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KBRA Affirms and Withdraws Ratings for SESAC Finance, LLC

31 Jul 2025   |   New York

Contacts

KBRA affirms its ratings on one class of notes and withdraws ratings on four classes of notes issued from SESAC Finance, LLC and CCLI Finance, LLC (the Co-Issuers), a whole business securitization (WBS). The Co-Issuers are issuing approximately $929 million of Series 2025-1 Notes, and which will partly be used to refinance the aforementioned four classes of notes. KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings following the issuance of the 2025-1 Notes and with consideration of recent performance. The data used for this review is as of the March 2025 reporting period (April 2025 payment date) as well as information provided by the Co-Issuers related to the new Series 2025-1 Notes, which are not being rated by KBRA. To date, the securities have received timely interest payments and scheduled principal payments, if applicable.

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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), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. 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. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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