KBRA assigns preliminary ratings to five classes of notes issued from Avant Credit Card Master Trust (the "Master Trust"), Series 2024-2 (“AVCCT 2024-2”), a credit card ABS transaction. The ratings reflect the initial credit enhancement levels ranging from 40.95% for the Class A notes to 3.40% for the Class E notes. Credit enhancement on the notes consists of overcollateralization, subordination (except for the Class E Notes), a cash reserve account if funded after closing, and excess spread.

AVCCT 2024-2 will issue five classes of notes in an aggregate principal amount of $300.00 million and will be collateralized by $310.6 million of credit card receivables. AVCCT 2024-2 will include an approximate two-year revolving period where no principal payments will be made on the notes unless an Early Amortization Event occurs. The receivables in the Master Trust are generated by accounts owned by WebBank (“WebBank”), a Utah-state chartered industrial bank. WebBank will act as an Originating Bank and Account Owner. Currently, five series have been issued out of the Master Trust.

Avant, LLC (“Avant” or the “Company”) is the Sponsor, Seller, Program Manager, Servicer and Administrator for AVCCT 2024-2. Founded in 2012, Avant is located in Chicago, Illinois and operates an online lending platform, which offers unsecured personal loans and credit cards primarily to non-prime consumers through its online marketplace lending platform Avant Platform. Avant has a strategic partnership with WebBank, whereby WebBank originates credit card accounts through the Avant Program.

KBRA applied its Credit Card ABS Global Rating Methodology as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA considered its operational review of Avant as well as periodic update calls with the Company. Operative agreements and legal opinions for the transaction will be reviewed prior to closing.

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Methodologies

• ABS: Credit Card ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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. 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.

Doc ID: 1006233

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