ABS Alert: ABS Ratings Actions

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ABS Alert: ABS Ratings Actions

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ABS Alert

ABS Ratings Actions

ABS Ratings Actions 07 July 2026

In this report, we review ratings actions since June 8, 2026. Prior actions are available in Securitized Products Strategy

our monthly reports of the same title. United States

Fitch – 11 upgrades, 24 downgrades, 6 ratings watch

Fitch upgraded 9 tranches of prime auto loan ABS, and 2 tranches of personal loan ABS. Chris Flanagan

FI/MBS/CLO Strategist

Fitch downgraded 23 tranches of solar ABS as lower prepayments, higher defaults, BofAS

reduced overcollateralization, and persistently negative excess spread have increased +1 646 855 6119 christopher.flanagan@bofa.com

pressure on the subordinated notes. Fitch also downgraded 1 tranche of FFELP student

Theresa O'Neill

loan ABS due to continued failure to pass all credit and maturity stresses under the ABS Strategist

agency’s cash flow modeling. Fitch also placed six tranches of a distributed network BofAS+1 646 855 9285

systems (DNS) transaction on Rating Watch Negative, reflecting concerns that liquidity theresa.oneill@bofa.com

challenges for the transaction’s manager could lead to liquidity stress within the Alvin Fung

securitization. Fitch also affirmed 14 tranches of solar ABS reflecting Fitch’s view that ABSBofASStrategist

the servicer has been making efforts to improve the underlying collateral performance +1 646 855-9091

alvin.fung@bofa.com

and strengthening the servicing capabilities.

Moody’s–34 upgrades, 29 downgrades, 4 ratings reviews See Table 6 on page 9 for commonly

Moody’s upgraded 13 tranches of prime auto loan ABS, 13 tranches of subprime auto used acronyms

loan ABS, 3 tranches of private student loan ABS, 2 tranches of FFELP student loan ABS,