Press Release|ABS
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KBRA Affirms and Upgrades Ratings for Lendbuzz Securitization Trusts

13 Mar 2026   |   New York

Contacts

KBRA affirms its ratings on 20 classes of notes and upgrades its ratings on four classes of notes issued from eight Lendbuzz Securitization Trust (“LBZZ”) 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 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 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. KBRA's lifetime CNL increased for all transactions except LBZZ 2023-1, LBZZ 2023-2, and LBZZ 2023-3. Recent issuances have seen earlier increases in losses than those seasoned more than 12 months though, as noted, credit enhancement has increased as well. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Lendbuzz Securitization Trust Comprehensive Surveillance Dashboard. LBZZ 2026-1 was not included in this review as it is less than six months seasoned.

Lendbuzz was founded in 2015 as a wholly owned subsidiary of Lendbuzz Inc, a Delaware corporation established in 2015. The Company is headquartered in Boston, MA, and is a licensed direct auto loan originator operating in 35 states, with licenses in 28 jurisdictions, and the ability to lend pursuant to state law exemptions or non-applicability across 11 states in the United States as of June 30, 2025. As of Q4 2025, Lendbuzz had an aggregate outstanding serviced portfolio of approximately $3.4 billion and stockholders’ equity of approximately $262.0 million. The Company generated net income of approximately $23.7 million in 2025.

Lendbuzz’s founders launched the Company after migrating to the U.S. for graduate school and finding that they could not access basic credit products because of a lack of credit history. The Company services a target consumer base that is typically unable to obtain financing from traditional lending sources such as credit unions, banks, and captive auto finance companies, despite sufficient verifiable income to support auto loan payments.

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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