-

KBRA Releases Research – Sound Check: Music ABS Performance

NEW YORK--(BUSINESS WIRE)--KBRA releases research on the performance of the music asset-backed securities (ABS) sector.

The music royalties ABS sector has expanded meaningfully in recent years, supported by strong investor demand for uncorrelated cash flows and the growing institutionalization of music rights. Although performance in the asset class has remained largely stable, KBRA has observed variations across individual catalogs that make up the collateral, particularly as transactions have seasoned. Some transactions have benefited more from resilient streaming growth and industry tailwinds, while others have faced pressure from underperforming assets and delayed revenue realization. In this report, we share insights across KBRA’s rated universe of transactions, including historical debt service coverage ratios and the key factors driving differences in catalog performance.

KBRA has assigned 64 ratings on music royalty ABS across 15 issuers since 2020, totaling approximately $8 billion in issuance.

Click here to view the report.

Related Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1009684

Contacts

Chris Baffa, Senior Director
+1 646-731-3312
chris.baffa@kbra.com

Ali Pasha, Associate Director
+1 646-731-1299
ali.pasha@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Chris Baffa, Senior Director
+1 646-731-3312
chris.baffa@kbra.com

Ali Pasha, Associate Director
+1 646-731-1299
ali.pasha@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to GoodLeap Home Improvement Solutions Trust 2025-2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes issued by GoodLeap Home Improvement Solutions Trust 2025-2 (“GDLP 2025-2”), a $354.795 million asset-backed securitization collateralized by a pool of residential home improvement loans originated by GoodLeap, LLC ("GoodLeap" or the "Company"). The preliminary ratings reflect the initial credit enhancement levels ranging from 19.32% for the Class A notes to 4.95% for the Class C notes as a percentage of 95% of...

KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2025-3 and Research-Driven Pagaya Motor Trust 2025-3

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to seven classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2025-3 and Research-Driven Pagaya Motor Trust 2025-3 (collectively “RPM 2025-3”), an auto loan ABS transaction. RPM 2025-3 has initial credit enhancement levels of 51.48% for the Class A notes to 1.28 % for the Class F notes. Credit enhancement is comprised of overcollateralization, subordination of junior note classes (except for the Class F notes), a cash re...

KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust VIII

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series A Notes and Series B Notes issued by Willis Engine Structured Trust VIII (WEST VIII), an aviation ABS transaction. WEST VIII represents the ninth aviation ABS transaction serviced and sponsored by Willis Lease Finance Corporation (the Company ). The Company is comprised of 437 individuals operating out of 10 offices with headquarters in Coconut Creek, Florida. As of March 31, 2025, the Company owned 347 aircraft engines a...
Back to Newsroom