KBRA Assigns Preliminary Ratings to Credibly Asset Securitization LLC, Series 2018-1

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Credibly Asset Securitization LLC, Series 2018-1 (“CRDBL 2018-1”).

This transaction is Credibly’s (the “Company” or the “Issuer”) first securitization. The proceeds of the sale of the Series 2018-1 Notes will be used to purchase receivables, fund the reserve account and pay related fees and expenses. The Notes are “expandable” term notes such that at any time during the revolving period, the Issuer may periodically issue additional Notes, up to a maximum amount of $237.5 million, as long as certain conditions are met, including receipt of Rating Agency Confirmation.

Founded in 2010, Credibly is a small business lending platform headquartered in Troy, Michigan. Credibly relies on data science to improve the speed, cost, experience and choice of capital available to merchants. Credibly provides merchant cash advances and both working capital and business expansion loans. The Company targets small to medium sized business based in the U.S.

The transaction features a revolving period, which will end on the earlier of (i) October 31, 2021, approximately 36 months after the closing date and (ii) the date on which a rapid amortization event has occurred that is not later cured or waived. Credit enhancement will consist of overcollateralization, subordination (in the case of the Class A and Class B Notes), excess spread, a reserve account (initially funded in an amount equal to 0.50% of the initial Series 2018-1 note balance divided by 95.00%) and the excess funding account.

KBRA analyzed the transaction using the Global General Rating Methodology for Asset-Backed Securities published on November 28, 2017.

To access ratings, reports and disclosures, click here.

       
Notes     Preliminary Rating     Initial Principal Balance
Class A     A (sf)     $49,887,000
Class B     BBB (sf)     $6,662,000
Class C     BB (sf)     $5,201,000
 

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 designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is 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

KBRA
Analytical:
Eric Neglia, Managing Director
(646) 731-2456
eneglia@kbra.com
or
Chris Baffa, Associate Director
(646) 731-3312
cbaffa@kbra.com
or
Pritam Patel, Senior Analyst
(646) 731-3374
ppatel@kbra.com
or
Lenny Giltman, Managing Director
(646) 731-2378
lgiltman@kbra.com

Contacts

KBRA
Analytical:
Eric Neglia, Managing Director
(646) 731-2456
eneglia@kbra.com
or
Chris Baffa, Associate Director
(646) 731-3312
cbaffa@kbra.com
or
Pritam Patel, Senior Analyst
(646) 731-3374
ppatel@kbra.com
or
Lenny Giltman, Managing Director
(646) 731-2378
lgiltman@kbra.com