NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of September and reports on delinquency roll rates from asset-level disclosures.
Auto loan ABS credit performance weakened slightly in September, with net losses and delinquencies rising month-over-month (MoM) in KBRA’s Prime and Non-Prime indices. The MoM increase was to be expected as seasonal factors will likely continue to push losses higher for the remainder of the year. On a year-over year-basis, both indices saw improvements.
Meanwhile, an analysis of loan level data showed mixed results in September. The percentage of prime and non-prime borrowers who went from 60+ days delinquent to current was fairly steady but the percentage of borrowers who were 60+ days delinquent to start the month—and were subsequently charged-off—rose in September.
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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