Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to eight classes of FCR 2026-FL1, a managed CRE CLO securitization with the ability to reinvest principal proceeds for 24 months. The transaction will initially be collateralized by 29 mortgage loans with an aggregate cutoff date in-trust balance of $900.0 million. Additionally, the transaction provides the sponsor with the ability to effectuate modifications to performing loans, as well as buy out defa...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 38 classes of mortgage pass-through certificates from Provident Funding Mortgage Trust 2026-4 (PFMT 2026-4). Provident Funding Mortgage Trust 2026-4 (PFMT 2026-4) is an RMBS transaction comprising 760 agency-eligible, conforming mortgage loans with an aggregate stated principal balance of approximately $338.0 million as of the August 1, 2026 cut-off date. The underlying collateral consists of fully amortizing, mostly 30-year fixed-r...

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to four classes of HGI Re-REMIC Trust 2026-FRR1. HGI Re-REMIC Trust 2026-FRR1 is a re-securitization of six principal-only (PO) and 13 interest-only (IO) certificates (the collateral securities) from six separate fixed-rate Freddie Mac K-Series multifamily securitizations (the underlying trusts): FREMF 2022-K749, FREMF 2024-K755, FREMF 2023-K751, FREMF 2023-K754, FREMF 2022-K152, and FREMF 2022-KG07. Th...

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 22 classes of Benchmark 2026-V23, a $697.8 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 59 properties. The collateral properties are located throughout 19 MSAs, of which the three largest are New York (24.0% of pool balance), North - Central New Jersey (10.0%), and Houston (9.9%). The pool’s three largest property type exposures are industrial (23.9%), lo...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Ratings of “a-” (Excellent) to Ledgebrook Specialty Insurance Company (Ledgebrook Specialty) and Stonehaven Specialty Insurance Company (Stonehaven Specialty). Both companies are domiciled in Delaware and are collectively referred to as Ledgebrook Insurance Group (LIG). LIG is part of Ledgebrook Inc., a tech-enabled company that is headquartered in Boston, MA. The out...

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of BMO 2026-C15, a $722.8 million CMBS conduit transaction collateralized by 51 commercial mortgage loans secured by 98 properties. The collateral properties are located throughout 31 MSAs, of which the three largest are New York (18.2% of pool balance), Phoenix (10.0%), and North – Central New Jersey (8.3%). The pool’s three largest property type exposures are retail (32.3%), self-storage...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to ten classes of mortgage-backed certificates from Morgan Stanley Residential Mortgage Loan Trust 2026-NEW2 (MSRM 2026-NEW2). MSRM 2026-NEW2 is an RMBS transaction sponsored by Morgan Stanley Mortgage Capital Holdings LLC as seller/sponsor and includes a meaningful concentration of collateral that KBRA considers to be “non-prime.” The $418.1 million RMBS transaction is collateralized by a pool of 670 fixed-rate residential mortgages....

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Aqua Finance Issuer Trust 2026-B (“Aqua 2026-B”), an asset-backed securitization collateralized by marine and recreational vehicle contracts as well as home improvement contracts. Aqua 2026-B will issue four classes of notes totaling $328.9 million, collateralized by $358.5 million of contracts. Aqua 2026-B has initial credit enhancement levels ranging from 40.25% for the Class A notes to 8.75% for th...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to Arby's Funding, LLC, Series 2026-1 Class A-1 and Class A-2 Notes, a whole business securitization (WBS). The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cash flows are sufficient to support the ratings following the issuance of the Series 2026- 1. In conjunction with the issuance of the Series 2026-1 Notes, the Series 2020-1 Class A-1 and Class A-2 are expected to be repai...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY). The outlook of the FSR is stable. The ratings reflect IHLIC’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral busines...