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KBRA Affirms Ratings for GBX Leasing 2022-1 LLC, Series 2022-1

4 Feb 2026   |   New York

Contacts

KBRA affirms its ratings on the Class A Notes and the Class B Notes, together, the “Notes” of the GBX Leasing 2022-1 LLC, Series 2022-1, a securitization collateralized by railcars and their related leases. KBRA’s analysis indicated that existing credit enhancement for the Notes is sufficient to support the affirmed ratings. This review accounts for the Series 2026-1 Notes ($300.0 million) which closed on February 4, 2026. Following the issuance of GBX Leasing 2022-1 LLC, Series 2026-1, the total original balance issuance amount is $801.8 million, with approximately $749.8 million outstanding. The data used for this review is as of the Series 2026-1 closing date and the January 2026 payment date report. To date, all Notes have received timely interest and scheduled principal payments.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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