Ansley Park is preparing its securitization debut with the sale of $453.4 million in bonds backed by loans and leases on mid-to-large ticket essential use equipment mainly used for printing, manufacturing, metal and mining and trucking.
Yellow iron, or dirt moving equipment, accounts for the highest concentration of equipment types, representing 18.2% of the related leases and loans in the pool, according to Moody's Ratings. Printing presses and manufacturing account for 16.5% and 9.2%, the next two largest equipment types.
The pool consists of 146 contracts taken out by 28 obligors, Moody's said. The contracts have a weighted average original term of 68 months, and a remaining term of 60 months, Moody's analysts said.
Although the deal, which closes on November 26, is the first securitization from Ansley Park, its owned portfolio since January 2024 has had strong performances with no losses to date, according to the rating agency.
Ansley Park Capital 2025-A will sell the notes through six tranches of class A, B, C, D and E notes. The A1 tranche has a Nov. 20, 2026 legal final maturity date, while the rest of the classes mature on Nov. 20, 2035, the rating agency said.
Notes benefit from an array of credit enhancements, including a reserve fund representing 1.00% of the pool balance, 11.50% in initial overcollateralization, excess spread and subordination, Moody's said.
The two class A notes have total hard credit enhancement levels of 35.35%, the rating agency said. Classes B, C, D and E benefit from total hard credit enhancement levels representing 30.5%, 25.5%, 21.0% and 12.5%, respectively.
Moody's says it rates 10 obligors, which represent 45.9% of the deal's initial pool balance, and none are investment grade, Moody's said.
Moody's assigns ratings of P1 to the A1 notes; Aaa to the A2 notes; Aa2 to the class B notes; A1 to the class C notes; Baa1 to the class D notes and Ba2 to the class E notes.
