KBRA Downgrades and Withdraws All Outstanding Ratings on ExteNet Issuer, LLC, Series 2024-1 and Series 2025-1
3 Aug 2026 | New York
KBRA has downgraded the ratings on the six classes of notes (the Notes) issued by ExteNet Issuer, LLC Series 2024-1 and Series 2025-1 to D (sf) and removed them from Watch Downgrade, where they were placed on June 19, 2026. Each of the six Notes did not receive interest on the July 27, 2026 payment date and in KBRA’s view such interest is unlikely to be recovered. Immediately following these rating actions, KBRA withdrew ratings on all six classes.
Performance information to monitor the securities was not present in the July 2026 remittance period and there is uncertainty of the contents and periodicity of future reporting.
The Notes remain highly susceptible to loss due to, among other factors, the occurrence of Events of Default related to liens granted under the documents having ceased to be perfected and collections being deposited into accounts not subject to control agreements or not held in the names of the obligors, the lack of visibility of underlying collateral, and heightened uncertainty around recoveries.
The table below displays the current capital structures and the rating actions taken in this review.
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