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KBRA Comments on Renovate America's Chapter 11 Filing


[December 28, 2020]
KBRA Comments on Renovate America s Chapter 11 Filing
Kroll Bond Rating Agency (KBRA) releases commentary following an announcement on December 22, 2020 that Renovate America Inc. (Renovate), a Property Assessed Clean Energy (News - Alert) (PACE) originator, has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code.
Renovate has sponsored thirteen PACE ABS transactions that have outstanding KBRA ratings. The ABS (News - Alert) transactions are largely insulated from the financial performance of Renovate as the company only served as the Program Administrator for these transactions, has limited interaction with the underlying obligors, and has little control over the collateral performance. The servicing of the PACE assessments, including billing and collections, is performed by David Taussig & Associates, which serves as the Assessment Administrator. ....

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Green home improvement lender Renovate America files for bankruptcy [The San Diego Union-Tribune]