March 21, 2023


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KBRA Assigns Preliminary Ratings to Loanpal Solar Loan 2020-3 Ltd. and Loanpal Solar Loan 2020-3 LLC

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Loanpal Solar Loan 2020-3 Ltd. and Loanpal Solar Loan 2020-3 LLC (“LPSLT 2020-3”), an asset-backed securitization collateralized by a pool of residential solar loans.

The collateral in the LPSLT 2020-3 deal includes approximately $434.50 million of residential solar loans, as of the September 28, 2020 cut-off date. The preliminary ratings reflect the initial credit enhancement levels ranging from 25.01{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} for the Class A notes to 10.80{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} for the Class C notes.

KBRA applied its Global General Rating Methodology for Asset-Backed Securities, Global Consumer Loan ABS Rating Methodology and Global Structured Finance Counterparty Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA also conducted an operational assessment of Loanpal, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


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 U.S. Information Disclosure Form 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 U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. 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 and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

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