KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 Mar 24, 2026 3:11 PM Eastern Daylight Time KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 Share NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 15 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 (collectively "PAID 2026-2†), an unsecured consumer loan ABS transaction. PAID 2026-2 has initial ...

New Zealand bond yields rose to the highest in about a year after the country’s AA+ credit rating outlook was cut to negative by Fitch Ratings. https://t.co/5XTs99MX9a ...

New Zealand’s credit rating outlook was cut to negative by Fitch Ratings on concerns about government debt https://t.co/d608c3UB22 ...

Core Viewpoint - Nordic Credit Rating has updated the issuer credit rating of SalMar ASA to BBB with a stable outlook, indicating strong profitability and moderate financial leverage for the company [1]. Company Summary - SalMar ASA is a Norway-based salmon farming company recognized for its strong profitability [1]. - The company's financial leverage is described as moderate, which contributes positively to its credit rating [1].

Group 1 - S&P Global Ratings has revised Landsvirkjun's rating outlook to positive from stable and affirmed the company's A-/A-2 credit ratings [1] - The outlook revision reflects the recent improvement in the outlook on Iceland and indicates a very high likelihood of government support for Landsvirkjun if needed [1] Group 2 - S&P views Landsvirkjun's operations as solid and expects the company's financial position to remain strong in the coming years [2] - Landsvirkjun plays a strategically important role in Iceland's economy, generating over 70% of the country's electricity [2]

Moody’s Ratings lifted Bolivia’s credit rating following a pledge by the government it will be able to meet dollar bond coupon payments this month https://t.co/daGMKfJ7Tj ...

Core Insights - KBRA has assigned preliminary ratings to six classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2026-R1 and Research-Driven Pagaya Motor Trust 2026-R1, which is an auto loan ABS transaction [1][2] - The total issuance for RPM 2026-R1 amounts to $442.30 million, with initial credit enhancement levels ranging from 35.69% for Class A notes to 2.65% for Class E-2 notes [2] Company Overview - Pagaya Structured Products LLC, the sponsor and administrator of the transaction, is a wholly owned subsidiary of Pagaya US Holding Company LLC, which is itself a 100% owned subsidiary of Pagaya Technologies Ltd, an Israeli financial technology company [3] - Pagaya Technologies utilizes machine learning, big data analytics, and AI-driven credit analysis technology in the lending marketplace and is publicly traded on NASDAQ under the ticker PGY [3] Transaction Details - RPM 2026-R1 is Pagaya's first refinancing transaction under the RPM shelf, acquiring receivables previously securitized through the RPM platform in earlier transactions [2] - The proceeds from the note issuance will be allocated to the purchase account, reserve account, and certain transaction expenses [2] Rating Methodology - KBRA applied its Auto Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in analyzing the transaction's capital structure and Pagaya's historical data [4] - The agency conducted operational reviews of Pagaya and third-party originators and servicers, along with periodic update calls to ensure comprehensive evaluation [4]

Core Viewpoint - KBRA assigns a BBB- rating to MSC Income Fund, Inc.'s $150 million senior unsecured notes due 2029, with a Stable Outlook [1] Credit Considerations - The rating is supported by MSC Income Fund's well-diversified investment portfolio valued at $1.3 billion, which includes investments in 150 portfolio companies across more than 30 industries as of Q4 2025 [1] - Approximately 77% of the investment portfolio consists of equity investments [1]

Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2026-1, a $292.21 million consumer loan ABS securitization backed by unsecured consumer loans and auto secured personal loans [1] Summary by Relevant Categories Company Overview - Upstart Securitization Trust 2026-1 is the 49th ABS securitization collateralized by loans originated through Upstart Network, Inc., a wholly owned subsidiary of Upstart Holdings, Inc. [1] Financial Details - The total amount of the securitization is $292.21 million, with a collateral pool including approximately $365.3 million of loans, where auto secured personal loans comprise about 2.5% of the pool [1] - The preliminary ratings reflect initial credit enhancement levels of 60.65% for Class A-1 and Class A-2 notes, 46.85% for Class B notes, 35.90% for Class C notes, and 20.50% for Class D notes [1] Methodology and Analysis - KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in its analysis [1] - The analysis included operational reviews of Upstart and periodic update calls with the company [1]

Core Viewpoint - KBRA assigns an A- issuer and senior unsecured debt ratings to Sumisho Air Lease Corporation, which will emerge from the merger with Air Lease Corporation, with a stable outlook [1] Group 1: Ratings and Financial Structure - KBRA expects to assign an A- rating to the senior unsecured notes expected to be issued by Merger Sub, which will be used for acquisition consideration, debt repayment, and general corporate purposes [1] - Sumisho Air Lease Finance Corporation, the 100% owner of Merger Sub, also receives an A- rating for its $1.0 billion senior unsecured term loan and $3.5 billion senior unsecured revolving credit facility [1] - The transaction to acquire Air Lease Corporation is valued at approximately $7.4 billion and is expected to close in the first half of 2026, pending regulatory approvals [1] Group 2: Key Credit Considerations - The ratings reflect the strategic importance of Sumisho Air Lease Corporation to its majority owners, SMBC Aviation Capital and Sumitomo Corporation, both of which have strong credit profiles and aviation expertise [1] - There is a high likelihood of parental support for Sumisho Air Lease Corporation due to its strategic importance, operational integration, and shared management with SMBC Aviation Capital [1] - The company is expected to maintain a strong standalone credit profile, benefiting from a quality fleet and diverse customer base [1] Group 3: Liquidity and Financial Metrics - Sumisho Air Lease Corporation's liquidity profile is supported by a $3.5 billion unsecured revolving credit facility and unrestricted cash, which is expected to cover near-term debt obligations [1] - The projected leverage on a Debt-to-tangible common equity basis is 3.5x at transaction close, expected to decline to 3.0x with planned aircraft sales [1] - The ratings are balanced by uncertainties regarding long-term growth and fleet metrics without an orderbook, as well as cyclical industry risks [1] Group 4: Market Dynamics and Outlook - The stable outlook reflects acceptable leverage targets and strong funding profiles, alongside resilient performance from Air Lease Corporation and SMBC Aviation Capital during market disruptions [1] - Favorable industry dynamics for aircraft lessors, characterized by robust demand and limited supply, are expected to drive higher lease rates and aircraft values for several years [1]