Moody’s and KBRA Upgrade Ratings on Stonebriar’s ABS

Both Kroll Bond Rating Agency (KBRA) and Moody’s Investors Service have upgraded Stonebriar Commercial Finance’s various asset-backed securities.

Stonebriar is an experienced ABS issuer and servicer with approximately $2 billion of outstanding ABS across five deals each backed by a variety of large-ticket equipment asset types.

In reviewing Stonebriar’s ABS, KBRA upgraded 12 classes and affirmed 19 other classes. Among KBRA’s various upgrades published in the Surveillance Report dated January 17, 2020, the Class A notes from Stonebriar’s 2017-1 and 2017-2 ABS were upgraded to “AA+” and “AAA”, respectively.

As part of its periodic surveillance of Stonebriar’s ABS, Moody’s upgraded 14 classes across Stonebriar’s 2017-1, 2017-2, 2018-1 and 2019-1 ABS. In a press release dated January 30, 2020, Moody’s noted that “the transactions have exhibited strong performance with no cumulative net losses to date”. Among the various upgrades by Moody’s, the Class A notes from Stonebriar’s 2017-1 and 2017-2 ABS were each upgraded to “Aa1”.

Dave B. Fate, president and CEO of Stonebriar, stated “Since June 2016, Stonebriar has executed six equipment securitization transactions totaling approximately $3 billion, attracting significant demand from a diverse group of domestic and international institutional investors.

“We are pleased to see the company’s continued strong collateral performance and robust underwriting and servicing practices lead to continued ratings upgrades across our ABS. These hybrid pools continue to perform exceptionally well.

“Stonebriar is proud to count over 40 institutional investors in our ABS investor base, including some of the largest global asset managers, pensions and insurers. We will continue to deliver significant value to all of the company’s stakeholders.”

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