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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of bonds issued by Oasis 2021-2 LLC (“Oasis 2021-2”), a litigation funding ABS transaction.

Oasis 2021-2 represents the fourth ABS secured by litigation funding claims to be sponsored by Oasis Intermediate Holdco, LLC (“Oasis”) and the second to include Oasis’ MedPort-branded medical lien claims (“MedPort”) . Oasis, through its operating subsidiaries, has a long history as an originator, underwriter and manager of litigation funding receivables. The company is a wholly owned subsidiary of Oasis Parent, LP, which is majority owned by Parthenon Investors IV, LP MedPort claims originate from various originators with operating histories dating back to 2003. Oasis acquired the various MedPort originators on January 5, 2021 .

Oasis 2021-2 issues two ticket classes. The previous three transactions had only one category of tickets. The ratings benefit from credit enhancement in the form of overcollateralisation and a cash reserve account. The portfolio securing the Notes has an aggregate discounted debit balance (“ADPB”) of approximately $110.3 million at the statistical closing date. The ADPB is the total discounted recoveries associated with Oasis 2021-2 portfolio litigation funding receivables, litigation loan receivables (“Litigation Receivables”), medical funding receivables and medical loan receivables (“ Medical claims”). As of the statistical closing date, litigation receivables, Medport medical receivables and Key Health medical receivables represent approximately 53%, 39% and 8% of the total funded amount and have an average lead over the settlement values ​​of expected cases of 8.5%, 29.1% and 30.2%. %, respectively. The transaction also includes a $36 million pre-funding account that can be used to purchase additional receivables within three months of closing.

Click here to see the report. To access relevant notes and documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyzes that consider factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of the main relevant rating assumptions, the where applicable) used to determine credit rating are available in the information disclosure form(s) located here.

Information on the meaning of each rating category can be found here.

Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency 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.

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