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Business Wire
08-08-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to VFI ABS 2025-1, LLC
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by VFI ABS 2025-1, LLC (VFI 2025-1), an equipment ABS transaction. Varilease Finance, Inc. (VFI, the Company, the Originator or the Servicer), founded in 2001 and headquartered in Salt Lake City, Utah, is an independent equipment finance company focused on leasing industrial and commercial equipment to upper- and middle-market businesses. VFI 2025-1 represents the Company's third equipment ABS transaction. As of June 30, 2025 VFI's servicing portfolio in the U.S. is approximately $634 million. VFI has grown its managed portfolio while employing a consistent underwriting policy. As of the August 1, 2025 statistical cut-off date, the pool of equipment contracts backing VFI 2025-1 (Statistical Pool) has an aggregate discounted receivable balance of $202.09 million, 98 receivables, and 81 obligors. VFI 2025-1 will issue four classes of notes (Notes). Credit enhancement is comprised of overcollateralization (O/C), a cash reserve, a capitalized interest account, subordination benefiting senior classes and excess spread. The O/C is subject to a target equal to 4.70% of the current pool balance and a floor equal to 1.25% of the initial pool balance. The reserve account is funded at 1.50% of the initial note balance (1.46% of the pool balance as of the initial cut-off date) and is non-amortizing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies 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 About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010763
The Hindu
21-06-2025
- Sport
- The Hindu
Prime Volleyball League: the prudent, viable revolution that is being televised
Tuhin Mishra was looking for a sport that could catch the imagination of the television audience. He also wanted it to be a sport in which the national team had the potential to climb the ladder in the global arena. Volleyball fitted the bill, he found out. That was some seven years ago. The Prime Volleyball League has not just injected badly needed fresh life into the sport in India, but it continues to attract new investors as well. Goa Guardians became the league's 10th team ahead of the player-auction at Kozhikode earlier this month. Growing viewership Tuhin, who was in the northern Kerala city, is excited that the fourth edition of the league could have a wider audience with YouTube streaming the action across the world. 'Last season alone, the television viewership, according to BARC, was close to 200 million, which is a huge number for a non-cricket league in India,' the league's co-founder tells The Hindu . 'The league's growth over the last couple of years has, in fact, been really good.' The Prime Volleyball League wasn't always the Prime Volleyball League, though. Back in 2019, Tuhin's Baseline Ventures, in partnership with the Volleyball Federation of India (VFI), had launched Pro Volley. That league, however, lasted just one season. From the indoor court, Pro Volley moved to a court of law after the VFI terminated the 10-year contract. Baseline won the case, in straight sets, as it were: the VFI was ordered to pay Rs. 4.5 crore as compensation. After a break of three years, the Prime Volleyball League took off. Calicut Heroes, which won Season 3 last year, was also one of the teams in Pro Volley. The franchise's owner, P.T. Safeer, says his passion for the game was shared by his partners at the Kozhikode-based Beacon Group. 'We used to conduct volleyball tournaments and then formed a club,' he says. 'When Pro Volley took off, we wanted to be part of it.' 'We had faith in volleyball,' says Tuhin. 'Pro Volley was a success; good crowds came to watch the games, the television numbers were good, and major corporates, like Rupay, Nippon Paint and Bank of Baroda, came on board as sponsors.' There are also sponsors for the franchises in the Prime Volleyball League. 'Sponsors take quite a bit of pressure off us,' says Safeer. 'Yes, we know it will take some time for the league to break even, but we are willing to wait.' Tuhin believes it could take only another three to four years for that to happen. 