Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB- with a Stable Outlook to the senior notes issued by South Street Securities Funding, LLC (“SSSF”) in the amount of $29.5 million that are scheduled to mature on June 1, 2028. The proceeds were used to repay existing senior unsecured debt of $21 million that matured on June 1, 2025, with the balance to be for general corporate purposes, including to provide capital to its wholly owned operating company, South Street S...

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA- to the El Paso County Hospital District, TX General Obligation Bonds, Series 2025. Concurrently, KBRA affirms the long-term rating of AA- for El Paso County Hospital District, TX - Limited Tax. The Outlook is Stable. Key Credit Considerations The rating action reflects the following key credit considerations: Credit Positives The District is the only safety net healthcare provider in the County and plays a critical role within th...

OLDWICK, N.J.--(BUSINESS WIRE)--Video playback is now available for a complimentary webinar, titled, “Digital Forensics – Application and Considerations in Insurance and Litigation-Driven Investigations,” sponsored by S-E-A. In this webinar, panelists delve into real-world scenarios, share best practices for preserving and interpreting digital evidence and highlight how early forensic insight can shift the outcome of a case. Access it here. Key points include: Why digital forensics is a "modern...

NEW YORK--(BUSINESS WIRE)--KBRA announces the assignment of preliminary ratings to six classes of WBHT 2025-WBM, a CMBS single-borrower securitization. The collateral for the transaction is a $340.0 million non-recourse, first lien mortgage loan that is expected to be co-originated by Wells Fargo Bank, National Association and Goldman Sachs Bank USA. The floating rate loan is expected to have a two-year initial term with three 12-month extension options and require monthly interest-only payment...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 12 classes of notes issued by Pagaya AI Debt Grantor Trust 2025-4 and Pagaya AI Debt Trust 2025-4 (collectively “PAID 2025-4”), an unsecured consumer loan ABS transaction. PAID 2025-4 has initial hard credit enhancement levels of 65.29% for the Class A-1 Notes to 3.67% for the Class F Notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class F Notes), a cash reserve account funded at closin...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series 2025-1 Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2025-1 Notes) from ExteNet Issuer, LLC, (the Issuer), a communications infrastructure securitization. ExteNet 2025-1 represents ExteNet Issuer, LLC’s (the Issuer) third securitization following the initial Series 2019-1 Notes. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of...

NEW YORK--(BUSINESS WIRE)--KBRA releases its Business Development Company Ratings Compendium, which looks at results for the quarter ended March 31, 2025. In 1Q25, business development companies (BDC) demonstrated continued resilience and caution amid an uncertain operating environment marked by high base rates, tighter spreads, and uncertain trade policies. The sector remains concentrated, with 10 BDCs holding 53% of the total market of $449.9 billion at fair value (FV) as of 1Q25. Despite con...

OLDWICK, N.J.--(BUSINESS WIRE)--The U.S. property/casualty (P/C) industry recorded a $1.1 billion net underwriting loss in the first three months of 2025, down from a $9.4 billion gain recorded in the same prior-year period, driven largely by losses attributable to the January wildfires in California, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: Three-Month 2025 US Property/Casualty Financial Results,” and the dat...

NEW YORK--(BUSINESS WIRE)--In an 8-K filing on June 5, 2025, Sunnova Energy Corporation (Sunnova)—the sponsor and originator of 24 residential solar loan and lease transactions rated by KBRA1 —disclosed that its wholly-owned subsidiary, Sunnova TEP Developer, LLC (Sunnova TEP), had filed a voluntary petition for relief under Chapter 11 of U.S. Bankruptcy Code. Sunnova also reported that its Board approved a reduction in force, effective May 30, 2025, of approximately 718 employees or 55% of its...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Palmetto Surety Corporation (Palmetto) (headquartered in Mount Pleasant, SC). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect Palmetto’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating...