Press Release|ABS
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KBRA Affirms and Upgrades Ratings on VStrong Auto Receivables Trusts

12 Mar 2026   |   New York

Contacts

KBRA affirms its ratings on six classes of notes and upgrades its ratings on three classes of notes issued from two VStrong Auto Receivables Trust (“VStrong”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. The data used for this review is as of the February 2026 distribution date (January 2026 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying VStrong Auto Receivables Trust Comprehensive Surveillance Dashboard.

VSTRONG 2023-A and VSTRONG 2024-A are public auto loan ABS securitizations for Valley Strong Credit Union (“VSCU” ). VSCU is a California state-chartered credit union, founded in 1938, headquartered in Bakersfield, CA. VSCU offers residential mortgages, personal loans, auto loans and credit cards as well as banking and wealth management services to its members. Members can join the credit union for a nominal fee and must meet certain criteria that includes place of residence or business in the area where Valley Strong serves. As with most credit unions, VSCU is able to offer banking services to its members along with competitive interest rates on loan products.

The auto loans supporting the VSTRONG 2023-A and VSTRONG 2024-A notes have been originated by dealers and assigned to Exeter Finance LLC (”Exeter or the “Company”) and sold to VSCU, which in turn will sell the loans to VStrong Depositor LLC, (the “Depositor”. The Depositor will sell the receivables to the Issuing Entity. The assets were originated in accordance with Exeter’s standard underwriting guidelines. Exeter is the Servicer and Custodian for the transaction.

Exeter offers auto loans primarily for the purchase of used vehicles through a network of primarily franchise dealerships and is licensed to operate in all states and jurisdictions in which Exeter is required to be licensed. Loan underwriting is centralized at the Company’s Irving location as well as most servicing activities, with some customer service and collection functions outsourced to third parties. Exeter services all loans that it originates.

VSTRONG 2023-A and VSTRONG 2024-A are each collateralized by a static pool of fixed rate retail installment loans secured by primarily used automobiles, light duty trucks, minivans and sport utility vehicles.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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