the Go Financial Auto Securitization Trust 2015-2 (GOFAST 2015-2), an auto loan ABS transaction, which closed on November 24, 2015. This action reflects GO Receivables Company 15-2, LLC exercised its option to repurchase the receivables held in GO Fast 2015-2 pursuant to the sales and servicing agreement dated November 24, 2015. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the distribution date, October 15, 2018. The Class C notes were paid-in-full as of the October 2018 distribution period.

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KBRA Affirms all Classes of GSMS 2017-485L
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-485L, A $350.0 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since last review and securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.  

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KBRA Releases Macro-Market Research - Brexit Impact on EU: Uneven but Contained
07-Feb-2019

DUBLIN (7 February 2019) – Kroll Bond Rating Agency’s (KBRA) latest macro-market comment provides insights on the expected impact of the United Kingdom’s (UK) departure from the European Union (“Brexit”) on individual EU member states. Greater integration has mutually benefitted both the EU and UK, and the disentanglement of significant decades-old economic, trade and financial linkages, as well as adjustments to a new post-Brexit reality is expected to be challenging. KBRA’s view is that while Brexit will prove manageable for the wider EU, some member states are more exposed than others and it will likely represent a net loss for both sides.

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KBRA Assigns Preliminary Ratings to GSMS 2019-GC38
07-Feb-2019

NEW YORK, NY (February 7, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC38 (see ratings list below), a $756.4 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 53 properties.

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KBRA Releases Report "Texas Education Spending: Big Changes Coming?"
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) releases a report on Texas public school aid funding, Texas Education Spending: Big Changes Coming? Despite rising enrollment, education funding growth at the state level has lagged overall increases in state spending. Local school districts are making up the difference through property taxes.  With the Texas economy strong and revenues growing, KBRA identifies key factors that are driving potential changes to K-12 funding currently under consideration by state legislators.  

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KBRA Affirms Ratings on Mosaic Solar Loans 2017-1
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on the Class A Notes issued under Mosaic Solar Loans 2017-1 (Mosaic 2017-1), a solar loan ABS transaction which closed on February 2, 2017. While losses are currently above KBRA’s expectations, credit enhancement has increased since closing and continues to build as the transaction seasons.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for United Community Banks, Inc.
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Blairsville, Georgia–based United Community Banks, Inc. (NASDAQ: UCBI) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, United Community Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for SolarCity FTE Series 1 LLC, Series 2016-A
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings for three note classes of SolarCity FTE Series 1, LLC, Series 2016-A, a residential distributed generation solar securitization, which closed on January 22, 2016.

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KBRA Maintains Watch Downgrade on TES 2017-1, LLC, Series 2017-1
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) has maintained the watch downgrade on TES 2017-1, LLC, Series 2017-1, a residential distributed generation solar securitization. The transaction closed on November 8, 2017.

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KBRA Assigns Final Ratings to Mosaic Solar Loan Trust 2019-1
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by Mosaic Solar Loan Trust 2019-1 (“Mosaic 2019-1”). This is a $259.7 million term ABS securitization collateralized by a pool of approximately $281.3 million residential solar loans.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2019-1 Trust
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2019-1 (“SCLP 2019-1”). This is a $480.7 million consumer loan ABS transaction.

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KBRA Releases Monthly CMBS Trend Watch
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) releases January’s CMBS Trend Watch. CMBS private label pricing was sluggish last month, at $1.2 billion, which was a significant drop of 76.1% from $4.9 billion in January 2018. However, despite a slow start to the year, 2019 CMBS volume appears to be picking up.

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KBRA Affirms All Classes of CGCMT 2018-TBR
06-Feb-2019

NEW YORK, NY (February 6, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2018-TBR, a $189.1 million, CMBS single-asset, single-borrower transaction.  The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Assigns Ratings to Oxford Finance Funding 2019-1 LLC
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of notes issued by Oxford Finance Funding 2019-1 LLC.

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KBRA Issues Update on Sheraton Bay Point in SGCP 2018-FL1
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) issues an update on Sheraton Bay Point, the second largest loan in SGCP 2018-FL1, a $376.3 million CRE CLO transaction. The property securing the loan suffered severe casualty damage due to Hurricane Michael in October 2018.

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KBRA Affirms All Classes of CD 2017-CD3
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CD 2017-CD3, a $1.3 billion CMBS conduit transaction collateralized by 52 loans secured by 59 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of CGCMT 2015-GC27
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-GC27, a $1.2 billion CMBS conduit transaction collateralized by 98 loans secured by 110 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Affirms All Classes of COMM 2016-787S
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2016-787S, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Releases Report Assigning AAA Rating and Stable Outlook to State of Delaware General Obligation Bonds, Series 2019
05-Feb-2019

NEW YORK, NY (February 5, 2019) – On February 4, 2019 Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA and Stable Outlook to the State of Delaware General Obligation Bonds, Series 2019 and affirmed the long-term rating of AAA and Stable Outlook on the State’s outstanding general obligation debt.

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KBRA Publishes Project Finance Research: How Will Pacific Gas & Electric's Bankruptcy Impact Project Financings?
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Pacific Gas & Electric (PG&E) filed for bankruptcy protection on January 29 to protect the utility from liabilities resulting from the historic California wildfires. PG&E said its total liabilities are around $52 billion, which includes anticipated expenses from the wildfires. The filing was expected as the utility announced on January 14 that Chapter 11 protection was the only remaining option that would allow it to maintain financial stability and continue to service its customers.

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KBRA Releases UK Building Societies: Vital to UK Housing Market
05-Feb-2019

DUBLIN ( 5 February 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) publishes its UK Building Societies: Vital to UK Housing Market report, which focuses on the financial position of UK building societies.

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KBRA Releases Surveillance Report on Chicago's General Obligation Bonds
05-Feb-2019

NEW YORK, NY (February 5, 2019) – On February 1, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of A with a Stable Outlook on City of Chicago’s general obligation bonds.

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KBRA Assigns Preliminary Ratings to TruPS Financials Note Securitization 2019-1
05-Feb-2019

NEW YORK, NY (February 5, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by TruPS Financials Note Securitization 2019-1 (“TFINS 2019-1”).

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KBRA Upgrades Two Classes and Affirms All Other Classes of JPMCC 2013-C10
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from "AA (sf)" to "AA+ (sf)" and the Class C certificates from "A (sf)" to "A+ (sf)". All of the transaction's other outstanding ratings have been affirmed. JPMCC 2013-C10 is a $912.8 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 72 properties. The upgrades reflect the increased certificate credit enhancement levels due to loan payoffs and deleveraging from amortization. Twelve loans with an original balance of $302.0 million (23.6%) have been repaid in full at maturity, including $110.7 million (8.7%) since last review. In addition, 13 loans totaling $89.6 million (9.8%) have defeased since securitization, including $69.8 million (7.7%) since last review. In total, the transaction balance has decreased by 28.6% since issuance.

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KBRA Affirms All Classes of Tharaldson Hotel Portfolio Trust 2018-THPT
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Tharaldson Hotel Portfolio Trust 2018-THPT, a $808.5 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigns a KBRA Performance Outlook (KPO) of Perform to the loan.  

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KBRA Releases CMBS Research: Limited-Service Leads 2018 Problem Hotels
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) releases a research report summarizing its views on the CMBS Hospitality sector.

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KBRA Assigns AAA Rating and Stable Outlook to State of Delaware General Obligation Bonds, Series 2019
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AAA and Stable Outlook to the State of Delaware General Obligation Bonds, Series 2019 and affirms the long-term rating of AAA and stable outlook on the State’s outstanding general obligation debt.

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KBRA Releases Corporates/Sovereigns Research: Global Political Economy Is a Supporting Actor in Oil Sector Performance
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency’s (KBRA) latest Corporates/Sovereigns research report states that global macroeconomic conditions and foreign policy developments are important factors underlying oil sector performance through their impact on supply and demand curves. This report provides an overview of the global economic outlook and geopolitical backdrop that influence the oil sector, as well as highlights the key fundamental shifts in oil supply and demand.

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KBRA Issues KREF 2018-FL1 Reinvestment Update
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on January 30, 2019, following a request from the collateral manager, KKR Real Estate Finance Manager LLC (KKR), with respect to an acquisition of a previously unidentified reinvestment mortgage asset for KREF 2018-FL1. The acquisition took place on February 1, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Affirms BBB Issuer and Senior Unsecured Debt to Owl Rock Capital Corporation
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms issuer and senior unsecured debt ratings of BBB with a Stable Outlook to Owl Rock Capital Corporation (“ORCC” or “the Company”).

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KBRA Releases 4Q18 U.S. Bank Compendium
04-Feb-2019

NEW YORK, NY (February 4, 2019) – Kroll Bond Rating Agency (KBRA) releases the 4Q18 U.S. Bank Compendium analyzing the results of U.S. banks with KBRA long-term ratings.

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KBRA Takes Rating Actions on SoFi Consumer Loan Program Trusts
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) takes rating action on 14 SoFi Consumer Loan Program (“SCLP”) Trust transactions. In total, 22 notes are upgraded and 11 are affirmed. The data used are current as of the January 2018 distribution period. No rating actions were taken on SoFi Consumer Loan Program 2018-3 and SoFi Consumer Loan Program 2018-4 transactions since these transactions have less than 6 months seasoning. Credit enhancement has increased for each class of notes and supports the rating actions.

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KBRA Affirms Long-Term Rating of A with Stable Outlook on Chicago's GO Bond
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A with a Stable Outlook on City of Chicago’s general obligation bonds.

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KBRA Upgrades Three Classes and Affirms All Other Classes of COMM 2013-CCRE10
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from "AA- (sf)" to "AA (sf)", the Class C certificates from "A- (sf)" to "A (sf)" and the Class PEZ certificates from "A- (sf)" to "A (sf)". All of the transaction's other outstanding ratings have been affirmed. COMM 2013-CCRE10 is an $824.0 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 65 properties. The upgrades reflect the continued improvement in the pool’s credit performance, defeasances and increased credit enhancement due to deleveraging from amortization and loan payoffs.

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KBRA Upgrades Five Classes in Verus Securitization Trust 2017-1
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the A-2, A-3, B-1, B-2, and B-3 classes in the Verus Securitization Trust 2017-1 transaction. KBRA notes that the deal has paid down to a factor of 0.4822 and has experienced no losses and minimal delinquencies.

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KBRA Takes Rating Actions on ABMT 2015-3, FSMT 2018-1, JPMMT 2017-1, SEMT 2017-3, SEMT 2018-3, SEMT 2018-CH1, and SCOT 2017-1
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3), Flagstar Mortgage Trust 2018-1 (FSMT 2018-1), J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1), Sequoia Mortgage Trust 2017-3 (SEMT 2017-3), Sequoia Mortgage Trust 2018-3 (SEMT 2018-3), Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1), and Shellpoint Co-Originator Trust 2017-1 (SCOT 2017-1).

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KBRA Assigns Senior Unsecured Debt Rating of BBB for QCR Holdings, Inc.
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 to QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR” or “the Company”), a multi-bank holding company headquartered in Moline, Illinois. KBRA also assigns deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2 for the following bank subsidiaries of QCRH: Quad City Bank and Trust Company, Cedar Rapids Bank and Trust Company, Community State Bank, Rockford Bank and Trust Company, and Springfield First Community Bank. The Outlook for all long-term ratings is Stable.

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KBRA Releases Surveillance Report for Prairie Power, Inc.
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A- with a Stable Outlook on Prairie Power, Inc. (PPI) as an obligor and affirms the long-term rating of A- with a Stable Outlook on the Illinois Finance Authority National Rural Utility Cooperative Finance Corporation (CFC) Guaranteed Solid Waste Disposal Revenue Bonds (Prairie Power, Inc. Project), Series 2008A.

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KBRA Affirms All Classes of JPMBB 2014-C18
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2014-C18, an $820.1 million CMBS conduit transaction collateralized by 44 loans secured by 59 properties. The affirmations follow a surveillance review of the transaction, which has benefited across the capital stack from increased certificate credit enhancement (C/E) levels due to loan payoffs and amortization; however, four loans within the Top 10 carry a KBRA Performance Outlook (KPO) of Underperform including two identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Assigns Ratings to FREMF 2019-K87 and Freddie Mac Structured Pass-Through Certificates K-087
01-Feb-2019

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2019-K87 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-087 (see ratings list below). FREMF Series 2019-K87 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2019-K87 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Withdraws Rating on One Class from CAS 2016-C03
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws its rating from the class shown below following the reduction of its principal balance to zero. For this class, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns.

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KBRA Withdraws Ratings on Six Classes of SEMT 2013-9
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For these classes, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns. The rating changes are as follows:

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KBRA Withdraws Rating on One Class from STACR 2016-DNA4
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws its rating from the class shown below following the reduction of its principal balance to zero. For this class, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns. The rating change is as follows:

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KBRA Takes Rating Action on Avid Automobile Receivables Trust 2018-1
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the rating of the Class A notes and affirms the ratings of Class B and Class C notes issued by Avid Automobile Receivables Trust 2018-1 (“Avid 2018-1”), an auto loan transaction that closed on January 31, 2018. This action reflects the fact that losses are within KBRA’s initial expectations, and Avid Acceptance, LLC (“Avid” or the “Company”) has also utilized the option to repurchase a portion of liquidated receivables.

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KBRA Affirms All Classes of OMPT 2017-1MKT
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of OMPT 2017-1MKT a $975.0 million single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws the Class A-1 Notes Rating and Affirms the Class A-2, B, and C Notes Ratings for Eagle I Limited, Series 2014-1
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the Class A-1 Notes rating as the Notes were paid in full, and affirms the ratings on the Class A-2, B and C Notes of Eagle I Limited, Series 2014-1, an aircraft ABS transaction, which closed on December 19, 2014. The portfolio is currently comprised of 20 aircraft with an aggregate appraised value of approximately $339.95 million.

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KBRA Publishes Surveillance Report for The PNC Financial Services Group, Inc.
31-Jan-2019

NEW YORK, NY (January 31, 2019) – On January 4, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of A+ and short-term debt rating of K1 for The PNC Financial Services Group, Inc. (NYSE: PNC) (“the Company”), a bank holding company headquartered in Pittsburgh, Pennsylvania. KBRA also affirmed the deposit and senior unsecured debt ratings of AA- and the short-term deposit and debt ratings of K1+ for its bank subsidiary, PNC Bank, National Association. These ratings, which support a structured finance transaction, were not solicited by the Company, and PNC did not participate in the ratings process. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for AASET 2018-1 Trust
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes, Class B Notes and Class C Notes (collectively, the “Notes”), of AASET 2018-1 Trust, an aircraft ABS transaction, which closed on January 30, 2018. As of December 31, 2018, all 24 aircraft were on lease to 16 airlines in 14 countries and have transferred to the transaction.

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KBRA Affirms Ratings for Labrador Aviation Finance Limited
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Series A Notes and Series B Notes (together, the “Notes”), of Labrador Aviation Finance Limited, an aircraft ABS transaction, which closed on December 15, 2016. As of December 31, 2018, there are 20 aircraft in the portfolio.

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KBRA Assigns Final Ratings to Notes Issued by Genesis Sales Finance Master Trust Series 2019-A
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Genesis Sales Finance Master Trust, Series 2019-A (“Series 2019-A”), a credit card ABS transaction.

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KBRA Releases 2018 Consumer Loan Marketplace Lending Year in Review and 2019 Outlook
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) publishes its 2018 Consumer Loan Marketplace Lending Year in Review and 2019 Outlook. The report found that 2018 was another notable year in the consumer loan marketplace lending (MPL) space. Total consumer loan MPL ABS securitization issuance (excluding student loans) in 2018 reached record levels of $8.7 billion, up 11% from $7.8 billion in 2017. In addition, consumer loan ABS volume from most MPL platforms included in KBRA’s analysis is above their 2017 levels. However, MPL ABS securitization loan volume saw a 17% year-over-year decline in Q4 2018, due to increased volatility and a sell-off in risk which pushed spreads 35-45bps wider by year-end. While securitization remained the preferred long-term funding choice, MPL platforms continue to diversify their sources of funding to include pass-through notes and balance sheet funding through bank warehouse lines.

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KBRA Assigns Ratings to OBX 2019-INV1 Trust
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 29 classes of mortgage pass-through certificates from OBX 2019-INV1, the fifth RMBS 2.0 transaction issued by Onslow Bay Financial, LLC., and the first Onslow-sponsored transaction backed entirely by agency-eligible, investment property loans.

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KBRA Downgrades Two Classes and Affirms All Other Classes of COMM 2014-LC15
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class E and F certificates and affirms all other classes of COMM 2014-LC15, an $865.8 million CMBS conduit transaction. The downgrades reflect the transaction’s decline in performance for a portion of the pool since securitization attributed to an increase in delinquencies and estimated losses for five (8.6% of the pool balance) of the seven (11.5%) KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Assigns Preliminary Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2019-1
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-1 (“GCAR 2019-1” or “the Issuer”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2019-1
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2019-1 (MFT 2019-1). This is a $262.25 consumer loan ABS transaction.

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KBRA Assigns AA- and Stable Outlook to Peninsula Corridor Joint Powers Board Farebox Revenue Bonds, 2019 Series A
31-Jan-2019

NEW YORK, NY (January 31, 2019) – On January 28, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- and Stable Outlook to Peninsula Corridor Joint Powers Board (JPB) Farebox Revenue Bonds, 2019 Series A. JPB is the governing body of Caltrain, a commuter rail system serving the San Francisco Peninsula and Santa Clara County.

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KBRA Assigns Ratings to Penn Mutual and Janney Montgomery Scott
31-Jan-2019

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns insurance financial strength ratings (IFSR) of AA- to The Penn Mutual Life Insurance Company and its key insurance subsidiaries: The Penn Insurance and Annuity Company, Vantis Life Insurance Company, and Vantis Life Insurance Company of New York (collectively referred to as Penn Mutual). KBRA also assigns an issuer rating of A to Penn Mutual’s broker-dealer subsidiary Janney Montgomery Scott LLC (Janney). The Outlook for all ratings is Positive.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1)
30-Jan-2019

NEW YORK, NY (January 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1), a prime RMBS transaction. JPMMT 2019-1 contains both prime jumbo (33.0%) and conforming (67.0%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2019-1
30-Jan-2019

NEW YORK, NY (January 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-1 (“FCAT 2019-1”), an auto loan ABS transaction.

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The Big Shift: Did Public Pension Bets Pay Off?
30-Jan-2019

NEW YORK, NY (January 30, 2019) – Kroll Bond Rating Agency (KBRA) releases a report on public pensions, The Big Shift: Did Public Pension Bets Pay Off? Recent volatility in the equity markets begs an important question. Did the dramatic shift toward alternative investment assets embraced by so many public pension funds pay off? Or is it an emerging cautionary tale of when something is too good to be true, it probably isn’t? Given recent equity market volatility, KBRA considers these questions in the context of investment returns for public pensions.

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KBRA Comments on Nordic Aviation's Addition of GIC as Minority Shareholder
29-Jan-2019

NEW YORK, NY (January 29, 2019) – Kroll Bond Rating Agency (KBRA) most recently affirmed the issuer and senior unsecured debt ratings of BBB+ and BBB, respectively, with Stable Outlooks for Nordic Aviation Capital Designated Activity Company (“Nordic Aviation”, “NAC” or “the Company”), on May 1, 2018.

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KBRA Withdraws Rating on DT Auto Owner Trust 2014-3
29-Jan-2019

NEW YORK, NY (January 29, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining class of notes, Class D, of the DT Auto Trust 2014-3 (DTAOT 2014-3), an auto loan ABS transaction, which closed on December 10, 2014. This action reflections DriveTime’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated December 10, 2014. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the distribution date, November 15, 2018.

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KBRA Assigns Ratings to CGCMT 2019-SMRT
29-Jan-2019

NEW YORK, NY (January 29, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of CGCMT 2019-SMRT, a CMBS single asset, single borrower (SASB) transaction.

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KBRA Publishes Surveillance Report for Prospect Capital Corporation
29-Jan-2019

NEW YORK, NY (January 29, 2019) – On January 17, 2018, Kroll Bond Rating Agency (KBRA) affirmed BBB issuer and senior unsecured debt ratings for Prospect Capital Corporation (“PSEC”, “The Company”). The Outlook is Negative.

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KBRA Issues Marathon 2018-FL1 Reinvestment Update
29-Jan-2019

NEW YORK, NY (January 29, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) following a request from the collateral manager, Marathon Asset Management, L.P. (Marathon), with respect to the proposed acquisition of a previously unidentified reinvestment mortgage asset for Marathon 2018-FL1. A portion of the acquisition took place on January 22, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Assigns AA- and Stable Outlook to Peninsula Corridor Joint Powers Board Farebox Revenue Bonds, 2019 Series A
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable Outlook to Peninsula Corridor Joint Powers Board (JPB) Farebox Revenue Bonds, 2019 Series A. JPB is the governing body of Caltrain, a commuter rail system serving the San Francisco Peninsula and Santa Clara County.

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KBRA Affirms Senior Unsecured Debt Rating of A- for Chemical Financial Corporation
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of A-, subordinated debt rating of BBB+, and short-term debt rating of K2 for Midland, Michigan based Chemical Financial Corporation (NASDAQ: CHFC). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A, subordinated debt rating of A-, and short-term deposit and debt ratings of K1 to the lead subsidiary, Chemical Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for SolarCity FTE Series 2 LLC, Series 2017-A
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings for three note classes of SolarCity FTE Series 2, LLC, Series 2017-A, a residential distributed generation solar securitization, which closed on January 27, 2017.

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KBRA Takes Rating Actions on CarNow Auto Receivables Trusts
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two CarNow Auto Receivable’s Trust transactions. In total, the ratings on one note was affirmed and ratings on four notes were upgraded. The data used are current as of December 31, 2018. The rating actions for the transactions reflect the fact that although losses are above KBRA’s loss expectations, credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Assigns Preliminary Ratings to Benchmark 2019-B9
28-Jan-2019

NEW YORK, NY (January 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2019-B9 (see ratings list below), an $883.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 88 properties.

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KBRA Affirms All Classes of CGCMT 2013-375P
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2013-375P, a $573.8 million CMBS single borrower transaction. The transaction collateral consists of a senior portion of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in an 830,928 sf, trophy office property at 375 Park Avenue, New York, New York. The loan is interest-only for its ten year term with an outstanding balance of $782.8 million. The loan sponsor is RFR Holding LLC.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating for VSD 2017-PLT1
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” rating from Class A of VSD 2017-PLT1, a liquidating trust securitization comprised of small-balance performing loans, non-performing loans (NPL) and real-estate-owned (REO) properties. The withdrawal follows the full repayment of its only rated class, as reflected in the January 2019 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn security.

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KBRA Withdraws Rating for FREMF 2014-K715
28-Jan-2019

NEW YORK, NY (January 28, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the FREMF 2014-K713 transaction following the full redemption of the rated security, as reflected in the transaction’s January 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Releases Report Assigning AA+ to the MTA TRB Series 2019A with a Negative Outlook and K1+ to the Transportation Rev. BANs Series 2019A
25-Jan-2019

NEW YORK, NY (January 25, 2019) – On January 24, 2019, Kroll Bond Rating Agency (KBRA) assigned a Long-Term rating of AA+ with a Negative Outlook to the Metropolitan Transportation Authority Transportation Revenue Green Bonds, Series 2019A (Climate Bond Certified) consisting of Subseries 2019A-1, 2019A-2, and 2019A-3. KBRA also assigned a Short-Term rating of K1+ to the MTA’s Transportation Revenue Bond Anticipation Notes, Series 2019A.

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KBRA Releases Research Report: The [Updated] Case for Community Banks
25-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) publishes The [Updated] Case for Community Banks. This updated commentary and analysis outlining the relative strength of community banks builds upon the foundational research that KBRA has previously provided to the market.

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KBRA Releases Research Report: Deposit Pricing Competition Continues to Intensify
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) announces the release of a new research report, Deposit Pricing Competition Continues to Intensify. This report provides KBRA’s outlook and analysis on deposit pricing trends in the U.S. Banking sector for the coming year. We provide commentary around the impact of federal funds rate increases, heightened presence of internet banks on the competitive landscape, and the Fed’s balance sheet unwind; the latter two, elements that the industry has not previously faced.

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KBRA Releases Research Report: Bank M&A in 2019
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) announces a new report, Bank M&A in 2019: Activity to Persist Despite Market Pressure, which provides our outlook and analysis of M&A activity in the U.S. Banking sector for the coming year. This report provides commentary on market volatility and the credit implications of changes to deal structure, as well as details our opinion about the impacts of the competitive landscape on M&A. In addition, we outline our constructive view of M&A—specifically transaction rationalization and integration risk—relative to legacy rating agencies.

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KBRA Affirms All Classes of CFCE 2016-C3
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2016-C3, a $689.4 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 66 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Assigns Final Ratings to GoodGreen 2019-1
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes from GoodGreen 2019-1 (“GoodGreen 2019-1”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Metropolitan Bank Holding Corp.
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for New York, NY based Metropolitan Bank Holding Corp. (NYSE: MCB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary, Metropolitan Commercial Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of COMM 2014-CCRE15
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-CCRE15, an $801.6 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 44 properties. The affirmations follow a surveillance review of the transaction, which has benefited across the capital stack from increased certificate credit enhancement (C/E) levels due to loan payoffs and amortization; however, the pool incurred principal losses of $13.5 million as a result of the disposition of two loans with discounted payoffs.

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KBRA Publishes Surveillance Report for First Mutual Holding Co.
25-Jan-2019

NEW YORK, NY (January 25, 2019) – On January 16, 2019, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Lakewood, Ohio based First Mutual Holding Co. (“FMHC” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its lead subsidiary, First Federal Savings and Loan Association of Lakewood. The Outlook for all long-term ratings is Stable.

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KBRA Affirms and Withdraws AAAkf Fund Rating to Semper U.S. Treasury Money Market Fund
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms and withdraws the AAAkf Fund Rating of the Semper U.S. Treasury Money Market Fund (Ticker: SEMXX). The AAAkf rating reflects the fund’s Primary Quantitative Rating (PQR) as measured by the KBRA Funds Credit Quality Rating Matrix, which is based on the credit quality of the underlying instruments that comprise the portfolio. Additionally, the fund rating is influenced by the results of the qualitative assessment of the investment advisor, Semper Capital Management, L.P. (Semper). The qualitative shadow rating (QSR) for the fund was found to be average.

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KBRA Publishes Report on Managed CRE CLO Eligibility Criteria
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) releases its Managed CRE CLO Eligibility Criteria: An Inside Look report, which reviews the eligibility criteria (EC) in managed commercial real estate collateralized loan obligations (CRE CLOs) and discusses how they have varied among the deals rated by KBRA since 2017.

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KBRA Takes Rating Actions on Westlake Automobile Receivables Trust
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) takes rating action on two Westlake Automobile Receivables Trust. In total, five notes were affirmed and six were upgraded. The data used for this review are as of the December 2018 collection period. Westlake Automobile Receivables Trust 2018-3 was not included in this review since it has less than 6 months of seasoning. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations and credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes are sufficient for their respective affirmations and upgrades.

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KBRA Downgrades the Class B Notes and Class C Notes on Honor Automobile Trust Securitization 2016-1
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) downgrades the Class B notes from BBB (sf) to BB+ (sf) and Class C notes from CCC+ (sf) to CC (sf). The Class B notes are being removed from Watch Downgrade while the Class C notes are remaining on Watch Downgrade. Honor Automobile Trust Securitization Trust 2016-1 (“HATS 2016-1”) is an auto loan ABS transaction which closed December 15, 2016.

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2019-1
25-Jan-2019

NEW YORK, NY (January 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2019-1 (“PMIT 2019-1”). This is a $171.664 million consumer loan ABS transaction.

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KBRA Assigns Long-Term Rating of AA+ with Negative Outlook to the MTA Transportation Rev. Green Bonds, Series 2019A (Climate Bond Certified) and K1+ to the Transportation Rev. BANs Series 2019A
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Negative Outlook to the MTA Transportation Revenue Green Bonds, Series 2019A consisting of subseries 2019A-1, 2019A-2, and 2019A-3. KBRA also assigns a short-term rating of K1+ to the MTA’s Transportation Revenue Bond Anticipation Notes, Series 2019A.

