KBRA Assigns Preliminary Ratings to GoodLeap Sustainable Home Solutions

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by GoodLeap Sustainable Home Solutions Trust 2021-5 (GOOD 2021-5), an asset-backed securitization collateralized by a pool of consumer solar loans and home improvement loans.

October 16, 2021. By News Bureau

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by GoodLeap Sustainable Home Solutions Trust 2021-5 (GOOD 2021-5), an asset-backed securitization collateralized by a pool of consumer solar loans and home improvement loans.

The collateral pool consists of approximately $358.9 million Solar Loans. As of the September 22, 2021 Statistical Cut-Off Date (Statistical Cut-Off Date), Solar Loans make up all of the collateral pool with no loans made solely for home efficiency products.

The preliminary ratings reflect the initial credit enhancement levels ranging from 29.39% for the Class A Notes to 12.95% for the Class C Notes.

KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology.

In applying the methodologies, KBRA analyzed GoodLeap’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of GoodLeap, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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