Monthly Overview
KBRA’s Solar Loan ABS Index showed mixed month-over-month (MoM) credit performance metrics in August. Annualized net losses declined 20 basis points (bps) MoM, marking a second consecutive monthly improvement in this metric, while early- (30-59 days) and late-stage delinquencies (60-120 days) increased 7 bps and 6 bps MoM, respectively.
On a year-over-year (YoY) basis, solar loan credit performance was weaker, with annualized net losses up 48 bps YoY, and both early- and late-stage delinquencies increasing 15 bps and 18 bps, respectively. This continuing deterioration reflects late 2024 vintage deals having reached their steady-state loss levels compared to the lower initial losses observed when they first entered the index.
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