A whole business securitization from TGI Friday’s was downgraded by Kroll Bond Rating Agency. Meanwhile, two such deals hit the market.

The largest for-profit performing rights organization is set to issue a whole business ABS. SESAC’s clients include Bob Dylan and Adele.

Issuance of whole-business ABS is on track to break a record this year, with $4.6 billion in volume at halfway mark. Issuers include fast food companies, aftermarket car services and spa services.

Securitization of single-family rental mortgages has slowed, with of the largest issuers of the product recently tapping outside funding.

A recent court ruling in the case of Powell v. Ocwen Financial could significantly expand liability for non-agency MBS participants by subjecting MBS transactions to the Employee Retirement Income Security Act.