KBRA Assigns Preliminary Ratings to TLF National Tax Lien Trust 2017-1
February 20 2018 - 5:51PM
Business Wire
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to
two note classes of TLF National Tax Lien Trust 2017-1, a property
tax lien ABS transaction.
This transaction represents the first term securitization
sponsored by Partners in Prophet, Ltd. (“Prophet”) and the second
transaction serviced by Propel Financial Services, LLC (“Propel” or
the “Company”). The initial collateral pool is comprised of
property tax liens from municipalities within the states of
Arizona, Connecticut, Florida, Illinois, Nevada, New Jersey, New
York and Texas. The transaction also includes a subsequent tax lien
account with an initial balance of $11.0 million funded at closing
to purchase subsequent tax liens on properties already subject to
tax lien assets in the initial pool. Each tax lien was formerly
owned or originated by Propel, and the vast majority of the tax
liens were acquired by Propel directly from municipalities.
Class
Preliminary Rating Initial Principal Balance A
AAA (sf) $137,000,000 B A
(sf)
$7,400,000
Representations & Warranties
Disclosure
All Nationally Recognized Statistical Rating Organizations are
required, pursuant to SEC Rule 17g-7, to provide a description of a
transaction’s representations, warranties and enforcement
mechanisms that are available to investors when issuing credit
ratings. KBRA’s disclosure for this transaction can be found in the
report available here.
Related Publications:
(available at www.kbra.com)
- ABS: TLF National Tax Lien Trust
2017-1 – Pre-Sale Report
- Property Tax Lien ABS Rating
Methodology
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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 recognized by the National Association of Insurance
Commissioners as a Credit Rating Provider and 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220006665/en/
Analytical:For Kroll Bond
Rating AgencyPatrick McShane, 646-731-2376Senior
Directorpmcshane@kbra.comorPauline Christo,
646-731-3397Directorpchristo@kbra.comorUsman Khan,
646-731-2488Associate Directorukhan@kbra.com