Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to TRP 2021 LLC, Green Secured Railcar Equipment Notes, Series 2021-1, Class A Notes, and Class B Notes issued by TRP 2021 LLC (the “Issuer”), a railcar leasing securitization. The Issuer is a special purpose entity and previously a wholly owned subsidiary of Trinity Industries Leasing Company (“TILC”) and has been structured to issue multiple series of notes.
The securitization is collateralized by a portfolio of 3,185 tank railcars with an aggregate adjusted value of $289.3 million (62.6% by value) and 3,165 non-tank railcars with an aggregate adjusted value of $173.2 million (37.4% by value), (the “Portfolio Railcars”). As of February 28, 2021, approximately 90.8% of the railcars are on full service leases, 5.1% are on net leases and 4.0% are off lease. The collateral pool is currently 96.0% utilized with 255 railcars off lease.
- General Global Rating Methodology for Asset-Backed Securities
- Global Structured Finance Counterparty Methodology
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
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