KBRA Revises 28 Sunnova Solar Loan ABS to Watch Downgrade

KBRA revises 28 Sunnova solar loan ABS to Watch Downgrade (see table). The ratings were previously placed on Watch Developing, reflecting a combination of credit deterioration and a one-time adjustment for account re-aging by SunStrong Management, LLC (“SunStrong”), the successor servicer, following the bankruptcy of Sunnova Energy Corporation (“Sunnova”) in June 2025 and the November 2025 servicing transfer. KBRA is revising the Watch status as delinquency and default levels remain elevated in the December 2025 through February 2026 collection periods, despite declining from their peaks in the November 2025 collection period.

The table below displays the initial and current credit enhancement levels and Watch placements. To date, the securities have received timely interest payments.

On September 4, 2025, Solaris Assets, LLC completed the acquisition of substantially all of Sunnova’s assets and operations and transitioned core functions to SunStrong, including billing and collections as well as investor engagement and reporting.

KBRA will continue to monitor transaction performance and will seek to resolve or update the Watch placements within 90 days.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies