HERO Funding 2020-1: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings of AAA (sf ) on the Class A Notes, Series 1 (Class A-1 Notes) and BBB (sf ) on the Class B Notes, Series 1 (Class B-1 Notes; together with the Class A-1 Notes, the Notes) issued by HERO Funding 2020-1 (HERO 2020-1 or the Transaction). The Transaction represents the first Rule 144A securitization since 2018 completed by Renovate America, Inc. (Renovate or the Company) and the 14th overall for the Home Energy Renovation Opportunity (HERO) platform since 2014. The Transaction permits multiple Series of notes which allows for total issuance of up to $500 million.