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KBRA Assigns Preliminary Ratings to Concord Music Royalties, LLC, Series 2025-1, Series 2025-2, and Series 2025-3

25 Jun 2025   |   New York

Contacts

KBRA assigns preliminary ratings to the Series 2025-1, Series 2025-2, and Series 2025-3 Notes (collectively, the Series 2025 Notes) issued by Concord Music Royalties, LLC (the Issuer). The Series 2025-1, Series 2025-2, and Series 2025-3 Notes represent the fourth, fifth, and sixth series of notes by the Issuer. All series of notes share the same collateral pool. No additional collateral will be contributed in conjunction with the issuance of the Series 2025 Notes. The proceeds from the Series 2025 Notes will be used to fully redeem the $1.750 billion Series 2022-1 Notes outstanding as well as for other general corporate purposes. Upon the redemption of the Series 2022-1 Notes, KBRA anticipates withdrawing the related ratings, and only the Series 2024-1 Notes and Series 2025 Notes will remain outstanding. KBRA anticipates affirming its ratings on the Series 2024-1, Class A Notes accounting for the issuance of the Series 2025 Notes and the execution of an amendment to the indenture.

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: 1010126

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