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KBRA Assigns Preliminary Ratings to New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series, 2024A

KBRA assigns preliminary ratings to NYSERDA Green Revenue Bonds, Series 2024A (“NYSERDA 2024A”), a consumer solar loan and home improvement loan ABS transaction.

This transaction represents New York State Energy Research and Development Authority’s (“NYSERDA” or the “Authority”) first term ABS securitization of 2024 and sixth KBRA-rated securitization. NYSERDA will issue a $14.85 million term bond and nine serial bonds which total $30.88 million. The serial bonds have maturity dates ranging from 2025 through 2033 and the term bonds mature in 2039. The NYSERDA 2024A Bonds are not guaranteed by NYSERDA and are non-recourse. The transaction is structured with all bonds supported by overall enhancement of 42.77% (overcollateralization plus amounts deposited into the reserve account). The credit enhancement levels are sufficient to cover KBRA’s corresponding stressed cash flow assumptions for the rating on the bonds.

NYSERDA is a public benefit corporation created in 1975 pursuant to the Public Authorities Law of the State of New York. The Authority is dedicated to the development and adoption of energy conservation technologies consistent with economic, social and environmental objectives across the state. To this end, NYSERDA offers solar and energy efficiency loans to one-to-four family residential structures for eligible projects, as dictated by NYSERDA’s Green Jobs - Green New York program (“GJGNY Program”).

KBRA applied the General Global Rating Methodology for Asset-Backed Securities as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool, and capital structure. KBRA considered its operational reviews of NYSERDA, as well as periodic due diligence calls with the Authority. Operative agreements and legal opinions will be reviewed prior to closing.

To access rating and relevant documents, click here.

Click here to view the report.



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

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.

Doc ID: 1004776


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