Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class issued by SunStrong 2018-1 Issuer, LLC. The transaction is secured by the equity interests of the managing members in the related project companies that, in the aggregate, own a portfolio of 37,568 leases associated with residential solar photovoltaic installations (PV Systems). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective project company.
The total aggregate discounted solar asset balance (ADSAB), consisting of the discounted payments of the leases is approximately $644.4 million. The securitization share of the ADSAB is approximately $586.0 million. The portfolio consists of 100% lease agreements. The weighted average original tenor of the lease agreements is 240 months and the weighted average remaining term of the agreements is 207 months. The weighted average FICO of the underlying customers of the photovoltaic systems (PV Systems) is 753.
|Class||Rating||Initial Principal Balance|
|Class A Notes||A (sf)||$440,000,000|
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
- SunStrong 2018-1 Issuer, LLC Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
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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.
Cecil Smart, Jr., Managing Director
Khan, Associate Director
DeJong, Senior Analyst