Renovate America has received its first triple-A rating for a green-bond securitization, after turning to the only agency that has thus far issued AAAs for any asset-backed deal involving Property Assessed Clean Energy bonds.

Morningstar Credit Ratings provided triple-A ratings to two classes of senior notes for the $204.84 million HERO Funding 2017-2 transaction. The capital stack includes a $91 million Class A-1 tranche and a $90.84 million Class A-2 series, both of which were capped at AA by DBRS and Kroll Bond Rating Agency, the only other ratings firms that currently assess public ABS deals from PACE lenders.

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