Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes (the “Notes”) issued by Fora Financial Asset Securitization 2021 LLC, Series 2021-1.

This transaction is the second securitization for Fora Financial (“Fora” or the “Company”). The proceeds of the sale of the Series 2021-1 Notes will be used to purchase receivables, fund the reserve account and pay related fees and expenses. The Notes are “expandable” term notes such that at any time during the revolving period, the Issuer may periodically issue additional Notes, up to a maximum amount of $500.0 million, as long as certain conditions are met, including receipt of Rating Agency Notification.

Founded in 2008, Fora is a specialty financial services and technology company that uses its proprietary risk scoring model, transactional data, technology systems and platforms to provide capital to small and medium-sized businesses. Fora's underwriting approach relies on multiple data sources and metrics related to a business owner that the Company believes to be predictive of the business owner’s credit performance.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

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

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization 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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