KBRA Assigns Ratings to OneMain Financial Issuance Trust 2024-1
29 Apr 2024 | New York
KBRA assigns ratings to four classes of notes issued by OneMain Financial Issuance Trust 2024-1 (“OMFIT 2024-1”), a consumer loan asset-backed securities transaction. OMFIT 2024-1 issued four classes of notes totaling $1.1 billion. The ratings reflect initial credit enhancement levels ranging from 34.71% for the Class A notes to 10.46% for the Class D notes.
This transaction is the 30th consumer loan transaction issued by OneMain Finance Corporation (“OneMain” or“OMFC”, or the “Company”) since 2013.
OneMain Holdings, Inc. (“OMH”) is a consumer finance company which offers loan products through a nationwidenetwork of branches and through its online platform. OMH completed its acquisition of OneMain Financial Holdings,LLC on November 15, 2015 from CitiFinancial Credit Company for $4.49 billion in cash. OMH is now listed on the NYSEunder the ticker symbol “OMF”.
KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA considered its operational review of OneMain, as well as periodic update calls with the Company. Operative agreements and legal opinions were reviewed prior to closing.
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