KBRA Assigns Final Ratings to Consumer Lending Receivables Trust 2019-A

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns final ratings to three classes
of notes issued by Consumer Lending Receivables Trust 2019-A (“CLRT
2019-A”). This is a $268.60 million consumer loan ABS transaction that
closed on February 22, 2019 and was initially issued as unrated.

This transaction is LendingClub Corporation’s (“LendingClub”) ninth
rated sponsored securitization and the sixth sponsored securitization
consisting of prime unsecured consumer loans facilitated by
LendingClub’s proprietary technology platform supporting an online
marketplace that connects borrowers and investors by offering a variety
of loan products originated by issuing banks through the platform, www.lendingclub.com
(the “LendingClub Platform” or the “Platform”) which launched in 2007.
Overall, KBRA has rated ten other securitizations whose origination was
facilitated by the LendingClub Platform.

LendingClub has been a public company since its IPO in December 2014 and
its stock is listed on the New York Stock Exchange under the symbol
“LC”. The Platform currently offers an array of products including
unsecured personal installment loans to super prime, prime and near
prime customers, patient and education financing, auto refinance loans
and small business loans.

The transaction has initial credit enhancement levels of 33.90%, 25.34%
and 10.74% for the Class A, Class B, and Class C notes, respectively.
Credit enhancement is comprised of overcollateralization, subordination
of the junior note classes, a cash reserve account and excess spread.

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

Final Ratings Assigned: Consumer Lending Receivables Trust 2019-A

             
Class     Rating     Initial Class Principal
A     A- (sf)     $199,300,000
B     BBB (sf)     $25,600,000
C     BB (sf)     $43,700,000

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

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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.

Contacts

Analytical:
William Carson,
Senior Director
(646) 731-2405
wcarson@kbra.com

Alla
Mikhalevsky, CFA, Director
(646) 731-3356
amikhalevsky@kbra.com

Andrew
Silverhardt, Senior Analyst
(646) 731-2492
asilverhardt@kbra.com

Rosemary
Kelley, Senior Managing Director
(646) 731-2337
rkelley@kbra.com