KBRA Affirms the Ratings for Alesco Preferred Funding XII, Ltd., Alesco Preferred Funding XIII, Ltd., Alesco Preferred Funding XIV, Ltd., Alesco Preferred Funding XVI, Ltd. and Alesco Preferred Funding XVII, Ltd.
21 Jul 2026 | New York
KBRA affirms the ratings to 17 classes of notes issued by 5 transactions as follows:
These are cash flow collateralized debt obligation (“CDO”) managed by Hildene Collateral Management Company, LLC (“Hildene”), and consists of TruPS securities, surplus notes, and sub debt issued by community and regional banks and their holding companies along insurance companies and their holding companies.
ALESCO XII’s performing portfolio at initial rating consisted of 43 assets from 41 obligors with a total performing collateral par value of $281.6 million and liabilities of $343.2 million. It now contains 38 obligors with a total performing par value of $270.1 million and liabilities of $336.0 million while $31.3 million of defaults were recognized as of the latest portfolio date. Since last year, the K-PD, which adjusts for the asset tenor, changed from 10.2% to 8.9% while the WAL changed from 12.0 to 11.0 years.
ALESCO XIII’s performing portfolio at initial rating consisted of 29 assets from 29 obligors with a total collateral par value of $211.5 million and liabilities of $302.4 million. It now contains 27 obligors with a total performing par value of $207.0 million and liabilities of $307.0 million while $17.7 million of defaults were recognized as of the latest portfolio date.
ALESCO XIV’s performing portfolio at initial rating consisted of 38 assets from 38 obligors with a total collateral par value of $366.6 million and liabilities of $514.1 million. It now contains 36 obligors with a total performing par value of $361.6 million and liabilities of $516.7 million while $71.4 million of defaults were recognized as of the latest portfolio date.
ALESCO XVI’s performing portfolio at initial rating consisted of 32 assets from 30 obligors with a total performing collateral par value of $273.5 million and liabilities of $326.2 million. It now contains 28 obligors with a total performing par value of $269.5 million and liabilities of $324.5 million while $16.5 million of defaults were recognized as of the latest portfolio date.
ALESCO XVII’s performing portfolio at initial rating consisted of 32 assets from 30 obligors with a total performing collateral par value of $273.5 million and liabilities of $326.2 million. It now contains 28 obligors with a total performing par value of $269.5 million and liabilities of $324.5 million while $16.5 million of defaults were recognized as of the latest portfolio date.
Kroll Bond Rating Agency’s (KBRA) ratings on Class A1 and A2 Notes from ALESCO XII, Class A1 from ALESCO XIII, Class A1 from ALESCO XIV, Class A from ALESCO XVI and Class A from ALESCO XVII represent timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s rating on Class B, C-1 and C-2 Notes from ALESCO XII, Class A2 and B from ALESCO XIII, Class A2 and B from ALESCO XIV, Class B and C from ALESCO XVI and Class B and C from ALESCO XVII considers the ultimate payment of interest and principal by the applicable stated maturity date.
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