KBRA assigns preliminary ratings to one class of notes from SESAC Finance, LLC Series 2024-1 (SESAC 2024-1), a whole business securitization.

SESAC 2024-1 represents the third series of notes issued by SESAC Finance, LLC (the Master Issuer), following the issuance of Series 2022-1 on June 27, 2022, and Series 2019-1 on August 9, 2019. In conjunction with the issuance of SESAC 2024-1, KBRA anticipates affirming the ratings on the Master Issuer’s outstanding Series 2019-1 Class A-2 Notes, Series 2022-1 Class A-1 Notes, Series 2022-1 Class A-1 Notes and Series 2022-1 Class M Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes.

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Related Publications

• SESAC Finance LLC Comprehensive Surveillance Report
• Whole Business Securitization 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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