KBRA assigns preliminary ratings to one class of notes issued by AMCR ABS TRUST 2023-1 (“AMCR 2023-1”), a consumer loan ABS transaction AMCR 2023-1 has initial credit enhancement levels of 44.50% for the Class A notes, 24.50% for the Class B notes, and 12.50% for the Class C notes. Credit enhancement consists of overcollateralization, subordination (except for the Class C notes), a reserve account, and excess spread.

AMCR 2023-1 will issue three classes of notes totaling $127.503 million with KBRA rating the Class A notes only.

This transaction represents the inaugural ABS securitization collateralized by unsecured consumer loans originated through credit9, LLC (“credit9” or the “Company”). Americor Holdings, LLC (“Americor Holdings”), the parent company to credit9, is an Irvine, CA based debt resolution company founded in 2015. Americor Funding LLC (“Americor”), an indirect wholly owned subsidiary of Americor Holdings, has been offering debt management solutions since 2016. credit9 will use the net proceeds from the issuance of the notes to fund the reserve account, to repay existing debt and to fund the prefunding account which will be used to purchase additional eligible loans during the prefunding period.

KBRA applied its 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, the proposed capital structure and credit9’s historical static pool data. KBRA also conducted an operational assessment of credit9, as well as a review of the transaction’s legal structure and transaction documents. Operative agreements and legal opinions will be reviewed prior to closing.

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Related Publications

• Consumer Loan ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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 Information Disclosure Form(s) 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 Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

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

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