KBRA Assigns Preliminary Rating to MP 2023 LLC, Series 2025-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns a preliminary rating to one series of notes issued by MP 2023 LLC, Series 2025-1, an inland marine vessel lease ABS transaction. MP 2023 LLC, Series 2025-1 is Maritime Partners’ second ABS securitization comprised entirely of inland marine vessels. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes. The Series 2025-1 Notes represents the Issuer’s second issuance from MP 2023 LLC following the issuance of the Series 2023-1 Notes which closed on May 19, 2023.

Maritime Partners, founded in 2015, is a maritime leasing company primarily focusing on vessels operating on inland waterways under the Jones Act, in addition to experience across other sectors including coastal marine and great lakes, as well as international shipping and shipbuilding.

Proceeds from the Series 2023-1 Notes facilitated the acquisition of 316 vessels at the time of closing. The Series 2025-1 Notes will be used to acquire a portfolio of an additional 281 inland marine vessels, comprised of 253 barges (61.9% by value) and 28 towboats (38.1% by value). The cumulative acquisitions are hereafter referred to as the Portfolio and will include 595 inland marine vessels, comprised of 538 barges (63.9% by value) and 57 towboats (36.1% by value). The weighted average age of the Portfolio is approximately 8.9 years, and the weighted average remaining term of the initial charters is approximately 2.9 years.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• MP 2023 LLC, Series 2023-1 Surveillance Report
• MP 2023 LLC, Series 2023-1 New Issue Report

Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• 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.

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012119