NORTH LIBERTY, Iowa––GreenState Credit Union is scheduled today to sell four classes of auto-backed securities today totaling $400 million.
According to Kroll Bond Rating Agency (KBRA) there will be seven tranches issued by GreenState Auto Receivables Trust 2024-1 (“GRNST 2024-1”), a prime auto loan ABS transaction. GRNST 2024-1 is the inaugural 144A offering of auto loan ABS for the $11.3-billiion GreenState Credit Union, the company said.
“Credit enhancement consists of overcollateralization, a yield supplement overcollateralization amount, excess spread, subordination (except for the Class D notes) and a reserve account funded at closing,” KBRA said.
Methodology Applied
KBRA further said it applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and GreenState’s historical static pool data.
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