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KBRA Affirms the Ratings on Earnest Student Loan Program 2016-B LLC

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 Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3

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

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 Withdraws the Class A Rating for NMEF Funding 2015-A, LLC

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 Assigns Final Ratings to Rosy Blue Carat S.A.

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 Withdraws the Ratings on American Credit Acceptance Receivables Trust 2015-2

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 Affirms Ratings on Chesapeake Funding II LLC, Series 2016-1, 2016-2, 2017-2, 2017-3, 2016-4 and 2018-2

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 Final Ratings to Brazos Education Loan Authority, Inc. Federal Student Loan-Backed Notes, 2018-1

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 Takes Rating Actions on LendingClub Issuance Trust, Series 2016-NP2

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 Assigns Final Ratings to Dividend Solar Loans 2018-2 LLC

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

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

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 Releases Marketplace Consumer Loan Indices for November

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

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 Releases its ABS 2019 Outlook: Cautiously Optimistic

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its 2019 ABS Outlook. 

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KBRA Assigns Final Ratings to Vx Cargo 2018-1 Trust

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 Ratings to Sprite 2017-1 Limited

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 Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P3

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

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

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 Assigns Preliminary Ratings to Kestrel Aircraft Funding Limited

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 Assigns Final Ratings to Horizon Aircraft Finance I Limited

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 Assigns Preliminary Ratings to Dividend Solar Loans 2018-2 LLC

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 Assigns Final Rating to SunStrong 2018-1 Issuer, LLC

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 Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2018-4

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 Withdraws the Class A Ratings on American Credit Acceptance Receivables Trust 2017-3

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

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

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

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 Assigns Preliminary Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2018-1

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

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 Withdraws the Class A Rating on Flagship Credit Auto Trust 2015-2

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

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

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 Affirms Ratings for Oxford Finance Funding 2014-1, LLC

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the notes of Oxford Finance Funding 2014-1, LLC, an ABS transaction, which closed on November 25, 2014. The portfolio is currently comprised of 18 loans to 15 obligors with a total balance of approximately $106.5 million with exposures to life sciences and healthcare services companies of 70.4% and 29.6%, respectively.

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KBRA Affirms Ratings on OneMain Direct Auto Receivables Trust

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 Assigns Final Ratings to Notes Issued by Tricolor Auto Securitization Trust 2018-2

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 Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2018-4

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 Withdraws the Class A Rating on LendingClub Issuance Trust, Series 2016-NP2

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 Downgrades the Class A-2 and Class B Notes for Harley Marine Financing LLC, Series 2018-1

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

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 Withdraws the Ratings on Diamond Resorts Owner Trust 2014-1

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 Ratings for Spirit Master Funding VII, LLC

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 Affirms Ratings for Access Point Funding I 2017-A, LLC

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 Affirms Ratings for BlueVirgo 2015-1 Trust

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 Assigns Final Ratings to CarNow Auto Receivables Trust 2018-1

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 Withdraws Ratings on Emerald Aviation Finance Limited, Series 2013-1 Due to Notes Paid in Full

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 Places Ratings on Watch Developing for HASI SYB Trust 2015-1

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 Affirms Ratings for WAVE 2017-1 LLC

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

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 Assigns Preliminary Ratings to Vx Cargo 2018-1 Trust

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 Withdraws the Ratings on Flagship Credit Auto Trust 2014-1

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

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 Affirms Ratings for Harbour Aircraft Investments Limited, Series 2017

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

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 Assigns Preliminary Rating to Sunrun Athena Issuer 2018-1, LLC

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 Final Ratings to Notes Issued by First Investors Auto Owner Trust 2018-2

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 Final Ratings to Mariner Finance Issuance Trust 2018-A

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

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

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 Assigns Preliminary Ratings to Rosy Blue Carat S.A.

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 Assigns Final Ratings to Notes Issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One

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 Final Ratings to SoFi Consumer Loan Program 2018-4 Trust

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 Assigns Final Ratings to Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2018-1

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 Affirms Ratings for Vertical Bridge CC, LLC, Series 2016-2 and Removes the Ratings from Watch Developing

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

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

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

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for October.

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KBRA Withdraws Ratings on Oportun Funding IV, LLC, Series 2016-C

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 Releases its Monthly Auto Loan Indices for October

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 Places the Rating for TES 2017-1, LLC on Watch Downgrade

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 Assigns Final Ratings to Sunnova Helios II Issuer, LLC, Solar Asset Backed Notes, Series 2018-1

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 CarNow Auto Receivables Trust 2018-1

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 Preliminary Ratings to Notes Issued by Tricolor Auto Securitization Trust 2018-2

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 Takes Rating Actions on DT Auto Owner Trusts

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 Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-4

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 Takes Rating Actions on Flagship Credit and CarFinance Capital Auto Trusts

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

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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Kroll Bond Rating Agency Affirms Ratings for NP SPE II LLC, Series 2016-1 and Series 2017-1

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 Affirms Ratings on the Orange Lake Timeshare Trust 2016-A Transaction

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 Assigns Preliminary Ratings to Horizon Aircraft Finance I Limited

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

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 Affirms Ratings on Mosaic Solar Loans 2017-2, LLC

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

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 Assigns Final Ratings to Veros Auto Receivables Trust 2018-1

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 Assigns Final Ratings to Credibly Asset Securitization LLC, Series 2018-1

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

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

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

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 Assigns Preliminary Ratings to Marlette Funding Trust 2018-4

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 Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2018-2

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 Affirms Ratings on Veros Auto Receivables Trust 2017-1

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 Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-4 Trust

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 Withdraws Rating on Hercules Capital Funding Trust 2014-1 due to Notes Paid in Full

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 Assigns Final Ratings to Upgrade Receivables Trust 2018-1

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 Assigns Preliminary Ratings to Wingstop Funding LLC Senior Secured Notes, Series 2018-1

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 Takes Rating Actions on Citi Held for Asset Issuance 2016-MF1

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 Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2018-1

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

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 Assigns the Final Ratings to FOCUS Brands Funding LLC - Series 2018-1 Senior Secured Notes and Downgrades the Series 2017-1 Senior Secured Notes

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 Places the Class A-2 and Class B Notes on Watch Downgrade for Harley Marine Financing LLC, Series 2018-1

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 Affirms Ratings for Axis Equipment Finance Receivables IV LLC

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

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 Assigns Preliminary Ratings to AASET 2018-2 Trust

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 Takes Rating Action on Honor Automobile Trust Securitization 2016-1

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

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 Takes Rating Actions on Marlette Funding Trust

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

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 Ratings for HASI SYB Trust 2015-1

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 Withdraws Ratings on First Investor Auto Owner Trust 2014-1

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 Withdraws the Ratings on Diamond Resorts Owner Trust 2015-1

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 Assigns Preliminary Ratings to Sunnova Helios II Issuer, LLC, Solar Asset Backed Notes, Series 2018-1

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 Assigns Preliminary Ratings to Credibly Asset Securitization LLC, Series 2018-1

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 Assigns Preliminary Ratings to Notes Issued by Fortiva Retail Credit Master Note Business Trust Series 2018-One

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 Final Ratings to Oportun Funding X, LLC, Series 2018-C

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 Assigns Final Ratings to Avant Loans Funding Trust 2018-B

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 Assigns Final Ratings to Notes Issued by DT Auto Owner Trust 2018-3

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

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 Assigns Final Ratings to CPS Auto Receivables Trust 2018-D

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

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

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 Preliminary Ratings to FOCUS Brands Funding LLC - Series 2018-1 Senior Secured Notes and Places the Series 2017-1 Senior Secured Notes on Watch Downgrade

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary 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 Withdraws the Ratings on CarFinance Capital Auto Trust 2013-2

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining two classes of notes issued from CarFinance Capital Auto Trust 2013-2 (CFCAT 2013-2), an auto loan ABS transaction, which closed on October 24, 2013. This action reflects the CFC Funding LLC decision to exercise the optional redemption of all outstanding notes pursuant to the Sale and Servicing Agreement dated October 24, 2013. 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 September 30, 2018.

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KBRA Withdraws the Class B Rating on Flagship Credit Auto Trust 2014-2

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Flagship Credit Auto Trust 2014-2 (FCAT 2014-2), auto loan ABS transaction, which closed on October 16, 2014. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Withdraws the Ratings on CarFinance Capital Auto Trust 2014-1

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining three classes of notes issued from CarFinance Capital Auto Trust 2014-1 (CFCAT 2014-1), an auto loan ABS transaction, which closed on March 27, 2014. This action reflects the CFC Funding LLC decision to exercise the optional redemption of all outstanding notes pursuant to the Sale and Servicing Agreement dated March 27, 2014. 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 September 30, 2018.

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KBRA Withdraws Class A-3 Rating on First Investors Auto Owner Trust 2015-1

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-3 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 A-3 notes have been paid in full.

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KBRA Withdraws Class B Rating on First Investors Auto Owner Trust 2014-3

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the First Investors Auto Owner Trust 2014-3 (FIAOT 2014-3), an auto loan ABS transaction which closed on November 13, 2014. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Withdraws Class A-1 Rating on Tidewater Auto Receivables Trust 2018-A

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Tidewater Auto Receivables Trust 2018-A (TMCAT 2018-A), an auto loan ABS transaction, which closed on April 27, 2018. This action reflects the fact that Class A-1 note has been paid in full.

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KBRA Assigns Final Ratings to Elm 2018-2 Trust

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of debt (the “Debt”) issued by Elm 2018-2 Trust.

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KBRA Withdraws the Class A Rating on American Credit Acceptance Receivables Trust 2017-2

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of American Credit Acceptance Receivables Trust 2017-2 (ACAR 2017-2), a subprime auto loan ABS transaction, which closed on June 1, 2017. This action reflects the fact that Class A note has been paid in full.

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KBRA Affirms Rating for Golden Bear 2016-R, LLC, Class R Notes

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating for one note class of Golden Bear 2016-R, LLC, Series 2016-R, a PACE residual repack securitization, which closed on November 30, 2016.

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KBRA Takes Rating Action on Oportun Funding Series

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on three Oportun Funding Series transactions. All classes of notes are affirmed. The data used for this review are as of the August 2018 collection period. Oportun Funding VIII, LLC, Series 2018-A and Oportun Funding IX, LLC, Series 2018-B 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 Releases its Monthly Auto Loan Indices for September

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of September. The accompanying commentary highlights the fact that credit performance weakened across most securitized auto loan pools in September (August collection period). 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 the Class A Rating on the American Credit Acceptance Receivables Trust 2016-3

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A 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 A note has been paid in full.

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KBRA Assigns Final Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2018-3

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2018-3 (“GCAR 2018-3”), an auto loan ABS transaction.

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KBRA Withdraws the Class B Rating on American Credit Acceptance Receivables Trust 2015-3

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of American Credit Acceptance Receivables Trust 2015-3 (ACAR 2015-3), a subprime auto loan ABS transaction, which closed on October 8, 2015. This action reflects the fact that Class B note has been paid in full.

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KBRA Assigns Preliminary Ratings to Oportun Funding X, LLC, Series 2018-C

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary 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 Withdraws the Class A-2 Ratings on Westlake Automobile Receivables Trust 2016-3

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 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 A-1 notes have been paid in full.

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KBRA Assigns Final Rating to Zephyrus Capital Aviation Partners 2018-1 Ltd

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final rating to the loans (the “Loans”) issued by Zephyrus Capital Aviation Partners 2018-1 Ltd (“ZCAP Ireland”) and Zephyrus Capital Aviation Partners 2018-1 LLC (“ZCAP USA”, and together with ZCAP Ireland, “ZCAP 2018-1” or the “Borrowers”).

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KBRA Withdraws Rating on Tidewater Auto Receivables Trust 2016-A

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of 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 Class B note has been paid in full.

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KBRA Assigns Preliminary Ratings to Adams Outdoor Advertising Limited Partnership (LP), Secured Billboard Revenue Notes, Series 2018-1

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary 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 Update on Tesla Energy Operations, Inc. (f.k.a. SolarCity Corporation) and Tesla, Inc.

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring the SolarCity LMC Series IV, LLC, Series 2015-1; SolarCity FTE Series 1, LLC, Series 2016-A; SolarCity LMC Series V, LLC, Series 2016-1; SolarCity FTE Series 2, LLC, Series 2017-A; Tesla 2017-1, LLC, Series 2017-1; and Telsa 2017-2, LLC, Series 2017-2 transactions (the “Tesla Transactions”) originated by Tesla Energy Operations, Inc. (“Tesla Energy”), formerly known as SolarCity Corporation, and rated by KBRA, as a result of recent developments related to Tesla, Inc. (“Tesla”) and its leadership.

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KBRA Affirms Ratings on Dividend Solar Loans 2017-1, LLC

NEW YORK, NY (October 8, 2018) - Kroll Bond Rating Agency (KBRA) affirms the rating on three classes of notes issued under Dividend Solar Loans 2017-1 (DIV 2017-1), a solar loan ABS transaction which closed on October 6, 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 the Class A, Class B and Class C Notes due to the tenor of the underlying assets (longer term assets with a remaining term of approximately 17.17 years).

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Kroll Bond Rating Agency Affirms Ratings to HOA Funding, LLC - Series 2014-1 and Series 2015-1 Senior Secured Notes

NEW YORK, NY (October 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings to the note classes of HOA Funding, LLC, a whole business securitization.

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KBRA Releases Marketplace Consumer Loan Indices for September

NEW YORK, NY (October 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for September.

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KBRA Takes Rating Actions on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the United Auto Credit Securitization Trust 2016-2 transaction. In total, all notes were upgraded. 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 Avant Loans Funding Trust 2018-B

NEW YORK, NY (October 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary 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 that is expected to close on October 18, 2018.

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KBRA Assigns Preliminary Ratings to CPS Auto Receivables Trust 2018-D

NEW YORK, NY (October 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary 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 Update on LendingClub Settlement with the Securities and Exchange Commission and the Department of Justice

NEW YORK, NY (October 3, 2018) - On October 1, 2018, LendingClub Corporation (“LendingClub or the “Company”) announced its settlement of two government investigations: one with the Securities and Exchange Commission (“SEC”) and one with the Department of Justice (“DOJ”). The investigations related to events leading up to the Company’s May 2016 disclosures, which resulted in the resignation of its founder and then-CEO, Renaud Laplanche, as well as the termination and resignation of several senior managers.

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KBRA Takes Rating Actions on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (October 3, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-PM1 transaction. In total, the Class C note was upgraded. The rating actions reflect the fact that despite losses being slightly higher than KBRA’s loss expectation at closing, the credit enhancement and deleveraging has been sufficient for the rating actions taken.

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KBRA Assigns Preliminary Ratings to Notes Issued by DT Auto Owner Trust 2018-3

NEW YORK, NY (October 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by DT Auto Owner Trust 2018-3 (“DTAOT 2018-3”), an auto loan ABS transaction.

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KBRA Update on Arby's Funding, LLC Series 2015-1 and Series 2016-1

NEW YORK, NY (October 2, 2018) – Kroll Bond Rating Agency (“KBRA”) is monitoring the developments in the Arby’s Funding, LLC Series 2015-1 and Series 2016-1 transactions (the “Arby’s Transactions”) as a result of the potential acquisition by Inspire Brands, Inc. (“Inspire”) of Sonic Corp. (“Sonic”).

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KBRA Affirms Ratings on Grain Spectrum Funding II, LLC

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (“KBRA”) affirms the ratings on the Series 2014-1 Notes issued by Grain Spectrum Funding II, LLC, a wireless spectrum-backed ABS transaction.

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KBRA Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P2

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P2 (“CLUB 2018-P2”). This is a $270.30 million consumer loan ABS transaction that closed September 27, 2018.

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KBRA Assigns Preliminary Ratings to Zephyrus Capital Aviation Partners 2018-1 Ltd

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one loan (the “Loan”) issued by Zephyrus Capital Aviation Partners 2018-1 Ltd (“ZCAP Ireland”) and Zephyrus Capital Aviation Partners 2018-1 LLC (“ZCAP USA”, and together with ZCAP Ireland, “ZCAP 2018-1” or the “Borrowers”).

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KBRA Assigns Preliminary Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2018-3

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2018-3 (“GCAR 2018-3”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Elm 2018-2 Trust

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of debt (the “Debt”) issued by Elm 2018-2 Trust.

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KBRA Withdraws the Class C Rating on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (September 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C notes of the United Auto Credit Securitization Trust 2016-2 (UACC 2016-2), an auto loan ABS transaction that closed on September 21, 2016. This action reflects the fact that Class C notes have been paid in full.

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KBRA Releases Its Q4 2018 U.S. ABS Outlook

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) releases its Q4 2018 U.S. ABS Outlook: Fair Winds and Following Seas. The report looks back at credit fundamentals, new issue supply, and pricing trends in the ABS market in Q3 and provides an outlook for the rest of the year. 

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KBRA Upgrades Ratings for Renew & Golden Bear Transactions

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on four Renew transactions. In total, four note classes were upgraded. Each Renew transaction is a residential Property Assessed Clean Energy (“PACE”) transaction. Each transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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KBRA Takes Rating Actions on GLS Auto Receivables Trust

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on four GLS Auto Receivables Trust transactions. In total, the ratings on five notes are upgraded and the ratings on six notes are affirmed. The data used is current as of August 31, 2018. The rating actions for the transactions reflect the fact that losses are below 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 Upgrades Ratings for Ygrene (GoodGreen) Transactions

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on three GoodGreen transactions. In total, six note classes were upgraded. Each GoodGreen transaction is a residential Property Assessed Clean Energy (“PACE”) transaction. Each transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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KBRA Maintains Watch Developing on the Class A Notes and Class B Notes for Vertical Bridge CC, LLC, Series 2016-2

NEW YORK, NY (September 17, 2018) – Kroll Bond Rating Agency (KBRA) maintains the Class A Notes and Class B Notes of Vertical Bridge CC, LLC Secured Tower Revenue Notes, Series 2016-2 (VB 2016-2) on Watch Developing. This transaction is a securitization of wireless tower lease receivables from various radio and television broadcasters or other wireless communications company to Vertical Bridge CC, LLC (the “Issuer”). This transaction closed on October 19, 2016.

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KBRA Withdraws the Rating on Class A Notes issued by GLS Auto Receivables Trust 2016-1

NEW YORK, NY (September 17, 2018) –Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by GLS Auto Receivables Trust 2016-1 (“GLS 2016-1”), an auto loan ABS transaction which closed on May 19, 2016. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Takes Rating Actions on Navitas Equipment Receivables LLC 2016-1

NEW YORK, NY (September 17, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on 4 classes of Navitas Equipment Receivables LLC 2016-1 securitization. The review used information obtained from Navitas Credit Corp through the August 10, 2018 determination date. KBRA is affirming the ratings on the Class A-2 Notes and upgrading three classes of notes, based on collateral performance, build-up in credit enhancement and ability to pass certain cash flow stresses. The table below displays the current capital structure for the Navitas Equipment Receivables LLC 2016-1 transaction. Since the transaction closed, all timely interest and principal payments have been paid to investors, and the transaction performance is in line with KBRA’s base case assumptions.  Credit enhancement has increased for each class of notes as a result of the build in overcollateralization (“O/C”) to 9.21% of the contract balance, the deleveraging which has occurred as the notes have amortized and the non-declining reserve account which has increased as a percentage of the current contract balance. Current credit enhancement for the notes is 12.65%.

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KBRA Withdraws Rating on Gracie Point Premium Financing 2017-I, Series 2017-A

NEW YORK, NY (September 13, 2018) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class I Notes in the Gracie Point Premium Financing 2017-I, Series 2017-A transaction. KBRA notes that the Class I Notes were paid in full on September 12, 2018.

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P2

NEW YORK, NY (September 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P2 (“CLUB 2018-P2”). This is a $270.30 million consumer loan ABS transaction that is expected to close September 27, 2018.

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KBRA Takes Rating Actions on Avant Loans Funding Trust

NEW YORK, NY (September 10, 2018) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) has taken rating actions on 5 Avant Loans Funding Trust transactions. In total, 7 notes were upgraded and 4 were affirmed. The data used are current as of the July 31, 2018 collection period. No rating actions were taken on Avant Loans Funding Trust 2018-A transaction because it has 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 Ratings on American Credit Acceptance Receivables Trust 2015-1

NEW YORK, NY (September 10, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the American Credit Acceptance Receivables Trust 2015-1 (“ACAR 2015-1”), an auto loan transaction, which closed on March 9, 2015. The optional redemption was exercised today as a result of the pool factor being less than or equal to 15% as of March 31, 2018 collection period.

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KBRA Withdraws Ratings on OneMain Direct Auto Receivables Trust 2016-1

NEW YORK, NY (September 10, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the three remaining classes of notes issued out of OneMain Direct Auto Receivables Trust Notes 2016-1 (“ODART 2016-1”), an auto loan asset-backed securities transaction, which closed on July 19, 2016. This action reflects the decision of Springleaf Finance Corporation, as servicer, to exercise the optional redemption of all the outstanding notes pursuant to the sales and servicing agreement dated July 19, 2016. 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 July 31, 2018.

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KBRA Releases its Monthly Auto Loan Indices for August

NEW YORK, NY (September 10, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of August. The accompanying commentary highlights the fact that securitized auto loan credit performance was stable to slightly weaker in August remittance reports, but continues to improvement YoY, as the used car market has rebounded and many issuers have tightened their credit box. MoM deterioration in both indices should continue through the remainder of the year, as summer travel and holiday spending weigh on borrower finances.

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KBRA Takes Rating Action on Arcadia Receivables Credit Trust 2017-1

NEW YORK, NY (September 7, 2018) – Kroll Bond Rating Agency (KBRA) takes rating action on the Arcadia Receivables Credit Trust 2017-1 transaction. In total, the Class A note is upgraded, and the Class B note is affirmed. The rating actions reflect the fact that despite losses being higher than KBRA’s loss expectation, the credit enhancement and breakeven multiples are sufficient for the rating actions taken.

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KBRA Releases Marketplace Consumer Loan Indices for August

NEW YORK, NY (September 7, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for August.

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KBRA Update on the Appointment of a Successor Servicer on Honor Automobile Trust Securitization 2016-1

NEW YORK, NY (September 5, 2018) – Kroll Bond Rating Agency (KBRA) has received notice from Wells Fargo Bank, National Association, the indenture trustee, that Westlake Portfolio Management, LLC (Westlake) was appointed successor servicer of the Honor Automobile Trust Securitization 2016-1 (HATS 2016-1) transaction. On August 30, 2018, Honor Finance, LLC officially transferred all servicing responsibilities to the successor servicer, and Westlake began its first full day of active servicing on August 31, 2018. KBRA will continue to monitor the developments of this servicing transition and the performance of the HATS 2016-1 transaction.

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KBRA Takes Rating Actions on Mariner Finance Issuance Trust

NEW YORK, NY (August 31, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two Mariner Finance Issuance Trust (“MFIT”) transactions. In total, five notes are affirmed, and one note is upgraded. The data used was as of the August 20, 2018 payment date.

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KBRA Affirms Ratings for SolarCity LMC Series IV, LLC, Series 2015-1

NEW YORK, NY (August 30, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of SolarCity LMC Series IV, LLC, Series 2015-1, a residential distributed generation solar securitization, which closed on August 14, 2015.

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KBRA Assigns Final Ratings to Cazenovia Creek Funding II, LLC & Caz Creek TX, LLC, Series 2018-1 Notes

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) announces the final ratings to two note classes of Cazenovia Creek Funding II, LLC & Caz Creek TX, LLC, Series 2018-1, a property tax lien ABS transaction.

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KBRA Assigns Final Rating to Gracie Point International Premium Funding 2017-I, Series 2018-A Notes (Draw No. 2)

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns final rating to the Series 2018-A, Class I Notes (Draw No. 2) issued by Gracie Point International Premium Funding 2017-I, Series 2018-A Notes (Draw No. 2).

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2018-2

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2018-2 (“PMIT 2018-2”). This is a $500.5 million consumer loan ABS transaction.

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KBRA Affirms Rating on One Class of Notes and Upgrades Rating on One Class of Notes of Alterna Funding II, LLC

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on the Class A Notes and upgrades the rating on Class B Notes of Alterna Funding II, LLC, a property tax lien ABS transaction, which closed on August 27, 2015. The transaction has performed as expected since closing.

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KBRA Upgrades Ratings on Skopos Auto Receivables Trust 2015-2

NEW YORK, NY (August 28, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on all outstanding classes of notes issued under Skopos Auto Receivables Trust 2015-2 (SKOP 2015-2), which closed on November 13, 2015. This action reflects that despite higher losses, the credit enhancement levels and breakeven multiples are sufficient to cover remaining expected lifetime cumulative net losses and support upgrades to the Class B, Class C, and Class D notes.

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KBRA Withdraws the Class A-1 Rating on Foursight Capital Auto Receivable Trust 2018-1

NEW YORK, NY (August 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Foursight Capital Auto Receivable Trust 2018-1 (FCRT 2018-1), an auto loan ABS transaction, which closed on March 21, 2018. This action reflects the fact that Class A-1 notes have been paid in full.

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KBRA Withdraws the Class B Rating on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (August 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B 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 Class B note has been paid in full as of July 31, 2018.

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KBRA Withdraws the Class A Rating on Marlette Funding Trust 2016-1

NEW YORK, NY (August 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A 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 A note has been paid in full as of July 31, 2018.

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KBRA Withdraws the Class A Rating on Avant Loans Funding Trust 2017-A

NEW YORK, NY (August 23, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Avant Loans Funding Trust 2017-A (AVNT 2017-A), a consumer loan ABS transaction which closed on May 3, 2017. This action reflects the fact that the Class A note has paid off.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2018-3

NEW YORK, NY (August 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-3 (“FCAT 2018-3”), an auto loan ABS transaction.

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KBRA Affirms Rating on Golden State Tobacco Securitization Corporations, Series 2007A-2, Withdraws Rating on the Remaining Series 2007A-1, after Issuance of New Series 2018A-2

NEW YORK, NY (Aug. 23, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on Golden State Tobacco Securitization Corporation (the “Corporation”), Series 2007A-2, and withdraws the rating on the Corporation’s existing Series 2007A-1 bonds after the issuance of Golden State Tobacco Securitization Corporation, Series 2018A-2. The new series will refund the remaining portion of the 2007A-1 securitization.

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KBRA Assigns Final Ratings to Notes Issued by Westlake Automobile Receivables Trust 2018-3

NEW YORK, NY (August 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2018-3 (WLAKE 2018-3), an auto loan ABS transaction.

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KBRA Affirms Ratings for Four Seas L.P.

NEW YORK, NY (August 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A-1 and A-2 Notes of Four Seas L.P., a diamond ABS transaction, which closed on August 22, 2017. As of the July 2018 payment date, the portfolio has an aggregate book value of inventory $172.9 million and a total eligible receivable $43.2 million.

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KBRA Affirms Ratings for S-Jets 2017-1 Limited

NEW YORK, NY (August 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Notes, Class B Notes and Class C Notes of S-Jets 2017-1 Limited, an aircraft ABS transaction, which closed on August 22, 2017. The Notes are currently supported by a portfolio of 21 commercial aircraft on lease to 16 airlines in 13 countries.

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KBRA Assigns Final Ratings to Insurance Administration Fee Asset-Backed Notes, Series 2018-1

NEW YORK, NY (August 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating of BBB- (sf) to Insurance Administration Fee Asset-Backed Notes, Series 2018-1. The notes are newly issued asset-backed securities backed by a portfolio of administrative fee paid to Lombard International Administration Services Company, LLC (“LIAS”).

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KBRA Withdraws the Class B Rating on Avant Loans Funding Trust 2016-B

NEW YORK, NY (August 22, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Avant Loans Funding Trust 2016-B (AVNT 2016-B), a consumer loan ABS transaction which closed on April 28, 2016. This action reflects the fact that the Class B note has paid off.

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KBRA Assigns Final Ratings to Willis Engine Structured Trust IV

NEW YORK, NY (August 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two series of notes (the “Notes”) issued by Willis Engine Structured Trust IV (“WEST IV” or the “Issuer”).

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KBRA Withdraws the Rating on Class C Notes Issued by DT Auto Owner Trust 2015-2

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C notes issued by the DT Auto Owner Trust 2015-2 (“DTAOT 2015-2”), an auto loan ABS transaction which closed on June 17, 2015. This action reflects the fact that the Class C notes have been paid in full.

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KBRA Assigns Preliminary Ratings to Cazenovia Creek Funding II, LLC & Caz Creek TX, LLC, Series 2018-1 Notes

NEW YORK, NY (August 20, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Cazenovia Creek Funding II, LLC & Caz Creek TX, LLC, Series 2018-1, a property tax lien ABS transaction.

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2018-2

NEW YORK, NY (August 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2018-2 (“PMIT 2018-2”). This is a $500.5 million consumer loan ABS transaction.

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KBRA Affirms Ratings on Chesapeake Funding II LLC, Series 2017-4, 2017-3, 2017-2, 2016-2 and 2016-1

wNEW YORK, NY (August 16, 2018) – Kroll Bond Rating Agency (KBRA) is affirming the ratings on the outstanding Series 2016-1 Notes, Series 2016-2 Notes, Series 2017-2, Series 2017-3 and Series 2017-4 Notes. 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 2018-2 Notes out of the same master trust.

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KBRA Assigns Preliminary Rating to Gracie Point International Premium Funding 2017-I, Series 2018-A Notes (Draw No. 2)

NEW YORK, NY (August 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary rating to the Series 2018-A, Class I Notes (Draw No. 2) issued by Gracie Point International Premium Funding 2017-I, Series 2018-A Notes (Draw No. 2).

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KBRA Assigns Final Ratings to Chesapeake Funding II LLC Series 2018-2

NEW YORK, NY (August 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes (the “Notes”) issued by Chesapeake Funding II LLC (see ratings listed below).

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KBRA Withdraws Rating on Citi Held for Asset Issuance 2016-MF1

NEW YORK, NY (August 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Citi Held for Asset Issuance 2016-MF1 (CHAI 2016-MF1), a consumer loan ABS transaction, which closed on March 4, 2016. This action reflects the fact that Class A note has been paid in full.

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KBRA Affirms Ratings for Castlelake Aircraft Securitization Trust 2016 1

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Loans, Class B Loans and Class C Loans of Castlelake Aircraft Securitization Trust 20161, an aircraft ABS transaction, which closed on August 15, 2016. As of July 31, 2018, the current portfolio currently supported by a portfolio of 45 commercial aircraft and one stand-alone engine.

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KBRA Assigns Final Ratings to Conn's Receivables Funding 2018-A

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Conn’s Receivables Funding Series (“CONN 2018-A”). The transaction represents the sixth securitization since 2015 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 Update on the Appointment of a Successor Servicer on Honor Automobile Trust Securitization 2016-1

NEW YORK, NY (August 14, 2018) – Kroll Bond Rating Agency (KBRA) continues to monitor the developments in the Honor Automobile Trust Securitization 2016-1 (“HATS 2016-1”) transaction and the potential appointment of Westlake Services, LLC, dba Westlake Financial Services (“Westlake”) as successor servicer on the transaction.

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KBRA Releases a Primer on the Refi Student Loan ABS Market

NEW YORK, NY (August 14, 2018) – Kroll Bond Rating Agency (KBRA) releases a refi student loan ABS primer entitled “An Education on Refi Student Loans ABS.”

