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KBRA solar loan ABS index shows higher losses and late-stage delinquencies in September

KBRA solar loan ABS index shows higher losses and late-stage delinquencies in September
Solar loan ABS losses rise

Credit performance in the U.S. solar loan asset-backed securities market remains under pressure in September 2026, with losses rising from the prior month and serious delinquencies extending their recent rebound. The latest readings stay below early-2026 peaks, but they continue to run above historical levels in the near term.

Highlights

  • KBRA's Solar Loan ABS Index shows annualized net losses rose 25 basis points month-over-month to 4.20% in September, with late-stage delinquencies up 6 basis points to 1.75%.
  • Year-over-year, annualized net losses climbed 121 basis points and late-stage delinquencies increased 30 basis points, while early-stage delinquencies improved by 4 basis points.
  • KBRA notes that net losses and delinquencies remain below early-2026 highs but expects these metrics to stay elevated, signaling persistent credit pressure in U.S. solar loan ABS.

September index performance trends

As reported by KBRA, citing Kroll Bond Rating Agency, annualized net losses in its Solar Loan ABS Index increase 25 basis points month over month to 4.20%. Early-stage delinquencies, defined as loans 30 to 59 days past due, edge down 1 basis point to 0.92%, while late-stage delinquencies, covering loans 60 days or more past due, rise 6 basis points to 1.75%.

The increase in late-stage delinquencies marks the second straight monthly gain after five months of improvement. The combination suggests that while some near-term payment stress eases slightly, more severe borrower distress remains a pressure point for the sector.

Market implications for U.S. solar ABS

On a year-over-year basis, annualized net losses remain significantly elevated, up 121 basis points, and late-stage delinquencies rise 30 basis points. Early-stage delinquencies improve modestly from a year earlier, declining 4 basis points.

KBRA says annualized net losses and both delinquency measures continue to trend below their early-2026 highs. Even so, the agency indicates these performance metrics will likely remain elevated relative to historical levels over the near term, pointing to continued credit pressure across the U.S. solar loan ABS market.

Our earlier article on how higher interest rates are reshaping private equity and credit markets explained that investors are placing more emphasis on cash flow, pricing discipline, and operational improvements as the credit cycle shows early signs of strain. We noted that higher-for-longer rates are creating opportunities in stressed capital structures and complex restructurings, particularly for experienced distressed-debt investors with patient capital.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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