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KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2019-1 Additional Notes

November 12, 2019

NEW YORK--(BUSINESS WIRE)--Nov 12, 2019--

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of additional Series 2019-1 Notes (the “Series 2019-1 Additional Notes”) expected to be issued by Kabbage Asset Securitization LLC.

Kabbage Asset Securitization LLC issued five classes of Series 2019-1 Notes, totaling $700 million on March 15, 2019. The Series 2019-1 Additional Notes include $200 million of additional Series 2019-1 Class A, Class B, Class C, Class D and Class E Notes (together with the Series 2019-1 Notes, the “Notes”). The Series 2019-1 Additional Notes will have the same terms as the corresponding classes of Series 2019-1 Notes, including same Note Rate, Advance Rate and Legal Final Payment Date. In addition, the ratings for the previously issued $700.0 million of Series 2019-1 Notes are expected to be affirmed in conjunction with the issuance of the $200.0 million Series 2019-1 Additional Notes.

Founded in 2009, Kabbage, Inc. (“Kabbage” or the “Company”) is a leading global financial services, technology and data platform serving small- and medium-sized businesses (“Merchants”). Kabbage pioneered an automated application, underwriting and servicing platform (the “Kabbage Platform”) that evaluates the creditworthiness of Merchants using its proprietary risk scoring model that leverages traditional underwriting data such as credit bureau reporting and revenue and cash flow analysis, as well as data generated through business checking accounts and other data sources, including online accounting software, payment processing platforms, e-commerce websites, and shipping and delivery companies to provide automated, online access to business loans (the “SMB Loans”). Kabbage also provides working capital to Merchants by purchasing a specified amount of a Merchant’s future receivables known as merchant cash advances (“MCAs”). The transaction allows up to 10% MCA receivables. The Kabbage small business loan program (the “Kabbage Program”) is offered via the Kabbage Platform.

Additional Notes

Preliminary Ratings

Initial Principal Balance

Class A

AA (sf)

$138,105,000

Class B

A (sf)

$19,579,000

Class C

BBB (sf)

$22,737,000

Class D

BB (sf)

$11,579,000

Class E

B (sf)

$8,000,000

Existing Notes

Ratings

Original Principal
Balance

Current Principal
Balance

Class A

AA (sf)

$483,368,000

$483,368,000

Class B

A (sf)

$68,526,000

$68,526,000

Class C

BBB (sf)

$79,579,000

$79,579,000

Class D

BB (sf)

$40,527,000

$40,527,000

Class E

B (sf)

$28,000,000

$28,000,000

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com )

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191112005999/en/

CONTACT: Analytical Contacts:

Eric Neglia, Managing Director

(646) 731-2456

eneglia@kbra.comChris Baffa, Associate Director

(646) 731-3312

cbaffa@kbra.comAlla Mikhalevsky, CFA, Director

(646) 731-3356

amikhalevsky@kbra.comAndrew Silverhardt, Senior Analyst

(646) 731-2492

asilverhardt@kbra.comBusiness Development Contact:

Ted Burbage, Managing Director,

(646) 731-3325

tburbage@kbra.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2019.

PUB: 11/12/2019 02:49 PM/DISC: 11/12/2019 02:49 PM

http://www.businesswire.com/news/home/20191112005999/en