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KBRA Update on Sierra Auto Receivables Securitization Trust 2016-1

NEW YORK, NY (August 13, 2018) – Kroll Bond Rating Agency (KBRA) has received an update from Sierra Auto Finance LLC (“Sierra” or “the Company”) on its decision to pause originations and front-end operations because of unfavorable market conditions. Sierra plans to continue servicing its existing portfolio and may restart originations when capital markets conditions warrant a potential restart.  In addition, co-founder, president and chief operating officer, W. Brett Beebe, stepped down in July 2018 and was replaced by Brian Mock, the head of Sierra’s servicing department.  Mr. Mock has over 20 years of experience working in the auto finance industry, having previously worked at Ford Motor Credit and GM Financial.  Sierra is continuing to focus on servicing its existing portfolio which represents approximately $185 million in receivables.

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KBRA Assigns Final Rating to NYCTL 2018-A Trust

NEW YORK, NY (August 9, 2018) – Kroll Bond Rating Agency (KBRA) announces the final rating on the bonds of NYCTL 2018-A Trust, a property tax lien ABS transaction

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KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust IV

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two series of notes (the “Notes”) issued by Willis Engine Structured Trust IV (“WEST IV” or the “Issuer”).

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KBRA Assigns Final Ratings to Upstart Securitization Trust 2018-2

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Upstart Securitization Trust 2018-2 (“UPST 2018-2”). This is a $187.623 million consumer loan ABS transaction that closed on August 8, 2018.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-3

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-3 (“FCAT 2018-3”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Notes Issued by Westlake Automobile Receivables Trust 2018-3

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2018-3 (WLAKE 2018-3), an auto loan ABS transaction.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2018-3 Trust

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-3 (“SCLP 2018-3”). This is a $546.00 million consumer loan ABS transaction.

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KBRA Withdraws Ratings on GO Financial Auto Securitization Trust 2015-1

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C notes issued out of GO Financial Auto Securitization Trust 2015-1 (GO FAST 2015-1) an auto loan ABS transaction, which closed on May 27, 2015. This action reflects GO Financial Receivables Company 15-1, LLC exercised its option to repurchase the receivables held in GO Fast 2015-1 pursuant to the sales and servicing agreement dated May 27, 2015. The Class C notes have been paid-in-full as of the May 2018 distribution period.

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KBRA Releases its Monthly Auto Loan Indices for July

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of July. The accompanying commentary highlights the fact that auto loan collateral performance weakened during the month, with annualized net losses rising in both KBRA’s Prime and Non-Prime Auto Loan Indices. The trend should progress through the remainder of the year, as summer travel and holiday spending weigh on borrower finances.

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KBRA Assigns Preliminary Ratings to Conn's Receivables Funding 2018-A

NEW YORK, NY (August 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Conn’s Receivables Funding Series (“CONN 2018-A”). The transaction represents the sixth securitization since 2015 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 Affirms Ratings for Willis Engine Structured Trust III

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Notes and Series B Notes of Willis Engine Structured Trust III, an aircraft engine ABS transaction, which closed on August 4, 2017. The portfolio is currently comprised of 56 engines with an aggregate appraised value of approximately $407.1 million.

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KBRA Affirms Ratings on NYCTL 2016-A Trust

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on one class of NYCTL 2016-A Trust, a property tax lien ABS transaction, which closed on August 3, 2016. The transaction has performed as expected since closing and credit enhancement has increased over the past year.

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KBRA Upgrades GO Financial Auto Securitization Trust 2015-2

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the class C ratings on the GO Financial Auto Securitization Trust 2015-2 transaction. In total, the rating on one note was upgraded. The data used is current as of the July 2018 distribution period. The rating action for the transaction reflects the fact that losses are below KBRA’s loss expectations, credit enhancement has built for the remaining class of notes and the breakeven loss multiple is sufficient for the respective upgrade.

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KBRA Takes Rating Actions on CPS Auto Receivables Trusts

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three CPS Auto Receivables Trust transactions. In total, the ratings on six notes were upgraded and the ratings on nine notes were affirmed. The data used is as of the July 2018, 2018 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 Assigns Preliminary Ratings to Insurance Administration Fee Asset-Backed Notes, Series 2018-1

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of BBB- (sf) to Insurance Administration Fee Asset-Backed Notes, Series 2018-1. The notes are newly issued asset-backed securities backed by a portfolio of administrative fee paid to Lombard International Administration Services Company, LLC (“LIAS”).

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KBRA Releases Marketplace Consumer Loan Indices for July

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) releases its marketplace consumer loan indices for July.

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KBRA Withdraws Ratings on Conn's Receivables Funding 2017-A

NEW YORK, NY (August 2, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class B and Class C notes issued out of Conn’s Receivables Funding 2017-A (CONN 2017-A) a consumer loan ABS transaction, which closed on April 19, 2017. This action reflects the fact that the Class A and Class B notes have been paid-in-full as of June collection period.

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KBRA Takes Rating Actions on Two OneMain Holdings's Transactions

NEW YORK, NY (August 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings of one class of notes and upgrades the ratings of seven classes of notes under two OneMain Holdings’s 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. These transactions have completed their respective revolving periods.

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KBRA Assigns Final Ratings to Thunderbolt II Aircraft Lease Limited

NEW YORK, NY (August 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two series of notes (the “Notes”) issued by Thunderbolt II Aircraft Lease Limited and Thunderbolt II Aircraft Lease US LLC (together, “TBOLT 2018” or the “Issuers”).

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KBRA Affirms Ratings for Diamond Head Aviation 2015 Limited

NEW YORK, NY (August 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Notes and Class B Notes of Diamond Head Aviation 2015 Limited, an aircraft ABS transaction, which closed on July 30, 2015. As of March 31, 2018, the current portfolio consists of 19 aircraft leased to 10 operators based in 10 countries.

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KBRA Assigns Ratings to Planet Fitness Master Issuer LLC, Series 2018-1

NEW YORK, NY (August 1, 2018) – Kroll Bond Rating Agency (KBRA) announces the ratings to three note classes of Planet Fitness Master Issuer LLC, a whole business securitization.

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KBRA Releases Report for Tower Capital Management LLC

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) completes a review of Tower Capital Management LLC (“Tower” or the “Company”) servicing procedures and capabilities in July 2018. Tower is a specialty finance servicing company headquartered in Morristown, NJ, that currently manages tax lien receivables primarily across 23 states.

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KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2018-2

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2018-2 (“UPST 2018-2”). This is a $187.623 million consumer loan ABS transaction that is expected to close on August 10, 2018.

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KBRA Assigns Ratings to Chesapeake Funding II LLC Series 2018-2

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes (the “Notes”) anticipated to be issued by Chesapeake Funding II LLC (see preliminary ratings listed below).

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KBRA Assigns Final Ratings to Marlette Funding Trust 2018-3

NEW YORK, NY (July 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2018-3 (MFT 2018-3). This is a $402.31 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to NYCTL 2018-A Trust

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings on the bonds of NYCTL 2018-A Trust, a property tax lien ABS transaction.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-3 Trust

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-3 (“SCLP 2018-3”). This is a $546.00 million consumer loan ABS transaction.

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KBRA Places the Class A-2 and B Notes on Watch Developing for Harley Marine Financing LLC, Series 2018-1

NEW YORK, NY (July 25, 2018) – Kroll Bond Rating Agency (KBRA) is placing both classes of Harley Marine Services, LLC, Series 2018-1 on Watch Developing.

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KBRA Assigns Final Ratings to Securitized Equipment Receivables 2018-2 Trust

NEW YORK, NY (July 25, 2018) –Kroll Bond Rating Agency (KBRA) assigns final ratings to four note classes of Securitized Equipment Receivables Trust 2018-2. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Places the Class A Notes on Watch Developing, the Class B on Watch Downgrade and Downgrades the Class C Notes for Honor Automobile Trust Securitization 2016-1

NEW YORK, NY (July 24, 2018) – Kroll Bond Rating Agency (KBRA) places the Class A notes on Watch Developing, the Class B notes on Watch Downgrade and downgrades the Class C notes from BB- (sf) to CCC+ (sf) and keeps the Class C notes on Watch Downgrade where it was placed on May 23, 2018. 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 Final Ratings to OneMain Direct Auto Receivables Trust 2018-1

NEW YORK, NY (July 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2018-1 (“ODART 2018-1”) an auto loan ABS transaction. 

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KBRA Withdraws the Class A-1 Ratings on Westlake Automobile Receivables Trust 2018-1

NEW YORK, NY (July 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Westlake Automobile Receivables Trust 2018-1 (WLAKE 2018-1), and auto loan ABS transaction that closed January 24, 2018. This action reflects that Class A-1 notes have been paid in full.

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KBRA Takes Rating Actions on First Investors Auto Owner Trusts

NEW YORK, NY (July 20, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on ten First Investors Auto Owner Trust transactions. In total, 33 notes are affirmed and 12 are upgraded. The data used is current as of the June 2018 collection period. No rating actions are taken on the First Investors Auto Owner Trust 2018-1 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 on Purchasing Power Funding 2018-A, LLC

NEW YORK, NY (July 20, 2018) - 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 Takes Rating Actions on OneMain Direct Auto Receivables Trust

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three OneMain Direct Auto Receivables Trust transactions. In total, the ratings on eight notes were affirmed and the ratings on five notes were upgraded. The data used are current as of June 30, 2018. 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.

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KBRA Withdraws the Rating on Class B Notes issued by GO Financial Auto Securitization Trust 2015-2

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by the GO Financial Auto Securitization Trust 2015-2 (“GOFAST 2015-2”), an auto loan ABS transaction which closed on October 24, 2016. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Affirms Ratings for Castlelake Aircraft Structured Trust 2017-1

NEW YORK, NY (July 19, 2018) – 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 Castlelake Aircraft Structured Trust 2017-1, an aircraft ABS transaction, which closed on July 19, 2017. There are currently 43 aircraft on lease to 16 lessees located in 11 countries in the portfolio.

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KBRA Assigns Preliminary Ratings to Securitized Equipment Receivables 2018-2 Trust

NEW YORK, NY (July 18, 2018) –Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four note classes of Securitized Equipment Receivables Trust 2018-2. 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 Marlette Funding Trust 2018-3

NEW YORK, NY (July 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2018-3 (MFT 2018-3). This is a $402.31 million consumer loan ABS transaction.

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KBRA Withdraws the Class B Ratings on First Investors Auto Owner Trust 2014-2

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the First Investors Auto Owner Trust 2014-2 (FIAOT 2014-2), an auto loan ABS transaction which closed on August 14, 2014. This action reflects the fact that the Class B notes have been paid in full as of June 2018.

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KBRA Withdraws the Class A-1 Rating on Flagship Credit Auto Trust 2016-4

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A-1 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-1 notes have been paid in full.

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KBRA Affirms Ratings for Tax Ease Funding 2016-1, LLC, Series 2016-1

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Tax Ease Funding, LLC, Series 2016-1, a property tax lien ABS transaction. The transaction has performed as expected and credit enhancement has increased since closing.

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KBRA Takes Rating Actions on CarNow Auto Receivables Trusts

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two CarNow Auto Receivable’s Trust transactions. In total, the ratings on three notes are affirmed and ratings on three notes are upgraded. The data used are current as of May 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 OneMain Direct Auto Receivables Trust 2018-1

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2018-1 (“ODART 2018-1”) an auto loan ABS transaction. 

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KBRA Affirms Ratings for Sunrun Callisto Issuer 2015-1, LLC, Series 2015-1

NEW YORK, NY (July 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of Sunrun Callisto Issuer 2015-1, LLC, Series 2015-1, a residential distributed generation solar securitization, which closed on July 9, 2015.

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KBRA Takes Rating Actions on Foursight Capital Receivables Trust

NEW YORK, NY (July 11, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on two Foursight Capital Receivables Trust transactions. In total, the ratings on seven notes are affirmed. The data used are current as of May 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.

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KBRA Affirms Ratings for SCF RC Funding I LLC, SCF RC Funding II LLC & SCF RC Funding III LLC

NEW YORK, NY (July 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings on four classes of notes on SCF RC Funding I LLC, SCF RC Funding II LLC & SCF RC Funding III LC.

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KBRA Releases its Monthly Auto Loan Indices for June

NEW YORK, NY (July 11, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of June. The accompanying commentary highlights the fact that auto loan collateral performance metrics were mostly positive during the month, with annualized net losses and 60+ day delinquencies falling in KBRA’s Prime Auto Loan Index. Annualized net losses also feel in our Non-Prime Index, but delinquency rates climbed, reversing a three-month downward trend. Last month we predicted that auto loan credit performance would begin to deteriorate in June. We saw this, to some extent, in non-prime delinquency rates, but we expect both prime and non-prime collateral performance to worsen in July, as seasonal factors should push losses and delinquency rates incrementally higher each month through the remainder of the year.

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KBRA Assigns Preliminary Ratings to Planet Fitness Master Issuer LLC, Series 2018-1

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to three note classes of Planet Fitness Master Issuer LLC, a whole business securitization.

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KBRA Withdraws Ratings on Oportun Funding III, LLC, Series 2016-B

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A and B notes issued from Oportun Funding III, LLC, Series 2016-B (Oportun 2016-B) a consumer loan ABS transaction, which closed on July 8, 2016. This action reflects the fact that the Class A and B notes have been paid-in-full as of the July 2018 payment date.

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KBRA Assigns Final Ratings to Oportun Funding IX, LLC, Series 2018-B

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Oportun Funding IX, LLC, Series 2018-B (“Oportun 2018-B”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to Thunderbolt II Aircraft Lease Limited

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two series of notes (the “Notes”) issued by Thunderbolt II Aircraft Lease Limited and Thunderbolt II Aircraft Lease US LLC (together, “TBOLT 2018” or the “Issuers”).

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KBRA Affirms Ratings on Diamond Resorts Owner Trust 2015-2

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Diamond Resorts Owner Trust 2015-2 (DROT 2015-2), a timeshare loan ABS transaction which closed on November 17, 2015. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Diamond has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Releases Marketplace Consumer Loan Indices for June

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) released its marketplace consumer loan indices for June.

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KBRA Affirms Ratings on Diamond Resorts Owner Trust 2016-1

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Diamond Resorts Owner Trust 2016-1 (DROT 2016-1), a timeshare loan ABS transaction which closed on November 9, 2016. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Diamond has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Affirms Ratings on Diamond Resorts Owner Trust 2014-1

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Diamond Resorts Owner Trust 2014-1 (DROT 2014-1), a timeshare loan ABS transaction which closed on November 20, 2014. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Diamond has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Downgrades the Ratings for Prop 2017-1 Limited

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) has downgraded the ratings of the Series A Loans, Series B Loans and Series C Loans of Prop 2017-1 Limited, a turboprop aircraft ABS transaction.

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KBRA Affirms Ratings for Jimmy John's Funding, LLC

NEW YORK, NY (July 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings on three classes of notes on the Jimmy John’s Funding, LLC, a whole business securitization.

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KBRA Affirms Ratings on Cazenovia Creek Funding I, LLC, Series 2015-1

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Cazenovia Creek Funding I, LLC, Series 2015-1, a property tax lien ABS transaction. The transaction has performed as expected since closing and credit enhancement has increased over the past year.

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KBRA Takes Rating Actions on SoFi Consumer Loan Program Trusts

NEW YORK, NY (July 5, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on 12 SoFi Consumer Loan Program (“SCLP”) Trust transactions. In total, 21 notes are affirmed and four are upgraded. The data used are current as of the June 2018 distribution period. No rating actions were taken on SoFi Consumer Loan Program 2018-1 and SoFi Consumer Loan Program 2018-2 transaction since these transactions have less than six months seasoning. Based on the current performance, KBRA has maintained its cumulative net loss (“CNL”) assumptions for the SoFi transactions. Credit enhancement has increased for each class of notes and supports the rating actions. Credit enhancement for each transaction consists of overcollateralization (“O/C.”), subordination of junior notes, cash reserves, and excess spread. Each transaction has met its respective target O/C (with the exception of the SCLP 2017-6 transaction, which is still building up to its target of 16.00%). The collateral for all the transactions has amortized from their initial pool balance since closing.

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KBRA Upgrades the Ratings for SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1

Kroll Bond Rating Agency (KBRA) upgrades the ratings of SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1, an equipment lease and loan ABS transaction. As of May 31, 2018, the aggregate discounted balance (ADB) of the portfolio is approximately $128.0 million. The portfolio is comprised of 55 contracts to 15 obligors. The ADB is based on the projected equipment loan and lease cash flows discounted at a rate of 7.49%.

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KBRA Monitors Harley Marine Financing LLC, Series 2018-1

NEW YORK, NY (July 5, 2018) – Kroll Bond Rating Agency (KBRA) is currently monitoring information concerning Harley Marine Services Inc. (“HMS”) due to news released regarding a potential lawsuit against the CEO. The company issued a KBRA rated securitization earlier this year. The transaction, Harley Marine Financing LLC, Series 2018-1, is a securitization and benefits from typical structural protections. KBRA notes that none of the securitization entities are named as parties in the litigation and that we will continue to monitor the situation and will release additional information as it becomes available.

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KBRA Withdraws Rating on Gracie Point Premium Financing 2017-I, Series 2017-B

NEW YORK, NY (July 2, 2018) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class I Notes in the Gracie Point Premium Financing 2017-I, Series 2017-B transaction. KBRA notes that the Class I Notes were paid in full on June 28, 2018.

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KBRA Assigns Final Ratings to Mosaic Solar Loan Trust 2018-2-GS

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Mosaic Solar Loan Trust 2018-2-GS (“Mosaic 2018-2-GS”). This is a $317.5 million term ABS securitization collateralized by a pool of approximately $381.5 million residential solar loans.

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KBRA Upgrades Ratings for HERO Funding Transactions

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on twelve HERO Funding transactions. In total, seventeen note classes were affirmed. Each HERO transaction is a residential Property Assessed Clean Energy (“PACE”) transaction. Each transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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KBRA Assigns Final Ratings to Credit Suisse ABS Trust 2018-LD1

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Credit Suisse ABS Trust 2018-LD1 (CSABS 2018-LD1). This is a $180.21 million consumer loan ABS transaction.

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KBRA Affirms Ratings on Spruce ABS Trust 2016-E1

NEW YORK, NY (June 29, 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 Releases Midyear 2018 ABS Outlook: Strong and More Resilient

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) releases Midyear ABS Outlook: Stronger and More Resilient. Entering 2018, ABS credit fundamentals were strong, volatility was low, and spreads were on a two-year tightening trend. However, we were reminded this spring that volatility does indeed exist, as events throughout the first half of the year caused risky assets to sell-off on multiple occasions. For the most part, the ABS market held its ground each time, outperforming almost all other parts of the fixed income markets year-to-date.

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KBRA Assigns Final Ratings to Business Jet Securities 2018-2, LLC, Secured Notes, Series 2018-2

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three note classes of Business Jet Securities 2018-2, LLC, Secured Notes, Series 2018-2. 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 subject to an operating lease and terms of the fixed rate notes as of June 28, 2018.

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KBRA Affirms Ratings on Two Classes of Golden State Tobacco Securitization Corporations, Series 2007A, Withdraws Two Classes after Issuance of New Series 2018A-1

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Golden State Tobacco Securitization Corporation (the “Corporation”), Series 2007A, and withdraws the ratings on two classes after the issuance of Golden State Tobacco Securitization Corporation, Series 2018A-1. The new series will refund a portion of the 2007A-1 securitization, including the classes that mature in 2033 and 2047 (see list below) and issue new classes.

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KBRA Affirms Ratings of Notes Under Six OneMain Holdings's Transactions

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings of 25 notes under six OneMain Holdings’s 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. All the transactions are currently in their revolving periods.

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KBRA Upgrades the Ratings on Sierra Auto Receivables Securitization Trust 2016-1

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class A, 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 being 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 Affirms Ratings on Five Guys Funding, LLC

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms ratings on two classes of notes on the Five Guys Funding, LLC, a whole business securitization.

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KBRA Affirms Ratings on Cajun Global LLC

NEW YORK, NY (June 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms rating on two classes of notes on the Cajun Global LLC, a whole business securitization.

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KBRA Assigns Final Ratings to START Ltd.

NEW YORK, NY (June 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by START Ltd. and START USA LLC (together, “START 20181” or the “Issuers”).

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KBRA Affirms Ratings on the Welk Resorts 2015-A and Welk Resorts 2017-A Transactions

NEW YORK, NY (June 22, 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 Affirms Ratings for Arby's Funding, LLC, Series 2015-1 and 2016-1

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings to two Series of Arby’s Funding, LLC, a whole business securitization.

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KBRA Assigns Final Ratings to Renew 2018-1, Renew A Notes, Series 2018-1

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to Renew 2018-1, Renew A Notes, Series 2018-1 (Renew 2018-1). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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KBRA Takes Rating Actions on Consumer Loan Underlying Bond (CLUB) Credit Trust

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on four Consumer Loan Underlying Bond (“CLUB”) Credit Trust transactions. In total, seven notes were affirmed and four were upgraded. The data used are current as of the June 2018 distribution period. No rating actions were taken on Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1 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 CLUB transactions. Credit enhancement has increased for each class of notes and supports the rating actions.

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KBRA Publishes ABS Research: The PACE Evolution

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) releases a report reviewing the recent regulatory and underwriting changes within the Property Assessed Clean Energy (PACE) sector. The report discusses these positive developments as it relates to the current performance of the residential PACE ABS transactions that have received ratings from KBRA. To date, KBRA has rated the senior tranche of every public residential ABS transaction (22 issuances) ‘AA (sf)’ or ‘AA+ (sf)’. In the aggregate, these issuances comprise approximately 200,000 PACE assessments originated in 75 counties across California, Florida and Missouri.

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KBRA Upgrades and Affirms the Ratings on Upstart Securitization Trust 2017-1

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) upgrades and affirms the ratings on three classes of notes issued under Upstart Securitization Trust 2017-1 (UPST 2017-1), a consumer loan ABS transaction which closed on June 21, 2017.

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KBRA Assigns Preliminary Ratings to Oportun Funding IX, LLC, Series 2018-B

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Oportun Funding IX, LLC, Series 2018-B (“Oportun 2018-B”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2018-2-GS

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2018-2-GS (“Mosaic 2018-2-GS”). This is a $317.5 million term ABS securitization collateralized by a pool of approximately $381.5 million residential solar loans.

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KBRA Assigns Final Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2018-2

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2018-2 (“GCAR 2018-2”), an auto loan ABS transaction.

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KBRA Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P1

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P1 (“CLUB 2018-P1”). This is a $294.40 million consumer loan ABS transaction that closed on June 21, 2018.

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KBRA Assigns Final Ratings to American Credit Acceptance Receivables Trust 2018-2

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of American Credit Acceptance Receivables Trust 2018-2 (“ACAR 2018-2”), an auto loan ABS transaction.

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KBRA Assigns Final Rating to Coinstar Funding, LLC Series 2018-1 Fixed Rate Senior Secured Notes, Class A-2

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating of BBB (sf) to Coinstar Funding, LLC Series 2018-1 Fixed Rate Senior Secured Notes, Class A-2, a whole business securitization.

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KBRA Assigns Final Ratings to Trinity Rail Leasing 2018 LLC, Series 2018-1

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of Trinity Rail Leasing 2018 LLC, a railcar leasing securitization.

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KBRA Assigns Preliminary Ratings to Credit Suisse ABS Trust 2018-LD1

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Credit Suisse ABS Trust 2018-LD1 (CSABS 2018-LD1). This is a $180.21 million consumer loan ABS transaction.

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KBRA Assigns Final Ratings to Hardee's Funding LLC and Carl's Jr. Funding LLC - Series 2018-1 Senior Secured Notes

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) announces the final ratings to four note classes of Hardee’s Funding LLC and Carl’s Jr. Funding LLC, a whole business securitization.

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KBRA Maintains Watch Developing on the Class A Notes and Class B Notes for Vertical Bridge CC, LLC, Series 2016-2

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) has maintained the Class A Notes and Class B Notes of Vertical Bridge CC, LLC Secured Tower Revenue Notes, Series 2016-2 on Watch Developing. This transaction is a securitization of wireless tower lease receivables from various radio and television broadcasters or other wireless communications company to Vertical Bridge CC, LLC (the “Issuer”). This transaction closed on October 19, 2016.

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KBRA Assigns Final Ratings to Castlelake Aircraft Structured Trust 2018-1

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Notes (the “Notes”) issued by Castlelake Aircraft Structured Trust 2018-1.

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KBRA Affirms Ratings for LMRK Issuer Co. LLC, Series 2016-1

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A notes and Class B notes issued by LMRK Issuer Co. LLC, an ABS transaction which closed on June 16, 2016. The transaction represented Landmark Infrastructure Partners GP LLC’s inaugural securitization. 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 2018, the aggregate annualized revenue increased approximately 5.5% since issuance to approximately $14.1 million.

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KBRA Assigns Preliminary Ratings to Business Jet Securities 2018-2, LLC, Secured Notes, Series 2018-2

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three note classes of Business Jet Securities 2018-2, LLC, Secured Notes, Series 2018-2. 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 subject to an operating lease and terms of the fixed rate notes as of June 14, 2018.

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KBRA Assigns Preliminary Rating to Coinstar Funding LLC - Series 2018-1 Fixed Rate Senior Secured Notes, Class A-2

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of BBB (sf) to Coinstar Funding, LLC Series 2018-1 Fixed Rate Senior Secured Notes, Class A-2, a whole business securitization.

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KBRA Withdraws the Class A-1 Rating on Flagship Credit Auto Trust 2016-2

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the A-1 class of Notes issued from Flagship Credit Auto Trust 2016-2 (FCAT 2016-2), an auto loan ABS transaction, which closed on May 5, 2016. This action reflects the fact that the class A-1 Notes have been paid in full as of the May 15, 2018 distribution date.

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KBRA Withdraws the Class A Rating on Flagship Credit Auto Trust 2015-1

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the A 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 A Notes have been paid in full as of the May 15, 2018 distribution date.

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KBRA Affirms Ratings for Oxford Finance Funding 2016-1 LLC

NEW YORK, NY (June 14, 2018) – 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 June 10, 2018, the portfolio consisted of 63 loans to 55 obligors with an aggregate outstanding loan balance of approximately $374.9 million with approximately $16.7 million on deposit or to be deposited to the principal reinvestment account.

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KBRA Affirms Ratings for NMEF Funding 2016-A, LLC

NEW YORK, NY (June 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Equipment Receivables Backed Notes, Series 2016-A, Class A and Equipment Receivables Backed Notes, Series 2016-A, Class B of NMEF Funding 2016-A, LLC, an equipment lease ABS transaction, which closed on June 13, 2016. The portfolio is currently comprised of 2,027 equipment contracts with an aggregate discounted contract balance of approximately $55,343,314.

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KBRA Withdraws the Rating on Class A Notes Issued by Consumer Loan Underlying Bond Credit Trust 2017-NP1

NEW YORK, NY (June 12, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the Consumer Loan Underlying Bond Credit Trust 2017-NP1 (“CLUB 2017-NP1”), a consumer loan ABS transaction which closed on June 22, 2017. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Releases its Monthly Auto Loan Indices for May

NEW YORK, NY (June 11, 2018) – Kroll Bond Rating Agency (KBRA) releases its auto loan indices for the month of May. The accompanying commentary highlights the fact that auto loan collateral performance metrics improved for the fourth consecutive month, with annualized net losses and 60+ day delinquencies falling in both KBRA’s Prime and Non-Prime Indices. This month should mark a low point in net loss and delinquency rates in both indices, as the benefit of tax refunds has likely been exhausted and summer travel expenses and other seasonal factors should cause auto loan performance to weaken for the remainder of the year.

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KBRA Assigns Ratings to Vivint Solar Financing V, LLC

NEW YORK, NY (June 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to two classes of notes from Vivint Solar Financing V, 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 47,860 leases and PPAs associated with residential solar photovoltaic installations (“PV Systems”), as well as $21.9 million of hedged SREC contracts. 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 Withdraws the Rating on Class B Notes Issued by DT Auto Owner Trust 2016-3

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by the DT Auto Owner Trust 2016-3 (“DTAOT 2016-3”), an auto loan ABS transaction which closed on June 16, 2016. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Assigns Preliminary Ratings to Trinity Rail Leasing 2018 LLC, Series 2018-1

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of Trinity Rail Leasing 2018 LLC, a railcar leasing securitization.

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KBRA Releases Marketplace Consumer Loan Indices for May

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) releases marketplace consumer loan indices for May. Despite the subdued month-over-month primary market activity, year-to-date supply is running well above 2017 levels. Through the first five months of the year, seven issuers have priced nine ABS deals worth $3.7 billion, up 60% versus the same period in 2017. Meanwhile, credit performance was somewhat mixed again last month, but fundamentals remain stable despite continued growth in origination volumes and primary market supply.

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KBRA Assigns Preliminary Ratings to Renew 2018-1, Renew A Notes, Series 2018-1

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to Renew 2018-1, Renew A Notes, Series 2018-1 (Renew 2018-1). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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KBRA Assigns Final Ratings to SFS Asset Securitization LLC, Series 2018-1 Notes

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Series 2018-1 notes (the “Series 2018-1 Notes”) issued by SFS Asset Securitization LLC.

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KBRA Assigns Preliminary Ratings to START Ltd. and START USA LLC

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by START Ltd. and START USA LLC (together, “START 20181” or the “Issuers”).

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P1

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-P1 (“CLUB 2018-P1”). This is a $294.40 million consumer loan ABS transaction that is expected to close June 21, 2018.

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KBRA Affirms Ratings for Drug Royalty III LP 1, Series 2017-1

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes on the Drug Royalty III LP 1, Series 2017-1.

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KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2018-2

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2018-2 (“ACAR 2018-2”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Notes Issued by GLS Auto Receivables Issuer Trust 2018-2

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2018-2 (“GCAR 2018-2”), an auto loan ABS transaction.

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KBRA Assigns Final Ratings to LMRK Issuer Co. III LLC, Series 2018-1

NEW YORK, NY (June 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of secured tenant site contract revenue notes, series 2018-1 (the “Notes”) issued by LMRK Issuer Co. III LLC (see ratings list below).

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KBRA Affirms Ratings for AASET 2017-1 Trust

NEW YORK, NY (June 6, 2018) – 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. As of March 31, 2018, all 32 aircraft were on lease to 23 airlines in 20 countries and have transferred to the transaction.

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KBRA Upgrades Ratings on Earnest Student Loan Program 2016-B LLC

NEW YORK, NY (June 4, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two 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 Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2018-1

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Notes (the “Notes”) issued by Castlelake Aircraft Structured Trust 2018-1.

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KBRA Upgrades Ratings on LendingClub Issuance Trust, Series 2016-NP2

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes of notes issued under the LendingClub Issuance Trust, Series 2016-NP2. The rating actions reflect the fact that despite losses being higher that KBRA’s loss expectation, the credit enhancement and deleveraging has been sufficient for the rating actions taken.

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KBRA Releases U.S. Property Assessed Clean Energy (PACE) ABS Methodology

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) releases its methodology for rating property assess clean energy (PACE) ABS transactions. The methodology addresses residential and commercial PACE assessments that are pari passu with ad valorem real property taxes, and are generally not subject to extinguishment upon sale of the property and are senior to all non-tax liens, including mortgage liens.

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KBRA Withdraws the Class A Rating on CarNow Auto Receivables Trust 2016-1

NEW YORK, NY (June 1, 2018) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A 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 A notes have been paid in full.

