KBRA Assigns Preliminary Ratings to Renew 2024-2
13 Sep 2024 | New York
KBRA assigns preliminary ratings to three classes of notes issued by Renew 2024-2. The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) Bonds.
The Class A Notes, Class M Notes and Class B Notes (together, the Notes) are secured by a portfolio of PACE Bonds in California and PACE Debt Obligations (together with the PACE Bonds, the PACE Assets) acquired by Renew 2024-2 (the Issuer) at closing (the PACE Bond Portfolio). The PACE Bond Portfolio consists of limited obligation improvement bonds issued or to be issued by California Statewide Communities Development Authority (CSCDA), via the CSCDA Open PACE Program, and debt obligations issued or to be issued by Florida Green Finance Authority (FGFA), via the FGFA PACE Program (together with CSCDA Open PACE Program, the PACE Programs). The Initial PACE Assets are secured by 2,523 residential PACE assessments. The transaction benefits from credit enhancement in the form of excess spread, a liquidity reserve account, a representation and warranties reserve account and, in the case of the Class A Notes, subordination.
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