Press Release|ABS
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KBRA Upgrades and Affirms Ratings for Foursight Capital Automobile Receivables Trusts

14 Apr 2026   |   New York

Contacts

KBRA upgrades its ratings on nine classes of notes and affirms its ratings on four classes of notes and issued from four Foursight Capital Automobile Receivables Trust (“FCRT”) 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 March 2026 distribution date (February 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 Foursight Capital Automobile Receivables Trust Comprehensive Surveillance Dashboard.

Foursight Capital LLC (“Foursight” or the “Company”), a Utah-based automobile finance company formed in 2012, provided automobile loans to prime, near-prime and subprime borrowers who have experienced prior credit difficulties or have limited credit histories with credit bureau scores typically ranging from 556-879.

On April 1, 2024, Foursight was acquired by OneMain Holdings, Inc (“OMH”) (NYSE: OMF). OMH, on a consolidated basis, generated net income of approximately $783 million for the twelve months ended December 31, 2025. Net finance receivables were approximately $24.8 billion and shareholder’s equity was $3.4 billion as of December 31, 2025. OMH has diverse funding sources from unsecured debt, revolving term ABS, and multi-year revolving bank conduits. As of December 31, 2025, OMH had approximately $914 million in cash and cash equivalents, and $6.4 billion in committed conduit lines with 14 banks and an unsecured corporate revolver. OMH had approximately $11.5 billion of outstanding term ABS as of December 31, 2025.

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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