KBRA Assigns Preliminary Ratings to Refinancing of Hildene TruPS Resecuritization A11BC, LLC
10 Jun 2025 | New York
KBRA assigns preliminary ratings to three classes of refinancing notes issued by Hildene TruPS Resecuritization A11BC, LLC (HTR-A11BC), a securitization of the Class C-1, C-2 and C-3 notes from ALESCO Preferred Funding XI, LTD. (“ALESCO XI”)
HTR-A11BC is expected to have an initial collateral notional value of $101.7 million, while the total outstanding notional value of the Class C-1, C-2 and C-3 notes of $117.0, inclusive of outstanding accumulated deferred interest. 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 is expected to consist of $50.0 million Class A-R Notes, $8.0 million Class B-R Notes, $9.0 million Class C-R Notes, and $34.7 million of Subordinated Notes. The ratings reflect current credit enhancement levels, excess spread, and structural features.
The Classes A-R, B-R, and C-R Notes are expected to have par subs of 50.8%, 43.0%, and 34.1% respectively. The current ALESCO XI portfolio has a K-WARF of 337, which represents a weighted average portfolio assessment between BBB and BBB-, and consists of 31 obligors.
Kroll Bond Rating Agency's (KBRA) preliminary ratings on Class A-R, B-R and C-R reflects KBRA’s opinion regarding the likelihood of ultimate payment of interest and ultimate repayment of principal.
To access ratings and relevant documents, click here.
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