'Even IPL franchises took 10 years to break even,' he says. 'Actually some of our teams are almost there already.' The league should be among the most prudently managed ones out there. The entire tournament is held at one venue, over a month, thus saving on the cost of logistics. And look at the way the players' salaries are capped. The fattest paycheque this year is Rs. 22.5 lakh. Exorbitant salaries have proved rather costly for some leagues in India, with players getting paid the kind of money they would not have dreamt of. Slow and steady 'Yes, that was something we were very conscious of,' says Tuhin. 'With our background in sports management, having handled careers of several athletes, we know where the problem is when it comes to the viability of a professional league. The biggest problem is trying to pay the players too much. Every league is not an IPL. The growth in salary has to be realistic; it has to be slow and steady.' Still for Indian players, the money in the Prime Volleyball League is really good, because they used to be paid a pittance earlier. Tom Joseph, one of the finest Indian volleyball has ever produced, says that although organisers made a lot of money from hosting regular tournaments — volleyball is insanely popular in small towns in northern Kerala, where over 10,000 fans fill makeshift galleries — players like him would not be adequately compensated or even given proper accommodation. 'Even after I have played for India, I remember sleeping on benches at a school for a National championship, and now the Prime Volleyball players are provided accommodation in five-star hotels,' says Tom, who was the head coach of Hyderabad Black Hawks in 2023. 'In my time, a top player would get only Rs. 25,000 or 30,000 for an entire season, in which we would be playing a dozen tournaments over several months. Now from the Prime Volleyball League, even an average player would get Rs. 5 lakh, that too playing for just a month.' Tom points out countries like Iran and Qatar had similar leagues in his playing days. 'I have played in Qatar, and because of those leagues, the national teams of those countries have improved greatly,' says the former India captain. 'Iran used to be ranked No. 8 or 9 in Asia, behind India, and now it is No. 2.' He says because of the league, more young talents are coming through. 'Look at a player like Jasjodh Singh from Punjab, he was picked up for Rs. 14.75 lakh by Kochi Blue Spikers even though he is not an international,' says Tom. 'Volleyball is now looking attractive for youngsters. And because of the league, Indian volleyball is getting new talents, such as K. Anand, E.J. John Joseph, K. Rahul and T.R. Sethu.' That, says Tuhin, is one of the aims of the league. 'We want to see the Indian volleyball team faring well at the international level, and everyone's dream is to see India playing at the Olympics,' he says. 'And the talent is there, and we are improving our ranking, too. Even FIVB, the international volleyball governing body, is keen about India; they have appointed a coach for India, Dragan Mihailovic, and they are paying him.' Reasons for optimism There is reason for Tuhin to be optimistic. India does not merely have a strong tradition in volleyball — the country has produced world class men like Jimmy George and contested the final of the World under-19 championship in 2003 — but there is also plenty of talent around still. Volleyball is one of the very few truly global sports in which India can aspire to do well. Tuhin says the game is getting increasingly popular, going by the television viewership. 'The best thing about the television audience, we found, is that lots of women and kids are watching the league,' he says. 'It is not just mostly men — as is the case with most sports broadcasts — that tune into the league. The split between men and women is 53-47.' Safeer believes the league's business model also should help. 'This is a league in which the franchises also have a direct stake in the ownership,' he says. 'So we will get a fair share of the league's profit.' The Prime Volleyball League indeed has the potential to become one of Indian sport's success stories.
