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KBRA Assigns Preliminary Ratings to LendingPoint 2022-C Asset Securitization Trust

·3 min read

NEW YORK, September 16, 2022--(BUSINESS WIRE)--KBRA assigns preliminary ratings to five classes of notes issued by LendingPoint 2022-C Asset Securitization Trust ("LP 2022-C"), a $311.85 million consumer loan ABS transaction. The preliminary ratings reflect initial credit enhancement levels ranging from 41.80% for the Class A notes to 6.00% for the Class E notes.

This transaction represents the twelfth KBRA-rated securitization collateralized by unsecured consumer installment loans originated through the online platform operated by LendingPoint LLC ("LendingPoint" or the "Company"). Founded in July 2014, LendingPoint is a wholly owned subsidiary of LendingPoint Holdings LLC, which is a wholly owned subsidiary of LendingPoint Consolidated, Inc. The Company currently offers two different loan products: direct to consumer ("DTC") and point of need ("PON"); however, only DTC loans are included in LP 2022-C. DTC loans are typically used by the borrowers for either debt consolidation or credit card refinancing, to pay for a home improvement or to make a major purchase while PON loans are used to finance a purchase at one of the Company’s approved merchants.

KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA considered its operational review of LendingPoint, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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

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.

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/20220916005519/en/

Contacts

Analytical Contacts

Virginia Zhao, Associate Director (Lead Analyst)
+1 (646) 731-3374
virginia.zhao@kbra.com

Prachi Talathi, Associate Director
+1 (646) 731-1275
prachi.talathi@kbra.com

Brockton Bowers, Analyst
+1 (646) 731-2418
brockton.bowers@kbra.com

Melvin Zhou, Managing Director (Rating Committee Chair)
+1 (646) 731-2412
melvin.zhou@kbra.com

Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325
ted.burbage@kbra.com