KBRA Assigns Preliminary Ratings to RKTL Trust 2026-1

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to five classes of notes issued by RKTL Trust 2026-1 (“RKTL 2026-1”), an asset-backed securitization collateralized by unsecured consumer loans. This transaction represents RockLoans Marketplace LLC (“RockLoans”, “Rocket Loans”, or the “Company”) third 144A unsecured consumer loan ABS securitization.

RKTL 2026-1 is expected to issue five classes of notes totaling $394.401 million. Initial credit enhancement consists of overcollateralization (“OC”), subordination (except for the Class E Notes), a reserve account funded at closing, and excess spread. RKTL 2026-1 has initial hard credit enhancement levels of 41.87% for the Class A Notes to 6.47% for the Class E Notes.

Rocket Loans, founded in 2015, is an online personal loan finance company that is a wholly-owned subsidiary of Rocket Companies. Rocket Companies is a Detroit-based, publicly traded fintech company, majority owned by its founder and chairman Dan Gilbert, consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, among others. Rocket Mortgage, founded in 1985, is a mortgage originator and servicer. Rocket Loans primarily focuses on marketing unsecured consumer loan products to Rocket Mortgage customers by leveraging an automated technology platform, with focus on prime borrowers.

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 portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Rocket, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

To access ratings and relevant documents, click here.

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Methodologies

• ABS: Consumer Loan ABS Global Rating Methodology
• Structured Finance: 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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013419

Contacts

Analytical Contacts

Melvin Zhou, Managing Director (Lead Analyst)
+1 646-731-2412
melvin.zhou@kbra.com

Juhi Paranjape, Associate
+1 646-731-1340
juhi.paranjape@kbra.com

Michael Rotunno, Analyst
+1 646-731-1439
michael.rotunno@kbra.com

Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 646-731-2369
arielle.smelkinson@kbra.com