DUBLIN–(BUSINESS WIRE)–#KBRA–KBRA Europe (KBRA) assigns a preliminary rating to the Class A notes issued by Bumper NL 2023-1 B.V., a Dutch operating auto lease transaction. Credit enhancement consists of subordination, excess spread and cash reserves.
Bumper NL 2023-1 will be collateralised by a portfolio of lease receivables and associated leased vehicles made to LPNL’s clients operating or residing in the Netherlands. The preliminary portfolio consists of an aggregate discounted balance of approximately €625.0 million, comprising a lease receivables component of €325.0 million and a residual value component of €300.0 million. The leases, as a percent of the aggregate discounted balance, are extended to corporates (66.3%), SMEs (29.8%), individuals (3.4%), and government entities (0.5%). The leases are predominantly backed by passenger vehicles (89.2%) with 43.4% of the portfolio consisting of leases of electric vehicles. The transaction features a 12-month revolving period.
Bumper NL 2023-1 represents the latest public ABS securitisation for LeasePlan Nederland N.V. from LeasePlan Corporation N.V.’s (LPC) Bumper securitisation program, which has previously issued public securitisation transactions in Germany, the Netherlands, the United Kingdom, France and Belgium. LPC has used securitisation as a financing tool for more than 17 years, dating back to 2006.
KBRA applied its ABS General Global Rating Methodology for Asset Backed Securities 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 and the proposed capital structure. KBRA also considered its operational review of LeasePlan Nederland N.V. as well as a review of the transaction’s legal structure and proposed transaction documentation.
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.
Karl Cummins, Senior Director (Lead Analyst)
+353 1 588 1240
Killian Walsh, Managing Director
+353 1 588 1184
Eric Neglia, Senior Managing Director (Rating Committee Chair)
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