KBRA’s Solar Loan ABS Index showed broad-based month-over-month (MoM) credit improvement in July, with annualized net losses and both delinquency measures declining. The annualized net loss rate fell 118 basis points (bps) MoM to 3.67%, its lowest level in 2026. While the MoM decrease in net losses was widespread, 2024 vintage transactions posted the largest improvements. Meanwhile, early-stage (30-59 days) and late-stage (60+ days) delinquency rates decreased 2 bps MoM and 6 bps MoM to 0.88% and 1.66%, respectively.
Despite the MoM improvement, all three credit metrics remained elevated on a year-over-year (YoY) basis. Annualized net losses were up 84 bps, while early- and late-stage delinquencies increased 10 bps and 45 bps, respectively. Although delinquency rates have continued to moderate from their early-year highs, net losses and delinquencies will likely remain elevated relative to historical levels in the near term.
Current index values, as well as MoM and YoY…
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