Kroll Bond Rating Agency Assigns Preliminary Ratings to Springleaf Funding Trust 2017-A

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of notes issued by Springleaf Funding Trust 2017-A (SLFT
2017-A), a consumer loan asset-backed securities transaction.

The collateral in the SLFT 2017-A deal includes approximately $685.0
million of loans, as of the May 31, 2017 statistical cutoff date. The
transaction includes a three-year revolving period during which
additional collateral may be funded in the transaction so long as it
complies with certain eligibility criteria. The preliminary ratings
reflect the initial credit enhancement levels ranging from 25.05% for
the Class A notes to 5.35% for the Class D notes.

Springleaf Finance Corporation is an experienced originator and servicer
of consumer loans and has been in the personal lending business, through
its predecessors, for nearly 100 years. On November 15, 2015, Springleaf
Holdings, Inc. acquired OneMain Financial Holdings, LLC from
CitiFinancial Credit Company, a wholly-owned subsidiary of Citigroup for
$4.49 billion in cash. As a result, on October 1, 2016 Springleaf
Holdings, Inc. changed its name to OneMain Holdings, Inc. The Company
has consolidated the two platforms since closing of the acquisition and
completed system conversion of OneMain Financial branches in Q1 2017.

KBRA applied our U.S. Consumer Loan ABS Rating Methodology as part of
our analysis of the transaction’s underlying collateral pool, the
proposed capital structure and Springleaf’s historical annualized gross
and net loss data. KBRA also conducted an operational assessment of
Springleaf, as well as a review of the transaction’s legal structure and
transaction documents. KBRA will also review the operative agreements
and legal opinions for the transaction prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, Springleaf
Funding Trust 2017-A
, which was published today at

Preliminary Ratings Assigned: Springleaf Funding Trust 2017-A

Class     Rating     Expected Initial Class Principal
A     AA(sf)     $516,820,000
B     A(sf)     $35,960,000
C     BBB(sf)     $41,450,000
D     BB(sf)     $57,540,000

Related Publications: (available

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a
Nationally Recognized Statistical Rating Organization (NRSRO). In
addition, KBRA is recognized by the National Association of Insurance
Commissioners (NAIC) as a Credit Rating Provider (CRP).


Kroll Bond Rating Agency
Rosemary Kelley, Senior Managing
(646) 731-2337
Haksun Kim, Director,
(646) 731-2412
Sem Ducatel, Associate Director,
(646) 731-3309
Andrew Silverhardt, Analyst,
(646) 731-2492
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