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KBRA Affirms All Classes of BAMLL 2015-FRR11
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2015-FRR11, a re-securitization of two separate securitizations sponsored by the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Market Execution (CME) program. The re-securitization consists of two principal only (PO) and three interest only (IO) certificates (the collateral) from FREMF 2012-K705 and FREMF 2013-K25 (the underlying trusts). FREMF 2012-K705 has fully paid off as of the October 2018 Remittance report. The affirmations follow a surveillance review of the FREMF 2013-K-25 transaction, which has exhibited stable collateral performance since last review and re-securitization.

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KBRA Affirms All Classes of FREMF 2018-K72
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2018-K72, a $1.3 billion CMBS multi-borrower transaction collateralized by 66 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2018-BXI
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2018-BXI, a $192.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Affirms All Classes of CGCMT 2016-GC36
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-GC36, a $1.1 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 100 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Affirms All Classes of FREMF 2013-K25
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2013-K25, an $1.4 billion CMBS conduit transaction collateralized by 82 commercial mortgage loans secured by 73 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Affirms BBB Senior Unsecured Debt Rating for Malvern Bancorp, Inc.
24-Jan-2019

NEW YORK, NY (January 24, 2019) –Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Paoli, Pennsylvania based Malvern Bancorp, Inc. (NASDAQ: MLVF) (“Malvern”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Malvern Bank, National Association. The Outlook for all long-term ratings is Stable. 

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KBRA Takes Rating Actions on Foursight Capital Automobile Receivables Trust
24-Jan-2019

NEW YORK, NY (January 24, 2019) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three Foursight Capital Automobile Receivables Trust transactions. In total, thirteen notes were affirmed, and one class of notes was upgraded. The data used for this review is as of the January 2019 distribution period. The rating actions for the transactions reflect the fact that although losses are above KBRA’s loss expectations, credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations.

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KBRA Releases Comment -- "Keep Those Trains, Planes & Autos Running: Gov't Shutdown Not Critical ... Yet"
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) releases its latest comment on the partial federal government shutdown, now in its fifth week. KBRA notes that the shutdown has not had a discernable impact on state and local government transportation agency operations. However, in the absence of a resolution to the current gridlock in Washington, D.C., KBRA would expect to see increasing adverse effects with the passage of time. KBRA believes the ramifications for transportation agencies will vary greatly, depending on each agency’s reliance on federal funding support for operations and/or infrastructure needs.

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KBRA Affirms the Ratings on Sierra Auto Receivables Securitization Trust 2016-1
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) affirms the rating on the Class B and Class C notes of the Sierra Auto Receivables Securitization Trust 2016-1 (SARST 2016-1), an auto loan ABS transaction, which closed on June 29, 2016. This action reflects that despite losses trending higher than KBRA’s initial loss expectations, the credit enhancement and breakeven loss multiples are sufficient for the rating actions.

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KBRA Releases Macro-Market Research on Ireland: KBRA Will Look to Fundamentals in Event of No-Deal Brexit
23-Jan-2019

DUBLIN (23 January 2019) – Kroll Bond Rating Agency’s (KBRA) latest macro-market comment provides KBRA’s insights surrounding our treatment of the United Kingdom’s (UK) departure from the European Union (“Brexit”) as it relates to Ireland’s sovereign credit rating. KBRA’s view on Ireland is based upon the expectation that Brexit will prove manageable for the country due to two main reasons: (1) a “soft” rather than “no-deal” Brexit appears more likely at this point, and (2) our expectations for Ireland’s economic resilience to remain resolute post-Brexit. KBRA would likely revisit Ireland’s credit rating if it turns out that the eventual Brexit outcome would have a material long-term impact on the country’s economic and fiscal profile. KBRA ratings are based upon a critical evaluation of credit risk fundamentals—matters related to ability and willingness to pay debts—and are not a reaction to headlines. 

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KBRA Withdraws Class A-1 Rating on First Investors Auto Owner Trust 2016-2
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of the First Investors Auto Owner Trust 2016-2 (FIAOT 2016-2), an auto loan ABS transaction which closed on September 22, 2016. This action reflects the fact that the Class A-1 notes have been paid in full.

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KBRA Withdraws Class A-2 Rating on First Investors Auto Owner Trust 2015-2
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 notes of the First Investors Auto Owner Trust 2015-2 (FIAOT 2015-2), an auto loan ABS transaction which closed on August 27, 2015. This action reflects the fact that the Class A-2 notes have been paid in full.

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KBRA Withdraws Class B Rating on First Investors Auto Owner Trust 2015-1
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the First Investors Auto Owner Trust 2015-1 (FIAOT 2015-1), an auto loan ABS transaction which closed on June 8, 2015. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Assigns Preliminary Ratings to BDS 2019-FL3
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BDS 2019-FL3, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Bridge Debt Strategies Fund Manager LLC, a majority-owned subsidiary of Bridge Investment Group, will serve as the transaction’s collateral manager.

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KBRA Assigns Final Ratings to OneMain Financial Issuance Trust 2019-1
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by OneMain Financial Issuance Trust 2019-1 (“OMFIT 2019-1”), a consumer loan asset-backed securities transaction.

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KBRA Releases U.S. Title Insurance 2019 Outlook
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) releases its 2019 U.S. Title Insurance Outlook as title underwriters aim to top $1 billion in net income, levels not seen since before the 2008-09 financial crisis. KBRA’s Stable Outlook reflects the industry’s earnings power and policyholders’ surplus growth in recent years. However, net income also benefited from the lower corporate tax rate in 2018. KBRA expects 2019 net income will not be materially different from the previous year.

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KBRA Withdraws the Class A-1 Rating for SCF Equipment Leasing 2018-1 LLC
23-Jan-2019

NEW YORK, NY (January 23, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 Notes of SCF Equipment Leasing 2018-1 LLC, an equipment lease ABS transaction, which closed on May 4, 2018. This action reflects the fact that the Class A-1 notes have been paid in full.

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KBRA Issues LNCR 2018-CRE1 Reinvestment Update
23-Jan-2019

NEW YORK, NY (January 23, 2019) – Kroll Bond Rating Agency (KBRA) issued Rating Agency Confirmation (RAC) on January 15, 2019, following a request from the collateral manager, LoanCore Capital Credit Advisor LLC (LoanCore), with respect to the acquisition of two, previously unidentified reinvestment mortgage assets for LNCR 2018-CRE1. The acquisitions took place on January 16, 2019. As a general matter, upon the request of the collateral manager, KBRA will consider the review of post-securitization matters, including reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Takes Rating Actions on GFMT 2018-1, ABMT 2015-2, JPMMT 2014-1, JPMMT 2018-1, and SEMT 2017-2
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1), Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2), J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1), J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1), and Sequoia Mortgage Trust 2017-2 (SEMT 2017-2).

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KBRA Assigns Ratings to Hercules Capital Funding Trust 2019-1
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to one class of notes issued by Hercules Capital Funding Trust 2019-1.

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KBRA Assigns Preliminary Ratings to OBX 2019-INV1 Trust
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage pass-through certificates from OBX 2019-INV1, the fifth RMBS 2.0 transaction issued by Onslow Bay Financial, LLC.

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KBRA Assigns Preliminary Ratings to RCMT 2019-5
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of RCMT 2019-5 (see ratings list below), a $399.2 million CMBS small balance transaction collateralized by 95 commercial mortgage loans secured by 127 properties.

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KBRA Surveillance Update: Wells Fargo Expected to Vacate 375 Park Avenue
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) recently learned that Wells Fargo Corporation (Wells Fargo) and the borrower have reached an agreement whereby the borrower may terminate and accelerate Wells Fargo’s February 28, 2021 lease expiration at 375 Park Avenue upon 60 days notice. The earliest date that Wells Fargo would surrender all or a portion of its space would be October 31, 2019. In addition, Wells Fargo will be required to pay a $1.2 million fee to satisfy certain restoration obligations required under the lease. Wells Fargo intends to relocate into a building owned by the company at 30 Hudson Yards and expects its space at 375 Park to be physically vacant in 2019. According to the borrower, the termination agreement provides flexibility to attract potential tenants prior to the scheduled lease expiration date in February 2021. A termination notice has not been provided by the borrower to Wells Fargo at this time.

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KBRA Credit Profile (KCP) K-LOC Index: December 2018
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of December.

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KBRA Withdraws Rating for UBS 2017-C2
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the UBS 2017-C2 transaction following the full redemption of the rated security as reflected in the transaction’s January 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Ratings for Securitized Equipment Receivables Trust 2017-1 Due to Notes Paid in Full
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on notes issued by Securitized Equipment Receivables Trust 2017-1. The notes were supported by the residual certificates from the Ascentium Capital Equipment Receivables 2015-2 Trust transaction. This action reflects the fact that the transaction’s three classes have been paid in full.

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KBRA Assigns Preliminary Ratings to FREMF 2019-K87 and Freddie Mac Structured Pass-Through Certificates K-087
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2019-K87 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-087 (see ratings list below). FREMF Series 2019-K87 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2019-K87 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2019-1
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Mosaic Solar Loan Trust 2019-1 (“Mosaic 2019-1”). This is a $259.7 million term ABS securitization collateralized by a pool of approximately $281.3 million residential solar loans.

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KBRA Withdraws Rating for JPMBB 2014-C18
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the JPMBB 2014-C18 transaction following the full redemption of the rated security as reflected in the transaction’s January 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to Notes Issued by Genesis Sales Finance Master Trust Series 2019-A
22-Jan-2019

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Genesis Sales Finance Master Trust, Series 2019-A (“Series 2019-A”), a credit card ABS transaction.

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KBRA Releases Bank Talk: The After-Show
22-Jan-2019

NEW YORK, NY (January 22, 2018) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Releases Alternate Channels: The Evolution of Aircraft Sales and Fleet Management
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) releases a commentary regarding the evolution of aircraft sales and fleet management.

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KBRA Releases 2018 Aircraft Lessors and Secured Aircraft: Year in Review and 2019 Outlook
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) released a Year in Review and 2019 Outlook for aircraft lessors and secured aircraft transactions.

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KBRA Releases Aircraft ABS 2019 Outlook: We've Reached Our Cruising Altitude
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) looks back at aircraft ABS primary and secondary market activity, as well as several developing trends and challenges facing the sector.

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KBRA Releases Surveillance Report for Chicago Transit Authority's Sales Tax Receipts Revenue Bonds
18-Jan-2019

NEW YORK, NY (January 18, 2019) –On January 16, 2019, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA with a Stable Outlook for the Chicago Transit Authority (CTA) Sales Tax Receipts Revenue Bonds and AA- with a Stable Outlook for the CTA Second Lien Sales Tax Receipts Revenue Bonds. The bonds are secured by sales tax levied by the Regional Transportation Authority (RTA), including CTA’s share of RTA Sales Tax (both formula-based and discretionary), replacement revenues, and public transportation fund (PTF) revenues. The Series 2008 bonds are on parity with the first lien obligations, but are first secured by Real Estate Transfer Tax (RETT) receipts.

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KBRA Affirms and Withdraws Ratings of Specialty Risk of America
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms, with a Stable Outlook, and withdraws the insurance financial strength rating (IFSR) of BBB- of Specialty Risk of America (SRA) and the issuer rating of BB- of the organization’s ultimate holding company, Specialty Risk of America, LLC.

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KBRA Publishes Research: REIT Credit Update: A Deeper Dive on REIT Private Placements
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) has issued a new report, “REIT Credit Update: A Deeper Dive on REIT Private Placements.”

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KBRA Releases Report Assigning AA- and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, First Series of 2019
18-Jan-2019

NEW YORK, NY (January 18, 2019) – On January 16, 2019 Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- and Stable Outlook to the Pennsylvania Turnpike Commission (PTC) Turnpike Revenue Refunding Bonds, First Series of 2019.

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KBRA Assigns A+/K1+ Ratings to the Republic of Ireland
18-Jan-2019

DUBLIN (18 January 2019) – Kroll Bond Rating Agency Europe Limited (KBRA Europe) assigns A+ long-term issuer ratings to the Republic of Ireland. KBRA also assigns K1+ short-term issuer ratings to the sovereign. The long-term ratings carry a Stable Outlook. 

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KBRA Affirms BBB+ Senior Unsecured Debt Rating for Axos Financial, Inc.
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Axos Financial, Inc. (NYSE: “AX” or “the Company”), a bank holding company headquartered in San Diego, California. KBRA also affirms the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Axos Bank (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Oxford Finance Funding 2019-1 LLC
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Oxford Finance Funding 2019-1 LLC.

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KBRA Withdraws the Class A Rating on Prosper Marketplace Issuance Trust 2017-2
18-Jan-2019

NEW YORK, NY (January 18, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Prosper Marketplace Issuance Trust 2017-2 (PMIT 2017-2), a consumer loan ABS transaction, which closed on August 9, 2017. This action reflects the fact that Class A note has been paid in full as of December 31, 2018.

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KBRA Publishes Surveillance Report for Commonwealth Bank of Australia
18-Jan-2019

NEW YORK, NY (January 18, 2019) – On January 7, 2019, Kroll Bond Rating Agency (KBRA) affirmed the deposit and senior unsecured debt ratings of AA- and short-term deposit and debt ratings of K1+ for Commonwealth Bank of Australia (“CBA” or “the Bank”), an international financial services group. The Outlook for all long-term ratings is stable.

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KBRA Releases European RMBS Rating Methodology Country Addendum: Republic of Ireland
17-Jan-2019

Dublin, IRELAND (17 January 2019) – Kroll Bond Rating Agency (KBRA) releases its European RMBS Rating Methodology Country Addendum for rating securities backed by residential mortgage loans in the Republic of Ireland (Ireland). The addendum addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in Ireland.

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KBRA Publishes Rating Report for ELCO Mutual Life and Annuity
17-Jan-2019

NEW YORK, NY (January 17, 2019) – On December 21, 2018, Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) of BBB- with a Stable Outlook to ELCO Mutual Life and Annuity (ELCO), a life insurance and annuity company based in Lake Bluff, Illinois.

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KBRA Takes Rating Action for SCF Equipment Leasing Transactions
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on four SCF Equipment Leasing transactions. In total, 10 classes of notes were upgraded and 10 were affirmed. In addition, KBRA assigns a rating to the Class G Notes for the SCF Equipment Leasing 2018-1.

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KBRA Withdraws the Ratings on CRG Issuer 2015-1 Due to Notes Paid in Full
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the notes issued by CRG Issuer 2015-1, an ABS transaction, which closed on January 15, 2016. This action reflects final payment of the notes on the January 15, 2019 payment date.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-1 (SEMT 2019-1)
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-1 (SEMT 2019-1), a prime RMBS transaction. SEMT 2019-1 contains both prime jumbo (69.8%) and high-balance conforming (30.2%) collateral to borrowers with prime attributes.

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KBRA Affirms BBB Issuer and Senior Unsecured Debt Ratings to Prospect Capital Corp.
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms issuer and senior unsecured debt ratings of BBB with a Negative Outlook to Prospect Capital Corporation (“PSEC” or “the Company”).

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KBRA Releases 2019 Update: Regional Aircraft Market
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) releases a 2019 Regional Aircraft Market Update.

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KBRA Affirms All Classes of WFRBS 2013-C12
17-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2013-C12, a $982.4 million CMBS conduit transaction collateralized by 89 commercial mortgage loans secured by 118 properties. The affirmations follow a surveillance review of the transaction. Although the transaction experienced its first principal loss in September 2018 when Gander Mountain liquidated, the transaction's credit profile has improved since last review due to amortization and defeasances.

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KBRA Withdraws the Class A Ratings on the Sierra Auto Receivables Securitization Trust 2016-1
17-Jan-2019

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A note of the Sierra Auto Receivables Securitization Trust 2016-1 (SARST 2016-1), an auto loan ABS transaction which closed June 29, 2016. This reflects that the Class A note has been paid in full.

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KBRA Affirms Ratings for SmartFinancial, Inc. Following Announcement of Proposed Merger with Entegra Financial Corp.
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms ratings for Knoxville, Tennessee based, SmartFinancial, Inc. (NASDAQ: SMBK) (“SmartFinancial”), including a senior unsecured debt rating of BBB and a subordinated debt rating of BBB-, following the announcement of a proposed merger of equals with Franklin, North Carolina based Entegra Financial Corp. (NASDAQ: ENFC), with SMBK as the surviving entity. The Outlook for SMBK’s long-term ratings is Stable.

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KBRA Affirms All Classes of MSBAM 2013-C8
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C8, an $888.9 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 54 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Releases its Monthly Auto Loan Indices for December
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of December. The accompanying commentary highlights the fact that credit performance was mixed across securitized auto loan pools last month. KBRA expects delinquency and loss rates in its Prime and Non-Prime Indices to remain elevated for one more month, before starting a downward trend in March (February collection period), as borrowers begin to receive tax refunds, providing an additional source of cash flow to help them pay their auto loans.

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KBRA Assigns Preliminary Ratings to GoodGreen 2019-1
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to two classes of notes from GoodGreen 2019-1 (“GoodGreen 2019-1”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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KBRA Assigns AA- and Stable Outlook to Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, First Series of 2019
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable Outlook to the Pennsylvania Turnpike Commission (PTC) Turnpike Revenue Refunding Bonds, First Series of 2019.

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KBRA Releases Financial Institutions Podcast: Bank Talk
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) releases its Financial Institutions monthly podcast called Bank Talk.

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KBRA Named Acceptable Rating Agency by Fannie Mae
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) has been named an acceptable rating agency by Fannie Mae and included in the Fannie Mae Sellers/Servicer Guide for insurance companies.

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KBRA Assigns AAAkf Rating to Georgia Fund 1 Plus
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) assigns an AAAkf Fund Rating to the State of Georgia Fund 1 Plus (GF1 Plus) investment fund. The AAAkf rating reflects the Fund’s Primary Quantitative Rating (PQR) as measured by the KBRA Funds Credit Quality Rating Matrix, which is based on the credit quality of the underlying instruments and risks that comprise the portfolio. Additionally, the fund rating is influenced by the results of the qualitative assessment of the investment program’s Administrator, Georgia’s Office of the State Treasurer (OST). The qualitative shadow rating (QSR) for the OST was found to be strong.

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KBRA Affirms BBB Senior Unsecured Debt Rating for First Mutual Holding Co.
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Lakewood, Ohio based First Mutual Holding Co. (“FMHC” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its lead subsidiary, First Federal Savings and Loan Association of Lakewood. The Outlook for all long-term ratings is Stable.

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KBRA Affirms the Long-Term Ratings for the Chicago Transit Authority's Sales Tax Receipts Revenue Bonds
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA with a Stable Outlook for the Chicago Transit Authority (CTA) Sales Tax Receipts Revenue Bonds and AA- with a Stable Outlook for the CTA Second Lien Sales Tax Receipts Revenue Bonds. The bonds are secured by sales tax levied by the Regional Transportation Authority (RTA), including CTA’s share of RTA Sales Tax (both formula-based and discretionary), replacement revenues, and public transportation fund (PTF) revenues. The Series 2008 bonds are on parity with the first lien obligations, but are first secured by Real Estate Transfer Tax (RETT) receipts.

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KBRA Withdraws the Ratings on Tidewater Sales Finance Master Trust, Series 2017-A
16-Jan-2019

NEW YORK, NY (January 16, 2019) – Kroll Bond Rating Agency (KBRA) Withdraws the ratings on all outstanding notes of Tidewater Sales Finance Master Trust, Series 2017-A (“TMCAT 2017-A”), a credit card transaction that closed May 17, 2017. The Satisfaction and Discharge Agreement was exercised as of January 15, 2019.

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KBRA Affirms the AA Rating and Stable Outlook on Borough of Doylestown, PA General Obligation Notes, Series 2013
15-Jan-2019

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA and Stable Outlook on the Borough of Doylestown, PA General Obligation Notes, Series 2013. The Borough of Doylestown General Obligation Notes, Series 2013 are general obligations secured by a full faith and credit pledge of the Borough. Under Pennsylvania statute, the Borough has the power to levy ad valorem property taxes on all taxable property, without limitation as to rate or amount, to pay debt service on the Notes. This rating action is based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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KBRA Assigns A- Rating to Air Lease Medium-Term Notes
15-Jan-2019

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured rating of A- with a Stable Outlook to the Medium-Term Notes, Series A, to be issued by Air Lease Corporation (NYSE: AL, “Air Lease” or “the Company”), an aircraft leasing company headquartered in Los Angeles, California. The company intends to use the proceeds for general corporate purposes, which may include the purchase of aircraft and the repayment of existing indebtedness. KBRA most recently affirmed the Company’s issuer and senior unsecured debt ratings of A- on December 14, 2018.

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KBRA Issues RAC for BSPRT 2018-FL4 Following the Ramp-Up Completion Date
15-Jan-2019

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) issued a Rating Agency Confirmation (RAC) on January 11, 2019 following a request from the collateral manager, Benefit Street Partners L.L.C. (Benefit Street Partners), related to the BSPRT 2018-FL4 ramp-up completion date. Prior to the ramp-up completion date, KBRA reviewed and issued three prior RACs related to the acquisition of 19 ramp-up mortgage assets. Upon the request of the collateral manager, KBRA will consider the review of post-securitization matters including ramp-up and reinvestment acquisitions. The review is conducted to determine whether or not the contemplated matter, in and of itself, will cause a downgrade, qualification, or withdrawal of any of the assigned transaction ratings.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1)
15-Jan-2019

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1), a prime RMBS transaction. JPMMT 2019-1 contains both prime jumbo (33.0%) and conforming (67.0%) collateral to borrowers with prime attributes.

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KBRA Withdraws the Class A-2 Rating on Flagship Credit Auto Trust 2016-3
15-Jan-2019

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 notes issued from Flagship Credit Auto Trust (FCAT 2016-3), an auto loan ABS transaction, which closed on August 11, 2016. This action reflects the fact that the Class A-2 notes have been paid in full.

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KBRA Assigns Final Ratings to RFS Asset Securitization LLC, Series 2018-1
14-Jan-2019

NEW YORK, NY (January 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by RFS Asset Securitization LLC, Series 2018-1 (“RFS 2018-1”).

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KBRA Withdraws the Class B Ratings on CarNow Auto Receivables Trust 2016-1
14-Jan-2019

NEW YORK, NY (January 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of CarNow Auto Receivables Trust 2016-1 (CNART 2016-1) an auto loan ABS transaction, which closed on December 14, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Releases Report: Texas Revenue Estimates Show Continued Strength
14-Jan-2019

NEW YORK, NY (January 14, 2019) – The Texas State Comptroller’s Office on January 7 issued its latest Biennial Revenue Estimate (BRE) 2020-21. Under the state constitution, the BRE sets a legislative cap on annual spending and is a key part of the state’s governance framework, which KBRA views very favorably. The 2020-21 biennium starts at the close of the current fiscal year, on June 30. The BRE provides a valuable review of current and expected economic conditions and the revenue outlook. It also provides insight into the state’s revenue forecasting and budgetary performance, which have historically been favorable.

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KBRA Releases Insurance Research: "Are Two (IFSR) Ratings Better Than One? You Decide"
14-Jan-2019

NEW YORK, NY (January 14, 2019) – Kroll Bond Rating Agency (KBRA) releases a new research note, “Are Two (IFSR) Ratings Better Than One? You Decide.”

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KBRA Withdraws Rating for COMM 2014-UBS3
14-Jan-2019

NEW YORK, NY (January 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2014-UBS3 transaction following the full redemption of the rated security as reflected in the transaction’s January 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for GSMS 2014-GC18
14-Jan-2019

NEW YORK, NY (January 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the GSMS 2014-GC18 transaction following the full redemption of the rated security, as reflected in the transaction’s January 2019 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Upgrades Three Classes and Affirms All Other Classes of WFRBS 2012-C8
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the Class C certificates from "A+ (sf)" to "AA (sf)", the Class D certificates from "A- (sf)" to "A+ (sf)", and the Class E certificates from "BBB- (sf)" to "BBB (sf)". All of the transaction's other outstanding ratings have been affirmed. WFRBS 2012-C8 is a $982.1 million CMBS conduit transaction collateralized by 69 commercial mortgage loans secured by 70 properties. The upgrades reflect the increased certificate credit enhancement levels due to loan payoffs and deleveraging from amortization. In addition, fifteen loans totaling $95.2 million (9.7%) and secured by 21 properties have defeased or partially defeased since securitization, including 5.3% during the review period. KBRA notes that two additional loans, the Bank of America Financial Center (3.2%) and US Bank Centre (2.0%) defeased at the end of December and are expected to be reflected in the next month's remittance report. Including these two additional loans, total defeasance amounts to 14.9% of the pool. In total, the transaction balance has decreased by 24.5% since issuance.

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KBRA Affirms All Classes of MSC 2013-ALTM
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSC 2013-ALTM, a $157.6 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Publishes Project Finance Research: "Private Placement Market Adapts to Fierce Competition"
11-Jan-2019

NEW YORK, NY (January 11, 2019) – The 2018 private placement market recorded $85 billion in debt issuance, of which project financing accounted for around 30% ($25 billion), according to Kroll Bond Rating Agency (KBRA) estimates. The private placement market continued to be a relatively attractive funding source for issuers looking to put in place long-term stable financing. However, competition among banks and institutional investors continued as the amount of capital to be invested increased year over year.

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KBRA Affirms All Classes of CGRBS 2013-VNO5TH
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGRBS 2013-VNO5TH, a $390.0 million, CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws the Class A Rating on CarFinance Capital Auto Trust 2015-1
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of CarFinance Capital Auto Trust 2015-1 (CFCAT 2015-1), an auto loan ABS transaction, which closed on May 13, 2015. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Affirms All Classes of WFCM 2016-C32
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2016-C32, a $940.1 million CMBS conduit transaction collateralized by 112 loans secured by 151 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Affirms Insurance Financial Strength Rating of GCU
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the BBB+ insurance financial strength rating (IFSR) of GCU, a fraternal benefit society domiciled in Beaver, Pennsylvania. The Outlook for the rating is Stable.

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KBRA Takes Rating Actions on SEMT 2013-4, SEMT 2018-1, and SEMT 2018-2
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Sequoia Mortgage Trust 2013-4 (SEMT 2013-4), Sequoia Mortgage Trust 2018-1 (SEMT 2018-1), and Sequoia Mortgage Trust 2018-2 (SEMT 2018-2).

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KBRA Releases its Marketplace Consumer Loan Indices for December
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for December.

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KBRA Affirms All Classes of MSC 2012-C4
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSC 2012-C4, a $743.2 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 65 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KCP Special Report: Bed Bath & Beyond: Less Bricks, More Clicks - CMBS Exposure Examined
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Earlier this week, Bed Bath & Beyond Inc. (BBBY) reported financial results for Q3 2018. Brick-and-mortar sales declined in the mid-single-digit percentage range, while sales from customer-facing digital channels reportedly experienced strong growth. BBBY has shifted its focus in recent years towards e-commerce and invested heavily in technology-related initiatives. Simultaneous with its investments in these areas, the company is actively working to optimize its portfolio of physical stores. As part of its forward-looking strategy, BBBY has retained a third-party consultant to evaluate the impact of existing leases on margins and effectuate a more proactive and aggressive approach in negotiating with its landlords.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Meta Financial Group, Inc.
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Sioux Falls, South Dakota based Meta Financial Group, Inc. (NASDAQ: CASH) (“Meta” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for MetaBank, the lead subsidiary. The Outlook for all long-term ratings remains Negative.

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KBRA Publishes Surveillance Report for Pacific Mercantile Bank
11-Jan-2019

NEW YORK, NY (January 11, 2019) – On December 13, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt and deposit ratings of BB+, the subordinated debt rating of BB, and the short-term deposit and debt ratings of B for Pacific Mercantile Bank (“Pacific Mercantile”, “the Bank”), a subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), based in Costa Mesa, California. The Outlook for all long-term ratings has been revised to Positive from Stable.

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KBRA Publishes Surveillance Report for Sumitomo Mitsui Banking Corporation
11-Jan-2019

NEW YORK, NY (January 11, 2019) – On January 4, 2019, Kroll Bond Rating Agency (KBRA) affirmed the deposit and senior unsecured debt ratings of A+ and the short-term deposit and debt ratings of K1 for Sumitomo Mitsui Banking Corporation (“SMBC” or “the Bank”).  In addition, KBRA assigned a senior unsecured debt rating of A and short-term debt rating of K1 to Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG) (“the Company”), an international financial services group, and the parent company of SMBC. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Franklin Financial Network, Inc.
11-Jan-2019

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Franklin, Tennessee based Franklin Financial Network, Inc. (NYSE: FSB) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Franklin Synergy Bank, the lead subsidiary. The Outlook for all long-term ratings is Negative.

