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When the deal closes, credit enhancement on the class A note will include overcollateralization, which will be 16.3% and is expected to increase to a level of 20% of the current pool balance.

"Crisis is too strong a word, and words like that get used a lot," though there was "a fair amount of disruption for a few weeks there," Moynihan said.

Guidance on the A-1 notes is 38 to 40 basis points over the I-Curve, which is significantly wider than where the class A-1 notes from the 2023-1 deal closed.

It has to wrestle with how the Federal Reserve's rate increases are crimping dealmaking, raising the cost of borrowing and ending a period of rapid growth.

The properties have an aggregate critical load power of 65.25 megawatts, and all of the data centers in the portfolio are turnkey, which the rating agency considers positive.

Executives at the Minneapolis bank responded to a research report that highlighted the decline in a key capital ratio after an acquisition last year. They don't plan to raise capital but aim to generate more of it from earnings in coming quarters.

Economic turbulence affected borrowers during the quarter and will likely impact their ability to refinance maturing loans, the Mortgage Bankers Association said.

The deal launched from the Achieve platform, bringing Freedom Consumer Credit Fund's cumulative issuances across its securitization portfolios to $4.8 billion.

Demand for AAAs is still challenged as banks, the biggest buyers, are facing too much uncertainty and volatility around their balance sheets.

The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.