KBRA Assigns Preliminary Ratings to Stonebriar-Sponsored Equipment ABS, SCF 2024-1

KBRA assigned preliminary ratings to eight classes of notes issued by SCF Equipment Leasing 2024-1 and SCF Equipment Leasing Canada 2024-1 Limited Partnership (collectively SCF 2024-1), an equipment ABS transaction.

SCF 2024-1 represents the 12th equipment ABS sponsored by Stonebriar Commercial Finance (SCF). Additionally, SCF serviced the Granite Park 2023-1 transaction, which is an equipment ABS backed by collateral originated by the company. The SCF 2024-1 transaction is secured by:

  • A portfolio of equipment lease contracts and equipment loan contracts, together with interests in the related equipment and other collateral
  • Certain portfolio interest certificates evidencing 100% beneficial interest in a portfolio of leases of titled motor vehicles and the related equipment
  • Equity interests in certain limited purpose entities formed to own aircraft leases and the related aircraft

The underlying contracts are collateralized by essential use assets in a variety of industries such as marine, rail, aircraft, transportation, medical, energy and manufacturing equipment. All of the contracts were directly or indirectly originated by SCF or Stonebriar Commercial Finance Canada.

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