Glen Fest

A decline in average FICO and recent loss levels in AmeriCredit's securitizations prompts Moody's to project slightly higher credit losses in the new transaction compared to previous rated deals.

The $1.11 billion Ally Auto Receivables Trust (AART) 2019-2 deal has three classes of senior term notes with early AAA ratings by S&P Global Ratings and Fitch Ratings.

Massage Envy, a nationwide franchise of nearly 1,200 spa and massage therapy service locations, is turning to whole business securitization to refinance debt and fund a distribution to its private equity sponsors.

Few changes were made from Verizon Wireless' previous transaction this year, including the standard credit enhancement levels of most of Verizon's recent DPP transactions.

KKR is sponsoring its first middle-market CLO transaction stemming from its direct lending partnership established last year with FS Investments, according to presale reports.

The investment research firm plans to merge DBRS' ratings business with its existing Morningstar Credit Ratings Service.

The collateral will include $147.3 million in well-seasoned loans that were part of HESAA’s 2009 issuance, as well as up to $155 million in new loans that the trust will originate through an Oct. 31, 2020 prefunding and recycling period for the next academic calendar year.

S&P Global Ratings reports that cumulative loss levels on collateralized portfolios of subprime auto loans fell to 7.11% in March, compared to 8.67% in February. That figure was also down from 7.61% in March 2018, and the lowest since 2016.

The two agencies offer fundamentally different views of the level of risk in ABS issuances by Avant, Prosper Marketplace, LendingClub and other online lenders.

Kroll Bond Rating Agency assigned the AAA to HERO Funding 2018-1 due to higher-than-expected prepayment rates on residential PACE levies.