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

NEW YORK--()--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.

This transaction is Ascentium Capital LLC’s (“Ascentium” or the “Company”) ninth 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 overcollateralization (7.6%) as a percentage of the current collateral balance is reached.

As of March 31, 2018 (the “Statistical Calculation Date”), the collateral consists of equipment loans and leases totaling approximately $333.1 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%.

 
Preliminary Ratings Assigned: Ascentium Equipment Receivables 2018-1 Trust
Class     Preliminary KBRA Rating     Initial Amount
A-1 Notes     K1+ (sf)     $90,000,000
A-2 Notes     AAA (sf)     $100,000,000
A-3 Notes     AAA (sf)     $71,845,000
B Notes     AA (sf)     $22,153,000
C Notes     A (sf)     $14,158,000
D Notes     BBB (sf)     $13,492,000
E Notes     BB (sf)     $6,830,000
       

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 that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available 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 recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and 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.

Contacts

Analytical:
Kroll Bond Rating Agency
John Lampasona, 646-731-2318
Director
jlampasona@kbra.com
or
Chris Baffa, 646-731-3312
Associate Director
cbaffa@kbra.com
or
Caitlin Colvin, 646-731-3397
Senior Director
ccolvin@kbra.com

Contacts

Analytical:
Kroll Bond Rating Agency
John Lampasona, 646-731-2318
Director
jlampasona@kbra.com
or
Chris Baffa, 646-731-3312
Associate Director
cbaffa@kbra.com
or
Caitlin Colvin, 646-731-3397
Senior Director
ccolvin@kbra.com