KBRA Upgrades and Affirms Ratings for Foursight Capital Automobile Receivables Trusts
30 Oct 2026 | New York
KBRA upgrades its ratings on eight classes of notes and affirms its ratings on one class of notes from three Foursight Capital Automobile Receivables Trust (“FCRT”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the October 2026 distribution date (September 2026 collection period). To date, the securities have received timely interest payments.
In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Foursight Capital Automobile Receivables Trust Comprehensive Surveillance Dashboard.
Foursight Capital LLC (“Foursight” or the “Company”), a Utah-based automobile finance company formed in 2012, provided automobile loans to prime, near-prime and subprime borrowers who have experienced prior credit difficulties or have limited credit histories with credit bureau scores typically ranging from 556-879.
On April 1, 2024, Foursight was acquired by OneMain Holdings, Inc (“OMH”) (NYSE: OMF). OMH, on a consolidated basis, generated net income of approximately $378 million for 1H 2026, down from $380 million a year earlier. For FY 2025, OMH generated net income of $783 million. As of June 30, 2026, net finance receivables were approximately $25.1 billion, and shareholder’s equity was $3.4 billion. OMH has diverse funding sources including unsecured debt, revolving term ABS, and multi-year revolving bank conduits. As of June 30, 2026, OMH had approximately $567 million in cash and cash equivalents and $1 million outstanding from $6.5 billion in committed conduit lines with 13 banks and an $1 billion in committed unsecured corporate revolver. As of June 30, 2026, OMH had term ABS outstanding of approximately $11.6 billion.
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