Consumer Loan ABS Global Rating Methodology.To access ratings and relevant documents, click here. Operative agreements and legal opinions will be reviewed prior to closing.Ĭlick here to view the report. KBRA considered its operational review of Aqua, which was conducted in April 2019 at its Wausau, WI headquarters, as well as periodic update calls with the Company. KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Aqua’s historical static pool data. As of June 30, 2021, the Company owns and services more than 340,000 Contracts with an aggregate outstanding balance of approximately $2.6 billion. In August 2018, a Blackstone managed fund acquired an 80% ownership stake in Aqua. ![]() The transaction is collateralized by a pool of retail installment sale contracts and agreements used by consumers to purchase water treatment equipment, make home improvements, and acquire certain recreational products such as marine and recreational vehicles.Īqua was founded in 1985 and incorporated in January 1988, and is a consumer finance company operating in all 50 states. (“Aqua” or the “Company”) and its affiliates. This securitization represents the fourth public term securitization for Aqua Finance, Inc. Credit enhancement is comprised of overcollateralization, subordination of junior note classes (except for the Class C Notes), a cash reserve account and excess spread. The preliminary ratings reflect initial credit enhancement levels ranging from 23.10% for the Class A notes to 2.50% for the Class C notes. įor additional information on these ratings, please refer to the linking document.NEW YORK-( BUSINESS WIRE)-Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Aqua Finance Trust 2021-A (“Aqua 2021-A”), a $759.5 million consumer loan asset-backed securities transaction. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at. ![]() The principal methodologies applicable are Master European Structured Finance Surveillance Methodology, Rating European Consumer Asset-Backed Securitisations, Operational Risk Assessment for European ABS and SME CLO Servicers and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. The lower the sovereign rating, the greater relevance and potential impact it has on securitisation ratings due to less favorable macroeconomic conditions, stress factors related to the transaction parties and increased likelihood for unknown events to occur. DBRS employs a case-by-case approach that is jurisdiction-specific and asset-class specific with the risks and protections of each transaction identified and considered. The rating actions reflect the January 30th, 2012 DBRS downgrade of the Republic of Portugal’s Long Term Foreign Currency and Long-Term Local Currency ratings from BBB to BBB (low) with the Negative Trend maintained (see press release “DBRS Downgrades Portugal to BBB (low) on Deteriorating Growth Outlook”).ĭBRS will undertake a review to determine the impact of the sovereign downgrade on the transaction and will promptly publish updated rating actions that may either result in a confirmation or a downgrade. (DBRS) has today placed Under Review with Negative Implications the Class A notes issued by Tagus-Sociedade de Titularizacao de Creditos, S.A.
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