KBRA assigns preliminary ratings to five classes of notes issued by Purchasing Power Funding 2024-A, LLC (“PPF 2024-A”), a $200.36 million consumer installment receivable ABS transaction. PPF 2024-A is a revolving ABS securitization with an initial collateral balance of approximately $227.3 million and is collateralized by a pool of retail installment sales contracts (“Receivables”) originated by Purchasing Power, LLC (the “Company” or “Purchasing Power”).

Founded in 2001, Purchasing Power is an Atlanta, GA based provider of an organization-sponsored payroll purchase program. Purchasing Power partners with private and government employers (collectively “Clients”) to provide voluntary financing to their employees (“Obligors”) for the purpose of purchasing consumer goods and services. Purchasing Power does not offer loans to their Obligors. Instead, the Obligor is offered a Receivable which is repaid through payroll deductions (or payroll allotment for government employees) from their paychecks.

PPF 2024-A has initial credit enhancement levels from 52.53% for the Class A notes to 12.72% for the Class E notes. Credit enhancement consists of subordination (except for the Class E notes), overcollateralization, a non-declining reserve account, and excess discount, which is not included in the credit enhancement percentages.

KBRA applied its Consumer Loan 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 portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Oportun, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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Methodologies

• ABS: Consumer Loan ABS Global Rating Methodology
• 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: 1003219

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