PFS Financing Corp. Series 2019-A Notes Assigned Ratings

  • PFS Financing Corp.'s issuance is an ABS transaction backed by insurance premium finance loans.
  • We assigned our ratings to the class A-1, A-2, and B notes.
  • The ratings reflect our view of the transaction's credit enhancement and the credit quality of the pool's insurance carriers, among other factors.
SAN FRANCISCO (S&P Global Ratings) April 17, 2019--S&P Global Ratings today 
assigned its ratings to PFS Financing Corp.'s $300 million premium finance 
asset-backed floating- and fixed-rate notes series 2019-A (see list).

The note issuance is an asset-backed securities transaction backed by 
insurance premium finance loans.

The ratings reflect our opinion of the credit enhancement in the form of 
overcollateralization and available excess spread related to PFS Financing 
Corp.'s historical portfolio loss performance and the credit quality of the 
pool's insurance carriers. The preliminary ratings also reflect the servicer's 
ability to service the portfolio, which we believe is in line with its 
historical performance.
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