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KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2019-2
[September 12, 2019]

KBRA Assigns Preliminary Ratings to OneMain Financial Issuance Trust 2019-2

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by OneMain Financial Issuance Trust 2019-2 ("OMFIT 2019-2"), a consumer loan asset-backed securities transaction.

The collateral in the OMFIT 2019-2 deal includes approximately $631.6 million of loans, as of the August 31, 2019 initial cutoff date. The transaction includes a seven-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 31.75% for the Class A notes to 5.50% for the Class D notes.

OneMain Holdings, Inc. ("OMH" or "OneMain") is a consumer finance company which offers loan products through a nationwide network of branches and through its online platform. OMH completed its acquisition of OneMain Financial Holdings, LLC. ("OMFH") on November 15, 2015 from CitiFinancial Credit Company for $4.49 billion in cash. OMH is now listed on the NYSE under the ticker symbol "OMF".

KBRA applied its Global Consumer Loan ABS (News - Alert) Rating Methodology and Global Structured Finance Counterparty Methodology as part of our analysis of the transaction's underlying collateral pool, the proposed capital structure and legacy OMFH and legacy Springleaf's historical annualized gross and net loss data. KBRA also conducted an operational assessment of OneMain, 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.

Preliminary Ratings Assigned: OneMain Financial Issuance Trust 2019-2


Preliminary Rating

Expected Initial Class Principal


AAA (sf)



AA (sf)



A (sf)



BBB (sf)


To access ratings, reports and disclosures, click here.

Related Publications: (available at

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.

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