KBRA Assigns Preliminary Rating to NRZ Excess Spread-Collateralized Notes, Series 2020-PLS1
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a preliminary rating of ‘BBB- (sf)’ to the Series 2020-PLS1 Term Notes from NRZ Excess Spread-Collateralized Notes. The Notes will be issued pursuant to a Master Credit Agreement (Agreement) by and among the Issuers and Collateral Agent/Note Registrar/Paying Agent. The notes represent the joint and several obligations of the Issuers to make monthly scheduled payments of interest and principal. The transaction is supported by a guarantee by the Guarantor, NRZ (
KBRA Rating: BB+/Negative), to cover both timely payments of interest and scheduled principal. The assets represent a portion of fees and income payable to the Servicers for servicing non-agency mortgage loans owned by various entities and generally included in legacy private label securities (PLS) RMBS transactions. This is the first KBRA rated transaction backed