Press Release|ABS

KBRA Affirms the Rating for Four Seas L.P., Series 2017-1

22 Apr 2024   |   Dublin

Contacts

KBRA Europe (KBRA) affirms the rating on one class of notes issued from Four Seas L.P., Series 2017-1 (the Issuer), a diamond inventory and receivables (arising from the sale of diamond inventory) ABS transaction. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the affirmed rating.

The data used for this review is as of the February 2024 collection period (March 2024 servicer report) and also accounts for the issuance of the Series 2021-1 notes from the Issuer, which total $83.0 million, that were issued in March 2021. To date, the securities have received timely interest payments.coverage to noteholders.

The rating for this transaction was first issued by Kroll Bond Rating Agency, LLC which is registered with the U.S. Securities and Exchange Commission as an NRSRO. The rating has been transferred to Kroll Bond Rating Agency Europe Limited (KBRA Europe) which is registered by the European Securities and Markets Authority as a Credit Rating Agency in the EU and a rating affiliate of Kroll Bond Rating Agency, LLC.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publications

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

Doc ID: 1004029

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