Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to ten classes of notes issued by New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2019A (NYSERDA 2019A Bonds).
NYSERDA will issue a term bond and nine serial bonds in an aggregate principal amount of $15.51 million with an expected closing date of March 21, 2019. The solar and energy efficiency loans are unsecured consumer loans to borrowers in the State of New York. This transaction is structured with all senior bonds supported by overall enhancement of 28.47% (overcollateralization plus reserve account). As of the January 16, 2019 statistical cutoff date, this transaction contains approximately $14.7 million of solar and energy efficiency loans and is estimated to contain $17.5 million at closing out of an expected collateral balance of $21.3 million after completion of the three-month prefunding period.
New York State Energy Research and Development Authority (NYSERDA or the Authority) is a public benefit corporation created in 1975 pursuant to Title 9, Article 8 of the Public Authorities Law of the State of New York, as amended (known as the New York State Energy Research and Development Authority Act). NYSERDA was formed to develop and encourage the use of energy conservation technologies by developing and implementing new energy technologies consistent with economic, social and environmental objectives.
KBRA applied its Global General Rating Methodology for Asset-Backed Securities as part of its analysis of the transactions underlying collateral pool and the proposed capital structure. KBRA has performed an operational review of Concord in October 2017 at their headquarters in Scottsdale, AZ and had numerous calls with NYSERDA, as well as a review of the transactions legal structure and transaction documents. KBRA will review operative agreements and legal opinions for the transaction prior to closing.
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Preliminary Ratings Assigned: New York State Energy Research and Development Authority Residential Solar Financing Green Revenue Bonds, Series 2019A
|Class||Preliminary Rating||Expected Initial Class Principal|
|Serial 2020||A (sf)||$1,165,000|
|Serial 2021||A (sf)||$1,385,000|
|Serial 2022||A (sf)||$1,320,000|
|Serial 2023||A (sf)||$1,255,000|
|Serial 2024||A (sf)||$1,185,000|
|Serial 2025||A (sf)||$1,095,000|
|Serial 2026||A (sf)||$1,045,000|
|Serial 2027||A (sf)||$995,000|
|Serial 2028||A (sf)||$820,000|
|Term 2035||A (sf)||$5,245,000|
Related Publications: (available at www.kbra.com)
- New York State Energy Research and Development Authority Residential Solar and Energy Efficiency Financing Green Revenue Bonds, Series 2019A Pre-Sale Report
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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William Carson, Senior Director
Jenny Ovalle, Director
Michael Polvere, Senior Analyst