KBRA Affirms Rating for LIAS Administration Fee Issuer LLC Insurance Administration Fee Asset-Backed Notes, Series 2018-1

Strategic Insights -

KBRA has reaffirmed the rating for LIAS Administration Fee Issuer LLC's Insurance Administration Fee Asset-Backed Notes, Series 2018-1, citing sufficient credit enhancement to support the affirmed rating. The analysis was based on information as of the July 2025 distribution date, which marked the second quarter 2025 collection period. KBRA's review considered various credit factors and performed sensitivity analyses to determine the rating affirmation. The report also includes information on ESG factors, which may be relevant to the rating change or outlook.

Key Takeaways:

  • KBRA has affirmed the rating for LIAS Administration Fee Issuer LLC's Insurance Administration Fee Asset-Backed Notes, Series 2018-1, with existing credit enhancement sufficient to support the affirmed rating.
  • The rating affirmation is based on the review of information as of the July 2025 distribution date, which marked the second quarter 2025 collection period.
  • KBRA performed sensitivity analyses to determine the rating affirmation and considered various credit factors, including ESG factors.
  • The transaction is a securitization of the administrative fees associated with life insurance policies.
  • LIAS Administration Fee Issuer LLC is a special purpose entity that issues the asset-backed notes to finance the administrative fees associated with life insurance policies.

Statistics:

  • KBRA's analysis was based on information as of the July 2025 distribution date.
  • The second quarter 2025 collection period marked the review date for the credit analysis.
  • The transaction is a securitization of the administrative fees associated with life insurance policies, with existing credit enhancement sufficient to support the affirmed rating.

Sources:

  • Kroll Bond Rating Agency, LLC. (Aug. 22). KBRA Affirms the Rating for LIAS Administration Fee Issuer, LLC Insurance Administration Fee Asset-Backed Notes, Series 2018-1.
  • Kroll Bond Rating Agency, LLC. (2022). ABS: Insurance Administration Fee Asset-Backed Notes, Series 2018-1 New Issue Report.
  • Kroll Bond Rating Agency, LLC. (2022). LIAS Administration Fee Issuer LLC Insurance Administration Fee Asset-Backed Notes, Series 2018-1 Surveillance Report.
  • Kroll Bond Rating Agency, LLC. (2022). ABS: General Global Rating Methodology for Asset Backed Securities.