KBRA Assigns Preliminary Scores to Prodigy Finance Worldwide Scholar Mortgage Securitisation

LONDON–(Small business WIRE)–Kroll Bond Rating Agency United kingdom Constrained (KBRA) assigns preliminary rankings to Prodigy Finance CM 2021-1 DAC and Prodigy Finance CM2021-1 LLC, (jointly “Prodigy 2021-1” or the “Issuers”) $303.5 million securitisation of unsecured global student loans originated by Prodigy Finance Minimal (“Prodigy”, the “Company” or the “Servicer”). This transaction is Prodigy’s initially rated securitization collateralized by intercontinental private scholar loans. Prodigy 2021-1 will difficulty Class A Notes, Class B, Class C, Class D and Course R Notes (jointly, the “Notes”).

Prodigy is a student personal loan loan provider with headquarters in London, that commenced lending in 2007 to postgraduate college students attending INSEAD, a private university in France. In 2011 Prodigy expanded its presenting to college students attending other European colleges and in 2014 commenced lending to global pupils attending postgraduate systems in the US.

As of the statical slash-off date, 7 June 2021, the Prodigy 2021-1 collateral pool is comprised of 8,048 US dollar-based mostly financial loans to 6,037 debtors with an ordinary loan measurement of $37,705, an typical for each borrower exposure of $50,265, a weighted common margin of 6.6% above the floating foundation rate resulting in a weighted average recent curiosity price of 6.7% and a weighted normal remaining expression of 12.9 decades. Obligors with Indian citizenship comprise 44.4% of the pool and the subsequent greatest concentrations are Brazil at 9.7% and China at 5.3%. Prodigy estimates that 62.2% of the borrowers who are in the compensation stage presently reside in the US. 84.8% of the pool relates to loans taken out to fund postgraduate programs in the US.

Click in this article to see the report. To obtain ratings and relevant files, click on here.

Relevant Publications


Further more information on essential credit rating concerns, sensitivity analyses that look at what aspects can impact these credit rating scores and how they could lead to an up grade or a downgrade, and ESG variables (where by they are a essential driver powering the transform to the credit score score or ranking outlook) can be found in the entire rating report referenced earlier mentioned.

A description of all significantly substance resources that were applied to get ready the credit rating rating and data on the methodology(ies) (inclusive of any product products and sensitivity analyses of the appropriate important rating assumptions, as relevant) employed in pinpointing the credit rating score is out there in the Information Disclosure Form(s) located here.

Info on the which means of each and every score classification can be found in this article.

This credit score score is endorsed by Kroll Bond Score Company Europe Minimal for use in the European Union. Information on a credit history rating’s endorsement standing is accessible on its score web page at KBRA.com.

Further more disclosures relating to this score motion are out there in the Data Disclosure Type(s) referenced over. Added facts regarding KBRA insurance policies, methodologies, ranking scales and disclosures are obtainable at www.kbra.com.

About KBRA Uk

Kroll Bond Ranking Company, LLC (KBRA) is a whole-service credit rating company registered with the U.S. Securities and Trade Commission as an NRSRO. Kroll Bond Rating Company Europe Confined is registered as a CRA with the European Securities and Marketplaces Authority. Kroll Bond Rating Company Uk Constrained is registered as a CRA with the British isles Monetary Perform Authority pursuant to the Momentary Registration Regime. In addition, KBRA is specified as a selected rating firm by the Ontario Securities Commission for issuers of asset-backed securities to file a shorter variety prospectus or shelf prospectus. KBRA is also regarded by the National Affiliation of Insurance Commissioners as a Credit score Rating Provider. Kroll Bond Rating Agency British isles is found at Augustine Property, Austin Friars, London, EC2N 2HA, United Kingdom.