KBRA Assigns Preliminary Ratings to Oportun Funding XII, LLC, Series 2018-D

November 27, 2018

NEW YORK--(BUSINESS WIRE)--Nov 27, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of Oportun Funding XII, LLC, Series 2018-D (“Oportun 2018-D”), a consumer loan asset-backed securities transaction.

The collateral in the Oportun 2018-D deal includes approximately $184.2 million of loans, as of the November 4, 2018 statistical calculation date. The transaction includes a three-year revolving period during which additional collateral may be funded in the transaction so long as it complies with certain eligibility criteria. The preliminary ratings reflect the initial credit enhancement levels ranging from 30.0% for the Class A note, 15.0% for the Class B note, 10.00% for the Class C note and 5.0% for the Class D note.

Oportun Financial Corporation is a California based consumer finance company founded in 2005 and headquartered in San Carlos, California. The Company provides unsecured installment loans to borrowers who do not have a credit score, or who may have a limited credit history and are “mis-scored,” meaning that traditional credit scores do not properly reflect their credit worthiness. Oportun operates over 300 decentralized retail locations in California, Texas, Illinois, Nevada, Utah, Arizona, New Mexico, Florida and New Jersey. In addition, the Company offers loans via their mobile origination solution in Missouri, Wisconsin and Idaho on a “mobile-first” basis. The expansion is expected to continue throughout 2019 into other geographic locations via their mobile origination solution.

KBRA applied its Global Consumer Loan ABS Rating Methodology for Asset-Backed Securities as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Oportun’s historical gross loss data. KBRA also conducted an operational assessment of Oportun, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

Preliminary Ratings Assigned: Oportun Funding XII, LLC, Series 2018-D

To access the ratings, new issue report and disclosures, click .

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181127005748/en/

CONTACT: Analytical Contacts:

Jenny Ovalle, Director

(646) 731-2309


William Carson, Senior Director

(646) 731-2405


Michael Polvere, Analyst

(646) 731-3339


Rosemary Kelley, Senior Managing Director

(646) 731-2337




SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 11/27/2018 01:28 PM/DISC: 11/27/2018 01:28 PM


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