KBRA’s Solar Loan ABS Index showed modest month-over-month (MoM) credit deterioration in August, reversing some of July’s improvement. The annualized net loss rate increased 28 basis points (bps) MoM to 3.95%. Meanwhile, early-stage (30-59 days) and late-stage (60+ days) delinquency rates increased 5 bps and 3 bps MoM to 0.93% and 1.69%, respectively. The increase in late-stage delinquencies followed five consecutive months of improvement.
On a year-over-year (YoY) basis, loss and delinquency metrics remained elevated. Annualized net losses increased 134 bps, while early- and late-stage delinquencies were up 7 bps and 40 bps, respectively. Despite the modest August increases, delinquency rates remain below their early 2026 highs; however, 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 changes, are shown in the following table. The data shown in this report and other…
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