Press Release|ABS
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KBRA Downgrades One Rating and Affirms Three Ratings for Blue Bridge Funding 2023-1 LLC

10 Mar 2026   |   New York

Contacts

KBRA downgrades its rating on the Class D notes and affirms its ratings on the other three classes of notes issued from Blue Bridge Funding 2023-1 LLC (Blue Bridge 2023-1), an equipment ABS transaction. The downgrade is reflective of continued credit support erosion and the performance of the underlying collateral. The transaction has experienced higher than expected cumulative gross and net losses, primarily related to the transactions exposure to the transportation industry. In addition, the overcollateralization decreased to 1.46% of the pool balance as of the February 2026 payment date report from 6.70% at closing. The affirmations reflect credit support that is adequate to support the affirmed ratings. To date, the securities have received timely interest payments.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1013894