KBRA Assigns Preliminary Ratings to OHS Issuer, LLC, Series 2026-1/2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to OHS Issuer, LLC, Series 2026-1/2 (OHS 2026-1/2 or the Series 2026-1/2 Notes), a service contract securitization that is primarily collateralized by home service contracts. OHS 2026-1/2 represents OHS Issuer, LLC’s (the Issuer) first securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the Series 2026-1/2 Notes are being used to repay the Company’s existing debt, fund transaction accounts, pay transaction fees and expenses and for general corporate purposes which may include a dividend to the sponsor and to management.

The business of Oncourse Home Solutions (Oncourse, OHS or the Company) is to market, sell and service home service contracts, which may also be known as home infrastructure warranty plans or programs, and similar agreements (the programs) to primarily residential homeowner customers. The collateral for the transaction is all the aforementioned existing and future customer agreements, all existing and future agreements between the Company and its utility and municipality partners (collectively, affinity partners) and with contractors and service providers in its network, as well as certain call center related assets.

To access ratings and relevant documents, click here.

Click here to view the 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: 1012939