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KBRA Assigns Final Ratings to Avant Loans Funding Trust 2018-A

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avant Loans Funding Trust 2018-A (“AVNT 2018-A”). This is a $284.595 million consumer loan ABS transaction that closed on May 31, 2018.

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KBRA Takes Rating Actions on American Credit Acceptance Receivables Trusts

NEW YORK, NY (May 29, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on ten American Credit Acceptance Receivables Trust. In total, 14 notes were affirmed and 21 were upgraded. The data used are as of the April 30, 2018 collection period. No rating actions were taken on American Credit Acceptance Receivables 2017-4, 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 Takes Rating Actions on Prosper Marketplace Issuance Trust

NEW YORK, NY (May 25, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three Prosper Marketplace Issuance Trust (“PMIT”) transactions. In total, six notes were affirmed and three were upgraded. The data used are current as of the May 2018 distribution period. No rating actions were taken on Prosper Marketplace Issuance Trust, Series 2018-1 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 Ratings for CBC Insurance Revenue Securitization, LLC

NEW YORK, NY (May 25, 2018) – 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 Assigns Final Rating to SCF Equipment Leasing 2018-1 LLC and SCF Equipment Leasing Canada 2018 Limited Partnership Equipment Contract Backed Notes, Series 2018-1

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to seven classes of notes from SCF Equipment Leasing 2018-1 LLC and SCF Equipment Leasing Canada 2018 Limited Partnership Equipment Contract Backed Notes, Series 2018-1. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2018-2

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-2 (“FCAT 2018-2”), an auto loan ABS transaction.

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KBRA Affirms the Ratings and Assigns a Rating for SCF Equipment Leasing 2017-2 LLC Equipment Contract Backed Notes, Series 2017-2

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings of four classes of Notes and assigns a rating for the Class E Notes for the SCF Equipment Leasing 2017-2 LLC Equipment Contract Backed Notes, Series 2017-2, an equipment lease and loan ABS transaction. As of April 30, 2018, the aggregate discounted balance (ADB) of the portfolio is approximately $365.4 million. The portfolio is comprised of 81 Contracts to 45 obligors. The ADB is based on the projected equipment loan and lease cash flows discounted at a rate of 7.99%.

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KBRA Assigns Final Ratings to HERO Funding 2018-1 Class A Notes

NEW YORK, NY (May 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to HERO Funding 2018-1 (“HERO 2018-1”) Class A2 Notes. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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KBRA Affirms the Class A and Class B Notes and Places the Class C Notes for Honor Automobile Trust Securitization 2016-1 on Watch Downgrade

NEW YORK, NY (May 23, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on the Class A and Class B notes and places the Class C note of the Honor Automobile Trust Securitization 2016-1 (HATS 2016-1) transaction on Watch Downgrade. This is an auto loan ABS transaction which closed December 15, 2016. As of April 30, 2018, HATS 2016-1 is comprised of $43 million of auto loans and has a pool factor of 38.10%.

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KBRA Assigns Preliminary Ratings to Vivint Solar Financing V, LLC

NEW YORK, NY (May 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes from Vivint Solar Financing V, 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 37,792 leases and PPAs associated with residential solar photovoltaic installations (“PV Systems”), as well as $20.7 million of hedged SREC contracts. 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 LMRK Issuer Co. III LLC, Series 2018-1

NEW YORK, NY (May 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of secured tenant site contract revenue notes, series 2018-1 (the “Notes”) issued by LMRK Issuer Co. III LLC.

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KBRA Assigns Ratings to Kabbage Asset Securitization LLC, Series 2017-1 Second Additional Notes

NEW YORK, NY (May 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of additional Series 2017-1 notes (the “Series 2017-1 Additional Notes”) issued by Kabbage Asset Securitization LLC.

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KBRA Upgrades the Rating on the SoFi Consumer Loan Program 2017-3 Transaction

NEW YORK, NY (May 18, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class A notes issued out of SoFi Consumer Loan Program 2017-3 (SCLP 2017-3), a consumer loan ABS transaction that closed on May 18, 2017. The rating action reflects the fact that losses are on par with KBRA’s base case loss expectations at closing and that credit enhancement (C/E) has increased for the Class A notes as the transaction delevers. The transaction met its target overcollateralization level of 20.00% in month 9 (January 2018). The transaction has a breakeven loss multiple that is sufficient for an upgrade of the Class A note rating.

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KBRA Withdraws the Class A Ratings on American Credit Acceptance Receivables Trust 2017-1

NEW YORK, NY (May 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the American Credit Acceptance Receivables Trust 2017-1 (ACAR 2017-1), an auto loan transaction that closed March 2, 2017. This action reflects that the Class A notes have been paid in full.

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KBRA Takes Rating Action on Westlake Automobile Receivables Trust 2016-3

NEW YORK, NY (May 18, 2018) – Kroll Bond Rating Agency (KBRA) takes rating action on the Westlake Automobile Receivables Trust 2016-3 transaction. In total, two notes are affirmed and three upgraded. The rating actions reflect the fact that despite losses being slightly higher than KBRA’s loss expectation, the credit enhancement for each class is sufficient for the rating actions taken.

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KBRA Affirms Ratings of All Classes of Notes Issued Under SpringCastle Funding Asset-Backed Notes 2016-A

NEW YORK, NY (May 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 Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2018-1

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of notes issued by First Investors Auto Owner Trust 2018-1 (FIAOT 2018-1), an auto loan ABS transaction.

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KBRA Affirms Ratings on Tidewater Sales Finance Master Trust, Series 2017-A

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on all classes of notes issued by the Tidewater Sale Finance Master Trust, Series 2017-A (“Series 2017-A”), a credit card ABS transaction which closed on May 17, 2017. Credit enhancement has been stable for each class of notes, as the transaction is currently in its revolving period during which additional collateral may be funded so long as it complies with certain eligibility criteria. Transaction’s portfolio yield, monthly payment, and charge-off rates to date have been in line with KBRA’s initial expectations at closing.

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KBRA Assigns Preliminary Ratings to Avant Loans Funding Trust 2018-A

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Avant Loans Funding Trust 2018-A (“AVNT 2018-A”). This is a $221.935 million consumer loan ABS transaction that is expected to close on May 31, 2018.

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KBRA Europe Assigns Final Ratings to Small Business Origination Loan Trust 2018-1 DAC

DUBLIN, IRELAND (15 May 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns final ratings to four classes of notes (“Rated Notes”) issued by Small Business Origination Loan Trust 2018-1 DAC (“SBOLT 2018-1”). This is a £206.6 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 Final Ratings to MAPS 2018-1 Limited

NEW YORK, NY (May 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of notes (the “Notes”) issued by MAPS 2018-1 Limited.

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KBRA Assigns Final Ratings to Marlette Funding Trust 2018-2

NEW YORK, NY (May 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2018-2 (MFT 2018-2). This is a $310.1 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Hardee's Funding LLC and Carl's Jr. Funding LLC - Series 2018-1 Senior Secured Notes

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to four note classes of Hardee’s Funding LLC and Carl’s Jr. Funding LLC, a whole business securitization.

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KBRA Affirms Ratings on Coinstar Funding, LLC Series 2017-1

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms rating on two classes of notes on the Coinstar Funding, LLC 2017-1, a whole business securitization.

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KBRA Withdraws Ratings on American Credit Acceptance Receivables Trust 2014-4

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on
the Class C and Class D notes of the American Credit Acceptance Receivables Trust 2014-4
(ACAR 2014-4), an auto loan transaction, which closed on November 25, 2014. The optional
redemption was elected as a result of the pool factor being less than or equal to 15% as of
April 12, 2018 distribution date.

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KBRA Assigns Final Ratings to Harley Marine Financing LLC, Series 2018-1

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of Harley Marine Financing LLC, Series 2018-1. The notes are an asset-backed securitization collateralized by a portfolio of marine vessels and their respective leases.

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KBRA Assigns Preliminary Rating to SCF Equipment Leasing 2018-1 LLC and SCF Equipment Leasing Canada 2018 Limited Partnership Equipment Contract Backed Notes, Series 2018-1

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes from SCF Equipment Leasing 2018-1 LLC and SCF Equipment Leasing Canada 2018 Limited Partnership Equipment Contract Backed Notes, Series 2018-1. 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 SFS Asset Securitization LLC, Series 2018-1 Notes

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Series 2018-1 notes (the “Series 2018-1 Notes”) issued by SFS Asset Securitization LLC.

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KBRA Assigns Final Ratings to STEAM 2018-1

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three note classes of STEAM 2018-1, a railcar leasing securitization.

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KBRA Releases Monthly Marketplace Consumer Loan Indices for April

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) releases monthly marketplace consumer loan indices for the month of April. Marketplace consumer loan new issue volumes continued to grow last month, with $908 million of bonds pricing, pushing year-to-date issuance volumes to $3.1 billion, up 139% over the same period in 2017. Meanwhile, credit performance was somewhat mixed last month, but fundamentals appear stable despite continued growth in origination volumes and subsequent primary market supply.

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KBRA Assigns Preliminary Ratings to HERO Funding 2018-1 Class A Notes

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to HERO Funding 2018-1 (“HERO 2018-1) Class A1 Notes and Class A2 Notes (together, the “Class A Notes”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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KBRA Affirms Ratings on FOCUS Brands Funding LLC Series 2017-1

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms rating on three classes of notes on the FOCUS Brands Funding 2017-1, a whole business securitization.

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KBRA Assigns Final Ratings to American Car Center Trust 2018-1

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes totaling $212.6 million issued by ACC Trust 2018-1 (“ACC 2018-1”).

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KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2017-1 Second Additional Notes

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of additional Series 2017-1 notes (the “Series 2017-1 Additional Notes”) issued by Kabbage Asset Securitization LLC.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-2

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-2 (“FCAT 2018-2”), an auto loan ABS transaction.

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KBRA Takes Rating Actions on Flagship Credit and CarFinance Capital Auto Trusts

NEW YORK, NY (May 8, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on 11 Flagship Credit Auto Trust (“FCAT”) and four CarFinance Capital Auto Trust (“CFCAT”) transactions. In total, 40 classes of notes were affirmed and 24 were upgraded. The data used is as of the March 31, 2018 collection period. No rating actions were taken on FCAT 2017-4 or FCAT 2018-1, since these transactions are less than 6 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 on the Orange Lake Timeshare Trust 2016-A Transaction

NEW YORK, NY (May 7, 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 or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Assigns Final Ratings to Morgan Stanley Resecuritization Pass-Through 2018-SC1

NEW YORK, NY (May 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to one class of notes issued by Morgan Stanley Resecuritization Pass-Through Trust 2018-SC1 (“MSRP 2018-SC1”). This transaction represents 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 Ratings for NMEF Funding 2015-A, LLC

NEW YORK, NY (May 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Equipment Receivables Backed Notes, Series 2015-A, Class A and Equipment Receivables Backed Notes, Series 2015-A, Class B of NMEF Funding 2015-A, LLC, an equipment lease ABS transaction, which closed on May 7, 2015. The portfolio is currently comprised of 1,317 equipment contracts with an aggregate discounted contract balance of approximately $21.4 million.

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KBRA Withdraws and Affirms Ratings for Ascentium Equipment Receivables 2017-1 Trust

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on Class A-1 Notes to reflect the fact that the notes had been paid-in-full and affirms the ratings on the Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes and Class D Notes as the deal continues to perform as expected. The notes are supported by the small and mid-ticket general equipment. The portfolio is currently comprised of 4,313 equipment contracts with an aggregate discounted contract balance of approximately $188,794,168.

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KBRA Releases its Monthly Auto Loan Indices for April

NEW YORK, NY (May 4, 2018) – Kroll Bond Rating Agency (KBRA) releases its monthly auto loan indices for the month of April. The accompanying commentary highlights the fact that auto loan collateral performance metrics improved for the second straight month, with annualized net losses, 60+ day delinquencies, and loan loss severity rates falling in both KBRA’s Prime and Non-Prime Indices. However, non-prime losses and delinquencies remain elevated compared to a year ago, mostly driven by a change in issuer mix and servicing platform changes.

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KBRA Upgrades the Ratings on Avant Loans Funding Trust 2017-A

YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on all three classes of notes issued under Avant Loans Funding Trust 2017-A (AVNT 2017-A), a consumer loan ABS transaction which closed on May 3, 2017.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2018-2

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2018-2 (MFT 2018-2). This is a $310.1 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2018-1

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by First Investors Auto Owner Trust 2018-1 (FIAOT 2018-1), an auto loan ABS transaction.

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KBRA Affirms Ratings for Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1

NEW YORK, NY (May 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1, a residential distributed generation solar securitization, which closed on April 19, 2017.

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KBRA Affirms Ratings on Four Classes of Golden State Tobacco Securitization Corporation, Series 2007A

NEW YORK, NY (May 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on four classes of Golden State Tobacco Securitization Corporation, Series 2007A, a Tobacco-Settlement ABS transaction, which closed in February 2007.

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KBRA Assigns Preliminary Ratings to Harley Marine Financing LLC, Series 2018-1

NEW YORK, NY (April 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of Harley Marine Financing LLC, Series 2018-1. The notes are an asset-backed securitization collateralized by a portfolio of marine vessels and their respective leases.

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KBRA Assigns Final Ratings to Notes Issued by Tidewater Auto Receivables Trust 2018-A

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Tidewater Auto Receivables Trust 2018-A (“TMCAT 2018-A”), an auto loan ABS transaction.

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KBRA Withdraws Rating on one class of Golden State Tobacco Securitization Corporation, Series 2007A-1

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on one class of Golden State Tobacco Securitization Corporation, Series 2007A, a Tobacco-Settlement ABS transaction, which closed in February 2007. This action reflects the retirement in full of one class outstanding notes.

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KBRA Takes Rating Actions on Oportun Funding Series

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three Oportun Funding Series transactions. In total, four notes were affirmed and two were upgraded. The data used are current as of March 31, 2018 collection period. No rating actions were taken on Oportun Funding VII, LLC, Series 2017-B and Oportun Funding VIII, LLC, Series 2018-A since these transactions have less than seven months seasoning. The rating actions reflect that monthly-annualized defaults and 3-month average monthly-annualized defaults are below their respective rapid amortization triggers.

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KBRA Assigns Preliminary Ratings to Morgan Stanley Resecuritization Pass-Through 2018-SC1

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Morgan Stanley Resecuritization Pass-Through Trust 2018-SC1 (“MSRP 2018-SC1”). This transaction represents 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 Assigns Final Ratings to GoodGreen 2018-1

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns a final rating to one class of notes from GoodGreen 2018-1 (“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 Issues First European Ratings

DUBLIN, IRELAND & NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce its first published European Structured Finance ratings. KBRA issued its inaugural published European ratings on Small Business Origination Loan Trust 2018-1 DAC (“SBOLT 2018-1”), a £206.6 million ABS transaction collateralized by unsecured loans made to small and medium-sized enterprises (“SMEs”) incorporated in the United Kingdom (“UK”). This transaction represents the second ABS securitisation collateralised by unsecured loans to SMEs originated through the online lending platform operated by Funding Circle Limited (“Funding Circle”).

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KBRA Affirms Ratings for GoodGreen 2017-1 Trust, Series 2017-1

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A and Class B Notes of GoodGreen 2017-1 Trust, Series 2017-1, a residential PACE (“Property Assessed Clean Energy”) transaction, which closed on April 28, 2017.

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KBRA Affirms Ratings for HERO Funding Class A Notes, Series 2017-1

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A notes of HERO Funding Class A Notes, Series 2017-1, a residential PACE (“Property Assessed Clean Energy”) transaction, which closed on April 28, 2017. The notes are secured by 235 limited obligation improvement bonds issued by the Western Riverside Council of Governments, San Bernardino Associated Governments and the County of Los Angeles, California. As of the April 2018 payment date the PACE Bond Portfolio is currently secured by 8,821 PACE assessments levied against 8,453 residential properties (“PACE Assessments”). The average PACE Assessment is approximately $22,958 with an average annual payment of approximately $2,766. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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KBRA Affirms the Rating on the SoFi Consumer Loan Program 2015-1 Transaction

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms the rating on the class A notes issued out of SoFi Consumer Loan Program 2015-1 (SCLP 2015-1), a consumer loan ABS transaction. The SCLP 2015-1 transaction was initially issued as an unrated consumer loan asset backed transaction. At the request of SoFi, KBRA issued a public rating for SCLP 2015-1 on November 4, 2016. The rating action reflects the fact that losses are below KBRA’s base case loss expectations at closing and KBRA is lowering the loss expectation from 8.50% to 8.00%. Additionally, credit enhancement (C/E) has increased for the Class A notes as the transaction delevers. The current overcollateralization amount of 46.23% is above its target level of 25.00% given that SCLP 2015-1 breached its Cumulative Default Ratio (CNL) trigger in February 2017, which resulted in a lockout of excess cash to the Certificates until the class A notes are paid in full.  The CNL trigger was set at closing and prior to KBRA rating SCLP 2015-1. The transaction has a breakeven loss multiple that is sufficient for an affirmation of the Class A rating.

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KBRA Assigns Preliminary Ratings to STEAM 2018-1

NEW YORK, NY (April 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three note classes of STEAM 2018-1, a railcar leasing securitization.

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KBRA Europe Assigns Preliminary Ratings to Small Business Origination Loan Trust 2018-1 DAC

DUBLIN, IRELAND (26 April 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) has assigned preliminary ratings to four classes of notes (“Rated Notes”) issued by Small Business Origination Loan Trust 2018-1 DAC (“SBOLT 2018-1”). This is a £206.6 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 Withdraws the Class B Rating on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (April 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the United Auto Credit Securitization Trust 2016-2 (UACC 2016-2), an auto loan ABS transaction that closed on September 21, 2016. This action reflects the fact that Class B notes have been paid in full.

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KBRA Assigns Final Ratings to Ascentium Equipment Receivables 2018-1 Trust

NEW YORK, NY (April 25, 2018) –Kroll Bond Rating Agency (KBRA) assigns final ratings to seven note classes of Ascentium Equipment Receivables 2018-1 Trust. 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 ACC Trust 2018-1

NEW YORK, NY (April 25, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes totaling $212.6 million issued by ACC Trust 2018-1 (“ACC 2018-1”).

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KBRA Withdraws the Class A Rating on American Credit Acceptance Receivables Trust 2016-4

NEW YORK, NY (April 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on
the Class A notes of the American Credit Acceptance Receivables Trust 2016-4 (ACAR 2016-
4), an auto loan ABS transaction that closed November 18, 2016. 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 2015-2

NEW YORK, NY (April 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the American Credit Acceptance Receivables Trust 2015-2 (ACAR 2015-2), an auto loan ABS transaction that closed on June 25, 2015. This action reflects the fact that Class B notes have been paid in full.

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KBRA Assigns Final Ratings to Driven Brands Funding, LLC - Series 2018-1 Senior Secured Notes

NEW YORK, NY (April 24, 2018) – 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 Assigns Preliminary Ratings to MAPS 2018-1 Limited

NEW YORK, NY (April 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by MAPS 2018-1 Limited.

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KBRA Withdraws the Class A-3 Ratings on First Investors Auto Owner Trust 2014-3

NEW YORK, NY (April 23, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-3 notes of the First Investors Auto Owner Trust 2014-3 (FIAOT 2014-3), an auto loan ABS transaction which closed on November 13, 2014. This action reflects the fact that the Class A-3 notes have been paid in full as of March 2018.

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KBRA Withdraws Ratings on First Investor Auto Owner Trust 2013-3

NEW YORK, NY (April 23, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the First Investor Auto Owner Trust 2013-3 (FIAOT 2013-3), an auto loan transaction, which closed on November 14, 2013. This action reflects First Investor’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated November 14, 2013. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the April 16, 2018 distribution date.

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KBRA Assigns Final Ratings to Mosaic Solar Loan Trust 2018-1

NEW YORK, NY (April 20, 2018) –Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Mosaic Solar Loan Trust 2018-1 (“Mosaic 2018-1”). This is a $235.250 million term ABS securitization collateralized by a pool of approximately $257.9 million residential solar loans.

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KBRA Takes Rating Actions on Foursight Capital Automobile Receivables Trust 2017-1

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) takes rating action on Foursight Capital Receivables Trust 2017-1 transaction. In total, three notes were affirmed, and one note was upgraded. The rating actions reflect the fact that despite losses being higher that KBRA’s loss expectation, the credit enhancement, breakeven multiples and deleveraging has been sufficient for the rating actions taken.

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KBRA Assigns Final Ratings to Dividend Solar Loans 2018-1 LLC

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Dividend Solar Loans 2018-1, LLC (“DIV 2018-1”). This is a $104.66 million term ABS securitization collateralized by a pool of $110.17 million residential solar loans.

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KBRA Assigns Preliminary Ratings to GoodGreen 2018-1

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes from GoodGreen 2018-1 (“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 Preliminary Ratings to Tidewater Auto Receivables Trust 2018-A

NEW YORK, NY (April 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Tidewater Auto Receivables Trust 2018-A (“TMCAT 2018-A”), an auto loan ABS transaction.

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KBRA Withdraws the Class A Rating on CarFinance Capital Auto Trust 2014-2

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of CarFinance Capital Auto Trust 2014-2 (CFCAT 2014-2), an auto loan ABS transaction, which closed on August 7, 2014. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Withdraws the Class A-1 Rating on Flagship Credit Auto Trust 2016-3

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A-1 notes issued from Flagship Credit Auto Trust 2016-3 (FCAT 2016-3), an auto loan ABS transaction, which closed on August 11, 2016. This action reflects the fact that the Class A-1 notes have been paid in full.

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KBRA Affirms Ratings on Chesapeake Funding II LLC, Series 2017-4, 2017-3, 2017-2, 2016-2 and 2016-1

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) is affirming the ratings on the outstanding Series 2016-1 Notes, Series 2016-2 Notes, Series 2017-2, Series 2017-3 and Series 2017-4 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 2018-1 Notes out of the same master trust.

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KBRA Upgrades Ratings for Tidewater Direct Auto Receivables Trust 2016-A

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on all classes of notes for Tidewater Direct 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 B, Class C, Class D and Class E ratings.

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KBRA Withdraws Ratings on FNA 2015-1 Trust

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on one class FNA 2015-1 Trust, a property tax lien ABS transaction, which closed on December 4, 2015. This action reflects the retirement in full of all outstanding notes.

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KBRA Withdraws Ratings on CarNow Auto Receivables Trust 2015-1

NEW YORK, NY (April 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the three remaining classes of notes issued out of CarNow Auto Receivables Trust Notes 2015-1 (“CNART 2015-1”), an auto loan asset-backed securities transaction, which closed on September 17, 2015. This action reflects the decision of Byrider Finance, LLC, as Servicer, to exercise the optional redemption of all the outstanding notes pursuant to the Sales and Servicing Agreement dated April 16, 2018. The optional redemption was elected as a result of the pool factor being less than or equal to 15% of the Original Pool Balance as of the most recent collection period ending March 31, 2018.

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KBRA Assigns Final Ratings to CPS Auto Receivables Trust 2018-B

NEW YORK, NY (April 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by CPS Auto Receivables Trust 2018-B (“CPSART 2018-B”), an auto loan ABS transaction.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2018-2 Trust

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-2 (“SCLP 2018-2”). This is a $680.6 million consumer loan ABS transaction.

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KBRA Assigns Final Ratings to Upstart Securitization Trust 2018-1

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Upstart Securitization Trust 2018-1 (“UPST 2018-1”). This is a $227.211 million consumer loan ABS transaction that closed on April 13, 2018.

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KBRA Announces Inaugural Monthly Marketplace Consumer Loan Indices

NEW YORK, NY (April 12, 2018) – Kroll Bond Rating Agency (KBRA) introduces the marketplace loan ABS indices, providing high-level commentary, as well as making the underlying data available to investors. The indices include data from all rated securitized marketplace loan collateral pools, not just from deals that KBRA rates.

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KBRA Assigns Preliminary Ratings to Ascentium Equipment Receivables 2018-1 Trust

NEW YORK, NY (April 12, 2018) –Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven note classes of Ascentium Equipment Receivables 2018-1 Trust. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Withdraws Rating on First Investors Auto Owner Trust 2016-1

NEW YORK, NY (April 11, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 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-1 note has been paid in full as of February 28, 2018.

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KBRA Assigns Preliminary Ratings to Dividend Solar Loans 2018-1 LLC

NEW YORK, NY (April 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Dividend Solar Loans 2018-1, LLC (“DIV 2018-1”). This is a $104.66 million term ABS securitization collateralized by a pool of $110.17 million residential solar loans. The transaction that is expected to close on April 19, 2018.

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KBRA Assigns Preliminary Ratings to Driven Brands Funding, LLC - Series 2018-1 Senior Secured Notes

NEW YORK, NY (April 9, 2018) – 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 Places the Ratings for Prop 2017-1 Limited on Watch Downgrade

NEW YORK, NY (April 6, 2018) – Kroll Bond Rating Agency (KBRA) has placed the ratings of Prop 2017-1 Limited, a turboprop aircraft ABS transaction, on Watch Downgrade.

The Series A Loans, Series B Loans and Series C Loans (collectively, the “Loans”) borrowed by Prop 20171 Limited (“Prop 2017-1”) represented the first securitization of aircraft managed by Elix Aviation Capital Limited (the “Servicer”).

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KBRA Affirms Ratings for Apollo Aviation Securitization Equity Trust 2016-1

NEW YORK, NY (April 6, 2018) – 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 Apollo Aviation Securitization Equity Trust 2016-1, an aircraft ABS transaction, which closed on April 6, 2016. There are currently 32 aircraft on lease to 20 airlines located in 17 countries in the portfolio.

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KBRA Takes Rating Actions on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the United Auto Credit Securitization Trust 2016-2 transaction. In total, all notes were upgraded. 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 Final Rating to Gracie Point International Premium Funding 2017-I, Series 2018-A

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns final rating to the Series 2018-A, Class I Notes issued by Gracie Point International Premium Funding 2017-I, Series 2018-A.

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KBRA Assigns Preliminary Ratings to CPS Auto Receivables Trust 2018-B

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by CPS Auto Receivables Trust 2018-B (“CPSART 2018-B”), an auto loan ABS transaction.

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KBRA Releases its ABS Q2 Outlook

NEW YORK, NY (April 5, 2017) – Kroll Bond Rating Agency (KBRA) releases a new Structured Finance research report entitled, “ABS Q2 Outlook."

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KBRA Takes Rating Actions for Citi Held for Asset Issuance 2016-MF1

NEW YORK, NY (April 4, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-MF1 transaction. In total, two notes were upgraded and one 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 Releases its Monthly Auto Loan Indices for March

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) released its monthly auto loan indices for the month March. The accompanying commentary highlights the fact that auto loan collateral performance metrics improved month-over-month, with annualized net losses and 60+ day delinquencies falling in both KBRA’s Prime and Non-Prime Indices. However, non-prime index losses and delinquencies remain elevated compared to a year ago, mostly driven by a change in issuer mix and servicing changes.

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KBRA Withdraws Ratings on Oportun Funding II, LLC, Series 2016-A

NEW YORK, NY (April 4, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A and B notes issued out of the Oportun Funding II, LLC, Series 2016-A (Oportun 2016-A) a consumer loan ABS transaction, which closed on February 19, 2016.  This action reflects the fact that the Class A and B notes have been paid-in-full as of the March 2018 payment date.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-2

NEW YORK, NY (April 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-2 (“SCLP 2018-2”). This is a $544.6 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2018-1

NEW YORK, NY (April 4, 2018) – Kroll Bond Rating Agency (KBRA)  assigns preliminary ratings to three classes of notes issued by Mosaic Solar Loan Trust 2018-1 (“Mosaic 2018-1”). This is a $235.250 million term ABS securitization collateralized by a pool of approximately $257.9 million residential solar loans.

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KBRA Takes Rating Actions on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (April 3, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-PM1 transaction. In total, one note was upgraded and one affirmed. The rating actions reflect the fact that despite losses being slightly higher than KBRA’s loss expectation at closing, the credit enhancement and deleveraging has been sufficient for the rating actions taken.

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KBRA Affirms Ratings for SolarCity LMC Series V, LLC, Series 2016-1

NEW YORK, NY (April 2, 2018) – 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 Assigns Preliminary Ratings to Upstart Securitization Trust 2018-1

NEW YORK, NY (April 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2018-1 (“UPST 2018-1”). This is a $227.211 million consumer loan ABS transaction that is expected to close on April 13, 2018.

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2018-1

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Prosper Marketplace Lending Issuance Trust 2018-1 (“PMIT 2018-1”). This is a $647.5 million consumer loan ABS transaction.

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KBRA Takes Rating Actions on Marlette Funding Trust

NEW YORK, NY (March 26, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions
on three Marlette Funding Trust transactions. In total, five notes were affirmed and four notes
were upgraded. The data used are current as of the February 28, 2018 collection period. No
rating actions were taken on Marlette Funding Trust 2017-3 or Marlette Funding Trust 2018-
1, since these transactions have less than 6 months of seasoning. The breakeven loss
multiples for each class of notes were sufficient for their respective upgrades.

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KBRA Withdraws Rating on Tidewater Auto Receivables Trust 2016-A

NEW YORK, NY (March 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 notes of 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 Class A-2 note has been paid in full.

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KBRA Assigns Final Ratings to Sapphire Aviation Finance I Limited

NEW YORK, NY (March 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Sapphire Aviation Finance I Limited.

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KBRA Assigns Final Ratings to Skopos Auto Receivables Trust 2018-1

NEW YORK, NY (March 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of Notes issued by Skopos Auto Receivables Trust 2018-1 (“SKOP 2018-1”), an auto loan ABS transaction.

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KBRA Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1 (“CLUB 2018-NP1”). This is a $301.727 million consumer loan ABS transaction.

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KBRA Assigns Final Ratings to Foursight Capital Automobile Receivables Trust 2018-1

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) announces the final ratings to eight classes of notes issued by Foursight Capital Automobile Receivables Trust 2018-1 (“FCRT 2018-1”), a subprime auto asset-backed securities transaction.

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KBRA Withdraws Rating on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Citi Held for Asset Issuance 2016-PM1 (CHAI 2016-PM1), a consumer loan ABS transaction, which closed on March 31, 2016. This action reflects the fact that Class A note has been paid in full as of February 28, 2018.

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KBRA Assigns Final Ratings to New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2018A

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to eight classes of notes issued by New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2018A (“NYSERDA 2018A Bonds”).

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KBRA Affirms Ratings for Securitized Equipment Receivables Trust 2017-1

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on three note classes of Securitized Equipment Receivables Trust 2017-1, which closed on March 21, 2017. The notes are supported by the residual certificates from the Ascentium Capital Equipment Receivables 2015-2 Trust transaction. The portfolio is currently comprised of 3,654 equipment contracts with an aggregate discounted contract balance of approximately $95,748,573.

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KBRA Affirms Ratings for Kabbage Asset Securitization LLC, Series 2017-1

NEW YORK, NY (March 20, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the Class A Notes, Class B Notes, Class C Notes and Class D Notes (collectively, the “Notes”), of Kabbage Asset Securitization LLC, Series 2017-1, a small business lending ABS transaction, which originally closed on March 20, 2017 and issued additional notes under the expandable terms of the transaction closed on August 28, 2017.

