NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class issued by Sunrun Athena Issuer 2018-1, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 34,493 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.
The total aggregate discounted solar asset balance (“ADSAB”), consisting of the discounted payments of the leases, generation power purchase agreements (“Generation PPA”) and Balanced PPA is approximately $547.2 million. The securitization share of the ADSAB is approximately $445.4 million. The portfolio consists of 53.0% Balanced PPAs, 35.5% lease agreements, and 12.1% Generation PPAs by ADSAB and approximately 46.4% Balanced PPAs, 35.5% lease agreements, and 12.9% Generation PPAs by count. The weighted average original tenor of the lease agreements is 239 months and the weighted average remaining term of the agreements is 222 months. The weighted average FICO of the underlying customers of the PV Systems is 734.
| Class | Rating | Initial Principal Balance | ||||||
| Class A Notes | A- (sf) | $322,000,000 | ||||||
| Class B Notes | NR | $56,500,000 | ||||||
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
- Sunrun Athena Issuer 2018-1, LLC Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
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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 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.
