Figure home equity line of credit deal gets S&P AAA rating

Figure Technology Solutions has announced a blockchain-based home-equity line of credit securitization that it says is the first to receive a AAA rating from a major rating agency, broadening its investor base.

Standard & Poor’s ratings for the $355 million, six-tranche deal, FIGRE 2025-HE3, range from a top AAA to B-minus, which is a low-end speculative grade category. The forward-delivery securitization follows a prefunded one, FIGRE 2025-PF1. 

S&P involvement in the latest securitization allows more AAA investors who require one of the “big three” players to rate the bonds before they’ll buy them. S&P looked for strong loan performance indicators and operations in rating the deal. 

“There are investors whose mandate is not to buy unless there is at least one triple-A from a major and…