May 19, 2024


Built General Tough

KBRA Assigns Preliminary Ratings to Goldman Home Improvement Trust 2021-GRN2 Issuer Trust

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Goldman Home Improvement Trust 2021-GRN2 Issuer Trust (“GHIT 2021-GRN2”), a home improvement loan ABS transaction.

GHIT 2021-GRN2 will issue four classes of notes totaling $264.795 million, collateralized by 95% economic interests (the “Participations”) in a pool of approximately $283.7 million consumer loans used to finance home improvement products and services originated by third-party banks under the GreenSky Program. The Participations will be sold from Goldman Sachs Asset Backed Securities (the “Depositor”), and then from the Depositor to GHIT 2021-GRN2, which will in turn contribute the Participations to the GHIT 2021-GRN2 Grantor Trust.

Founded in 2006 and headquartered in Atlanta, GA, GreenSky, LLC (together with its subsidiaries, “GreenSky”) operates a platform for merchants that facilitates point-of-sale financing for consumers in the home improvement and elective healthcare markets. Loans are originated by GreenSky’s third-party bank partners, under the GreenSky Platform, with GreenSky providing related loan servicing and collection services. Loans originated under the GreenSky Platform generally include reduced rate loans (“Reduced Rate Loans”), zero interest loans (“Zero Interest Loans”), and deferred interest loans (“Deferred Interest Loans”).

KBRA applied its Global Consumer Loan ABS Rating Methodology and its Global Structured Finance Counterparty Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA also conducted an operational assessment of GreenSky, as well as a review of the transaction’s legal structure and transaction documents. KBRA will review the operative agreements and legal opinions for the transaction prior to closing.

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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

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.