KBRA Assigns Preliminary Ratings to Mission Lane Credit Card Master Trust Series 2022-A

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NEW YORK–(BUSINESS WIRE)–KBRA assigns preliminary ratings to three classes of notes to be issued by Mission Lane Credit Card Master Trust, Series 2022-A (“MLANE 2022-A”), an ABS credit card transaction. Preliminary ratings reflect initial levels of credit enhancement ranging from 28.00% for Class A Notes to 8.00% for Class C Notes. Credit enhancement on the Notes consists of excess spread generated by the pool of credit card receivables, an overcollateralization, a subordination (except Class C Notes) and a reserve account (if funded after closing).

MLANE 2022-A represents the second-term ABS transaction of Mission Lane LLC (“Mission Lane” or the “Company”). MLANE 2022-A will include a two-year renewable period during which no principal payments will be made on the Notes unless an Early Amortization Event occurs. Claims in MLANE 2022-A are generated by accounts originally held by Transportation Alliance Bank Inc. (“TAB Bank”, the “Original Account Holder” or the “Originating Bank”). TAB Bank is a federally insured, state chartered bank in Utah. headquartered in Ogden, Utah.

Mission Lane, formerly a division of LendUp Loans LLC (“LendUp”), is a fintech company founded in 2018 as a Utah limited liability company. The Company provides services to support the Mission Lane program, its general purpose credit card program under the Visa brand. These services include marketing, underwriting and managing credit card accounts. Mission Lane currently has over 550 employees working remotely and from offices in San Francisco, CA and Richmond, VA.

KBRA applied its credit card ABS global rating methodology as well as its global structured financial counterparty methodology and its ESG global rating methodology as part of its analysis of the transaction’s underlying collateral pool and credit card structure. proposed capital. KBRA reviewed its operational review of Mission Lane as well as periodic update calls with the company. Operating agreements and legal opinions relating to the transaction will be reviewed prior to closing.

Click on here to view the report. To access relevant notes and documents, click here.

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Disclosures

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 the 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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