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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oportun Funding II, LLC, Series 2016-AKroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of Oportun Funding II, LLC, Series 2016-A (Oportun 2016-A), a consumer loan asset-backed securities transaction. The collateral in the Oportun 2016-A deal includes approximately $146.9 million of loans, as of the December 31, 2015 statistical calculation date. The transaction includes a two year revolving period during which additional collateral may be funded in the transaction so long as it complies with certain eligibility criteria. The preliminary ratings reflect the initial credit enhancement levels ranging from 30.0% for the Class A notes to 15.0% for the Class B notes. Oportun Financial Corporation (formally known as Progreso Financiero Holdings, Inc.) is a consumer finance company founded in 2005 and headquartered in Redwood City, California. Oportun provides small dollar, unsecured installment loans predominantly to Hispanic borrowers with little or no credit history. Oportun operates through 179 retail branches in California, Texas, Illinois, Nevada and Utah. In November 2009, the company was certified by the U.S. Treasury as a Community Development Financial Institution for serving the underbanked Hispanic community. Oportun has since been re-certified in October 2013 for an additional three years. KBRA applied its General Rating Methodology for Asset-Backed Securities as part of its analysis of the transaction's underlying collateral pool, the proposed capital structure and Oportun's historical gross and net loss data. KBRA also conducted an operational assessment of Oportun, as well as a review of the transaction's legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing. For complete details on the analysis, please see KBRA's Pre-Sale Report, Oportun Funding II, LLC, Series 2016-A Presale Report, which was published today at www.kbra.com.
Related Publications: General Rating Methodology for Asset-Backed Securities
Follow us on Twitter (News - Alert)! About Kroll Bond Rating Agency KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
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