NEW YORK--(BUSINESS WIRE)--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.
This transaction is SolarCity Corporation’s (“SolarCity” or “the Company”) fifth securitization. The transaction is secured by a pool of 9,609 solar loans made by SolarCity to install residential rooftop photovoltaic systems. The systems are geographically distributed across 14 states, with California, Colorado, and Arizona constituting about 86.0% of the collateral.
The aggregate discounted solar loan balance (ADSLB), consisting of the discounted interest and principal payments of the MyPower loans (net of Manager and Servicer Fees), is approximately $191.6 million. The original term of each loan is 30 years. As of the cut-off date the weighted average remaining term of the loans is 352 months and the weighted average FICO of the obligors is 728. The transaction benefits from credit enhancement in the form of overcollateralization, excess cash flow, an interest reserve account and an inverter replacement reserve account.
For complete details on the analysis, please see our Pre-Sale Report, SolarCity FTE Series 2, LLC, Series 2017-A, which was published on January 17, 2017 at www.kbra.com.
Related Reports:
General Rating Methodology for Asset-Backed Securities, published July 30, 2012
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).
