KBRA Assigns Preliminary Ratings to NFAS3 LLC, Series 2025-1

KBRA assigns preliminary ratings to four classes of notes (the “Notes”) issued by NFAS3 LLC (the “Issuer”).

National Funding, Inc. (“National Funding” or the “Seller”) and QuickBridge Funding (“QuickBridge”, together with National Funding, the “Company”) provide financing to small and medium-sized business through the use of proprietary risk scoring models, transactional data and technology systems.

This transaction (NFAS3 LLC, Series 2025-1) is the third for the Company. NFAS3 LLC will issue four classes of Series 2025-1 Notes, Class A, Class B, Class C and Class D Notes (collectively, the “Notes” or “Series 2025-1 Notes”) totaling $145 million initially. The transaction features a three-year revolving period unless a Rapid Amortization Event has occurred (the “Revolving Period”). During the Revolving Period, the Issuer will purchase additional receivables that meet the eligibility criteria and concentration limits.

The Series 2025-1 Notes are “expandable” term notes such that at any time during the Revolving Period, the Issuer may upsize the current Notes, up to a maximum amount of $500 million, as long as certain conditions are met, including receipt of Rating Agency Notification. The consent of existing noteholders will not be required for these upsizes. As such, upsizes may dilute the control and voting rights of existing noteholders.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• Structured Finance: Global Structured Finance Counterparty Methodology
• ABS: General Global Rating Methodology for Asset Backed Securities
• 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: 1009329

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507465258/en/