KBRA Assigns Preliminary Rating to Sunrun Vulcan Issuer 2021-1, LLC, Series 2021-1
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Sunrun Vulcan Issuer 2021-1, LLC. The transaction is secured by the equity interests of the managing members in the related project companies that in the aggregate, own a portfolio of 16,686 power purchase agreements (“PPA”) and leases, associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for each respective project company.
The total aggregate discounted solar asset balance (“ADSAB”), consisting of the discounted payments of the leases and PPAs is approximately $279.6 million. The securitization share of the ADSAB is approximately $251.3 million. The portfolio consists of approximately 84.7% PPAs and 15.3% lease agreements by ADSAB and approximately 83.9% PPAs and 16.1% lease agreements by number. The original tenor of each agreement is 256 months and the weighted average remaining term of the agreements is 246 months. The weighted average FICO of the underlying customers is 749.
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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.
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.
About KBRA
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 pursuant to the Temporary Registration Regime. 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.
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