KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2025-R3 and Pagaya AI Debt Trust 2025-R3

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns preliminary ratings to eight classes of notes issued by Pagaya AI Debt Grantor Trust 2025-R3 and Pagaya AI Debt Trust 2025-R3 (collectively "PAID 2025-R3†), an unsecured consumer loan ABS transaction. PAID 2025-R3 has initial hard credit enhancement levels of 48.05% for the Class A Notes to 7.50% for the Class E Notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class E Notes), a cash reserve account ...