KBRA Assigns Preliminary Ratings to TRP 2021 LLC, Series 2021-1

Kroll Bond Rating Agency assigned preliminary ratings to TRP 2021 LLC, Green Secured Railcar Equipment Notes, Series 2021-1, Class A Notes and Class B Notes, a railcar leasing securitization. The notes were issued by TRP 2021 LLC, which is a special purpose entity and was previously a wholly-owned subsidiary of Trinity Industries Leasing Company. TRP 2021 LLC was structured to issue multiple series of notes.

The securitization is collateralized by a portfolio of 3,185 tank railcars with an aggregate adjusted value of $289.3 million (62.6% by value) and 3,165 non-tank railcars with an aggregate adjusted value of $173.2 million (37.4% by value). As of Feb. 28, approximately 90.8% of the railcars are on full-service leases, 5.1% are on net leases and 4% are off lease. The collateral pool is currently 96.0% utilized, with 255 railcars off lease.

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