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NEW YORK ~ Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to six classes of notes issued by Global Lending Services LLC's (GLS) inaugural near prime auto loan ABS transaction, GLS Auto Select Receivables Trust 2023-1 (GSAR 2023-1).
GLS is an auto finance company founded in 2011 and majority-owned by Assured Investment Management LLC, an alternative asset manager owned by funds managed by Assured Guaranty Ltd, an insurance company. The company has been profitable since 2017 and reported positive unaudited year-to-date net income of approximately $36.7 million as of March 31, 2023. It had total assets of over $4.8 billion, total members' equity of $226.9 million, loss absorbing capital of approximately $448.4 million and an aggregate managed portfolio balance of $5.3 billion at the same time.
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The collateral in GSAR 2023-1 is comprised solely of loans from GLS's "Select Program" which was launched in October 2021 as a distinct product offering separate from the company's subprime originations. KBRA applied its Auto Loan ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology to analyze the transaction's underlying collateral pool, the proposed capital structure and GLS's historical static pool data. The agency also conducted an operation review of GLS and held periodic due diligence calls with the company prior to assigning the ratings.
KBRA noted that operative agreements and legal opinions will be reviewed prior to closing before final ratings are assigned for GSAR 2023-1. 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 can be found in KBRA's full rating report referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com
GLS is an auto finance company founded in 2011 and majority-owned by Assured Investment Management LLC, an alternative asset manager owned by funds managed by Assured Guaranty Ltd, an insurance company. The company has been profitable since 2017 and reported positive unaudited year-to-date net income of approximately $36.7 million as of March 31, 2023. It had total assets of over $4.8 billion, total members' equity of $226.9 million, loss absorbing capital of approximately $448.4 million and an aggregate managed portfolio balance of $5.3 billion at the same time.
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The collateral in GSAR 2023-1 is comprised solely of loans from GLS's "Select Program" which was launched in October 2021 as a distinct product offering separate from the company's subprime originations. KBRA applied its Auto Loan ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology to analyze the transaction's underlying collateral pool, the proposed capital structure and GLS's historical static pool data. The agency also conducted an operation review of GLS and held periodic due diligence calls with the company prior to assigning the ratings.
KBRA noted that operative agreements and legal opinions will be reviewed prior to closing before final ratings are assigned for GSAR 2023-1. 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 can be found in KBRA's full rating report referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com
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