Monthly Overview
December remittance reports displayed mixed credit performance for the aggregated solar loan pool during the November collection period. Annualized net losses in KBRA’s Solar Loan ABS Index fell 16 basis points (bps) month-over-month (MoM) to 2.26%, after reaching its highest level in 2024 a few collection periods prior. Alternatively, early-stage (30-59 days) delinquencies and late-stage (60-120 days) delinquencies increased this month, climbing 9 bps and 7 bps, respectively. On a year-over-year (YoY) basis, index performance has deteriorated, with net losses up 30 bps as well as early- and late-stage delinquencies up 33 bps and 22 bps, respectively (see Figure 1 and Figure 2).
The rise in annualized net losses and delinquencies in 2024 placed that vintage higher on these metrics than all previously tracked years of the index (see Figures 4-7).
Current index values, as well as MoM and YoY changes, are shown in the following table.
The data shown in this report and other…