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KBRA Affirms A+ Rating and Stable Outlook on Township of Bethel Sewer Authority - Township of Bethel, PA Guaranteed Revenue Notes
10-Jan-2019

NEW YORK, NY (January 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A+ with a Stable Outlook on the Township of Bethel Sewer Authority – Bethel Township, PA Guaranteed Revenue Notes and General Obligation Debt. This rating applies to all of Township of Bethel’s general obligation and guaranteed debt.

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KBRA Affirms All Classes of COMM 2014-UBS2
10-Jan-2019

NEW YORK, NY (January 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-UBS2, a $1.1 billion CMBS conduit transaction collateralized by 55 commercial mortgage loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Publishes Rating Report for New Mountain Finance Corp.
10-Jan-2019

NEW YORK, NY (January 10, 2019) – On December 21, 2018, Kroll Bond Rating Agency (KBRA) assigned BBB- issuer and senior unsecured debt ratings for New Mountain Finance Corporation (“NMFC”, “The Company”). The Outlook is Stable.

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KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2019-1
10-Jan-2019

NEW YORK, NY (January 10, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by OneMain Financial Issuance Trust 2019-1 (“OMFIT 2019-1”), a consumer loan asset-backed securities transaction.

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KBRA Affirms all Classes of Benchmark 2018-B1
10-Jan-2019

NEW YORK, NY (January 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Benchmark 2018-B1, a $1.2 billion CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 173 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2015-C26
10-Jan-2019

NEW YORK, NY (January 10, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-C26, an $895.7 million CMBS conduit transaction collateralized by 98 commercial mortgage loans secured by 112 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Publishes Rating Report for Hamilton Insurance Group, Ltd. and Hamilton Re, Ltd.
10-Jan-2019

NEW YORK, NY (January 10, 2019) – On December 7, 2018, Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) of A to Hamilton Re, Ltd. (Hamilton Re) and an issuer rating of BBB+ to its parent holding company, Hamilton Insurance Group, Ltd. (Hamilton Group). Collectively, the entities are referred to as Hamilton. The Outlook for both ratings is Stable.

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KBRA Releases Macro-Market Research on USA: KBRA Rates to Fundamentals Not Headlines
09-Jan-2019

New York, NY (January 9, 2019) – Kroll Bond Rating Agency’s (KBRA) latest macro-market comment states that the current environment in the U.S. is more noise than substance from a credit perspective. KBRA assigned a AAA rating to the United States of America (U.S.) in March 2018. The rating reflects the U.S. dollar’s premier reserve currency status that has been sustained despite a protracted period of policy change and uncertainty, and the unbounded access to liquidity that this provides. In addition, KBRA’s view is that there is de minimus risk the government would decide not to honor its debt obligations or raise the debt ceiling.

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KBRA Releases CMBS Research: "Houston's Office Market Walks the Oil Volatility Tightrope"
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) released a research report summarizing its views on the CMBS Houston Office Market.

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KBRA Releases CRE CLO Trend Watch Year-End 2018
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) has released the CRE CLO Trends Watch Year-End 2018 report.

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KBRA Releases New Comment: "Bondholders Protected From Budget Pain Caused by LAUSD Teachers' Strike"
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) releases a commentary concerning Los Angeles Unified School District and its ongoing labor contract negotiations titled “Bondholders Protected from Budget Pain Caused by LAUSD Teachers’ Strike.”

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KBRA Releases Report: Federal Shutdown Opens the Door to Greater Fiscal Risk for Municipalities
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) releases the Federal Shutdown Opens the Door to Greater Fiscal Risk for Municipalities report. As the federal shutdown enters its third week and media reports suggest negotiations have not yet yielded significant progress, U.S. states, cities, school districts, and other local municipalities will have to cope with the fallout.

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KBRA Affirms Rating of Notes on Seven OneMain Holdings' Transactions
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings of 31 notes on seven OneMain Holdings’ transactions. The affirmations reflect the fact that losses are in-line with KBRA’s loss expectations, and credit enhancement has remained stable for all the classes of notes. 

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KBRA Takes Rating Actions on Three OneMain Holdings' Transactions
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings of eight classes of notes and upgrades the ratings of four classes of notes on three OneMain Holdings’ transactions. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations, and credit enhancement has increased for all the classes of notes.

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KBRA Takes Rating Actions on Consumer Loan Underlying Bond (CLUB) Credit Trust
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on five Consumer Loan Underlying Bond (“CLUB”) Credit Trust transactions. In total, nine notes are being upgraded and four notes affirmed. The data used are current as of the December 2018 distribution period. No rating actions are being taken on Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P1 and Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P2 transactions since these transactions have less than six months seasoning. Based on the current performance, KBRA maintains its cumulative net loss (“CNL”) assumptions for the CLUB transactions. Credit enhancement has increased for each class of notes and supports the rating actions.

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KBRA Affirms All Classes of UBS-BB 2013-C5
09-Jan-2019

NEW YORK, NY (January 9, 2019) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS-BB 2013-C5, a $1.3 billion CMBS conduit transaction collateralized by 77 commercial mortgage loans secured by 90 properties. The affirmations follow a surveillance review of the transaction. Although the transaction experienced its first principal loss in May 2018 when the Candlewood Suites Decatur liquidated, the transaction's credit profile has improved since last review due to amortization and defeasances.

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KBRA Withdraws Class A-2 Rating on Ascentium Equipment Receivables 2017-1 LLC
09-Jan-2019

NEW YORK, NY (January 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 Notes of Ascentium Equipment Receivables 2017-1 LLC, an equipment lease ABS transaction, which closed on May 3, 2017. This action reflects the fact that the Class A-2 notes have been paid in full.

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KBRA Affirms the Ratings for District of Columbia Tobacco Settlement Financing Corporation, Series 2006
08-Jan-2019

NEW YORK, NY (January 8, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings for four classes of Tobacco Settlement Asset-Backed Bonds, Series 2006 (the “Bonds”) issued by District of Columbia Tobacco Settlement Financing Corporation (the “Corporation”).

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KBRA Releases Monthly CMBS Trend Watch
07-Jan-2019

NEW YORK, NY (January 7, 2019) – Kroll Bond Rating Agency (KBRA) releases December’s CMBS Trend Watch.

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KBRA Affirms Senior Unsecured Debt Rating of AA- for Commonwealth Bank of Australia
07-Jan-2019

NEW YORK, NY (January 7, 2019) – Kroll Bond Rating Agency (KBRA) affirms the deposit and senior unsecured debt ratings of AA- and short-term deposit and debt ratings of K1+ for Commonwealth Bank of Australia (“CBA” or “the Bank”), an international financial services group. The Outlook for all long-term ratings is Stable.

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KBRA Releases Research on Balance Sheet Leverage
07-Jan-2019

Kroll Bond Rating Agency (KBRA) announces the release of a new report, Measuring Balance Sheet Leverage: Banks Versus Industrials. 

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KBRA Releases Rating Report Assigning A- Rating and Stable Outlook to NJTTFA Transportation Program Bonds, 2019 Series AA
07-Jan-2019

NEW YORK, NY (January 7, 2019) – On January 4, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A- and Stable Outlook to the New Jersey Transportation Trust Fund Authority’s (NJTTFA) Transportation Program Bonds, 2019 Series AA.

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KBRA Assigns Preliminary Ratings to CGCMT 2019-SMRT
07-Jan-2019

NEW YORK, NY (January 7, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of CGCMT 2019-SMRT, a CMBS single asset, single borrower (SASB) transaction.

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KBRA Assigns Preliminary Ratings to Hercules Capital Funding Trust 2019-1
07-Jan-2019

NEW YORK, NY (January 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Hercules Capital Funding Trust 2019-1.

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KBRA Places Four Classes of GSMS 2014-GC18 on Watch Downgrade
04-Jan-2019

NEW YORK, NY (January 4, 2019) – Kroll Bond Rating Agency (KBRA) places the Class D, E, F, and reference class X-C certificates of GSMS 2014-GC18, a $944 billion conduit transaction, on Watch Downgrade. The Watch Placements are driven primarily by KBRA’s estimated loss for the Wyoming Valley Mall loan (7.8% of the pool balance), which is collateralized by a super-regional mall in Wilkes-Barre, Pennsylvania. The asset, which is a KBRA Loan of Concern (K-LOC), transferred to the special servicer for imminent monetary default in June 2018. In Q2 2018 the sponsor, PREIT, no longer identified the subject as a core mall, and during a Q3 2018 earnings call, announced it would no longer invest additional capital into the property. According to the servicer, the lender is evaluating various workout strategies including a potential deed-in-lieu of foreclosure.

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KBRA Assigns A- Rating and Stable Outlook to NJTTFA Transportation Program Bonds, 2019 Series AA
04-Jan-2019

NEW YORK, NY (January 4, 2019) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A- and Stable Outlook to the New Jersey Transportation Trust Fund Authority’s (NJTTFA) Transportation Program Bonds, 2019 Series AA.

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KBRA Publishes Surveillance Report for Seacoast Banking Corporation of Florida
04-Jan-2019

NEW YORK, NY (January 4, 2018) – On November 28, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Stuart, Florida based Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (“Seacoast” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Seacoast National Bank. The Outlook for all long-term ratings is Positive.

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KBRA Monitoring CGCMT 2015-GC27 Due to Special Servicing Transfer
04-Jan-2019

NEW YORK, NY (January 4, 2019) – Kroll Bond Rating Agency (KBRA) is monitoring CGCMT 2015-GC27, a $1.2 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s fifth largest loan, Highland Square ($38.2 million, 3.3% of the pool balance). The December 2018 remittance indicated that the master servicer, Wells Fargo Bank, National Association, transferred the loan to the special servicer, Rialto Capital Advisors, LLC on November 8, 2018, due to imminent monetary default.

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KBRA Affirms Senior Unsecured Debt Rating of A+ for The PNC Financial Services Group, Inc.
04-Jan-2019

NEW YORK, NY (January 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of A+ and short-term debt rating of K1 for The PNC Financial Services Group, Inc. (NYSE: PNC) (“the Company”), a bank holding company headquartered in Pittsburgh, Pennsylvania. KBRA also affirms the deposit and senior unsecured debt ratings of AA- and the short-term deposit and debt ratings of K1+ for its bank subsidiary, PNC Bank, National Association. These ratings, which support a structured finance transaction, were not solicited by the Company, and PNC did not participate in the ratings process. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Senior Unsecured Debt Rating of A+ for Sumitomo Mitsui Banking Corporation
04-Jan-2019

NEW YORK, NY (January 4, 2019) – Kroll Bond Rating Agency (KBRA) affirms the deposit and senior unsecured debt ratings of A+ and the short-term deposit and debt ratings of K1 for Sumitomo Mitsui Banking Corporation (“SMBC” or “the Bank”).  In addition, KBRA assigns a senior unsecured debt rating of A and short-term debt rating of K1 to Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG) (“the Company”), an international financial services group, and the parent company of SMBC. The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Ratings on Six Classes of JPMMT 2015-5
03-Jan-2019

NEW YORK, NY (January 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the A-4, A-4-A, A-4-X, A-7, A-7-A, and A-7-X classes following the reduction of their respective principal, as reflected in the December 2018 remittance report for JPMMT 2015-5. For all respective classes, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-1 (SEMT 2019-1)
03-Jan-2019

NEW YORK, NY (January 3, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-1 (SEMT 2019-1), a prime RMBS transaction. SEMT 2019-1 contains both prime jumbo (69.8%) and high-balance conforming (30.2%) collateral to borrowers with prime attributes.

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KBRA Withdraws Ratings from AMSR 2016-SFR1
03-Jan-2019

NEW YORK, NY (January 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for seven classes of AMSR 2016-SFR1 single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $489.3 million. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s December 2018 remittance report.

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KBRA Affirms and Withdraws the Ratings for Guaranty Bancorp and Guaranty Bank and Trust Company
02-Jan-2019

NEW YORK, NY (January 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms and withdraws the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Denver, Colorado based Guaranty Bancorp (NASDAQ: GBNK). In addition, KBRA affirms and withdraws the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for its subsidiary, Guaranty Bank and Trust Company.

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KBRA Assigns Ratings to WFCM 2018-C48
02-Jan-2019

NEW YORK, NY (January 2, 2019) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of WFCM 2018-C48 (see ratings list below), a $833.9 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 95 properties.

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KCP Special Report: Additional Store Closures Announced as ESL Affiliate Submits Last-Minute Bid to Keep Sears Afloat
02-Jan-2019

NEW YORK, NY (January 2, 2019) – On Friday, December 28, Sears Holdings Corporation (SHLD) revealed its intention to close an additional 80 stores by late-March 2019. The tally includes 37 Kmart and 43 Sears stores, along with accompanying Sears Auto Centers at 34 locations. Only hours after Friday’s closure announcement and just before the 4PM court-stipulated bidding deadline, Transform Holdco LLC, an affiliate of Eddie Lampert’s ESL Investments, unveiled an offer to acquire Sears out of bankruptcy. Valued at $4.4 billion, the bid includes a $1.3 billion financing commitment from three institutions led by Bank of America Corporation. Sears’ bankruptcy advisors have until January 4 to decide if Transform Holdco’s bid, along with other bids from liquidation firms, is deemed qualified to proceed to an auction scheduled for January 14.

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KBRA Withdraws Rating for WFRR 2013-FRR1
02-Jan-2019

NEW YORK, NY (January 2, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB (sf)” rating from Class B-K706 of the WFRR 2013-FRR1 transaction following the full redemption of the rated security, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Ratings on Two Classes of JPMCC 2014-FRR1
02-Jan-2019

NEW YORK, NY (January 2, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” from Class A-K707 and its “BB- (sf)” rating from Class B-K707 of the JPMCC 2014-FRR1 transaction, following the full redemption of the rated securities as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Withdraws the Ratings on Citi Held for Asset issuance 2016-PM1
02-Jan-2019

NEW YORK, NY (Jan 2, 2019) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C note of Citi Held for Asset Issuance 2016-PM1 (CHAI 2016-PM1), a consumer loan ABS transaction, which closed March 31, 2016. This action reflects that the remaining note has been paid in full.

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KBRA Monitoring MSBAM 2014-C16 Due to Special Servicing Transfer
28-Dec-2018

NEW YORK, NY (December 28, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring MSBAM 2014-C16, a $1.2 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s third largest loan, Outlets of Mississippi ($62.0 million, 5.1% of the pool balance). The December remittance indicated that the master servicer, Wells Fargo Bank, National Association, transferred the loan to the special servicer, LNR Partners on November 29, 2018, due to imminent monetary default.

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KBRA Publishes Update on WFCM 2015-NXS2 ($90.0 million) Due to Special Servicing Transfer
28-Dec-2018

NEW YORK, NY (December 28, 2018) – On December 6, 2018, Kroll Bond Rating Agency (KBRA) published a press release on WFCM 2015-NXS2, an $893.8 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s largest loan, Patriots Park (10.1% of the pool balance). KBRA learned of the transfer of the $90.0 million loan from the master servicer, Wells Fargo Bank, National Association, on December 6, 2018. The loan was transferred to the special servicer, Rialto Capital Advisors, LLC (Rialto), on November 16, 2018 due to non-monetary default.

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KBRA Assigns Ratings to UBS 2018-C15
28-Dec-2018

NEW YORK, NY (December 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of UBS 2018-C15 (see ratings list below), a $646.5 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 317 properties.

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KBRA Affirms the Ratings for DCP Rights, LLC - Series 2014-1 Senior Secured Notes
28-Dec-2018

NEW YORK, NY (December 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings to the two note classes of DCP Rights, LLC, a television broadcast contract securitization.

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KBRA Assigns Ratings to Benchmark 2018-B8
27-Dec-2018

NEW YORK, NY (December 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of Benchmark 2018-B8, a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 200 properties.

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KBRA Assigns Ratings to MSC 2018-H4
27-Dec-2018

NEW YORK, NY (December 27, 2018) – Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to 15 classes of MSC 2018-H4, a $796.8 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 115 properties.

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KBRA Affirms all Classes of Caesars Palace Las Vegas Trust 2017-VICI
27-Dec-2018

NEW YORK, NY (December 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Caesars Palace Las Vegas Trust 2017-VICI, a $1.6 billion CMBS single-asset, single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook of Perform for the Loan.

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KBRA Publishes Surveillance Report for Alerus Financial Corporation
27-Dec-2018

NEW YORK, NY (December 27, 2018) – On December 4, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Alerus Financial Corporation (OTCQX: ALRS) (“the Company”), a bank holding company headquartered in Grand Forks, North Dakota. In addition, KBRA affirmed the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for the subsidiary bank, Alerus Financial, National Association (“the Bank”). The Outlook for all long-term ratings is Negative. The continued Negative Outlook for the long-term ratings reflects KBRA’s ongoing concern regarding the Company’s below peer capital profile, though we recognize ALRS’ modest improvement in core capital through the Company’s stronger internal capital generation.

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KBRA Issues RAC for Caesars Palace Las Vegas Trust 2017-VICI
27-Dec-2018

NEW YORK, NY (December 27, 2018) – Kroll Bond Rating Agency (KBRA) issued a Rating Agency Confirmation (RAC) on December 19, 2018 following a post securitization request from the master servicer on Caesars Palace Las Vegas Trust 2017-VICI, a CMBS single-asset, single borrower transaction (the “Transaction”). The request was in connection with changes related to the loan and collateral securing the Transaction.

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KBRA Takes Rating Actions on CAS 2017-C01, STACR 2014-DN1, STACR 2017-DNA1, CAS 2016-C02, STACR 2018-DNA1, SEMT 2013-3
26-Dec-2018

NEW YORK, NY (December 26, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on Connecticut Avenue Securities 2017-C01 (CAS 2017-C01), Structured Agency Credit Risk Debt Notes 2014-DN1 (STACR 2014-DN1), Structured Agency Credit Risk Debt Notes 2017-DNA1 (STACR 2017-DNA1), Connecticut Avenue Securities 2016-C02 (CAS 2016-C02), Structured Agency Credit Risk Debt Notes 2018-DNA1 (STACR 2018-DNA1), and Sequoia Mortgage Trust 2013-3 (SEMT 2013-3).

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KBRA Withdraws the Class B Rating on Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1
26-Dec-2018

NEW YORK, NY (December 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1 (CLUB 2017-NP1), a consumer loan ABS transaction, which closed on June 22, 2017. This action reflects the fact that Class B note has been paid in full as of November 30, 2018.

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KBRA Issues RAC for 160 Fifth Avenue in CGCMT 2015-GC29
26-Dec-2018

NEW YORK, NY (December 26, 2018) – Kroll Bond Rating Agency (KBRA) issued a Rating Agency Confirmation (RAC) on December 13, 2018 following a request from the master servicer, Midland Loan Services, for a post securitization matter regarding the 160 Fifth Avenue loan in GCCMT 2015-CG29. The request included the conversion of the building to a condominium, assumption of the loan by the Simons Foundation, release of the first-floor retail component, posting of a $39.4 million letter-of-credit (“LOC”) as additional security, and retirement of$38.0 million of subordinate debt.

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KBRA Affirms Ratings on Spruce ABS Trust 2016-E1
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of notes issued by Spruce ABS Trust 2016-E1 (Spruce 2016-E1), a consumer receivables ABS transaction which closed on June 22, 2016. This action reflects that the credit enhancement has built for each class of notes despite losses being above KBRA’s initial base case loss expectations. The transaction has breakeven loss multiples which are sufficient for an affirmation of the ratings on the Class A and Class B notes.

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KBRA Affirms Issuer Rating for Ronin Capital, LLC
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed an issuer rating of BBB with a Stable Outlook for Ronin Capital, LLC (“Ronin” or “the Firm”), an SEC-registered proprietary trading firm headquartered in Chicago, Illinois. While headquartered in the U.S., Ronin also operates through several subsidiaries located in Europe and Asia. The Firm maintains diversified trading strategies across asset classes.

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KBRA Publishes Surveillance Report for First National of Nebraska, Inc.
21-Dec-2018

NEW YORK, NY (December 21, 2018) – On October 17, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for First National of Nebraska, Inc. (OTCMKTS: “FINN” or “the Company”), a bank holding company headquartered in Omaha, Nebraska. KBRA also affirmed the deposit and senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for First National Bank of Omaha (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for Merlin Aviation Holdings DAC
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Notes, Series B Notes, and Series C Notes of Merlin Aviation Holdings DAC, an aircraft ABS transaction, which closed on December 23, 2016. The portfolio is currently comprised of 17 aircraft on lease to 15 airlines located in 14 countries.

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KBRA Assigns AA+ Rating with Stable Outlook for Assured Guaranty (Europe) plc
21-Dec-2018

NEW YORK, NY (December 21, 2018) – On December 21, 2018, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating of AA+ with a Stable Outlook of Assured Guaranty Municipal Corp. (AGM). At the same time, KBRA assigned an insurance financial strength rating of AA+ with a Stable Outlook of Assured Guaranty (Europe) plc (AGE).

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KBRA Affirms AA+ Rating with a Stable Outlook for Assured Guaranty Municipal Corp.
21-Dec-2018

NEW YORK, NY (December 21, 2018) – On December 21, 2018, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating of AA+ with a Stable Outlook of Assured Guaranty Municipal Corp. (AGM). At the same time, KBRA assigned an insurance financial strength rating of AA+ with a Stable Outlook of Assured Guaranty (Europe) plc (AGE).

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KBRA Assigns an Insurance Financial Strength Rating to ELCO Mutual Life and Annuity
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of BBB- with a Stable Outlook to ELCO Mutual Life and Annuity (ELCO), a life insurance and annuity company based in Lake Bluff, Illinois.

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KBRA Assigns Ratings to Converge RE II and Converge Holdings Inc.
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- to Converge RE II (Converge RE). Licensed in 2017, Converge RE is a Puerto Rico Class 5 International Insurer specializing in life and annuity reinsurance. KBRA also assigns an issuer rating of BBB- to Converge Holdings Inc. (Converge Holdings), the holding company for Converge RE. The Outlook for both ratings is Stable.

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KBRA Assigns Preliminary Ratings to RFS Asset Securitization LLC, Series 2018-1
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by RFS Asset Securitization LLC, Series 2018-1 (“RFS 2018-1”).

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KBRA Affirms All Classes of UBS 2017-C7
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS 2017-C7, an $885.9 million CMBS conduit transaction collateralized by 48 mortgage loans secured by 109 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms Ratings for KDAC Aviation Finance (Cayman) Limited
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Notes, Series B Notes, and Series C Notes of KDAC Aviation Finance (Cayman) Limited, an aircraft ABS transaction, which closed on December 20, 2017. The portfolio is currently comprised of 34 aircraft on lease to 29 airlines located in 23 countries.

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KBRA Affirms Ratings on the Welk Resorts 2015-A and Welk Resorts 2017-A Transactions
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on four classes of notes issued by Welk Resorts 2015-A and Welk Resorts 2017-A (Welk 2015-A, and Welk 2017-A), two timeshare loan ABS transactions which closed on June 10, 2015 and June 22, 2017 respectively. This action reflects the fact that although losses for both transactions are above KBRA’s initial loss expectations, defaulted loans have been either repurchased or substituted making the realized losses on the transaction 0%.

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KBRA Downgrades One Class of WFRBS 2014-C24
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the rating of Class D certificates of WFRBS 2014-C24, a $1.0 billion CMBS conduit transaction collateralized by 85 mortgage loans, from BBB- (sf) to BB (sf). Simultaneously, the class has been removed from Watch Downgrade that was placed on October 8, 2018, and all of the other outstanding ratings of the transaction have been affirmed.

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KBRA Assigns Ratings to Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2)
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2), a $320.1 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Assigns Issuer and Senior Unsecured Debt BBB- Ratings to New Mountain Finance Corporation
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns issuer and senior unsecured debt ratings of BBB- with a Stable Outlook to New Mountain Finance Corporation (“NMFC” or “the Company”).

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KBRA Affirms Ratings for ATLAS Series 2014-1
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B and C Loans of ATLAS Series 2014-1, an aircraft ABS transaction, which closed on December 23, 2014. The portfolio is currently comprised of 29 aircraft with an aggregate appraised value of approximately $470.9 million.

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KBRA Releases its U.S. Life Insurance 2019 Outlook
21-Dec-2018

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) releases its 2019 U.S. Life Insurance Outlook, stating that its stable outlook relies primarily on continuing strong bases of capital and liquidity. In the aggregate, the industry has been profitable in recent years and KBRA expects it will continue to be so over the coming year.

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KBRA Withdraws Rating for CSMC 2017-HD
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class X-CP of the CSMC 2017-HD transaction following the reduction of its notional balance to zero as reflected on the transaction’s December 2018 remittance report. There were no interest shortfalls reported during the life of the security.

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KBRA Assigns a Final Rating to Sunrun Athena Issuer 2018-1, LLC
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one note class issued by Sunrun Athena Issuer 2018-1, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 34,493 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.

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KBRA Takes Rating Actions on Conn's Receivables Funding 2017-B
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on the Conn’s Receivables Funding 2017-B transaction. In total, two notes were upgraded. The rating actions reflect the fact that losses are below KBRA’s loss expectation at closing, credit enhancement has increased for each class of notes and the breakeven loss coverage multiples are sufficient for each class of notes.

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KBRA Assigns Final Ratings to TruPS Financials Note Securitization 2018-2
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by TruPS Financials Note Securitization 2018-2 (“TFINS 2018-2”).

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KBRA Publishes Surveillance Report for Southern National Bancorp of Virginia, Inc.
20-Dec-2018

NEW YORK, NY (December 20, 2018) – On December 7, 2018 Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for McLean, Virginia based Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Sonabank. The Outlook for all long-term ratings is Stable.

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KBRA Europe Assigns Ratings to Salus (European Loan Conduit No.33) DAC
20-Dec-2018

DUBLIN, IRELAND ( 20 December 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to four classes of Salus (European Loan Conduit No.33) DAC, a CMBS single-borrower securitisation.

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KBRA Assigns Issuer and Senior Unsecured Debt BBB Ratings to FS KKR Capital Corp. and Withdraws Corporate Capital Trust's Issuer and Senior Unsecured Debt Ratings
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns Issuer and Senior Unsecured Debt ‘BBB’ ratings to FS KKR Capital Corp. and withdraws Corporate Capital Trust’s Issuer and Senior Unsecured Debt ‘BBB’ Ratings that were placed on Watch Developing following the announced merger agreement between Corporate Capital Trust (CCT) and FS Investment Corporation (FSIC). The ratings Outlook for FS KKR Capital Corp. is Stable. The merger was completed on December 19, 2018 and began trading today under the NYSE ticker symbol “FSK”.

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KBRA Affirms the Ratings for Amur Consumables and Expendables Notes, Series 2014-1
20-Dec-2018

NEW YORK, NY (December 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings of Amur Consumable and Expendables Notes, Series 2014-1, an aircraft parts ABS transaction. As of March 2018, the portfolio is comprised of more than 263,000 line items and 13 million individual aircraft consumable parts with an appraised fair market value of $103.5 million.

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KBRA Affirms All Classes of DBCCRE 2014-ARCP
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of DBCCRE 2014-ARCP, a $620.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of BANK 2017-BNK9
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BANK 2017-BNK9, a $1.05 billion CMBS conduit transaction collateralized by 45 mortgage loans secured by 89 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms the Long-Term Rating of A-/Stable for the Borough of Upland
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A- with a Stable Outlook on the Borough of Upland, PA’s general obligation debt. The Borough of Upland’s general obligation debt is secured by a full faith and credit pledge. Under Pennsylvania statutes, the Borough has the power to levy ad valorem property taxes on all taxable property, without limitation as to rate or amount, to pay debt service on the notes.

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KBRA Affirms All Classes of GSMS 2013-PEMB
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of GSMS 2013-PEMB, a $260.0 million CMBS single borrower securitization. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Takes Rating Actions on WIN 2015-1, WIN 2015-2, SEMT 2012-1, SEMT 2012-2, SEMT 2013-1, SEMT 2013-2, and SEMT 2015-1
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms and upgrades classes from WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2), Sequoia Mortgage Trust 2012-1 (SEMT 2012-1), Sequoia Mortgage Trust 2012-2 (SEMT 2012-2), Sequoia Mortgage Trust 2013-1 (SEMT 2013-1), Sequoia Mortgage Trust 2013-2 (SEMT 2013-2) and Sequoia Mortgage Trust 2015-1 (SEMT 2015-1). Additionally, KBRA affirms all rated classes from WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1).

