-

KBRA Releases Research – Sound Check: Music ABS Performance

NEW YORK--(BUSINESS WIRE)--KBRA releases research on the performance of the music asset-backed securities (ABS) sector.

The music royalties ABS sector has expanded meaningfully in recent years, supported by strong investor demand for uncorrelated cash flows and the growing institutionalization of music rights. Although performance in the asset class has remained largely stable, KBRA has observed variations across individual catalogs that make up the collateral, particularly as transactions have seasoned. Some transactions have benefited more from resilient streaming growth and industry tailwinds, while others have faced pressure from underperforming assets and delayed revenue realization. In this report, we share insights across KBRA’s rated universe of transactions, including historical debt service coverage ratios and the key factors driving differences in catalog performance.

KBRA has assigned 64 ratings on music royalty ABS across 15 issuers since 2020, totaling approximately $8 billion in issuance.

Click here to view the report.

Related Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1009684

Contacts

Chris Baffa, Senior Director
+1 646-731-3312
chris.baffa@kbra.com

Ali Pasha, Associate Director
+1 646-731-1299
ali.pasha@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Chris Baffa, Senior Director
+1 646-731-3312
chris.baffa@kbra.com

Ali Pasha, Associate Director
+1 646-731-1299
ali.pasha@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to CLIP 2026-NQM1 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to ten classes of mortgage pass-through notes from CLIP 2026-NQM1 Trust, a $302.5 million non-prime RMBS transaction issued by Itasca Park LLC as sponsor. The underlying collateral comprises 492 primarily fixed-rate residential mortgages (FRMs). The majority of the loans were originated by United Wholesale Mortgage, LLC (25.8%), and all loans will be serviced by Select Portfolio Servicing, Inc. The loans are either classified as non-qu...

KBRA Assigns a Preliminary Rating to Converge Holdings' Senior Unsecured Note Offering

NEW YORK--(BUSINESS WIRE)--KBRA assigns a BBB- preliminary long term credit rating (LTCR) for $50 million of five-year, 8.05% fixed rate senior unsecured notes to be issued by Converge Holdings LLC. The Outlook for the preliminary rating is Stable. The proceeds from the issuance will be used to support the continued growth of its subsidiary, Converge RE II. At closing, six months of interest payments will be held in cash at the holding company. The key subsidiaries, including Converge RE II, wi...

KBRA Releases Private Credit: DealCatalyst Direct Lending Conference Recap

NEW YORK--(BUSINESS WIRE)--KBRA releases a recap of the DealCatalyst U.S. Private Credit Industry Conference on Direct Lending, which was held at the Grand Hyatt Nashville in Tennessee on April 16-17. KBRA participated as a lead sponsor of the event, which had nearly 1,700 registrants, attracting market participants including investors, fund managers, bankers, lawyers, credit rating agencies, and other service providers. Despite recent negative media and market headlines around private credit,...
Back to Newsroom