KBRA Assigns Preliminary Ratings to Oxford Finance Funding Trust 2022-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to two classes of notes issued by Oxford Finance Funding Trust 2022-1 (the “Issuer” or “Oxford 2022-1”). Oxford 2022-1 is serviced by Oxford Finance LLC (“Oxford”) who has been the servicer for multiple venture capital backed ABS transactions. Oxford is also the originator of the Initial Loans and will be indirectly retaining the equity in Oxford 2022-1.

As of December 31, 2021, the composition of the statistical loans will consist of 59 loans to 45 obligors with an aggregate outstanding loan balance of approximately $560.4 million (“Statistical Pool Balance”). The exposures to the Healthcare Services Loans and Life Sciences Loans will be approximately 95.7% and 4.3% of the Statistical Pool Balance, respectively. Unless noted otherwise, all statistics put forth are based on the Statistical Pool Balance.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications

• General Global Rating Methodology for Asset-Backed Securities
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. 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.