KBRA Assigns Ratings to GreenState Auto Receivables Trust 2024-1
14 Mar 2024 | New York
KBRA assigns ratings to four classes (seven tranches) of notes issued by GreenState Auto Receivables Trust 2024-1 (“GRNST 2024-1”), a prime auto loan ABS transaction.
GRNST 2024-1 is the inaugural 144A offering of auto loan ABS for GreenState Credit Union (“GreenState” or “the credit union”). Originally chartered in 1938, GreenState is a member owned, Iowa state-chartered credit union headquartered in North Liberty, Iowa. The credit union has 34 branches in Iowa and Illinois, approximately 855 employees, and more than 451,000 members. GreenState offers residential mortgages, commercial real estate loans, auto loans personal loans, and credit cards, as well as banking and wealth management services.
GRNST 2024-1 issued four classes (seven tranches) of notes totaling $400.0 million. Credit enhancement consists of overcollateralization, a yield supplement overcollateralization amount, excess spread, subordination (except for the Class D notes) and a reserve account funded at closing.
KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and GreenState’s historical static pool data. KBRA considered its operational review of GreenState. Operative agreements and legal opinions were reviewed prior to closing.
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