KBRA Assigns Preliminary Ratings to New York State Energy Research and Development Authority Residential Solar and Energy Efficiency Financing Green Revenue Bonds, Series 2019A

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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.

To access ratings, reports and disclosures, click here.

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)

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About KBRA and KBRA Europe

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.

Analytical Contacts:
Rosemary
Kelley, Senior Managing Director
(646) 731-2337
[email protected]

William Carson, Senior Director
(646) 731-2405
[email protected]

Jenny Ovalle, Director
(646) 731-2309
[email protected]

Michael Polvere, Senior Analyst
(646) 731-3339
[email protected]