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KBRA Proposes Property Assessed Clean Energy ABS Methodology

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) proposes methodology for rating property assess clean energy (PACE) ABS transactions. The methodology addresses residential and commercial PACE assessments that are pari passu with ad valorem real property taxes, and are generally not subject to extinguishment upon sale of the property and are senior to all non-tax liens, including mortgage liens.

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KBRA Assigns Final Ratings to OneMain Financial Issuance Trust 2018-2

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by OneMain Financial Issuance Trust 2018-2 (“OMFIT 2018-2”), a consumer loan asset-backed securities transaction.

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KBRA Places Vertical Bridge CC, LLC, Series 2016-2 on Watch Developing

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) has placed the ratings of the Class A Notes and Class B notes for the Vertical Bridge CC, LLC Secured Tower Revenue Notes, Series 2016-2 transaction (“VB 2016-2”) on Watch Developing. This transaction is a securitization of wireless tower lease receivables from various radio and television broadcasters or other wireless communications company to Vertical Bridge CC, LLC (the “Issuer”). This transaction closed on October 19, 2016.

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KBRA Withdraws the Rating on Class A Notes Issued by GLS Auto Receivables Trust 2015-1

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the GLS Auto Receivables Trust 2015-1 (“GLS 2015-1”), an auto loan ABS transaction which closed on July 2, 2015. 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 Flagship Credit Auto Trust 2014-1

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of Flagship Credit Auto Trust 2014-1 (FCAT 2014-1), an auto loan ABS transaction, which closed on April 17, 2014. This action reflects the fact that the Class B notes have been paid in full.

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KBRA Withdraws the Ratings on Flagship Credit Auto Trust 2013-2

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining two classes of notes issued from Flagship Credit Auto Trust 2013-2 (FCAT 2013-2), an auto loan ABS transaction, which closed on October 24, 2013. 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 October 24, 2013. 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 February 28, 2018.

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2018-1

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Lending Issuance Trust 2018-1 (“PMIT 2018-1”). This is a $647.5 million consumer loan ABS transaction.

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KBRA Assigns Preliminary Rating to Gracie Point International Premium Funding 2017-I, Series 2018-A

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary rating to the Series 2018-A, Class I Notes issued by Gracie Point International Premium Funding 2017-I, Series 2018-A.

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1

NEW YORK, NY (March 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2018-NP1 (“CLUB 2018-NP1”). This is a $301.727 million consumer loan ABS transaction that is expected to close March 21, 2018.

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KBRA Takes Rating Action on Arcadia Receivables Credit Trust 2017-1

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Arcadia Receivables Credit Trust 2017-1 transaction. In total, both classes of notes were upgraded. The rating actions reflect the fact that despite losses being higher than KBRA’s loss expectation, the credit enhancement and deleveraging has been sufficient for the rating actions taken.

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KBRA Assigns Final Ratings to Oportun Funding VIII, LLC, Series 2018-A

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Oportun Funding VIII, LLC, Series 2018-A (“Oportun 2018-A”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to Sapphire Aviation Finance I Limited

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Sapphire Aviation Finance I Limited.

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KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2018-2

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by OneMain Financial Issuance Trust 2018-2 (“OMFIT 2018-2”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to TLF National Tax Lien Trust 2017-1

NEW YORK, NY (March 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of TLF National Tax Lien Trust 2017-1, a property tax lien ABS transaction.

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KBRA Assigns Preliminary Ratings to Foursight Capital Automobile Receivables Trust 2018-1

NEW YORK, NY (March 7, 2018) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to eight classes of notes issued by Foursight Capital Automobile Receivables Trust 2018-1 (“FCRT 2018-1”), a subprime auto asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to Skopos Auto Receivables Trust 2018-1

NEW YORK, NY (March 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Notes issued by Skopos Auto Receivables Trust 2018-1 (“SKOP 2018-1”), an auto loan ABS transaction.

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KBRA Takes Rating Actions on Avant Loans Funding Trust

NEW YORK, NY (March 6, 2018) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) has taken rating actions on three Avant Loans Funding Trust transactions. In total, five notes were upgraded. The data used are current as of the January 31, 2018 collection period. No rating actions were taken on Avant Loans Funding Trust 2017-A or Avant Loans Funding Trust 2017-B, since these transactions have less than 10 months of seasoning. The breakeven loss multiples for each class of notes were sufficient for their respective upgrades.

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KBRA Assigns Preliminary Ratings to New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2018A

NEW YORK, NY (March 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes issued by New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2018A (“NYSERDA 2018A Bonds”).

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KBRA Affirms Ratings to TGIF Funding 2017-1

NEW YORK, NY (March 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms rating on two class of notes on the TGIF Funding 2017-1, a whole business securitization.

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KBRA Releases its Monthly Auto Loan Indices for February

NEW YORK, NY (March 5, 2018) – Kroll Bond Rating Agency (KBRA) releases its monthly auto loan indices for the month of February. The accompanying commentary highlights the fact that auto loan ABS collateral performance improved in February. However, Non-Prime Index delinquency rates remain at elevated levels, mostly driven by a change in issuer mix. We expect auto loan collateral performance to continue to improve next month as borrowers receive tax refunds, providing an additional source of cash flow to help them pay their auto loans.

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KBRA Releases Comprehensive Surveillance Report for GLS Auto Receivables Trusts

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three GLS Auto Receivables Trust transactions. In total, the ratings on six notes were upgraded and the ratings on four notes were affirmed. The data used are current as of January 31, 2018. The rating actions for the transactions reflect the fact that losses are below 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 Upgrades and Affirms Ratings on Foundation Finance Trust 2016-1

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class A notes and affirms the rating on the Class B notes issued under Foundation Finance Trust 2016-1 (FFT 2016-1), a consumer receivables ABS transaction, which closed on August 17, 2016. This action reflects that losses are below KBRA’s initial loss expectations while credit enhancement has built for each classes of notes. The transaction has breakeven loss multiples that are sufficient for an upgrade and affirmation of the Class A and B notes, respectively.

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KBRA Releases Comprehensive Report for DriveTime Auto Owner Trusts

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on four DriveTime Auto Owner Trust transactions. In total, the ratings on five notes were upgraded and the ratings on two notes were affirmed. The data used are current as of January 31, 2018. The rating actions for the transactions reflect the fact that losses are below KBRA’s loss expectations, and/or 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 OneMain Financial Issuance Trust 2018-1

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by OneMain Financial Issuance Trust 2018-1 (“OMFIT 2018-1”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to Business Jet Securities, LLC, Secured Notes, Series 2018-1

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three note classes of Business Jet Securities, LLC, Secured Notes, Series 2018-1. 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 subject to an operating lease and terms of the fixed rate notes as of February 28, 2018.

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KBRA Withdraws the Class B Rating on Avant Loans Funding Trust 2016-A

NEW YORK, NY (February 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B 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 B note has been paid in full as of January 31, 2018.

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KBRA Affirms Ratings on Mariner Finance Issuance Trust 2017-A

NEW YORK, NY (February 26, 2018) - Kroll Bond Rating Agency (KBRA) posts a surveillance report, detailing February 23rd’s affirmation on three classes of the Mariner Finance Issuance Trust 2017-A (“MFIT 2017-A”), a consumer loan ABS transaction, which closed on February 23, 2017. Credit enhancement has been stable for each class of notes as the transaction is currently in its two-year revolving period during which time additional collateral may be funded so long as it complies with certain eligibility criteria. Given that MFIT 2017-A is only being 11 months into the revolving period, KBRA is affirming the ratings on each class of notes.

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KBRA Assigns Final Ratings to Purchasing Power Funding 2018-A, LLC

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Purchasing Power Funding 2018-A, LLC (“PPF 2018-A”), a consumer installment receivable asset-backed securities transaction.

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KBRA Takes Rating Actions on First Investors Auto Owner Trusts

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on nine First Investors Auto Owner Trust transactions. In total, 23 notes were affirmed and 15 were upgraded. The data used are current as of the January 31, 2018 collection period. No rating actions were taken on the First Investors Auto Owner Trust 2017-2 and First Investors Auto Owner Trust 2017-3 transactions, since they have less than eight 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 were sufficient for their respective affirmations and upgrades.

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KBRA Upgrades the Ratings for SCF Equipment Trust 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings of SCF Equipment Trust 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1, an equipment lease and loan ABS transaction. As of December 31, 2017, the aggregate discounted balance (ADB) of the portfolio is approximately $288.7 million. The portfolio is comprised of 63 Contracts to 29 obligors. The ADB is based on the projected equipment loan and lease cash flows discounted at a rate of 7.57%.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2018-1

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-1 (“FCAT 2018-1”), an auto loan ABS transaction.

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KBRA Withdraws the Class A-3 Rating on First Investors Auto Owner Trust 2014-2

NEW YORK, NY (February 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-3 notes of the First Investors Auto Owner Trust 2014-2 (FIAOT 2014-2), an auto loan ABS transaction which closed on August 14, 2014. This action reflects the fact that the Class B notes have been paid in full as of January 2018.

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KBRA Withdraws the Class B Rating on First Investors Auto Owner Trust 2014-1

NEW YORK, NY (February 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the First Investors Auto Owner Trust 2014-1 (FIAOT 2014-1), an auto loan ABS transaction which closed on April 9, 2014. This action reflects the fact that the Class B notes have been paid in full as of January 2018.

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KBRA Assigns Final Ratings to VB-S1 Issuer, LLC Secured Tower Revenue Notes Series 2016-1 and Series 2018-1

NEW YORK, NY (February 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of secured tower revenue notes, Series 2016-1 and Series 2018-1 (the “Notes”) issued by VB-S1 Issuer, LLC.

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KBRA Assigns Final Ratings to Securitized Equipment Receivables 2018-1 Trust

NEW YORK, NY (February 20, 2018) –Kroll Bond Rating Agency (KBRA) assigns final ratings to four note classes of Securitized Equipment Receivables Trust 2018-1. 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 TLF National Tax Lien Trust 2017-1

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of TLF National Tax Lien Trust 2017-1, a property tax lien ABS transaction.

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KBRA Assigns Preliminary Ratings to Oportun Funding VIII, LLC, Series 2018-A

NEW YORK, NY (February 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Oportun Funding VIII, LLC, Series 2018-A (“Oportun 2018-A”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2018-1

NEW YORK, NY (February 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by OneMain Financial Issuance Trust 2018-1 (“OMFIT 2018-1”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Preliminary Ratings to Business Jet Securities, LLC, Secured Notes, Series 2018-1

NEW YORK, NY (February 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three note classes of Business Jet Securities, LLC, Secured Notes, Series 2018-1. 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 subject to an operating lease and terms of the fixed rate notes as of February 14, 2018.

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KBRA Affirms Ratings for Falcon Aerospace Limited

NEW YORK, NY (February 14, 2018) – 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 21 aircraft on lease to 13 airlines located in 12 countries in the portfolio.

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KBRA Affirms Ratings on Mosaic Solar Loans 2017-1, LLC

NEW YORK, NY (February 6, 2018) - 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. 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 the Class A Notes due to the tenor of the underlying assets (longer term assets with a remaining term of approximately 15.75 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 Assigns Preliminary Ratings to Purchasing Power Funding 2018-A, LLC

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Purchasing Power Funding 2018-A, LLC (“PPF 2018-A”), a consumer installment receivable asset-backed securities transaction.

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KBRA Withdraws the Class A Rating on American Credit Acceptance Receivables Trust 2016-2

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the American Credit Acceptance Receivables Trust 2016-2 (ACAR 2016-2), an auto loan ABS transaction that closed April 21, 2016. 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 C Notes Issued by DT Auto Owner Trust 2014-3

NEW YORK, NY (February 12, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C notes issued by the DT Auto Owner Trust 2014-3 (“DTAOT 2014-3”), an auto loan ABS transaction which closed on December 10, 2014. This action reflects the fact that the Class C notes have been paid in full.

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KBRA Affirms Ratings for DCAL Aviation Finance Limited (formerly AIM Aviation Finance Limited Series 2015)

NEW YORK, NY (February 9, 2018) – 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 18 aircraft with an aggregate appraised value of approximately $578.7 million.

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KBRA Assigns Preliminary Ratings to Securitized Equipment Receivables 2018-1 Trust

NEW YORK, NY (February 8, 2018) –Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four note classes of Securitized Equipment Receivables Trust 2018-1. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Withdraws Ratings on Apollo Aviation Securitization Equity Trust 2014-1

NEW YORK, NY (February 8, 2018) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on the three classes of loans (the “Loans”) in the Apollo Aviation Securitization Equity Trust 2014-1 transaction (the “AASET 2014-1”). KBRA notes that all three classes of Loans were paid in full on February 1, 2018.

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KBRA Affirms Ratings for Thunderbolt Aircraft Lease Limited

NEW YORK, NY (February 7, 2018) – 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 19 aircraft on lease to 17 airlines located in 13 countries in the portfolio.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-1

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-1 (“FCAT 2018-1”), an auto loan ABS transaction.

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KBRA Releases its Monthly Auto Loan Indices for January

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) released its monthly auto loan indices for the month January. In addition to reporting annualized net losses and 60+ day delinquencies, KBRA will now include index severity rates, prepayment speeds, deal age, and loan age in the data release.

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KBRA Affirms Ratings for SolarCity FTE Series 1 LLC, Series 2016-A

NEW YORK, NY (February 6, 2018) – 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 Assigns Preliminary Ratings to VB-S1 Issuer, LLC Secured Tower Revenue Notes Series 2016-1 and Series 2018-1

NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of secured tower revenue notes, Series 2016-1 and Series 2018-1 (the “Notes”) issued by VB-S1 Issuer, LLC.

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KBRA Assigns Final Ratings to Notes Issued by GLS Auto Receivables Trust 2018-1

NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by GLS Auto Receivables Trust 2018-1 (“GCAR 2018-1”), an auto loan ABS transaction. 

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KBRA Affirms Ratings for Blackbird Capital Aircraft Lease Securitization Limited 2016-1

NEW YORK, NY (February 2, 2018) – 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, 2017, there are 19 aircraft on lease to 16 airlines located in 13 countries.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2018-1

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-1 (“SCLP 2018-1”). This is a $773.5 million consumer loan ABS transaction.

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KBRA Affirms the Ratings of Notes in OneMain Direct Auto Receivables Trust 2017-1

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings of five classes of notes issued under OneMain Direct Auto Receivables Trust 2017-1 (“ODART 2017-1”), an auto loan ABS transaction. This action reflects the fact that credit enhancement has been stable for each class of notes as the transaction is currently in its one-year revolving period, during which additional collateral may be funded so long as it complies with certain eligibility criteria. The additional collaterals that have been purchased into the transaction are currently in compliance with its reinvestment criteria. KBRA is affirming the ratings of the Class A, Class B, Class C, Class D, and Class E notes.

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KBRA Takes Ratings Actions on SoFi Consumer Loan Program

NEW YORK, NY (February 1, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on 8 SoFi Consumer Loan Program (“SCLP”) transactions.  In total, 8 classes of notes were affirmed and 7 were upgraded. The data used is as of the January 26, 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 affirmation and upgrade.

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KBRA Assigns Final Ratings to Notes Issued by Avid Automobile Receivables Trust 2018-1

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avid Automobile Receivables Trust 2018-1 (“AVID 2018-1”), an auto loan ABS transaction.

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KBRA Affirms Ratings for Eagle I Limited, Series 2014-1

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A-1, 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 21 aircraft with an aggregate appraised value of approximately $386.5 million.

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KBRA Assigns Final Ratings to AASET 2018-1 Trust

NEW YORK, NY (January 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by AASET 2018-1 Trust.

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KBRA Affirms Ratings for Labrador Aviation Finance Limited

NEW YORK, NY (January 30, 2018) – 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, 2017, there are 20 aircraft in the portfolio.

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KBRA Withdraws Rating on NYCTL 2015-A Trust

NEW YORK, NY (January 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on NYCTL 2015-A Trust, a property tax lien ABS transaction, which closed on August 5, 2015. This action reflects the fact that the notes have been paid-in-full.

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KBRA Affirms Ratings for SolarCity FTE Series 2 LLC, Series 2017-A

NEW YORK, NY (January 26, 2018) – 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 Assigns Preliminary Ratings to Notes Issued by GLS Auto Receivables Trust 2018-1

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by GLS Auto Receivables Trust 2018-1 (“GCAR 2018-1”), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-1

NEW YORK, NY (January 25, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by SoFi Consumer Loan Program 2018-1 (“SCLP 2018-1”). This is a $591.5 million consumer loan ABS transaction.

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KBRA Withdraws the Rating on Class B Notes Issued by DT Auto Owner Trust 2016-1

NEW YORK, NY (January 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by the 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 B notes have been paid in full.

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KBRA Assigns Final Ratings to Notes Issued by Westlake Automobile Receivables Trust 2018-1

NEW YORK, NY (January 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2018-1 (WLAKE 2018-1), an auto loan ABS transaction. 

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KBRA Assigns Final Ratings to Marlette Funding Trust 2018-1

NEW YORK, NY (January 24, 2018) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Marlette Funding Trust 2018-1 (MFT 2018-1). This is a $464.36 million consumer loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to Notes Issued by Avid Automobile Receivables Trust 2018-1

NEW YORK, NY (January 22, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Avid Automobile Receivables Trust 2018-1 (“AVID 2018-1”), an auto loan ABS transaction.

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KBRA Releases Aircraft ABS 2017: Year in Review

NEW YORK, NY (January 19, 2018) – With 2017 behind us, Kroll Bond Rating Agency (KBRA) looks back at the Aircraft ABS transactions issued over the past year and focuses on several developing trends and challenges facing the sector.

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KBRA Upgrades Ratings for GO Financial Auto Securitization Trusts

NEW YORK, NY (January 19, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the Class C notes for GO Financial Auto Securitization Trust (“GOFAST”) 2015-1 and upgraded the Class C and D notes for GOFAST 2015-2.  The data used are of December 2017. The rating actions reflect the fact that losses are below 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 upgrades.

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KBRA Takes Rating Actions on CPS Auto Receivables Trust

NEW YORK, NY (January 18, 2018) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two CPS Auto Receivables Trust transactions. In total, the ratings on two notes were upgraded and the ratings on eight notes were affirmed. The data used are current as of December 31, 2017. The rating actions reflect the fact that losses are below 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 Preliminary Ratings to AASET 2018-1 Trust

NEW YORK, NY (January 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by AASET 2018-1 Trust.

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KBRA Affirms Ratings for CRG Issuer 2015-1

NEW YORK, NY (January 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Notes of CRG Issuer 2015-1, an ABS transaction, which closed on January 15, 2016. The portfolio is currently comprised of 10 obligors with an aggregate balance of approximately $257.9 million.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2018-1

NEW YORK, NY (January 12, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Marlette Funding Trust 2018-1 (MFT 2018-1). This is a $393.6 million consumer loan ABS transaction. 

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KBRA Upgrades and Affirms Ratings on Skopos Auto Receivables Trust 2015-2

NEW YORK, NY (January 12, 2018) - Kroll Bond Rating Agency (KBRA) upgrades the rating on one class and affirms the rating on two classes of notes issued under Skopos Auto Receivables Trust 2015-2 (SKOP 2015-2), which closed on November 13, 2015. This action reflects the fact that the credit enhancement has built for each class of notes despite an increase in losses. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class B rating and an affirmation of the Class C and Class D ratings.

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KBRA Assigns Preliminary Ratings to Notes Issued by Westlake Automobile Receivables Trust 2018-1

NEW YORK, NY (January 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes issued by Westlake Automobile Receivables Trust 2018-1 (WLAKE 2018-1), an auto loan ABS transaction. 

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KBRA's Releases 2017 Consumer Loan Marketplace Lending Year in Review and 2018 Outlook

NEW YORK, NY (January 10, 2018) – Kroll Bond Rating Agency (KBRA) released its 2017 Consumer Loan Marketplace Lending Year in Review and 2018 Outlook. The accompanying research report highlights the fact that 2017 was a notable year in the consumer loan marketplace lending (MPL) space in many respects. Total ABS issuance topped $7.8 billion in 2017, up from $4.6 billion in 2016, a year-over-year increase of 71%. SoFi led the way in 2017 in terms of number of ABS deals and total securitization volume, having completed six securitizations for $3.2 billion in total notes. Prosper completed three securitizations totaling $1.5 billion under their PMIT program followed by four deals from LendingClub’s prime and near prime shelves totaling $1.2 billion and three from Marlette’s MFT shelf totaling $919 million. Avant completed two securitizations totaling $480 million while Upstart issued its inaugural securitization in June 2017 followed by a subsequent deal in November. Investor demand strengthened with orders exceeded total deal size and a larger number of investors participated in the deals.

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KBRA Affirms the Ratings for District of Columbia Tobacco Settlement Financing Corporation, Series 2006

NEW YORK, NY (January 8, 2018) – 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 Withdraws Ratings on First Investor Auto Owners Trust 2013-2

NEW YORK, NY (January 8, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class C and Class D notes of the First Investors Auto Owners Trust 2013-2 (FIAOT 2013-2), an auto loan ABS transaction, which closed on June 20, 2013. This action reflections First Investors’ decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated June 20, 2013. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the November 15, 2017 distribution date. 

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KBRA Releases its Monthly Auto Loan Indices for December

NEW YORK, NY (January 5, 2018) – Kroll Bond Rating Agency (KBRA) released its monthly auto loan indices for the month December. The accompanying commentary highlights the fact that auto loan ABS collateral performance improved for the second straight month, at a time when losses and delinquencies are typically at their highest due to seasonal pressure on consumer finances from holiday spending. Hurricane relief programs may still be playing some part in the improved performance, but as collection practices have begun to normalize, we think it more likely that tighter lending standards put in place over the past two years has started to influence index securitized auto loan collateral performance.

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KBRA Withdraws Ratings on Purchasing Power Funding 2015-A, LLC

NEW YORK, NY (January 3, 2018) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on all classes of notes issued out of the Purchasing Power 2015-A, LLC transaction (PPF 2015-A) a consumer loan ABS transaction, which closed on November 18, 2015.  This action reflects the fact that the Class A, Class B and Class C notes have been paid-in-full as of the December 2017 distribution date. 

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KBRA Upgrades and Affirms Ratings on Sierra Auto Receivables Securitization Trust 2016-1

NEW YORK, NY (December 28, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two classes and affirms the rating on one class 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 the fact that although losses are above KBRA’s initial loss expectations, credit enhancement (“CE”) has built for each class of notes as a result of the build in CE to the its target overcollateralization level, as well as the deleveraging which has occurred as the notes have amortized. Furthermore, the non-declining reserve account has increased as a percentage of the CE. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A and Class B ratings and an affirmation of the Class C rating.

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KBRA Upgrades and Affirms Ratings on Spruce ABS Trust 2016-E1

NEW YORK, NY (December 27, 2017) – Kroll Bond Rating Agency (KBRA) upgrades and 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 slightly above KBRA’s initial loss expectations. The transaction has breakeven loss multiples which are sufficient for an upgrade of the ratings on the Class A notes and an affirmation of the Class B notes.

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KBRA Affirms the Ratings for Merlin Aviation Holdings DAC

NEW YORK, NY (December 22, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed the ratings of the notes issued by Merlin Aviation Holdings DAC. Proceeds from the sale of the notes were used to purchase a fleet of 18 aircraft on lease to 16 airlines located in 15 countries. 

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KBRA Affirms Ratings for ATLAS Series 2014-1

NEW YORK, NY (December 22, 2017) – 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 $524.8 million.

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KBRA Affirms Ratings on Welk Resorts 2015-A Transaction

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Welk Resorts 2015-A (Welk 2015-A), a timeshare loan ABS transaction which closed on June 13, 2015. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Welk has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Takes Rating Action on CarNow Auto Receivables Trust

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) takes rating actions on two CarNow Auto Receivables Trusts (CNART). The three outstanding notes for CNART 2015-1 were upgraded and the four outstanding notes for CNART 2016-1 were affirmed.  The data used are as of the November 30, 2017 collection period. The upgrades for CNART 2015-1 reflects the fact that losses are in-line with KBRA’s current loss expectations, credit enhancement has built for each class of notes since closing, and the breakeven loss multiples for each class of notes were sufficient for upgrades. For the CNART 2016-1 transaction, KBRA has increased its base case loss expectation. Losses for CNART 2016-1 are trending higher; however, credit enhancement has built for each class of notes since closing, and the breakeven loss multiples for each class of notes were sufficient for an affirmation.

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KBRA Assigns Final Ratings to Conn's Receivables Funding 2017-B

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns Final ratings to three classes of notes issued by Conn’s Receivables Funding Series (“CONN 2017-B”). The transaction represents the fifth securitization since 2015 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 Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2 (“CLUB 2017-NP2”). This is a $265.799 million consumer loan ABS transaction that closed on December 20, 2017.

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KBRA Downgrades the Ratings for Amur Consumables and Expendables Notes, Series 2014-1

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) has downgraded the ratings of Amur Consumable and Expendables Notes, Series 2014-1, an aircraft parts ABS transaction. As of March 2017, the portfolio is comprised of 180,000 unique line items and 14 million individual aircraft consumable parts with an appraised fair market value of $112.5 million.

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KBRA Assigns Final Ratings to KDAC Aviation Finance (Cayman) Limited

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of notes (the “Notes”) issued by KDAC Aviation Finance (Cayman) Limited.

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KBRA Assigns Final Ratings to Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2017-1

NEW YORK, NY (December 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Diamond Issuer LLC Series 2017-1.

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KBRA Affirms Ratings for Castlelake Aircraft Securitization Trust 2015-1

NEW YORK, NY (December 18, 2017) – 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 Securitization Trust 2015-1, an aircraft ABS transaction, which closed on December 18, 2015. As of September 30, 2017, there are 50 aircraft, including one partial sale aircraft and four airframes, and 17 engines in the portfolio.

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KBRA Withdraws Rating on DriveTime Auto Owner Trust 2014-1

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining class of notes, Class D, of the DriveTime Auto Trust 2014-1 (DTAOT 2014-1), an auto loan ABS transaction, which closed on January 23, 2014. This action reflections DriveTime’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated January 23, 2014. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the most recent distribution date, December 15, 2017. 

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KBRA Affirms Ratings for Elm 2016-1 Trust

NEW YORK, NY (December 15, 2017) – 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 36 obligors with a total balance of approximately $294.4 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 85.0% and 15.0%, respectively.

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KBRA Assigns Final Ratings to Tesla 2017-2, LLC, Series 2017-2

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes from Tesla 2017-2, LLC, Series 2017-2. The notes are newly issued asset-backed securities backed by a portfolio of residential photovoltaic solar installations (PV Systems).

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KBRA Takes Rating Actions on Honor Automobile Trust Securitization 2016-1

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Honor Automobile Trust Securitization 2016-1 transaction. In total, one note was upgraded and two affirmed. The rating actions reflect the fact that despite losses being lower than KBRA’s loss expectation, the credit enhancement and deleveraging has been sufficient for the rating actions taken. 

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KBRA Releases its ABS 2018 Outlook: Sustained Optimism

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) has released its 2018 ABS Outlook.

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KBRA Takes Rating Action on OneMain Holding Transactions

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) takes rating actions on 6 OneMain Holdings transactions. In total, 24 notes were affirmed. The data used is as of October 31, 2017. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations, and credit enhancement has remained stable for the classes of notes as all transactions are currently in their revolving periods. 

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KBRA Assigns Final Ratings to Mariner Finance Issuance Trust 2017-B

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Mariner Finance Issuance Trust 2017-B (“MFIT 2017-B”), a personal loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to American Credit Acceptance Receivables Trust 2017-4

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of American Credit Acceptance Receivables Trust 2017-4 (“ACAR 2017-4”), an auto loan ABS transaction. 

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KBRA Assigns Final Ratings to Foundation Finance Trust 2017-1

NEW YORK, NY (December 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Foundation Finance Trust 2017-1 (“FFT 2017-1”), a consumer loan asset-backed securities transaction that closed on December 13, 2017. 

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KBRA Assigns Ratings to CarNow Auto Receivables Trust 2017-1

NEW YORK, NY (December 11, 2017) – Kroll Bond Rating Agency (KBRA) announces the final ratings to three classes of notes issued by CarNow Auto Receivables Trust 2017-1 (“CNART 2017-1”), a subprime auto asset-backed securities transaction. 

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KBRA Assigns Final Ratings to OneMain Direct Auto Receivables Trust 2017-2

NEW YORK, NY (December 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by OneMain Direct Auto Receivables Trust 2017-2 (“ODART 2017-2”) an auto loan ABS transaction.  

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP2 (“CLUB 2017-NP2”). This is a $265.799 million consumer loan ABS transaction that is expected to close December 20, 2017.

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KBRA Assigns Final Ratings to HERO Funding 2017-3 Class A Notes

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to HERO Funding 2017-3 (“HERO 2017-3) Class A1 Notes and Class A2 Notes (together, the “Class A Notes”). 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 Conn's Receivables Funding 2017-B

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Conn’s Receivables Funding Series (“CONN 2017-B”). The transaction represents the fifth securitization since 2015 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 Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P2

NEW YORK, NY (December 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P2 (“CLUB 2017-P2”). This is a $330.0 million consumer loan ABS transaction that closed December 6, 2017.

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KBRA Takes Rating Actions on American Credit Acceptance Receivables Trusts

NEW YORK, NY (December 5, 2017) – Kroll Bond Rating Agency (KBRA) takes rating actions on nine American Credit Acceptance Receivables Trust.  In total, 14 notes were affirmed and 18 were upgraded.  The data used are as of the October 31, 2017 collection period.  No rating actions were taken on American Credit Acceptance Receivables 2017-2 and 2017-3, since these transactions have less than eight months of seasoning. The rating actions reflect the fact that losses are in-line with KBRA’s initial 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 Rating on Class A Notes issued by DT Auto Owner Trust 2016-3

NEW YORK, NY (December 5, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the DT Auto Owner Trust 2016-3 (“DTAOT 2016-3”), an auto loan ABS transaction which closed on June 16, 2016. This action reflects the fact that the Class A notes have been paid in full.

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KBRA Assigns Preliminary Ratings to Diamond Issuer LLC Secured Cellular Site Revenue Notes Series 2017-1

NEW YORK, NY (December 4, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Diamond Issuer LLC Series 2017-1.

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KBRA Assigns Preliminary Ratings to Tesla 2017-2, LLC, Series 2017-2

NEW YORK, NY (December 4, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes from Tesla 2017-2, LLC, Series 2017-2. The notes are newly issued asset-backed securities backed by a portfolio of residential photovoltaic solar installations (PV Systems).

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KBRA Assigns Final Ratings to Sprite 2017-1 Limited

NEW YORK, NY (December 4, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of notes (the “Notes”) issued by Sprite 2017-1 Limited and Sprite 20171 US LLC.

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KBRA Takes Rating Action on LendingClub Issuance Trust, Series 2016-NP2

NEW YORK, NY (December 01, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the LendingClub Issuance Trust, Series 2016-NP2 transaction. In total, one note was upgraded and one 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 Updates Publication on SCF RC Funding I LLC, SCF RC Funding II LLC, & SCF RC Funding III LLC

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) is republishing its New Issue Report for SCF RC Funding I LLC, SCF RC Funding II LLC & SCF RC Funding III LLC Series 2017-1, which was originally published on July 11, 2017 to include the affirmation of the Series 2016-1 Notes of the issuers.  

