NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases a Structured Finance Research Report entitled “Macquarie Rocks the Boat at HMS.”
Less than two months after Harley Marine Services Inc. (HMS) closed its first whole business securitization, allegations of embezzlement and a fight for company control has ensued. As a result, both the senior and subordinate tranches of the $455 million whole business securitization that HMS issued in May have sold off sharply. The spread widening, as well as the number of inbound calls KBRA has received from investors, signals that the market is uncertain about how these recent developments will affect the securitized debt. In the report KBRA provides a summary of the current situation and discusses their thoughts on what it could mean for ABS investors.
To view the report, click here.
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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.