Press Release|ABS

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.

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003462

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