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-SPI4
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI4 (STACR 2018-SPI4), a credit risk sharing transaction with a total certificate offering of $275,491,866. STACR 2018-SPI4 represents Freddie Mac’s fifth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Credit Profile (KCP) K-LOC Index: November 2018
19-Dec-2018

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of November.

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KBRA Affirms Ratings for Ameris Bancorp and Places Ratings for Fidelity Southern Corporation on Watch Developing Following Merger Announcement
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings for Moultrie, Georgia based, Ameris Bancorp (NASDAQ: ABCB) (“Ameris”, or “the Company”), including a senior unsecured debt rating of BBB and a subordinated debt rating of BBB-, following the announcement of the proposed acquisition of Atlanta, Georgia based Fidelity Southern Corporation (NASDAQ: LION). The Outlook for ABCB’s long-term ratings remains Positive. In addition, KBRA places Fidelity Southern Corporation’s ratings on Watch Developing.

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KBRA Assigns Senior Unsecured Debt Rating of BBB to BAC Florida Bank
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns senior unsecured debt and deposit ratings of BBB, a subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for BAC Florida Bank (“BAC” or “the Bank”), a privately held bank headquartered in Miami, Florida. The Outlook for all long-term ratings is Stable.

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KBRA Releases Report Affirming AA- and Stable Outlook on Pennsylvania Turnpike Commission MLF-Enhanced Turnpike Subordinate Special Revenue Bonds
18-Dec-2018

NEW YORK, NY (December 18, 2018) – On December 14, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA- and Stable Outlook on the Pennsylvania Turnpike Commission’s Motor License Fund (MLF)-Enhanced Turnpike Subordinate Special Revenue Bonds.

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KBRA Withdraws Rating for ACM 2016-1
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the ACM 2016-1 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for JPMCC 2016-JP3
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the JPMCC 2016-JP3 transaction following the full redemption of the rated security, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for WFCM 2015-C27
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-3 of the WFCM 2015-C27 transaction following the full redemption of the rated security, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on JPMBB 2015-C30
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the JPMBB 2015-C30 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws the Rating on the Class A Note of Conn's Receivables Funding 2017-B
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A note of Conn’s Receivables Funding 2017-B, a consumer loan transaction that closed December 20, 2017. This action reflects that the note has been paid in full as of the November 2018 collection period.

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KBRA Releases Proposed European RMBS Rating Methodology Country Addendum: Republic of Ireland
18-Dec-2018

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) has released its proposed European RMBS Rating Methodology Country Addendum for rating securities backed by residential mortgage loans in the Republic of Ireland (Ireland).  The addendum addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in Ireland.

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KBRA Withdraws the Rating on the Class A Note of the Honor Automobile Trust Securitization 2016-1
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A note of Honor Automobile Trust Securitization 2016-1, an auto loan transaction that closed December 15, 2016. This action reflects that the note has been paid in full as of the November 2018 collection period.

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KBRA Releases a Report on the Shipping Industry
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) releases a new report: Shipping Industry Continues to Look for Alternative Sources of Capital Amidst Consolidation.

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KBRA Assigns Final Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2018-1
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued InSite Issuer LLC and InSite Co-Issuer Corp.

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KBRA Affirms Ratings for All Classes of Notes for Marathon 2018-FL1 Following the Ramp-Up Completion Date
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms its ratings for all classes of Notes issued in the Marathon 2018-FL1 securitization following the Ramp-Up Completion Date. Marathon 2018-FL1 is a $470.0 million managed CRE CLO transaction with a 24-month reinvestment period that commenced with a 120-day ramp-up period. The Ramp-Up Completion Date occurred on November 2, 2018.

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KBRA Withdraws Ratings on Oxford Finance Funding 2014-1, LLC due to Notes Paid in Full
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the notes of Oxford Finance Funding 2014-1, LLC (“Oxford 2014-1”), an ABS transaction that closed on November 25, 2014. KBRA notes that the Oxford 2014-1 notes were paid in full on December 17, 2018.

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KBRA Affirms Ratings of All Classes of Notes Issued under SpringCastle Funding Asset-Backed Notes 2016-A
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings of all classes of notes issued under SpringCastle Funding Asset-Backed Notes 2016-A (SCFT 2016-A), a consumer loan ABS transaction which closed on October 25, 2016.

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KBRA Withdraws Ratings for JPMCC 2014-FL4
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from four classes of the JPMCC 2014-FL4 transaction following the full redemption of the rated securities as reflected in the transaction’s December 2018 remittance report. There were no principal losses reported during the life of the withdrawn securities. However, there was a nominal interest shortfall on the lowest rated class.

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KBRA Withdraws Rating on COMM 2014-CCRE16
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE16 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings on GLS Auto Receivables Trust 2015-1
17-Dec-2018

NEW YORK, NY (December 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining class of notes issued out of GLS Auto Receivables Trust 2015-1 (“GLS 2015-1”), an auto loan asset-backed securities transaction, which closed on July 2, 2015. This action reflects the decision of Global Lending Services LLC, as servicer, to exercise the optional redemption of all the outstanding notes pursuant to the sales and servicing agreement dated July 2, 2015. The optional redemption was elected as a result of the pool factor being less than or equal to 20% of the Original Pool Balance as of the most recent collection period ending November 30, 2018.

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KBRA Affirms A- Issuer and Senior Unsecured Debt Ratings for Air Lease Corporation
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms the issuer and senior unsecured debt ratings of A- for Air Lease Corporation (NYSE: AL, “the Company”), an aircraft leasing company based in Los Angeles, California. The Outlook on the ratings is Stable.

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KBRA Releases Surveillance Report for Township of Tinicum (Bucks County), PA Long-Term General Obligation Debt
14-Dec-2018

NEW YORK, NY (December 14, 2018) – On December 13, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of A+ and Stable Outlook on the Township of Tinicum (Bucks County), PA’s outstanding general obligation debt. The Township of Tinicum’s general obligation notes are secured by the Township’s full faith and credit. This rating action was based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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KBRA Affirms AA- Rating and Stable Outlook on Pennsylvania Turnpike Commission MLF-Enhanced Turnpike Subordinate Special Revenue Bonds
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA- and Stable Outlook on the Pennsylvania Turnpike Commission’s Motor License Fund (MLF)-Enhanced Turnpike Subordinate Special Revenue Bonds.

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KBRA Releases its Monthly Auto Loan Indices for November
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of November. The accompanying commentary highlights the fact that credit performance was mixed across securitized auto loan pools this month. We expect credit performance to deteriorate in both indices through the remainder of the year, as holiday spending weighs on borrower finances.

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KBRA Takes Rating Actions on American Credit Acceptance Receivables Trusts
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on nine American Credit Acceptance Receivables Trust transactions. In total, 14 notes were affirmed and 15 were upgraded. The data used are as of the October 31, 2018 collection period. No rating actions were taken on American Credit Acceptance Receivables 2018-2, since this transaction has less than six months of seasoning. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations and credit enhancement has built for each class of notes. The breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Assigns Final Ratings to American Credit Acceptance Receivables Trust 2018-4
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of American Credit Acceptance Receivables Trust 2018-4 (“ACAR 2018-4”), an auto loan ABS transaction.

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KBRA Assigns Ratings to Kestrel Aircraft Funding Limited
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to two series of notes (the “Notes”) issued by Kestrel Aircraft Funding Limited (“Kestrel 20181 Cayman”) and Kestrel Aircraft Funding USA, LLC (“Kestrel 2018-1 USA”, and, together with Kestrel 2018-1 Cayman, “Kestrel 2018-1”, or the “Issuers”). This is the third term securitization of aircraft managed by Dubai Aerospace Enterprise (DAE) Ltd. (“DAE”, the “Company” or “Servicer”) who will act as servicer for Kestrel 2018-1.

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KBRA Affirms All Classes of WFCM 2017-C42
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C42, an $743.0 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 66 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Assigns A-/K1 Ratings to the Kingdom of Spain
14-Dec-2018

DUBLIN, IRELAND (14 December 2018) – Kroll Bond Rating Agency Europe Limited (KBRA Europe) assigns A- long-term issuer ratings to the Kingdom of Spain. KBRA also assigns K1 short-term issuer ratings to the sovereign. The long-term ratings carry a Stable Outlook. 

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KBRA Affirms Ratings for Elm 2016-1 Trust
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on three classes of Elm 2016-1 Trust, an ABS transaction, which closed on December 15, 2016. The portfolio is currently comprised of 30 obligors with a total balance of approximately $191.8 million and exposures to (i) senior term loans to life sciences companies and (ii) funded pari passu participations in senior secured real estate loans of approximately 92.1% and 7.9%, respectively.

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KBRA Affirms All Classes of WFRBS 2013-C11
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2013-C11, an $1.03 billion CMBS conduit transaction collateralized by 72 commercial mortgage loans secured by 103 properties. The affirmations follow a surveillance review of the transaction. Although the transaction experienced its first principal loss in October 2018 when the Minot Hotel Portfolio liquidated, the transaction's credit metrics have improved since last review due to amortization, loans paying off, and an increase in defeasance.

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KBRA Affirms the Ratings for TES 2017-2, LLC
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) places the rating for TES 2017-2, LLC, Series 2017-2, a residential distributed generation solar securitization, on Watch Downgrade. The transaction closed on December 15, 2017.

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KBRA Affirms All Classes of BXMT 2017-FL1
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BXMT 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction.  The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of CSMC 2016-NXSR
14-Dec-2018

NEW YORK, NY (December 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSMC 2016-NXSR, a $599.1 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 54 properties. The affirmations follow a surveillance review of the transaction, which has exhibited relatively stable credit metrics since last review and securitization.

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KBRA Publishes Surveillance Report for Old Second Bancorp, Inc.
14-Dec-2018

NEW YORK, NY (December 14, 2018) – On November 29, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Old Second Bancorp, Inc. (NASDAQ: OSBC or “the Company”), a bank holding company headquartered in Aurora, Illinois. KBRA also affirmed the senior unsecured debt and deposit ratings of BBB, subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for the subsidiary bank, Old Second National Bank (“the Bank”). The Outlook for the long-term ratings was revised to Positive from Stable.

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KBRA Affirms the Ratings on Earnest Student Loan Program 2016-B LLC
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on all outstanding classes of notes issued under Earnest Student Loan Program 2016-B LLC (EARN 2016-B), a private student loan ABS transaction which closed on May 11, 2016.

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KBRA Releases its Structured Finance Outlook for 2019
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) has released its 2019 Structured Finance Outlook titled “Back to the Fundamentals”. 

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KBRA Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3 (“CLUB 2018-P3”). This is a $272.40 million consumer loan ABS transaction that closed December 13, 2018.

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KBRA Takes Rating Action on Foundation Finance Trust
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on two Foundation Finance Trust transactions. In total, one note was upgraded and four notes were affirmed. The data used is as of the October 31, 2018 collection period. These actions reflect that losses have been below KBRA’s initial loss expectations and credit enhancement has built for each class of notes. The transaction has breakeven loss multiples that are sufficient for their respective upgrades and affirmations.

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KBRA Affirms Ratings and Revises Outlook to Positive for Pacific Mercantile Bank
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt and deposit ratings of BB+, subordinated debt rating of BB, and short-term deposit and debt ratings of B for Pacific Mercantile Bank (“Pacific Mercantile”, “the Bank”), a subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), based in Costa Mesa, California. The Outlook for the long-term ratings has been revised to Positive from Stable.

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KBRA Releases Bank Talk: The After-Show
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Affirms All Classes of JPMCC 2016-JP4
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2016-JP4, a $986.4 million CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Affirms All Classes of WFCM 2015-P2
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-P2, a $989.7 million CMBS conduit transaction collateralized by 70 loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Withdraws Rating for CGCMT 2013-GC17
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the CGCMT 2013-GC17 transaction following the full redemption of the rated security as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws the Class A Rating for NMEF Funding 2015-A, LLC
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A Notes of NMEF Funding 2015-A, LLC, an equipment lease ABS transaction, which closed on May 7, 2015. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Upgrades Three Classes and Affirms All Other Classes of COMM 2013-CCRE13
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from "AA (sf)" to "AA+ (sf)", the Class PEZ certificates from "A (sf)" to "A+ (sf)", and the Class C certificates from "A (sf)" to "A+ (sf)". All of the transaction's other outstanding ratings have been affirmed.

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KBRA Assigns Ratings to CoreVest American Finance 2018-2
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of certificates issued in the CoreVest American Finance 2018-2 (CAF 2018-2) securitization. This transaction will be the tenth multi-borrower, single-family rental (SFR) securitization issued in the U.S. to date and the seventh issued by CoreVest American Finance (formerly Colony American Finance).

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KBRA Withdraws Rating for COMM 2015-LC21
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2015-LC21 transaction following the full redemption of the rated security, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Final Ratings to Rosy Blue Carat S.A.
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by Rosy Blue Carat S.A.

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KBRA Affirms Township of Tinicum (Bucks County), PA Long-Term General Obligation Debt Rating of A+ and Stable Outlook
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A+ and Stable Outlook on the Township of Tinicum (Bucks County), PA’s outstanding general obligation debt. This rating action is based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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KBRA Withdraws the Ratings on American Credit Acceptance Receivables Trust 2015-2
13-Dec-2018

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the American Credit Acceptance Receivables Trust 2015-2 (“ACAR 2015-2”), an auto loan transaction which closed June 25, 2015. The optional redemption was exercised today as a result of the pool factor being less than or equal to 15.00% as of the November 2018 collection period.

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KBRA Assigns Ratings to UBS 2018-C14
12-Dec-2018

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of UBS 2018-C14 (see ratings list below), a $650.9 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 236 properties.

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KBRA Affirms All Classes of FREMF 2017-K70
12-Dec-2018

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K70, an $1.3 billion CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 74 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Assigns Long-Term Rating of AAA with Stable Outlook to the City of Chicago's Sales Tax Securitization Corporation Sales Tax Securitization Bonds, Series 2019A (Taxable)
12-Dec-2018

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AAA and Stable Outlook to the City of Chicago’s Sales Tax Securitization Corporation (STSC) Sales Tax Securitization Bonds, Series 2019A (Taxable).

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KBRA Affirms Ratings on Chesapeake Funding II LLC, Series 2016-1, 2016-2, 2017-2, 2017-3, 2016-4 and 2018-2
12-Dec-2018

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the outstanding Series 2016-1 Notes, Series 2016-2 Notes, Series 2017-2, Series 2017-3, 2017-4 and Series 2018-2 Notes (see below). The affirmation on the existing notes reflects both the collateral performance and the outstanding classes continue to pass their respective rating level stresses with the issuance of the Series 2018-3 Notes out of the same master trust.

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KBRA Assigns Preliminary Ratings to Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2)
11-Dec-2018

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2), a $320.1 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Affirms All Classes of BAMLL 2016-FRR16
11-Dec-2018

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2016-FRR16, a re-securitization of the FREMF 2011-K14 securitization’s (the underlying trust) Class C and X2 certificates. FREMF 2011-K14 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and re-securitization.

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KBRA Assigns Ratings to CGCMT 2018-C6
11-Dec-2018

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of CGCMT 2018-C6 (see ratings list below), a $736.4 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 58 properties.

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KBRA Assigns Final Ratings to Brazos Education Loan Authority, Inc. Federal Student Loan-Backed Notes, 2018-1
11-Dec-2018

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to one class of notes issued by Brazos Education Loan Authority, Inc. Federal Student Loan Backed Notes, 2018-1, (“BELA 2018-1”). This is a $63.8 million term ABS securitization. The collateral securing the notes consists of Federal Family Education Loan Program (“FFELP”) student loans. The majority of the proceeds from the sale of the Notes will be used to refinance all the outstanding notes previously issued under the BSFC 2003-1 Trust.

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KBRA Affirms All Classes of UBS 2017-C6
11-Dec-2018

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C6, a $681.7 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 124 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Releases Surveillance Report for the Chicago Second Lien Water Revenue Bonds
11-Dec-2018

NEW YORK, NY (December 11, 2018) – On December 7, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA with a Stable Outlook on the City of Chicago, IL’s Second Lien Water Revenue Bonds.

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KBRA Places Four Classes of CG-CCRE 2014-FL1 on Watch Developing
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) places the Class E Certificates and the three non-pooled, loan specific classes of CG-CCRE 2014-FL1 on Watch Developing following the transfer of the transactions remaining loan, Yorktown Center, to the special servicer on October 15, 2018. The loan was transferred to the special servicer, KeyBank National Association, due to imminent maturity default. The fully extended loan maturity date is March 2019.

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KBRA Comments on Announcement of WT Holdings' Intent to Sell Tri-State Consumer Insurance Company
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) comments that the issuer and debt ratings of WT Holdings, Inc. (WT Holdings) and the Insurance Financial Strength Ratings of its key subsidiaries – Stillwater Insurance Company, Stillwater Property and Casualty Insurance Company and Evergreen National Indemnity Company – are unchanged following WT Holdings’ recent announcement of its intention to sell Tri-State Consumer Insurance Company (Tri-State) to Standard Diversified Inc. (NYSE: SDI).

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KBRA Places Tri-State Consumer Insurance Company's Insurance Financial Strength Rating on Watch Developing
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) places the A- Insurance Financial Strength Rating of Tri-State Consumer Insurance Company (Tri-State) on Watch Developing following the recent announcement by its ultimate parent, WT Holdings, Inc. (WT Holdings), of its intention to sell the company to Standard Diversified Inc. (NYSE: SDI).

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KBRA Assigns Ratings to FREMF 2018-K85 and Freddie Mac Structured Pass-Through Certificates K-085
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2018-K85 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-085 (see ratings list below). FREMF Series 2018-K85 is a $1.6 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K85 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to UBS 2018-C15
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of UBS 2018-C15 (see ratings list below), a $646.5 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 317 properties.

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KBRA Assigns Preliminary Ratings to MSC 2018-H4
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 14 classes of MSC 2018-H4, a $796.8 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 115 properties.

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KBRA Takes Rating Actions on LendingClub Issuance Trust, Series 2016-NP2
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on LendingClub Issuance Trust, Series 2016-NP2 (“LCIT 2016-NP2”). In total, one note was upgraded. The data used are current as of the November 2018 distribution period. Based on the current performance, KBRA has maintained its cumulative net loss (“CNL”) assumptions for the LCIT 2016-NP2 transaction. Credit enhancement has increased and supports the rating actions.

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KBRA Releases Research Report, "The Strong Case for Double-Barreled State GO Bonds"
10-Dec-2018

NEW YORK, NY (December 10, 2018) – Following our recent commentary on rating state special obligation bonds and research on how rating ceilings subvert fundamental analysis, this report explores the credit benefits gained when states add a pledge of specific revenues to a general obligation pledge. Although the specifics of each case need to be analyzed, in general, the holder of the double-barreled bond has protections that are additive at least, and potentially significantly superior, to those provided to bondholders with solely a general obligation pledge. Kroll Bond Rating Agency (KBRA) believes that this additional protection that states may provide can, in many cases, enhance the rating above that of the state’s general obligation debt.

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KBRA Affirms All Classes of CFCRE 2016-C7
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2016-C7, an $639.2 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 63 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Affirms All Classes of CGCMT 2015-GC35
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-GC35, a $1.1 billion CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms the Long-Term Rating of AA with a Stable Outlook on the Chicago Second Lien Water Revenue Bonds
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA with a Stable Outlook on the City of Chicago, IL’s Second Lien Water Revenue Bonds.

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KBRA Assigns Final Ratings to Dividend Solar Loans 2018-2 LLC
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Dividend Solar Loans 2018-2, LLC (“DIV 2018-2”). This is a $103.45 million term ABS securitization collateralized by a pool of $110.004 million residential solar loans.

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KBRA Assigns Final Ratings to Oportun Funding XII, LLC, Series 2018-D
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Oportun Funding XII, LLC, Series 2018-D (“Oportun 2018-D”), a consumer loan asset-backed securities transaction.

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KBRA Takes Rating Actions on Prosper Marketplace Issuance Trust
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on four Prosper Marketplace Issuance Trust (“PMIT”) transactions. In total, six notes are affirmed, and six notes are upgraded. The data used are current as of the November 2018 distribution period. No rating actions were taken on Prosper Marketplace Issuance Trust, Series 2018-2 transaction since this transaction has less than six months seasoning. Based on the current performance, KBRA has maintained its cumulative net loss (“CNL”) assumptions for the PMIT transactions. Credit enhancement has increased for each class of notes and supports the rating actions.

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KBRA Affirms Insurance Financial Strength Rating of Catholic Financial Life
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A-, with a Stable Outlook, of Catholic Financial Life (CFL), a fraternal benefit society domiciled in Milwaukee, Wisconsin.

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KBRA Affirms All Classes of JPMBB 2014-C26
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2014-C26, a $1.4 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 74 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Publishes Surveillance Report for the Borough of Lansdowne Pennsylvania's General Obligation Debt
07-Dec-2018

NEW YORK, NY (December 7, 2018) – On December 6, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of A+ with a Stable Outlook for the Borough of Lansdowne, PA’s general obligation debt. The Borough of Lansdowne’s outstanding debt consists of general obligations of the Borough and are secured by its full faith and credit pledge.

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KBRA Affirms BBB Senior Unsecured Debt Rating for Southern National Bancorp of Virginia, Inc.
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for McLean, Virginia based Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Sonabank. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Salus (European Loan Conduit No.33) DAC
07-Dec-2018

DUBLIN, IRELAND ( 7 December 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Salus (European Loan Conduit No.33) DAC, a CMBS single-borrower securitisation.

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KBRA Publishes Surveillance Report for First Guaranty Bancshares, Inc.
07-Dec-2018

NEW YORK, NY (December 7, 2018) – On November 15, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Hammond, Louisiana based First Guaranty Bancshares, Inc. (NASDAQ: FGBI) (“First Guaranty” or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, First Guaranty Bank. The Outlook for all long-term ratings is Stable.

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KBRA Releases Marketplace Consumer Loan Indices for November
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for November.

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KBRA Assigns Ratings to Drug Royalty III LP1, Series 2018-1 Senior Secured Notes and Affirms Ratings on Drug Royalty III LP1, Series 2017-1 Senior Secured Notes
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) announces the ratings to two note classes of Drug Royalty III LP1, Series 2018-1, a drug royalty securitization.

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KBRA Assigns Ratings to Hamilton Insurance Group, Ltd. and Hamilton Re, Ltd.
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A to Hamilton Re, Ltd. (Hamilton Re) a Bermuda Class 4 property casualty reinsurer. KBRA also assigns an issuer rating of BBB+ to Hamilton Insurance Group, Ltd. (Hamilton Group), the Bermuda-based holding company for Hamilton Re. The Outlook for both ratings is Stable.

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KBRA Affirms All Classes of WFRBS 2012-C10
07-Dec-2018

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2012-C10, a $1.1 billion CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 97 properties. The affirmations follow a surveillance review of the transaction. When excluding K-LOCs with losses, the transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 86.2% has decreased from 89.8% at last review and from 93.0% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.81x has increased from last review (1.80x) and is up from securitization (1.77x). Despite positive credit metrics, the pool is heavily concentrated in retail (47.5%) including five regional malls (28.4%) and two shopping centers (7.2%) that are within the top 11 loans.  Three retail loans (10.5%) have been identified as K-LOCs including the third largest loan (7.4%). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Assigns A Rating to Aviation Capital Group LLC Senior Unsecured Notes
07-Dec-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured rating of A with a Stable Outlook to the senior unsecured notes announced today to be issued by Aviation Capital Group LLC (“ACG” or “the Company”), an aircraft leasing company headquartered in Newport Beach, California. The company intends to use the proceeds for general corporate purposes, which may include the purchase of aircraft and repayment of existing debt. KBRA previously assigned ACG an issuer rating and a senior unsecured debt rating of A on December 5, 2017.

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KBRA Monitoring WFCM 2015-NXS2 ($90.0 million) Due to Special Servicing Transfer
06-Dec-2018

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring WFCM 2015-NXS2, an $894.5 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s largest loan, Patriots Park (10.1% of the pool balance). KBRA learned of the transfer of the $90.0 million loan from the master servicer, Wells Fargo Bank, National Association, on December 6, 2018. The loan was transferred to the special servicer, Rialto Capital Advisors, LLC on November 16, 2018 due to non-monetary default. The loan matures on March 5, 2033; however, it is structured with an anticipated repayment date (ARD) of October 5, 2019.

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KBRA Affirms the Long-Term Rating of A+ for the Borough of Lansdowne Pennsylvania's General Obligation Debt
06-Dec-2018

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of A+ with a Stable Outlook for the Borough of Lansdowne, PA’s general obligation debt. The Borough of Lansdowne’s outstanding debt consists of general obligations of the Borough and are secured by its full faith and credit pledge.

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KBRA Affirms All Classes of FREMF 2017-K71
06-Dec-2018

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K71, a $1.5 billion CMBS multi-borrower transaction collateralized by 65 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Assigns Ratings to FORT CRE 2018-1
06-Dec-2018

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of FORT CRE 2018-1, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 2.5-year reinvestment period that includes a 150-day ramp-up period. FORT 2018-1 CRE CM LLC, an affiliate of Drawbridge Special Opportunities Fund LP, will serve as the transaction’s collateral manager.

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KBRA Publishes Surveillance Report for Catholic Order of Foresters
06-Dec-2018

NEW YORK, NY (December 6, 2018) – On November 8, 2018, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating (IFSR) of A-, with a Stable Outlook, of Catholic Order of Foresters (COF or the Order), a fraternal benefit society domiciled in Naperville, Illinois.

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KBRA Publishes Surveillance Report for Luther Burbank Corporation
06-Dec-2018

NEW YORK, NY (December 6, 2018) – On November 29, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Luther Burbank Corporation (NASDAQ: LBC or “the Company”), a bank holding company headquartered in Santa Rosa, California. KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary bank, Luther Burbank Savings. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-SPI4
06-Dec-2018

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI4 (STACR 2018-SPI4), a credit risk sharing transaction with a total certificate offering of $275,491,866. STACR 2018-SPI4 represents Freddie Mac’s fifth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Affirms All Classes of AOA 2015-1177
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of AOA 2015-1177, a $360.0 million, CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Publishes Surveillance Report for Northern Bancorp, Inc.
05-Dec-2018

NEW YORK, NY (December 5, 2018) – On November 20, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Woburn, Massachusetts based Northern Bancorp, Inc. (“Northern” or “the Company”). Moreover, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, Northern Bank & Trust Company. The Outlook for all long-term ratings is Negative.

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KBRA Assigns Ratings to OREC 2018-CRE1
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of OREC 2018-CRE1, a $350.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 30-month reinvestment period that includes a 120-day ramp-up period. ORIX RE Holdings, LLC, an affiliate of ORIX USA, will serve as the transaction’s collateral manager.

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KBRA Publishes Surveillance Report for Sterling Bancorp, Inc.
05-Dec-2018

NEW YORK, NY (December 5, 2018) – On November 20, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Southfield, Michigan based Sterling Bancorp, Inc. (NASDAQ: SBT) (“the Company”). KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Sterling Bank and Trust, FSB. The Outlook for all long-term ratings is Stable.

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KBRA Releases its ABS 2019 Outlook: Cautiously Optimistic
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its 2019 ABS Outlook. 

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KBRA Affirms All Classes of CD 2016-CD2
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CD 2016-CD2, a $971.4 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 37 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Releases Monthly CMBS Trend Watch
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) releases November’s CMBS Trend Watch. CMBS private-label pricing volume was $6.1 billion in November, bringing fourth quarter total volume to $13.0 billion. Year-to-date 2018 private-label CMBS volume stands at $71.2 billion, 9.0% below last year.

