Press Release|ABS
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KBRA Assigns Preliminary Ratings to BUMPER BE GREEN 2026-1

7 Sep 2026   |   Dublin

Contacts

KBRA Europe (KBRA) assigns a preliminary rating to the Class A notes to be issued by Bumper BE NV/SA, acting on behalf of its compartment named "Compartiment No.3" (BUMPER BE GREEN 2026-1), a Belgian operating auto lease ABS transaction. Credit enhancement consists of subordination, excess spread and cash reserves.

BUMPER BE GREEN 2026-1 will be collateralised by a revolving pool of lease receivables and associated leased vehicles (Residual Value) made to Ayvens BE clients in Belgium. The pool will entirely consist of leases of Battery Electric Vehicles (BEVs). The preliminary portfolio consists of an aggregate discounted balance of approximately €516.0 million, comprising a lease receivables component of €270.0 million and a Residual Value component of €246.0 million. The leases, as a percentage of the total discounted value of the preliminary portfolio, are extended to corporates (85.3%), SMEs (14.6%) and government entities (0.1%). The leases are backed by passenger vehicles (99.1%) and light commercial vehicles (0.9%). The transaction features a 12-month revolving period.

BUMPER BE GREEN 2026-1 represents the second public ABS securitisation for Axus NV, the Belgian operating company of Ayvens and the seller and servicer in the transaction. The transaction forms part of Ayvens’ wider Bumper securitisation programme, which has previously issued public securitisation transactions in Germany, the Netherlands, the United Kingdom, France and Belgium.

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.

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

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. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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