Newtek Small Business Loan Trust Securitizations Ratings Upgraded by S&P Global Ratings
BOCA RATON, Fla., Jan. 18, 2024 (GLOBE NEWSWIRE) — NewtekOne, Inc. (the “Company”) (NASDAQ:NEWT), announced today that S&P Global Ratings raised its ratings on a total of four classes of notes issued by Newtek Small Business Loan Trusts 2018-1 and 2019-1. The Newtek Small Business Loan Trust 2018-1, Class A Notes were raised to “A+ (sf)” from “A (sf)’’ and the Class B Notes was raised to “BBB (sf)” from “BBB- (sf).” In addition, the Newtek Small Business Loan Trust 2019-1 Class A Notes were raised to “A+ (sf)” from “A (sf)” and the Class B Notes were raised to “BBB (sf)” from “BBB- (sf).” According to S&P Global Ratings, the ratings upgrades reflect their view of the transactions’ stable performance, the increasing level of credit enhancement as well as the structural features of the transactions. These loan trusts are asset-backed securities transactions backed by amortizing pools of unguaranteed interests in SBA 7(a) loans originated by the Company’s subsidiary.
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