Press Release|Structured Credit
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KBRA Assigns Ratings to Refinancing of Hildene TruPS Resecuritization 2019-P12B, LLC

26 Feb 2026   |   New York

Contacts

KBRA assigns ratings to three classes of refinancing notes issued by Hildene TruPS Resecuritization 2019-P12B, LLC ("HTR-2019-P12B"), a securitization of the Class B-1, B-2 and B-3 Notes from Preferred Term Securities XII, Ltd. (“Pretsl XII”).

HTR-2019-P12B is expected to have an initial collateral notional value of $239.8 million, and liabilities in the form of the Class A-R, B-R and C Notes totaling $192.0. The transaction is static and Hildene Structured Advisors, LLC (HSA) is the named collateral servicer. HSA is a relying advisor to Hildene Capital Management, LLC (together with its affiliates, "Hildene").

The securitization is expected to consist of $129.0 million Class A-R Notes, $50.0 million Class B-R Notes, $13.0 million Class C Notes, and $74.5 million in Subordinated Notes. The ratings reflect current credit enhancement levels, excess spread, and structural features.

The Class A-R, B-R, and C Notes are expected to have par subs of 46.2%, 25.4%, and 19.9% respectively. The current Pretsl XII performing portfolio has a K-WARF of 372, which represents a weighted average portfolio assessment between BBB- and BB+, and consists of 35 obligors.

Kroll Bond Rating Agency's (KBRA) ratings on the Class A-R, B-R and C Notes reflect KBRA’s opinion regarding the likelihood of ultimate payment of interest and ultimate repayment of principal.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

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.

Doc ID: 1013606