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KBRA Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2017-B

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Mariner Finance Issuance Trust 2017-B (“MFIT 2017-B”), a personal loan asset-backed securities transaction.

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KBRA Releases Monthly Auto Loan Indices for November

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) released its monthly auto loan indices for the month of November. The accompanying commentary highlights the fact that auto loan ABS collateral performance was surprisingly strong. Notably, November was the first month where KBRA’s Non-Prime Index posted a year-over-year improvement in net loss rates and 60+ day delinquencies in over 24 months. The improvement is likely a result of relief programs offered by auto lenders in hurricane affected areas of Texas and Florida. Meaning that the year-over-year improvement will likely be transitory, as collections practices begin to normalize, and seasonal factors push losses higher as the holiday season approaches.

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KBRA Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2017-1

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to four classes of notes issued by CarNow Auto Receivables Trust 2017-1 (“CNART 2017-1”), a subprime auto asset-backed securities transaction. 

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KBRA Assigns Preliminary Ratings to OneMain Direct Auto Receivables Trust 2017-2

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by OneMain Direct Auto Receivables Trust 2017-2 (“ODART 2017-2”) an auto loan ABS transaction.  

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KBRA Assigns Preliminary Ratings to KDAC Aviation Finance (Cayman) Limited

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by KDAC Aviation Finance (Cayman) Limited.

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KBRA Withdraws the Class A Ratings on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (November 29, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the United Auto Credit Securitization Trust 2016-2 (UACC 2016-2), an auto loan ABS transaction that closed on September 21, 2016. This action reflects the fact that Class A notes have been paid in full.

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KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2017-4

NEW YORK, NY (November 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of American Credit Acceptance Receivables Trust 2017-4 (“ACAR 2017-4”), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to Foundation Finance Trust 2017-1

NEW YORK, NY (November 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Foundation Finance Trust 2017-1 (“FFT 2017-1”), a consumer loan asset-backed securities transaction that expected to close on December 15, 2017. 

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KBRA Assigns Preliminary Ratings to Aqua Finance Trust 2017-A

NEW YORK, NY (November 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Aqua Finance Trust 2017-A (“Aqua 2017-A”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to Aqua Finance Trust 2017-A

NEW YORK, NY (November 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Aqua Finance Trust 2017-A (“Aqua 2017-A”), a consumer loan asset-backed securities transaction.

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KBRA Affirms Ratings for Oxford Finance Funding 2014-1, LLC

NEW YORK, NY (November 27, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the notes of Oxford Finance Funding 2014-1, LLC, an ABS transaction, which closed on November 25, 2014. The portfolio is currently comprised of 42 loans to 33 obligors with a total balance of approximately $196.0 million with exposures to life sciences and healthcare services companies of 65.8% and 34.2%, respectively.

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KBRA Assigns Preliminary Ratings to HERO Funding 2017-3 Class A Notes

NEW YORK, NY (November 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to HERO Funding 2017-3 (“HERO 2017-3) Class A1 Notes and Class A2 Notes (together, the “Class A Notes”). 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 Final Ratings to SCF Equipment Leasing 2017-2, LLC, Equipment Contract Backed Notes, Series 2017-2

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four note classes of SCF Equipment Leasing 2017-2 LLC Equipment Contract Backed Notes, Series 2017-2. 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 Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P2

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P2 (“CLUB 2017-P2”). This is a $330.0 million consumer loan ABS transaction that is expected to close December 6, 2017. 

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KBRA Affirms Ratings for Spirit Master Funding VII, LLC

NEW YORK, NY (November 22, 2017) – 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 218 properties that are subject to 84 leases, and four mortgage loans that are secured by 77 properties with an aggregate collateral value of approximately $527.3 million.

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KBRA Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2017-3

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-3 (FIAOT 2017-3), an auto loan ABS transaction. 

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KBRA Assigns Final Ratings to Upstart Securitization Trust 2017-2

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Upstart Securitization Trust 2017-2 (“UPST 2017-2”). This is a $175.059 million consumer loan ABS transaction that closed on November 21, 2017.  

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KBRA Assigns Final Ratings to Access Point Funding I 2017-A, LLC

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Notes”) issued by Access Point Funding I 2017-A LLC.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2017-4

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-4 (FCAT 2017-4), an auto loan ABS transaction. 

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KBRA Upgrades Ratings on Earnest Student Loan Program 2016-B LLC

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two 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 Affirms Ratings on BlueVirgo 2015-1 Trust

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 Ratings on Diamond Resorts Owner Trust 2014-1

NEW YORK, NY (November 17, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Diamond Resorts Owner Trust 2014-1 (DROT 2014-1), a timeshare loan ABS transaction which closed on November 20, 2014. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Diamond has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Upgrades Ratings on Diamond Resorts Owner Trust 2015-2

NEW YORK, NY (November 17, 2017) – Kroll Bond Rating Agency (KBRA) removes the Watch Upgrade and upgrades the Class A Notes and Class B Notes issued by Diamond Resorts Owner Trust 2015-2 (DROT 2015-2), a timeshare loan ABS transaction which closed on November 17, 2015. This action reflects the fact that credit enhancement, as a percentage of current collateral balance, has increased for the Class A Notes and Class B notes. Pursuant to the first supplemental indenture dated as of August 16, 2017, DROT 2015-2 increased its reserve requirement from 1.00% to 12.00% of the current pool balance. In addition, although losses are above KBRA’s initial loss expectations, Diamond has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%. DROT 2015-2 has built towards and maintains its required overcollateralization (O/C) target of 8.00%.

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KBRA Assigns Final Ratings to NP SPE II LLC, Series 2017-1 Senior Secured Notes

NEW YORK, NY (November 17, 2017) – Kroll Bond Rating Agency (KBRA) announces the final ratings to two note classes of NP SPE II LLC, a railcar leasing securitization.

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KBRA Assigns Final Ratings to WAVE 2017-1 Limited

NEW YORK, NY (November 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of notes (the “Notes”) issued by WAVE 2017-1 Limited and WAVE 2017-1 LLC.

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KBRA Affirms Ratings for Apollo Aviation Securitization Equity Trust 2016-2

NEW YORK, NY (November 17, 2017) – 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 20 countries.

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KBRA Upgrades the Ratings on the SoFi Consumer Loan Program 2016-5 Transaction

NEW YORK, NY (November 16, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two classes of SoFi Consumer Loan Program 2016-5 (SCLP 2016-5), a consumer loan ABS transaction, which closed on November 18, 2016. This action reflects the fact that losses are slightly below KBRA’s initial loss expectations while the credit enhancement has built for all classes of notes. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A and Class B ratings. 

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KBRA Withdraws Ratings on Harbour Aircraft Investments Limited, Series 2016

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on three series of loans (the “Loans”) of Harbour Aircraft Investments Limited, Series 2016 (“HAIL 2016”), an aircraft ABS transaction that closed on July 1, 2016. The loans issued in HAIL 2016 will be upsized to finance or acquire the aircraft portfolio in Harbour Aircraft Investments Limited, Series 2017 (“HAIL 2017”) which closed on November 13, 2017. With the closing of HAIL 2017, KBRA withdraws the ratings on HAIL 2016.

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KBRA Assigns Final Ratings to Harbour Aircraft Investments Limited, Series 2017

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of loans (the “Loans”) issued by Harbour Aircraft Investments Limited, Series 2017.

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KBRA Withdraws Ratings on XXIII Capital Financing 1 PLC

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A notes of XXIII Capital Financing 1 PLC, an ABS transaction that closed on January 14, 2016. This action reflects the fact that the Class A and B notes have been redeemed. KBRA did not rate the Class B notes.

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KBRA Withdraws the Class A-1 Rating on GLS Auto Receivables Trust 2017-1

NEW YORK, NY (November 15, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of GLS Auto Receivables Trust 2017-1 (GCAR 2017-1), an auto loan ABS transaction, which closed on June 28, 2017. This action reflects the fact that Class A-1 note has been paid in full as of October 31, 2017.

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KBRA Assigns Final Ratings to Notes Issued by DriveTime Auto Owner Trust 2017-4

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by DriveTime Auto Owner Trust (DTAOT 2017-4), an auto loan ABS transaction. 

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KBRA Affirms Ratings for Emerald Aviation Finance Limited, Series 2013-1

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A and B notes of Emerald Aviation Finance Limited, Series 2013-1, an aircraft ABS transaction, which closed on October 16, 2013. The portfolio is currently comprised of 19 aircraft with an aggregate appraised value of approximately $535.5 million.

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KBRA Assigns Final Ratings to GoodGreen 2017-2

NEW YORK, NY (November 14, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating to two classes of notes from GoodGreen 2017-2 (“GoodGreen 2017-2”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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KBRA Withdraws the Class A Ratings on American Credit Acceptance Receivables Trust 2016-1

NEW YORK, NY (November 14, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A 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 A notes have been paid in full.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2017-6

NEW YORK, NY (November 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”). This is a $727.35 million consumer loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2017-2

NEW YORK, NY (November 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Upstart Securitization Trust 2017-2 (“UPST 2017-1”). This is a $175.059 million consumer loan ABS transaction that is expected to close on November 21, 2017.  

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KBRA Affirms Ratings on Diamond Resorts Owner Trust 2016-1

NEW YORK, NY (November 9, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Diamond Resorts Owner Trust 2016-1 (DROT 2016-1), a timeshare loan ABS transaction which closed on November 9, 2016. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Diamond has repurchased or 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 Access Point Funding I 2017-A, LLC

NEW YORK, NY (November 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes (the “Notes”) issued by Access Point Funding I 2017-A LLC.

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KBRA Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2017-3

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-3 (FIAOT 2017-3), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to SCF Equipment Leasing 2017-2, LLC, Equipment Contract Backed Notes, Series 2017-2

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four note classes of SCF Equipment Leasing 2017-2 LLC Equipment Contract Backed Notes, Series 2017-2.  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 Harbour Aircraft Investments Limited, Series 2017

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of loans (the “Loans”) issued by Harbour Aircraft Investments Limited, Series 2017.

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KBRA Assigns Preliminary Ratings to Sprite 2017-1 Limited

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Sprite 2017-1 Limited and Sprite 2017-1 US LLC.

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KBRA Assigns Ratings to Tesla 2017-1, LLC, Series 2017-1, Class A Notes

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns a rating of A- (sf) to Tesla 2017-1, LLC, Series 2017-1, Class A Notes (“Tesla 2017-1”). The notes are newly issued asset-backed securities backed by a portfolio of residential and commercial photovoltaic solar installations (“PV Systems”).

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2017-4

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-4 (FCAT 2017-4), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to NP SPE II LLC, Series 2017-1 Senior Secured Notes

NEW YORK, NY (November 7, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to three note classes of NP SPE II LLC, a railcar leasing securitization.

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KBRA Assigns Final Ratings to METAL 2017-1 Limited

NEW YORK, NY (November 6, 2017) – Kroll Bond Rating Agency (KBRA) has assigned final ratings to four series of notes (the “Notes”) issued by METAL 2017-1 Limited.

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KBRA Assigns Preliminary Ratings to GoodGreen 2017-2

NEW YORK, NY (November 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to two classes of notes from GoodGreen 2017-2 (“GoodGreen 2017-2”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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KBRA Releases Research Report on the Discontinuation of LIBOR

NEW YORK, NY (November 6, 2017) – Kroll Bond Rating Agency (KBRA) has released a new Structured Finance research report titled “LIBOR No More – Alternative & Consequences for the ABS Market.” 

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KBRA Affirms Ratings for GoodGreen 2016-1 Trust, Series 2016-1

NEW YORK, NY (November 3, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A and Class B Notes of GoodGreen 2016-1 Trust, Series 2016-1, a residential PACE (“Property Assessed Clean Energy”) transaction, which closed on November 4, 2016.

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KBRA Upgrades the Rating on the SoFi Consumer Loan Program 2015-1 Transaction

NEW YORK, NY (November 3, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the rating on one class of notes for the SoFi Consumer Loan Program 2015-1 (SCLP 2015-1), a consumer loan ABS transaction. The SCLP 2015-1 transaction was initially issued as an unrated consumer loan asset backed transaction. At the request of SoFi, KBRA issued a public rating for SCLP 2015-1 on November 4, 2016. The rating action reflects the fact that losses are slightly below KBRA’s initial loss expectations while credit enhancement (C/E) has increased for the Class A notes as the transaction delevers (credit enhancement began to increase following the Cumulative Net Loss (CNL) trigger being breached in February 2017. The CNL trigger was set at closing and prior to KBRA rating SCLP 2015-1 on November 4, 2016). The transaction has a breakeven loss multiple that is sufficient for an upgrade of the Class A rating. 

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KBRA Assigns Preliminary Ratings to WAVE 2017-1 Limited

NEW YORK, NY (November 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by WAVE 2017-1 Limited and WAVE 2017-1 LLC.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by DriveTime Auto Owner Trust 2017-4

NEW YORK, NY (November 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by DriveTime Auto Owner Trust (DTAOT 2017-4), an auto loan ABS transaction. The expected closing date for the transaction is November 15, 2017. 

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KBRA Affirms Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2013-1 and Series 2016-1

NEW YORK, NY (November 2, 2017) – 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 Assigns Final Ratings to Avant Loans Funding Trust 2017-B

NEW YORK, NY (November 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avant Loans Funding Trust 2017-B (“AVNT 2017-B”). This is a $261.448 million consumer loan ABS transaction that closed on November 1, 2017.

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-6

NEW YORK, NY (November 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”). This is a $591 million consumer loan ABS transaction.

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KBRA Releases Comprehensive Surveillance Report on Flagship Credit and CarFinance Auto Trusts

NEW YORK, NY (October 31, 2017) – Kroll Bond Rating Agency (KBRA) takes rating actions on 11 Flagship Credit Auto Trusts (“FCAT”) and 4 CarFinance Capital Auto Trust (“CFCAT”).  In total, 30 classes of notes were affirmed and 33 were upgraded. The data used are as of the September 30, 2017 collection period. No rating actions were taken on Flagship Credit Auto Trust 2017-3, since this transaction is less than 6 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 affirmation and upgrade.

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KBRA Assigns Final Ratings to Veros Auto Receivables Trust 2017-1

NEW YORK, NY (October 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes for Veros Auto Receivables Trust 2017- (“VEROS 2017-1”), an auto loan ABS transaction.

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KBRA Assigns Ratings to Chesapeake Funding II LLC, Series 2017-4 and Affirms Ratings on Series 2017-3, 2017-2, 2016-2 and 2016-1

NEW YORK, NY (October 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Series 2017-4 Notes”) issued by Chesapeake Funding II LLC.

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KBRA Releases Announces the Creation of Its Monthly Auto Loan Indices

NEW YORK, NY (October 30, 2017) – Kroll Bond Rating Agency (KBRA) has published its prime and non-prime auto loan ABS indices for the first time, providing high-level commentary, as well as making the underlying data available to investors. The indices include data from all outstanding securitized auto loan collateral pools, not just from deals that KBRA rates.

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KBRA Assigns Final Ratings to Mosaic Solar Loans 2017-2

NEW YORK, NY (October 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Mosaic Solar Loans 2017-2, LLC (“Mosaic 2017-2”). This is a $307.5 million term ABS securitization collateralized by a pool of approximately $350.0 million residential solar loans. 

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KBRA Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2017-3

NEW YORK, NY (October 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-3 (“PMIT 2017-3”). This is a $501.05 million consumer loan ABS transaction. 

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KBRA Affirms Ratings to Fan Engine Limited, Series 2013-1 Senior Secured Notes

NEW YORK, NY (October 27, 2017) – 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 25 engines with an aggregate appraised value of approximately $176.5 million.

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KBRA Assigns Final Ratings to Renew 2017-2, Renew Financial A Notes, Series 2017-2

NEW YORK, NY (October 26, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to Renew 2017-2, Renew Financial A Notes, Series 2017-2 (Renew 2017-2). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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KBRA Affirms Ratings on SpringCastle Funding Asset-Backed Notes 2016-A

NEW YORK, NY (October 25, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on all outstanding class of notes issued under the 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 Affirms Ratings on the Orange Lake Timeshare Trust 2016-A Transaction

NEW YORK, NY (October 25, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Orange Lake Timeshare Trust 2016-A (ONGLT 216-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 or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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KBRA Assigns Final Ratings to Ascentium Equipment Receivables 2017-2 Trust

NEW YORK, NY (October 25, 2017) –Kroll Bond Rating Agency (KBRA) assigns final ratings to six note classes of Ascentium Equipment Receivables 2017-2 Trust. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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KBRA Withdraws the Class A-1 Rating on First Investors Auto Owner Trust 2015-2

NEW YORK, NY (October 25, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of First Investor 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 Class A-1 notes have been paid in full.

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KBRA Affirms Ratings for Axis Equipment Finance Receivables IV LLC

NEW YORK, NY (October 25, 2017) – 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 $141,173,764.

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KBRA Assigns Preliminary Ratings to Tesla 2017-1, LLC, Series 2017-1, Class A Notes

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of A- (sf) to Tesla 2017-1, LLC, Series 2017-1, Class A Notes (“Tesla 2017-1”). The notes are newly issued asset-backed securities backed by a portfolio of residential and commercial photovoltaic solar installations (“PV Systems”).

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KBRA Assigns Final Ratings to Marlette Funding Trust 2017-3

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Marlette Funding Trust 2017-3 (MFT 2017-3). This is a $291.8 million consumer loan ABS transaction that is expected to close on October 24, 2017. This transaction represents the fifth securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.

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KBRA Affirms Ratings for HASI SYB Trust 2015-1

NEW YORK, NY (October 24, 2017) – 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 Assigns Preliminary Ratings to Veros Auto Receivables Trust 2017-1

NEW YORK, NY (October 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes for Veros Auto Receivables Trust 2017- (“VEROS 2017-1”), an auto loan ABS transaction.

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KBRA Takes Rating Action on Westlake Automobile Receivables Trust 2016-3

NEW YORK, NY (October 20, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Westlake Automobile Receivables Trust 2016-3 transaction. In total, two notes were upgraded and three affirmed. The rating actions reflect the fact that despite losses being slightly higher than KBRA’s loss expectation, the credit enhancement for each class is sufficient for the rating actions taken. 

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KBRA Upgrades Ratings on Oportun Funding IV, LLC, Series 2016-C

NEW YORK, NY (October 19, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes of notes issued by the Oportun Funding IV, LLC, Series 2016-C (Oportun 2016-C), a consumer loan ABS transaction, which closed on October 19, 2016. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which additional collateral may be funded so long as it complies with certain eligibility criteria. Performance is in line with KBRA’s expectation to date. KBRA has rated six transactions for Oportun, to date; the oldest transaction Oportun 2015-B was paid-in-full in September 2017. KBRA has become more comfortable with Oportun’s program, as it has demonstrated stable performance. As a result, KBRA is upgrading the ratings on the Class A and Class B notes.

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KBRA Assigns Preliminary Ratings to Avant Loans Funding Trust 2017-B

NEW YORK, NY (October 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Avant Loans Funding Trust 2017-B (“AVNT 2017-B”). This is a $232.648 million consumer loan ABS transaction that is expected to close on October 31, 2017.

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KBRA Affirms Ratings for Vertical Bridge CC, LLC, Series 2016-2

NEW YORK, NY (October 19, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A notes and Class B notes issued by Vertical Bridge CC, LLC, an ABS transaction which closed on October 19, 2016. 

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KBRA Assigns Preliminary Ratings to Chesapeake Funding II LLC, Series 2017-4 Notes

NEW YORK, NY (October 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes (“the Notes”) anticipated to be issued by Chesapeake Funding II LLC (see preliminary ratings listed below).

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KBRA Assigns Final Ratings to CPS Auto Receivables Trust 2017-D

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of CPS Auto Receivables Trust 2017-D (“CPSART 2017-D”), an auto loan ABS transaction.

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KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2017-3

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-3 (“PMIT 2017-3”). This is a $501.05 million consumer loan ABS transaction. 

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KBRA Withdraws Ratings on Credit Acceptance Auto Loan Trust 2014-2

NEW YORK, NY (October 16, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class B notes of the Credit Acceptance Auto loan Trust 2014-2 (CAALT 2014-2), an auto loan ABS transaction, which closed on September 25, 2014. This action reflects Credit Acceptance’s decision to exercise its option to redeem the transaction at its 10% clean-up call.

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KBRA Assigns Preliminary Ratings to Renew 2017-2, Renew Financial A Notes, Series 2017-2

NEW YORK, NY (October 16, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to Renew 2017-2, Renew Financial A Notes, Series 2017-2 (Renew 2017-2). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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KBRA Assigns Preliminary Ratings to METAL 2017-1 Limited

NEW YORK, NY (October 12, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four series of notes (the “Notes”) issued by METAL 2017-1 Limited.

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KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2017-3

NEW YORK, NY (October 12, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Marlette Funding Trust 2017-3 (MFT 2017-3). This is a $297.8 million consumer loan ABS transaction that is expected to close on October 26, 2017. This transaction represents the fifth securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.

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KBRA Assigns Final Ratings to Oportun Funding VII, LLC, Series 2017-B

NEW YORK, NY (October 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Oportun Funding VII, LLC, Series 2017-B (“Oportun 2017-B”), a consumer loan asset-backed securities transaction.

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KBRA Affirms Ratings for Renew and Golden Bear Funding Trust Transactions

NEW YORK, NY (October 11, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on three PACE ABS transactions and one residual re-pack transaction originated by Renew Financial Group LLC (“Renew”). In total, four note classes were affirmed. The Golden Bear 2016-1, Golden Bear 2016-2, and Renew 2017-1 transactions are residential Property Assessed Clean Energy (“PACE”) transactions, while Golden Bear 2016-R is a residual re-pack of three PACE ABS transactions rated by KBRA. Each PACE ABS transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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KBRA Assigns Preliminary Ratings to Ascentium Equipment Receivables 2017-2 Trust

NEW YORK, NY (October 11, 2017) –Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six note classes of Ascentium Equipment Receivables 2017-1 Trust. 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 Mosaic Solar Loans 2017-2

NEW YORK, NY (October 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loans 2017-2, LLC (“Mosaic 2017-2”). This is a $307.5 million term ABS securitization collateralized by a pool of approximately $350.0 million residential solar loans. 

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KBRA Upgrades the Ratings on the SoFi Consumer Loan Program 2016-3 Transaction

NEW YORK, NY (October 10, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two classes of SoFi Consumer Loan Program 2016-3 (SCLP 2016-3), a consumer loan ABS transaction, which closed on October 13, 2016. This action reflects the fact that losses are slightly above KBRA’s initial loss expectations while the credit enhancement has built for all classes of notes. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A and Class B ratings. 

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KBRA Assigns Final Ratings to Dividend Solar Loans 2017-1

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Dividend Solar Loans 2017-1, LLC (“DIV 2017-1”). This is a $128.95 million term ABS securitization collateralized by a pool of $135.7 million residential solar loans.  The transaction that is expected to close on October 6, 2017

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KBRA Withdraws the Class A Rating on Avant Loans Funding Trust 2016-C

NEW YORK, NY (October 5, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A 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 A note has been paid in full July 31, 2017.

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KBRA Affirms Ratings to HOA Funding, LLC - Series 2014-1 and Series 2015-1 Senior Secured Notes

NEW YORK, NY (October 5, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings to the note classes of HOA Funding, LLC, a whole business securitization.

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KBRA Assigns Preliminary Ratings to CPS Auto Receivables Trust 2017-D

NEW YORK, NY (October 5, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of CPS Auto Receivables Trust 2017-D (“CPSART 2017-D”), an auto loan ABS transaction.

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KBRA Upgrades and Affirms Ratings on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-PM1 transaction. In total, two notes were upgraded and one 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 Corrects Publication Error on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (September 29, 2017) – On March 31, 2017, Kroll Bond Rating Agency (KBRA) affirmed the rating on all class of notes issued under the Citi Held for Asset Issuance 2016-PM1 (CHAI 2016-PM1), a consumer loan ABS transaction which closed on March 31, 2016. The pre-sale report that was published has been updated to correct the ratings for the Class C note reported on Page 2, which was mistakenly recorded as BB (sf). The correct and current rating is BB- (sf).

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KBRA Upgrades and Affirms Ratings on Tidewater Auto Receivables Trust 2016-A

NEW YORK, NY (September 29, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the rating on three classes and affirms the rating on two 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 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 and an affirmation of the Class A-2 and Class B ratings.

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KBRA Assigns Preliminary Ratings to Oportun Funding VII, LLC, Series 2017-B

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Oportun Funding VII, LLC, Series 2017-B (“Oportun 2017-B”), a consumer loan asset-backed securities transaction.

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KBRA Affirms Ratings on Grain Spectrum Funding II, LLC

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series 2014-1 Notes issued by Grain Spectrum Funding II, LLC, a wireless spectrum-backed ABS transaction.

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KBRA Assigns Preliminary Ratings to Dividend Solar Loans 2017-1

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Dividend Solar Loans 2017-1, LLC (“DIV 2017-1”). This is a $128.95 million term ABS securitization collateralized by a pool of $135.7 million residential solar loans.  The transaction that is expected to close on October 6, 2017

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KBRA Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1 (“CLUB 2017-P1”). This is a $323.1 million consumer loan ABS transaction that closed on September 28, 2017. 

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KBRA Assigns Preliminary Ratings to Business Jet Securities, LLC, Secured Notes, Series 2017-1

NEW YORK, NY (September 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six note tranches of Business Jet Securities, LLC, Secured Notes, Series 2017-1. 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 subject to an operating lease.

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KBRA Withdraws Ratings on PFS Tax Lien Trust 2014-1

NEW YORK, NY (September 25, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on one class of PFS Tax Lien Trust 2014-1, a property tax lien ABS transaction that closed on May 6, 2014. This action reflects Propel Financial Services, LLC’s (“Propel”) decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated May 6, 2014.

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KBRA Withdraws Ratings on Alterna Funding I, LLC

NEW YORK, NY (September 25, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on one class of Alterna Funding I, LLC, a property tax lien ABS transaction that closed on July 31, 2014. This action reflects Alterna Tax Asset Group, LLC’s (“Alterna”) decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated July 31, 2014.

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KBRA Assigns Final Ratings to SoFi Consumer Loan Program 2017-5

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by SoFi Consumer Loan Program 2017-5 (“SCLP 2017-5”). This is a $527.12 million consumer loan ABS transaction. 

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KBRA Places the Ratings for Amur Consumables and Expendables Notes, Series 2014-1 on Watch Downgrade

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) has placed the ratings of Amur Consumable and Expendables Notes, Series 2014-1, an aircraft parts ABS transaction, on Watch Downgrade. As of March 2017, the portfolio is comprised of 180,000 unique line items and 14 million individual aircraft consumable parts with an appraised fair market value of $112.5 million.

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KBRA Takes Rating Actions on United Auto Credit Securitization Trust 2016-2

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the United Auto Credit Securitization Trust 2016-2 transaction. In total, two notes were upgraded and three 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 Agency Affirms Ratings for Navitas Equipment Receivables LLC 2016

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Equipment Receivables Backed Notes, Series 2016-1, Class A-2, Class B, Class C and Class D of Navitas Equipment Receivables LLC, an equipment lease ABS transaction, which closed on September 21, 2016. The portfolio is currently comprised of 5,562 equipment contracts with an aggregate discounted contract balance of approximately $134,514,899.

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KBRA Comments on Air Berlin Insolvency Filing

NEW YORK, NY (September 19, 2017) – On August 15, 2017, Air Berlin, Germany’s second-largest airline, filed to commence insolvency proceedings under self-administration at the local District Court (Amtsgericht) of Berlin-Charlottenburg. The filing comes after one of Air Berlin’s key shareholders, Etihad Airways, indicated that it would no longer provide Air Berlin with financial support. KBRA understands that the insolvency filing is the closest equivalent under German law to filing for U.S. chapter 11 bankruptcy protection. It is unclear whether the airline will be restructured or whether its assets will be sold to several interested third parties.

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KBRA Withdraws the Class A Rating on GO Financial Auto Securitization Trust 2015-2

NEW YORK, NY (September 18, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of GO Financial Auto Securitization Trust 2015-2 (GOFAST 2015-2), an auto loan ABS transaction, which closed on October 24, 2015. This action reflects the fact that Class A notes have been paid in full. 

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KBRA Releases Research Report On Marketplace Consumer Loans

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) has released a new Structured Finance research report titled “Consumer Loan MPL ABS Q3 Update.”

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KBRA Takes Rating Actions on Citi Held for Asset Issuance 2016-MF1

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating action on the Citi Held for Asset Issuance 2016-MF1 transaction. In total, two notes were upgraded and one 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 Withdraws Rating on DriveTime Auto Owner Trust 2013-2

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining class of notes, Class D, of the DriveTime Auto Trust 2013-2 (DTAOT 2013-2), an auto loan ABS transaction, which closed on September 26, 2013. This action reflects DriveTime’s decision to exercise the optional purchase of all outstanding notes pursuant to the Sales and Servicing Agreement dated September 26, 2013. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the most recent distribution date, September 15, 2017. 

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KBRA Upgrades the Ratings on the SoFi Consumer Loan Program 2016-4 Transaction

NEW YORK, NY (September 14, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on three classes of SoFi Consumer Loan Program 2016-4 (SCLP 2016-4), a consumer loan ABS transaction, which closed on September 13, 2016. This action reflects the fact that losses are slightly below KBRA’s initial loss expectations while the credit enhancement has built for all classes of notes. The transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A, Class B and Class C ratings. 

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KBRA Assigns Final Ratings to American Credit Acceptance Receivables Trust 2017-3

NEW YORK, NY (September 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of American Credit Acceptance Receivables Trust 2017-3 (“ACAR 2017-3”), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-5

NEW YORK, NY (September 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by SoFi Consumer Loan Program 2017-5 (“SCLP 2017-5”). This is a $527.12 million consumer loan ABS transaction. 

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KBRA Corrects Database Error Pertaining to SoFi Consumer Loan Program Trust 2017-4 (SCLP 2017-4)

NEW YORK, NY (September 6, 2017) – Kroll Bond Rating Agency (KBRA) has corrected a database error on SoFi Consumer Loan Program Trust 2017-4. While the ratings on the new issue report and press release published on July 5, 2017 were correct, the CUSIP numbers for the Class A notes and Class B notes were transposed which resulted in incorrect ratings displayed on Bloomberg and in KBRA’s data feed. The correct CUSIP numbers are now displayed on KBRA’s website and the correct ratings are displayed on Bloomberg and in future data feeds.

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KBRA Assigns Final Ratings to OneMain Financial Issuance Trust 2017-1

NEW YORK, NY (September 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by OneMain Financial Issuance Trust 2017-1 (“OMFIT 2017-1”), a consumer loan asset-backed securities transaction.

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KBRA Withdraws Ratings on Oportun Funding I, LLC, Series 2015-B

NEW YORK, NY (September 5, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the Class A and B notes issued out of the Oportun Funding I, LLC, Series 2015-B (Oportun 2015-B) a consumer loan ABS transaction, which closed on July 8, 2015.  This action reflects the fact that the Class A and B notes have been paid-in-full as of the July 2017 distribution date. 

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KBRA Publishes Report on the Potential Impact of Hurricane Harvey on ABS and Project Finance Ratings

NEW YORK, NY (August 31, 2017) – Kroll Bond Rating Agency (KBRA) published a special report on the potential impact of Hurricane Harvey on ABS and project finance ratings. Hurricane Harvey struck the Gulf coast of Texas on August 26, 2017 and has caused significant flooding throughout the Houston region and parts of Louisiana. Flooding has yet to recede, but it is still too early to determine the full impact the storm will have on residents and businesses. The impact will take several months and perhaps years to unfold.

