May remittance reports showed mostly stable month-over-month (MoM) credit performance across U.S. securitized solar loan pools. Annualized net losses and late-stage (60–120 days) delinquencies remained unchanged in KBRA’s Solar Loan ABS Index, with both metrics posting a zero-basis point (bp) movement MoM. Meanwhile, early-stage (30–59 days) delinquencies improved from last month, although only by a modest 4 bps MoM.
On the other hand, on a year-over-year (YoY) basis, the index metrics remain elevated compared to 2024 levels, as annualized net losses were up 77 bps YoY, while early- and late-stage delinquencies increased 14 bps and 8 bps YoY, respectively. Although the observed delinquency rates are still higher compared to year-ago levels, it is worth noting that these are near their lowest levels in the past six to eight months (see Figure 6 and Figure 7).
Current index values, as well as MoM and YoY changes, are shown in the following table.
The data shown in this…
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