KBRA Assigns Ratings to Servpro Master Issuer, LLC – Additional Series 2019-1 Notes

Kroll Bond Rating Agency (KBRA) announces the ratings to a note class of Servpro Master Issuer, LLC (the "Issuer"), a whole business securitization.

KBRA assigns ratings on $50.0 million of additional Series 2019-1, Class A-1 Notes (the "Additional Series 2019-1 Class A-1 Notes") and is also affirming the outstanding ratings of Servpro Master Issuer, LLC (the "Issuer"), Series 2019-1 Notes. Both the original $45.0 million Series 2019-1, Class A-1 Notes (the "Original Series 2019-1 Class A-1 Notes") and the Series 2019-1, Class A-2 Notes are expected to perform in line with KBRA’s expectations following the issuance of the Additional Series 2019-1 Class A-1 Notes and performance has remained strong given the increased demand for commercial cleaning as a result of COVID-19.

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Disclosures

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 rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

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

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Contacts

Analytical Contacts

Xilun Chen, Senior Director (Lead Analyst)
+1 (646) 731-2431
xchen@kbra.com

Anna Roginkin, Associate Director
+1 (646) 731-1212
aroginkin@kbra.com

Rosemary Kelley, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2337
rkelley@kbra.com

Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325
tburbage@kbra.com