Golden Ray S.A. Compartment 1 notes upgraded and affirmed in solar ABS review
KBRA Europe has upgraded five classes of notes and affirmed one class issued by Golden Ray S.A., acting with respect to its Compartment 1, a €240.0 million residential solar instalment purchase ABS transaction. The review is based on performance data as of the October 2026 distribution date, with the collection period ending in September 2026, and shows that all rated securities have continued to receive timely interest payments.
Highlights
- KBRA Europe upgraded ratings on five classes of notes and affirmed one class in the €240.0 million Golden Ray S.A. Compartment 1 solar ABS transaction.
- All rated securities have received timely interest payments through September 2026, demonstrating stable payment performance for the underlying residential solar portfolio.
- Existing credit enhancement levels are deemed sufficient to support both the revised and affirmed ratings according to the October 2026 review data.
Review findings for the rated notes
As reported by Kroll Bond Rating Agency, KBRA Europe says existing credit enhancement for each of the rated notes is sufficient to support the revised and affirmed ratings in the Golden Ray S.A. Compartment 1 transaction.The transaction is a €240.0 million asset-backed securities deal backed by residential solar instalment purchases. KBRA affirms its rating on one class of notes and upgrades its ratings on five classes of notes in the compartment.
Payment performance and sector context
The agency says the data used for the review is as of the October 2026 distribution date, covering a collection period ending in September 2026.To date, the rated securities have all received timely interest payments, indicating stable payment performance in the underlying portfolio. The rating actions also reflect continued monitoring of structured finance exposure linked to residential solar assets.
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