KBRA Assigns a Preliminary Rating to Concord Music Royalties, LLC, Series 2024-1

KBRA assigns a preliminary rating to Concord Music Royalties, LLC, Series 2024-1, a music royalty ABS securitization. The Series 2024-1 Notes represent the third series of notes by Concord Music Royalties, LLC. All series of notes share the same collateral pool. In conjunction with the issuance of the Series 2024-1 Notes, the Series 2023-1 Notes will be repaid in full, at which point KBRA will withdraw the related ratings and only the Series 2022-1 Notes and Series 2024-1 Notes will remain outstanding. In conjunction with both the issuance of the Series 2024-1 Notes, and the associated addition of collateral, as well as various amendments to the transaction, KBRA expects to affirm its ratings on the Series 2022-1 Notes. The outstanding ratings are consistent with the results of our cash flow analysis following the addition of the Series 2024-1 Notes and the associated addition of collateral, accounting for the amendments to the transaction.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publications

• Concord Music Royalties, LLC Comprehensive Surveillance Report
• Concord Music Royalties, LLC New Issue Report
• Concord Music Royalties, LLC, Series 2023-1 Rating Report

Methodologies

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

Doc ID: 1006279

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