OnDeck Asset Securitization Trust II LLC Notes Series 2016-1 Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Wednesday April 27, 2016 09:03
NEW YORK--27 Apr--Standard & Poor's

NEW YORK (Standard & Poor's) April 26, 2016--Standard & Poor's Ratings Services today assigned its preliminary ratings to OnDeck Asset Securitization Trust II LLC's $250 million fixed-rate asset-backed notes series 2016-1 (see

The note issuance is an asset-backed securities transaction backed by a revolving pool of term loans made to U.S. small businesses to fund their working capital needs.
The preliminary ratings are based on information as of April 26, 2016. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary ratings reflect:
The available credit enhancement in the form of subordination (for the class A notes), overcollateralization, a funded reserve account, and excess spread;
The transaction's legal structure, which is intended to be bankruptcy remote;
The credit quality of the initial and future collateral portfolio, which consists of a revolving pool of fixed-rate small business loans;
The issuer's ability to make timely interest and ultimate principal payments on the notes;
The servicing capability of the servicer, OnDeck;
and The servicing capability of Portfolio Financial Servicing Co. and its responsibility as a warm backup servicer on the closing date.

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