KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2025-2, a $294.51 million consumer loan ABS. This securitization is collateralized by unsecured consumer loans originated through Upstart's online platform.
The preliminary ratings reflect initial credit enhancement levels, including 58.75% for Class A notes, 45.90% for Class B notes, 36.20% for Class C notes, and 20.50% for Class D notes. Credit enhancement consists of overcollateralization, excess spread, a non-declining cash reserve account, and subordination.
UPST 2025-2 represents the 46th ABS securitization collateralized by unsecured consumer loans from Upstart. This demonstrates the company's consistent ability to access the securitization markets to fund its loan originations.
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