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KBRA Assigns Preliminary Ratings to CPC Asset Securitization I, LLC, Series 2022-1 Notes and Affirms Ratings of Existing Series 2021-1 Notes

·3 min read

NEW YORK, September 09, 2022--(BUSINESS WIRE)--KBRA assigns ratings to three classes of additional Series 2022-1 Notes ("CPC 2022-1") issued by CPC Asset Securitization I, LLC.

CPC 2022-1 represents the second series of notes issued by CPC Asset Securitization I, LLC (the "Issuer"), following the issuance of Series 2021-1 ("CPC 2021-1") on December 7, 2021. Both Series 2022-1 and Series 2021-1 (collectively referred to as the "Notes") share in the same collateral pool. In conjunction with the issuance of CPC 2022-1, KBRA anticipates affirming the ratings on the Issuer’s outstanding Series 2021-1 Notes. The ratings for the Notes are consistent with the results of our cash flow analysis following the addition of the Series 2022-1 Notes.

The proceeds of the sale of the Series 2022-1 Notes will be used to purchase receivables, fund the reserve account and pay related fees and expenses. The Notes are "expandable" term notes such that at any time during the revolving period, the Issuer may periodically issue additional Notes, up to a maximum amount of $500.0 million, as long as certain conditions are met, including receipt of Rating Agency Confirmation.

CPC was founded in 2009, headquartered in Minnetonka, Minnesota with offices Minnesota, Iowa, and Georgia. The Company provides financing to small businesses through the use of a proprietary risk scoring model, transactional data and technology systems. CPC’s underwriting approach relies on multiple data sources and metrics related to a business owner that the Company believes to be predictive of the business owner’s credit performance.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220909005532/en/


Analytical Contacts

Chris Baffa, Director (Lead Analyst)
+1 (646) 731-3312

Maxim Berger, Director
+1 (646) 731-1260

Eric Neglia, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2456

Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325