Trending...
- The Story of John Finding a Pair of Sunglasses That Comfortably Fit His Watermelon Size Head
- New Rochelle: North Ave Bridge - UPDATE
- PROG SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In PROG To Contact Him Directly To Discuss Their Options
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to five classes of notes issued by CarNow Auto Receivables Trust 2023-1 ("CNART 2023-1"), an asset-backed securitization collateralized by a pool of auto loans.
CNART 2023-1 will issue five classes of notes totaling $140.57 million, collateralized by a pool of retail automobile contracts made to subprime obligors that are secured by used automobiles. Byrider will use the net proceeds from the issuance of the notes to fund the reserve account and to repay existing debt. The transaction has initial hard credit enhancement levels of 74.25% for the Class A Notes through 23.25% for the Class E Notes. Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class E Notes) and a reserve account funded at closing.
This transaction represents the first ABS securitization in 2023 for Byrider Holding Corp. and its finance subsidiary Byrider Finance, LLC, dba CarNow Acceptance Company (collectively "Byrider" or "the Company") and Byrider's thirteenth securitization overall.
KBRA applied its Auto Loan ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational review of Byrider, as well as periodic due diligence calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.
To access ratings and relevant documents, click here.
Click here to view the report.
More on Nyenta.com
Related Publications
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.
More on Nyenta.com
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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. 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. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Contacts
Analytical Contacts
Rahel Avigdor, Senior Director (Lead Analyst)
+1 (646) 731-1203
rahel.avigdor@kbra.com
Jacob Paulose, Associate Director
+1 (646) 731-1269
jacob.paulose@kbra.com
Brendan Buckley, Analyst
+1 (646) 731-1318
brendan.buckley@kbra.com
Eric Neglia, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2456
eric.neglia@kbra.com
Business Development Contact
Ted Burbage, Managing Director
+1 (646) 731-3325
ted.burbage@kbra.com
CNART 2023-1 will issue five classes of notes totaling $140.57 million, collateralized by a pool of retail automobile contracts made to subprime obligors that are secured by used automobiles. Byrider will use the net proceeds from the issuance of the notes to fund the reserve account and to repay existing debt. The transaction has initial hard credit enhancement levels of 74.25% for the Class A Notes through 23.25% for the Class E Notes. Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class E Notes) and a reserve account funded at closing.
This transaction represents the first ABS securitization in 2023 for Byrider Holding Corp. and its finance subsidiary Byrider Finance, LLC, dba CarNow Acceptance Company (collectively "Byrider" or "the Company") and Byrider's thirteenth securitization overall.
KBRA applied its Auto Loan ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational review of Byrider, as well as periodic due diligence calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.
To access ratings and relevant documents, click here.
Click here to view the report.
More on Nyenta.com
- SILVERGATE SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Silvergate To Contact Him Directly To Discuss Their Options
- 3DMyRental Launches Professional 3D Floor Plan Services for Airbnb Hosts: A Game-Changing Solution for Property Rentals
- Best Online End-Of-Season Clearance Sale at Sunber Hair: $56 For A Lace Wig
- UNice Hair Partners With Awin Affiliate Marketing Network To Accelerate Business Growth
- automotiveMastermind Integrates with DealerSocket to Improve Efficiency for Dealership Sales Teams
Related Publications
- Auto Loan ABS Global Rating Methodology
- Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
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.
More on Nyenta.com
- Rochester: Statement from Mayor Malik D. Evans and Police Chief David Smith Regarding Body Worn Camera Footage from Memphis, Tenn.
- BIOVENTUS SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Bioventus To Contact Him Directly To Discuss Their Options
- Archivirex Set to Release Highly Anticipated EDM Album Titled "Neon Purple Dusk"
- GENERAC DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Generac Holdings, Inc. and Encourages Investors to Contact the Firm
- F45 TRAINING SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In F45 Training To Contact Him Directly To Discuss Their Options
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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. 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. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Contacts
Analytical Contacts
Rahel Avigdor, Senior Director (Lead Analyst)
+1 (646) 731-1203
rahel.avigdor@kbra.com
Jacob Paulose, Associate Director
+1 (646) 731-1269
jacob.paulose@kbra.com
Brendan Buckley, Analyst
+1 (646) 731-1318
brendan.buckley@kbra.com
Eric Neglia, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2456
eric.neglia@kbra.com
Business Development Contact
Ted Burbage, Managing Director
+1 (646) 731-3325
ted.burbage@kbra.com
Filed Under: Business
0 Comments
Latest on Nyenta.com
- Blackstone Secured Lending Announces Fourth Quarter and Full Year 2022 Earnings Release and Conference Call
- RADIPLY RISING RADIO STATION "POWER RADIO NATION" IS HELPING BUSINESSES THRIVE IN 2023! USA - English USA - English USA - English
- We're In Paris Is Sidow Sobrino's Newly Released Song and Video
- Rochester: Motorist Advisory - Corinthian St. Downtown to Close Saturday and Sunday
- ESS ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against ESS Tech, Inc. and Encourages Investors to Contact the Firm
- PROG SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In PROG To Contact Him Directly To Discuss Their Options
- BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. Declares Monthly Distribution
- Abusive Russian to face Pro Wrestling Legend!
- Goldman Sachs x Robin Hood Inaugural Rising Leaders Forum Attracts Nearly 300 Young Investors to Chart Philanthropic Impact
- Jim Wilson, Top Notch Realtor in waterfront and beach properties in Redington, Redington Shores, and North Redington Beach, FLorida
- New Rochelle: Resident Input Wanted on Affordable Housing and Community Development Priorities
- Multi #1 International Best-Selling Author Jennifer S. Wilkov Announces the 2023 April Speak Up Women Conference and Call For Speakers
- Equinor and bp Bid for Third New York Offshore Wind Solicitation
- SEC EDGAR Form 13F Filing - Cost-effective Easy-to-use Self-Service Web Portal for Investment Managers and Financial Advisors
- ROSEN, LEADING TRIAL ATTORNEYS, Encourages Gaia, Inc. Investors to Secure Counsel Before Important Deadline in First Filed Securities Class Action Initiated by the Firm - GAIA
- The BuildESG Membership Expands Features to Include Benchmarking of Private Equity and Venture Capital Firms' ESG Programs
- Cascade Asset Management Releases its 9th Annual IT Asset Disposition Benchmarking Report
- New AI Tool Makes Speedy Gene-Editing Possible
- New Rochelle: Paper Collection Reminder
- Triton Digital Releases the December 2022 Canada Podcast Ranker