Kroll Bond Rating Agency

Founded in the wake of the global financial crisis, KBRA has issued more than 51,000 ratings representing almost $3 trillion in rated issuance since 2010.

Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.

The Dallas-based chain was forced to advance additional principal payments on its asset-backed notes after trailing 12-month sales fell below $1.5B.

Driven Brands is preparing a $175 million asset-backed securities deal that will provide investors with exposure to a relatively safe industry during the coronavirus pandemic.

Total Engine Asset Management, or TEAM, is sponsoring an ABS totaling $$256.98 million backed by leases and asset values of 30 engines on lease (or contracted to lease) to 13 airlines in 11 countries.

Mosaic Solar Loan Trust 2019-2 is bringing to market $208 million in asset-backed securities that are secured by residential solar consumer loans.

The decline in the share of "cured" delinquent loans is a potential signal for increased securitization losses in the months to come.

Revisions to S&P's CLO ratings methadology and Kroll's launch into rating European CLOs could challenge Moody's as the first choice for managers across the pond.

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

The ratings agency cautions that marketplace lenders' efforts to tighten credit standards during a "solid" macroeconomic environment underscore the volatility their portfolios might face in a downturn.