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KBRA Affirms Ratings for SolarCity LMC Series IV, LLC, Series 2015-1

NEW YORK, NY (August 30, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of SolarCity LMC Series IV, LLC, Series 2015-1, a residential distributed generation solar securitization, which closed on August 14, 2015. 

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KBRA Affirms Ratings on Alterna Funding II, LLC

NEW YORK, NY (August 29, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Alterna Funding II, LLC, a property tax lien ABS transaction, which closed on August 27, 2015. The transaction has performed as expected since closing. 

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KBRA Assigns Final Ratings to Kabbage Asset Securitization LLC, Series 2017-1 Additional Notes

NEW YORK, NY (August 28, 2017) – Kroll Bond Rating Agency (KBRA) has assigned final ratings to four classes of additional Series 2017-1 notes (the “Series 2017-1 Additional Notes”) issued by Kabbage Asset Securitization LLC

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KBRA Withdraws the Class A-1 Notes Rating on Navitas Equipment Receivables LLC 2016-1

NEW YORK, NY (August 28, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Navitas Equipment Receivables LLC 2016-1, an equipment leasing ABS transaction, which closed on September 21, 2016. This action reflects the fact that the Class A-1 notes have been paid-in-full.

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KBRA Assigns Final Ratings to Notes Issued by Flagship Credit Auto Trust 2017-3

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-3 (FCAT 2017-3), an auto loan ABS transaction. 

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KBRA Withdraws the Class A Rating on American Credit Acceptance Receivables Trust 2015-3

NEW YORK, NY (August 24, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of American Credit Acceptance Receivables Trust 2015-3 (ACAR 2015-3), a subprime auto loan ABS transaction, which closed on October 8, 2015. This action reflects the fact that Class A note has been paid in full as of June 30, 2017.

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KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2017-3

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of American Credit Acceptance Receivables Trust 2017-3 (“ACAR 2017-3”), an auto loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2017-1

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2017-1 (“OMFIT 2017-1”), a consumer loan asset-backed securities transaction.

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KBRA Assigns Final Ratings to Four Seas L.P.

NEW YORK, NY (August 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by Four Seas L.P.

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KBRA Assigns Final Ratings to S-JETS 2017-1 Limited

NEW YORK, NY (August 22, 2017) – Kroll Bond Rating Agency (KBRA) has assigned final ratings to three series of notes (“the Notes”) issued by S-JETS 2017-1 Limited.

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KBRA Takes Rating Actions on GLS Auto Receivables Trust

NEW YORK, NY (August 21, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on two GLS Auto Receivables Trust transactions. In total, the ratings on two notes were affirmed and the ratings on four notes were upgraded. The data used are current as of the July 31, 2017 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 were sufficient for their respective affirmations and upgrades.

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KBRA Places Diamond Resorts Owner Trust 2015-1 and 2015-2 on Watch Upgrade

NEW YORK, NY (August 18, 2017) – Kroll Bond Rating Agency (KBRA) places the Class A and B notes of Diamond Resorts Owner Trust 2015-1 (DROT 2015-1) and Diamond Resorts Owner Trust 2015-2 (DROT 2015-2) on Watch Upgrade. DROT 2015-1 and DROT 2015-2 are timeshare ABS transactions that closed on 7/29/2015 and 11/17/2015, respectively. As of the August 2017 distribution date, the pool factor for DROT 2015-1 and DROT 2015-2 are 30.84% and 36.20%, respectively.

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KBRA Upgrades and Affirms Ratings on Foundation Finance Trust 2016-1

NEW YORK, NY (August 17, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class A notes and affirms the rating on the Class B notes issued under Foundation Finance Trust 2016-1, a consumer receivables ABS transaction, which closed on August 17, 2016. This action reflects that losses are below KBRA’s initial loss expectations while credit enhancement has built for each classes of notes. The transaction has breakeven loss multiples that are sufficient for an upgrade and affirmation of the Class A and B notes, respectively.

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KBRA Takes Rating Actions on Avant Loans Funding Trust

NEW YORK, NY (August 17, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on three Avant Loans Funding Trust transactions. In total, two notes were affirmed and five were upgraded. The data used are current as of the June 30, 2017 collection period. No rating actions were taken on Avant Loans Funding Trust 2017-A, since this transaction has less than six months of seasoning. The rating actions 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 Withdraws the Class A Rating on Avant Loans Funding Trust 2016-B

NEW YORK, NY (August 17, 2017) - Kroll Bond Rating Agency (KBRA) has withdrawn the rating on the Class A notes of Avant Loans Funding Trust 2016-B (AVNT 2016-B), a consumer loan ABS transaction, which closed on April 28, 2016. This action reflects the fact that Class A note has been paid in full as of June 30, 2017.

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KBRA Withdraws the Class A Rating on Avant Loans Funding Trust 2016-A

NEW YORK, NY (August 17, 2017) - Kroll Bond Rating Agency (KBRA) has withdrawn the rating on the Class A 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 A note has been paid in full as of April 30, 2017.

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KBRA Affirms Ratings for Castlelake Aircraft Securitization Trust 2016-1

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Loans, Class B Loans and Class C Loans of Castlelake Aircraft Securitization Trust 2016-1, an aircraft ABS transaction, which closed on August 15, 2016. The portfolio is currently comprised of 50 commercial aircraft and one stand-alone engine with an aggregate maintenance??'adjusted base value of approximately $999.0 million.

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KBRA Withdraws Ratings on CarFinance Capital Auto Trust 2013-1

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has withdrawn the ratings on the remaining two classes of the CarFinance Capital Auto Trust 2013-1, an auto loan ABS transaction which closed on May 30, 2013. This action reflects CFC Funding LLC decision to exercise the optional redemption of all outstanding notes pursuant to the sale and servicing agreement dated May 30, 2013. 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 July 31, 2017.

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KBRA Withdraws Ratings on United Auto Credit Securitization Trust 2015-1

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has withdrawn the ratings on the remaining two classes of the United Auto Credit Securitization Trust 2015-1, an auto loan ABS transaction which closed on March 26, 2015. This action reflects United Auto Credit Corporation’s (UACC) decision to exercise the optional redemption of all outstanding notes pursuant to the sale and servicing agreement dated February 28, 2015. UACC 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 July 31, 2017.

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KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2017-3

NEW YORK, NY (August 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-3 (FCAT 2017-3), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2017-2

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-2 (“PMIT 2017-2”). This is a $501.06 million consumer loan ABS transaction. 

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KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2017-1 Additional Notes

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of additional Series 2017-1 notes (the “Series 2017-1 Additional Notes”) issued by Kabbage Asset Securitization LLC

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Kroll Bond Rating Agency Assigns Final Ratings to Chesapeake Funding II LLC, Series 2017-3 Notes, Affirms Ratings on Series 2017-2, Series 2016-2 Notes and Series 2016-1 Notes

NEW YORK, NY (August 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Series 2017-3 Notes”) issued by Chesapeake Funding II LLC.

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding 2017-2 Class A Notes

NEW YORK, NY (August 4, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to HERO Funding 2017-2 Class A1 Notes and Class A2 Notes. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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Kroll Bond Rating Agency Assigns Final Ratings to Willis Engine Structured Trust III

NEW YORK, NY (August 4, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes (the “Notes”) issued by Willis Engine Structured Trust III.


Proceeds from the Notes were used to acquire 56 engines (the “Portfolio”), 51 of which are on lease to 27 lessees located in 20 countries, along with 5 engines currently not subject to a lease agreement. The Portfolio has an initial value of approximately $419.6 million, based on the average of the half-life base values provided by three appraisers as of May 31, 2017 and adjusted for maintenance conditions as determined by ICF SH&E, Inc. as of April 2017. This is the Company’s first transaction rated by KBRA.

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Kroll Bond Rating Agency Assigns Final Ratings to NYCTL 2017-A Trust

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) announces the final ratings on the bonds of NYCTL 2017-A Trust, a property tax lien ABS transaction.

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Kroll Bond Rating Agency Affirms Ratings on NYCTL 2016-A Trust

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on one class of NYCTL 2016-A Trust, a property tax lien ABS transaction, which closed on August 3, 2016. The transaction has performed as expected since closing and credit enhancement has increased over the past year. 

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Kroll Bond Rating Agency Affirms Ratings on NYCTL 2015-A Trust

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on one class of NYCTL 2015-A Trust, a property tax lien ABS transaction, which closed on August 5, 2015. The transaction has performed as expected since closing and credit enhancement has increased over the past year. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to S-JETS 2017-1 Limited

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by S-JETS 2017-1 Limited.

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Kroll Bond Rating Agency Rating Actions on DriveTime Auto Owner Trusts

NEW YORK, NY (August 2, 2017) –Kroll Bond Rating Agency (KBRA) takes rating actions on 6 DriveTime Auto Owner Trust.  In total, 5 notes were affirmed and 8 were upgraded.  The data used are as of the June 30, 2017 collection period. The rating actions 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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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Marlette Funding Trust 2016-1

NEW YORK, NY (August 2, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on one class of notes issued under the Marlette Funding Trust 2016-1 (MFT 2016-1), a consumer loan ABS transaction which closed on August 2, 2016. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Four Seas L.P.

NEW YORK, NY (August 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Four Seas L.P.

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Kroll Bond Rating Agency Affirms Ratings for Diamond Head Aviation 2015 Limited

NEW YORK, NY (August 1, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Notes and Class B Notes of Diamond Head Aviation 2015 Limited, an aircraft ABS transaction, which closed on July 30, 2015. As of March 31, 2017, the current portfolio consists of 22 aircraft leased to 12 operators based in 11 countries.

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Kroll Bond Rating Agency Upgrades Ratings On SoFi Consumer Loan Program 2016-2

NEW YORK, NY (July 31, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the ratings on two classes of SoFi Consumer Loan Program 2016-2 (SCLP 2016-2), a consumer loan ABS transaction, which closed on August 01, 2016. This action reflects the fact that losses are slightly above 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 and Class B ratings.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2017-2

NEW YORK, NY (July 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-2 (“PMIT 2017-2”). This is a $501.06 million consumer loan ABS transaction that is expected to close on August 9, 2017.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding 2017-2 Class A Notes

NEW YORK, NY (July 25, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to HERO Funding 2017-2 (“HERO 2017-2") Class A1 Notes and Class A2 Notes (together, the “Class A Notes”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Chesapeake Funding II LLC, Series 2017-3 Notes

NEW YORK, NY (July 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes (the “Notes”) anticipated to be issued by Chesapeake Funding II LLC. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to NYCTL 2017-A Trust

NEW YORK, NY (July 21, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings on the bonds of NYCTL 2017-A Trust, a property tax lien ABS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2017-2

NEW YORK, NY (July 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-2 (FIAOT 2017-2), an auto loan ABS transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Willis Engine Structured Trust III

NEW YORK, NY (July 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes (the “Notes”) issued by Willis Engine Structured Trust III.

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Kroll Bond Rating Agency Assigns Final Ratings to Castlelake Aircraft Structured Trust 2017-1

NEW YORK, NY (July 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of loans (the “Loans”) issued by Castlelake Aircraft Structured Trust 2017-1.

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Kroll Bond Rating Agency Takes Rating Actions on First Investors Auto Owner Trusts

NEW YORK, NY (July 17, 2017) - Kroll Bond Rating Agency (KBRA) has taken rating actions on nine First Investors Auto Owner Trust transactions. In total, 34 notes were affirmed and five were upgraded. The data used are current as of the May 31, 2017 collection period. No rating actions were taken on First Investors Auto Owner Trust 2017-1, since this transaction has less than six months of seasoning. The rating actions 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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Kroll Bond Rating Agency Affirms Ratings on Tax Ease Funding 2016-1, LLC, Series 2016-1

NEW YORK, NY (July 14, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Tax Ease Funding, LLC, Series 2016-1, a property tax lien ABS transaction. The transaction has performed as expected since closing and credit enhancement has increased over the past year.

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Kroll Bond Rating Agency Takes Rating Actions on GO Financial Auto Securitization Trust

NEW YORK, NY (July 13, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on two GO Financial Auto Securitization Trusts (GOFAST).  In total, five notes were upgraded.  The data used is as of the May 31, 2017 collection period. The rating actions reflect the fact that losses are below KBRA’s initial 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 affirmation and upgrades.

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Kroll Bond Rating Agency Affirms Ratings for Sunrun Callisto Issuer 2015-1, Series 2015-1

NEW YORK, NY (July 12, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings for two note classes of Sunrun Callisto Issuer 2015-1, LLC, Series 2015-1, a residential distributed generation solar securitization, which closed on July 9, 2015. 

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Kroll Bond Rating Agency Withdraws the Class A-2 Rating on First Investors Auto Owner Trust 2015-1

NEW YORK, NY (July 12, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on
the Class A-2 notes of First Investors Auto Owner Trust 2015-1 (FIAOT 2015-1), an auto loan
ABS transaction, which closed on April 23, 2015. This action reflects the fact that Class A-2
notes have been paid in full.

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Kroll Bond Rating Agency Assigns Ratings to SCF RC Funding I LLC, SCF RC Funding II LLC and SCF RC Funding III LLC, Series 2017-1 Notes, Affirms Ratings on Series 2016-1 Notes

NEW YORK, NY (July 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to two classes of net-lease mortgage notes, series 2017-1 (the “Notes”) issued by SCF RC Funding I LLC, SCF RC Funding II LLC & SCF RC Funding III LLC.

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Kroll Bond Rating Agency Assigns Ratings to Jimmy John's Funding, LLC Series 2017-1 Senior Secured Notes

NEW YORK, NY (July 7, 2017) – Kroll Bond Rating Agency (KBRA) announces the ratings to two note classes of Jimmy John’s Funding, LLC, a whole business securitization. This transaction is structured as a “whole business securitization” in which Jimmy John’s LLC and its subsidiaries (“Jimmy John’s” or the “Company”) contributed most of its revenue-generating assets in the United States to Jimmy John’s Funding, LLC and its subsidiaries as collateral for the offered notes. The collateral includes existing and future domestic franchise agreements and development agreements, existing and future Company-operated restaurant synthetic royalties, revenues from the Buying Group, and intellectual property. The proceeds from the offered notes is used to repay its existing credit facility, pay certain transaction expenses, make deposits to required reserve accounts, and for general corporate purposes.

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Kroll Bond Rating Agency Affirms Ratings on Cazenovia Creek Funding I, LLC, Series 2015-1

NEW YORK, NY (July 7, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on two classes of Cazenovia Creek Funding I, LLC, Series 2015-1, a property tax lien ABS transaction. The transaction has performed as expected since closing and credit enhancement has increased over the past year.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2017-1

NEW YORK, NY (July 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of loans (the “Loans”) issued by Castlelake Aircraft Structured Trust 2017-1.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2017-2

NEW YORK, NY (July 6, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns preliminary ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-2 (“FIAOT 2017-2”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2017-4

NEW YORK, NY (July 5, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two class of notes issued by SoFi Consumer Loan Program 2017-4 LLC (“SCLP 2017-4”). This is a $499.5 million consumer loan ABS transaction that is closing on July 5th, 2017. 

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Kroll Bond Rating Agency Upgrades the Ratings for SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1

NEW YORK, NY (July 5, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the ratings of SCF Equipment Trust 2016-1 LLC Equipment Contract Backed Notes, Series 2016-1, an equipment lease and loan ABS transaction. As of May 31, 2017, the aggregate discounted balance of the portfolio is approximately $197.0 million. The portfolio is comprised of 64 contracts to 17 obligors. The ADB is based on the projected equipment loan and lease cash flows discounted at a rate of 7.51%.

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Kroll Bond Rating Agency Affirms Ratings on Oportun Funding I, LLC, Series 2015-B

NEW YORK, NY (June 30, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by the Oportun Funding I, LLC, Series 2015-B (Oportun 2015-B), a consumer loan ABS transaction, which closed on July 8, 2015. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which additional collateral may be funded so long as it complies with certain eligibility criteria. Performance is in line with KBRA’s expectation at closing. As a result, KBRA is affirming the ratings on each class of notes. 

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Kroll Bond Rating Agency Affirms Ratings on Oportun Funding III, LLC, Series 2016-B

NEW YORK, NY (June 30, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by the Oportun Funding III, LLC, Series 2016-B (Oportun 2016-B), a consumer loan ABS transaction, which closed on July 8, 2016. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which additional collateral may be funded so long as it complies with certain eligibility criteria. Performance is in line with KBRA’s expectation at closing. As a result, KBRA is affirming the ratings on each class of notes. 

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Kroll Bond Rating Agency Affirms Ratings for Harbour Aircraft Investments Limited, Series 2016

NEW YORK, NY (June 30, 2017) – 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, an aircraft ABS transaction, which closed on July 1, 2016. The portfolio currently comprises 18 aircraft and two stand-alone engines with an aggregate maintenance-adjusted base value of approximately $372.05 million.

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Kroll Bond Rating Agency Assigns Final Ratings to Marlette Funding Trust 2017-2

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2017-2 (“MFT 2017-2”). This is a $322.7 million consumer loan ABS transaction that closed on June 29, 2017.  This transaction represents the fourth securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.   

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Sierra Auto Receivables Securitization Trust 2016-1

NEW YORK, NY (June 29, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the rating on one class and affirms the rating on two classes 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 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 ratings and an affirmation of the Class B and Class C ratings.

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Kroll Bond Rating Agency Upgrades the Ratings on SoFi Consumer Loan Program 2016-1

Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class A notes issued under the SoFi Consumer Loan Program (SCLP 2016-1), a consumer loan ABS transaction which closed on June 27, 2016. The credit enhancement has built for the Class A notes since closing. While cumulative net losses are slightly above KBRA’s initial loss expectations, the transaction has breakeven loss multiples which are sufficient for an upgrade of the Class A rating.

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Kroll Bond Rating Agency Assigns Final Ratings to GLS Auto Receivables Trust 2017-1

NEW YORK, NY (June 28, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns final ratings to five classes of notes issued by GLS Auto Receivables Trust 2017-1 (“GCAR 2017-1”), an auto loan ABS transaction.  

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Kroll Bond Rating Agency Assigns Final Ratings to Springleaf Funding Trust 2017-A

NEW YORK, NY (June 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Springleaf Funding Trust 2017-A (SLFT 2017-A), a consumer loan asset-backed securities transaction.

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Kroll Bond Rating Agency Assigns Ratings to Five Guys Funding, LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (June 27, 2017) – Kroll Bond Rating Agency (KBRA) announces ratings to two note classes of Five Guys Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Ratings to Cajun Global LLC, Cajun Funding Corp., Cajun Restaurants LLC, and Cajun Realty LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (June 26, 2017) – Kroll Bond Rating Agency (KBRA) announces the ratings to two note classes of Cajun Global LLC, Cajun Funding Corp., Cajun Restaurants LLC, and Cajun Realty LLC, a whole business securitization.

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Kroll Bond Rating Agency Affirms Ratings on Spruce ABS Trust 2016-E1

NEW YORK, NY (June 23, 2017) – 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 losses are below 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 affirmation of the ratings on the Class A and Class B notes.

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Kroll Bond Rating Agency Affirms Ratings on Welk Resorts 2015-A

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Welk Resorts 2015-A (Welk 2015-A), a timeshare loan ABS transaction which closed on June 10, 2015. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Welk has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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Kroll Bond Rating Agency Affirms Ratings to Arby's Funding, LLC

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (“KBRA”) affirms the ratings to two Series of Arby’s Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SCF RC Funding I LLC, SCF RC Funding II LLC and SCF RC Funding III LLC, Series 2017-1

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of net-lease mortgage notes, series 2017-1 (the “Notes”) issued by SCF RC Funding I LLC, SCF RC Funding II LLC & SCF RC Funding III LLC.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Foursight Capital Auto Receivables Trust 2016-1

NEW YORK, NY (June 22, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on one class of the Foursight Capital Auto Receivables Trust 2016-1 (FCART 2016-1), an auto loan ABS transaction, which closed on June 22, 2016. This action reflects the fact that losses are above 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-2, Class B ratings and an affirmation of the Class C rating.

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Kroll Bond Rating Agency Assigns Final Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1

NEW YORK, NY (June 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1 (“CLUB 2017-NP1”). This is a $279.388 million consumer loan ABS transaction that closed on June 22, 2017.

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Kroll Bond Rating Agency Assigns Final Ratings to Welk Resorts 2017-A

NEW YORK, NY (June 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to two classes of notes issued by Welk Resorts 2017-A (“WELK 2017-A”). This is a $149.03 million timeshare ABS transaction that closed on June 22, 2017. 

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Kroll Bond Rating Agency Affirms Ratings for Golden Bear Funding Notes, Series 2016-1

NEW YORK, NY (June 22, 2017) – Kroll Bond Rating Agency (“KBRA”) affirms the ratings on the Class A Notes of Golden Bear Funding Notes, Series 2016-1, a residential Property Assessed Clean Energy (“PACE”) transaction, which closed on June 22, 2016. The portfolio is currently supported by 336 limited obligation improvement bonds (each, a “PACE Bond”, and collectively the “PACE Bond Portfolio”) issued by the California Statewide Communities Development Authority and the County of Los Angeles, California. The PACE Bond Portfolio is currently secured by approximately 4,210 PACE assessments levied against 3,939 residential properties (“PACE Assessments”). The average PACE Assessment is $26,557 with an average annual payment of $3,046. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-4

NEW YORK, NY (June 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two class of notes issued by SoFi Consumer Loan Program 2017-4 LLC (“SCLP 2017-4”). This is a $499.5 million consumer loan ABS transaction that is closing on July 5th, 2017. 

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Kroll Bond Rating Agency Assigns Final Ratings to Upstart Securitization Trust 2017-1

Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Upstart Securitization Trust 2017-1 (“UPST 2017-1”). This is a $163.107 million consumer loan ABS transaction that closed on June 21, 2017.

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Kroll Bond Rating Agency Withdraws Ratings on Mill River Funding Trust 2015-VFN1

NEW YORK, NY (June 20, 2017) - Kroll Bond Rating Agency (“KBRA”) withdraws the rating on the Mill River Funding Trust 2015-VFN1, a consumer loan ABS transaction, which closed on May 27, 2015. KBRA received notification that Mill River Funding Trust 2015-VFN1 was terminated on December 20, 2016.

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Kroll Bond Rating Agency Withdraws the Rating on Class A Notes issued by DT Auto Owner Trust 2016-1

NEW YORK, NY (June 20, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the 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 A notes have been paid in full.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Skopos Auto Receivables Trust 2015-2

NEW YORK, NY (June 19, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on two classes of the Skopos Auto Receivables Trust 2015-2 (SKOP 2015-2), an auto loan ABS transaction, which closed on November 13, 2015. This action reflects 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, Class B ratings and an affirmation of the Class C, Class D ratings.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Jimmy John's Funding, LLC Series 2017-1 Senior Secured Notes

NEW YORK, NY (June 19, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Jimmy John’s Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Marlette Funding Trust 2017-2

NEW YORK, NY (June 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2017-2 (“MFT 2017-2”). This is a $322.7 million consumer loan ABS transaction that is expected to close on June 29, 2017.  This transaction represents the fourth securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Springleaf Funding Trust 2017-A

NEW YORK, NY (June 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Springleaf Funding Trust 2017-A (SLFT 2017-A), a consumer loan asset-backed securities transaction.

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Kroll Bond Rating Agency Affirms Ratings for LMRK Issuer Co. LLC, Series 2016-1

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A notes and Class B notes issued by LMRK Issuer Co. LLC, an ABS transaction which closed on June 16, 2016. The transaction represented Landmark Infrastructure Partners GP LLC’s inaugural securitization. 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 2017, the aggregate annualized revenue increased approximately 3.6% since issuance to approximately $13.9 million.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GLS Auto Receivables Trust 2017-1

NEW YORK, NY (June 15, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns preliminary ratings to five classes of notes issued by GLS Auto Receivables Trust 2017-1 (“GCAR 2017-1”), an auto loan ABS transaction.

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Kroll Bond Rating Agency Affirms Ratings for Oxford Finance Funding 2016-1 LLC

NEW YORK, NY (June 14, 2017) – 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 the collection period ending in May 2017, the portfolio is comprised of 81 loans to 64 obligors with an aggregate outstanding loan balance of approximately $378.4 million with approximately $13.3 million on deposit or to be deposited to the principal reinvestment account.

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Kroll Bond Rating Agency Affirms Ratings for NMEF Funding 2016-A, LLC

NEW YORK, NY (June 13, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Equipment Receivables Backed Notes, Series 2016-A, Class A and Equipment Receivables Backed Notes, Series 2016-A, Class B of NMEF Funding 2016-A, LLC, an equipment lease ABS transaction, which closed on June 13, 2016. The portfolio is currently comprised of 2,406 equipment contracts with an aggregate discounted contract balance of approximately $87,628,598.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Welk Resorts 2017-A

NEW YORK, NY (June 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Welk Resorts 2017-A (“WELK 2017-A”). This is a $149.03 million timeshare ABS transaction that is expected to close June 22, 2017. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1

NEW YORK, NY (June 12, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-NP1 (“CLUB 2017-NP1”). This is a $279.388 million consumer loan ABS transaction that is expected to close June 22, 2017.

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Kroll Bond Rating Agency Assigns Final Ratings to Oportun Funding VI, LLC, Series 2017-A

NEW YORK, NY (June 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of Oportun Funding VI, LLC, Series 2017-A (“Oportun 2017-A”), a consumer loan asset-backed securities transaction.

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Kroll Bond Rating Agency Releases Comprehensive Surveillance Report for American Credit Acceptance Receivables Trusts

NEW YORK, NY (June 7, 2017) – Kroll Bond Rating Agency (KBRA) takes rating actions on 8 American Credit Acceptance Receivables Trust.  In total, 15 notes were affirmed and 15 were upgraded.  The data used are as of the April 31, 2017 collection period.  No rating actions were taken on American Credit Acceptance Receivables Trusts 2017-1 and 2017-2, since these transactions have less than 6 months of seasoning. The rating actions reflect the fact that losses are in-line with KBRA’s initial 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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Kroll Bond Rating Agency Affirms Ratings on OneMain Financial Issuance Trust 2016-3

NEW YORK, NY (June 07, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on four classes of the OneMain Financial Issuance Trust 2016-3 (OMFIT 2016-3), a consumer loan ABS transaction, which closed on June 07, 2016. This action reflects the fact that losses are below 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 and an affirmation of the class A, Class B, Class C, Class D ratings. 

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Kroll Bond Rating Agency Assigns FinalRatings to Drug Royalty III LP 1 - Series 2017-1 Senior Secured Notes

NEW YORK, NY (June 7, 2017) – Kroll Bond Rating Agency (KBRA) announces the final ratings to two note classes of Drug Royalty III LP 1, a drug royalty securitization.

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Transactions

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (“KBRA”) affirms the ratings on nine HERO Funding transactions. In total, eleven note classes were affirmed. Each HERO transaction is a residential Property Assessed Clean Energy (“PACE”) transaction. Each transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Final Ratings to AASET 2017-1 Trust

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by AASET 2017-1 Trust.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Upstart Securitization Trust 2017-1

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Upstart Securitization Trust 2017-1 (“UPST 2017-1”). This is a $163.107 million consumer loan ABS transaction that is expected to close on June 21, 2017.  

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Kroll Bond Rating Agency Withdraws the Class A Ratings on American Credit Acceptance Receivables Trust 2015-2

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of the American Credit Acceptance Receivables Trust 2015-2 (ACAR 2015-2), an auto loan ABS transaction that closed on June 25, 2015. This action reflects the fact that Class A notes have been paid in full.

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2017-2

NEW YORK, NY (June 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of American Credit Acceptance Receivables Trust 2017-2 (ACAR 2017-2), an auto loan ABS transaction.

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Kroll Bond Rating Agency Withdraws the Rating on Class B Notes issued by DT Auto Owner Trust 2015-2

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by the DT Auto Owner Trust 2015-2 (“DTAOT 2015-2”), an auto loan ABS transaction which closed on June 17, 2015. This action reflects the fact that the Class B notes have been paid in full.

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Kroll Bond Rating Agency Assigns Final Ratings to Chesapeake Funding II LLC, Series 2017-2 Notes, Affirms Ratings on Series 2016-1 Notes and Series 2016-2 Notes

NEW YORK, NY (May 30, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Series 2017-1 Notes”) issued by Chesapeake Funding II LLC.

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Kroll Bond Rating Agency Assigns Final Ratings to Prosper Marketplace Issuance Trust, Series 2017-1

NEW YORK, NY (May 25, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-1 (PMIT 2017-1). This is a $495.55 million consumer-loan ABS transaction that is expected to close on May 25, 2017.

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Kroll Bond Rating Agency Affirms Ratings for CBC Insurance Revenue Securitization, LLC, Series 2016-1

NEW YORK, NY (May 25, 2017) – 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 (“UL”) or hybrid life insurance, which contains elements of both UL and variable universal life insurance.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to AASET 2017-1 Trust

NEW YORK, NY (May 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by AASET 2017-1 Trust.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Drug Royalty III LP 1 - Series 2017-1 Senior Secured Notes

NEW YORK, NY (May 22, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Drug Royalty III LP 1, a drug royalty securitization.

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Kroll Bond Rating Agency Affirms Ratings to Driven Brands Funding, LLC

NEW YORK, NY (May 19, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings to two Series of Driven Brands Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oportun Funding VI, LLC, Series 2017-A

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of Oportun Funding VI, LLC, Series 2017-A (“Oportun 2017-A”), a consumer loan asset-backed securities transaction.

The collateral in the Oportun 2017-A deal includes approximately $188.24 million of loans, as of the April 12, 2017 statistical calculation date.  The transaction includes a three year revolving period during which additional collateral may be funded in the transaction so long as it complies with certain eligibility criteria.  The preliminary ratings reflect the initial credit enhancement levels ranging from 30.0% for the Class A notes and 15.0% for the Class B notes.  

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2017-3

NEW YORK, NY (May 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to one class of notes issued by SoFi Consumer Loan Program 2017-3 LLC (“SCLP 2017-3”). This is a $530 million consumer loan ABS transaction that is closing on May 18, 2017.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2017-2

NEW YORK, NY (May 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of American Credit Acceptance Receivables Trust 2017-2 (“ACAR 2017-2”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Removes Watch Downgrade on the Class B Note and Affirms Ratings on Diamond Resorts Owner Trust 2015-2

NEW YORK, NY (May 17, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on the Class A note of Diamond Resorts Owner Trust 2015-2 (DROT 2015-2) at ‘AA- (sf)’. The Watch Downgrade on the Class B note has been removed; and the class B note has been affirmed at its current rating at ‘A- (sf)’. The Watch Downgrade was initially placed on the Class B note in November 2016 in light of higher than expected levels of default. DROT 2015-2 is a timeshare loan ABS transaction that closed on November 17, 2015. 

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Kroll Bond Rating Agency Affirms Ratings on Diamond Resorts Owner Trust 2014-1

NEW YORK, NY (May 17, 2017) - Kroll Bond Rating Agency (KBRA) affirms the Class A and B notes of the Diamond Resorts Owner Trust 2014-1 (DROT 2014-1) at ‘AA- (sf)’ and ‘A (sf)’, respectively. DROT 2014-1 is a timeshare loan ABS transaction, which closed on November 20, 2014.

