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NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases a Comprehensive Surveillance Report for the KBRA-rated universe of 19 outstanding single-borrower, single-family rental (SFR) securitizations. In connection with this report, 86 ratings have been affirmed and 21 ratings have been upgraded. Of the 21 upgraded ratings, 17 are on securities issued in connection with four transactions issued by American Homes 4 Rent, which were primarily driven by continued increases in cash flow and deleveraging owing to home price appreciation of the underlying portfolios and amortization of each respective loan. The remaining four ratings upgrades are related to Progress 2015-SFR3, which were mainly driven by deleveraging through home price appreciation of the underlying assets.
The ratings were issued in connection with 19 single-borrower transactions, each of which is collateralized by a single loan. The underlying loans, which have an aggregate balance of $11.7 billion, are secured by 75,423 SFR properties.
The report provides various key credit metrics that were analyzed and compared to both issuance and ongoing performance data for the individual transactions. While the report provides an individual tear sheet for each deal, KBRA has also presented rolled-up information for each of the issuing shelf, which provides useful insights into the overall performance of each sponsor’s securitized portfolio. Finally, the publication also provides key takeaways from our analysis, some of which are as follows:
For further details, please see a copy of the report, entitled Single-Borrower SFR: Comprehensive Surveillance Report, published at www.kbra.com.
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
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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:
Daniel Tegen, Senior Director
(646) 731-2429
dtegen@kbra.com
Akshay Maheshwari, Director
(646) 731-2394
amaheshwari@kbra.com
Keith Kockenmeister, Senior Managing Director
(646) 731-2349
kkockenmeister@kbra.com
Nitin Bhasin, CFA, Senior Managing Director
(646) 731-2334
nbhasin@kbra.com
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