June remittance reports showed weaker month-over-month (MoM) credit performance across U.S. securitized solar loan pools. Annualized net losses, early-stage (30-59 days) delinquencies, and late-stage (60-120 days) delinquencies all increased in KBRA’s Solar Loan ABS Index MoM. Notably, annualized net losses saw a larger move than both delinquency stages, increasing 31 bps MoM, while early- and late-stage delinquencies ticked up a more modest 1 bp and 4 bps MoM, respectively.
On a year-over-year (YoY) basis, the index metrics remain elevated compared to 2024 levels, as annualized net losses are up 64 bps year-over-year (YoY), and early- and late-stage delinquencies increased 11 bps each. Although the observed delinquency rates are still higher compared to year-ago levels, they are notably near their lowest levels in 2025 and 2H 2024 (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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