KBRA assigns preliminary ratings to six classes of notes that will be issued from Mission Lane Credit Card Master Trust (“MLCCMT”), Series 2025-C (“MLANE 2025-C”), a credit card ABS transaction. The preliminary ratings reflect the initial credit enhancement levels ranging from 39.79% for the Class A notes to 3.00% for the Class F notes. Credit enhancement on the notes consists of excess spread generated by the pool of credit card receivables, overcollateralization, subordination (except for the Class F Notes), and a reserve account (if funded after closing).
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MLANE 2025-C will include a revolving period that is approximately two years where no principal payments will be made on the notes unless an Early Amortization Event occurs. The receivables in the Trust Portfolio are generated by accounts owned by Transportation Alliance Bank Inc. (“TAB Bank”) and WebBank, each a Utah-state chartered bank. TAB Bank and WebBank are each an Originating Bank and Account Owner. Currently, sixteen series have been issued out of MLCCMT.
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Mission Lane is a fintech company founded in 2018 as a Utah limited liability company. The Company provides services to support the Mission Lane Program, its general-purpose credit card program under the Visa brand. These services include marketing, underwriting, and servicing credit card accounts. Mission Lane employees work remotely and from the Company’s office in Richmond, Virginia.
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KBRA applied its Credit Card ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA considered its operational review of Mission Lane as well as periodic update calls with the Company. Operative agreements and legal opinions for the transaction will be reviewed prior to closing.
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Source: businesswire