KBRA Assigns Preliminary Rating to MP 2023 LLC, Series 2023-1

KBRA assigns preliminary ratings to one series of notes issued by MP 2023 LLC, Series 2023-1 (“MP 2023-1”), an inland marine vessel lease ABS transaction.

MP 2023-1 is Maritime Partners’ inaugural securitization and the first ABS securitization comprised entirely of inland marine vessels. Maritime Partners, founded in 2015, is a maritime leasing company primarily focusing on vessels operating on inland waterways under the Jones Act, in addition to experience across other sectors including coastal marine and great lakes, as well as international shipping and shipbuilding.

Proceeds from the Notes will be used to acquire a portfolio of 316 inland marine vessels, comprised of 287 barges (66.3% by value) and 29 towboats (33.7% by value) (the “Portfolio”). The Portfolio vessels are on charter to 19 charterers in the United States. As of March 2023, the weighted average age of the Portfolio is approximately 9.2 years, and the weighted average remaining term of the initial charters is approximately 4.0 years.

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Related Publications

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• Global Structured Finance Counterparty Methodology
• 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) is a full-service credit rating agency 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 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.

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