Research: Rating Action: Moody’s assigns definitive ratings to MMAF Equipment Finance LLC 2022-A

New York, April 13, 2022 — Moody’s Investors Service (“Moody’s”) has assigned definitive ratings of P-1 (sf) to the Class A-1 notes and Aaa (sf) to the Class A-2, Class A-3 and Class A-4 notes (collectively, the notes) issued by MMAF Equipment Finance LLC 2022-A (MMAF 2022-A or the issuer). The sponsor and servicer is MassMutual Asset Finance LLC (MMAF), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (Aa3 stable).

The notes are backed by fixed-rate equipment loans and leases, which are secured by transportation equipment, telecommunications equipment, energy management equipment, and other types of equipment. The obligors under the contracts are mostly mid to large size corporates of high credit quality.

The complete rating actions are as follows:

Issuer: MMAF Equipment Finance LLC 2022-A

Class A-1 Notes, Definitive Rating Assigned P-1 (sf)

Class A-2 Notes, Definitive Rating Assigned Aaa (sf)

Class A-3 Notes, Definitive Rating Assigned Aaa (sf)

Class A-4 Notes, Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The ratings are based on an assessment of the credit quality of the underlying collateral, structural features, the historical performance of the managed portfolio and MMAF’s prior securitizations of similar collateral, the experience and expertise of MMAF as the originator and servicer, and the legal aspects of the transaction. Additionally, we base our P-1 (sf) rating of the Class A-1 notes on the cash flows that we expect the…