Kroll Bond Rating Agency assigned preliminary ratings to Trinity Rail Leasing 2021, Green Secured Railcar Equipment Notes, Series 2021-1, Class A notes and Class B notes issued by Trinity Rail Leasing 2021, a railcar leasing securitization. The issuer is a special purpose entity and a wholly-owned subsidiary of TRIP Rail Holdings and has been structured to issue multiple series of notes.

In January, Trinity implemented a green financing framework, which was designed to allow Trinity to issue various green financing instruments, such as green bonds. An external verified issued a pre-issuance review letter to Trinity Rail Leasing 2021 that stated that this issuance is in alignment with the green financing framework. Trinity Rail Leasing 2021 is the third ABS transaction KBRA has rated for Trinity —the first being TRP 2021-1 LLC, Series 2021-1 — where the sponsor or an affiliated entity implemented and tested a green financing framework and has committed to provide public annual reports which would include metrics relating to the environmental impact of this issuance.