KBRA Takes Rating Actions on LendingPoint Asset Securitization Trusts

KBRA affirms nine ratings and downgrades six ratings on notes issued by five LendingPoint Asset Securitization Trust (“LP”) ABS transactions collateralized by unsecured consumer loans. Of the affirmations, six of the nine securities reflect credit support that is adequate to support the outstanding ratings; three of the ratings were affirmed at CCC (sf) as they remain susceptible to loss over the remaining term of the transaction. All six downgrades reflect ongoing deterioration in collateral credit performance and a decrease in overcollateralization (O/C). Of the downgrades, four have been lowered to CCC (sf) or below, as they are at increased risk of principal loss, two of which have been lowered to C (sf) as they have already missed interest payments on the June 2024 distribution date. At this time, these two classes are not expected to maintain timely interest payments. The data used for this review is as of the June 2024 distribution date (May 2024 collection period).

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies