NEW YORK--( BUSINESS WIRE )--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2021-1 ("PAID 2021-1"), a consumer loan ABS transaction. This transaction is the second publicly rated securitization for Pagaya Investments US LLC ("Pagaya"). Pagaya is a 100% owned subsidiary of Pagaya Technologies Ltd., which is an Israeli corporation. Pagaya is a technology-based asset manager that uses data analytics and artificial intelligence to review and purchase certain unsecured consumer loans from marketplace lending ("MPL") platforms, originating banks and automobile loans from some auto loan originators. PAID 2021-1 has initial credit enhancement levels of 29.50% for the Class A Notes, 18.50% for the Class B Notes and 10.50% for the Class C Notes.