KBRA Assigns Preliminary Rating to Oasis 2020-1 LLC

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes from Oasis 2020-1 LLC, a $122 million securitization, where the collateral includes litigation funding receivables and medical receivables (the “Receivables”).

The receivables represent 119,687 individual advances provided against the expected settlement case value of a legal claim. The obligors of the advances are plaintiffs in a legal action and have pledged the expected litigation proceeds from the settled case as collateral for the advance. All advances are non-recourse to the obligors. As of the cut-off date, litigation funding receivables comprise 80.5% approximately of the portfolio by count and 41.2% by advance amount. Medical receivables comprise approximately 19.5% of the portfolio by count and 58.8% by advance amount. The weighted average tenor of the Receivables is approximately 16.7 months.

The aggregate discounted receivable balance (“ADPB”) of the portfolio is approximately $154 million. The ADPB is the aggregate discounted cash flows of the projected collections associated with the litigation fundings and medical receivables. The discount rate of 5.60% is the sum of the interest rate on the Class A Notes, the Servicing Fee and 0.10%.

The transaction is structured to be a “full turbo” from the closing date, i.e., no distributions to the issuer will occur until the Class A Notes are repaid in full. The transaction also benefits from approximately 20% overcollateralization and a reserve account.

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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. 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 Contacts:

Cecil Smart, Jr. Managing Director
(646) 731-2381
csmart@kbra.com

Lenny Giltman, Senior Managing Director
(646) 731-2378
lgiltman@kbra.com

Shalin Rajpara, Senior Analyst
(646) 731-3337
srajpara@kbra.com

Business Development Contact:

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

Contacts

Analytical Contacts:

Cecil Smart, Jr. Managing Director
(646) 731-2381
csmart@kbra.com

Lenny Giltman, Senior Managing Director
(646) 731-2378
lgiltman@kbra.com

Shalin Rajpara, Senior Analyst
(646) 731-3337
srajpara@kbra.com

Business Development Contact:

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