KBRA Assigns Preliminary Ratings to CPC Asset Securitization I, LLC Series 2022-1 Notes and Confirms Ratings of Existing Series 2021-1 Notes


NEW YORK–(BUSINESS WIRE)–KBRA assigns ratings to three classes of Supplemental Bond Series 2022-1 (“CPC 2022-1”) issued by CPC Asset Securitization I, LLC.

CPC 2022-1 represents the second series of Notes issued by CPC Asset Securitization I, LLC (the “Issuer”), following the issuance of Series 2021-1 (“CPC 2021-1”) on December 7 2021. Both Series 2022 -1 and Series 2021-1 (collectively referred to as the “Notes”) share the same collateral pool. In conjunction with the issuance of CPC 2022-1, KBRA plans to confirm the ratings of the issuer’s outstanding Series 2021-1 notes. The note ratings are consistent with the results of our cash flow analysis following the addition of the Series 2022-1 Notes.

Proceeds from the sale of Series 2022-1 Notes will be used to purchase receivables, fund the Reserve Account and pay related fees and expenses. The Notes are “expandable” term notes such that at any time during the renewal period, the Issuer may periodically issue additional Notes, up to a maximum amount of $500.0 million, so long as certain conditions are met, including receipt of confirmation from the rating agency.

CPC was founded in 2009, based in Minnetonka, Minnesota, with offices in Minnesota, Iowa and Georgia. The Company provides financing to small businesses through the use of a proprietary risk scoring model, transactional data and technology systems. CPC’s underwriting approach relies on multiple data sources and metrics related to a Business Owner that the Company believes are predictive of the Business Owner’s credit performance.

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Further information on key credit considerations, sensitivity analyzes that consider factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of key relevant rating assumptions, if any) used to determine credit rating are available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be found here.

Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency 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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