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by Tidewater Sales Finance Master Trust

NEW YORK, NY (May 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Tidewater Sales Finance Master Trust, Series 2017-A (“Series 2017-A”). This transaction represents Tidewater Finance Company’s (“TFC”) first term ABS issuance collateralized by a pool of retail installment receivables and receivables interests.

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Kroll Bond Rating Agency Withdraws Rating on DriveTime Auto Owner Trust 2013-1

NEW YORK, NY (May 17, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the remaining class of notes, class D, of the DriveTime Auto Trust 2013-1 (DTAOT 2013-1), an auto loan ABS transaction, which closed on June 19, 2013. This action reflections DriveTime’s decision to exercise the optional purchase of all outstanding notes pursuant to the sales and servicing agreement dated June 19, 2013. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the most recent distribution date, May 15, 2017.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Chesapeake Funding II LLC, Series 2017-2 Notes

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes anticipated to be issued by Chesapeake Funding II LLC.

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KBRA Assigns Preliminary Ratings to Cajun Global LLC, Cajun Funding Corp., Cajun Restaurants LLC, and Cajun Realty LLC - Series 2017-1 Senior Secured Notes

Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Cajun Global LLC, Cajun Funding Corp., Cajun Restaurants LLC, and Cajun Realty LLC, a whole business securitization.

In connection with its first securitization transaction in 2011, Cajun Operating Company (“Cajun”, “Church’s” or “the Company”) contributed most of its revenue-generating to the Master Issuer and the Co-Issuers as collateral for the then offered notes. Cajun Global LLC is the franchisor and operator of restaurants under the Church’s/Texas Chicken brand.  The collateral includes existing and future domestic and international franchise agreements, existing and future company-operated restaurant royalties, existing and future collections from company-operated restaurants, certain franchisee leases, and intellectual property.  The proceeds from the offered notes will be used to refinance its existing 2011-1 securitization transaction, pay certain transaction expenses and for general corporate purposes.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2017-1

NEW YORK, NY (May 15, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2017-1 (“PMIT 2017-1”). This is a $450.5 million consumer loan ABS transaction that is expected to close on May 24, 2017.  

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Kroll Bond Rating Agency Assigns Final Ratings to Coinstar Funding LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (May 12, 2017) – Kroll Bond Rating Agency (KBRA) announces the assignment of final ratings to two note classes of Coinstar Funding LLC, a whole business securitization. Coinstar LLC (“Coinstar” or the “Company”) contributed most of its revenue-generating assets to Coinstar Funding LLC as collateral for the offered notes. The collateral includes existing and future Coinstar branded kiosks, existing and future agreements with retail and product partners, and intellectual property. The proceeds from the offered notes are used to refinance its existing credit facilities, pre-fund working capital, pay certain transaction expenses and return of capital to shareholders.

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Kroll Bond Rating Agency Upgrades Ratings on Earnest Student Loan Program 2016-B LLC

NEW YORK, NY (May 11, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on two 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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Kroll Bond Rating Agency Assigns Preliminary Ratings to Five Guys Funding, LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (May 10, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of Five Guys Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-3

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by SoFi Consumer Loan Program 2017-3 LLC (“SCLP 2017-3”). This is a $530 million consumer loan ABS transaction that is closing on May 18, 2017.  

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Kroll Bond Rating Agency Rating Actions on Flagship Credit and CarFinance Auto Trusts

NEW YORK, NY (May 8, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on 10 Flagship Credit Auto Trusts (“FCAT”) and 5 CarFinance Capital Auto Trusts (“CFCAT”).  In total, 18 notes were affirmed and 43 were upgraded.  The data used are as of the March 31, 2016 collection period.  No rating actions were taken on Flagship Credit Auto Trusts 2016-4 and 2017-1, since these transactions have less than 6 months of seasoning. The rating actions reflect the fact that losses are either below, above or in-line with KBRA’s initial 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 affirmation and upgrade.

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Kroll Bond Rating Agency Affirms Ratings for NMEF Funding 2015-A, LLC

NEW YORK, NY (May 5, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Equipment Receivables Backed Notes, Series 2015-A, Class A and Equipment Receivables Backed Notes, Series 2015-A, Class B of NMEF Funding 2015-A, LLC, an equipment lease ABS transaction, which closed on May 7, 2015. The portfolio is currently comprised of 3,023 equipment contracts with an aggregate discounted contract balance of approximately $49,828,283.

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Kroll Bond Rating Agency Assigns Final Ratings to Thunderbolt Aircraft Lease Limited

NEW YORK, NY (May 3, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Thunderbolt Aircraft Lease Limited.

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Kroll Bond Rating Agency Assigns Final Ratings to Ascentium Equipment Receivables 2017-1 Trust

NEW YORK, NY (May 3, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four note classes of Ascentium Equipment Receivables 2017-1 Trust. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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Kroll Bond Rating Agency Assigns Final Ratings to Avant Loans Funding Trust 2017-A

NEW YORK, NY (May 3, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Avant Loans Funding Trust 2017-A (“AVNT 2017-A”). This is a $218.9 million consumer loan ABS transaction that closed on May 3, 2017. 

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Kroll Bond Rating Agency Withdraws the Class A-1 Ratings on Westlake Automobile Receivables Trust 2016-3

NEW YORK, NY (May 1, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 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 A-1 notes have been paid in full. 

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Kroll Bond Rating Agency Affirms Ratings for NP SPE II LLC, Series 2016-1

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the NP SPE II LLC, Series 2016-1 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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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2015-1

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A notes of HERO Funding Class A Notes, Series 2015-1, a residential Property Assessed Clean Energy (“PACE”) transaction, which closed on April 29, 2015. The portfolio is currently supported by 16 limited obligation improvement bonds (each, a “PACE Bond”, and collectively the “PACE Bond Portfolio”) issued by the Western Riverside Council of Governments or San Bernardino Associated Governments. The PACE Bond Portfolio is currently secured by approximately 8,291 PACE assessments levied against 8,108 residential properties (“PACE Assessments”). The average PACE Assessment is $20,564 with an average annual payment of $2,985. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding 2017-1 Class A Notes

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA(sf) to HERO Funding 2017-1 (“HERO 2017-1) Class A1 Notes and Class A2 Notes (together, the “Class A Notes”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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Kroll Bond Rating Agency Assigns Final Ratings to Renew 2017-1, Renew A Notes, Series 2017-1

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns a final rating of AA (sf) to Renew 2017-1, Renew A Notes, Series 2017-1 (Renew 2017-1). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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Kroll Bond Rating Agency Assigns Final Ratings to GoodGreen 2017-1 Trust

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes from GoodGreen 2017-1 Trust (“GoodGreen 2017-1”).  The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Avant Loans Funding Trust 2017-A

NEW YORK, NY (April 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Avant Loans Funding Trust 2017-A (“AVNT 2017-A”). This is a $192.6 million consumer loan ABS transaction that is expected to close on May 4, 2017.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Avant Loans Funding Trust 2016-B

NEW YORK, NY (April 24, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on one class of notes issued under the Avant Loans Funding Trust 2016-A (AVNT 2016-A), a consumer loan ABS transaction which closed on April 28, 2016.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding 2017-1 Class A Notes

NEW YORK, NY (April 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA(sf) to HERO Funding 2016-4 (HERO 2017-1) Class A1 Notes and Class A2 Notes (together, “the Class A Notes”). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.


The notes are secured by an Initial PACE Bond Portfolio and a Subsequent PACE Bond Portfolio (together, “the PACE Bond Portfolio”), each consisting of limited obligation improvement bonds (each, a “PACE Bond”) issued by the Western Riverside Council of Governments (“WRCOG”), San Bernardino Council of Governments (SBCOG) and the County of Los Angeles, California (“LA County”, and together with WRCOG and SANBAG, “the PACE Bond Issuers”). The Initial PACE Bond Portfolio comprises 175 PACE Bonds with an aggregate principal balance of approximately $191.7 million and is secured by 8,275 PACE assessments levied against 7,447 residential properties (“PACE Assessments”) in 38 California counties. The average PACE Assessment is approximately $23,169 with an average annual payment of approximately $2,802. The Subsequent PACE Bond Portfolio is expected to consist of PACE Bonds with an aggregate principal balance of $47.9 million. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization, and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Final Ratings to CPS Auto Receivables Trust 2017-B

NEW YORK, NY (April 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of CPS Auto Receivables Trust 2017-B (“CPSART 2017-B”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Ascentium Equipment Receivables 2017-1 Trust

NEW YORK, NY (April 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six note classes of Ascentium Equipment Receivables 2017-1 Trust. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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Kroll Bond Rating Agency Assigns Final Ratings to Foursight Capital Automobile Receivables Trust 2017-1

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes issued by Foursight Capital Automobile Receivables Trust 2017-1 (“FCRT 2017-1”), a subprime auto asset-backed securities transaction. 

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Kroll Bond Rating Agency Assigns Final Ratings to Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes from Helios Issuer, LLC, Series 2017-1, a residential distributed generation solar securitization.


This transaction is Sunnova Energy Corporation’s (“Sunnova” or “the Company”) inaugural securitization. The transaction is backed by a diversified pool of 13,838 leases, power purchase agreements (PPA), and EZ Pay PPAs (each a “Solar Service Agreement” or SSA), and 20 hedged solar renewable energy certificate (SREC) contracts, associated with residential solar photovoltaic installations (“PV Systems”).

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Coinstar Funding LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to two note classes of Coinstar Funding LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Renew 2017-1, Renew Financial A Notes, Series 2017-1

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA (sf) to Renew 2017-1, Renew Financial A Notes, Series 2017-1 (Renew 2017-1). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) assets.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GoodGreen 2017-1 Trust

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) assigns a preliminary ratings to two classes of notes from GoodGreen 2017-1 Trust (“GoodGreen 2017-1”).  The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (“PACE”) assessments.

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Kroll Bond Rating Agency Withdraws Ratings on First Investors Auto Owner Trust 2013-1

NEW YORK, NY (April 17, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining two classes of the First Investors Auto Owner Trust 2013-1 (FIAOT 2013-1), an auto loan ABS transaction, which closed on January 24, 2013. This action reflections First Investors’ decision to exercise the optional redemption of all outstanding notes pursuant to the Sale and Allocation Agreement dated January 24, 2013. The optional redemption was elected as a result of the pool factor being less than or equal to 10% as of the most recent collection period ending March 31, 2016. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Thunderbolt Aircraft Lease Limited

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (“the Notes”) issued by Thunderbolt Aircraft Lease Limited. Proceeds from the sale of the Notes will be used to purchase a fleet of 19 aircraft that are initially leased to 17 airlines located in 13 countries with an initial total value of approximately $436.4 million.

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Kroll Bond Rating Agency Assigns Ratings to Golden State Tobacco Securitization Corporation, Series 2007A

NEW YORK, NY (April 13, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns ratings to five classes of Tobacco Settlement Asset-Backed Bonds, Series 2007 (“the Bonds”) issued by Golden State Tobacco Securitization Corporation (“the Corporation”). 

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2014-1

NEW YORK, NY (April 13, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A notes of HERO Funding Class A Notes, Series 2014-1, a residential PACE (“Property Assessed Clean Energy”) transaction, which closed on March 14, 2014. The portfolio is currently supported by 90 limited obligation improvement bonds (each, a “PACE Bond”, and collectively the “PACE Bond Portfolio”) issued by the Western Riverside Council of Governments (WRCOG). The PACE Bond Portfolio is currently secured by approximately 4,210 PACE assessments levied against 4,032 residential properties (“PACE Assessments”). The average PACE Assessment is $16,446 with an average annual payment of $2,192. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization, and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by Tidewater Sales Finance Master Trust

NEW YORK, NY (April 10, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns preliminary ratings to three classes of notes issued by Tidewater Sales Finance Master Trust, Series 2017-A (“Series 2017-A”). This transaction represents Tidewater Finance Company’s (“TFC”) first term ABS issuance collateralized by a pool of retail installment receivables and receivables interests.

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Kroll Bond Rating Agency Rating Actions on Springleaf Funding Trusts

NEW YORK, NY (April 10, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on 2 Springleaf Funding Trust transactions. In total, 8 notes were affirmed. The data used are as of the February 28, 2017 collection period. The rating actions reflect the fact that losses are in-line with KBRA’s loss expectations, and credit enhancement has remained stable for each class of notes as both transactions are currently in their revolving period.

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Kroll Bond Rating Agency Assigns Final Ratings to FOCUS Brands Funding LLC, Carvel Funding LLC, McAlister's Funding LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (April 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three note classes of FOCUS Brands Funding LLC, Carvel Funding LLC, McAlister’s Funding LLC, a whole business securitization.

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Kroll Bond Rating Agency Affirms Ratings for Apollo Aviation Securitization Equity Trust 2016-1

NEW YORK, NY (April 6, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Notes, Class B Notes and Class C Notes of Apollo Aviation Securitization Equity Trust 2016-1, an aircraft ABS transaction, which closed on April 6, 2016. The portfolio is currently comprised of 32 aircraft with an aggregate maintenance adjusted base value of approximately $563.0 million.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CPS Auto Receivables Trust 2017-B

NEW YORK, NY (April 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of CPS Auto Receivables Trust 2017-B (“CPSART 2017-B”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Foursight Capital Automobile Receivables Trust 2017-1

NEW YORK, NY (April 5, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to four classes of notes issued by Foursight Capital Automobile Receivables Trust 2017-1 (“FCRT 2017-1”), a subprime auto asset-backed securities transaction. 

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Kroll Bond Rating Agency Withdraws Ratings on Castlelake Aircraft Securitization Trust 2014-1

NEW YORK, NY (April 4, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on three classes of loans (the “Loans”) of Castlelake Aircraft Securitization Trust 2014-1 (“CLAS 2014-1”), which closed on February 18, 2014. This action reflects the fact that the Loans have been paid in full on April 3, 2017.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Helios Issuer, LLC, Solar Asset Backed Notes, Series 2017-1

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes from Helios Issuer, LLC, Series 2017-1, a residential distributed generation solar securitization.

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Kroll Bond Rating Agency Affirms Ratings on Citi Held for Asset Issuance 2016-PM1

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on all class of notes issued under the Citi Held for Asset Issuance 2016-PM1 (CHAI 2016-PM1), a consumer loan ABS transaction which closed on March 31, 2016. 

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Kroll Bond Rating Agency Affirms Ratings for Chesapeake Funding II LLC, Series 2016-1 and Series 2016-2

NEW YORK, NY (March 30, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Chesapeake Funding II LLC, Series 2016-1 and Series 2016-2 notes. KBRA is affirming the ratings on the Class A-1, Class A-2, Class B, Class C, and Class D Notes of the Series 2016-1 Notes and Series 2016-2 Notes as the deals continue to perform within KBRA’s initial base case scenario.

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Kroll Bond Rating Agency Releases U.S. Consumer Loan ABS Rating Methodology

NEW YORK, NY (March 28, 2017) – Kroll Bond Rating Agency (KBRA) announces the release of its methodology for rating consumer loan ABS transactions.  

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Kroll Bond Rating Agency Affirms Ratings on OneMain Financial Issuance Trust 2016-2

NEW YORK, NY (March 23, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on four classes of the OneMain Financial Issuance Trust 2016-2 (OMFIT 2016-2), a consumer loan ABS transaction, which closed on March 23, 2016. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which time additional collateral may be funded so long as it complies with certain eligibility criteria. With the transaction being 12 months into the revolving period and losses being slightly above KBRA’s base case loss expectation, KBRA is affirming the ratings on each class of notes.

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Kroll Bond Rating Agency Assigns Final Ratings to Marlette Funding Trust 2017-1

NEW YORK, NY (March 23, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes issued by Marlette Funding Trust 2017-1 (MFT 2017-1). This is a $304.4 million consumer loan ABS transaction that closed on March 23, 2017. This transaction represents the third securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.

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Kroll Bond Rating Agency Assigns Final Ratings Securitized Equipment Receivables Trust 2017-1

NEW YORK, NY (March 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three note classes of Securitized Equipment Receivables Trust 2017-1. The notes are supported by the residual certificates from the Ascentium Capital Equipment Receivables 2015-2 Trust transaction (“ACER 2015-2”) that closed on October 28, 2015. The primary assets of ACER 2015-2 are a pool of equipment loans and leases and the Series 2015-2 SUBI representing a beneficial interest in certain titled transportation leases. ACER 2015-2 and SERT 2017-1 feature a “full turbo” waterfall, whereby all collections after expenses and interest payments will pay down principal. Ascentium Capital LLC (“Ascentium” or “the Company”) has previously sponsored six term ABS transactions, two of which have been paid in full.

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Kroll Bond Rating Agency Assigns Final Ratings to Kabbage Asset Securitization LLC, Series 2017-1

NEW YORK, NY (March 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Notes”) issued by Kabbage Asset Securitization LLC

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Kroll Bond Rating Agency Withdraws Ratings on Kabbage Funding 2014-1 Resecuritization Trust

NEW YORK, NY (March 20, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on four classes of securities issued out of Kabbage Funding 2014-1 Resecuritization Trust (“Kabbage 2014-1”), which closed on September 25, 2014. Kabbage, Inc. (“Kabbage” or “the Company”) issued its second securitization today and the proceeds of the sale of the notes will be used to refinance the Company’s existing securitization, Kabbage 2014-1.

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Kroll Bond Rating Agency Withdraws the Class A rating on Flagship Credit Auto Trust 2014-1

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes of Flagship Credit Auto Trust 2014-1 (FCAT 2014-1), and auto loan ABS transaction, which closed on April 17, 2014.  This action reflects the fact that the Class A notes have been paid in full.

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Kroll Bond Rating Agency Assigns Preliminary Ratings Securitized Equipment Receivables Trust 2017-1

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three note classes of Securitized Equipment Receivables Trust 2017-1. The notes are supported by the residual certificates from the Ascentium Capital Equipment Receivables 2015-2 Trust transaction (ACER 2015-2) that closed on October 28, 2015. ACER 2015-2 and SERT 2017-1 feature a “full turbo” waterfall, whereby all collections after expenses and interest payments will pay down principal. Ascentium Capital LLC (“Ascentium” or “the Company”) has previously sponsored six term ABS transactions, two of which have been paid in full.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Marlette Funding Trust 2017-1

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Marlette Funding Trust 2017-1 (MFT 2017-1). This is a $257.44 million consumer loan ABS transaction that is expected to close on March 23, 2017.  This transaction represents the third securitization collateralized by unsecured consumer loans originated by Cross River Bank, under the Marlette Best Egg Platform and sold to Marlette Funding, LLC (“Marlette”) or its affiliate.   

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Kroll Bond Rating Agency Withdraws Ratings on CarNow Auto Receivables Trust 2014-1

NEW YORK, NY (March 10, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on the remaining three classes of notes issued out of CarNow Auto Receivables Trust Notes 2014-1 (CNART 2014-1), an auto loan asset-backed securities transaction, which closed on September 26, 2014.  This action reflects the decision of Byrider Finance, LLC, as Servicer, to exercise the optional redemption of all the outstanding notes pursuant to the Sales and Servicing Agreement dated March 15, 2017. The optional redemption was elected as a result of the pool factor being less than or equal to 15% of the Original Pool Balance as the most recent collection period ending February 28, 2017.

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Kroll Bond Rating Agency Assigns Final Ratings to Arcadia Receivables Credit Trust 2017-1

NEW YORK, NY (March 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by Arcadia Receivables Credit Trust 2017-1 (“ARCT 2017-1”). This is a $213.137 million consumer loan ABS transaction that closed on March 10, 2017. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FOCUS Brands Funding LLC, Carvel Funding LLC, McAlister's Funding LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (March 9, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to three note classes of FOCUS Brands Funding LLC, Carvel Funding LLC, McAlister’s Funding LLC, a whole business securitization.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Citi Held for Asset Issuance 2016-MF1

Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on one class of notes issued under the Citi Held For Asset Issuance 2016-MF1 (CHAI 2016-MF1), a consumer loan ABS transaction which closed on March 4, 2016.

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Kroll Bond Rating Agency Assigns Final Ratings to TGIF Funding, LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two note classes of TGIF Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2017-1

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of American Credit Acceptance Receivables Trust 2017-1 (“ACAR 2017-1”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Affirms Ratings for SolarCity LMC Series V, LLC, Series 2016-1

NEW YORK, NY (March 1, 2017) – 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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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Avant Loans Funding Trust 2016-A

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the rating on two classes and affirms the rating on one class of notes issued under the Avant Loans Funding Trust 2016-A (AVNT 2016-A), a consumer loan ABS transaction which closed on February 26, 2016.

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Kroll Bond Rating Agency Publishes New Research Report - "Shifting Gears: Analysis of Auto Loan & ABS Trends"

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) has released a new research report entitled “Shifting Gears: Analysis of Auto Loan & ABS Trends“. Recently there has been considerable attention on the credit performance of the subprime auto sector due to increasing loan originations and rising losses and delinquencies. This ABS research report analyzes certain performance trends for the auto loan sector and examines KBRA’s rating actions on auto loan ABS.

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2017-2

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by SoFi Consumer Loan Program 2017-2 LLC (“SCLP 2017-2”). This is a $343.7 million consumer loan ABS transaction that is closing on February 24, 2017.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Tidewater Auto Receivables Trust 2016-A

NEW YORK, NY (February 24, 2017) - Kroll Bond Rating Agency (KBRA) upgrades the ratings on two classes and affirms the ratings on three classes of the 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 below 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  upgrades of the Class B and Class C ratings and affirmations of the Class A-2, Class D, and Class E ratings.

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Kroll Bond Rating Agency Proposes U.S. Consumer Loan ABS Rating Methodology

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) announces the release of its proposed methodology for rating consumer loan ABS transactions.  

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Kroll Bond Rating Agency Assigns Final Ratings to Mariner Finance Issuance Trust 2017-A

NEW YORK, NY (February 23, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of Mariner Finance Issuance Trust 2017-A (MFIT 2017-A), a personal loan asset-backed securities transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to SCF Equipment Leasing 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1

NEW YORK, NY (February 23, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four note classes of SCF Equipment Leasing 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1.  The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2017-1

NEW YORK, NY (February 23, 2017) – Kroll Bond Rating Agency (“KBRA”) assigns final ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-1 (“FIAOT 2017-1”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Withdraws the Class Ratings on Tidewater Auto Receivables Trust 2016-A

NEW YORK, NY (February 22, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Tidewater Auto Receivables Trust 2016-A (TMCAT 2016-1) an auto loan ABS transaction, which closed on February 26, 2016. This action reflects the fact that Class A-1 notes have been paid in full.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Arcadia Receivables Credit Trust 2017-1

NEW YORK, NY (February 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Arcadia Receivables Credit Trust 2017-1 (“ARCT 2017-1”). This is a $213.137 million consumer loan ABS transaction that is expected to close March 6, 2017. 

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Kroll Bond Rating Agency Affirms Ratings on Oportun Funding I, LLC, Series 2015-B

NEW YORK, NY (February 17, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by the Oportun Funding I, LLC, Series 2015-B (Oportun 2015-B), a consumer loan ABS transaction, which closed on July 8, 2015. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which additional collateral may be funded so long as it complies with certain eligibility criteria. Performance is in line with KBRA’s expectation at closing. As a result, KBRA is affirming the ratings on each class of notes. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-2

NEW YORK, NY (February 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by SoFi Consumer Loan Program 2017-2 LLC (“SCLP 2017-2”). This is a $343.7 million consumer loan ABS transaction that is closing on February 26, 2017.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2017-1

NEW YORK, NY (February 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes (the “Notes”) issued by Kabbage Asset Securitization LLC. 

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Kroll Bond Rating Agency Affirms Ratings for DCAL Aviation Finance Limited (formerly AIM Aviation Finance Limited Series 2015)

NEW YORK, NY (February 17, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on 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 20 aircraft with an aggregate appraised value of approximately $679.32 million.

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Kroll Bond Rating Agency Assigns Ratings to Prop 2017-1 Limited

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three series of loans (“the Loans”) issued by Prop 2017-1 Limited.

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Kroll Bond Rating Agency Withdraws the Ratings on Springleaf Funding Trust 2014-A

NEW YORK, NY (February 16, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on all classes of notes issued from Springleaf Funding Trust 2014-A (SLFT 2014-A), a consumer loan ABS transaction, which closed on March 26, 2014. This action reflects the fact that SLFT 2014-A was called as of the February 2017 distribution date. 

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Kroll Bond Rating Agency Maintains Watch Downgrade on the Class B notes for Diamond Resorts Owner Trusts 2015-1 and 2015-2

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) has maintained the class B notes of Diamond Resorts Owner Trust 2015-1 (DROT 2015-1) and Diamond Resorts Owner Trust 2015-2 (DROT 2015-2) on Watch Downgrade. DROT 2015-1 and DROT 2015-2 are timeshare ABS transactions that closed on 7/29/2015 and 11/17/2015, respectively. As of the February 2017 distribution date, the current pool factor for DROT 2015-1 and DROT 2015-2 is 39.1% and 47.6%, respectively.  

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2017-1

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of American Credit Acceptance Receivables Trust 2017-1 (“ACAR 2017-1”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Ratings to Falcon Aerospace Limited

NEW YORK, NY (February 14, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of loans (the “Loans”) issued by Falcon Aerospace Limited.

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Kroll Bond Rating Agency Affirms Ratings on OneMain Financial Issuance Trust 2016-1

NEW YORK, NY (February 10, 2017) - Kroll Bond Rating Agency (KBRA) affirms the rating on four classes of the OneMain Financial Issuance Trust 2016-1 (OMFIT 2016-1), a consumer loan ABS transaction, which closed on February 10, 2016. Credit enhancement has been stable for each class of notes as the transaction is currently in its revolving period during which time additional collateral may be funded so long as it complies with certain eligibility criteria. With the transaction only being 11 months into the revolving period and losses being below KBRA’s base case loss expectation, KBRA is affirming the ratings on each class of notes.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2017-A

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of Mariner Finance Issuance Trust 2017-A (MFIT 2017-A), a personal loan asset-backed securities transaction.

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2016-1

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A notes of HERO Funding Class A Notes, Series 2016-1, a residential PACE transaction that closed on February 12, 2016. The portfolio is currently supported by 28 limited obligation improvement bonds (“the PACE Bond Portfolio”) issued by the Western Riverside Council of Governments, the San Bernardino Associated Governments ,and the County of Los Angeles, California. The PACE Bond Portfolio is currently secured by 8,068 PACE assessments levied against 7,996 residential properties (“PACE Assessments”). The average PACE Assessment is approximately $24,095 with an average annual payment of approximately $3,307. The transaction benefits from credit enhancement in the form of excess spread, overcollateralization, and a liquidity reserve.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2017-1

NEW YORK, NY (February 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by First Investors Auto Owner Trust 2017-1 (“FIAOT 2017-1”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to TGIF Funding, LLC - Series 2017-1 Senior Secured Notes

NEW YORK, NY (February 8, 2017) – Kroll Bond Rating Agency (KBRA) announces the preliminary ratings to two note classes of TGIF Funding, LLC, a whole business securitization.

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Kroll Bond Rating Agency Upgrades Ratings for SolarCity FTE Series 1 LLC, Series 2016-A

NEW YORK, NY (February 6, 2017) – Kroll Bond Rating Agency (KBRA) upgrades the ratings for two note classes of SolarCity FTE Series 1, LLC, Series 2016-A, a residential distributed generation solar securitization, which closed on January 22, 2016. The upgrades are due to the significant reduction in the respective advance rates on the Notes as principal payments from obligors exceeded base case projections.  

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SCF Equipment Leasing 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1

NEW YORK, NY (February 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four note classes of SCF Equipment Leasing 2017-1 LLC Equipment Contract Backed Notes, Series 2017-1. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.

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Kroll Bond Rating Agency Affirms Ratings on Welk Resorts 2015-A

NEW YORK, NY (February 3, 2017) – Kroll Bond Rating Agency (KBRA) affirms the rating on two classes of notes issued by Welk Resorts 2015-A (Welk 2015-A), a timeshare loan ABS transaction which closed on June 10, 2015. This action reflects the fact that although losses are above KBRA’s initial loss expectations, Welk has repurchased or substituted qualified loans for all defaulted loans to date making the losses on the transaction 0%.

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Kroll Bond Rating Agency Takes Rating Actions on GLS Auto Receivables Trust

NEW YORK, NY (February 3, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on 2 GLS Auto Receivables Trust transactions.  In total, 6 notes were affirmed. The data used are as of the December 31, 2016 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 were sufficient for their respective affirmations.

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Kroll Bond Rating Agency Withdraws the Class B rating on MarketPlace Loan Trust Series 2015-OD4

NEW YORK, NY (February 2, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of MarketPlace Loan Trust Series 2015-OD4, a commercial loan ABS transaction, which closed on December 28, 2015. This action reflects the fact that the Class B notes have been paid in full.

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Kroll Bond Rating Agency Assigns Ratings to Mosaic Solar Loans 2017-1

NEW YORK, NY (February 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to one class of notes issued by Mosaic Solar Loans 2017-1, LLC (“Mosaic 2017-1”). This is a $138.95 million term ABS securitization collateralized by a pool of $177.9 million residential solar loans closing on February 2, 2017.  

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2017-1

NEW YORK, NY (February 2, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of Flagship Credit Auto Trust 2017-1 (FCAT 2017-1), a subprime auto asset-backed securities transaction.

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Kroll Bond Rating Agency Assigns Ratings to OneMain Direct Auto Receivables Trust 2017-1

NEW YORK, NY (February 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of notes issued by OneMain Direct Auto Receivables Trust 2017-1 (“ODART 2017-1”), an auto loan ABS transaction.   

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Prop 2017-1 Limited

NEW YORK, NY (January 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of loans (the “Loans”) issued by Prop 2017-1 Limited.

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Kroll Bond Rating Agency Assigns Ratings to SolarCity FTE Series 2, LLC, Series 2017-A

NEW YORK, NY (January 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of notes from SolarCity FTE Series 2, LLC, Series 2017-A, a residential distributed generation solar securitization.

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2017-1

NEW YORK, NY (January 26, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to two classes of notes issued by SoFi Consumer Loan Program 2017-1 LLC (“SCLP 2017-1”). This is a $564 million consumer loan ABS transaction that is closing on January 26, 2017.  

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Falcon Aerospace Limited

NEW YORK, NY (January 25, 2016) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of loans issued by Falcon Aerospace Limited.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Mosaic Solar Loans 2017-1

NEW YORK, NY (January 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one class of notes issued by Mosaic Solar Loans 2017-1, LLC (“Mosaic 2017-1”). This is a $138.95 million term ABS securitization collateralized by a pool of $177.9 million residential solar loans.  The transaction that is expected to close on February 2, 2017.  

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2017-1

NEW YORK, NY (January 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of Flagship Credit Auto Trust 2017-1 (FCAT 2017-1), a subprime auto asset-backed securities transaction.

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Kroll Bond Rating Agency Rating Actions on DriveTime Auto Owner Trusts

NEW YORK, NY (January 20, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on seven DriveTime Auto Owner Trust transactions. In total, eight notes were affirmed and eight were upgraded. The data used are as of the December 31, 2016 collection period. The rating actions 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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Kroll Bond Rating Agency Assigns Preliminary Ratings to SolarCity FTE Series 2, LLC, Series 2017-A

NEW YORK, NY (January 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes from SolarCity FTE Series 2, LLC, Series 2017-A, a residential distributed generation solar securitization.

