KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-R1 and Pagaya AI Debt Trust 2026-R1

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of notes issued by Pagaya AI Debt Grantor Trust 2026-R1 and Pagaya AI Debt Trust 2026-R1, indicating a structured approach to evaluating the creditworthiness of this unsecured consumer loan ABS transaction [1] Group 1: Credit Enhancement - The initial hard credit enhancement levels for the Class A Notes are set at 47.00%, while the Class E Notes have a lower enhancement level of 5.85% [1] - Credit enhancement is composed of overcollateralization, subordination (excluding Class E Notes), and cash reserve accounts [1]