Pagaya Technologies .(US:PGY) Businesswire·2025-11-05 18:47Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of notes issued by Pagaya AI Debt Grantor Trust 2025-R3 and Pagaya AI Debt Trust 2025-R3, indicating a structured approach to evaluating the creditworthiness of this unsecured consumer loan ABS transaction [1] Summary by Categories - Credit Enhancement Levels - The initial hard credit enhancement levels range from 48.05% for Class A Notes to 7.50% for Class E Notes, showcasing a significant level of protection for investors [1] - Components of Credit Enhancement - Credit enhancement is comprised of overcollateralization, subordination (except for Class E Notes), and a cash reserve account funded at a certain level, which collectively aim to mitigate risks associated with the ABS transaction [1]