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KBRA Releases Financial Institutions Podcast: Bank Talk
05-Dec-2018

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its Financial Institutions monthly podcast called Bank Talk.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ with Negative Outlook for Alerus Financial Corporation
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Alerus Financial Corporation (OTCQX: ALRS) (“the Company”), a bank holding company headquartered in Grand Forks, North Dakota. In addition, KBRA affirms the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for the subsidiary bank, Alerus Financial, National Association (“the Bank”). The Outlook for all long-term ratings is Negative. The continued Negative Outlook for the long-term ratings reflects KBRA’s ongoing concern regarding the Company’s below peer capital profile, though we recognize ALRS’ modest improvement in core capital through the Company’s stronger internal capital generation.

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KBRA Releases Research Note on State Takeover of Failing Insurer
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) releases a research note entitled California Wildfire Losses Lead to State Takeover of Failing Insurer.

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KBRA Assigns Final Ratings to Vx Cargo 2018-1 Trust
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of loans (the “Loans”) issued by Vx Cargo 2018-1 Trust (“CARGO 2018-1” or the “Borrower”).

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KBRA Affirms All Classes of Atrium Hotel Portfolio Trust 2017-ATRM
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Atrium Hotel Portfolio Trust 2017-ATRM, a $600.0 million, CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Affirms Ratings to Sprite 2017-1 Limited
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A, B and C Notes of Sprite 2017-1 Limited, an aircraft ABS transaction, which closed on December 4, 2017. The portfolio is currently comprised of 21 aircraft, leased to 15 lessees in 12 countries.

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KBRA Comments on the Proposed Community Bank Leverage Ratio (CBLR)
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report with our views and key takeaways from the notice of proposed rulemaking (NPR) on the Community Bank Leverage Ratio (CBLR), which was released by U.S. Bank regulators on November 20th.

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KBRA Assigns Preliminary Ratings to Benchmark 2018-B8
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of Benchmark 2018-B8, a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 200 properties.

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KBRA Assigns Preliminary Ratings to CoreVest American Finance 2018-2
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of certificates issued in the CoreVest American Finance 2018-2 (CAF 2018-2) securitization. This transaction will be the tenth multi-borrower, single-family rental (SFR) securitization issued in the U.S. to date and the seventh issued by CoreVest American Finance (formerly Colony American Finance).

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3
04-Dec-2018

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3 (“CLUB 2018-P3”). This is a $272.40 million consumer loan ABS transaction that is expected to close December 13, 2018.

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KBRA Releases Surveillance Report for Aqua Finance Trust 2017-A
03-Dec-2018

NEW YORK, NY (December 3, 2018) – This press release supersedes and replaces KBRA’s prior Aqua Finance Trust 2017-A Press Release which was published on November 29, 2018. This press release reflects corrections made to credit enhancement levels shown below.

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KBRA Assigns Preliminary Ratings to Brazos Education Loan Authority, Inc. Federal Student Loan-Backed Notes, 2018-1
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Brazos Education Loan Authority, Inc. Federal Student Loan Backed Notes, 2018-1, (“BELA 2018-1”). This is a $63.8 million term ABS securitization. The collateral securing the notes consists of Federal Family Education Loan Program (“FFELP”) student loans. The majority of the proceeds from the sale of the Notes will be used to refinance all the outstanding notes previously issued under the BSFC 2003-1 Trust.

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KBRA Monitoring UBS-Barclays 2012-C3 ($20.7 million) Due to Special Servicing Transfer
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring UBS-Barclays 2012-C3, an $820.9 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s eighth largest loan, Great Northeast Plaza (2.5% of the pool balance). KBRA learned of the transfer of the $20.7 million loan from the master servicer, Midland Loan Services, on November 13, 2018. The loan was transferred to the special servicer, Rialto Capital Advisors, LLC on October 24, 2018 due to imminent monetary default. The loan matures in May 2022.

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KBRA Comments on the Potential Impact on our Aviation Ratings from the Aftermath of the Tragic Lion Air Crash
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) continues to closely follow new leads emerging as to the exact cause of the 737 Max Lion Air crash to potentially update our aircraft value stress assumptions if necessary. KBRA routinely monitors the liquidity of aircraft types in our rated aviation transactions. Whether they are EETCs, Aircraft ABS, or secured aircraft transactions backed by leases to airlines, aircraft grades are one of the key inputs into our calculation of recovery for each transaction.

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KBRA Affirms All Classes of MSBAM 2014-C19
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2014-C19, a $1.4 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 108 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of CG-CCRE 2014-FL2
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of CG-CCRE 2014-FL2, a $252.7 million CMBS large loan floating-rate transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. In determining these actions, consideration was given to the increased credit enhancements of the rated securities, due to deleveraging from loan payoffs, as well as the increased risks arising from uncertainties pertaining to the refinancing of the pool’s two remaining loans, which are collateralized by Class B malls.

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KBRA Assigns Preliminary Ratings to Kestrel Aircraft Funding Limited
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two series of notes (the “Notes”) issued by Kestrel Aircraft Funding Limited (“Kestrel 20181 Cayman”) and Kestrel Aircraft Funding USA, LLC (“Kestrel 2018-1 USA”, and, together with Kestrel 2018-1 Cayman, “Kestrel 2018-1”, or the “Issuers”). This is the third term securitization of aircraft managed by Dubai Aerospace Enterprise (DAE) Ltd. (“DAE”, the “Company” or “Servicer”) who will act as servicer for Kestrel 2018-1.

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KBRA Affirms All Classes of JPMBB 2013-C17
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2013-C17, an $902.8 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 61 properties. The affirmations follow a surveillance review of the transaction. Although the transaction's credit metrics have improved since securitization due to amortization and loans paying off; the pool's credit metrics deteriorated since last review.

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KBRA Assigns Preliminary Ratings to BDS 2018-FL3
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BDS 2018-FL3, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Bridge Debt Strategies Fund Manager LLC, a majority-owned subsidiary of Bridge Investment Group, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of MSC 2016-UBS12
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSC 2016-UBS12, an $811.3 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has experienced a decline in credit metrics since last review and securitization. Although KBRA credit metrics have weakened slightly, credit enhancement (C/E) levels have improved from amortization.

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KBRA Withdraws Rating for WFRR 2013-FRR1
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AA (sf)” rating from Class A-K706 of the WFRR 2013-FRR1 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to WFCM 2018-C48
03-Dec-2018

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of WFCM 2018-C48, a $833.9 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 95 properties.

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KBRA Assigns Ratings to Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2)
30-Nov-2018

NEW YORK, NY (November 30, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Starwood’s second non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2).

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KBRA Assigns Final Ratings to Horizon Aircraft Finance I Limited
30-Nov-2018

NEW YORK, NY (November 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance I Limited (“Horizon Cayman”) and Horizon Aircraft Finance I LLC (“Horizon USA”, and, together with Horizon Cayman, “Horizon”, or the “Issuers”).

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KBRA Releases RMBS 2019 Outlook: Speedbumps Ahead After Record 2018?
30-Nov-2018

NEW YORK, NY (November 30, 2018) - Kroll Bond Rating Agency (KBRA) releases its RMBS 2019 Outlook. In this report, KBRA recaps some of the highlights of the 2018 RMBS 2.0 PLS market and comments on the themes we expect to shape the market over the coming year.  KBRA also reviews and presents updates to issuance volume trends and forecasts, spreads, and collateral performance trends.

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KBRA Releases CMBS Outlook: Floating into 2019
30-Nov-2018

NEW YORK, NY (November 30, 2018) – Kroll Bond Rating Agency (KBRA) releases its CMBS Outlook: Floating into 2019.

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KBRA Releases Surveillance Report for Union Bankshares Corporation
30-Nov-2018

NEW YORK, NY (November 30, 2018) – On November 21, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Richmond, Virginia based Union Bankshares Corporation (NASDAQ: UBSH) (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Union Bank & Trust, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Preliminary Ratings to Dividend Solar Loans 2018-2 LLC
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Dividend Solar Loans 2018-2, LLC (“DIV 2018-2”). This is a $103.45 million term ABS securitization collateralized by a pool of $110.004 million residential solar loans.

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KBRA Publishes Surveillance Report for Assured Guaranty Corp.
29-Nov-2018

NEW YORK, NY (November 29, 2018) – On November 28, 2018, Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating of AA with a Stable Outlook of Assured Guaranty Corp. (AGC).

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KBRA Assigns Ratings to BANK 2018-BNK15
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of BANK 2018-BNK15 (see ratings list below), a $1.1 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Luther Burbank Corporation
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Luther Burbank Corporation (NASDAQ: LBC or “the Company”), a bank holding company headquartered in Santa Rosa, California. KBRA also affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary bank, Luther Burbank Savings. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Final Rating to SunStrong 2018-1 Issuer, LLC
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one note class issued by SunStrong 2018-1 Issuer, LLC. The transaction is secured by the equity interests of the managing members in the related project companies that, in the aggregate, own a portfolio of 37,568 leases associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective project company.

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KBRA Affirms All Classes of CGCMT 2016-P6
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P6, a $903.9 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 94 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Upgrades the Class B and C Notes and Affirms All Other Classes of Notes for BSPRT 2017-FL2
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from “AA-” (sf) to “AA+” (sf), the Class C notes from “A-” (sf) to “A” (sf), and affirms all other outstanding ratings for BSPRT 2017-FL2, a commercial real estate collateralized loan obligation (CRE CLO) transaction. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of five loans (32.0% of the issuance collateral balance) since issuance.

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KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2018-4
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2018-4 (“ACAR 2018-4”), an auto loan ABS transaction.

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KBRA Assigns Ratings to CSAIL 2018-C14
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of CSAIL 2018-C14 (see ratings list below), a $770.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 65 properties.

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KBRA Assigns Ratings to TRTX 2018-FL2
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of TRTX 2018-FL2, a $1.0 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 pari passu interests in mortgage loans and two whole loans, which are secured by 122 properties. The collateral consists of both non-controlling interests (22 loans, 87.3%) and controlling interests (3, 12.7%) in the related mortgage loans.

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KBRA Withdraws the Class A Ratings on American Credit Acceptance Receivables Trust 2017-3
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the American Credit Acceptance Receivables Trust 2017-3 (ACAR 2017-3), an auto loan ABS transaction that closed on March 2, 2017. This action reflects the fact that Class A notes have been paid in full.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2017-1
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2017-1 (ACAR 2017-1), an auto loan ABS transaction that closed on March 2, 2017. This action reflects the fact that Class B notes have been paid in full.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2016-4
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2016-4 (ACAR 2016-4), an auto loan ABS transaction that closed on November 18, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2016-1
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B Notes of the American Credit Acceptance Receivables Trust 2016-1 (ACAR 2016-1), an auto loan ABS transaction that closed on January 28, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Affirms Ratings on SEMT 2017-CH2
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2) transaction.

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KBRA Affirms Senior Unsecured Debt Rating of BBB for Allegiance Bancshares, Inc.
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Houston, Texas based Allegiance Bancshares, Inc. (NASDAQ: ABTX) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Allegiance Bank, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings and Revises Outlook to Positive for Old Second Bancorp, Inc.
29-Nov-2018

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Old Second Bancorp, Inc. (NASDAQ: OSBC or “the Company”), a bank holding company headquartered in Aurora, Illinois. KBRA also affirms the senior unsecured debt and deposit ratings of BBB, subordinated debt rating of BBB-, and short-term debt and deposit ratings of K3 for the subsidiary bank, Old Second National Bank (“the Bank”). The Outlook for the long-term ratings has been revised to Positive from Stable.

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KBRA Assigns Preliminary Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2018-1
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued InSite Issuer LLC and InSite Co-Issuer Corp.

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KBRA Affirms Ratings on Aqua Finance Trust 2017-A
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on three classes of notes issued by Aqua Finance Trust 2017-A (“Aqua 2017-A”), a consumer receivables ABS transaction which closed on November 28, 2017. This action reflects the fact that although losses are above KBRA’s initial expectations, Aqua Finance (the “Company”) has substituted qualified loans for all defaulted loans to date making losses on the transaction 0%.

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KBRA Assigns Ratings to KREF 2018-FL1
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of KREF 2018-FL1, a $1.0 billion commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 similarly sized pari passu interests in mortgage loans and 1 pari passu interest in a mortgage and mezzanine loan, which are collateralized by 29 properties. The collateral consists of both non-controlling interests (21 loans, 87.4%) and controlling interests (3 loans, 12.6%) in the related mortgage loans.

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KBRA Affirms All Classes of GSMS 2017-GS8
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-GS8, a $1.0 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 200 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms AA Rating with a Stable Outlook for Assured Guaranty Corp.
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating of AA with a Stable Outlook of Assured Guaranty Corp. (AGC).

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KBRA Releases Rating Report for the City of Detroit DDA Tax Increment Rev. Refunding Bonds, Series 2018A
28-Nov-2018

NEW YORK, NY (November 28, 2018) – On November 27, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of BBB- with a Stable Outlook to the City of Detroit Downtown Development Authority (DDA) Tax Increment Revenue Refunding Bonds, Series 2018A (Catalyst Development Project).

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KBRA Affirms All Classes of CCUBS 2017-C1
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CCUBS 2017-C1, a $695.1 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 98 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Assigns A Rating to Aviation Capital Group LLC Senior Unsecured Notes
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured rating of A with a Stable Outlook to the senior unsecured notes announced today to be issued by Aviation Capital Group LLC (“ACG” or “the Company”), an aircraft leasing company headquartered in Newport Beach, California. The company intends to use the proceeds for general corporate purposes, which may include the purchase of aircraft and repayment of existing debt. KBRA previously assigned ACG an issuer rating and a senior unsecured debt rating of A on December 5, 2017.

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KBRA Affirms BBB Senior Unsecured Debt Rating for Seacoast Banking Corporation of Florida
28-Nov-2018

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Stuart, Florida based Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (“Seacoast” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Seacoast National Bank. The Outlook for all long-term ratings is Positive.

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KBRA Assigns A Long-Term Rating of BBB- with a Stable Outlook to City of Detroit DDA Tax Increment Rev. Refunding Bonds, Series 2018A
27-Nov-2018

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of BBB- with a Stable Outlook to the City of Detroit Downtown Development Authority (DDA) Tax Increment Revenue Refunding Bonds, Series 2018A (Catalyst Development Project).

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KBRA Withdraws the Class A Rating on Flagship Credit Auto Trust 2015-2
27-Nov-2018

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Flagship Credit Auto Trust 2015-2 (FCAT 2015-2), an auto loan ABS transaction, which closed on August 6, 2015. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Assigns Preliminary Ratings to Drug Royalty III LP 1, Series 2018-1 Senior Secured Notes
27-Nov-2018

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Drug Royalty III LP 1, Series 2018-1, a drug royalty securitization.

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KBRA Assigns Preliminary Ratings to Oportun Funding XII, LLC, Series 2018-D
27-Nov-2018

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Oportun Funding XII, LLC, Series 2018-D (“Oportun 2018-D”), a consumer loan asset-backed securities transaction.

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KBRA Withdraws Rating for COMM 2015-DC1
27-Nov-2018

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-1 of the COMM 2015-DC1 transaction following the full repayment of the class, as reflected in the transaction’s November 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms Ratings on OneMain Direct Auto Receivables Trust
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms each of the ratings on two of the OneMain Direct Auto Receivables Trust transactions. In total, the ratings on ten notes are affirmed. The data used are current as of October 31, 2018. The rating actions for the transactions reflect the fact that losses were in line with KBRA’s loss expectations, credit enhancement has built or has been maintained for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations.

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KBRA Releases Structured Credit Research: Structured Credit 2019 Sector Outlook
26-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) releases our inaugural Sector Outlook for Structured Credit.

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KBRA Releases Structured Credit Research: Not Your Father's WARF
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report comparing portfolio risk and construction techniques of a small sample of CLO collateral managers. Arbitrage is a key consideration in CLO portfolio construction and structuring, along with the main strategy used to test if deals are economically feasible. The equity holders bear the most risk if the deal goes south but can reap big paydays if the deals perform, i.e., the arbitrage works. So we asked ourselves, where does the arbitrage come from?

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KBRA's Key Takeaways from its Inaugural Bank Symposium
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report on key takeaways from its inaugural Community and Regional Bank Symposium, held recently at the Willard Hotel in Washington, DC. The risk of change was very much in the air despite continued economic expansion and record industry profitability. Midterms probably had something to do with it, as did an actively tightening Fed, with more than a little market volatility thrown in for good measure. In any event, the backdrop made for a lively day for over 160 attendees drawn from seasoned industry executives and advisors, regulators and policymakers, and investors.

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KBRA Affirms Ratings for CenterState Bank Corporation and Places Ratings for National Commerce Corporation on Watch Upgrade
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings for Winter Haven, Florida based CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), including a senior unsecured debt rating of BBB+ and a subordinated debt rating of BBB, following the announcement of the proposed acquisition of Birmingham, Alabama based National Commerce Corporation (NASDAQ: NCOM) by CSFL. The Outlook for CSFL’s long-term ratings is Stable. In addition, KBRA places NCOM’s long-term ratings, including a senior unsecured debt rating of BBB and subordinated debt rating of BBB-, on Watch Upgrade.

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KBRA Withdraws Rating for JPMBB 2015-C28
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the JPMBB 2015-C28 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Three Classes of FORT CRE 2016-1
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its A- (sf) rating from the Class D notes, its BB (sf) rating from the Class E notes, and its B (sf) rating from the Class F notes of FORT CRE 2016-1, a CRE CLO transaction, following the redemption of notes on November 26, 2018. As of the October 2018 remittance report, the FORT CRE 2016-1 transaction had eight outstanding loans, of which four are expected to be contributed to FORT CRE 2018-1.

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KBRA Assigns BBB- Rating to Autopistas Metropolitanas de Puerto Rico, LLC's 6.75% Senior Secured Notes Due 2035
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns a BBB- rating to the 6.75% Senior Secured Notes Due 2035 (the “Notes”) issued in 2013 by Autopistas Metropolitanas de Puerto Rico, LLC (“Metropistas”) for an original principal amount of $435 million. As of September 2018, Metropistas had $416.73 million outstanding on the Notes. The Outlook is Stable.

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KBRA Monitoring COMM 2014-CCRE16 ($50.0 million) Due to Special Servicing Transfer
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring COMM 2014-CCRE16, a $672.6 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s fifth largest loan, West Ridge Mall & Plaza (5.0% of the pool balance). KBRA learned of the transfer of the $50.0 million loan from the master servicer, Key Bank National Association, on November 21, 2018. The loan was transferred to the special servicer, LNR Partners, LLC on November 12, 2018 due to imminent monetary default. The loan matures in March 2024.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K85 and Freddie Mac Structured Pass-Through Certificates K-085
26-Nov-2018

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2018-K85 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-085 (see ratings list below). FREMF Series 2018-K85 is a $1.6 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K85 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Releases Report for Pennsbury Township, Pennsylvania's General Obligation Debt
21-Nov-2018

NEW YORK, NY (November 21, 2018) – On November 16, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA with a Stable Outlook on Pennsbury Township, Pennsylvania’s General Obligation Debt. The debt consists of $3.5 million of Guaranteed Notes issued in 2014, which are first payable from the Township’s open space tax revenues and ultimately guaranteed by the full faith and credit and taxing power of the Township.

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KBRA Assigns Final Ratings to Notes Issued by Tricolor Auto Securitization Trust 2018-2
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Tricolor Auto Securitization Trust 2018-2 (“TAST 2018-2”), an auto loan ABS transaction.

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KBRA Releases Rating Report for the Board of Education of the City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues) Series 2018C and Unlimited Tax GO Bonds (Dedicated Revenues) Series 2018D
21-Nov-2018

NEW YORK, NY (November 21, 2018) – On November 20, 2018, Kroll Bond Rating Agency (KBRA) assigned the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues) Series 2018C and Unlimited Tax General Obligation Bonds (Dedicated Revenues) Series 2018D.

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KBRA Assigns Final Rating to THL Credit Wind River 2015-1 CLO Ltd.
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one class of notes issued by THL Credit Wind River 2015-1 CLO Ltd. (THL 2015-1).

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2018-4
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-4 (“FCAT 2018-4”), an auto loan ABS transaction.

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KBRA Takes Rating Actions on STACR 2015-DNA2
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded all outstanding notes from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-DNA2 (STACR 2015-DNA2) transaction.

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KBRA Releases Rating Report for the Board of Education of the City of Chicago Dedicated Capital Improvement Tax Bonds Series 2018
21-Nov-2018

NEW YORK, NY (November 21, 2018) – On November 20, 2018, Kroll Bond Rating Agency (KBRA) assigned the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago’s Dedicated Capital Improvement Tax Bonds Series 2018.

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KBRA Upgrades Class B and Affirms All Other Classes of FREMF 2014-K41
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class B certificates from “A- (sf)” to “A (sf)” and affirms its other outstanding ratings for FREMF 2014-K41, a $1.3 billion CMBS multi-borrower transaction collateralized by 96 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the continued improvement in the pool’s credit performance, as well as increased certificate credit enhancement levels due to deleveraging from amortization. In addition, seven loans totaling $83.5 million (6.2% of the pool balance) have fully defeased since securitization. Supporting the upgrade of Class B certificates, the transaction has exhibited improving credit metrics since last review and securitization.

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KBRA Withdraws the Class A Rating on LendingClub Issuance Trust, Series 2016-NP2
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of LendingClub Issuance Trust, Series 2016-NP2 (LCIT 2016-NP2), a consumer loan ABS transaction, which closed on December 2, 2016. This action reflects the fact that Class A note has been paid in full as of October 31, 2018.

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KBRA Releases Research Report: Cyber Monday: New Sales Tax Windfall for States?
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled “Cyber Monday: New Sales Tax Windfall for States?” The report looks again at the potential impact of the Wayfair decision on sales tax collections for the states as holiday shopping season begins in earnest. KBRA notes:

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KBRA Credit Profile (KCP) K-LOC Index: October 2018
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of October.

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KBRA Releases Report Affirming Long-Term Rating of AA- and Stable Outlook on Columbus Regional Airport Authority Airport Revenue Bonds
21-Nov-2018

NEW YORK, NY (November 21, 2018) – On November 20, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA- and Stable Outlook on the Columbus Regional Airport Authority’s Airport Revenue Bonds.

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KBRA Downgrades the Class A-2 and Class B Notes for Harley Marine Financing LLC, Series 2018-1
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class A-2 notes to BB (sf) from BBB (sf) and the Class B notes to B (sf) from BB (sf) on Harley Marine Financing LLC, Series 2018-1. Both classes of notes will remain on Watch Downgrade. 

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KBRA Takes Rating Actions on Upstart Securitization Trust
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on Upstart Securitization Trust 2017-1 (“UPST 2017-1”) and Upstart Securitization Trust 2017-2 (“UPST 2017-2”). In total, 5 notes were upgraded and 1 was affirmed. The data used is current as of the October 2018 collection period. No rating actions were taken on the UPST 2018-1 and UPST 2018-2 transactions because they have less than eight months of seasoning. The breakeven loss multiples for each class of notes were sufficient for their respective upgrades and affirmations.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Union Bankshares Corporation
21-Nov-2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Richmond, Virginia based Union Bankshares Corporation (NASDAQ: UBSH) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Union Bank & Trust, the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of FREMF 2016-K60
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K60, a $1.1 billion CMBS multi-borrower transaction collateralized by 62 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program.  The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Withdraws the Ratings on Diamond Resorts Owner Trust 2014-1
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining two classes of notes issued from Diamond Resorts Owner Trust 2014-1 (DROT 2014-1), a timeshare loan ABS transaction, which closed on November 20, 2014. This action reflects the issuer’s decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated November 20, 2014. The issuer elected the optional redemption because the pool factor was less than or equal to 15% as of the most recent collection period, which ended on October 31, 2018.

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KBRA Affirms All Classes of FREMF 2015-K721
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K721, a $1.1 billion CMBS multi-borrower transaction collateralized by 48 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of FREMF 2015-K50
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K50, a $1.5 billion CMBS conduit transaction collateralized by 86 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms Ratings for Spirit Master Funding VII, LLC
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings of Spirit Master Funding VII, an ABS transaction, which closed on December 23, 2013. The portfolio is currently comprised of 147 properties that are subject to 7 leases, and 51 mortgage loans that are secured by 77 properties with an aggregate collateral value of approximately $489.7 million.

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KBRA Releases Report for State of Wisconsin Transportation Revenue Bonds
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) releases a report on the State’s Transportation Revenue Bonds. KBRA has affirmed the long-term rating of AAA with a Stable Outlook on the State of Wisconsin’s outstanding first lien Transportation Revenue Bonds. The Bonds are secured by a first lien pledge of Program Income, which includes motor vehicle registration fees, personalized license plates charges, title transaction fees, and counter service fees.

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KBRA Affirms Ratings for Access Point Funding I 2017-A, LLC
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the notes, Class A, Class B, Class C, and Class D of Access Point Funding I 2017-A, LLC, an equipment lease ABS transaction, which closed on November 21, 2017.

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KBRA Assigns Preliminary Ratings to Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2)
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Starwood’s second non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2).

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KBRA Upgrades Three Classes and Affirms All Other Classes of RCMT 2016-3
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class C certificates from AA- (sf) to AA (sf), the Class D certificates from A- (sf) to A (sf), and the Class E certificates from BBB- (sf) to BBB (sf) for RCMT 2016-3, a $98.6 million small balance commercial transaction collateralized by 41 loans, secured by 42 properties. All of the transaction’s other outstanding ratings have been affirmed. The upgrades reflect the continued improvement in the pool's credit performance and increased credit enhancement due to deleveraging from amortization and loan payoffs. Since closing the transaction has paid down by 39.2%.

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KBRA Withdraws Rating for MSBAM 2014-C16
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the MSBAM 2014-C16 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns a BBB Positive to the Board of Education of the City of Chicago Dedicated Capital Improvement Tax Bonds Series 2018
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago’s Dedicated Capital Improvement Tax Bonds Series 2018. In addition, KBRA has affirmed its rating of BBB Positive on outstanding Dedicated Capital Improvement Tax Bonds. The Bonds are secured by a first lien on the revenues from a specific ad valorem property tax levy (Capital Improvement Tax levy) on all taxable property within the Chicago Public Schools district. Based on the Capital Improvement Tax Act, the Board is authorized to levy a property tax to fund permitted capital improvement projects and to pay debt service on the Capital Improvement Bonds.

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KBRA Affirms All Classes of GSMS 2016-GS4
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2016-GS4, a $1.0 billion CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 95 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms Ratings for BlueVirgo 2015-1 Trust
20-Nov-2018

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on one note class of BlueVirgo 2015-1 Trust, a property tax lien ABS transaction, which closed on November 17, 2015. The transaction has performed as expected since closing.

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KBRA Affirms All Classes of DBWF 2016-85T
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBWF 2016-85T, a CMBS single borrower transaction. The collateral for the transaction is a $271.0 million portion of a $396.0 million, non-recourse first lien mortgage loan.

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KBRA Affirms All Classes of RBS Commercial Funding Inc. 2013-SMV Trust
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of RBS Commercial Funding Inc. 2013-SMV Trust, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns a BBB Positive to the Board of Education of the City of Chicago Series 2018 C and 2018 D
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues) Series 2018C and Unlimited Tax General Obligation Bonds (Dedicated Revenues) Series 2018D. In addition, KBRA affirms its ratings on the outstanding Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues). The Series 2018C and Series 2018D Bonds are general obligations of the Board of Education of the City of Chicago issued under the Alternate Revenue structure and secured by the full faith and credit and unlimited taxing power of the Board. KBRA views the Alternate Revenue security structure as providing strong bondholder protection with a pledge of state education aid as the primary source of repayment and an established property tax levy as the secondary source of security.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ with Negative Outlook for Northern Bancorp, Inc.
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Woburn, Massachusetts based Northern Bancorp, Inc. (“Northern” or “the Company”). Moreover, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary, Northern Bank & Trust Company. The Outlook for all long-term ratings is Negative.

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KBRA Releases Report Assigning A+ Rating and Stable Outlook to Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018AB&C
20-Nov-2018

NEW YORK, NY (November 20, 2018) – On November 19, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ and Stable Outlook to the City of Chicago, IL Chicago O’Hare International Airport: General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT); General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT); and, General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable). KBRA additionally affirmed the long-term rating of A+ and Stable Outlook on outstanding City of Chicago, IL Chicago O’Hare International Airport General Airport Senior Lien Revenue Bonds with the exception of General Airport Senior Lien Revenue Refunding Bonds, Series 2016AB&C and General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2017ABC&D.

