KBRA Assigns Preliminary Rating to Sunrun Xanadu Issuer 2019-1, LLC

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note
class issued by Sunrun Xanadu Issuer 2019-1, LLC. The transaction is
secured by the equity interests of the Issuer in Sunrun Zeus Owner 2017,
LLC (the “Project Company”) and all right, title and interest in a
portfolio of 14,337 customer agreements associated with residential
solar photovoltaic installations (“PV Systems”). Cash flow related to
the portfolio is net of operations and maintenance (“O&M”) expenses and
administrative expenses.


The total aggregate discounted solar asset balance (“ADSAB”), consisting
of the discounted payments of the leases, generation power purchase
agreements (“Generation PPA”) and Balanced PPAs is approximately $254.1
million. The portfolio consists of 46.1% Balanced PPAs, 26.2% lease
agreements, and 27.7% Generation PPAs by ADSAB and approximately 45.4%
Balanced PPAs, 25.3% lease agreements, and 29.4% Generation PPAs by
count. The weighted average original tenor of the agreements is 250
months and the weighted average remaining term of the agreements is 176
months. The weighted average FICO of the underlying customers of the PV
Systems is 761.


 


 


 


 


 


 


 


 


 


Class


 


 


 


Rating


 


 


 


Initial Principal Balance


Notes


 


 


 


A- (sf)


 


 


 


$204,000,000




 


 


 




 


 


 




To access ratings, reports and disclosures, click here.


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


Sunrun
Xanadu Issuer 2019-1, LLC Pre-Sale Report


Global
General Rating Methodology for Asset-Backed Securities


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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.


Contacts

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


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


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


Chris Baffa, Associate Director(646) 731-3312cbaffa@kbra.com