KBRA Assigns Preliminary Ratings to Pagaya AI Debt Selection Trust 2020-3
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2020-3 (“PAID 2020-3”), a consumer loan ABS transaction.
This transaction is the first publicly rated securitization for Pagaya Investments US LLC (“Pagaya”). Pagaya is a 100% owned subsidiary of Pagaya Technologies Ltd. which is an Israeli corporation. Pagaya is a technology-based asset manager that uses data analytics and artificial intelligence to review and purchase certain unsecured consumer loans from marketplace lending (“MPL”) platforms and automobile loans from some subprime auto loan originators.
PAID 2020-3 has initial credit enhancement levels of…