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KBRA Assigns Preliminary Ratings to Sunrun Atlas Issuer 2019-2, LLC

NEW YORK

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes issued by Sunrun Atlas Issuer 2019-2, LLC. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 28,237 leases and power purchase agreements (“PPA”) associated with residential solar photovoltaic installations (“PV Systems”). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for the respective Project Company.

The total aggregate discounted solar asset balance (“ADSAB”), consisting of the discounted payments of the leases, generation power purchase agreements (“Generation PPA”) and Balanced PPA is approximately $439.2 million. The securitization share of the ADSAB is approximately $390.5 million. The portfolio consists of 64.5% Balanced PPAs, 36.1% lease agreements, 0.6% Generation PPAs and -1.1% prepaids by ADSAB, and approximately 54.0% Balanced PPAs, 35.3% lease agreements, 0.1% Generation PPAs and 10.6% prepaids by count. The weighted average original tenor of the lease agreements is 260 months and the weighted average remaining term of the agreements is 254 months. The weighted average FICO of the underlying customers of the PV Systems is 738.

Class

Rating

Initial Principal Balance

Class A Notes

A (sf)

$312,400,000

Class B Notes

BB (sf)

$58,600,000

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization 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, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Analytical:
Cecil Smart, Jr., Managing Director
(646) 731-2381
csmart@kbra.com

Andrew Lin, Senior Director
(646) 731-2483
alin@kbra.com

Usman Khan, Director
(646) 731-2488
ukhan@kbra.com

Shi Shen, CFA, Associate
(646) 731-2480
sshen@kbra.com

Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com

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