KBRA Assigns Preliminary Ratings to SESAC Finance, LLC Series 2022-1 Senior Secured Notes

KBRA assigns preliminary ratings to three classes of notes from SESAC Finance, LLC Series 2022-1, a whole business securitization.

SESAC 2022-1 represents the second series of notes issued by SESAC Finance, LLC, following the issuance of Series 2019-1 (SESAC 2019-1) on August 9, 2019. Additional collateral related to collections from Audio Network Limited (Audio Network), has been added to the existing collateral, which is shared by both series of notes. Audio Network is a production music company focused on creating original music that can be licensed to creators for use on multiple platforms. In conjunction with the issuance of SESAC 2022-1, KBRA anticipates affirming the ratings on the Master Issuer’s outstanding Class A-2 Notes (the Existing Notes, and, together with the Series 2022-1 Notes, the Notes) and withdrawing the ratings on the Series 2019-1 Class A-1 Notes. The latter are currently undrawn and will be replaced by the Series 2022-1 Class A-1 Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2022-1 Notes.

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Related Publications

• Whole Business Securitization ABS Global Rating Methodology
• 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 pursuant to the Temporary Registration Regime. 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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