KBRA Assigns Ratings to Hildene TRUPS Securitization 6, Ltd.
21 Nov 2024 | New York
KBRA assigns ratings to seven classes of notes issued by Hildene TRUPS Securitization 6, Ltd. (HITR6), a securitization backed by a portfolio of bank and insurance TruPs CDO assets.
HITR6 will have an initial collateral par value of $311.1 million from 76 obligors (88 assets) and total liabilities of $267.6. The transaction is static although Hildene Structured Advisors, LLC (HSA), the named collateral manager, can direct a limited amount of sales. HSA is a relying advisor to Hildene Capital Management, LLC (together with its affiliates, Hildene).
The securitization will consist of $147.8 million Class A1 Notes, $30.0 million Class A2F Notes, $32.2 million Class A2N Notes, $20.2 million Class B1 Notes, $12.5 million Class B2 Notes, $12.5 million Class C Notes, $12.5 million Class D Notes, and $43.5 million of Subordinated Notes. The ratings reflect current credit enhancement levels, excess spread, and structural features.
The Classes A1, A2F, A2N, B1, B2, C, and D Notes are expected to have par subs of 52.5%, 32.5%, 32.5%, 26.0%, 22.0%, 18.0%, and 14.0% respectively. The current portfolio has a K-WARF of 411, which represents a weighted average portfolio assessment between BBB- and BB+.
Kroll Bond Rating Agency's (KBRA) ratings on Class A1, A2F and A2N reflects KBRA’s opinion regarding the likelihood of timely payment of interest and ultimate repayment of principal. While the rating assigned to the Class B1, B2, C and D reflects KBRA’s opinion regarding the likelihood of ultimate payment of interest and principal.
To access ratings and relevant documents, click here.
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