KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2024-1
The preliminary ratings reflect initial credit enhancement levels of
UPST 2024-1 represents the 44th ABS securitization collateralized by unsecured consumer loans originated through the online platform operated by Upstart Network, Inc. (“Upstart” or the “Company”), a
KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Upstart, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.
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Methodologies
- ABS: Consumer Loan ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the
Doc ID: 1006521
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Analytical Contacts
Michael Polvere, Associate Director (Lead Analyst)
+1 646-731-3339
michael.polvere@kbra.com
Michael Williams, Associate
+1 646-731-1232
michael.williams@kbra.com
Vicky Xiao, Senior Analyst
+1 646-731-1422
vicky.xiao@kbra.com
Melvin Zhou, Managing Director (Rating Committee Chair)
+1 646-731-2412
melvin.zhou@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com
Source: Kroll Bond Rating Agency, LLC