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KBRA Affirms and Downgrades Ratings for Mosaic Solar Loans LLC & Mosaic Solar Loan Trust Transactions

6 Nov 2026   |   New York

Contacts

KBRA affirms its ratings on 32 classes of notes and downgrades its ratings on 18 classes of notes issued from 16 securitizations collateralized by residential solar loans originated by Solar Mosaic LLC (“Mosaic”). KBRA’s analysis indicated that existing credit enhancement for 24 of the notes is sufficient to support the affirmed ratings and the remaining eight affirmations relate to classes previously lowered to CCC (sf) or CC (sf) that are susceptible to principal loss and/or continued or future interest shortfalls. The downgrades reflect ongoing deterioration in collateral credit performance and/or a decrease in overcollateralization and credit enhancement since last review. The downgrades to CCC (sf) reflect the increased risk of principal loss since the last review.

The data used for this review is as of the September 2026 distribution date (August 2026 collection period). As of the September 2026 distribution date, the securities have received timely interest payments with the exception of two classes of notes from one transaction, which have begun to defer interest in connection with a breach of the cumulative net loss trigger.

Click here to view the report.

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

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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.

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