Explain kroll bond rating agency(KBRA)

Kroll Bond Rating Agency (KBRA) is a credit rating agency that provides ratings, research, and analytics for various sectors of the financial market. Established in 2010 and based in New York City, KBRA has aimed to differentiate itself from other major rating agencies by focusing on transparency, innovation, and a rigorous analytical approach.

### Key Features of KBRA:

**Credit Ratings**: KBRA assigns credit ratings to a wide range of entities, including government and municipal bonds, corporate debt, structured finance products, and asset-backed securities. Their ratings help investors assess the creditworthiness of issuers and the associated risks.

**Methodology**: KBRA employs a detailed and transparent rating methodology, utilizing a combination of quantitative and qualitative factors. They incorporate both forward-looking and historical data into their analyses.

**Focus Areas**: The agency has a diverse range of coverage, including sectors such as commercial real estate, residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), public finance, and corporate finance.

**Regulatory Standing**: KBRA is recognized as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange Commission (SEC). This designation allows it to issue credit ratings that can be used for regulatory and compliance purposes.

**Research and Analytics**: Alongside its rating services, KBRA provides extensive research and analytical tools to support market participants in their decision-making processes. This includes detailed reports and market insights.

**Global Reach**: While headquartered in the U.S., KBRA has expanded its operations and is increasingly active in global markets, providing ratings and research for international issuers and investors.

**Reputation and Growth**: Since its establishment, KBRA has gained recognition for its thorough and transparent rating processes. Its growth reflects a demand for alternative ratings that emphasize clarity and rigorous analysis in an industry that has faced criticism for conflicts of interest and lack of transparency.

Overall, KBRA has positioned itself as a significant player in the credit rating industry, catering to a growing need for trust and clarity in financial ratings amidst a complex global market.