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KBRA Assigns Preliminary Ratings to Credibly Asset Securitization LLC, Series 2018-1

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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of notes (the "Notes") issued by Credibly Asset Securitization
LLC, Series 2018-1 ("CRDBL 2018-1").

This transaction is Credibly's (the "Company" or the "Issuer") first
securitization. The proceeds of the sale of the Series 2018-1 Notes will
be used to purchase receivables, fund the reserve account and pay
related fees and expenses. The Notes are "expandable" term notes such
that at any time during the revolving period, the Issuer may
periodically issue additional Notes, up to a maximum amount of $237.5
million, as long as certain conditions are met, including receipt of
Rating Agency Confirmation.

Founded in 2010, Credibly is a small business lending platform
headquartered in Troy, Michigan. Credibly relies on data science to
improve the speed, cost, experience and choice of capital available to
merchants. Credibly provides merchant cash advances and both working
capital and business expansion loans. The Company targets small to
medium sized business based in the U.S.

The transaction features a revolving period, which will end on the
earlier of (i) October 31, 2021, approximately 36 months after the
closing date and (ii) the date on which a rapid amortization event has
occurred that is not later cured or waived. Credit enhancement will
consist of overcollateralization, subordination (in the case of the
Class A and Class B Notes), excess spread, a reserve account (initially
funded in an amount equal to 0.50% of the initial Series 2018-1 note
balance divided by 95.00%) and the excess funding account.

KBRA analyzed the transaction using the Global General Rating
Methodology for Asset-Backed Securities published on November 28, 2017.

To access ratings, reports and disclosures, click here.

       
Notes     Preliminary Rating     Initial Principal Balance
Class A     A (sf)     $49,887,000
Class B     BBB (sf)     $6,662,000
Class C     BB (sf)     $5,201,000
 

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. 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, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

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