Time of India
07-06-2025
- Sport
- Time of India
Virender Kanwar becomes Volleyball Federation of India president
Virender Kanwar from Himachal Pradesh became the president of Volleyball Federation of India (VFI) after defeating Nagaland's Prem Singh Bajor by a mere two votes in the long-awaited polls that picked an interim panel, here on Saturday. Kanwar polled 33 votes, two more than his close rival Bajor. The third candidate in the fray -- Bihar's Anand Shankar -- surprisingly did not get a single vote. Ramanand Choudhary from Rajasthan became the new general secretary after getting 33 votes, beating Maharashtra's Nilesh Jagtap by four votes. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 & 3 BHK Home @Dosti West County starts ₹1.32 Cr+* Dosti West County Book Now Undo The polls, which were to be held originally in February 2024, elected the interim body as per the Delhi High Court order . "As per the Court order it is an interim body till the petitions regarding the elections are not decided. Also after the federation brings in required amendments, a fresh election will be held, the court order further stated. The federation will also have to provide timely reports on developments to the Court," according to a press release. Live Events The newly-elected body will now have to make the federation Sports Code-compliant, constitute an Athletes Commission, and bring in the required amendments as per the roadmap suggested by the Sports Ministry and the Indian Olympic Association (IOA). The federation will have to provide timely reports to the Court on the developments. The newly elected President, Virender Kanwar said, "As per the Court's directives, we are fully committed to implementing all necessary compliances under the Sports Code. We will soon call an Annual General Meeting to take key decisions and build a capable, transparent, and accountable federation." A three-member steering committee which has Rohit Rajpal, Stephen Bock (FIVB representative), and Hitesh Malhotra (FIVB Head of Empowerment) as members will support the elected panel to carry forward the work of the ad-hoc panel. Rajpal was also the chairman of the ad-hoc panel that ran the affairs of the VFI for nearly 14 months. Rajasthan's Ramanand Choudhary won the key post of General Secretary after getting 33 votes, beating Maharashtra's Nilesh Jagtap (29 votes) by a small margin. Telangana's N V Hanmanath and Susanta Biswa from Assam received 36 votes each to take the two Vice Presidents' posts ahead of Sidharth Daluja (J&K, 27 votes) and Vijay Dangre (Maharashtra, 23 votes). Hari Singh Chauhan from Madhya Pradesh won the election for the post of treasurer while Anand Shankar and Kuldeep Vats grabbed the two posts of joint secretary. Binoy Josh, Mithlesh Kumar, Uttam Raj, S Ramadasse and Partha Das got elected as members of the Executive Committee. Justice P. Krishna Bhat (Retd.), conducted the elections as the court-appointed Returning Officer while observers from the Indian Olympic Association (IOA), the Ministry of Youth Affairs and Sports, and the International Volleyball Federation (FIVB) also monitored the proceedings. "The world body FIVB has invested heavily in India in the last 15 months. They helped in setting up a Centre of Excellence as part of the SAI centre. So it wanted that a steering committee be formed to keep track of developments so that the good work can be carried forward," Rajpal said.
Sunday World
13-05-2025
- Business
- Sunday World
Publicans call for 40 per cent rebate in excise on pints in bid to save rural pubs
'These are businesses at the heart of their communities, providing employment, social connection and play a key role in our tourism offering' The Vinters Federation of Ireland (VFI ) has called for a 40 per cent rebate in excise on pints of beer in a bid to save rural pubs. The VFI claims that a rebate on draught beers would help protect rural pubs as the sector struggles with increasing costs. Ahead of its annual general meeting in Limerick this week, VFI chief executive Pat Crotty said publicans are not asking for a handout, 'we are asking for fairness'. 'These are businesses at the heart of their communities, providing employment, social connection and play a key role in our tourism offering,' Mr Crotty said. The call comes in the wake of figures from the CSO earlier this month that revealed how bar sales dropped 9.9 per cent in the 12 months from March 2024. This was the largest annual drop in volume sales of any sector. As tax of €1.62 makes up around 28 per cent of the price of a pint, a 40 per cent rebate on the excise charged on draught products is a 'practical, targeted support that would make a real difference for small pubs across Ireland,' the VFI said. With taxes accounting for nearly 30 per cent of the price of a pint – the second-highest excise rate on alcohol in Europe - his is placing severe financial pressure on publicans, particularly in rural areas, the VFI said. The VFI argues that while the proposed VAT reduction for hospitality of 9 per cent in the next budget, is welcome, it will only benefit pubs that serve food, leaving traditional pubs without support. The VFI claims the draught rebate, in contrast, would ensure that all pubs, regardless of size or location, benefit. VFI estimated that a rebate would cost the State €73m annually but said this was 'a small fraction of the Vat proposal', which is estimated to cost around €545m. 