Press Release|ABS
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KBRA Takes Rating Actions on ACC Trusts

15 Aug 2025   |   New York

Contacts

KBRA has affirmed the ratings on two classes of notes and downgraded the rating on one class of notes issued by two ACC Trust transactions. The downgrade of the Class D notes on ACC Trust 2021-1 reflects KBRA’s view of an increased risk of principal loss and interest shortfall. Of the affirmations on ACC Trust 2022-1, the Class C and Class D notes were previously lowered to C (sf) and remain susceptible to principal loss and interest shortfalls over the remaining term. In addition, the Class D has not received any interest payments since the February 2024 distribution date. At this time, the Class D is not expected to maintain timely interest payments. The data used for this review is of the July 2025 distribution date (June 2025 collection period).

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.

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.

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