Kroll Bond Rating Agency Publishes Presale Addendum: Progress Residential May Elect to Upsize 2016-SFR1

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has released an addendum to its Progress 2016-SFR1 presale report, which was initially published on July 11, 2016. The addendum is to advise of a potential change in the collateral composition and the pool size relating to the Progress 2016-SFR1 securitization. Subsequent to the initial publication of the presale report, the transaction sponsor announced that the aggregate initial principal balance of the issued certificates may be increased from $657.3 million to $876.7 million prior to pricing, based on investor demand.

In conjunction with its analysis of the smaller 4,068 home portfolio, KBRA also evaluated a larger asset pool consisting of 5,581 homes, which would secure the upsized $876.7 million loan. As the larger pool had credit characteristics consistent with the smaller portfolio, the potential increase in the size of the transaction will not result in any adjustments to KBRA’s preliminary ratings of the certificates. For further details on KBRA’s analysis, please see our Presale Report Addendum, entitled Progress Residential 2016-SFR1, which was published today at www.kbra.com.

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Representations & Warranties Disclosure:

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms set forth in the offering documents that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found here.

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About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Analytical:
Daniel Tegen, 646-731-2429
dtegen@kbra.com
or
Ashish Khattri, 646-731-2421
akhattri@kbra.com
or
Akshay Maheshwari, 646-731-2394
amaheshwari@kbra.com
or
Nitin Bhasin, CFA, 646-731-2334
nbhasin@kbra.com

Contacts

Analytical:
Daniel Tegen, 646-731-2429
dtegen@kbra.com
or
Ashish Khattri, 646-731-2421
akhattri@kbra.com
or
Akshay Maheshwari, 646-731-2394
amaheshwari@kbra.com
or
Nitin Bhasin, CFA, 646-731-2334
nbhasin@kbra.com