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KBRA Places One Rating and Maintains Another Rating on Watch Downgrade from Osprey Securitization I, LLC

30 Apr 2026   |   New York

Contacts

KBRA has placed the rating on the A Loans of Osprey Securitization I, LLC on Watch Downgrade and maintained the Watch Downgrade on the B Loans. The transaction is a commercial and industrial (C&I) solar ABS backed by future project revenues from a portfolio of C&I photovoltaic (PV) systems. The Watch Downgrades reflect lower-than-expected production, resulting in reduced collections for the April 2026 Payment Date that were approximately 40% lower than April 2025 Payment Date, according to the servicer report, as well as operational concerns related to Distributed Solar Development, LLC (DSD or the Company). The reduced collections resulted in the transaction breaching a Sequential Interest Trigger on the April 2026 Payment Date.

KBRA has sought, and continues to seek, additional information from DSD regarding the cash flow decline, including further clarity concerning production and operational issues. If KBRA is unable to obtain sufficient information to assess future performance, it may withdraw the ratings.

The table below presents the current capital structure. To date, the A Loans have received timely interest payments. However, due to the Sequential Interest Trigger, interest on the B Loans was deferred for the April 2026 payment date.

Note Class At Closing Current Factor Coupon At Closing Current At Closing From To Action A Loans $112,500 $98,105 87.2% 5.60% 52.8% 49.5% A- (sf) A- (sf) A- (sf)/Watch Downgrade - B Loans $42,500 $38,360 90.3% 8.00% 72.8% 68.9% BBB- (sf) BBB- (sf)/Watch Downgrade BBB- (sf)/Watch Downgrade - Total $155,000 $136,465 1) Advance rate calculated relative to the securitization share of ADSAB on a 6% discount rate Balance ('000s) Advance Rate 1 KBRA Ratings
Source: KBRA

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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: 1014735