KBRA Assigns Ratings to Primrose Funding, LLC Series 2024-1 and Series 2024-2 Notes and Takes Other Rating Actions
8 Mar 2024 | New York
KBRA is assigning ratings to the Series 2024-1 Class A-1 Notes and Series 2024-2 Class A-1 Notes (together, the Series 2024-1/2 Notes) and affirms each of the outstanding ratings for the Series 2022-1 Class A-2 Notes and the Series 2019-1 Class A-2 Notes (the Existing Notes) issued by Primrose Funding, LLC (the Issuer) and withdraws the rating on the Series 2022-1 Class A-1 Notes. The rating actions follow KBRA's analysis which indicates that cash flows are sufficient to support the ratings following the issuance of the Series 2024-1/2 Notes. Since transaction closing, all timely interest and scheduled principal payments have been paid on the Existing Notes.
Series 2024-1 and Series 2024-2 represent the Issuer's third and fourth securitization, respectively. The Series 2024-1/2 Notes are variable funding notes (VFN) with interest payments that are parri passu with the Existing Notes.
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