KBRA assigns preliminary ratings to five classes of notes that will be issued from Mission Lane Credit Card Master Trust, Series 2023-A (“MLANE 2023-A”), a credit card ABS transaction. The preliminary ratings reflect the initial credit enhancement levels ranging from 38.90% for the Class A notes to 5.30% for the Class E notes. Credit enhancement on the notes consists of excess spread generated by the pool of credit card receivables, overcollateralization, subordination (except for the Class E Notes), and a reserve account (if funded after closing).

MLANE 2023-A represents Mission Lane LLC’s (“Mission Lane” or the “Company”) fourth term ABS transaction. MLANE 2023-A will include a two-year revolving period where no principal payments will be made on the notes unless an Early Amortization Event occurs. The receivables in MLANE 2023-A are generated by accounts owned by Transportation Alliance Bank Inc. (“TAB Bank,” the “initial Account Owner” or the "Originating Bank”). TAB Bank is a federally insured Utah state-chartered bank headquartered in Ogden, Utah.

Mission Lane, formerly a division of LendUp Loans LLC (“LendUp”), is a fintech company founded in 2018 as a Utah limited liability company. The Company provides services to support the Mission Lane Program, its general-purpose credit card program under the Visa brand. These services include marketing, underwriting, and servicing credit card accounts. Mission Lane currently has over 600 employees who work remotely and from offices in San Francisco, California and Richmond, Virginia.

KBRA applied its Credit Card 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 Mission Lane as well as periodic update calls with the Company. Operative agreements and legal opinions for the transaction will be reviewed prior to closing.

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Related Publications

• Credit Card 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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