KBRA Takes Rating Actions on U.S. Auto Funding Trust 2021-1
30 Jul 2025 | New York
KBRA has taken rating actions on U.S. Auto Funding Trust 2021-1, an auto loan ABS transaction. KBRA downgrades the rating on Class C notes and affirms the ratings on Class D and E notes. The downgrade of the Class C notes reflects KBRA’s view that the notes are unlikely to receive repayments of its full outstanding principal amount on or before its legal final maturity date of May 15, 2026. Of the affirmations, the Class D and Class E were previously lowered to C (sf) and remain susceptible to principal loss over the remaining term. In addition, the Class E has not received any interest for the last 20 collection periods. At this time, Class E is not expected to maintain timely interest payments, and the Class D is likely to incur interest shortfalls due to a potential change in waterfall payments as a result of the likely default on principal payment of the Class C Notes. The data used in this report is as of the July 2025 distribution date (June 2025 collection period).
To access ratings and relevant documents, click here.
Click here to view the report.