Morningstar DBRS Assigns Provisional Credit Ratings to SoFi Consumer Loan Program 2025-1 Trust

DBRS, Inc. (Morningstar DBRS) assigned provisional credit ratings to the classes of notes to be issued by SoFi Consumer Loan Program 2025-1 Trust (SCLP 2025-1 or the Issuer) as follows:

-- $562,300,000 Class A Notes at (P) AAA (sf)
-- $57,600,000 Class B Notes at (P) AA (low) (sf)
-- $44,800,000 Class C Notes at (P) A (low) (sf)

CREDIT RATING RATIONALE
The provisional credit ratings on the Notes are based on Morningstar DBRS' review of the following analytical considerations:

(1) The transaction assumptions consider Morningstar DBRS's baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated Sovereigns December 2024 Update, published on December 19, 2024.

(2) The Morningstar DBRS CNL assumption is 7.53% based on the pool composition as of the Cut-Off Date.
-- Morningstar DBRS used SoFi data to determine cash flow modeling assumptions for this transaction.

(3) The transaction's form and sufficiency of available credit enhancement.
-- Overcollateralization, subordination, amounts held in the reserve account, and excess spread create credit enhancement levels that are commensurate with the proposed credit rating.
-- Transaction cash flows are sufficient to repay investors under all (P) AAA (sf), (P) AA (low) (sf), and (P) A (low) (sf) stress scenarios in accordance with the terms of the SCLP 2025-1S transaction documents.

(4) Structural features of the transaction that require the Notes to enter into full turbo principal amortization if certain performance triggers are breached or if credit enhancement deteriorates.

(5) The credit quality of the transaction's underlying collateral pool.
-- The credit characteristics of the borrowers in the transaction's collateral pool (specifically, FICO score and FCF).

(6) The experience, underwriting and origination capabilities of SoFi.

(7) The ability of the Servicer to perform servicing and collections on the collateral pool and other required activities.

(8) The ability of Systems & Services Technologies, Inc. (SST) to perform duties as a Back-Up Servicer.

(9) The legal structure and expected legal opinions that will address the true sale of the personal loans, the non-consolidation of the trust and that the trust has a valid first-priority security interest in the assets, and consistency with the Morningstar DBRS Legal Criteria for U.S. Structured Finance.

Morningstar DBRS' credit rating on the securities referenced herein addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations for each of the rated notes is the outstanding Principal Balance and related timely payment of interest.

Morningstar DBRS' credit rating does not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. The associated contractual payment obligation that is not a financial obligation for each of the rated notes is the related interest on any unpaid interest from prior Monthly Payment Dates due on the next Monthly Payment Date.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024) https://dbrs.morningstar.com/research/437781.

Notes:
All figures are in US dollars unless otherwise noted.

The principal methodology applicable to the credit ratings is

Rating U.S. Structured Finance Transactions (Appendix I: U.S. Consumer Loan ABS Transactions) (November 18, 2024) https://dbrs.morningstar.com/research/443136.

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS had access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

A provisional credit rating is not a final credit rating with respect to the above-mentioned securities and may change or be different than the final credit rating assigned or may be discontinued. The assignment of final credit ratings on the above-mentioned securities are subject to receipt by Morningstar DBRS of all data and/or information and final documentation that Morningstar DBRS deems necessary to finalize the credit ratings.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

Operational Risk Assessment for U.S. ABS Originators and Servicers (December 5, 2024)
https://dbrs.morningstar.com/research/444162

Legal Criteria for U.S. Structured Finance (December 3, 2024)
https://dbrs.morningstar.com/research/444064

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.