Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to Trinity Rail Leasing 2021 LLC, Green Secured Railcar Equipment Notes, Series 2021-1, Class A Notes and Class B Notes issued by Trinity Rail Leasing 2021 LLC (the “Issuer” or “TRL 2021-1”), a railcar leasing securitization. The Issuer is a special purpose entity and a wholly owned subsidiary of TRIP Rail Holdings LLC (“TRIP Rail”) and has been structured to issue multiple series of notes.

In January 2021, Trinity implemented a Green Financing Framework (“GFF”). The GFF is designed to allow TILC to issue various Green Financing Instruments (“GFI”), such as “Green Bonds.” TRL 2021-1 has been issued a pre-issuance review letter from an external verifier that this issuance is in alignment with the GFF. TRL 2021-1 is the third ABS transaction KBRA has rated, the first being TRP 2021-1 LLC, Series 2021-1, where the sponsor or an affiliated entity has
implemented and tested a GFF and has committed to provide public annual reports which would include metrics relating to the environmental impact of this issuance.

The securitization is collateralized by a portfolio of 2,638 tank railcars with an aggregate FMV of $278.7 million (67% by value) and 1,725 non-tank railcars with an aggregate adjusted value of $136.8 million (33% by value), (the “Portfolio Railcars”). As of March 31, 2021, approximately 88.3% of the railcars are on full service leases, 8.4% are per diem leases, and 3.3% are on net leases. There are no cars off-lease in this portfolio. The Issuer will be responsible for covering maintenance costs for the railcars in the portfolio that are under full service lease contracts.