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KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2019-1

January 22, 2019

NEW YORK--(BUSINESS WIRE)--Jan 22, 2019--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Mosaic Solar Loan Trust 2019-1 (“Mosaic 2019-1”). This is a $259.7 million term ABS securitization collateralized by a pool of approximately $281.3 million residential solar loans.

Mosaic 2019-1 will issue two classes of notes in an aggregate principal amount of $259.7 million with an expected closing date of February 6, 2019. The Notes are backed by a pool of mostly prime quality residential consumer solar loans and underlying solar energy systems, including, without limitation, solar panels or modules, inverters, electricity storage, charging/monitoring equipment (including batteries and automobile charging equipment), prepaid operations and maintenance agreements and related landscaping, roofing or re-roofing, wiring, electrical system upgrades and any additional equipment or services related to installation. Credit enhancement on the Notes consists of i) overcollateralization ii) yield supplement overcollateralization iii) subordination (in the case of Class A, Class B Notes) and iv) amounts on deposit in a reserve account.

Solar Mosaic, Inc. (“Mosaic”) is a California based specialty finance company focused on originating and servicing consumer loans used for the purchase of grid tied residential solar systems. Founded in 2011, Mosaic originates loans to mostly prime credit quality homeowners through its partnerships with more than 150 prescreened, independent solar system installers/dealers. Mosaic disburses funds directly to installers, equal to the system cost minus installer discounts.

KBRA applied its as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA also conducted an operational assessment of Mosaic in August 2017, as well as a review of the transaction’s legal structure and transaction documents. KBRA will review the operative agreements and legal opinions for the transaction prior to closing.

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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/20190122005672/en/

CONTACT: Analytical Contacts:Eric Neglia, Managing Director

(646) 731-2456

eneglia@kbra.comMelvin Zhou, CFA, Director

(646) 731-2412

mzhou@kbra.comPritam Patel, Senior Analyst

(646) 731-3374

ppatel@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2019.

PUB: 01/22/2019 10:59 AM/DISC: 01/22/2019 10:59 AM

http://www.businesswire.com/news/home/20190122005672/en

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