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KBRA Assigns Ratings to Primrose Funding Sub Issuer, LLC Series 2024-3 and Takes Other Rating Actions

18 Oct 2024   |   New York

Contacts

KBRA assigns a rating to the Primrose Funding Sub Issuer, LLC (the Subnote Issuer) Series 2024-3 Class M (the Series 2024-3 Notes) and affirms each of the outstanding ratings of the Series 2024-1 Class A-1 Notes, the Series 2024-2 Class A-1 Notes, the Series 2022-1 Class A-2 Notes and the Series 2019-1 Class A-2 Notes (the Existing Notes and, together with the Series 2024-3 Notes, the Notes) issued by Primrose Funding, LLC (the Issuer). The rating actions follow KBRA’s analysis which indicated that cash flows are sufficient to support the ratings following the issuance of the Series 2024-3 Notes. Since transaction closing, all timely note interest and scheduled principal payments have been paid on the Existing Notes.

To access ratings and relevant documents, click here.

Click here to view the report.

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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) 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: 1006387

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