Veros Auto Receivables Trust 2026-2 secures preliminary KBRA ratings for $235.2 million note sale
Veros Credit LLC is moving ahead with its second term auto loan ABS transaction of 2026, backed by receivables from indirect vehicle financing. The planned Veros Auto Receivables Trust 2026-2 issuance includes six note classes totaling $235.20 million and adds to the California lender's broader funding program.
Highlights
- KBRA assigns preliminary ratings to six classes of notes totaling $235.20 million to be issued by Veros Auto Receivables Trust 2026-2.
- The $235.20 million auto loan asset-backed securities are Veros Credit LLC's second ABS deal of 2026 and tenth overall, backed by loans mainly from independent auto dealers.
- As of May 31, 2026, Veros operates in 32 states with an $880 million outstanding loan portfolio, while operative agreements and legal opinions remain pending KBRA review before closing.
Transaction structure and rating scope
As reported by Kroll Bond Rating Agency, KBRA assigns preliminary ratings to six classes of notes to be issued by Veros Auto Receivables Trust 2026-2, an auto loan asset-backed securities transaction.The deal marks Veros Credit LLC's second term ABS securitization of 2026 and its tenth overall. The notes total $235.20 million and are backed by a pool of auto loan contracts originated indirectly, mainly through independent auto dealers.
KBRA says it applies its Auto Loan ABS Global Rating Methodology and its Global Structured Finance Counterparty Methodology in reviewing the transaction. The agency also analyzes static pool data and the underlying collateral pool, and it stresses the capital structure under its stress-case cash flow assumptions.
Issuer profile and market implications
Veros is a privately owned indirect auto finance company based in California. Founded in 1998 as Credit One Corporation, the company rebrands as Veros Credit LLC in 2010 and, based on financial information it provides, has remained profitable since inception.As of May 31, 2026, Veros operates in 32 states and reports a loan portfolio with an aggregate outstanding balance of $880 million. KBRA says it also takes into account its operational review of Veros and several business updates from the company, while operative agreements and legal opinions remain subject to review before closing.
Our earlier coverage of Paragon Bank PLC’s Series 2026-1 legislative mortgage covered bond explained how the bank expanded its programme with a new GBP500 million issue, lifting total covered bonds outstanding to GBP1 billion. We highlighted the ‘AAA’ rating with a Stable Outlook and the key cover-pool characteristics—such as the dominance of interest-only buy-to-let loans and higher shares of self-employed borrowers—along with the sensitivity of top ratings to issuer credit strength and collateral protection levels.
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