Press Release|ABS
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KBRA Upgrades and Affirms Ratings for LL and Reach ABS Trusts

12 Sep 2025   |   New York

Contacts

KBRA upgrades ratings on 14 classes of notes and affirms ratings on four classes of notes issued from two LL ABS Trust (“LLEND”) transactions and five Reach ABS Trust (“Reach”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the August 2025 distribution date (July 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying LL ABS Trust and Reach ABS Trust Comprehensive Surveillance Dashboard. Reach ABS Trust 2025-2 was not included in this review as it is less than six months seasoned.

Reach Financial LLC (“Reach Financial” or the “Company”), previously known as Liberty Lending, LLC, was founded in 2015 and is based in New York, NY. Reach Financial is an independent company that shares common ownership with National Debt Relief, LLC. (“NDR”). Individual owners of NDR own the majority of Reach Financial, with the remaining equity interest distributed among the company’s management team and key employees. As of June 30, 2025, Reach had $1.3 billion in loan receivables outstanding in its managed portfolio.

The Company has been profitable on an annual basis from 2018 through 2024 and was also profitable, YTD 2025 through July 31st. Additionally, Reach has $590 million in borrowing capacity under three loan facilities with staggered maturities. The availability under these facilities is approximately $404.7 million as of August 31, 2025.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

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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