KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2019-2

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes (the “Notes”) issued by Mosaic Solar Loan Trust 2019-2 (“Mosaic 2019-2”). This is a $208.5 million term ABS securitization collateralized by a pool of residential solar loans.

The Notes will be backed by a pool of mostly prime quality residential consumer solar loans originated to finance solar energy systems, including, without limitation, solar panels or modules, inverters, electricity storage, charging/monitoring equipment (including batteries and automobile charging equipment), prepaid operations and maintenance agreements and related landscaping, roofing or re-roofing, wiring, electrical system upgrades and any additional equipment or services related to installation. Credit enhancement on the Notes consists of i) overcollateralization, ii) yield supplement overcollateralization, iii) subordination (in the case of Class A, Class B, and Class C Notes), iv) amounts on deposit in a capitalized interest account, v) amounts on deposit in a reserve account, and vi) excess spread.

Solar Mosaic, Inc. (“Mosaic”) is a California based specialty finance company focused on originating and servicing consumer loans used for the purchase of residential solar systems. Mosaic was founded in 2011 and begin originating residential solar system loans in June 2014. Mosaic originates loans to mostly prime credit quality homeowners through its partnerships with more than 350 approved solar system installers/dealers, including 18 of the 25 largest installers nationally by volume. Mosaic disburses funds directly to installers, equal to the system cost minus installer discounts.

Class

Preliminary Rating

Principal Balance

A

AA- (sf)

$94,000,000

B

A- (sf)

$93,600,000

C

BB- (sf)

$7,700,000

D

B (sf)

$13,200,000

To access ratings, reports and disclosures, click 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 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. KBRA is also 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

Analytical:
Eric Neglia, Managing Director
(646) 731-2456
eneglia@kbra.com

Melvin Zhou, CFA, Director
(646) 731-2412
mzhou@kbra.com

Pritam Patel, Associate
(646) 731-3374
ppatel@kbra.com

Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com

Contacts

Analytical:
Eric Neglia, Managing Director
(646) 731-2456
eneglia@kbra.com

Melvin Zhou, CFA, Director
(646) 731-2412
mzhou@kbra.com

Pritam Patel, Associate
(646) 731-3374
ppatel@kbra.com

Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com