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KBRA Assigns Final Ratings to CarNow Auto Receivables Trust 2018-1
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (“KBRA”) announces the final ratings to four classes of notes issued by CarNow Auto Receivables Trust 2018-1 (“CNART 2018-1”), a subprime auto asset-backed securities transaction.

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KBRA Affirms Long-Term Rating of AA- and Stable Outlook on Columbus Regional Airport Authority Airport Revenue Bonds
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA- and Stable Outlook on the Columbus Regional Airport Authority’s Airport Revenue Bonds.

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KBRA Affirms BBB Senior Unsecured Debt Rating for Sterling Bancorp, Inc.
20-Nov-2018

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Southfield, Michigan based Sterling Bancorp, Inc. (NASDAQ: SBT) (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Sterling Bank and Trust, FSB. The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Ratings from CAS 2017-C07
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its ratings on all rated notes from the Fannie Mae’s Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07) transaction.

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KBRA Affirms All Classes of GSMS 2012-BWTR
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of GSMS 2012-BWTR, a $300 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Ratings on Emerald Aviation Finance Limited, Series 2013-1 Due to Notes Paid in Full
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on Class A and B notes of Emerald Aviation Finance Limited, Series 2013-1 (“Emerald 2013”), an aircraft ABS transaction that closed on October 16, 2013. KBRA notes that the Emerald 2013 notes were paid in full on November 15, 2018.

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KBRA Assigns A+ Rating and Stable Outlook to Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018AB&C
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of A+ and Stable Outlook to the City of Chicago, IL Chicago O’Hare International Airport: General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT); General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT); and, General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable). KBRA additionally affirms the long-term rating of A+ and Stable Outlook on outstanding City of Chicago, IL Chicago O’Hare International Airport General Airport Senior Lien Revenue Bonds, with the exception of General Airport Senior Lien Revenue Refunding Bonds, Series 2016AB&C and General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2017ABC&D.

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KBRA Publishes RMBS Research: California Wildfires: An RMBS Impact Analysis
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Ongoing California wildfires have been creating serious damage throughout parts of northern and southern California this month. While wildfires are not uncommon in these regions, the Woolsey and Camp fires, in particular, are notable not only for the amount of damage they have caused, but also the acreage impacted (246,949 total as of 11/18/18).

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KBRA Places Ratings on Watch Developing for HASI SYB Trust 2015-1
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) places the ratings on Watch Developing on two classes of bonds from HASI SYB Trust 2015-1, a securitization of the contractual rights to payments associated with ground leases for utility scale projects.

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KBRA Places Five Classes of Colony Starwood Homes 2016-2 on Watch Upgrade
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) places the ratings on the Colony Starwood Homes 2016-2 (CSH 2016-2) Class B, C, D, E, and F certificates on Watch Upgrade. The Watch Placements follow a $93.9 million partial paydown of the loan underlying the transaction pursuant to the November 2018 trustee remittance report. Given the positive impact from the continued deleveraging of the transaction structure, KBRA will consider raising the ratings of the certificates that have been placed on Watch Upgrade.

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KBRA Withdraws Ratings from Colony Starwood Homes 2016-1
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for six classes of Colony Starwood Homes 2016-1 (CSH 2016-1) single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $275.8 million. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s November 2018 remittance report.

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KBRA Withdraws Ratings from Colony American Homes 2015-1
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for six classes of Colony American Homes 2015-1 (CAH 2015-1) single-family rental (SFR) pass-through certificates with an aggregate outstanding principal balance of $646.6 million. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s November 2018 remittance report.

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KBRA Takes Rating Actions on STACR 2015-HQ1
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded four notes while affirming ratings on all other outstanding notes from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQ1 (STACR 2015-HQ1) transaction.

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KBRA Assigns BBB Rating to Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns a BBB rating to the Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018 (the “Bonds”) for a principal amount of $610.3 million to be issued by the Michigan Strategic Fund for the Michigan I-75 Modernization Project (Segment 3) (the “Project”). The Outlook is Stable.

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KBRA Affirms AAA Rating with a Stable Outlook on State of Wisconsin Transportation Revenue Bonds
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms the AAA rating with a Stable Outlook on the State’s outstanding Transportation Revenue Bonds. The bonds are secured by a first lien pledge of program income which is defined as motor vehicle registration fees collected statewide and certain other vehicle registration-related fees, such as personalized license plates charges, title transaction fees, and counter service fees. The long-term rating on the State’s Transportation Revenue Bonds is based on KBRA’s U.S. Special Tax Revenue Bonds Rating Methodology.

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KBRA Releases U.S. Residential Mortgage Bank Update: Time to Decompress?
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) releases “U.S. Residential Mortgage Bank Update: Time to Decompress?” The report highlights the performance of companies active in the U.S. residential mortgage industry.

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KBRA Releases Report: Rating Changes Should Reflect Changing Risk, Not Changing Minds
19-Nov-2018

NEW YORK, NY (November 19, 2018) – In response to questions from market participants about our approach to rating special tax bonds issued by state issuers, Kroll Bond Rating Agency (KBRA) releases a comment addressing the topic. The report discusses the reasons that KBRA does not believe in a formulaic approach in assigning ratings to state special tax bonds.

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KBRA Assigns Preliminary Ratings to OREC 2018-CRE1
19-Nov-2018

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of OREC 2018-CRE1, a $350.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 30-month reinvestment period that includes a 120-day ramp-up period. ORIX RE Holdings, LLC, an affiliate of ORIX USA, will serve as the transaction’s collateral manager.

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KBRA Takes Rating Actions on CAS 2016-C01 and STACR 2014-DN2
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) upgrades all rated classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01) and Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN2 (STACR 2014-DN2).

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KBRA Affirms All Classes of WFCM 2014-LC18
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2014-LC18, a $1.1 billion CMBS conduit transaction collateralized by 98 commercial mortgage loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms AA+/K1+ Ratings for the United Kingdom of Great Britain and Northern Ireland
16-Nov-2018

DUBLIN, IRELAND (16 November 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms the AA+ issuer ratings of the United Kingdom of Great Britain and Northern Ireland (UK). The timing of this affirmation is in line with the agency’s prescheduled review date of the ratings. KBRA also affirms the K1+ short-term issuer ratings to the sovereign. The long-term ratings carry a Negative Outlook.

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KBRA Affirms the AA with a Stable outlook on Pennsbury Township, Pennsylvania's General Obligation Debt
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA with a Stable Outlook on Pennsbury Township, Pennsylvania’s General Obligation Debt. The debt consists of $3.5 million of Guaranteed Notes issued in 2014, which are first payable from the Township’s open space tax revenues and ultimately guaranteed by the full faith and credit and taxing power of the Township.

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KBRA Affirms Ratings for WAVE 2017-1 LLC
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Notes, Series B Notes and Series C Notes of WAVE 2017-1 LLC and WAVE 2017-1 Limited, an aircraft ABS transaction, which closed on November 17, 2017. The portfolio is currently comprised of 19 aircraft on lease to 17 airlines located in 14 countries.

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KBRA Withdraws the Class A Rating on Prosper Marketplace Issuance Trust 2017-1
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Prosper Marketplace Issuance Trust 2017-1 (PMIT 2017-1), a consumer loan ABS transaction, which closed on May 25, 2017. This action reflects the fact that Class A note has been paid in full as of October 31, 2018.

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KBRA Publishes Surveillance Report for Cadence Bancorporation
16-Nov-2018

NEW YORK, NY (November 16, 2018) – On October 26, 2018, Kroll Bond Rating Agency (KBRA) upgraded the senior unsecured debt rating to BBB from BBB- and the subordinated debt rating to BBB- from BB+ for Cadence Bancorporation (NYSE: CADE) (“the Company”), a bank holding company headquartered in Houston, Texas. KBRA affirmed CADE’s short-term debt rating at K3. KBRA also upgraded the deposit and senior unsecured debt ratings to BBB+ from BBB and the subordinated debt rating to BBB from BBB- for Cadence Bank, N.A., CADE’s lead bank subsidiary. In addition, KBRA affirmed the K2 short-term deposit and debt ratings for Cadence Bank, N.A. The Outlook for all long-term ratings was revised to Stable from Positive. Finally, KBRA withdrew all ratings for Cadence Bancorp, LLC as CADE’s former financial holding company distributed its remaining ownership position of CADE in September of 2018, is no longer active, and will be liquidated in the fourth quarter of 2018.

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KBRA Assigns Preliminary Ratings to Vx Cargo 2018-1 Trust
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three Class of Loans (the “Loans”) issued by Vx Cargo 2018-1 Trust (“CARGO 2018-1” or the “Borrower”).

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KBRA Releases Rating Report for the State of Ohio's GO Highway Capital Improvements Bonds
16-Nov-2018

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns a AAA rating with a Stable Outlook to the State of Ohio’s General Obligation Highway Capital Improvements Bonds Series V. The State’s General Obligation Highway Capital Improvements Bonds are well protected by the State’s general obligation pledge, which is further enhanced by a pledge of highway user fees that consist primarily of gasoline taxes and vehicle registrations levied state-wide.

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KBRA Comments on Atlantic Capital Bancshares, Inc.'s Divestiture of Tennessee and Northern Georgia Franchise
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) comments on Atlanta, Georgia based, Atlantic Capital Bancshares, Inc.’s (NASDAQ: ACBI) (“Atlantic Capital”) announcement of a definitive agreement under which ACBI’s subsidiary, Atlantic Capital Bank, N.A., will sell 14 branches in Tennessee and northern Georgia to the subsidiary of FB Financial Corporation (NYSE: FBK), FirstBank. As consideration for the all-cash deal, FirstBank will assume $602 million in deposits at a premium of 6.25% and will purchase $381 million in loans at 99.32% of book value, resulting in an estimated net payment by ACBI of $184 million. In addition, ACBI announced a stock repurchase program under which Atlantic Capital may purchase up to $85 million of common stock. The transaction is expected to close during the second quarter of 2019.

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KBRA CMBS Exposure to Wildfires in California
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) On Thursday, November 8, 2018, at 6:33 a.m. Pacific Time (PT), the Camp Fire erupted in Butte County, approximately 90 miles north of Sacramento, California. On the same day, at 2:24 p.m. PT, the Woolsey Fire sparked in California’s Ventura County, and then swept into Los Angeles County. As of 9:00 a.m. PT on November 15, the Camp Fire had consumed approximately 140,000 acres of land and was 40% contained. Further, the Woolsey Fire burned a total of 98,362 acres of land and was 57% contained. Our thoughts are with all of those who have been impacted by these fires.

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KBRA Withdraws the Ratings on Flagship Credit Auto Trust 2014-1
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining three classes of notes issued from Flagship Credit Auto Trust 2014-1 (FCAT 2014-1), an auto loan ABS transaction, which closed on April 17, 2014. This action reflects the FCA Asset Securities LLC decision to exercise the optional redemption of all outstanding notes pursuant to the sale and servicing agreement dated April 17, 2014. FCA Asset Securities LLC, elected the optional redemption because the pool factor was less than or equal to 10% as of the most recent collection period, which ended on October 31, 2018.

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KBRA Affirms Ratings for Apollo Aviation Securitization Equity Trust 2016-2
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Loans, Class B Loans and Class C Loans of Apollo Aviation Securitization Equity Trust 2016-2, an aircraft ABS transaction, which closed on November 18, 2016. The portfolio is currently comprised of 35 aircraft on lease to 22 airlines located in 19 countries.

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KBRA Releases Research Report on the California Wildfires and (Re)insurance Implications
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled Despite Devastation and Tragedy, California Wildfire Losses Manageable for (Re)insurers.

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KBRA Assigns Ratings to AREIT 2018-CRE2
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of AREIT 2018-CRE2, a $596.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 21 whole loans (or participations thereof) with a total in-trust balance of $581.3 million and $15.0 million cash collateral expected to be used to acquire one delayed-closing assets within 90 days of closing.

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KBRA Affirms BBB Senior Unsecured Debt Rating for First Guaranty Bancshares, Inc.
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Hammond, Louisiana based First Guaranty Bancshares, Inc. (NASDAQ: FGBI) (“First Guaranty” or “the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, First Guaranty Bank. The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for Harbour Aircraft Investments Limited, Series 2017
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Loans, Series B Loans and Series C Loans of Harbour Aircraft Investments Limited, Series 2017, an aircraft ABS transaction, which closed on November 15, 2017. The portfolio is currently comprised of 29 aircraft on lease to 21 airlines located in 19 countries.

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KBRA Withdraws the Series 2013-1 Rating on Spirit Master Funding VII, LLC
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Series 2013-1 notes of Spirit Master Funding VII, an ABS transaction collateralized by single-tenant properties, which closed December 23, 2013. This action reflects the fact that the Series 2013-1 note has been paid in full as of June 30, 2018.

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KBRA Withdraws Rating for COMM 2013-CCRE13
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” rating from Class SLG of the COMM 2013-CCRE13 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Rating to Sunrun Athena Issuer 2018-1, LLC
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class issued by Sunrun Athena Issuer 2018-1, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 34,493 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.

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KBRA Assigns Preliminary Ratings to UBS 2018-C14
15-Nov-2018

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of UBS 2018-C14 (see ratings list below), a $650.9 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 236 properties.

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KBRA Publishes Surveillance Report Flushing Financial Corporation
15-Nov-2018

NEW YORK, NY (November 15, 2018) – On November 7, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Flushing Financial Corporation (NASDAQ: FFIC) (“the Company”), a bank holding company headquartered in Uniondale, New York. KBRA also affirmed the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for the subsidiary bank, Flushing Bank (“the Bank”). KBRA revised the Outlook for all long-term ratings to Negative from Stable.

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2)
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2).

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KBRA Comments on Simmons First National Corporation's Acquisition of Reliance Bancshares, Inc.
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) comments on Pine Bluff, Arkansas based, Simmons First National Corporation’s (NASDAQ: SFNC) (“Simmons First”) announcement of an agreement to acquire Reliance Bancshares, Inc. (OTCMKTS: RLBS) (“Reliance”) headquartered in Des Peres, Missouri. KBRA views this in-market transaction as neutral to the long-term ratings of SFNC, in line with management’s strategic plan, and complementary to the current franchise footprint, while adding scale and enhancing retail presence in the greater St. Louis MSA. Consideration for the transaction, which is expected to close during the second quarter of 2019, includes a combination of stock and cash. The acquisition would add approximately $1.5 billion in assets to Simmons First’s balance sheet, with pro forma total assets of approximately $17.8 billion based on financial data as of September 30, 2018. Pro forma capital ratios are expected to decline moderately, to levels below the rating category average, yet remain comfortable and should rebuild through internal capital generation over time. Pro forma TCE and CET1 ratios are 7.8% and 9.3%, respectively, versus 3Q18 levels of 8.1% and 9.8%, respectively.

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KBRA Withdraws Rating for GSMS 2014-GC26
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the GSMS 2014-GC26 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Publishes Surveillance Report for Enterprise Financial Services Corp
14-Nov-2018

NEW YORK, NY (November 14, 2018) – On October 25, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Clayton, Missouri based Enterprise Financial Services Corp (NASDAQ: EFSC or “Enterprise”). Moreover, KBRA affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary bank, Enterprise Bank & Trust (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of BANK 2017-BNK8
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BANK 2017-BNK8, a $1.1 billion CMBS conduit transaction collateralized by 50 mortgage loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Publishes Surveillance Report for Silver Queen Financial Services, Inc.
14-Nov-2018

NEW YORK, NY (November 14, 2018) – On October 31, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Silver Queen Financial Services, Inc. (SQFS or “Silver Queen”), a bank holding company headquartered in Greenwood Village, Colorado. KBRA also affirmed the deposit and senior unsecured debt ratings of BBB, subordinated debt rating of BBB-, and short-term deposit and debt ratings of K3 for the lead subsidiary, Colorado Federal Savings Bank. The Outlook for all long-term ratings was revised to Positive from Stable.

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KBRA Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2018-2
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of notes issued by First Investors Auto Owner Trust 2018-2 (FIAOT 2018-2), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to TruPS Financials Note Securitization 2018-2
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by TruPS Financials Note Securitization 2018-2 (“TFINS 2018-2”).

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KBRA Notes Congress Missed a Layup Opportunity to Fund Infrastructure
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) notes how the recently enacted FAA Authorization Reauthorization Bill of 2018 was a multi-billion dollar missed opportunity to address airport capital needs. In its report, KBRA cites recent press reports which have characterized the expansion of the Airport Privatization Pilot Program (APPP) as increasing the potential for private capital to fund infrastructure through securitization of airport revenue streams. In KBRA’s opinion, given some of the inherent limitations of the APPP, an increase of the Passenger Facility Charge would provide a better source of stable infrastructure funding for the nation’s major airports.

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KBRA Affirms all Classes of MSCI 2015-UBS8
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2015-UBS8, a $782.8 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 71 properties. The affirmations follow a surveillance review of the transaction, which has exhibited relatively stable performance since last review and securitization.

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KBRA Assigns Final Ratings to Mariner Finance Issuance Trust 2018-A
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Mariner Finance Issuance Trust 2018-A (“MFIT 2018-A”), a personal loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to Wingstop Funding LLC Senior Secured Notes, Series 2018-1
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes (the “Notes”) issued by Wingstop Funding LLC, a whole business securitization.

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KBRA Assigns Final Ratings to Marlette Funding Trust 2018-4
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2018-4 (MFT 2018-4). This is a $336,485,000 consumer loan ABS transaction.

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KBRA Withdraws Rating for GSMS 2014-GC20
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-3 of the GSMS 2014-GC20 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of MSBAM 2015-C27
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2015-C27, a $792.1 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 166 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Assigns Preliminary Ratings to Rosy Blue Carat S.A.
14-Nov-2018

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Rosy Blue Carat S.A.

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KBRA Affirms all Classes of UBS 2017-C5
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C5, a $740.4 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 131 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2017-C41
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C41, a $782.4 million CMBS conduit transaction collateralized by 52 loans secured by 97 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of FREMF 2017-K728
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K728, a $1.2 billion CMBS conduit transaction collateralized by 43 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Releases Rating Report for the City of San Diego's WIFIA Loan
13-Nov-2018

NEW YORK, NY (November 13, 2018) – On November 9, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a Stable Outlook to the City of San Diego, CA North City Project WIFIA Loan, which is a subordinate obligation of the City’s Water Utility Fund. The City of San Diego is undertaking a significant project using advanced water purification technology to produce potable water from recycled water. The program, entitled Pure Water, is an integral piece of the City’s long-term goal of enhancing local water supply while also decreasing its reliance on imported water. The Pure Water program also yields environmental and sustainability benefits that are part of the City’s long-range water management and climate action plans.

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KBRA Affirms All Classes of CSAIL 2015-C4
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2015-C4, a $921.3 million CMBS conduit transaction collateralized by 87 loans secured by 100 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Publishes Surveillance Report for Israel Discount Bank of New York
13-Nov-2018

NEW YORK, NY (November 13, 2018) – On October 18, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt and deposit ratings of A-, the subordinated debt rating of BBB+, and the short-term debt and deposit ratings of K2 for New York, New York based Israel Discount Bank of New York (IDBNY or “the Bank”). The Outlook on all long-term ratings is Stable.

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KBRA Assigns Ratings to FREMF 2018-K83 and Freddie Mac Structured Pass-Through Certificates K-083
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2018-K83 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-083 (see ratings list below). FREMF Series 2018-K83 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K83 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to CGCMT 2018-C6
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of CGCMT 2018-C6 (see ratings list below), a $736.4 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 58 properties.

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KBRA Assigns Preliminary Ratings to CSAIL 2018-C14
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of CSAIL 2018-C14, a $770.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 65 properties.

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KBRA Assigns Senior Unsecured Debt Rating of BBB+ for PacWest Bancorp
13-Nov-2018

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Los Angeles, California based PacWest Bancorp (NASDAQ: PACW) (“PacWest” or “the Company”). In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, Pacific Western Bank (“PWB”). The Outlook for all long-term ratings is Stable.

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KBRA Affirms All Classes of JPMDB 2016-C4
12-Nov-2018

NEW YORK, NY (November 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMDB 2016-C4, a $1.1 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 42 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Publishes Report for TriState Capital Holdings, Inc.
12-Nov-2018

NEW YORK, NY (November 12, 2018) – On November 7, 2018, Kroll Bond Rating Agency (KBRA) upgraded the senior unsecured debt rating to BBB+ from BBB, the subordinated debt rating to BBB from BBB-, the preferred stock rating to BBB- from BB+  and the short-term debt rating to K2 from K3 for TriState Capital Holdings, Inc. (NASDAQ: TSC) (“the Company”), a bank holding company headquartered in Pittsburgh, Pennsylvania. KBRA also upgraded the deposit and senior unsecured debt ratings to A- from BBB+ and affirmed the short-term deposit and debt ratings of K2 for TriState Capital Bank (“the Bank”), TSC’s lead bank subsidiary. The Outlook for all long-term ratings is revised to Stable from Positive.

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KBRA Withdraws Ratings for FirstKey Lending 2015-SFR1
12-Nov-2018

NEW YORK, NY (November 12, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” ratings from Class C & Class X-A certificates and “A (sf)” rating from Class D certificate of the FirstKey Lending 2015-SFR1 (FKL 2015-SFR1), a multi-borrower single-family rental (SFR) securitization. These withdrawals follow the reduction of the balances to zero for the underlying certificates, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities. All KBRA-rated securities are now fully repaid.

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KBRA Publishes Surveillance Report for Brookline Bancorp, Inc.
12-Nov-2018

NEW YORK, NY (November 12, 2018) – On October 11, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Boston, Massachusetts based Brookline Bancorp, Inc. (NASDAQ: BRKL or “the Company”). Moreover, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary banks, Brookline Bank, Bank Rhode Island, and First Ipswich Bank. The Outlook for all long-term ratings is Stable.

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KBRA Assigns Final Ratings to Notes Issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One
12-Nov-2018

NEW YORK, NY (November 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One (“Series 2018-One”), a credit card ABS transaction that closed on November 9, 2018.

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KBRA Assigns a AA with a Stable Outlook to the City of San Diego's WIFIA Loan
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA with a Stable Outlook to the City of San Diego, CA North City Project WIFIA Loan, which is a subordinate obligation of the City’s Water Utility Fund.

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KBRA Assigns Ratings to Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2)
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage backed notes as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2), the first publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007.

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KBRA Affirms All Classes of GSMS 2015-GS1
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GS1, a $807 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 69 properties. The transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 97.8% has increased from 97.4% at last review and from 96.7% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.96x has increased from last review (1.95x) and is down from securitization (1.97x). At the time of this review, two loans (12.7%) have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of a specially serviced as well as a non-specially serviced loan in default or at heightened risk of default in the near term. KBRA does not project losses on the K-LOCs.

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KBRA Maintains the Watch Developing Status for Ratings of Guaranty Bancorp
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) maintains the Watch Developing status for the ratings of Guaranty Bancorp (NASDAQ: GBNK or “Guaranty”) and its subsidiary bank, Guaranty Bank and Trust Company. The rating action stems from the anticipation of a fourth quarter of 2018 close of Guaranty’s merger with and into Dallas, Texas based Independent Bank Group, Inc. (NASDAQ: IBTX) (KBRA senior BBB+), which was announced on May 23, 2018. GBNK’s ratings have been on Watch Developing since May 24, 2018. In March 2018, KBRA affirmed the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Guaranty Bancorp. Additionally, KBRA affirmed the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for the subsidiary bank. The ratings of Guaranty Bancorp and its subsidiary bank are expected to be subsequently withdrawn, at the appropriate level, when the transaction closes.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2018-4 Trust
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-4 (“SCLP 2018-4”). This is a $549.00 million consumer loan ABS transaction.

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KBRA Maintains Watch Developing on Medley Capital Corp's BB Ratings
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) maintains Medley Capital Corp’s (NYSE: MCC, “the Company”) BB issuer and senior unsecured debt ratings on Watch Developing.

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KBRA Assigns Ratings to FREMF 2018-K733 and Freddie Mac Structured Pass-Through Certificates K-0733
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K733 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0733 (see ratings list below). FREMF Series 2018-K733 is a $1.0 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K733 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Final Ratings to Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2018-1
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Diamond Issuer LLC Series 2018-1.

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KBRA Releases Bank Talk: The After-Show
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) announces the release of this month’s edition of Bank Talk: The After-Show, by Ethan Heisler, founder and editor-in-chief of The Bank Treasury Newsletter and Senior Director for KBRA.

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KBRA Affirms Ratings for Vertical Bridge CC, LLC, Series 2016-2 and Removes the Ratings from Watch Developing
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A notes and Class B notes issued by Vertical Bridge CC, LLC (the “Issuer”), an ABS transaction which closed on October 19, 2016.

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KBRA Assigns Ratings to Adams Outdoor Advertising Limited Partnership (LP), Secured Billboard Revenue Notes, Series 2018-1
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of secured billboard revenue notes, Series 2018-1 (the “Notes”) issued by Adams Outdoor Advertising Limited Partnership (LP).

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KBRA Assigns Final Ratings to AASET 2018-2 Trust
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by AASET 2018-2 Trust (“AASET 2018-2” or the “Issuer”).

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KBRA Releases Marketplace Consumer Loan Indices for October
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for October.

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KBRA Assigns Preliminary Ratings to TRTX 2018-FL2
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of TRTX 2018-FL2, a $1.0 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 pari passu interests in mortgage loans and two whole loans, which are secured by 122 properties. The collateral consists of both non-controlling interests (22 loans, 87.3%) and controlling interests (3, 12.7%) in the related mortgage loans.

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KBRA Withdraws Ratings on Oportun Funding IV, LLC, Series 2016-C
09-Nov-2018

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A and B notes issued from Oportun Funding IV, LLC, Series 2016-C (Oportun 2016-C), a consumer loan ABS transaction which closed on October 19, 2016. This action reflects the fact that the Class A and B notes have been paid-in-full as of the November 2018 distribution date.

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KBRA Affirms All Classes of CSAIL 2017-CX10
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2017-CX10, an $853.2 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 76 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2015-NXS4
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-NXS4, a $762.3 million CMBS conduit transaction collateralized by 62 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has exhibited consistent credit support levels since issuance with no principal losses to date. 

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KBRA Releases its Monthly Auto Loan Indices for October
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of October. The accompanying commentary highlights the fact that credit performance was mixed across securitized auto loan pools in October. Month-over-month deterioration in both indices should continue through the remainder of the year, as holiday spending weighs on borrower finances.

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KBRA Withdraws Rating on One Class of VCC 2014-1
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the class M-1 following the reduction of its respective principal, as reflected in the October 2018 remittance report for VCC 2014-1. For M-1 class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs. 

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KBRA Places the Rating for TES 2017-1, LLC on Watch Downgrade
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) places the rating for TES 2017-1, LLC, Series 2017-1, a residential distributed generation solar securitization, on Watch Downgrade. The transaction closed on November 8, 2017.

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KBRA Affirms All Classes of COMM 2014-CCRE21
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-CCRE21, a $786.4 million CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Publishes Surveillance Report for Voyager Aviation Holdings, LLC
08-Nov-2018

NEW YORK, NY (November 8, 2018) – On October 17, 2018, Kroll Bond Rating Agency (KBRA) affirmed the issuer rating of BB- and the senior unsecured debt rating of B+ for Voyager Aviation Holdings, LLC (“Voyager” or “the Company”), formerly known as Intrepid Aviation Group Holdings, LLC, a Dublin-based aircraft leasing company whose assets are managed by Amedeo Capital Limited (“Amedeo”), a widebody aircraft asset manager with 50 aircraft under management, valued at approximately $8 billion currently. The Outlook on the ratings is Stable.

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KBRA Maintains Corporate Capital Trust's 'BBB' Ratings on Watch Developing
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) maintains Corporate Capital Trust’s (“CCT”, “The Company”) BBB issuer and senior unsecured debt ratings on Watch Developing.

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KBRA Assigns Final Ratings to Sunnova Helios II Issuer, LLC, Solar Asset Backed Notes, Series 2018-1
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns final rating to one class of notes from Sunnova Helios II Issuer, LLC, Series 2018-1, a residential distributed generation solar securitization.

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KBRA Assigns Preliminary Ratings to FORT CRE 2018-1
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of FORT CRE 2018-1, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 2.75-year reinvestment period that includes a 150-day ramp-up period. FORT 2018-1 CRE CM LLC, an affiliate of Drawbridge Special Opportunities Fund LP, will serve as the transaction’s collateral manager.

