KBRA Affirms Ratings for Mulligan Asset Securitization II LLC, Series 2024-1
28 Feb 2025 | New York
KBRA has affirmed its ratings on three classes of notes issued from Mulligan Asset Securitization II LLC, Series 2024-1 (“Mulligan 2024-1” or “Series 2024-1”), a small business loan and merchant cash advance ABS transaction. Mulligan Asset Securitization II LLC (the “Issuer”) issued three classes of Series 2024-1 Notes: Class A, Class B, and Class C (collectively, the “Notes” or “Series 2024-1 Notes”) totaling $120 million. The Notes are “expandable” term notes such that at any time during the revolving period, the Issuer may periodically upsize the Notes, up to a maximum amount of $500 million, as long as certain conditions are met, including but not limited to receipt of Rating Agency Condition (“RAC”).
The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cash flows are sufficient to support the ratings following an increase to the maximum drawable amount of the Series 2024-1 Notes by $80 million. The increase to the maximum drawable amount has been effectuated pursuant to the Series 2024-1 Additional Notes Disclosure Supplement, dated February 28, 2025. The data used for this review is as of the January 2025 distribution date (December 2024 collection period). To date, the securities have received timely interest payments.
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