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Kroll Bond Rating Agency Assigns Ratings to CPS Auto Receivables Trust 2017-A

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to five classes of CPS Auto Receivables Trust 2017-A (“CPSART 2017-A”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Withdraws the Rating on Class B issued by DT Auto Owner Trust 2014-3

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes issued by the DT Auto Owner Trust 2014-3 (DTAOT 2014-3), an auto loan ABS transaction which closed on December 10, 2014. This action reflects the fact that the Class B notes have been paid in full.

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Kroll Bond Rating Agency Withdraws the Rating on Class C issued by DT Auto Owner Trust 2014-1

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class C notes issued by the DT Auto Owner Trust 2014-1 (“DTAOT 2014-1”), an auto loan ABS transaction which closed on January 23, 2014. This action reflects the fact that the Class C notes have been paid in full.

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Kroll Bond Rating Agency Withdraws the Rating on Class A issued by DT Auto Owner Trust 2015-2

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A notes issued by the DT Auto Owner Trust 2015-2 (DTAOT 2015-2”, an auto loan ABS transaction which closed on June 17, 2015. This action reflects the fact that the Class A notes have been paid in full.

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Kroll Bond Rating Agency Affirms Ratings for CRG Issuer 2015-1

NEW YORK, NY (January 13, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) affirms the ratings on the notes of CRG Issuer 2015-1, an ABS transaction, which closed on January 15, 2016. The portfolio is currently comprised of 15 obligors with an aggregate balance of approximately $307.0 million.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2017-1

NEW YORK, NY (January 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by SoFi Consumer Loan Program 2017-1 LLC (“SCLP 2017-1”). This is a $477.10 million consumer loan ABS transaction that is expected to close on January 26, 2017.  

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Kroll Bond Rating Agency Rating Actions on First Investors Auto Owner Trusts

NEW YORK, NY (January 12, 2017) - Kroll Bond Rating Agency (KBRA) takes rating actions on 9 First Investors Auto Owner Trust.  In total, 23 notes were affirmed and 15 were upgraded. The data used are as of the November 30, 2016 collection period. No rating actions were taken on First Investors Auto Owner Trust 2016-2, since this transaction has less than 6 months of seasoning. The rating actions 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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Kroll Bond Rating Agency Withdraws Rating on FNA 2014-1 Trust

NEW YORK, NY (January 10, 2017) – Kroll Bond Rating Agency (KBRA) withdraws the rating on one class of FNA 2014-1 Trust (FNA 2014-1), a property tax lien ABS transaction that closed on December 18, 2014. This action reflects First National Holdings LLC’s decision to exercise the optional redemption of all outstanding notes pursuant to the Indenture dated December 18, 2014.

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Kroll Bond Rating Agency Publishes Research: "Aircraft Grading: KBRA's Approach"

NEW YORK, NY (January 10, 2017) – Kroll Bond Rating Agency (KBRA) has published a new report, “Aircraft Grading: KBRA’s Approach”.

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Kroll Bond Rating Agency Affirms Ratings for XXIII Capital Financing I PLC

NEW YORK, NY (January 9, 2017) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Class A Notes of XXIII Capital Financing I PLC, which closed on January 7, 2016. The notes were asset-backed securities secured by a portfolio of receivable purchases and loans to European soccer clubs.

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Kroll Bond Rating Agency Named Aviation Rating Agency of the Year by Global Transport Finance for Second Year in a Row

NEW YORK, NY (January 9, 2017) – Kroll Bond Rating Agency (KBRA) Kroll Bond Rating Agency (KBRA) was recognized as “Aviation Rating Agency of the Year” by Global Transport Finance for the second time. The award was presented to KBRA as a result of the firm’s prominent work in the aviation market.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CPS Auto Receivables Trust 2017-A

NEW YORK, NY (January 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of CPS Auto Receivables Trust 2017-A (“CPSART 2017-A”), an auto loan ABS transaction. 

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Kroll Bond Rating Agency Assigns Ratings to District of Columbia Tobacco Settlement Financing Corporation, Series 2006

NEW YORK, NY (January 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 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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Kroll Bond Rating Agency Withdraws Ratings on SpringCastle Funding Asset-Backed Notes 2014-A

NEW YORK, NY (January 5, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the ratings on the outstanding classes of the SpringCastle Funding Asset-Backed Notes 2014-A (“SCFT 2014-A”), a personal loan asset-backed securities transaction, which closed on October 3, 2014. This action reflects the refinancing of SCFT 2014-A into the SpringCastle Funding Asset-Backed Notes 2016-A transaction (SCFT 2016-A) that closed on October 25, 2016. SCFT 2014-A was backed by loans acquired by a joint venture comprised of SpringCastle JV Springleaf Acquisition Corporation, affiliates of New Residential Investment Corp., and an affiliate of Blackstone Tactical Opportunities Advisors LLC from HSBC Finance Corporation in April 2013. For complete details on the analysis of SCFT 2016-A please see KBRA’s New Issue Report, SpringCastle Funding Asset-Backed Notes 2016-A.

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Kroll Bond Rating Agency Withdraws the Class A-1 rating on Foursight Capital Auto Receivable Trust 2016-1

NEW YORK, NY (January 3, 2017) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-1 notes of Foursight Capital Auto Receivable Trust 2016-1 (FCART 2016-1), an auto loan ABS transaction, which closed on June 22, 2016. This action reflects the fact that Class A-1 notes have been paid in full. 

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Kroll Bond Rating Agency Affirms Ratings on DCP Rights, LLC - Series 2014-1 Senior Secured Notes

NEW YORK, NY (December 29, 2016) – Kroll Bond Rating Agency (KBRA) affirms the ratings to the two note classes of DCP Rights, LLC, television broadcast contract securitization.

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Kroll Bond Rating Agency Assigns Final Ratings to Merlin Aviation Holdings DAC

NEW YORK, NY (December 23, 2016) – Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes of notes (the “Notes”) issued by Merlin Aviation Holdings DAC.

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Kroll Bond Rating Agency Affirms Ratings for ATLAS Series 2014-1

NEW YORK, NY (December 23, 2016) – 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 30 aircraft with an aggregate appraised value of approximately $577.6 million.

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Kroll Bond Rating Agency Affirms Ratings for Eagle I Limited, Series 2014-1

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Kroll Bond Rating Agency Affirms Ratings for Castlelake Aircraft Securitization Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding 2016-4 Class A Notes

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Kroll Bond Rating Agency Releases Comprehensive Surveillance Report for GO Financial Auto Securitization Trusts

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Kroll Bond Rating Agency Assigns Final Ratings to Honor Automobile Trust Securitization 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to CarNow Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Ratings to Labrador Aviation Finance Limited

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Kroll Bond Rating Agency Assigns Final Ratings to Elm 2016-1 Trust

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Merlin Aviation Holdings DAC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Rating Actions on American Credit Acceptance Receivables Trusts

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Kroll Bond Rating Agency Assigns Final Ratings to SCF RC Funding I LLC and SCF RC Funding II LLC, Series 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Honor Automobile Trust Securitization 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Elm 2016-1 Trust

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Kroll Bond Rating Agency Assigns Final Ratings to LendingClub Issuance Trust, Series 2016-NP2

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Kroll Bond Rating Agency Assigns Final Ratings to Golden Bear Funding Notes, Series 2016-R, Class R Notes

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2015-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to LendingClub Issuance Trust, Series 2016-NP2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding 2016-4 Class A Notes

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Kroll Bond Rating Agency Withdraws Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Affirms Ratings for Oxford Finance Funding 2014-1, LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SCF RC Funding I LLC and SCF RC Funding II LLC, Series 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Labrador Aviation Finance Limited

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Golden Bear Funding Notes, Series 2016-R, Class R Notes

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Kroll Bond Rating Agency Affirms Ratings on Diamond Resorts Owner Trust 2014-1

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Kroll Bond Rating Agency Affirms Class A Note and Places Class B Note for Diamond Resorts Owner Trust 2015-2 on Watch Downgrade

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Kroll Bond Rating Agency Affirms Ratings on BlueVirgo 2015-1 Trust

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Kroll Bond Rating Agency Assigns Final Ratings to Apollo Aviation Securitization Equity Trust 2016-2

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2016-5

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2016-4

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Kroll Bond Rating Agency Assigns Final Ratings to Blackbird Capital Aircraft Lease Securitization Limited 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2016-5

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Kroll Bond Rating Agency Affirms Ratings on Skopos Auto Receivables Trust 2015-2

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Kroll Bond Rating Agency Announces Addition of Patrick Welch as Chief Credit Officer

NEW YORK, NY (November 10, 2016) – Kroll Bond Rating Agency (KBRA) announced today the appointment of Patrick Welch to the role of Chief Credit Officer. Pat will be reporting to Jim Nadler, President and COO.

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Kroll Bond Rating Agency Assigns Final Ratings to Diamond Resorts Owner Trust 2016-1

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Kroll Bond Rating Agency Rating Actions on Flagship Credit and CarFinance Auto Trusts

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Kroll Bond Rating Agency Assigns Final Ratings to GoodGreen 2016-1 Trust

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Golden Bear Funding Notes, Series 2016-2, Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2016-4

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Kroll Bond Rating Agency Assigns Final Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2013-1 and Series 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Diamond Resorts Owner Trust 2016-1

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Kroll Bond Rating Agency Affirms Ratings for Fan Engine Securitization Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Blackbird Capital Aircraft Lease Securitization Limited 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GoodGreen 2016-1 Trust

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2016-4

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Kroll Bond Rating Agency Assigns Final Ratings to Orange Lake Timeshare Trust 2016-A

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Kroll Bond Rating Agency Assigns Final Ratings to Axis Equipment Finance Receivables IV LLC

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Kroll Bond Rating Agency Assigns Final Ratings to SpringCastle Funding Asset-Backed Notes 2016-A

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Kroll Bond Rating Agency Withdraws the Class A-2 Rating on First Investors Auto Owner Trust 2014-3

NEW YORK, NY (October 24, 2016) - Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class A-2 notes of First Investors Auto Owner Trust 2014-3 (FIAOT 2014-3), an auto loan ABS transaction, which closed on November 13, 2014. This action reflects the fact that Class A-2 notes have been paid in full.

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Golden Bear Funding Notes, Series 2016-2, Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Apollo Aviation Securitization Equity Trust 2016-2 (AASET 2016-2)

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Kroll Bond Rating Agency Withdraws Ratings for Beacon Container Finance LLC, Series 2012-1

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Kroll Bond Rating Agency Assigns Final Ratings to Westlake Automobile Receivables Trust 2016-3

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Kroll Bond Rating Agency Assigns Final Ratings to Vertical Bridge CC, LLC, Series 2016-2

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Kroll Bond Rating Agency Assigns Final Ratings to Oportun Funding IV, LLC, Series 2016-C

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Kroll Bond Rating Agency Affirms Ratings for Emerald Aviation Finance Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Axis Equipment Finance Receivables IV LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2013-1 and Series 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loan Program 2016-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2016-4

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Orange Lake Timeshare Trust 2016-A

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on American Credit Acceptance Receivables Trust 2015-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oportun Funding IV, LLC, Series 2016-C

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Westlake Automobile Receivables Trust 2016-3

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Kroll Bond Rating Agency Affirms Ratings for HASI SYB Trust 2015-1

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Kroll Bond Rating Agency Affirms Ratings to HOA Funding, LLC - Series 2014-1 and Series 2015-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loan Program 2016-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Vertical Bridge CC, LLC, Series 2016-2

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Kroll Bond Rating Agency Affirms Ratings on Grain Spectrum Funding II, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding 2016-3 Class A Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2016-2

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Kroll Bond Rating Agency Assigns Final Ratings to Navitas Equipment Receivables LLC 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to United Auto Credit Securitization Trust 2016-2

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Kroll Bond Rating Agency Affirms Rating on Class A Notes and Downgrades Rating on Class B Notes for Amur Consumables and Expendables Notes, Series 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to United Auto Credit Securitization Trust 2016-2

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Kroll Bond Rating Agency Affirms Ratings on CarNow Auto Receivables Trust 2015-1

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Kroll Bond Rating Agency Withdraws Ratings on Flagship Credit Auto Trust 2012-1

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loans Program 2016-4

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Kroll Bond Rating Agency Upgrades Ratings on Flagship Credit Auto Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2016-3 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Navitas Equipment Receivables LLC 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loans Program 2016-4

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Kroll Bond Rating Agency Assigns Preliminary Ratings to United Auto Credit Securitization Trust 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by First Investors Auto Owner Trust 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SpringCastle Funding Asset-Backed Notes 2016-A

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Kroll Bond Rating Agency Affirms Ratings on Alterna Funding II, LLC 2015-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2015-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2015-2

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Kroll Bond Rating Agency Affirms Ratings for SolarCity LMC Series IV, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Foundation Finance Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Avant Loans Funding Trust 2016-C

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Assigns Final Ratings to Castlelake Aircraft Securitization Trust 2016-1

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Kroll Bond Rating Agency Performing Review on SolarCity LMC Series IV, Series 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2016-3

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2014-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Flagship Credit Auto Trust 2015-2

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2015-2

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Kroll Bond Rating Agency Affirms Ratings on NYCTL 2015-A Trust

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Kroll Bond Rating Agency Affirms Ratings on NYCTL 2015-A Trust

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2016-3

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Kroll Bond Rating Agency Assigns Final Ratings to NYCTL 2016-A Trust

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Avant Loans Funding Trust 2016-C

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Foundation Finance Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Marlette Funding Trust 2016-1

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Kroll Bond Rating Agency Affirms Ratings for Diamond Head Aviation 2015 Limited

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loans Program 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2016-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Castlelake Aircraft Securitization Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Castlelake Aircraft Securitization Trust 2016-1

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Kroll Bond Rating Agency Withdraws the Class A-2 rating on First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Withdraws the Class B rating on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loans Program 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to NYCTL 2016-A Trust

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2016-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Marlette Funding Trust 2016-1

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Kroll Bond Rating Agency Affirms Ratings on Oportun Funding I, LLC, Series 2015-B

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Kroll Bond Rating Agency Affirms Ratings for Sunrun Callisto Issuer 2015-1, Series 2015-1

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Kroll Bond Rating Agency Affirms Ratings on Cazenovia Creek Funding I, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Oportun Funding III, LLC, Series 2016-B

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Kroll Bond Rating Agency Assigns Final Ratings to Harbour Aircraft Investments Limited, Series 2016

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on GLS Auto Receivables Trust 2015-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on GLS Auto Receivables Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Consumer Loans Program 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Tax Ease Funding 2016-1, LLC

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on American Credit Acceptance Receivables Trust 2015-2

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Kroll Bond Rating Agency Assigns Final Ratings to Chesapeake Funding II LLC, Series 2016-2 Notes

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Kroll Bond Rating Agency Assigns Final Ratings to SCF Equipment Trust LLC Equipment Contract Backed Notes, Series 2016-1

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Kroll Bond Rating Agency Places the Ratings for Amur Consumables and Expendables Notes, Series 2014-1 on Watch Downgrade

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on DT Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Assigns Final Ratings to Golden Bear Funding Notes, Series 2016-1, Class A Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Spruce ABS Trust 2016-E1

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Kroll Bond Rating Agency Assigns Final Ratings to Foursight Capital Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Harbour Aircraft Investments Limited, Series 2016

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Kroll Bond Rating Agency Withdraws the Class A Ratings on DT Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on DT Auto Owner Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oportun Funding III, LLC, Series 2016-B

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Kroll Bond Rating Agency Assigns Final Ratings to LMRK Issuer Co. LLC, Series 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sierra Auto Receivables Securitization Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Consumer Loans Program 2016-1

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Kroll Bond Rating Agency Withdraws Ratings on Sumner Brook Funding Trust 2013-VFN1

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Kroll Bond Rating Agency Affirms Ratings on Mill River Funding Trust 2015-VFN1

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Kroll Bond Rating Agency Assigns Final Ratings to Oxford Finance Funding 2016-1 LLC

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Kroll Bond Rating Agency Affirms Ratings on Welk Resorts 2015-A

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Kroll Bond Rating Agency Assigns Final Ratings to NMEF Funding 2016-A, LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Golden Bear Funding Notes, Series 2016-1, Class A Notes

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA(sf) to Golden Bear Funding Notes, Series 2016-1, Class A Notes (Golden Bear 2016-1). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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Kroll Bond Rating Agency Assigns Final Ratings to Chesapeake Funding II LLC, Series 2016-2 Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Spruce ABS Trust 2016-E1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to NMEF Funding 2016-A, LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DT Auto Owner Trust 2016-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Foursight Capital Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to OneMain Financial Issuance Trust 2016-3

NEW YORK, NY (June 7, 2016) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of OneMain Financial Issuance Trust 2016-3 (“OMFIT 2016-3”), a consumer loan asset-backed securities transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding Trust 2016-2 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SCF Equipment Trust LLC Equipment Contract Backed Notes, Series 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to LMRK Issuer Co. LLC, Series 2016-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Affirms Ratings on GO Financial Auto Securitization Trust 2015-2

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Kroll Bond Rating Agency Assigns Ratings to CBC Insurance Revenue Securitization, LLC, Series 2016-1 Notes

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Kroll Bond Rating Agency Affirms Ratings on Diamond Resorts Owner Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2016-2 Class A Notes

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of AA(sf) to HERO Funding Trust 2016-2 Class A Notes (HERO 2016-2). The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) bonds.

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Kroll Bond Rating Agency Assigns Final Ratings to Driven Brands Funding, LLC - Series 2016-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to GLS Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Ratings to CBC Insurance Revenue Securitization, LLC, Series 2016-1 Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Earnest Student Loan Program 2016-B LLC

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Kroll Bond Rating Agency Affirms Ratings for NMEF Funding 2015-A, LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Driven Brands Funding, LLC - Series 2016-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GLS Auto Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Earnest Student Loan Program 2016-B LLC

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Kroll Bond Rating Agency Assigns Ratings to NP SPE II LLC - Series 2016-1 Senior Secured Notes

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Avant Loans Funding Trust 2016-B

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by American Credit Acceptance Receivables Trust 2016-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings of Notes Issued by First Investors Auto Owner Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2016-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Flagship Credit Auto Trust 2014-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Flagship Credit Auto Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Avant Loans Funding Trust 2016-B

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2016-2

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Kroll Bond Rating Agency Assigns Final Ratings to Apollo Aviation Securitization Equity Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Citi Held for Asset Issuance 2016-PM1

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Kroll Bond Rating Agency Assigns Final Ratings to Chesapeake Funding II LLC, Series 2016-1 Notes

NEW YORK, NY (March 30, 2016) – Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of notes (the “Notes”) issued by Chesapeake Funding II LLC.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on United Auto Credit Securitization Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to OneMain Financial Issuance Trust 2016-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Apollo Aviation Securitization Equity Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Chesapeake Funding II LLC, Series 2016-1 Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Citi Held for Asset Issuance 2016-PM1

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Kroll Bond Rating Agency Withdraws Rating on Credit Acceptance Auto Loan Trust 2013-1

NEW YORK, NY (March 15, 2016) – Kroll Bond Rating Agency (KBRA) withdraws the rating on the Class B notes of the Credit Acceptance Auto Loan Trust 2013-1 (“CAALT 2013-1”), an auto loan ABS transaction, which closed on April 25, 2013. This action reflects Credit Acceptance’s decision to exercise its option to clean-up the transaction at its 10% clean-up call (repurchase the remaining collateral and repay the outstanding notes).

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Flagship Credit Auto Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2016-2

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Kroll Bond Rating Agency Assigns Final Ratings to Citi Held for Asset Issuance 2016-MF1

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Kroll Bond Rating Agency Assigns Final Ratings to SolarCity LMC Series V, LLC, Series 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by Tidewater Auto Receivables Trust 2016-A

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Kroll Bond Rating Agency Assigns Final Ratings to Avant Loans Funding Trust 2016-A

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2016-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Upgrades Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Affirms Ratings for DCAL Aviation Finance Limited (formerly AIM Aviation Finance Limited Series 2015)

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Kroll Bond Rating Agency Withdraws the Class A-2 Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by First Investors Auto Owner Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Citi Held for Asset Issuance 2016-MF1

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Kroll Bond Rating Agency Assigns Ratings to HERO Funding Trust 2016-1 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Notes Issued by Tidewater Auto Receivables Trust 2016-A

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to OneMain Financial Issuance Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SolarCity LMC Series V, LLC, Series 2016-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Avant Loans Funding Trust 2016-A

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2016-1 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2016-1

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Kroll Bond Rating Agency Assigns Final Ratings to Notes Issued by American Credit Acceptance Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Ratings to SolarCity FTE Series 1, LLC, Series 2016-A

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Kroll Bond Rating Agency Assigns Final Ratings to DT Auto Owner Trust 2016-1

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Kroll Bond Rating Agency Assigns New Issue Ratings to CRG Issuer 2015-1

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Kroll Bond Rating Agency Assigns Ratings to XXIII Capital Financing 1 PLC Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2016-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DT Auto Owner Trust 2016-1

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Kroll Bond Rating Agency Affirms Ratings for ATLAS Series 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to Castlelake Aircraft Securitization Trust 2015-1

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Kroll Bond Rating Agency Affirms Ratings for Eagle I Limited, Series 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SolarCity FTE Series 1, LLC, Series 2015-A

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on DT Auto Owner Trust 2014-3

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KBRA Named Aviation Rating Agency of the Year by Global Transport Finance

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CRG Issuer 2015-1

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Kroll Bond Rating Agency Upgrades Ratings on CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding Trust 2015-3 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Castlelake Aircraft Securitization Trust 2015-1

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Kroll Bond Rating Agency Affirms Ratings for Oxford Finance Funding 2014-1, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to GO Financial Auto Securitization Trust 2015-2

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Kroll Bond Rating Agency Affirms Ratings for Spirit Master Funding VII, LLC

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Kroll Bond Rating Agency Affirms Ratings on Diamond Resorts Owner Trust 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to BlueVirgo 2015-1 Trust

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Kroll Bond Rating Agency Assigns Final Ratings to Diamond Resorts Owner Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2015-3 Class A Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Arby's Funding, LLC, Series 2015-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Skopos Auto Receivables Trust 2015-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GO Financial Auto Securitization Trust 2015-2

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2015-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Diamond Resorts Owner Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Rating to BlueVirgo 2015-1 Trust

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Kroll Bond Rating Agency Affirms Ratings for Fan Engine Securitization Limited, Series 2013-1

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Kroll Bond Rating Agency Releases Online Consumer Marketplace Lending Update

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Skopos Auto Receivables Trust 2015-2

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Arby's Funding, LLC, Series 2015-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2015-3

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on Flagship Credit Auto Trust 2014-2

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Kroll Bond Rating Agency Affirms Ratings on Flagship Credit Auto Trust 2014-1

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Kroll Bond Rating Agency Affirms Ratings for Emerald Aviation Finance Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2015-3

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Kroll Bond Rating Agency Assigns Final Ratings to Diamond Head Aviation 2015 Limited

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Kroll Bond Rating Agency Assigns Final Ratings to HASI SYB Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to HOA Funding, LLC - Series 2015-1 Senior Secured Notes and Series 2015-1 Senior Subordinated Secured Notes

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Kroll Bond Rating Agency Affirms Ratings on Grain Spectrum Funding II, LLC

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Kroll Bond Rating Agency Upgrades the Rating of the A2-2 Resecuritization Trust Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2015-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HOA Funding, LLC - Series 2015-1 Senior Secured Notes and Series 2015-1 Senior Subordinated Secured Notes

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarNow Auto Receivable Trust 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to Alterna Funding II, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to First Investors Auto Owner Trust 2015-2

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FHA Announces Anticipated Guidelines Relating to Subordinated PACE Financing

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Alterna Funding II, LLC, 2015-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Assigns Final Ratings to SolarCity LMC Series IV, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Sunrun Callisto Issuer 2015-1, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2015-2

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Kroll Bond Rating Agency Affirms Ratings to HOA Funding, LLC - Series 2014-1 Senior Secured Notes

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Kroll Bond Rating Agency Affirms Ratings on CarFinance Capital Auto Trust 2014-2

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2015-2

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Kroll Bond Rating Agency Assigns Final Ratings to NYCTL 2015-A Trust

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Kroll Bond Rating Agency Assigns Ratings to HERO Funding Trust 2015-2 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HASI SYB Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Driven Brands Funding, LLC - Series 2015-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SolarCity LMC Series IV, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to NYCTL 2015-A Trust

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2015-2 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Diamond Head Aviation 2015 Limited

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Driven Brands Funding, LLC - Series 2015-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to Oportun Funding I, LLC, Series 2015-B

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Kroll Bond Rating Agency Assigns Final Ratings to Cazenovia Creek Funding I, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to GLS Auto Receivables Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to American Credit Acceptance Receivables Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Cazenovia Creek Funding I, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GLS Auto Receivables Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sunrun Callisto Issuer 2015-1, LLC, Series 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oportun Funding I, LLC, Series 2015-B

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Kroll Bond Rating Agency Assigns Final Ratings to DriveTime Auto Owner Trust 2015-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2015-2

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Kroll Bond Rating Agency Assigns Final Ratings to Welk Resorts 2015-A

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DT Auto Owner Trust 2015-2

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Welk Resorts 2015-A

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Kroll Bond Rating Agency Upgrades Ratings on United Auto Credit Securitization Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to NMEF Funding 2015-A, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding Trust 2015-1 Class A Notes

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Kroll Bond Rating Agency Assigns Final Ratings to First Investors Auto Owner Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2015-1 Class A Notes

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Kroll Bond Rating Agency Upgrades Ratings on Flagship Credit Auto Trust 2014-1

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Kroll Bond Rating Agency Affirms Ratings for HERO Funding Class A Notes, Series 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2015-1

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Kroll Bond Rating Agency Places HERO Funding Class A Notes, Series 2014-1 Ratings Under Review

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Kroll Bond Rating Agency Assigns Preliminary Ratings to United Auto Credit Securitization Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2015-1

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Kroll Bond Rating Agency Rates 2014 Aviation Deals of the Year

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to CarFinance Capital Auto Trust 2015-1

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Kroll Bond Rating Agency Assigns Final Ratings to AIM Aviation Finance Limited Series 2015 Fixed Rate Notes

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Kroll Bond Rating Agency Affirms Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Affirms Ratings for Castlelake Aircraft Securitization Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CarFinance Capital Auto Trust 2015-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to AIM Aviation Finance Limited Series 2015

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Kroll Bond Rating Agency Assigns Final Ratings to DCP Rights, LLC - Series 2014-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to ATLAS 2014-1

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Kroll Bond Rating Agency Affirms Ratings on Spirit Master Funding VII, LLC, Series 2013-1 and Series 2013-2

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Kroll Bond Rating Agency Assigns Final Ratings to Eagle I Limited, Series 2014-1

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Kroll Bond Rating Agency Withdraws Ratings on United Auto Credit Securitization Trust 2012-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DCP Rights, LLC - Series 2014-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to DT Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to ATLAS 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Eagle I Limited, Series 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DT Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Assigns Final Ratings to Oxford Finance Funding 2014-1 LLC

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Kroll Bond Rating Agency Upgrades, Affirms and Withdraws Ratings on United Auto Credit Securitization Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Diamond Resorts Owner Trust 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to First Investors Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oxford Finance Funding 2014-1 LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Diamond Resorts Owner Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2014-3

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Kroll Bond Rating Agency Affirms Ratings for Fan Engine Securitization Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding Trust 2014-2 Class A Notes

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Kroll Bond Rating Agency Affirms Ratings for Emerald Aviation Finance Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Trust 2014-2 Class A Notes

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2014-2

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Kroll Bond Rating Agency Assigns Final Ratings to Grain Spectrum Funding II, LLC

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Kroll Bond Rating Agency Assigns Final Ratings to CarNow Auto Receivables Trust 2014-1

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Kroll Bond Rating Agency Releases Property Tax Lien ABS Methodology

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Grain Spectrum Funding II, LLC Series 2014-1

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Final Ratings to First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Assigns Final Ratings to HOA Funding, LLC Series 2014-1 Senior Secured Notes

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Kroll Bond Rating Agency Assigns Final Ratings to CarFinance Capital Auto Trust 2014-2

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KBRA Assigns Preliminary Ratings to First Investors Auto Owner Trust 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CarFinance Capital Auto Trust 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Alterna Funding I, LLC

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HOA Funding, LLC - Series 2014-1 Senior Secured Notes

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Kroll Bond Rating Agency Releases First Quarter 2014 U.S. Consumer Credit Update

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Upgrades and Affirms Ratings on United Auto Credit Securitization Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Flagship Credit Auto Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagship Credit Auto Trust 2014-1

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Kroll Bond Rating Agency Releases Fourth Quarter 2013 U.S. Consumer Credit Update

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Kroll Bond Rating Agency Assigns Final Ratings to HERO Funding Class A Notes, Series 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to HERO Funding Class A Notes, Series 2014-1

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Kroll Bond Rating Agency Affirms Ratings on First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Castlelake Aircraft Securitization Trust 2014-1

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Kroll Bond Ratings Releases ABS Vegas January 23rd Recap

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Kroll Bond Ratings Releases ABS Vegas January 22nd Recap

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Kroll Bond Rating Agency Assigns Final Ratings to Spirit Master Funding VII, LLC, Series 2013-1 and Series 2013-2

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Kroll Bond Rating Agency Releases Third Quarter 2013 U.S. Consumer Credit Update

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Spirit Master Funding VII, LLC, Series 2013-1 and Series 2013-2

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Kroll Bond Rating Agency Assigns Final Ratings to Fan Engine Securitization Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fan Engine Securitization Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Emerald Aviation Finance Limited, Series 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Emerald Aviation Finance Limited, Series 2013-1

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Kroll Bond Rating Agency Releases Second Quarter 2013 U.S. Consumer Credit Update

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Kroll Bond Rating Agency Affirms and Upgrades Ratings to First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Final Ratings to CarFinance Capital Auto Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to United Auto Credit Securitization Trust 2013-1

NEW YORK, NY (May 23, 2013) - Kroll Bond Rating Agency ("KBRA") assigned final ratings to five classes of United Auto Credit Securitization Trust 2013-1 ("UACST 2013-1"), a subprime auto asset-backed securities transaction. Concurrently, KBRA has withdrawn its preliminary ratings on these five respective note classes, which were assigned on May 13, 2013.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CarFinance Capital Auto Trust 2013-1

NEW YORK, NY (May 15, 2013) - Kroll Bond Rating Agency ("KBRA") announces the preliminary ratings to four classes of CarFinance Capital Auto Trust 2013-1 ("CFCAT 2013-1"), a subprime auto asset-backed securities transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to United Auto Credit Securitization Trust 2013-1

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Kroll Bond Rating Agency Releases U.S. Credit Card ABS Rating Methodology

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2013-1

NEW YORK, NY (January 14, 2013) - Kroll Bond Rating Agency (KBRA) announces the preliminary ratings on four classes of First Investors Auto Owner Trust 2013-1 (FIAOT 2013-1), an auto loan ABS transaction.

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Kroll Bond Rating Agency Releases Report on Evaluating Credit Risks in Solar Securitizations

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Kroll Bond Rating Agency Releases U.S. Timeshare ABS Rating Methodology

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Kroll Bond Rating Agency Assigns Final Ratings to First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to First Investors Auto Owner Trust 2012-2

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Kroll Bond Rating Agency Releases Equipment Lease & Loan ABS Rating Methodology

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