Press Release|ABS
View PDF

KBRA Downgrades and Withdraws All Outstanding TAST Ratings

5 Dec 2025   |   New York

Contacts

KBRA has downgraded the 34 outstanding ratings from seven Tricolor Auto Securitization Trust (TAST) transactions to D (sf) and removed them from Watch Downgrade, where they were initially placed on September 10, 2025. The rating downgrades reflect missed interest payments for three consecutive distribution dates (September, October and November 2025) which are unlikely to be recovered.

Immediately following these rating actions, KBRA withdrew all 34 ratings due to a lack of sufficient information to maintain the ratings.

In addition to the lack of sufficient collateral-performance information necessary to maintain the ratings, the notes remain highly susceptible to loss due to, among other factors, the occurrence of an Event of Default, allegations of fraud and heightened uncertainty around recoveries.

The table below displays the current capital structures and the rating actions taken in this review.

E 21,160 4,176 19.73% 7.79% 23.80% 98.89% BB (sf) CCC (sf) / Watch Downgrade D (sf) / WR F 12,820 12,820 100.00% 9.80% 18.80% 55.52% B+ (sf) CC (sf) / Watch Downgrade D (sf) / WR D 23,790 13,231 55.61% 8.56% 35.55% 85.81% BBB (sf) CCC (sf) / Watch Downgrade D (sf) / WR E 19,450 19,450 100.00% 13.45% 28.80% 54.84% BB (sf) CC (sf) / Watch Downgrade D (sf) / WR F 14,410 14,410 100.00% 16.00% 23.80% 31.89% B+ (sf) C (sf) / Watch Downgrade D (sf) / WR A 179,760 17,486 9.73% 6.61% 50.65% 91.76% AAA (sf) CCC (sf) / Watch Downgrade D (sf) / WR B 14,670 14,670 100.00% 6.53% 46.50% 81.84% AA- (sf) CCC (sf) / Watch Downgrade D (sf) / WR C 7,070 7,070 100.00% 6.99% 44.50% 77.06% A (sf) CC (sf) / Watch Downgrade D (sf) / WR D 22,090 22,090 100.00% 8.61% 38.25% 62.12% BBB (sf) CC (sf) / Watch Downgrade D (sf) / WR E 19,450 19,450 100.00% 11.91% 32.75% 48.96% BB (sf) C (sf) / Watch Downgrade D (sf) / WR F 28,280 28,280 100.00% 17.99% 24.75% 29.84% B+ (sf) C (sf) / Watch Downgrade D (sf) / WR A 167,680 24,988 14.90% 6.36% 54.60% 89.20% AAA (sf) CCC (sf) / Watch Downgrade D (sf) / WR B 15,910 15,910 100.00% 6.57% 50.15% 80.44% AA- (sf) CCC (sf) / Watch Downgrade D (sf) / WR C 15,910 15,910 100.00% 6.93% 45.70% 71.69% A (sf) CC (sf) / Watch Downgrade D (sf) / WR D 22,520 22,520 100.00% 7.61% 39.40% 59.30% BBB (sf) CC (sf) / Watch Downgrade D (sf) / WR E 27,170 27,170 100.00% 10.44% 31.80% 44.35% BB (sf) C (sf) / Watch Downgrade D (sf) / WR F 27,520 27,520 100.00% 16.56% 24.10% 29.20% B+ (sf) C (sf) / Watch Downgrade D (sf) / WR A 179,800 60,934 33.89% 5.22% 50.85% 74.62% AAA (sf) CC (sf) / Watch Downgrade D (sf) / WR B 15,620 15,620 100.00% 5.36% 46.45% 67.49% AA- (sf) CC (sf) / Watch Downgrade D (sf) / WR C 15,620 15,620 100.00% 5.73% 42.05% 60.36% A (sf) CC (sf) / Watch Downgrade D (sf) / WR D 23,430 23,430 100.00% 6.34% 35.45% 49.66% BBB (sf) C (sf) / Watch Downgrade D (sf) / WR E 26,100 26,100 100.00% 8.64% 28.10% 37.75% BB (sf) C (sf) / Watch Downgrade D (sf) / WR F 26,980 26,980 100.00% 13.51% 20.50% 25.43% B+ (sf) C (sf) / Watch Downgrade D (sf) / WR A 228,080 164,041 71.92% 4.94% 44.50% 53.11% AAA (sf) CC (sf) / Watch Downgrade D (sf) / WR B 20,600 20,600 100.00% 5.18% 39.35% 47.00% AA- (sf) C (sf) / Watch Downgrade D (sf) / WR C 21,210 21,210 100.00% 5.72% 34.05% 40.71% A (sf) C (sf) / Watch Downgrade D (sf) / WR D 28,610 28,610 100.00% 6.84% 26.90% 32.22% BBB (sf) C (sf) / Watch Downgrade D (sf) / WR E 29,600 29,600 100.00% 10.37% 19.50% 23.44% BB (sf) C (sf) / Watch Downgrade D (sf) / WR A 131,090 119,410 91.09% 5.12% 51.70% 54.76% AAA (sf) CC (sf) / Watch Downgrade D (sf) / WR B 27,120 27,120 100.00% 5.34% 41.40% 44.14% AA- (sf) C (sf) / Watch Downgrade D (sf) / WR C 13,950 13,950 100.00% 5.43% 36.10% 38.67% A (sf) C (sf) / Watch Downgrade D (sf) / WR D 17,110 17,110 100.00% 5.91% 29.60% 31.97% BBB (sf) C (sf) / Watch Downgrade D (sf) / WR E 10,270 10,270 100.00% 8.35% 25.70% 27.94% BB+ (sf) C (sf) / Watch Downgrade D (sf) / WR F 17,640 17,640 100.00% 11.23% 19.00% 21.03% B+ (sf) C (sf) / Watch Downgrade D (sf) / WR Source: KBRA Balance ($'000s) Credit Enhancement KBRA Ratings Transaction Class At Closing Current Note Factor Coupon At Closing Data as of August 2025 Distribution Date Current At Closing From To TAST 2022-1 TAST 2023-1 TAST 2024-1 TAST 2024-2 TAST 2024-3 TAST 2025-1 TAST 2025-2

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

Methodologies

Disclosures

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.

Doc ID: 1012626

Connect with KBRA

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2026 KBRA Holdings, LLC and/or its affiliates. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.

Sitemap•Terms of Use•Privacy Notice•Cookie Policy••Regulatory•Report a Concern