Funding Circle ABS performance drives ratings upgrades
The first securitization of marketplace loans in the European ABS market — Funding Circle's SBOLT 2016-1 — is performing above expectations, said Moody’s on Monday, announcing the upgrade of four tranches of the deal.
The Moody’s update said that prepayments on the underlying small and medium enterprise loans have been higher than expected since the deal closed in May last year.
On top of scheduled repayments, the cumulative prepayment rates on the pool were 25%, 17% and 20% in the last three
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