KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2019-4

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Issuance Trust 2019-4 (PMIT 2019-4). This is a $138.856 million consumer loan ABS transaction.

This transaction represents the 14th 144A ABS securitization collateralized by unsecured consumer loans originated through the online marketplace lending platform operated by Prosper Funding LLC (“Prosper” or the “Company”) and the ninth from Prosper Marketplace Issuance Trust (“PMIT”). Kroll Bond Rating Agency, Inc. (“KBRA”) has rated the last nine transactions.

The transaction has initial credit enhancement levels of 33.29% for the Class A Notes, 20.50% for the Class B Notes, 9.50% for the Class C Notes. Credit enhancement consists of excess spread, overcollateralization, subordination (in the case of the Class A, and Class B Notes) and a reserve account funded at closing.

KBRA applied its Global Consumer Loan ABS Rating Methodology and its Global Structured Finance Counterparty Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and the Prosper Platform’s historical gross loss data. In addition, KBRA also conducted an operational assessment of the Prosper Platform. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

Preliminary Ratings: Prosper Marketplace Issuance Trust, Series 2019-4

Class

Rating

Initial Class Principal

A

A- (sf)

$102,555,000

B

BBB- (sf)

$19,515,000

C

BB- (sf)

$16,786,000

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:
Brendan Carter, Associate Director
(646) 731-3315
bcarter@kbra.com

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

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

Contacts

Analytical:
Brendan Carter, Associate Director
(646) 731-3315
bcarter@kbra.com

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

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