Press Release|ABS
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KBRA Affirms and Upgrades Ratings from GLS Auto Receivables Issuer Trusts

11 Mar 2026   |   New York

Contacts

KBRA affirms its ratings on 20 classes of notes and upgrades its ratings on 12 classes of notes issued from 12 GLS Auto Receivables Issuer Trust (“GCAR”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. 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 GLS Auto Receivables Issuer Trust Comprehensive Surveillance Dashboard. GCAR 2026-1 was not included in this review as it recently closed February 17, 2026.

The loans supporting the GCAR transactions were originated by Global Lending Services LLC (“GLS” or the “Company”), a Greenville, SC based company that provides financing to franchise and independent auto dealerships throughout the U.S. GLS was founded in 2011 and is majority-owned by affiliates of Sixth Street Partners, LLC. On February 27, 2026, GLS was acquired by affiliates of Sixth Street Partners, LLC, a global investment firm. GLS's long-tenured management team will continue to lead GLS's activities. Based on consolidated financials provided by the Company, excluding the effects from CECL implementation, GLS has maintained consistent profitability since 2017. As of December 31, 2025, the Company had total assets of approximately $9.8 billion and an aggregate managed portfolio balance of $10.5 billion.

The Company has issued 34 securitizations under the GCAR program following its inaugural issuance in 2014. Their target customer base for the subprime segment is borrowers with a credit bureau score generally ranging from 490 to 650. In addition to the GCAR platform, GLS has also issued 10 securitizations under the GLS Auto Select Receivables Trust (“GSAR”) platform, which are collateralized by near-prime auto loans. KBRA has outstanding ratings on 4 GSAR securitizations which are not included in this review.

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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