KBRA’s Solar Loan ABS Index’s annualized net loss performance showed the expected reversal of some of the significant deterioration seen in last month’s remittance. As mentioned in our prior report, the magnitude of last month’s net loss rate was intensified by a one-time change to the delinquency age calculation applied to Sunnova securitizations following the company’s bankruptcy and transfer to a successor servicer. Annualized net losses fell 134 basis points (bps) month-over-month (MoM), aligning with our approximation that the December loss rate was inflated by 100 bps-150 bps due to this re-aging adjustment.
However, index metrics remain highly elevated, with early- (30-59 days) and late-stage (60+ days) 1 delinquency stages at all-time highs, and the annualized net losses—even with this month’s improvement—up 173…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.