OnDeck securitization IV ratings affirmed across four small business ABS deals

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Artem Shendetskii

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OnDeck securitization IV ratings affirmed across four small business ABS deals — OnDeck ratings affirmed

KBRA has affirmed ratings on 15 note classes issued through four OnDeck Asset Securitization IV transactions tied to small business loans and lines of credit. The review uses data through the October 2026 distribution date, covering the September 2026 collection period, and shows the securities have continued to receive timely interest payments.

Highlights

KBRA affirmed ratings for ODAS IV 2024-1, 2024-2, 2025-1, and 2025-2 small business ABS deals backed by OnDeck loans.
Credit enhancement levels as of October 2026 distribution date remain sufficient to support current ratings, according to KBRA's analysis.
Timely interest payments and structural protections demonstrate stable performance for OnDeck-backed small business ABS, reinforcing market confidence.

Review covers 2024 and 2025 note series

As reported by KBRA, the affirmed ratings apply to notes from ODAS IV 2024-1, ODAS IV 2024-2, ODAS IV 2025-1, and ODAS IV 2025-2. The four transactions are asset-backed securities backed by small business loans and lines of credit.

KBRA says its analysis shows the existing credit enhancement for the notes remains sufficient to support the current ratings. The agency says the data used in the review is as of the October 2026 distribution date, based on the September 2026 collection period.

Implications for small business ABS investors

Timely interest payments to date indicate continued payment performance across the securitized notes. The affirmation also suggests that current structural protections within the transactions remain aligned with KBRA's rating expectations.

For the small business lending ABS market in the U.S., the review points to stable performance in these OnDeck-backed transactions as investors monitor credit quality and cash flow reliability.

In our earlier coverage of rising sovereign borrowing risks in a higher-rate environment, we noted that prolonged geopolitical strain and elevated public spending can erode fiscal headroom and worsen refinancing pressure. We also highlighted that emerging and frontier markets are especially exposed because interest-service costs tend to be high relative to narrower revenue bases, with inflationary shocks further complicating sovereign credit outlooks.

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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