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KBRA Publishes Rating Report for Dubai Aerospace Enterprise (DAE) Ltd.
08-Nov-2018

NEW YORK, NY (November 8, 2018) – On October 16, 2018, Kroll Bond Rating Agency (KBRA) assigned issuer and senior unsecured ratings of BBB+ and BBB, respectively, with Stable Outlooks, to Dubai Aerospace Enterprise Ltd. (“DAE” or “the Company”), an aerospace and aircraft leasing company headquartered in Dubai. In addition, KBRA assigned a senior unsecured rating of BBB with a Stable Outlook to $1Bn senior unsecured notes (“the Notes”) issued by a debt-issuing wholly-owned subsidiary of DAE. The Notes mature in 2023 and are guaranteed by DAE.

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KBRA Affirms Insurance Financial Strength Rating of Catholic Order of Foresters
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A-, with a Stable Outlook, of Catholic Order of Foresters (COF or the Order), a fraternal benefit society domiciled in Naperville, Illinois.

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KBRA Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2018-1
08-Nov-2018

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to four classes of notes issued by CarNow Auto Receivables Trust 2018-1 (“CNART 2018-1”), a subprime auto asset-backed securities transaction.

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KBRA Assigns Final Ratings to Fannie Mae's First CAS REMIC, Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07)
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 57 classes from Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07), Fannie Mae’s first credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $921,887,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2018-R07 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2018-R07 Reference Pool.

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KBRA Upgrades Long-Term Ratings for TriState Capital Holdings, Inc.
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the senior unsecured debt rating to BBB+ from BBB, the subordinated debt rating to BBB from BBB-, the preferred stock rating to BBB- from BB+ and the short-term debt rating to K2 from K3 for TriState Capital Holdings, Inc. (NASDAQ: TSC) (“the Company”), a bank holding company headquartered in Pittsburgh, Pennsylvania. KBRA also upgrades the deposit and senior unsecured debt ratings to A- from BBB+ and affirms the short-term deposit and debt ratings of K2 for TriState Capital Bank (“the Bank”), TSC’s lead bank subsidiary. The Outlook for all long-term ratings is revised to Stable from Positive.

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KBRA Assigns Ratings to VMC 2018-FL2
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of VMC 2018-FL2, a $462.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction was initially collateralized by 23 whole loans (or participations thereof) with a total in-trust balance of $421.2 million and $41.1 million cash collateral. At closing, two preidentified delayed-closing assets were acquired by the trust for $36.6 million. The remaining cash collateral ($4.5 million) is expected to be used to acquire funded non-trust companion participations related to the initial transaction collateral.

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KBRA Assigns Preliminary Ratings to Notes Issued by Tricolor Auto Securitization Trust 2018-2
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Tricolor Auto Securitization Trust 2018-2 (“TAST 2018-2”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to BANK 2018-BNK15
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2018-BNK15 (see ratings list below), a $1.1 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties.

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KBRA Takes Rating Actions on DT Auto Owner Trusts
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on 5 DT Auto Owner Trust (“DTAOT”) transactions. In total, 6 classes of notes were affirmed and 5 were upgraded. The data used is as of the September 30, 2018 collection period. The rating actions reflect the fact that credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Affirms the Long-Term Rating of Orange County, FL's General Obligation Rating
07-Nov-2018

NEW YORK, NY (November 7, 2018) – On November 6, 2018, Kroll Bond Rating Agency (KBRA) affirmed the AAA rating for Orange County, Florida’s general obligation rating. The rating Outlook is Stable. This rating is an implied general obligation rating because Orange County has no GO bonds outstanding. In its report, KBRA noted the County’s very strong financial management policies and procedures and Orlando’s continued status as one of the world’s top visitor destinations which continues to drive very strong economic growth. In addition, Orange County has maintained a strong General Fund reserve position and very high liquidity, although the County remains somewhat reliant on the tourism industry despite continued progress to diversify its economy.

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KBRA Upgrades the Long-Term Rating on Orange County, FL's Sales Tax Revenue Bonds
07-Nov-2018

NEW YORK, NY (November 7, 2018) – On November 6, 2018, Kroll Bond Rating Agency (KBRA) upgraded Orange County, Florida’s Sales Tax Revenue Bonds to AAA from AA+. The rating Outlook is Stable. KBRA views state and local statutes and the financing documents as providing a strong legal framework for bond repayment. Moreover, KBRA views the pledged revenues as a very strong source of payment because sales taxes are levied on a broad retail base within the County supported by robust levels of economic activity. The upgrade recognizes the consistent pattern of increasing sales tax proceeds which provides a very high coverage of MADS, even under KBRA stress scenarios. This rating action is based on KBRA’s U.S. Special Tax Revenue Bond Rating Methodology.

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KBRA Releases Report for the Board of Education of the City of Chicago's Dedicated Capital Improvement Tax Bonds
07-Nov-2018

NEW YORK, NY (November 7, 2018) – On October 31,2018, Kroll Bond Rating Agency (KBRA) affirmed a BBB long-term rating and Positive Outlook to the Board of Education of the City of Chicago Dedicated Capital Improvement Tax Bonds. The affirmation of the BBB rating and Positive Outlook on the Dedicated Capital Improvement Tax Bonds reflects KBRA’s blending of two methodologies: General Property Tax/Assessment Revenue Methodology and U.S. Local Government GO Methodology.

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KBRA Assigns Ratings to Invitation Homes 2018-SFR4
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of Invitation Homes 2018-SFR4 (IH 2018-SFR4) single-family rental pass-through certificates.

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Kroll Bond Rating Agency Downgrades Two Classes and Affirms All Other Classes of COMM 2014-UBS6
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates and reference class X-D certificates from “BB (sf)” to “BB- (sf).” All of the other outstanding ratings are affirmed for COMM 2014-UBS6, a $2.4 billion CMBS conduit transaction collateralized by 87 commercial mortgage loans secured by 257 properties. The downgrades reflect KBRA’s estimated losses for three KBRA Loans of Concern (K-LOCs); Cray Plaza (1.2%), Scoop East Hampton (0.9%), and Black Gold Suites Hotel Portfolio (0.7%).

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KBRA Affirms BBB+ Senior Unsecured Debt Rating and Revises Outlook to Negative for Flushing Financial Corporation
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Flushing Financial Corporation (NASDAQ: FFIC) (“the Company”), a bank holding company headquartered in Uniondale, New York. KBRA also affirms the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for the subsidiary bank, Flushing Bank (“the Bank”). KBRA revises the Outlook for all long-term ratings to Negative from Stable.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-4
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-4 (“FCAT 2018-4”), an auto loan ABS transaction.

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KBRA Affirms All Classes of GSMS 2012-GCJ9
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2012-GCJ9, a $1.1 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 84 properties. The affirmations follow a surveillance review of the transaction. When excluding K-LOCs with losses, the transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 95.0% has decreased from 98.6% at last review and from 97.7% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.56x has increased from last review (1.52x) and is up from securitization (1.55x). Since last review, four more loans have defeased bringing the total pool defeasance to 9.1%, including the seventh largest loan, The Point Shopping Center (2.5% of pool, $26.9 million UPB). Despite the overall stable credit metrics of the transaction, some performance concerns persist within the collateral pool. At the time of this review, 12 loans (18.7%) have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. Additionally, 40 Hart Street REO ($7.6 million UPB) liquidated at a loss severity greater than 100%.

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KBRA Comments on The First Bancshares, Inc. Acquisition of FPB Financial Corp.
07-Nov-2018

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) comments on Hattiesburg, Mississippi based, The First Bancshares, Inc.’s (NASDAQ: FBMS) (“The First”) announcement of an agreement to acquire FPB Financial Corp. (OTC: FPBF), headquartered in Hammond, LA. In KBRA’s view, this transaction appears neutral to FBMS’ long-term ratings, in line with the company’s stated strategy of contiguous market expansion, and complementary to the current franchise, while providing an entry into the New Orleans market. The deal, a 97% stock transaction, is expected to close in the first quarter of 2019, with an overall limited impact on regulatory capital ratios. The acquisition would add approximately $383 million in assets to The First’s balance sheet, with pro forma total assets of $3.4 billion based on financial data as of September 30, 2018.

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KBRA Releases European CMBS Rating Methodology
07-Nov-2018

DUBLIN, IRELAND ( 7 November 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to release its methodology for rating securities backed by European commercial mortgages. The European CMBS Methodology addresses KBRA’s approach to rating mortgage securitisations consisting of commercial real estate collateral originated in European countries.

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KBRA Upgrades the Long-Term Rating on Orange County, FL's Sales Tax Revenue Bonds
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the AAA rating for Orange County, Florida’s general obligation rating. The rating Outlook is Stable. Orange County has no general obligation bonds outstanding. This affirmation is based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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KBRA Affirms the Long-Term Rating of Orange County, FL's General Obligation Rating
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the AAA rating for Orange County, Florida’s general obligation rating. The rating Outlook is Stable. Orange County has no general obligation bonds outstanding. This affirmation is based on KBRA’s U.S. Local Government General Obligation Rating Methodology.

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KBRA Affirms Ratings for United Insurance Holdings Corp. and its Key Operating Subsidiaries
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength ratings (IFSR) of A- for the key operating subsidiaries of United Insurance Holdings Corp. (NASDAQ: UIHC) – American Coastal Insurance Company; Family Security Insurance Company, Inc.; Interboro Insurance Company; and United Property & Casualty Insurance Company (collectively referred to as UPC Insurance). Additionally, KBRA affirms the BBB- issuer rating and BBB- senior unsecured debt rating of UIHC. All Outlooks are Stable. UPC Insurance is a leading personal and commercial residential property insurer in coastal states from Maine to Texas, with headquarters in St. Petersburg, Florida.

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KBRA Affirms All Classes of BAMLL 2012-PARK
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all classes for BAMLL 2012-PARK, a $300 million single borrower transaction. The affirmations follow the substitution of the defeasance collateral which occurred on November 6, 2018. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Takes Rating Actions on Flagship Credit and CarFinance Capital Auto Trusts
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on thirteen Flagship Credit Auto Trust (“FCAT”) and two CarFinance Capital Auto Trust (“CFCAT”) transactions. In total, 38 classes of notes were affirmed and 27 were upgraded. The data used is as of the September 30, 2018 collection period. No rating actions were taken on FCAT 2018-2 or FCAT 2018-3, since these transactions are less than six months seasoned. The rating actions reflect the fact that credit enhancement has built for each class of notes and the breakeven loss multiples for each class of notes were sufficient for their respective affirmations and upgrades.

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KBRA Affirms Ratings to METAL 2017-1 Limited
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A, B, C-1 and C-2 Notes of METAL 2017-1 Limited, an aircraft ABS transaction, which closed on November 6, 2017. The portfolio is currently comprised of 26 aircraft, leased to 12 lessees in 10 countries.

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KBRA Affirms A- Senior Unsecured Debt Rating for MB Financial, Inc.
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of A-, subordinated debt rating of BBB+, preferred stock rating of BBB, and short-term debt rating of K2 for Chicago, Illinois based MB Financial, Inc. (NYSE: MBFI) (“the Company”). Additionally, KBRA affirms the deposit and senior unsecured debt ratings of A, subordinated debt rating of A-, and short-term deposit and debt ratings of K1 for MBFI’s lead subsidiary bank, MB Financial Bank, N.A. The Outlook for all long-term ratings is Stable.

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Kroll Bond Rating Agency Affirms Ratings for NP SPE II LLC, Series 2016-1 and Series 2017-1
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the NP SPE II LLC, Series 2016-1 and Series 2017-1 notes. KBRA is affirming the ratings on the Class A-1 and Class A-2 Notes of the Series 2016-1 Notes as the deals continue to perform within KBRA’s initial base case scenario.

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KBRA Assigns Preliminary Rating to THL Credit Wind River 2015-1 CLO Ltd.
06-Nov-2018

NEW YORK, NY November 6, 2018 – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes (the Notes) issued by THL Credit Wind River 2015-1 CLO Ltd. (THL 2015-1).

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KBRA Affirms Ratings on the Orange Lake Timeshare Trust 2016-A Transaction
06-Nov-2018

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Orange Lake Timeshare Trust 2016-A (ONGLT 2016-A), a timeshare loan ABS transaction which closed on October 25, 2016. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Orange Lake has repurchased and substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Affirms the Long-term Rating of the City of Waterbury Connecticut's General Obligation Bonds
05-Nov-2018

NEW YORK, NY (November 5, 2018) – On November 2, 2018 Kroll Bond Rating Agency (KBRA) affirmed the AA- rating for the City of Waterbury’s general obligation bonds. The rating Outlook is Stable. This affirmation is based on KBRA’s U.S. Local Government General Obligation Methodology.

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KBRA Releases Monthly CMBS Trend Watch
05-Nov-2018

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) releases October’s CMBS Trend Watch.

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KBRA Releases Financial Institutions Podcast: Bank Talk
05-Nov-2018

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its Financial Institutions monthly podcast called Bank Talk.

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KBRA Assigns Preliminary Ratings to Horizon Aircraft Finance I Limited
05-Nov-2018

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance I Limited (“Horizon Cayman”) and Horizon Aircraft Finance I LLC (“Horizon USA”, and, together with Horizon Cayman, “Horizon”, or the “Issuers”).

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KBRA Assigns Preliminary Rating to SunStrong 2018-1 Issuer, LLC
05-Nov-2018

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class issued by SunStrong 2018-1 Issuer, LLC. The transaction is secured by the equity interests of the managing members in the related project companies that, in the aggregate, own a portfolio of 37,568 leases associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective project company.

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KBRA Assigns Preliminary Ratings to KREF 2018-FL1
05-Nov-2018

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of KREF 2018-FL1, a $1.0 billion commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 similarly sized pari passu interests in mortgage loans and 1 pari passu interest in a mortgage and mezzanine loan, which are collateralized by 29 properties. The collateral consists of both non-controlling interests (21 loans, 87.4%) and controlling interests (3 loans, 12.6%) in the related mortgage loans.

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KBRA Assigns a AA+ with a Stable Outlook to Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds
05-Nov-2018

NEW YORK, NY (November 5, 2018) – On November 2, 2018, Kroll Bond Rating Agency (KBRA) assigned a rating of AA+ with a Stable Outlook to Dallas Area Rapid Transit (DART)
Senior Lien Sales Tax Revenue Bonds, Series 2018 (RRIF Loan). In addition, KBRA also assigned a AA+ with a Stable Outlook to all of DART’s outstanding Senior Lien Sales Tax Revenue Bonds. DART is a sub-regional transportation authority that was established in 1983, and provides bus, light rail, commuter rail, paratransit, vanpool and other services to the City of Dallas and 12 other Dallas-Fort Worth metropolitan area municipalities.

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KBRA Releases Pre-Sale Report for Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018
05-Nov-2018

NEW YORK, NY (November 5, 2018) – On November 1, 2018, Kroll Bond Rating Agency (KBRA) assigned a BBB preliminary rating to the Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018 for a principal amount up to $622.2 million to be issued by the Michigan Strategic Fund for the Michigan I-75 Modernization Project (Segment 3) (the “Project”). The outlook is stable.

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KBRA Assigns a AA+ with a Stable Outlook for the Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Stable Outlook to the Dallas Area Rapid Transit (“DART”) Senior Lien Sales Tax Revenue Bonds. Concurrently, KBRA affirms the long-term rating of AA+ with a Stable Outlook on the Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds, Series 2018.

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KBRA Assigns BBB/K2 Ratings to Portuguese Republic
02-Nov-2018

DUBLIN, IRELAND (2 November 2018) – Kroll Bond Rating Agency Europe Limited (KBRA Europe) assigns a BBB issuer rating to the Portuguese Republic. KBRA also assigns K2 short-term issuer ratings to the sovereign. The ratings carry a Stable Outlook. The sovereign credit report is available here.

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KBRA Comments on Enterprise Financial Services Corp's Acquisition of Trinity Capital Corporation
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) comments on Clayton, Missouri based, Enterprise Financial Services Corp’s (NASDAQ: EFSC) (“Enterprise”) announcement of an agreement to acquire Trinity Capital Corporation (OTCMKTS: TRIN) (“Trinity”) headquartered in Los Alamos, NM. In KBRA’s view, this transaction appears neutral to EFSC’s long-term ratings, in line with management’s stated acquisition strategy, and significantly enhances its funding profile, while serving as an entry point in the New Mexico market. The deal, currently valued at $213 million, or $10.41 per share of TRIN common stock, implies an 82% stock and 18% cash consideration mix, and is expected to close at the end of the first quarter of 2019, with overall minimal impact expected on capital ratios. The acquisition would add approximately $1.3 billion in assets to EFSC’s balance sheet, with pro forma total assets of $7 billion based on financial data as of June 30, 2018.

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KBRA Publishes Surveillance Report for First Paragould Bankshares, Inc.
02-Nov-2018

NEW YORK, NY (November 2, 2018) – On October 31, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Paragould, Arkansas based First Paragould Bankshares, Inc. (“the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, First National Bank (“First National”, or “the Bank”). The Outlook for all long-term ratings is Negative following the resolution of the Watch Downgrade status.

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KBRA Publishes Surveillance Report for First Financial Bancorp
02-Nov-2018

NEW YORK, NY (November 2, 2018) – On October 10, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Cincinnati, Ohio based First Financial Bancorp (NASDAQ: FFBC) (“First Financial”, or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for its subsidiary, First Financial Bank. The Outlook for all long-term ratings is Stable.

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KBRA Assigns a Long-Term Rating of AA+ and Stable Outlook to Borough of North Slope, Alaska General Obligation Bonds
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ and Stable Outlook to the Borough of North Slope General Obligation Bonds, Series 2018A (General Purpose) and General Obligation Bonds, Series 2018B (Schools). KBRA additionally assigns a long-term rating of AA+ and Stable Outlook to the Borough’s outstanding parity general obligation debt.

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KBRA Affirms Ratings on Mosaic Solar Loans 2017-2, LLC
02-Nov-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B, C and D Notes issued under Mosaic Solar Loans 2017-2 (“Mosaic 2017-2”), a solar loan ABS transaction which closed on October 27, 2017. Losses are currently in line with KBRA’s base case loss expectation to date and credit enhancement has increased since closing. KBRA is affirming the ratings on each class of notes due to the tenor of the underlying assets (longer term assets with a remaining term of approximately 17.25 years) and a large percentage of the portfolio with an Investment Tax Credit (ITC) payment due in the coming months.

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KBRA Releases Surveillance Report Veros Auto Receivables Trust 2017-1
02-Nov-2018

NEW YORK, NY (November 2, 2018) – On October 31, 2018, Kroll Bond Rating Agency (KBRA) affirmed the ratings on the Class A, B and C Notes issued under Veros Auto Receivables Trust 2017-1 (“VEROS 2017-1”), an auto loan ABS transaction which closed on October 31, 2017.

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KBRA Affirms the Long-term Rating of the City of Waterbury Connecticut's General Obligation Bonds
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms the AA- rating for the City of Waterbury’s general obligation bonds. The rating Outlook is Stable. This affirmation is based on KBRA’s U.S. Local Government General Obligation Methodology.

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KBRA Affirms All Classes of COMM 2015-LC23
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-LC23, a $940.1 million CMBS conduit transaction collateralized by 62 loans secured by 120 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Releases Rating Report for the Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Bonds, Series 2018
02-Nov-2018

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Stable Outlook to the Dallas Area Rapid Transit (“DART”) Senior Lien Sales Tax Revenue Bonds, Series 2018. DART is a sub-regional transportation authority that was established in 1983, and provides bus, light rail, commuter rail, paratransit, vanpool and other services to the City of Dallas and 12 other Dallas-Fort Worth metropolitan area municipalities.

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KBRA Assigns Final Ratings to Veros Auto Receivables Trust 2018-1
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes for Veros Auto Receivables Trust 2018-1 (“VEROS 2018-1”), an auto loan ABS transaction.

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KBRA Publishes Surveillance Report for Bankwell Financial Group, Inc.
01-Nov-2018

NEW YORK, NY (November 1, 2018) – On September 20, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for New Canaan, CT based Bankwell Financial Group, Inc. (NASDAQ: BWFG) (“Bankwell”, or “the Company”). In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for its subsidiary, Bankwell Bank. The Outlook for all long-term ratings is Negative.

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KBRA Assigns Final Ratings to Credibly Asset Securitization LLC, Series 2018-1
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Credibly Asset Securitization LLC, Series 2018-1 (“CRDBL 2018-1”).

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KBRA Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2018-A
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Mariner Finance Issuance Trust 2018-A (“MFIT 2018-A”), a personal loan asset-backed securities transaction.

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KBRA Assigns Ratings to Hercules Capital Funding Trust 2018-1
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to one class of notes issued by Hercules Capital Funding Trust 2018-1.

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KBRA Affirms Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Secured Cellular Site Revenue Notes, Series 2013-1 and Series 2016-1
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the six classes of secured cellular site revenue notes, Series 2013-1 and Series 2016-1 issued by InSite Issuer LLC and InSite Co-Issuer Corp. At closing the portfolio was comprised of 1,195 tower sites pursuant to 2,800 tenant leases with an annualized run rate revenue of approximately $50.0 million. On the sites are communication and/or broadcast towers, distributed antenna systems and land below such towers which are leased to wireless communications, broadcast and other tenants.

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KBRA Newmark Group Inc. Ratings Release
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Earlier this week, Kroll Bond Rating Agency (KBRA) assigned an issuer rating of BBB- with a Stable Outlook to Newmark Group Inc (“Newmark”). The issuer rating assumed that Newmark will retire existing short-term borrowings using proceeds from a proposed senior unsecured note offering, to which KBRA also assigned a BBB- rating and Stable Outlook.  

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KBRA Assigns BBB Preliminary Rating to Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns a BBB preliminary rating to the Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018 (the “Bonds”) for a principal amount up to $622.2 million to be issued by the Michigan Strategic Fund for the Michigan I-75 Modernization Project (Segment 3) (the “Project”). The outlook is stable. Assignment of the final rating is subject to the receipt of final legal documents that are consistent with the project documents, draft transaction documents and other information made available to us.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2018-4
01-Nov-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2018-4 (MFT 2018-4). This is a $266.10 consumer loan ABS transaction.

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KBRA Releases 3Q18 U.S. Bank Compendium
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) releases the 3Q18 U.S. Bank Compendium analyzing the results of U.S. banks with KBRA long-term ratings.

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KBRA Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2018-2
01-Nov-2018

NEW YORK, NY (November 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by First Investors Auto Owner Trust 2018-2 (FIAOT 2018-2), an auto loan ABS transaction.

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KBRA Assigns A+ Long-Term Ratings to Bermuda
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns A+ long-term issuer ratings to Bermuda. KBRA also assigns K1+ short-term issuer ratings to the sovereign. The long-term ratings have a Stable Outlook. The ratings are unsolicited.

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KBRA Assigns BBB Rating to Dubai Aerospace Enterprise's Senior Unsecured Notes
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns a senior unsecured rating of BBB with a Stable Outlook to $1.25Bn of  senior unsecured notes (“the Notes”) announced today to be issued by a debt-issuing wholly-owned subsidiary of Dubai Aerospace Enterprise (DAE) Ltd. (“DAE” or “the Company”), an aircraft leasing company headquartered in Dubai. The Notes will be fully and unconditionally guaranteed by the Parent company. KBRA previously assigned DAE an issuer rating and a senior unsecured debt rating of BBB+ and BBB, respectively on October 16, 2018.

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KBRA Affirms Ratings on Veros Auto Receivables Trust 2017-1
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B and C Notes issued under Veros Auto Receivables Trust 2017-1 (“VEROS 2017-1”), an auto loan ABS transaction which closed on October 31, 2017.

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KBRA Affirms BBB Senior Unsecured Debt Rating for First Paragould Bankshares, Inc.
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Paragould, Arkansas based First Paragould Bankshares, Inc. (“the Company”). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, First National Bank (“First National”, or “the Bank”). The Outlook for all long-term ratings is Negative following the resolution of the Watch Downgrade status.

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KBRA Affirms All Classes of MSBAM 2013-C13
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C13, an $879.9 million CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since last review and securitization.

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KBRA Assigns Preliminary Ratings to Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2)
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage backed notes as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2), the first publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-4 Trust
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-4 (“SCLP 2018-4”). This is a $549.00 million consumer loan ABS transaction.

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KBRA Affirms BBB/Positive Board of Education of the City of Chicago's Dedicated Capital Improvement Tax Bonds
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms a BBB long-term rating and Positive Outlook to the Board of Education of the City of Chicago Dedicated Capital Improvement Tax Bonds. The affirmation of the BBB rating and Positive Outlook on the Dedicated Capital Improvement Tax Bonds reflects KBRA’s blending of two methodologies: General Property Tax/Assessment Revenue Methodology and U.S. Local Government GO Methodology.

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KBRA Withdraws Rating on Hercules Capital Funding Trust 2014-1 due to Notes Paid in Full
31-Oct-2018

NEW YORK, NY (October 31, 2018) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Series 2014-1 Notes in the Hercules Capital Funding Trust 2014-1 transaction. KBRA notes that the Series 2014-1 Notes were paid in full on October 16, 2018.

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KBRA Withdraws Ratings for BAMLL 2015-FRR11
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” rating from Class A-K705 and “BB- (sf)” rating from Class B-K705 of the BAMLL 2015-FRR11 transaction following the full redemption of the rated securities, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Affirms BBB Issuer Rating on ECN Capital Corporation
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms the BBB issuer rating with a Stable Outlook for ECN Capital Corporation (TSX: ECN), (“ECN Capital” or “the Company”), based in Toronto, Canada. ECN is a business services provider with $28 billion in managed and advised assets across three core operating businesses: Service Finance (home improvement loans), Triad Financial Services (manufactured home loans) and The Kessler Group (consumer credit cards). ECN operates a fee-based, asset-light model through which it originates, manages and advises on prime credit portfolios for more than ninety U.S. financial institutions.

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KBRA Affirms Ratings and Revises Outlook to Positive for Silver Queen Financial Services, Inc.
31-Oct-2018

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB- and short-term debt rating of K3 for Silver Queen Financial Services, Inc. (SQFS or “Silver Queen”), a bank holding company headquartered in Greenwood Village, Colorado. KBRA also affirms the deposit and senior unsecured debt ratings of BBB, subordinated debt rating of BBB-, and short-term deposit and debt ratings of K3 for the lead subsidiary, Colorado Federal Savings Bank. The Outlook for all long-term ratings has been revised to Positive from Stable.

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KBRA Assigns Final Ratings to Upgrade Receivables Trust 2018-1
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Upgrade Receivables Trust 2018-1 (“UPGR 2018-1”). This is a $282.095 million consumer loan ABS transaction that closed on October 30, 2018.

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KBRA Releases CoreVest American Finance (CAF) SFR Comprehensive Surveillance Report
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) releases a comprehensive surveillance report for the five outstanding KBRA-rated multi-borrower, single-family rental (SFR) securitizations issued by CoreVest American Finance (CAF), previously Colony American Finance. These five transactions include: CAF 2015-1, CAF 2016-1, CAF 2016-2, CAF 2017-1, and CAF 2018-1.

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KBRA Assigns Preliminary Ratings to Wingstop Funding LLC Senior Secured Notes, Series 2018-1
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes (the “Notes”) issued by Wingstop Funding LLC, a whole business securitization.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR)
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 44 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR), the eighth prime RMBS transaction issued by Flagstar Bank, FSB.

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KBRA Takes Rating Actions on Citi Held for Asset Issuance 2016-MF1
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-MF1 transaction. In total, one note was upgraded, and 1 note was affirmed. The rating actions reflect the fact that despite losses being slightly higher that KBRA’s loss expectation, the credit enhancement and deleveraging has been sufficient for the rating actions taken.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K733 and Freddie Mac Structured Pass-Through Certificates K-0733
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K733 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0733 (see ratings list below). FREMF Series 2018-K733 is a $1.0 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K733 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Releases Public Finance Research Report: Untapped Resources May Help Fund Pension and Infrastructure Shortfalls
30-Oct-2018

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) comments on the substantial assets many state and local governments control in the research report, “Untapped Resources May Help Fund Pension and Infrastructure Shortfalls.” The report notes the benefits of using assets to fund critical public sector needs and further details the principal credit considerations for state and local governments.

