KBRA releases its Market Consumer Loan Indices for August 2022, providing monthly credit trends across securitized loan pools.
Starting this month, KBRA will add four new ABS issuers to its Tier 2 MPL index. The Tier 2 MPL Index now includes pools of ABS loans issued through the LendingClub-Prime, Prosper, Upgrade, Upstart, Freedom (F+ Loans), LendingPoint, Pagaya and Theorem ABS shelves. Only transactions with more than 6 months of seasoning are included to better reflect the current universe of outstanding securitized market consumer loan pools from platforms that typically issue ABS transactions with a weighted average credit rating between 660 and 710. The four ABS issuers are added to our level 2 are Freedom Financial (FREED), LendingPoint (LDPT), Pagaya (PAID) and Theorem (THRM), which have issued programmatic securitizations over the past 24 to 36 month.
Currently, there are no changes to our Tier 1 Index, which is typically comprised of securitized loan blocks with a weighted average credit rating of 710 to 760.
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KBRA is a full-service credit rating agency registered in the US, EU and UK, and is appointed to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in several jurisdictions.
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