KBRA Assigns Preliminary Ratings to BHG Securitization Trust 2023-A – Press Release

KBRA assigns preliminary ratings to five classes of notes issued by BHG Securitization Trust 2023-A (“BHG 2023-A”), an asset-backed securitization collateralized by a pool of small business loans (“Commercial Loans”) and unsecured consumer loans (“Consumer Loans”).

BHG 2023-A will issue five classes of notes totaling $265.475 million. The preliminary ratings reflect initial credit enhancement levels ranging from 50.30% for the Class A notes to 12.01% for the Class E notes.

BHG 2022-C represents the seventh term ABS securitization for the Bankers Healthcare Group, LLC (“BHG” or the “Company”). BHG was founded in 2001 and provides Commercial Loans and Consumer Loans primarily to prime, high income professionals. Pinnacle Financial Partners, Inc., a holding company headquartered in Tennessee, and its subsidiary Pinnacle Bank, a Tennessee state-chartered bank, own a combined 49% of the Company. With corporate headquarters in Davie, Florida, and financial headquarters in Syracuse, New York, BHG has provided more than $13 billion in funding to over 100,000 borrowers since inception.

KBRA applied its General Global Rating Methodology for Asset Backed Securities and Consumer 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 and the proposed capital structure. KBRA considered its operational review of BHG, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

To access ratings and relevant documents, click here.

Click here to view the report.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit…

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