Kbra assigns preliminary ratings to carvana auto receivables trust 2023-n3

New york--(business wire)-- #kbra--kbra assigns preliminary ratings to five classes of notes issued by carvana auto receivables trust 2023-n3 (“crvna 2023-n3”), an auto loan abs transaction. initial credit enhancement levels for crnva 2023-n3 range from 53.25% for the class a notes to 6.65% for the class e notes. initial credit enhancement consists of overcollateralization, subordination (except for the class e notes) and a reserve account funded at closing. crvna 2023-n3, represents the sixth term abs.
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