'Rural pubs are facing an existential crisis,' Mr Crotty added. 'We have seen hundreds of pubs close their doors in recent years. 'If this trend continues, we will lose a vital part of Irish culture and community life. A draught rebate is a simple, fair, and targeted measure that would provide immediate relief.' It's not envisaged the price of a pint would come down if the rebate was approved though individual publicans "would be perfectly entitled to lower price if they wish", a VFI spokesman said. One of hardest hit regions of Ireland is that of the North West which has experienced significant pub closures in the last 20 years. According to Ocean FM, figures estimate that in excess of 200 pubs have closed in Sligo, Leitrim and Donegal in that time. An excise rebate scheme based on a report written by Anthony Foley from DCU Business School details how a public house provides evidence from suppliers that it purchased a certain number of tax-compliant kegs of qualifying beverage. The rebate of 40 per cent is calculated by Revenue, up to a maximum of €20,000. The appropriate rebate is credited to the VAT due in each VAT period of the following year. For example, a 50-litre keg of Guinness contains 88 pints and generates €47.36 in excise per keg. A 40 per cent rebate would be €18.94 per keg. . News in 90 Seconds - May 13th To receive the full rebate of €20k, a public house would need to sell 1,056 kegs annually or 20.3 kegs weekly. Most rural pubs would not sell this volume of kegs. The annual excise rebate would be capped at €20k per licensed premises. The rebate applies to on-licensed premises which are fully compliant in tax and other regulatory matters. The rebate applies only to draught alcohol products with a maximum ABV of 5%. In effect, this means it is confined to beer/cider. The restriction of the rebate to draught products ensures the measure is focussed on public houses and other bars.
Agriland
13-05-2025
- Business
- Agriland
Call for 40% excise rebate on pints in rural pubs
The Vintners Federation of Ireland (VFI) is calling for a 40% rebate on the excise charged to draught products sold in pubs. The VFI said the rebate would help protect rural pubs that play a vital social role in their local communities, while also preserving employment in a sector struggling with soaring costs. According to the VFI, Ireland has the second-highest excise rate on alcohol in Europe, with taxes accounting for nearly 30% of the price of a pint. The federation added that the current tax burden is unsustainable and is placing severe financial pressure on publicans, particularly in rural areas. Excise rebate The excise rebate scheme is based on a report written by Anthony Foley from Dublin City University (DCU) Business School. The proposal would see pubs provide evidence from suppliers that it purchased a certain number of tax- compliant kegs of qualifying beverage. The rebate of 40% is calculated by Revenue, up to a maximum of €20,000. The appropriate rebate would be credited to the VAT due in each VAT period of the following year. A 50-litre keg of Guinness contains 88 pints and generates €47.36 in excise per keg. A 40% rebate would be €18.94 per keg. To receive the full rebate of €20,000, a public house would need to sell 1,056 kegs annually or 20.3 kegs weekly. The VFI said that most rural pubs would not sell this volume of kegs. Rural pubs Pat Crotty, chief executive of VFI, said that 'publicans are not asking for a handout – we are asking for fairness' 'A 40% rebate on the excise charged on draught products is a practical, targeted support that would make a real difference for small pubs across Ireland. 'These are businesses at the heart of their communities, providing employment, social connection and play a key role in our tourism offering,' he said. The VFI has welcomed the government's commitment to support small and medium sized enterprises (SMEs) in the Programme for Government, which acknowledges the increased cost pressures on the hospitality sector. 'However, it is vital that any measures introduced benefit all pubs – not just those serving food,' Crotty said. The VFI argues that while the proposed VAT reduction for hospitality is welcome, it will only benefit pubs that serve food, leaving traditional pubs without support. The draught excise rebate, in contrast, would ensure that all pubs, regardless of size or location, benefit. 'Rural pubs are facing an existential crisis. We have seen hundreds of pubs close their doors in recent years. 'If this trend continues, we will lose a vital part of Irish culture and community life. A draught rebate is a simple, fair, and targeted measure that would provide immediate relief. 'We estimate the rebate would cost €73 million annually, a small fraction of the VAT proposal,' Crotty said. The VFI is urging the government to include the draught rebate in the upcoming budget as a critical measure to preserve Ireland's pub culture and sustain rural communities.
