NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of August and reports on delinquency roll rates from asset-level disclosures.
Servicer reports showed mixed results across securitized prime and non-prime auto loan pools in August. KBRA’s Prime Auto Loan Index showed year-over-year (YoY) improvements for the 19th consecutive month, driven by index mix shift and tighter credit underwriting. However, KBRA’s Non-Prime Auto Loan Index underperformed as losses rose on both a month-over-month and YoY basis.
Meanwhile, an analysis of loan level data showed some improvements in credit as the percentage of prime and non-prime borrowers who went from 60+ days delinquent to current rose to 21.5% and 14.7%, respectively, up from 20.8% and 12.8% during the previous month.
To access the report, click here.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Brian Ford, CFA, Structured Finance Research