KBRA Affirms Ratings on E3 2019-1, Series 2019-1
20 Jun 2024 | New York
KBRA affirms the ratings on all outstanding classes of notes issued from E3 2019-1, Series 2019-1, a residential PACE ABS transaction, and removed them from Watch Developing, where they were placed on April 8, 2024. KBRA’s analysis indicated that the credit enhancement for the notes is sufficient to support the outstanding ratings.
The prior Watch Placements were effectuated due to reporting issues that resulted in the misallocation of payments which caused the Class A Note and Class B Note advance rates to rise above target levels. On the June 20, 2024, distribution date, FortiFi Financial, Inc., as program administrator, made a voluntary payment to correct misallocation of payments from prior periods resulting in over advances on the Class A and Class B notes. With this payment, the Class A Notes and Class B Notes advance rates are now at their target levels. In resolving the Watch Placements, KBRA utilized the data from the June 2024 distribution date, which reflected the voluntary prepayment amount.
To date, the securities have received timely interest payments.
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