KBRA Takes Rating Actions on Upstart Securitization Trust, Upstart Pass-Through Trust, and Upstart Structured Pass-Through Trust

KBRA upgrades its ratings on 17 classes of notes and affirms its ratings on 14 classes of notes issued from ten Upstart Securitization Trust (collectively “UPST”), ten Upstart Pass-Through Trust (collectively “UPSPT”) and two Upstart Structured Pass-Through Trust (collectively “USPTT”) transactions. The transactions are collateralized by unsecured consumer loans. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. Of the affirmations, the UPST 2022-1 Class C note ratings were previously lowered to CCC (sf) on November 14, 2023 and the class remains susceptible to loss over its remaining term. The data used for this review is as of the October 2024 distribution date (September 2024 collection period). To date, the securities have received timely interest payments.

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