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KBRA Assigns BBB- Issuer Rating to Newmark Group, Inc.
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB- with Stable Outlook to diversified real estate services company Newmark Group, Inc. (“Newmark”). The issuer rating assumes that Newmark will retire existing shorter-term borrowings using proceeds from a proposed senior unsecured note offering, to which KBRA also assigns a BBB- rating and Stable Outlook.  

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KBRA Assigns Preliminary Ratings to Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2018-1
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Diamond Issuer LLC Series 2018-1.

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KBRA Affirms Ratings on Mosaic Solar Loans 2017-2, LLC
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A, B, C and D Notes issued under Mosaic Solar Loans 2017-2 (“Mosaic 2017-2”), a solar loan ABS transaction which closed on October 27, 2017. Losses are currently in line with KBRA’s base case loss expectation to date and credit enhancement has increased since closing. KBRA is affirming the ratings on each class of notes due to the tenor of the underlying assets (longer term assets with a remaining term of approximately 17.25 years) and a large percentage of the portfolio with an Investment Tax Credit (ITC) payment due in the coming months.

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KBRA Releases Surveillance Report for Upper Southampton Municipal Authority, Township of Upper Southampton, PA
29-Oct-2018

NEW YORK, NY (October 29, 2018) – On October 19, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of AA with a Stable Outlook on the Township of Upper Southampton’s general obligation (“GO”) debt and the Upper Southampton Municipal Authority’s (the “Authority”) GO guaranteed notes. The Authority’s GO guaranteed debt consists of guaranteed sewer and water system revenue notes which are first payable from the Authority’s sewer and water system revenues and are ultimately guaranteed by the full faith, credit and unlimited tax pledge of the Township of Upper Southampton, PA (the “Township”).

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KBRA Assigns the Final Ratings to FOCUS Brands Funding LLC - Series 2018-1 Senior Secured Notes and Downgrades the Series 2017-1 Senior Secured Notes
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) announces the final ratings to one class of notes of FOCUS Brands Funding LLC, Carvel Funding LLC, McAlister’s Funding LLC, and Jamba Juice Funding LLC, a whole business securitization.

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KBRA Assigns Preliminary Ratings to Fannie Mae's First CAS REMIC, Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07)
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes from Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07), Fannie Mae’s first credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $921,887,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2018-R07 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2018-R07 Reference Pool.

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KBRA Releases Research Report on the Innovation of the Bermuda (Re)insurance Market
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled Innovation to Foster Growth of Bermuda (Re)insurance Market Despite Headwinds.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K83 and Freddie Mac Structured Pass-Through Certificates K-083
29-Oct-2018

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2018-K83 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-083 (see ratings list below). FREMF Series 2018-K83 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K83 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms AAA/Stable for East Goshen Municipal Authority (Township of East Goshen, PA)
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AAA with a stable outlook on East Goshen Township’s general obligation debt and East Goshen Municipal Authority’s sewer revenue notes which are guaranteed by the full faith and credit tax pledge of the Township.

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KBRA Affirms All Classes of GSMS 2014-GC26
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2014-GC26, a $1.2 billion CMBS conduit transaction collateralized by 91 commercial mortgage loans secured by 130 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms BBB+ Senior Unsecured Debt Rating for Pacific Premier Bancorp, Inc.
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), a bank holding company based in Irvine, California. KBRA also affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary bank, Pacific Premier Bank (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Places the Class A-2 and Class B Notes on Watch Downgrade for Harley Marine Financing LLC, Series 2018-1
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) places both classes of notes for Harley Marine Financing LLC, Series 2018-1 on Watch Downgrade, and removes its Watch Developing status.

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KBRA Assigns Long-Term Rating of AAA with Stable Outlook to the City of Chicago's Sales Tax Securitization Corporation Sales Tax Securitization Bonds, Taxable Series 2018D
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns long-term rating of AAA and Stable outlook to the City of Chicago’s Sales Tax Securitization Corporation (STSC) Sales Tax Securitization Bonds, Taxable Series 2018D.

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KBRA Affirms Ratings for Axis Equipment Finance Receivables IV LLC
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the notes, Class A, Class B, Class C, Class D, Class E and Class F of Axis Equipment Finance Receivables IV LLC, an equipment lease ABS transaction, which closed on October 25, 2016. The portfolio currently has an aggregate discounted contract balance of approximately $81,323,010.

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KBRA Affirms Ratings to Fan Engine Limited, Series 2013-1 Senior Secured Notes
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series X and A notes of Fan Engine Securitization Limited, Series 2013-1, an aircraft engine ABS transaction, which closed on October 31, 2013. The portfolio is currently comprised of 24 engines, leased to 13 lessees in 8 countries with 6 engines currently off lease.

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KBRA Comments on Orrstown Financial Services, Inc.'s Proposed Acquisition of Hamilton Bancorp, Inc.
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) comments on Shippensburg, MD based, Orrstown Financial Services, Inc.’s (NASDAQ: ORRF) (“Orrstown”) announced agreement to acquire Hamilton Bancorp, Inc. (NASDAQ: HBK) (“Hamilton”) headquartered in Towson, MD. KBRA views the acquisition as neutral to ORRF’s long-term ratings and in line with management’s strategy. This transaction expands Orrstown’s footprint by adding a base which will allow ORRF to expand outside of its current south-central Pennsylvania focus. The deal, which is expected to close in the second quarter of 2019, is valued at approximately $58.5 million (1.3x tangible book) and consideration consists of approximately 75% stock and 25% cash – a portion of which will likely be funded by debt. The transaction is expected to add approximately $525 million in assets to Orrstown’s balance sheet, with pro forma assets totaling $2.5 billion and pro forma loan and deposit levels reaching $1.7 billion and $2.1 billion, respectively. Pro forma capital ratios are expected to decline modestly, yet remain sound.

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KBRA Assigns Preliminary Ratings to AASET 2018-2 Trust
26-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by AASET 2018-2 Trust (“AASET 2018-2” or the “Issuer”).

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KBRA Releases RMBS Trend Watch: With Increasing Volume, New Sponsors Emerge
26-Oct-2018

NEW YORK, NY (October 26, 2018) - Kroll Bond Rating Agency (KBRA) releases RMBS Trend Watch: With Increasing Volume, New Sponsors Emerge, which discusses the significant increase in new sponsors in both the prime and non-prime issuance spaces, some reasons behind this trend, and the effects of a broadening issuance base on RMBS 2.0, including increased structural nuances.

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KBRA Upgrades Long-Term Ratings for Cadence Bancorporation
26-Oct-2018

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the senior unsecured debt rating to BBB from BBB- and the subordinated debt rating to BBB- from BB+ for Cadence Bancorporation (NYSE: CADE) (“the Company”), a bank holding company headquartered in Houston, Texas. KBRA affirms CADE’s short-term debt rating at K3. KBRA also upgrades the deposit and senior unsecured debt ratings to BBB+ from BBB and the subordinated debt rating to BBB from BBB-, for Cadence Bank, N.A., CADE’s lead bank subsidiary. In addition, KBRA affirms the K2 short-term deposit and debt ratings for Cadence Bank, N.A. The Outlook for all long-term ratings is revised to Stable from Positive. Finally, KBRA withdraws all ratings for Cadence Bancorp, LLC as CADE’s former financial holding company distributed its remaining ownership position of CADE in September of 2018, is no longer active, and will be liquidated in the fourth quarter of 2018.

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KBRA Takes Rating Action on Honor Automobile Trust Securitization 2016-1
25-Oct-2018

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) affirms the Class A notes and maintains the Class B and Class C notes on Watch Downgrade. Honor Automobile Trust Securitization Trust 2016-1 (“HATS 2016-1”) is an auto loan ABS transaction which closed December 15, 2016.

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KBRA Upgrades Ratings for Tidewater Auto Receivables Trust 2016-A
25-Oct-2018

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on all classes of notes for Tidewater Auto Receivables Trust 2016-A (TMCAT 2016-A), an auto loan ABS transaction which closed on February 26, 2016. This action reflects the fact that losses are on par with KBRA’s current loss expectations, while the credit enhancement has built for each class of notes. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class C, Class D and Class E ratings.

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KBRA Affirms Senior Unsecured Debt Rating of BBB+ for Enterprise Financial Services Corp
25-Oct-2018

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2 for Clayton, Missouri based Enterprise Financial Services Corp (NASDAQ: EFSC, or “Enterprise”). Moreover, KBRA affirms the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the subsidiary bank, Enterprise Bank & Trust (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Rating for FREMF 2014-K503
25-Oct-2018

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the FREMF 2014-K503 transaction following the full redemption of the rated security, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to AREIT 2018- CRE2
25-Oct-2018

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of AREIT 2018-CRE2, a $597.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 20 whole loans (or participations thereof) with a total in-trust balance of $559.6 million and $37.8 million cash collateral expected to be used to acquire two delayed-closing assets within 90 days of closing.

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KBRA Affirms All Classes of CGCMT 2017-C4
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2017-C4, a $973.2 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 95 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Publishes Rating Report for Heritage Insurance Holdings, Inc. and its Key Operating Subsidiaries
24-Oct-2018

NEW YORK, NY (October 24, 2018) – On October 1, 2018, Kroll Bond Rating Agency (KBRA) assigned the following insurance financial strength ratings (IFSR) to the key operating subsidiaries of Heritage Insurance Holdings, Inc. (HIH) (NYSE: HRTG): BBB+ to Heritage Property & Casualty Insurance Company (HPCIC); A- to Narragansett Bay Insurance Company (NBIC); and BBB+ to Zephyr Insurance Company, Inc. (ZIC) (collectively referred to as Heritage). Additionally, KBRA assigned an issuer rating of BBB- to HIH. The Outlook for all ratings is Stable. Heritage is a leading U.S. domestic residential property insurer with headquarters in Clearwater, Florida.

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KBRA Takes Rating Actions on Marlette Funding Trust
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) has taken rating actions on 5 Marlette Funding Trust transactions. In total, eleven notes were upgraded, and five notes were affirmed. The data used are current as of the September 30, 2018 collection period. No rating actions were taken on the Marlette Funding Trust 2018-2 and Marlette Funding Trust 2018-3 transactions because they have less than 6 months of seasoning. The breakeven loss multiples for each class of notes were sufficient for their respective upgrades and affirmations.

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KBRA Withdraws Class A-1 Rating on Ascentium Equipment Receivables 2017-2 Trust
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 Rating of Ascentium Equipment Receivables 2017-2 Trust, an equipment lease ABS transaction, which closed on October 25, 2017. This action reflects the fact that Class A-1 note has been paid in full.

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KBRA Affirms All Classes of FREMF 2016-K58
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K58, a $1.3 billion CMBS multi-borrower transaction that is collateralized by 74 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Upgrades Classes B and C and Affirms All Other Classes of FREMF 2013-K35
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B certificates from “A (sf)” to “AA- (sf)” and the Class C certificates from “BBB+ (sf)” to “A- (sf)”, and affirms its other outstanding ratings for FREMF 2013-K35, a $1.4 billion CMBS multi-borrower transaction collateralized by 78 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrades reflect the continued improvement in the pool’s credit performance, as well as increased certificate credit enhancement levels due to deleveraging from amortization. In addition, 11 loans (19.0% of the pool balance) have fully defeased since securitization, including the fourth, fifth, and sixth largest loans (9.9%).

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Kroll Bond Rating Agency Affirms All Classes of CLMT 2016-CLNE
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CLMT 2016-CLNE certificates, a $452.3 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Affirms Senior Unsecured Debt Rating of A+ for Signature Bank
24-Oct-2018

NEW YORK, NY (October 24, 2018) – On October 15, 2018, Kroll Bond Rating Agency (KBRA) affirmed the senior unsecured debt and deposit ratings of A+, the subordinated debt rating of A, and the short-term debt and deposit ratings of K1 for New York, New York based Signature Bank (NASDAQ: SBNY) (“Signature” or “the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Affirms Ratings for HASI SYB Trust 2015-1
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of bonds from HASI SYB Trust 2015-1, a securitization of the contractual rights to payments associated with ground leases for utility scale projects.

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KBRA Affirms BBB Senior Unsecured Debt Rating for United Financial Bancorp, Inc.
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for United Financial Bancorp, Inc. (NASDAQ: UBNK) (“United”), a bank holding company based in Hartford, Connecticut. KBRA also affirms the deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary bank, United Bank (“the Bank”). The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Rating for WFRBS 2012-C8
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-2 of the WFRBS 2012-C8 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Ratings on First Investor Auto Owner Trust 2014-1
24-Oct-2018

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the First Investors Auto Owner Trust 2014-1 (FIAOT 2014-1), an auto loan transaction, which closed on April 9, 2014. This action reflects First Investor’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated April 9, 2014. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the October 15, 2018 distribution date.

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KBRA Releases Surveillance Report for the City of Indianapolis, IN General Obligation Bonds
23-Oct-2018

NEW YORK, NY (October 23, 2018) – On October 19, 2018, Kroll Bond Rating Agency (KBRA) affirmed its long-term rating of AA+ and revised its Outlook to Positive, from Stable, for the City of Indianapolis, IN General Obligation Bonds.

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KBRA Withdraws the Ratings on Diamond Resorts Owner Trust 2015-1
23-Oct-2018

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining two classes of notes issued from Diamond Resorts Owner Trust 2015-1 (DROT 2015-1), a timeshare loan ABS transaction, which closed on July 29, 2015.  This action reflects the Issuer’s decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated July 29, 2015. The Issuer elected the optional redemption because the pool factor was less than or equal to 15% as of the most recent collection period, which ended on September 30, 2018.

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KBRA Publishes Rating Report for Landmark Life Insurance Company
23-Oct-2018

NEW YORK, NY (October 23, 2018) – On September 28, 2018, Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) of BBB- with a Stable Outlook to Landmark Life Insurance Company (Landmark Life). Landmark Life, founded in 1964, is a final expense life insurance and annuity company and third-party administrator.

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KBRA Assigns Ratings to FRR 2018-C1
23-Oct-2018

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 12 classes of the Freddie Re-Remic Trust 2018-C1 (FRR 2018-C1) transaction. FRR 2018-C1 is a re-securitization of four Principal-Only (PO) and seven Interest-Only (IO) certificates (the collateral) from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K32, 2015-K43, 2015-K720 and 2017-K725 (the underlying trusts).

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KBRA Assigns BBBkf Fund Rating to Penn Mutual AM Unconstrained Bond Fund
23-Oct-2018

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns a BBBkf Fund Rating to the Penn Mutual AM Unconstrained Bond Fund (Fund) (Ticker: PMUBX). The BBBkf rating reflects the Unconstrained Bond Fund’s Primary Quantitative Rating (PQR) as measured by the KBRA Funds Credit Quality Rating Matrix, which is based on the credit quality of the underlying instruments that comprise the portfolio. Additionally, the Fund rating is influenced by the results of the qualitative assessment of the investment advisor, Penn Mutual Asset Management, LLC (PMAM). The qualitative shadow rating (QSR) for the Fund was found to be strong.

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KBRA Assigns Preliminary Ratings to Sunnova Helios II Issuer, LLC, Solar Asset Backed Notes, Series 2018-1
23-Oct-2018

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes from Sunnova Helios II Issuer, LLC, Series 2018-1, a residential distributed generation solar securitization.

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KBRA Monitoring GSMS 2014-GC20 ($80.0 million) Due to Special Servicing Transfer
23-Oct-2018

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring GSMS 2014-GC20, a $901.2 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s 2nd largest loan, Three Westlake Park (8.9% of the pool balance). KBRA learned of the transfer with a notice dated October 18, 2018. The $80.0 million loan was transferred to the special servicer, LNR Partners, LLC due to imminent monetary default. The loan matures in February 2024.

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KBRA Assigns Preliminary Ratings to Credibly Asset Securitization LLC, Series 2018-1
22-Oct-2018

NEW YORK, NY (October 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Credibly Asset Securitization LLC, Series 2018-1 (“CRDBL 2018-1”).

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KBRA Affirms Ratings on Two Classes of Notes and Upgrades Rating on One Class of Notes of TruPS Financials Note Securitization 2017-2
22-Oct-2018

NEW YORK, NY (October 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A-1 and Class A-2 Notes and upgrades the rating on the Class B Notes of TruPS Financials Note Securitization 2017-2 (TFINS 2017-2).

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KBRA Assigns Preliminary Ratings to Notes Issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One
22-Oct-2018

NEW YORK, NY (October 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One (“Series 2018-One”), a credit card ABS transaction.

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KBRA Assigns Preliminary Ratings to Invitation Homes 2018-SFR4
22-Oct-2018

NEW YORK, NY (October 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of Invitation Homes 2018-SFR4 (IH 2018-SFR4) single-family rental pass-through certificates.

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KBRA Assigns Final Ratings to Oportun Funding X, LLC, Series 2018-C
22-Oct-2018

NEW YORK, NY (October 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Oportun Funding X, LLC, Series 2018-C (“Oportun 2018-C”), a consumer loan asset-backed securities transaction.

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KBRA Affirms the Long-Term Rating of AA with a Stable Outlook for Upper Southampton Municipal Authority, Township of Upper Southampton, PA
19-Oct-2018

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA with a Stable outlook on the Township of Upper Southampton’s general obligation (“GO”) debt and the Upper Southampton Municipal Authority’s (the “Authority”) GO guaranteed notes. The Authority’s GO guaranteed debt consists of guaranteed sewer and water system revenue notes which are first payable from the Authority’s sewer and water system revenues and are ultimately guaranteed by the full faith, credit and unlimited tax pledge of the Township of Upper Southampton, PA (the “Township”).

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KBRA Comments on Bank OZK's Third Quarter 2018 Results
19-Oct-2018

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) comments on Little Rock, Arkansas-based Bank OZK (NASDAQ: OZK)(“the Bank”), formerly known as Bank of the Ozarks, following the release of the Bank’s 3Q18 quarterly results. 

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KBRA Affirms Ratings to BAMLL 2014-FRR8
19-Oct-2018

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2014-FRR8, a re-securitization of the FREMF 2014-K40 securitization’s (the underlying trust) Class D, X2-A, and X2-B certificates. FREMF 2014-K40 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and re-securitization.

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KBRA Affirms All Classes of FREMF 2017-K68
19-Oct-2018

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K68, a $1.3 billion CMBS multi-borrower transaction collateralized by 75 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms Long-Term Rating of AA+ and Revises Outlook to Positive for the City of Indianapolis, IN General Obligation Bonds
19-Oct-2018

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its long-term rating of AA+ and revised its Outlook to Positive, from Stable, for the City of Indianapolis, IN General Obligation Bonds.

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KBRA Upgrades Two Classes and Affirms All Other Classes of RCMT 2015-2
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class C and D certificates and removes each of these certificates from Watch Upgrade where they were placed on July 19, 2018. All of the transaction’s other outstanding ratings have been affirmed. RCMT 2015-2 is a $147.8 million small balance commercial transaction collateralized by 72 loans secured by 79 properties. The upgrades reflect the continued improvement in the pool's credit performance and increased credit enhancement due to deleveraging from amortization and loan payoffs. Since closing the transaction has paid down by 29.1%.

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KBRA Affirms Senior Unsecured Debt Rating of A- for Israel Discount Bank of New York
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt and deposit ratings of A-, the subordinated debt rating of BBB+, and the short-term debt and deposit ratings of K2 for New York, New York based Israel Discount Bank of New York (IDBNY or “the Bank”). The Outlook on all long-term ratings is Stable.

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KBRA Withdraws Ratings for JPMBB 2013-C15
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) ratings from Class A-2 and Class A-2FL of the JPMBB 2013-C15 transaction, following the reduction of their principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating for MSBAM 2013-C9
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the MSBAM 2013-C9 transaction following the full redemption of the rated security as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-8 (SEMT 2018-8)
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-8 (SEMT 2018-8), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (78.3%) and high-balance conforming (21.7%) collateral to borrowers with prime attributes.

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KBRA Affirms Ratings to FREMF 2014-K40
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2014-K40, a $1.5 billion CMBS multi-borrower transaction collateralized by 105 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Releases Rating Report for the MTA Transportation Revenue Variable Rate Bonds
18-Oct-2018

NEW YORK, NY (October 18, 2018) – On October 17, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Stable Outlook to the Metropolitan Transportation Revenue Variable Rate Refunding Bonds, Subseries 2002G-1f (LIBOR FRTN) and Transportation Revenue Variable Rate Bonds, Subseries 2005D-1 (LIBOR FRTN).

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KBRA Credit Profile (KCP) K-LOC Index: September 2018
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of September.

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KBRA Assigns Final Ratings to Avant Loans Funding Trust 2018-B
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avant Loans Funding Trust 2018-B (“AVNT 2018-B”). This is a $286.782 million consumer loan ABS transaction.

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KBRA Releases an Updated View of Energy Firm Creditworthiness: Fundamentally Weaker or Battle-Tested?
18-Oct-2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) releases a new research report, An Updated View of Energy Firm Creditworthiness: Fundamentally Weaker or Battle-Tested?

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KBRA Monitoring Southland Mall ($67.5 million) due to Reported Special Servicing Transfer
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring the $67.5 million Southland Mall loan in the JPMCC 2014-FL6 transaction following its reported transfer to the special servicer.  KBRA learned of the transfer from the October 2018 trustee remittance report that was recently posted. According to the servicer commentary, the loan transferred due to imminent maturity default. The loan matures in May 2019.  

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KBRA Releases Rating Report for the City of LA Wastewater System Subordinate Revenue Bonds, Series 2018-A and B
17-Oct-2018

NEW YORK, NY (October 17, 2018) – On October 16, 2018, Kroll Bond Rating Agency, (KBRA) assigned a long-term rating of AA with a Stable Outlook to the City of Los Angeles Wastewater System Subordinate Revenue Bonds, Series 2018-A (Green Bonds) and Wastewater System Subordinate Revenue Bonds, Refunding Series 2018-B.

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KBRA Assigns Long-Term Rating of AA+ with a Stable Outlook to the MTA Transportation Revenue Variable Rate Bonds, Subseries 2002G-1f and Subseries 2005D-1 (LIBOR FRTN)
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ with a Stable Outlook to the Metropolitan Transportation Revenue Variable Rate Refunding Bonds, Subseries 2002G-1f (LIBOR FRTN) and Transportation Revenue Variable Rate Bonds, Subseries 2005D-1 (LIBOR FRTN).

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KBRA Affirms A- Senior Unsecured Debt Rating for First National of Nebraska, Inc.
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for First National of Nebraska, Inc. (OTC: “FINN” or “the Company”), a bank holding company headquartered in Omaha, Nebraska. KBRA also affirms the deposit and senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for First National Bank of Omaha (“the Bank”), the lead subsidiary. The Outlook for all long-term ratings is Stable.

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KBRA Withdraws Rating on One Class of CAS 2016-C01
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the class 2M-1 following the reduction of its respective principal, as reflected in the September 2018 remittance report for CAS 2016-C01. For 2M-1 class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs. The Ratings change is as follows:

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KBRA Affirms All Classes of LCCM 2017-FL1
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LCCM 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited post-closing acquisition ability. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Final Ratings to Notes Issued by DT Auto Owner Trust 2018-3
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by DT Auto Owner Trust 2018-3 (“DTAOT 2018-3”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Veros Auto Receivables Trust 2018-1
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes for Veros Auto Receivables Trust 2018-1 (“VEROS 2018-1”), an auto loan ABS transaction.

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KBRA Releases Surveillance Report Affirming Long-Term Rating of A- and Stable Outlook on City of Manchester (NH) General Airport Revenue Bonds
17-Oct-2018

NEW YORK, NY (October 17, 2018) – On October 12, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of A- and Stable Outlook on the City of Manchester, New Hampshire General Airport Revenue Bonds (GARBs). The GARBs are special obligations of the City, payable solely from and secured by a pledge of the net airport revenues of Manchester-Boston Regional Airport. The rating applies to all of the City’s outstanding GARBs.

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KBRA Affirms BB- Issuer Rating and B+ Senior Unsecured Debt Rating to Voyager Aviation Holdings, LLC
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms the issuer rating of BB- and the senior unsecured debt rating of B+ to Voyager Aviation Holdings, LLC (“Voyager” or “the Company”), formerly known as Intrepid Aviation Group Holdings, LLC, a Dublin-based aircraft leasing company whose assets are managed by Amedeo Capital Limited (“Amedeo”), a widebody aircraft asset manager with 50 aircraft under management, valued at in excess of $8 billion. The Outlook on the ratings is Stable. Additionally, KBRA assigns a B+ senior unsecured debt rating with a Stable Outlook to Voyager’s $500 million 8.5% senior notes maturing in 2021.

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KBRA Assigns Final Ratings to CPS Auto Receivables Trust 2018-D
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by CPS Auto Receivables Trust 2018-D (“CPSART 2018-D”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Upgrade Receivables Trust 2018-1
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Upgrade Receivables Trust 2018-1 (“UPGR 2018-1”). This is a $286.390 million consumer loan ABS transaction that is expected to close October 30, 2018.

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KBRA Assigns Preliminary Ratings to Hercules Capital Funding Trust 2018-1
17-Oct-2018

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Hercules Capital Funding Trust 2018-1.

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KBRA Assigns Long-Term Rating of AA with Stable Outlook to the City of LA Wastewater System Subordinate Revenue Bonds, Series 2018-A and B
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA with a Stable Outlook to the City of Los Angeles Wastewater System Subordinate Revenue Bonds, Series 2018-A (Green Bonds) and Wastewater System Subordinate Revenue Bonds, Refunding Series 2018-B.

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KBRA Affirms All Classes of UBS 2017-C4
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C4, a $815.0 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 85 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Withdraws Rating for COMM 2014-LC15
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-1 of the COMM 2014-LC15 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for GSMS 2013-GCJ14
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-2 of the GSMS 2013-GCJ14 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Releases Surveillance Report for the Susquehanna Area Regional Airport Authority's Airport System Revenue Bonds
16-Oct-2018

NEW YORK, NY (October 16, 2018) – On October 12, 2018, Kroll Bond Rating Agency (KBRA) affirmed the long-term rating of BBB+ with a Stable Outlook on Susquehanna Area Regional Airport Authority Airport System Revenue Bonds.

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KBRA Withdraws Rating on COMM 2013-LC13
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2013-LC13 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on COMM 2014-CCRE21
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE21 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA: Sears Closing 142 Stores in Bankruptcy Filing
16-Oct-2018

NEW YORK, NY (October 16, 2018) – On Monday, October 15, 2018, Sears Holdings Corporation (“Sears”) filed for Chapter 11 Bankruptcy protection and announced the closure of an additional 142 store locations by the end of 2018. In an effort to regain profitability, the retailer hopes to reorganize through bankruptcy, focusing on a smaller portfolio of store locations. The closure announcement of 142 underperforming stores (65 Kmart, 77 Sears) are in addition to the 265 unprofitable store shutterings reported since April 2018.

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KBRA Withdraws Rating for COMM 2015-CCRE26
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2015-CCRE26 transaction following the full redemption of the rated security as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on GSMS 2013-GCJ16
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the GSMS 2013-GCJ16 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of MSBAM 2016-C31
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2016-C31, a $940.0 million CMBS conduit transaction collateralized by 60 commercial mortgage loans secured by 101 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Releases 2018/2019 Overview of the Aircraft Lessor Leasing Sector
16-Oct-2018

YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) releases its 2018/1019 overview of the aircraft leasing industry. Key takeaways discussed in the full report are as follows:

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR)
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 43 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR), the eighth prime RMBS transaction issued by Flagstar Bank, FSB.

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2)
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2).

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KBRA Assigns Preliminary Ratings to VMC 2018-FL2
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of VMC 2018-FL2, a $462.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 23 whole loans (or participations thereof) with a total in-trust balance of $421.2 million and $41.1 million cash collateral. The cash collateral is expected to be used to acquire two delayed-closing assets ($36.6 million) and funded non-trust companion participations related to the initial transaction collateral ($4.5 million).

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KBRA Assigns Issuer Rating of BBB+ and Senior Unsecured Debt Rating of BBB to Dubai Aerospace Enterprise Ltd.
16-Oct-2018

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns issuer and senior unsecured ratings of BBB+ and BBB, respectively to Dubai Aerospace Enterprise Ltd. (“DAE” or “the Company”), an aerospace and aircraft leasing company headquartered in Dubai. The Outlook on the ratings is Stable.