-

KBRA Assigns Preliminary Ratings to Hildene TruPS Securitization 7, Ltd.

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Hildene TruPS Securitization 7, Ltd. (HITR7), a securitization backed by a portfolio of bank and insurance TruPs CDO assets.

HITR7 is expected to have an initial collateral par value of $336.5 million from 58 obligors (60 assets) and total liabilities of $302.8 million. The transaction is static although Hildene Structured Advisors, LLC (Hildene), the named collateral manager and affiliate of Hildene Capital Management, LLC, can direct a limited amount of sales.

The securitization is expected to consist of $183.3 million Class A-1 Notes, $20.0 million Class A-2F Notes, $38.0 million Class A-2N Notes, $28.0 million Class B Notes, $20 million Class C Notes, $13.5 million Class D Notes, and $33.7 million of Subordinated Notes. The ratings reflect current credit enhancement levels, excess spread, and structural features.

The Classes A-1, A-2F, A-2N, B, C, and D Notes are expected to have par subs of 45.5%, 28.3%, 28.3%, 20.0%, 14.0%, and 10.0% respectively. The current portfolio has a K-WARF of 365, which represents a weighted average portfolio assessment between BBB- and BB+.

Kroll Bond Rating Agency's (KBRA) preliminary ratings on Class A-1, A-2F and A-2N reflects KBRA’s opinion regarding the likelihood of timely payment of interest and ultimate repayment of principal. While the preliminary rating assigned to the Class B reflects KBRA’s opinion regarding the likelihood of ultimate payment of interest and principal.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

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: 1014784

Contacts

Analytical Contacts

Gilbert Ong, Senior Director (Lead Analyst)
+1 646-731-3315
gilbert.ong@kbra.com

Akiko Kato, Director
+1 646-731-1341
akiko.kato@kbra.com

Eric Hudson, Senior Managing Director, Co-Head of Global Structured Credit (Rating Committee Chair)
+1 646-731-3320
eric.hudson@kbra.com

Business Development Contact

Jason Lilien, Senior Managing Director
+1 646-731-2442
jason.lilien@kbra.com

Kroll Bond Rating Agency, LLC

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

Release Versions

Contacts

Analytical Contacts

Gilbert Ong, Senior Director (Lead Analyst)
+1 646-731-3315
gilbert.ong@kbra.com

Akiko Kato, Director
+1 646-731-1341
akiko.kato@kbra.com

Eric Hudson, Senior Managing Director, Co-Head of Global Structured Credit (Rating Committee Chair)
+1 646-731-3320
eric.hudson@kbra.com

Business Development Contact

Jason Lilien, Senior Managing Director
+1 646-731-2442
jason.lilien@kbra.com

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

KBRA Releases Research – B2B Fiber Spans the Spectrum

NEW YORK--(BUSINESS WIRE)--KBRA releases research on enterprise fiber, a growing segment of the fiber asset-backed securities (ABS) market. Since KBRA rated the first public fiber-backed securitization, the market has expanded beyond residential broadband to include a broader range of enterprise (B2B) fiber services, including the first enterprise fiber transaction in Q1 2025. In that time, KBRA has rated 13 issuances totaling approximately $16 billion. While fiber-to-the-premises (FTTP) genera...

KBRA Comments on Aviation ABS Exposure as Spirit Airlines Ceases Operations

NEW YORK--(BUSINESS WIRE)--Spirit Airlines Inc. (Spirit), an ultra-low-cost carrier headquartered in Dania Beach, Florida, ceased operations May 2, 2026, after failing to secure additional funding and rescue financing. The airline has halted all flights and is winding down operations. There are currently five KBRA-rated aviation lease ABS transactions with exposure to Spirit, ranging from 2.4% to 11.5% of portfolio value. Current debt service coverage ratios (DSCR) across these transactions rem...

KBRA Assigns Preliminary Ratings to WFCM 2026-5C9

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 16 classes of WFCM 2026-5C9, a $619.9 million CMBS conduit transaction collateralized by 29 commercial mortgage loans secured by 138 properties. The collateral properties are located throughout 70 MSAs, of which the three largest are Los Angeles (17.3% of pool balance), New York (11.8%), and Washington - NoVA - MD (9.4%). The pool’s three largest property type exposures are retail (22.9%), multifamil...
Back to Newsroom