NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes issued by Sunrun Atlas Issuer 2019-2, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 28,237 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.
The total aggregate discounted solar asset balance (“ADSAB”), consisting of the discounted payments of the leases, generation power purchase agreements (“Generation PPA”) and Balanced PPA is approximately $439.2 million. The securitization share of the ADSAB is approximately $390.5 million. The portfolio consists of 64.5% Balanced PPAs, 36.1% lease agreements, 0.6% Generation PPAs and -1.1% prepaids by ADSAB, and approximately 54.0% Balanced PPAs, 35.3% lease agreements, 0.1% Generation PPAs and 10.6% prepaids by count. The weighted average original tenor of the lease agreements is 260 months and the weighted average remaining term of the agreements is 254 months. The weighted average FICO of the underlying customers of the PV Systems is 738.
Initial Principal Balance
Class A Notes
Class B Notes
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Related Publications: (available at www.kbra.com)
- Sunrun Atlas Issuer 2019-2, LLC Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
- Global Structured Finance Counterparty Methodology
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Cecil Smart, Jr., Managing Director
Andrew Lin, Senior Director
Usman Khan, Director
Shi Shen, CFA, Associate
Ted Burbage, Managing Director