KBRA Assigns Preliminary Ratings to MMAF Equipment Finance 2022-B



Kroll Bond Rating Agency assigned preliminary ratings to four classes of notes issued by MMAF Equipment Finance 2022-B (MMAF 2022-B), an equipment ABS transaction. MMAF 2022-B is the 18th equipment ABS sponsored by MassMutual Asset Finance LLC (MMAF). MMAF is a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company and has an operating history dating back to 2003.

The MMAF 2022-B transaction is secured by a portfolio of equipment lease and loan contracts and will issue four classes of notes.

The aggregate securitization value (ASV) is approximately $1.067 billion, as of Sept. 30, 2022 and based on the statistical discount rate of 7.75%. The ASV includes 241 financed units to 82 obligors. The average financed unit balance is approximately $4.4 million and the average obligor exposure is approximately $13.0 million. The maximum obligor exposure is approximately $109.9 million or approximately 10.3% of the ASV.


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Terry Mulreany
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