Press Release|ABS
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KBRA Affirms Ratings for NFAS3 LLC, Series 2025-1

19 Feb 2026   |   New York

Contacts

KBRA affirms its ratings on four classes of notes issued from NFAS3 LLC, Series 2025-1 (“NFAS3 2025-1”), a small business loan ABS transaction. NFAS3 LLC (the “Issuer”) issued four classes of Series 2025-1 Notes (the “Notes” or “Series 2025-1 Notes”), initially totaling $145 million. The Notes are “expandable” term notes such that at any time during the revolving period, the Issuer may periodically upsize the Notes, up to a maximum amount of $500 million, as long as certain conditions are met,including but not limited to receipt of Rating Agency Condition (“RAC”).

The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cashflows are sufficient to support the ratings following an increase to the maximum drawable amount of the Series 2025-1 Notes to $220 million. The increase to the maximum drawable amount was effectuated pursuant to an Issuer Order to the Indenture Trustee, dated February 19, 2026, pursuant to the Indenture. The data used for this review is as of the January 2026 distribution date (December 2025 collection period). To date, the securities have received timely interest payments

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: 1013416