KBRA Assigns Preliminary Ratings to Golden Ray S.A., Compartment 1

DUBLIN--(BUSINESS WIRE)--KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes issued by Golden Ray S.A., acting with respect to its Compartment 1, a €240.0 million German residential solar instalment purchase ABS transaction. Credit enhancement consists of subordination, excess spread and a reserve account. Additionally, the Class A1 notes will benefit from a payment guarantee from the European Investment Fund in relation to timely payment of interest and ultimate payment of principal.

The solar instalment purchases (Receivables) have been originated by Enpal B.V. (the Company) and represent deferred payment plans where the solar system and installation is initially financed by the Company with the total purchase price paid by the customer in future monthly instalments over an agreed term which includes a defined fixed interest rate. Solar systems can include photovoltaic panels, solar inverter, a rechargeable battery system and an electric vehicle charger.

As at 11 October 2024 (Cut-Off Date), the portfolio consists of 8,469 Receivables to private homeowners in Germany with a total outstanding balance of €240.0 million. The original term for all Receivables stood at 300 months with a weighted average remaining term of 295 months. The average outstanding Receivable balance is €28,339 with a maximum outstanding Receivable balance of €44,078 and a weighted average interest rate of 5.97%.

Founded in 2017 and headquartered in Berlin, Enpal provides homeowners in Germany with renewable energy systems together with a finance offering covering the upfront cost of installation. Enpal is currently the largest provider of rooftop photovoltaic systems in Germany with over 80,000 systems installed to date and a workforce of nearly 5,000 employees.

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Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• ABS: Consumer Loan ABS Global Rating Methodology
• Structured Finance: 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.

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

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. 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. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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