Credit performance in KBRA’s U.S. Solar Loan ABS Index was mixed this month, as annualized net losses increased, early-stage (30-59 days) delinquencies were relatively stable, and the late-stage (60+ days) delinquency rate improved. Annualized net losses climbed 72 basis points (bps) month-over-month (MoM), landing at 4.82%, while the percentage of borrowers in early-stage delinquency ticked up just 4 bps to 0.91%. Meanwhile late-stage delinquencies fell to 1.72%, down 9 bps versus the previous month.
Net losses and both delinquency metrics remained elevated on a year-over-year (YoY) basis, with net losses up 184 bps, early-stage delinquencies up 17 bps, and late-stage delinquencies up 52 bps. Although the extreme performance swings resulting from servicer transitions earlier this year have subsided, KBRA expects credit metrics to remain elevated relative to historical levels in the near term.
Current index values, as well as MoM and YoY changes, are shown in the…
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