KBRA Provides Preliminary Ratings for LendingPoint 2022-B Asset Securitization Trust


NEW YORK–(BUSINESS WIRE). The preliminary ratings reflect initial credit enhancement levels ranging from 30.00% for the Class A Notes to 8.00% for the Class C Notes.

This transaction represents the eleventh KBRA-rated securitization backed by unsecured consumer installment loans originated through the online platform operated by LendingPoint LLC (“LendingPoint” or the “Company”). LendingPoint was incorporated in July 2014 and is a wholly owned subsidiary of LendingPoint Holdings LLC, which is a wholly owned subsidiary of LendingPoint Consolidated, Inc. The Company currently offers two distinct lending products: Direct to Consumer (“DTC”) and Point of Need (“PON”); however, only DTC loans are included in LP 2022-B. DTC loans are typically used by borrowers for either debt consolidation or credit card refinancing, to pay for a home improvement, or for a major purchase, while PON loans are used to fund a purchase from one of the company’s authorized dealers.

KBRA applied its Consumer Credit ABS Global Rating methodology, Global Structured Finance Counterparty methodology and ESG Global Rating methodology as part of its analysis of the collateral pool underlying the transaction and the proposed capital structure. KBRA considered its operational review of LendingPoint as well as regular phone calls with the company. Operational agreements and legal opinions are reviewed prior to completion.

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disclosure

Learn more about key credit considerations, sensitivity analysis that considers what factors may affect those credit ratings and how they might result in an upgrade or downgrade, and ESG factors (if they are a material factor in the change in credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all significant sources used to produce the credit rating and information on the methodology(ies) (including, where appropriate, any significant models and sensitivity analyzes of the relevant key rating assumptions) used to determine the credit rating is available in the Information Disclosure Form(s) is located here.

Information about the meaning of each rating category can be localized here.

Further disclosures in relation to this rating action are available in the information disclosure forms referenced above. For more information on KBRA’s policies, methods, rating scales and disclosures, visit www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service rating agency registered as an NRSRO with the US Securities and Exchange Commission. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority under the Temporary Registration Regime. In addition, KBRA has been designated by the Ontario Securities Commission as the designated rating organization for issuers of asset-backed securities to file a prospectus or prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a provider of credit ratings.

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