KBRA’s Solar Loan ABS Index’s credit performance deteriorated month-over-month (MoM) in September. Annualized net losses climbed 38 basis points (bps) MoM, reversing the previous two months of improvement in this metric. Similarly, early-stage (30–59 days) and late-stage (60–120 days) delinquencies also worsened, rising 11 bps and 12 bps MoM, respectively.
On a year-over-year (YoY) basis, solar loan credit performance also softened, with net losses up 48 bps YoY and both early- and late-stage delinquencies increasing 12 bps and 25 bps, respectively. Notably, both delinquency metrics are now at their highest levels since the index's inception, with the early-stage delinquency rate reaching 0.96% and the late-stage rising to 0.91%.
Current index values, as well as MoM and YoY changes, are shown in the following table. The data shown in this report and other index metrics can be found
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