KBRA assigns preliminary ratings to four classes of notes (seven tranches) issued by GreenState Auto Receivables Trust 2024-1 (“GRNST 2024-1”), a prime auto loan ABS transaction.

GRNST 2024-1 is the inaugural 144A offering of auto loan ABS for GreenState Credit Union (“GreenState” or “the credit union”). Originally chartered in 1938, GreenState is a member owned, Iowa state-chartered credit union headquartered in North Liberty, Iowa. The credit union has 34 branches in Iowa and Illinois, approximately 855 employees, and more than 451,000 members. GreenState offers residential mortgages, commercial real estate loans, auto loans personal loans, and credit cards, as well as banking and wealth management services.

GRNST 2024-1 will issue four classes (seven tranches) of notes totaling $400.0 million. Credit enhancement consists of overcollateralization, a yield supplement overcollateralization amount, excess spread, subordination (except for the Class D notes) and a reserve account funded at closing.

KBRA applied its Auto 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 transaction’s underlying collateral pool, the proposed capital structure and GreenState’s historical static pool data. KBRA considered its operational review of GreenState. Operative agreements and legal opinions will be reviewed prior to closing.

To access rating and relevant documents, click here.

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Methodologies

• ABS: Auto 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: 1003414

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