Kroll Bond Rating Agency Assigns Preliminary Ratings to Ascentium Equipment Receivables 2017-1 Trust

NEW YORK--()--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.

This transaction is Ascentium Capital LLC’s (“Ascentium” or the “Company”) seventh securitization supported by small and mid-ticket general equipment. The transaction features a payment waterfall, whereby all collections after expenses and interest payments will pay down principal, until the target credit enhancement (10.25%) as a percentage of the current collateral balance is reached.

As of April 1, 2017 (the “Statistical Calculation Date”), the collateral consists of equipment loans and leases totaling approximately $226.1 million. The balance of the collateral is subject to certain eligibility criteria and will be funded during a 90-day period (“Pre-Funding Period”) following the closing date and will total approximately $25.2 million. The discounted balance (“Discounted Contract Balance”) for the collateral as of the Statistical Calculation Date is based on the projected equipment loan and lease cash flows discounted at a rate of 4.75%.

KBRA analyzed the transaction using the Equipment Lease & Loan Methodology published on June 30, 2012.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, which was published on April 20, 2017 at www.kbra.com.

Preliminary Ratings Assigned: Ascentium Equipment Receivables 2017-1 Trust

         
Class   Rating   Initial Principal Balance
A-1 Notes   K1+ (sf)   $ 48,048,000
A-2 Notes   AAA (sf)   $ 62,585,000
A-3 Notes   AAA (sf)   $ 87,268,000
B Notes   AA+ (sf)   $ 16,837,000
C Notes   A+ (sf)   $ 11,183,000
D Notes   BBB+ (sf)   $ 9,675,000
   

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 Contacts:
Kroll Bond Rating Agency
Patrick McShane, 646-731-2376
pmcshane@kbra.com
or
Caitlin Colvin, 646-731-2465
ccolvin@kbra.com
or
Shi Shen, 646-731-2480
sshen@kbra.com

Contacts

Analytical Contacts:
Kroll Bond Rating Agency
Patrick McShane, 646-731-2376
pmcshane@kbra.com
or
Caitlin Colvin, 646-731-2465
ccolvin@kbra.com
or
Shi Shen, 646-731-2480
sshen@kbra.com