NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes issued by Sunrun Atlas Issuer 2019-2, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 28,237 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.
The total aggregate discounted solar asset balance (“ADSAB”), consisting of the discounted payments of the leases, generation power purchase agreements (“Generation PPA”) and Balanced PPA is approximately $439.2 million. The securitization share of the ADSAB is approximately $390.5 million. The portfolio consists of 64.5% Balanced PPAs, 36.1% lease agreements, 0.6% Generation PPAs and -1.1% prepaids by ADSAB, and approximately 54.0% Balanced PPAs, 35.3% lease agreements, 0.1% Generation PPAs and 10.6% prepaids by count. The weighted average original tenor of the lease agreements is 260 months and the weighted average remaining term of the agreements is 254 months. The weighted average FICO of the underlying customers of the PV Systems is 738.
|
Class |
Rating |
Initial Principal Balance |
|
Class A Notes |
A (sf) |
$312,400,000 |
|
Class B Notes |
BB (sf) |
$58,600,000 |
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
CONNECT WITH KBRA
Twitter
LinkedIn
Download the iOS App
YouTube
About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Contacts
Analytical:
Cecil Smart, Jr., Managing Director
(646) 731-2381
csmart@kbra.com
Andrew Lin, Senior Director
(646) 731-2483
alin@kbra.com
Usman Khan, Director
(646) 731-2488
ukhan@kbra.com
Shi Shen, CFA, Associate
(646) 731-2480
sshen@kbra.com
Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com
Taking place May 14, 2026 in New York at the Lighthouse Brooklyn, and supported by…
Revenue of $3.1 billion, up 19% on an as-reported basis and up 17% on an…
Gabriele Salvatores, together with Rob Minkoff, Catherine Hardwicke, Jed Weintrob, Christina Lee Storm, Nils Hartmann,…
From understanding and generating the world to taking action, Motubrain tops two global benchmarks and…
YVETTE NICOLE BROWN TO HOST ON MAY 19 IN LOS ANGELES, WITH A SPECIAL PERFORMANCE…
JACKSONVILLE, AL, APRIL 29, 2026 – Jacksonville State University, known as Jax State and a…
